secwatch.observer — SEC 8-K summary
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Issuer:     CLOVER HEALTH INVESTMENTS, CORP. /DE (CLOV)
CIK:        0001801170
Form:       8-K
Filed at:   2022-08-10T23:59:59+00:00
Accession:  0001801170-22-000056
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Clover Health announces CEO succession: Garipalli to Executive Chairman, Toy promoted to CEO
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- Effective Jan 1, 2023, Vivek Garipalli becomes Executive Chairman; Andrew Toy promoted from President to CEO.
- Toy receives base salary of $700,000, annual target bonus of 100% of base salary.
- Toy granted $18M in RSUs ($7M on Aug 8, 2022; $11M on Jan 1, 2023) vesting over 4 years.
- Severance: 1.5x base+bonus without cause; 2.0x base+bonus on change-in-control termination.
- Toy must hold shares worth 3x base salary after settlement of RSUs; non-competition covenant for 18 months.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801170/000180117022000056/0001801170-22-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801170/000180117022000056/clov-20220805.htm
  HTML page:      https://secwatch.observer/filing/0001801170-22-000056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer