Christopher L. Spohn - May 31, 2021 Form 4 Insider Report for Zovio Inc (ZVO)

Role
EVP, Operations, Office of the CEO
Signature
/s/ Diane L. Thompson, as Attorney-in-Fact
Stock symbol
ZVO
Transactions as of
May 31, 2021
Transactions value $
-$25,284
Form type
4
Date filed
6/2/2021, 09:23 PM
Next filing
Oct 8, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ZVO Common Stock Options Exercise $0 +42.8K +118.4% $0.00 78.9K May 31, 2021 Direct F1
transaction ZVO Common Stock Tax liability -$25.3K -10.8K -13.64% $2.35* 68.1K May 31, 2021 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ZVO Restricted Stock Unit Options Exercise $0 -42.8K -33.33% $0.00 85.6K May 31, 2021 Common Stock 42.8K Direct F2, F3
transaction ZVO Restricted Stock Unit Award $0 +111K $0.00 111K May 31, 2021 Common Stock 111K Direct F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On May 31, 2021, 42,777 of the reporting person's restricted stock units were settled for an equal number of shares of the issuer's common stock.
F2 Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.
F3 Subject to the reporting person's continuing service, the restricted stock units vest as follows: (i) 1/3rd of the restricted stock units vest on the first anniversary of the vesting commencement date, and (ii) an additional 1/3rd of the restricted stock units shall vest on each subsequent anniversary of the vesting commencement date. The vesting commencement date for the restricted stock units is May 31, 2020.
F4 Subject to the reporting person's continuing service, the restricted stock units vest as follows: (i) 1/3rd of the restricted stock units vest on the first anniversary of the vesting commencement date, and (ii) an additional 1/3rd of the restricted stock units shall vest on each subsequent anniversary of the vesting commencement date. The vesting commencement date for the restricted stock units is March 29, 2021.

Remarks:

EVP, Operations, Office of the CEO