Kevin Royal - 31 May 2021 Form 4 Insider Report for Zovio Inc

Role: EVP, Chief Financial Officer
Signature: /s/ Diane L. Thompson, as Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 31 May 2021
Net transactions value: -$8,143
Form type: 4
Filing time: 02 Jun 2021, 21:24:08 UTC
Next filing: 31 Mar 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ZVO	Common Stock	Options Exercise	$0	+10,020	+10%	$0.000000	106,841	31 May 2021	Direct	F1
transaction	ZVO	Common Stock	Tax liability	$8,143	-3,465	-3.2%	$2.35^*	103,376	31 May 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	-10,020	-50%	$0.000000	10,020	31 May 2021	Common Stock	10,020		Direct	F2, F3
transaction	ZVO	Restricted Stock Unit	Award	$0	+61,000		$0.000000	61,000	31 May 2021	Common Stock	61,000		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, 10,020 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) 25% of the restricted stock units vest on the first anniversary of the vesting commencement date, and (ii) an additional 25% 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, 2018.
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.