Kevin Royal - May 31, 2021 Form 4 Insider Report for Zovio Inc (ZVO)

Role: EVP, Chief Financial Officer
Signature: /s/ Diane L. Thompson, as Attorney-in-Fact
Stock symbol: ZVO
Transactions as of: May 31, 2021
Transactions value $: -$8,143
Form type: 4
Date filed: 6/2/2021, 09:24 PM
Next filing: Mar 31, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ZVO	Common Stock	Options Exercise	$0	+10K	+10.35%	$0.00	107K	May 31, 2021	Direct	F1
transaction	ZVO	Common Stock	Tax liability	-$8.14K	-3.47K	-3.24%	$2.35^*	103K	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	-10K	-50%	$0.00	10K	May 31, 2021	Common Stock	10K		Direct	F2, F3
transaction	ZVO	Restricted Stock Unit	Award	$0	+61K		$0.00	61K	May 31, 2021	Common Stock	61K		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.