Kevin Royal - 29 Mar 2022 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: 29 Mar 2022
Net transactions value: -$20,492
Form type: 4
Filing time: 31 Mar 2022, 20:39:48 UTC
Previous filing: 02 Jun 2021
Next filing: 02 Jun 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	+59,668	+58%	$0.000000	163,044	29 Mar 2022	Direct	F1
transaction	ZVO	Common Stock	Tax liability	$20,492	-24,453	-15%	$0.8380^*	138,591	29 Mar 2022	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	-15,927	-50%	$0.000000	15,927	29 Mar 2022	Common Stock	15,927		Direct	F2, F3
transaction	ZVO	Restricted Stock Unit	Options Exercise	$0	-23,407	-50%	$0.000000	23,406	29 Mar 2022	Common Stock	23,407		Direct	F2, F4
transaction	ZVO	Restricted Stock Unit	Options Exercise	$0	-20,334	-33%	$0.000000	40,666	29 Mar 2022	Common Stock	20,334		Direct	F2, F5
transaction	ZVO	Restricted Stock Unit	Award	$0	+70,220		$0.000000	70,220	29 Mar 2022	Common Stock	70,220		Direct	F2, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On March 29, 2022, 59,668 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 March 29, 2019.
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, 2020.
F5	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.
F6	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, 2022.