Trinity TVL X, LLC - 09 Mar 2023 Form 4 Insider Report for ThredUp Inc. (TDUP)

Role
10%+ Owner
Signature
Trinity TVL X, LLC By /s/ Lyle McCulloch, SVP Finance
Issuer symbol
TDUP
Transactions as of
09 Mar 2023
Net transactions value
-$722,109
Form type
4
Filing time
13 Mar 2023, 16:30:20 UTC
Previous filing
02 Dec 2021
Next filing
17 May 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TDUP Class A Common Stock Conversion of derivative security $0 +293,859 $0.000000 293,859 09 Mar 2023 By Trinity Ventures X, L.P. F1, F2
transaction TDUP Class A Common Stock Conversion of derivative security $0 +2,909 $0.000000 2,909 09 Mar 2023 By Trinity X Entrepreneurs' Fund, L.P. F1, F2
transaction TDUP Class A Common Stock Conversion of derivative security $0 +1,624 $0.000000 1,624 09 Mar 2023 By Trinity X Side-By-Side Fund, L.P. F1, F2
transaction TDUP Class A Common Stock Sale $711,139 -293,859 -100% $2.42 0 09 Mar 2023 By Trinity Ventures X, L.P. F2, F3
transaction TDUP Class A Common Stock Sale $7,040 -2,909 -100% $2.42 0 09 Mar 2023 By Trinity X Entrepreneurs' Fund, L.P. F2, F3
transaction TDUP Class A Common Stock Sale $3,930 -1,624 -100% $2.42 0 09 Mar 2023 By Trinity X Side-By-Side Fund, L.P. F2, F3
holding TDUP Class A Common Stock 47 09 Mar 2023 Direct F4
holding TDUP Class A Common Stock 957 09 Mar 2023 Direct F5
holding TDUP Class A Common Stock 1,031 09 Mar 2023 Direct F6

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 TDUP Class B Common Stock Conversion of derivative security $0 -293,859 -3.3% $0.000000 8,738,565 09 Mar 2023 Class A Common Stock 293,859 By Trinity Ventures X, L.P. F1, F2, F7
transaction TDUP Class B Common Stock Conversion of derivative security $0 -2,909 -3.3% $0.000000 86,515 09 Mar 2023 Class A Common Stock 2,909 By Trinity X Entrepreneurs' Fund, L.P. F1, F2, F7
transaction TDUP Class B Common Stock Conversion of derivative security $0 -1,624 -3.3% $0.000000 48,294 09 Mar 2023 Class A Common Stock 1,624 By Trinity X Side-By-Side Fund, L.P. F1, F2, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each share of Class B Common Stock was converted into one share of Class A Common Stock for no additional consideration.
F2 Trinity TVL X, LLC is the General Partner of Trinity Ventures X, L.P., Trinity X Entrepreneurs Fund, L.P. and Trinity X Side-By-Side Fund, L.P. (collectively, the "Trinity Funds"), and the Management Members of Trinity TVL X, LLC share voting and dispositive power over the shares held by each of the Trinity Funds. The Management Members of Trinity TVL X, LLC are Ajay Chopra, Noel Fenton and Patricia Nakache. Each of Trinity TVL X, LLC, Mr. Chopra and Mr. Fenton disclaims beneficial ownership of the shares reported herein except to the extent of its or his respective pecuniary interest therein. Ms. Nakache is a director of the Issuer and files separate Section 16 reports.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.40 to $2.51 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F4 Shares are directly held by TVL Management Corp ("TVL Corp"). Each of Ajay Chopra, Noel Fenton and Patricia Nakache is an executive officer and director of TVL Corp and shares voting and dispositive power over the shares held by TVL Corp. Each of Mr. Chopra and Mr. Fenton disclaims beneficial ownership of the shares reported herein except to the extent of his respective pecuniary interest therein. Ms. Nakache is a director of the Issuer and files separate Section 16 reports.
F5 Shares are directly held by Ajay Chopra. These shares were received by the Reporting Person in a distribution in kind that constituted a change in form of ownership and, therefore, was not required to be reported pursuant to Section 16.
F6 Shares are directly held by Noel J. Fenton. These shares were received by the Reporting Person in a distribution in kind that constituted a change in form of ownership and, therefore, was not required to be reported pursuant to Section 16.
F7 Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and upon the occurrence of other events set forth in the Issuer's Certificate of Incorporation.