Benjamin Silbermann - 12 Jul 2021 Form 4 Insider Report for PINTEREST, INC. (PINS)

Reporting relationship: Chairman, President, CEO, Co-F, Director, 10%+ Owner
Issuer ticker: PINS
Reported as of: 12 Jul 2021
Net transaction value: -$5,606,377
SEC form: 4
Accepted by SEC: 14 Jul 2021, 20:57:35 UTC
Prior SEC filing: 08 Jul 2021
Next SEC filing: 23 Jul 2021
Source filing: View source filing
Reporting owner signature: Monifa Clayton, Attorney-in-Fact

Key filing fact

Benjamin Silbermann filed Form 4 for PINTEREST, INC. (PINS) on 14 Jul 2021.

Key facts

This page summarizes Benjamin Silbermann's Form 4 filing for PINTEREST, INC. (PINS).
23 reported transactions and 11 derivative rows are listed below.
Accepted by SEC: 14 Jul 2021, 20:57.

Change

Previous filing in this sequence was filed on 08 Jul 2021.
Current net transaction value: -$5,606,377.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

PINS transaction

Class A Common Stock

Conversion of derivative security

Transaction value: $0
Shares: +27,167
Change %
Price: $0.000000
Shares after: 27,167
Date: 12 Jul 2021
Ownership: Direct
Footnotes: F1, F2

PINS transaction

Class A Common Stock

Sale

Transaction value: $1,101,779
Shares: -14,996
Change %: -55%
Price: $73.47
Shares after: 12,171
Date: 12 Jul 2021
Ownership: Direct
Footnotes: F3, F4

PINS transaction

Class A Common Stock

Sale

Transaction value: $428,970
Shares: -5,757
Change %: -47%
Price: $74.51
Shares after: 6,414
Date: 12 Jul 2021
Ownership: Direct
Footnotes: F3, F5

PINS transaction

Class A Common Stock

Sale

Transaction value: $310,543
Shares: -4,116
Change %: -64%
Price: $75.45
Shares after: 2,298
Date: 12 Jul 2021
Ownership: Direct
Footnotes: F3, F6

PINS transaction

Class A Common Stock

Sale

Transaction value: $89,125
Shares: -1,164
Change %: -51%
Price: $76.57
Shares after: 1,134
Date: 12 Jul 2021
Ownership: Direct
Footnotes: F3, F7

PINS transaction

Class A Common Stock

Sale

Transaction value: $87,843
Shares: -1,134
Change %: -100%
Price: $77.46
Shares after: 0
Date: 12 Jul 2021
Ownership: Direct
Footnotes: F3, F8

PINS transaction

Class A Common Stock

Conversion of derivative security

Transaction value: $0
Shares: +25,000
Change %
Price: $0.000000
Shares after: 25,000
Date: 13 Jul 2021
Ownership: Direct
Footnotes: F9

PINS transaction

Class A Common Stock

Sale

Transaction value: $793,207
Shares: -11,000
Change %: -44%
Price: $72.11
Shares after: 14,000
Date: 13 Jul 2021
Ownership: Direct
Footnotes: F3, F10

PINS transaction

Class A Common Stock

Sale

Transaction value: $1,019,431
Shares: -14,000
Change %: -100%
Price: $72.82
Shares after: 0
Date: 13 Jul 2021
Ownership: Direct
Footnotes: F3, F11

PINS transaction

Class A Common Stock

Conversion of derivative security

Transaction value: $0
Shares: +25,000
Change %
Price: $0.000000
Shares after: 25,000
Date: 14 Jul 2021
Ownership: Direct
Footnotes: F9

PINS transaction

Class A Common Stock

Sale

Transaction value: $981,691
Shares: -13,990
Change %: -56%
Price: $70.17
Shares after: 11,010
Date: 14 Jul 2021
Ownership: Direct
Footnotes: F3, F12

PINS transaction

Class A Common Stock

Sale

Transaction value: $220,934
Shares: -3,100
Change %: -28%
Price: $71.27
Shares after: 7,910
Date: 14 Jul 2021
Ownership: Direct
Footnotes: F3, F13

PINS transaction

Class A Common Stock

Sale

Transaction value: $477,827
Shares: -6,610
Change %: -84%
Price: $72.29
Shares after: 1,300
Date: 14 Jul 2021
Ownership: Direct
Footnotes: F3, F14

PINS transaction

Class A Common Stock

Sale

Transaction value: $95,029
Shares: -1,300
Change %: -100%
Price: $73.10
Shares after: 0
Date: 14 Jul 2021
Ownership: Direct
Footnotes: F3, F15

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

PINS transaction Derivative

Stock Option

Options Exercise

Transaction value: $0
Shares: -27,167
Change %: -0.67%
Price: $0.000000
Shares after: 4,021,112
Date: 12 Jul 2021
Ownership: Direct
Underlying class: Class B common stock
Underlying amount: 27,167
Exercise price: $1.88
Footnotes: F16

PINS transaction Derivative

Class B common stock

Options Exercise

Transaction value: $0
Shares: +27,167
Change %: +1.4%
Price: $0.000000
Shares after: 1,902,567
Date: 12 Jul 2021
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 27,167
Exercise price
Footnotes: F1, F17

PINS transaction Derivative

Class B common stock

Conversion of derivative security

Transaction value: $0
Shares: -27,167
Change %: -1.4%
Price: $0.000000
Shares after: 1,875,400
Date: 12 Jul 2021
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 27,167
Exercise price
Footnotes: F1, F2, F18

PINS transaction Derivative

Stock Option

Options Exercise

Transaction value: $0
Shares: -25,000
Change %: -0.62%
Price: $0.000000
Shares after: 3,996,112
Date: 13 Jul 2021
Ownership: Direct
Underlying class: Class B common stock
Underlying amount: 25,000
Exercise price: $1.88
Footnotes: F16

PINS transaction Derivative

Class B common stock

Options Exercise

Transaction value: $0
Shares: +25,000
Change %: +1.3%
Price: $0.000000
Shares after: 1,900,400
Date: 13 Jul 2021
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 25,000
Exercise price
Footnotes: F1, F19

PINS transaction Derivative

Class B common stock

Conversion of derivative security

Transaction value: $0
Shares: -25,000
Change %: -1.3%
Price: $0.000000
Shares after: 1,875,400
Date: 13 Jul 2021
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 25,000
Exercise price
Footnotes: F1, F9, F18

PINS transaction Derivative

Stock Option

Options Exercise

Transaction value: $0
Shares: -25,000
Change %: -0.63%
Price: $0.000000
Shares after: 3,971,112
Date: 14 Jul 2021
Ownership: Direct
Underlying class: Class B common stock
Underlying amount: 25,000
Exercise price: $1.88
Footnotes: F16

PINS transaction Derivative

Class B common stock

Options Exercise

Transaction value: $0
Shares: +25,000
Change %: +1.3%
Price: $0.000000
Shares after: 1,900,400
Date: 14 Jul 2021
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 25,000
Exercise price
Footnotes: F1, F19

PINS transaction Derivative

Class B common stock

Conversion of derivative security

Transaction value: $0
Shares: -25,000
Change %: -1.3%
Price: $0.000000
Shares after: 1,875,400
Date: 14 Jul 2021
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 25,000
Exercise price
Footnotes: F1, F9, F18

PINS holding Derivative

Class B common stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 39,700,888
Date: 12 Jul 2021
Ownership: Benjamin and Divya Silbermann Family Trust
Underlying class: Class A Common Stock
Underlying amount: 39,700,888
Exercise price
Footnotes: F1

PINS holding Derivative

Class B common stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 9,960,030
Date: 12 Jul 2021
Ownership: SFTC, LLC
Underlying class: Class A Common Stock
Underlying amount: 9,960,030
Exercise price
Footnotes: F1, F20

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 20 footnotes

Footnote F1

Each share of Class B common stock, par value $0.00001 (Class B Common Stock) is convertible at any time at the option of the holder into one share of the Company's Class A common stock, par value $0.00001 (Class A Common Stock). Additionally, each share of Class B Common Stock will, subject to certain exceptions, convert automatically into one share of Class A Common Stock upon any transfer.

Footnote F2

Represents the conversion of 27,167 shares of Class B Common Stock into 27,167 shares of Class A Common Stock pursuant to a conversion election made by the Reporting Person to convert shares in connection with sales to be effected pursuant to a Rule 10b5-1 trading plan.

Footnote F3

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

Footnote F4

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $73.1400 to $73.9700 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F5

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $74.0400 to $74.9900 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F6

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $75.0600 to $75.8900 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F7

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $76.3000 to $76.9400 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F8

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $77.1400 to $77.7000 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F9

Represents the conversion of 25,000 shares of Class B Common Stock into 25,000 shares of Class A Common Stock pursuant to a conversion election made by the Reporting Person to convert shares in connection with sales to be effected pursuant to a Rule 10b5-1 trading plan.

Footnote F10

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $71.4200 to $ 72.4200 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F11

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $72.4300 to $73.4000 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F12

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $69.7400 to $70.7400 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F13

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $70.7500 to $71.7500 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F14

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $71.8000 to $72.7900 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F15

The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $72.8800 to $73.4000 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Footnote F16

All stock options are fully vested and exercisable.

Footnote F17

These securities consist of 502,566 shares of common stock and 1,400,001 previously reported Restricted Stock Units (RSUs). Each RSU represents the Reporting Person's right to receive one share of common stock, subject to vesting.

Footnote F18

These securities consist of 475,399 shares of Class B Common Stock and 1,400,001 previously reported RSUs.

Footnote F19

These securities consist of 500,399 shares of common stock and 1,400,001 previously reported Restricted Stock Units (RSUs). Each RSU represents the Reporting Person's right to receive one share of common stock, subject to vesting.

Footnote F20

Mr. Silbermann disclaims beneficial ownership of the shares held by SFTC, LLC, a Delaware limited liability company owned by The Silbermann 2012 Irrevocable Trust. This report shall not be deemed an admission that he is the beneficial owner of such shares, except to the extent of his pecuniary interest, if any, in such shares by virtue of certain of his immediate family members' interests in The Silbermann 2012 Irrevocable Trust.

SEC remarks

The Power of Attorney for Mr. Benjamin Silbermann is filed as an exhibit to the Form 3/A filed by Mr. Silbermann with the Securities and Exchange Commission on April 18, 2019, which is hereby incorporated by reference.