Benjamin Silbermann - 11 Jan 2023 Form 4 Insider Report for PINTEREST, INC. (PINS)

Reporting relationship: Executive Chairman, Co-F, Director, 10%+ Owner
Issuer ticker: PINS
Reported as of: 11 Jan 2023
Net transaction value: -$8,605,156
SEC form: 4
Accepted by SEC: 13 Jan 2023, 15:34:35 UTC
Prior SEC filing: 23 Dec 2022
Next SEC filing: 24 Jan 2023
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 13 Jan 2023.

Key facts

This page summarizes Benjamin Silbermann's Form 4 filing for PINTEREST, INC. (PINS).
15 reported transactions and 11 derivative rows are listed below.
Accepted by SEC: 13 Jan 2023, 15:34.

Change

Previous filing in this sequence was filed on 23 Dec 2022.
Current net transaction value: -$8,605,156.

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: +150,000
Change %
Price: $0.000000
Shares after: 150,000
Date: 11 Jan 2023
Ownership: Direct
Footnotes: F1, F2

PINS transaction

Class A Common Stock

Sale

Transaction value: $3,975,000
Shares: -150,000
Change %: -100%
Price: $26.50
Shares after: 0
Date: 11 Jan 2023
Ownership: Direct
Footnotes: F3

PINS transaction

Class A Common Stock

Conversion of derivative security

Transaction value: $0
Shares: +150,000
Change %
Price: $0.000000
Shares after: 150,000
Date: 12 Jan 2023
Ownership: Direct
Footnotes: F1, F2

PINS transaction

Class A Common Stock

Sale

Transaction value: $4,002,000
Shares: -150,000
Change %: -100%
Price: $26.68
Shares after: 0
Date: 12 Jan 2023
Ownership: Direct
Footnotes: F3

PINS transaction

Class A Common Stock

Conversion of derivative security

Transaction value: $0
Shares: +23,704
Change %
Price: $0.000000
Shares after: 23,704
Date: 13 Jan 2023
Ownership: Direct
Footnotes: F1, F4

PINS transaction

Class A Common Stock

Sale

Transaction value: $628,156
Shares: -23,704
Change %: -100%
Price: $26.50
Shares after: 0
Date: 13 Jan 2023
Ownership: Direct
Footnotes: F3

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: -150,000
Change %: -46%
Price: $0.000000
Shares after: 173,704
Date: 11 Jan 2023
Ownership: Direct
Underlying class: Class B common stock
Underlying amount: 150,000
Exercise price: $1.88
Footnotes: F5

PINS transaction Derivative

Class B common stock

Options Exercise

Transaction value: $0
Shares: +150,000
Change %: +9.8%
Price: $0.000000
Shares after: 1,676,534
Date: 11 Jan 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 150,000
Exercise price
Footnotes: F1, F6

PINS transaction Derivative

Class B common stock

Conversion of derivative security

Transaction value: $0
Shares: -150,000
Change %: -8.9%
Price: $0.000000
Shares after: 1,526,534
Date: 11 Jan 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 150,000
Exercise price
Footnotes: F1, F7

PINS transaction Derivative

Stock Option

Options Exercise

Transaction value: $0
Shares: -150,000
Change %: -86%
Price: $0.000000
Shares after: 23,704
Date: 12 Jan 2023
Ownership: Direct
Underlying class: Class B common stock
Underlying amount: 150,000
Exercise price: $1.88
Footnotes: F5

PINS transaction Derivative

Class B common stock

Options Exercise

Transaction value: $0
Shares: +150,000
Change %: +9.8%
Price: $0.000000
Shares after: 1,676,534
Date: 12 Jan 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 150,000
Exercise price
Footnotes: F1, F6

PINS transaction Derivative

Class B common stock

Conversion of derivative security

Transaction value: $0
Shares: -150,000
Change %: -8.9%
Price: $0.000000
Shares after: 1,526,534
Date: 12 Jan 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 150,000
Exercise price
Footnotes: F1, F7

PINS transaction Derivative

Stock Option

Options Exercise

Transaction value: $0
Shares: -23,704
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 13 Jan 2023
Ownership: Direct
Underlying class: Class B common stock
Underlying amount: 23,704
Exercise price: $1.88
Footnotes: F5

PINS transaction Derivative

Class B common stock

Options Exercise

Transaction value: $0
Shares: +23,704
Change %: +1.6%
Price: $0.000000
Shares after: 1,550,238
Date: 13 Jan 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 23,704
Exercise price
Footnotes: F1, F8

PINS transaction Derivative

Class B common stock

Conversion of derivative security

Transaction value: $0
Shares: -23,704
Change %: -1.5%
Price: $0.000000
Shares after: 1,526,534
Date: 13 Jan 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 23,704
Exercise price
Footnotes: F1, F7

PINS holding Derivative

Class B common stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 37,736,888
Date: 11 Jan 2023
Ownership: Benjamin and Divya Silbermann Family Trust
Underlying class: Class A Common Stock
Underlying amount: 38,916,888
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: 11 Jan 2023
Ownership: SFTC, LLC
Underlying class: Class A Common Stock
Underlying amount: 9,960,030
Exercise price
Footnotes: F1, F9

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 9 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 150,000 shares of Class B Common Stock into 150,000 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 F3

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

Footnote F4

Represents the conversion of 23,704 shares of Class B Common Stock into 23,704 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 F5

All stock options are fully vested and exercisable.

Footnote F6

These securities consist of 976,533 shares of Class B common stock and 700,001 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 F7

These securities consist of 826,533 shares of Class B common stock and 700,001 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 F8

These securities consist of 850,237 shares of Class B common stock and 700,001 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 F9

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.