| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | PINS | Common Stock | Conversion of derivative security | $0 | +130K | $0.00 | 130K | Jun 22, 2023 | SFTC, LLC | F1, F2, F3 | |
| transaction | PINS | Common Stock | Sale | -$3.38M | -130K | -100% | $26.00 | 0 | Jun 22, 2023 | SFTC, LLC | F3, F4, F5 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | PINS | Class B common stock | Conversion of derivative security | $0 | -130K | -1.34% | $0.00 | 9.55M | Jun 22, 2023 | Class A Common Stock | 130K | SFTC, LLC | F1, F3 | |
| holding | PINS | Class B common stock | 1.42M | Jun 22, 2023 | Class A Common Stock | 1.42M | Direct | F1, F6 | ||||||
| holding | PINS | Class B common stock | 37.7M | Jun 22, 2023 | Class A Common Stock | 37.7M | Benjamin and Divya Silbermann Family Trust | F1 |
Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.
Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
| Id | Content |
|---|---|
| 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. |
| F2 | Represents the conversion of 100,000 shares of Class B Common Stock into 100,000 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. |
| F3 | Mr. Silbermann disclaims beneficial ownership of the shares held by the 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. |
| F4 | The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan. |
| F5 | The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $26.0000 to $26.0100 per share, inclusive. 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. |
| F6 | These securities consist of 949,409 shares of common stock and 466,667 previously reported Restricted Stock Units (RSUs). Each RSU represents the Reporting Person's right to receive one share of common stock, subject to vesting. |
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.