Dave Bottoms - Jun 18, 2024 Form 4 Insider Report for UPWORK, INC (UPWK)

Role
GM VP II, Marketplace
Signature
/s/ Jacob McQuown, Attorney-in-Fact
Stock symbol
UPWK
Transactions as of
Jun 18, 2024
Transactions value $
-$58,071
Form type
4
Date filed
6/21/2024, 08:01 PM
Previous filing
May 31, 2024
Next filing
Aug 20, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UPWK Common Stock Options Exercise +8.98K 8.98K Jun 18, 2024 Direct F1
transaction UPWK Common Stock Options Exercise +6.02K +67.07% 15K Jun 18, 2024 Direct F1
transaction UPWK Common Stock Sale -$58.1K -5.68K -37.89% $10.22 9.32K Jun 18, 2024 Direct F2, F3

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 UPWK Restricted Stock Units Options Exercise $0 -8.98K -10% $0.00 80.8K Jun 18, 2024 Common Stock 8.98K Direct F1, F4
transaction UPWK Restricted Stock Units Options Exercise $0 -6.02K -6.25% $0.00 90.4K Jun 18, 2024 Common Stock 6.02K Direct F1, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.
F2 Represents the number of shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of the RSUs listed in Table II. This sale is mandated by the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary trade by the Reporting Person.
F3 The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.195 to $10.265 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F4 The RSUs vest in equal quarterly installments over four years beginning on December 18, 2022, subject to the continuing employment of the Reporting Person on each vesting date.
F5 The RSUs vest in equal quarterly installments over four years beginning on June 18, 2024, subject to the continuing employment of the Reporting Person on each vesting date.