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

Role
GM VP II, Marketplace
Signature
/s/ Jacob McQuown, Attorney-in-Fact
Issuer symbol
UPWK
Transactions as of
18 Sep 2024
Net transactions value
-$109,811
Form type
4
Filing time
20 Sep 2024, 19:01:23 UTC
Previous filing
29 Aug 2024
Next filing
13 Nov 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UPWK Common Stock Options Exercise +8,980 +154% 14,798 18 Sep 2024 Direct F1
transaction UPWK Common Stock Options Exercise +6,024 +41% 20,822 18 Sep 2024 Direct F1
transaction UPWK Common Stock Sale $59,474 -5,626 -27% $10.57 15,196 18 Sep 2024 Direct F2, F3
transaction UPWK Common Stock Sale $50,338 -4,688 -31% $10.74 10,508 19 Sep 2024 Direct F4

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 -8,980 -11% $0.000000 71,839 18 Sep 2024 Common Stock 8,980 Direct F1, F5
transaction UPWK Restricted Stock Units Options Exercise $0 -6,024 -6.7% $0.000000 84,329 18 Sep 2024 Common Stock 6,024 Direct F1, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

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).

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 $10.41 to $10.87 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 This transaction was effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 7, 2023 and most recently modified on May 28, 2024.
F5 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.
F6 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.