Paul Gu - Sep 1, 2023 Form 4 Insider Report for Upstart Holdings, Inc. (UPST)

Role
Chief Technology Offier, Director
Signature
/s/ Christopher Ing, by power of attorney
Stock symbol
UPST
Transactions as of
Sep 1, 2023
Transactions value $
-$638,000
Form type
4
Date filed
9/5/2023, 07:51 PM
Previous filing
Aug 24, 2023
Next filing
Sep 7, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UPST Common Stock Options Exercise $8.6K +20K +2.31% $0.43* 888K Sep 1, 2023 Direct F1, F2
transaction UPST Common Stock Sale -$647K -20K -2.25% $32.33 868K Sep 1, 2023 Direct F1, 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 UPST Employee Stock Option (Right to buy) Options Exercise $0 -20K -15.38% $0.00 110K Sep 1, 2023 Common Stock 20K $0.43 Direct F1, F4
* 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 The option exercise and sale reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 26, 2023.
F2 Certain of these securities are restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of Common Stock, subject to the applicable vesting schedule and conditions of each RSU.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $32.17 to $32.525. 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 request, full information regarding the number of shares sold at each separate price.
F4 All of the shares subject to this option are fully vested and exercisable as of the date hereof.