Benjamin Silbermann - 22 Dec 2022 Form 4 Insider Report for PINTEREST, INC. (PINS)

Role
Executive Chairman, Co-F, Director, 10%+ Owner
Signature
Monifa Clayton, Attorney-in-Fact
Issuer symbol
PINS
Transactions as of
22 Dec 2022
Net transactions value
$0
Form type
4
Filing time
23 Dec 2022, 16:54:21 UTC
Previous filing
21 Dec 2022
Next filing
13 Jan 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PINS Class A Common Stock Conversion of derivative security $0 +1,180,000 $0.000000 1,180,000 22 Dec 2022 Benjamin and Divya Silbermann Family Trust F1, F2
transaction PINS Class A Common Stock Gift $0 -1,180,000 -100% $0.000000* 0 22 Dec 2022 Benjamin and Divya Silbermann Family Trust 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 PINS Class B common stock Conversion of derivative security $0 -1,180,000 -3% $0.000000 37,736,888 22 Dec 2022 Class A Common Stock 1,180,000 Benjamin and Divya Silbermann Family Trust F1
holding PINS Class B common stock 1,526,534 22 Dec 2022 Class A Common Stock 1,526,534 Direct F1, F4
holding PINS Class B common stock 9,960,030 22 Dec 2022 Class A Common Stock 9,960,030 SFTC, LLC F1, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

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 1,180,000 shares of Class B Common Stock into 1,180,000 shares of Class A Common Stock pursuant to a conversion election made by the Reporting Person to convert shares in connection with a charitable donation of shares by the Reporting Person.
F3 Represents a charitable donation by the Reporting Person of shares of Class A Common Stock.
F4 These securities consist of 826,533 shares of Class B Common Stock and 700,001 previously reported RSUs. Each RSU represents the Reporting Person's right to receive one share of common stock, subject to vesting.
F5 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.

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.