Paul Gu - 29 Feb 2024 Form 4 Insider Report for Upstart Holdings, Inc. (UPST)

Role
Chief Technology Offier, Director
Signature
/s/ Cynthia Moon, by power of attorney
Issuer symbol
UPST
Transactions as of
29 Feb 2024
Transactions value $
-$751,773
Form type
4
Filing time
04 Mar 2024, 18:13:20 UTC
Previous filing
22 Feb 2024
Next filing
03 Apr 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UPST Common Stock Award $0 +61,201 +7.35% $0 893,596 29 Feb 2024 Direct F1, F2
transaction UPST Common Stock Options Exercise $18,000 +30,000 +3.36% $0.6* 923,596 01 Mar 2024 Direct F3
transaction UPST Common Stock Sale -$735,847 -28,703 -3.11% $25.64 894,893 01 Mar 2024 Direct F3, F4
transaction UPST Common Stock Sale -$33,925 -1,297 -0.14% $26.16 893,596 01 Mar 2024 Direct F3, F5

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) Award $0 +116,281 $0 116,281 29 Feb 2024 Common Stock 116,281 $25.75 Direct F6
transaction UPST Employee Stock Option (Right to buy) Options Exercise $0 -30,000 -25% $0 90,000 01 Mar 2024 Common Stock 30,000 $0.6 Direct F3, F7
* 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 These securities are restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of Common Stock. 1/16th of the RSUs shall vest on May 20, 2024 and at the end of each successive three month period thereafter, subject to the Reporting Person continuing as a service provider through each such date.
F2 Certain of these securities are 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 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.
F4 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $25.08 to $26.05. 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 within the ranges set forth in footnotes (4) and (5) to this Form 4.
F5 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.09 to $26.22.
F6 1/48th of the shares subject to the option shall vest on March 20, 2024 and each successive one-month period thereafter, subject to the Reporting Person continuing as a service provider through each such date.
F7 All of the shares subject to this option are fully vested and exercisable as of the date hereof.