Paul Gu - 02 Sep 2025 Form 4 Insider Report for Upstart Holdings, Inc. (UPST)

Role
Chief Technology Offier, Director
Signature
/s/ Steven Madrid, by power of attorney
Issuer symbol
UPST
Transactions as of
02 Sep 2025
Net transactions value
-$343,059
Form type
4
Filing time
04 Sep 2025, 17:48:21 UTC
Previous filing
20 Jun 2025
Next filing
13 Nov 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Gu Paul Chief Technology Offier, Director C/O UPSTART HOLDINGS, INC., 2950 S. DELAWARE STREET, SUITE 410, SAN MATEO /s/ Steven Madrid, by power of attorney 04 Sep 2025 0001832812

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UPST Common Stock Options Exercise $9,500 +2,500 +0.22% $3.80 1,149,656 02 Sep 2025 Direct F1, F2
transaction UPST Common Stock Options Exercise $22,200 +2,500 +0.22% $8.88 1,152,156 02 Sep 2025 Direct F1
transaction UPST Common Stock Sale $182,021 -2,663 -0.23% $68.35 1,149,493 02 Sep 2025 Direct F1, F3
transaction UPST Common Stock Sale $161,038 -2,337 -0.2% $68.91 1,147,156 02 Sep 2025 Direct F1, 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 UPST Employee Stock Option (Right to buy) Options Exercise $9,500 -2,500 -5.6% $3.80 42,500 02 Sep 2025 Common Stock 2,500 $3.80 Direct F5
transaction UPST Employee Stock Option (Right to buy) Options Exercise $22,200 -2,500 -1.4% $8.88 181,336 02 Sep 2025 Common Stock 2,500 $8.88 Direct F5
* 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 sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 21, 2025.
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 $67.795 to $68.78. 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 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $68.80 to $69.125. 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.
F5 All of the shares subject to this option are fully vested and exercisable as of the date hereof.