Upwork Executive's Stock Sale Tied to RSU Tax Requirements, Not Market Signal
Rhea-AI Filing Summary
Marie Olivier, Chief Accounting Officer of Upwork, reported multiple transactions on June 18, 2025, involving Restricted Stock Units (RSUs) and common stock:
- Acquired 5,217 shares through RSU conversions in three separate transactions (2,635, 1,413, and 1,169 shares)
- Disposed of 1,879 shares at weighted average price of $13.50 per share in a mandatory "sell to cover" transaction to satisfy tax obligations
- Following these transactions, directly owns 4,632 shares of common stock
- Retains 33,300 RSUs (10,539 + 9,895 + 12,866) subject to various vesting schedules through 2025
The RSUs vest quarterly over three to four-year periods, contingent on continued employment. The share sale was not discretionary but mandated by Upwork's equity incentive plan for tax withholding purposes.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
7 txns
Insider
Marie Olivier
Role
Chief Accounting Officer
Sold
1,879 shs ($25K)
Approx. gross sale proceeds
$25K
Approx. exercise cost
$0.00
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 2,635 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units | 1,413 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units | 1,169 | $0.00 | $0.00 |
| Exercise | Common Stock | 2,635 | $0.00 | $0.00 |
| Exercise | Common Stock | 1,413 | $0.00 | $0.00 |
| Exercise | Common Stock | 1,169 | $0.00 | $0.00 |
| Sale | Common Stock | 1,879 | $13.5049 | $25K |
Holdings After Transaction:
Restricted Stock Units — 33,300 shares (Direct);
Common Stock — 4,632 shares (Direct)
Footnotes (6)
- 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 $13.24 to $13.73 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. The RSUs vest in equal quarterly installments over four years beginning on September 18, 2022, subject to the continuing employment of the Reporting Person with the Issuer on each vesting date.
- F5. The RSUs vest in equal quarterly installments over three years beginning on June 18, 2024, subject to the continuing employment of the Reporting Person with the Issuer on each vesting date.
- F6. The RSUs vest in equal quarterly installments over three years beginning on June 18, 2025, subject to the continuing employment of the Reporting Person with the Issuer on each vesting date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What is Marie Olivier's position at UPWK?
Marie Olivier serves as the Chief Accounting Officer at Upwork Inc. (UPWK).
What is the vesting schedule for Marie Olivier's UPWK RSU grants?
Marie Olivier has three RSU grants with different vesting schedules: 1) quarterly installments over four years beginning September 18, 2022, 2) quarterly installments over three years beginning June 18, 2024, and 3) quarterly installments over three years beginning June 18, 2025. All grants are subject to continued employment.