Upwork Marketplace GM's Stock Sale Tied to RSU Vesting, Not Strategy Shift
Rhea-AI Filing Summary
Dave Bottoms, GM of Marketplace at Upwork, reported multiple transactions on June 18, 2025, involving Restricted Stock Units (RSUs) and common stock:
- Acquired 20,907 shares through the conversion of RSUs in three tranches: 8,980, 6,023, and 5,904 shares
- Sold 11,562 shares at weighted average price of $13.51 to cover tax withholding obligations
- Retained 9,345 shares after the transactions
The transactions were part of scheduled RSU vestings with different vesting schedules starting from December 2022, June 2024, and June 2025, each vesting quarterly over four years. The share sale was mandatory under Upwork's equity incentive plan for tax withholding through a "sell to cover" transaction, not a discretionary trade by the executive.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
7 txns
Insider
Bottoms Dave
Role
GM, Marketplace
Sold
11,562 shs ($156K)
Approx. gross sale proceeds
$156K
Approx. exercise cost
$0.00
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 8,980 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units | 6,023 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units | 5,904 | $0.00 | $0.00 |
| Exercise | Common Stock | 8,980 | $0.00 | $0.00 |
| Exercise | Common Stock | 6,023 | $0.00 | $0.00 |
| Exercise | Common Stock | 5,904 | $0.00 | $0.00 |
| Sale | Common Stock | 11,562 | $13.5054 | $156K |
Holdings After Transaction:
Restricted Stock Units — 199,721 shares (Direct);
Common Stock — 9,345 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 December 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 four 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 four 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 was the vesting schedule for UPWK's RSUs granted to Dave Bottoms?
Dave Bottoms had three different RSU grants with different vesting schedules: 1) RSUs vesting quarterly over 4 years beginning December 18, 2022, 2) RSUs vesting quarterly over 4 years beginning June 18, 2024, and 3) RSUs vesting quarterly over 4 years beginning June 18, 2025.
What is Dave Bottoms' position at UPWK?
Dave Bottoms serves as GM, Marketplace at Upwork Inc. (UPWK) as indicated in the Form 4 filing.