Form 4: Upwork CFO Erica Gessert Reports Stock Transactions

Erica Gessert, CFO of Upwork, reports the vesting of restricted stock units and subsequent sale of shares to cover tax obligations.

Summary

• On August 18, 2024, Erica Gessert, the CFO of Upwork, had 37,500 restricted stock units (RSUs) vest.
• Following the vesting, Gessert sold 20,353 shares of common stock on August 19, 2024, at a weighted average price of $9.6482 per share to cover tax withholding obligations.
• After these transactions, Gessert directly owns 107,313 shares of Upwork common stock and 412,500 restricted stock units.
• The RSUs vest 25% on May 18, 2024, and then 1/16th of the total number of shares on each quarterly anniversary thereafter, contingent upon continued employment.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions by a company executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.

Industry Context

This filing is a routine disclosure of insider transactions, common for executives who receive stock-based compensation. It provides transparency into the trading activities of company insiders.

Stakeholder Impact

• The sale of shares by the CFO could have a minor impact on the stock price, but it's primarily driven by tax obligations and not a discretionary trade.

Key Dates