UPWORK, INC 10-Q

Item 5. Other Information. Insider Trading Arrangements During the three months ended June 30, 2024, certain of our directors or officers (as defined in Section 16a-1(f) under the Exchange Act) adopted , modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K (each, a “Sales Plan”), as set forth in the table below. Each Sales Plan included a representation from the director or officer to the broker administering the plan that the director or officer was not in possession of any material nonpublic information regarding Upwork or the Upwork securities subject to the Sales Plan. A similar representation was made to us in connection with the adoption of each Sales Plan under our Insider Trading Policy. Those representations were made as of the date of adoption or modification of each Sales Plan and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic information of which the director or officer was unaware, or with respect to any material nonpublic information acquired by the director, officer, or us after the date of the representation. Name and Position Action Date Type of Trading Arrangement Maximum Number of Shares of Common Stock Eligible for Sale Expiration Date (1) Olivier Marie Adoption May 3, 2024 Rule 10b5-1 See footnote 2 June 30, 2025 Chief Accounting Officer Elizabeth Nelson Adoption May 25, 2024 Rule 10b5-1 225,000 (3) February 25, 2025 Director Dave Bottoms Modification May 28, 2024 Rule 10b5-1 See footnote 4 May 31, 2025 GM VPII, Marketplace (1) The trading arrangement will be in effect until the earlier of (i) the expiration date set forth in the table and (ii) the date on which the maximum number of shares of our common stock subject to the Sales Plan have been sold thereunder. (2) Includes (i) up to 6,944 shares issued upon vesting of restricted stock units, which we refer to as RSUs, previously granted to Mr. Marie that vested and were released to Mr. Marie prior to the adoption date, less any such shares that may have previously been sold pursuant to Mr. Marie’s Rule 10b5-1 trading plan adopted on May 30, 2023, (ii) up to 621 shares previously purchased by Mr. Marie under the 2018 ESPP, less any such shares that may have previously been sold pursuant to Mr. Marie’s Rule 10b5-1 trading plan adopted on May 30, 2023, (iii) up to 32,522 shares issuable upon vesting of RSUs previously granted to Mr. Marie that will vest and be released to Mr. Marie on or prior to June 18, 2025, less the number of shares sold upon the vesting of the RSUs covered by the Sales Plan to satisfy tax withholding obligations pursuant to Upwork’s non-discretionary “sell to cover” requirement, and (iv) a number of shares Mr. Marie may purchase under the 2018 ESPP during the term of the Sales Plan, which cannot be 67 determined at this time as the purchase price for such shares will be determined at the end of the applicable purchase period under the 2018 ESPP. (3) Includes up to 225,000 shares issuable upon exercise of a stock option previously granted to Ms. Nelson. The stock option was fully vested and exercisable as of December 31, 2023, and expires on February 25, 2025. (4) Includes (i) up to 75,013 shares issuable upon vesting of RSUs previously granted to Mr. Bottoms that will vest and be released to Mr. Bottoms on or prior to May 18, 2025, less the number of shares sold upon the vesting of the RSUs covered by the Sales Plan to satisfy tax withholding obligations pursuant to Upwork’s non-discretionary “sell to cover” requirement, and (ii) a number of shares Mr. Bottoms may purchase under the 2018 ESPP during the term of the Sales Plan, which cannot be determined at this time as the purchase price for such shares will be determined at the end of the applicable purchase period under the 2018 ESPP. 68 Item 6. Exhibits. Incorporated by Reference Exhibit Number Exhibit Title Form File No. Exhibit Filing date Filed Herewith 3.1 Amended and Restated Bylaws . 8-K 001-38678 3.1 May 1, 2024 31.1 Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 . X 31.2 Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 . X 32.1* Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 . X 32.2* Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). X 101.SCH Inline XBRL Taxonomy Extension Schema Document. X 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. X 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. X 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. X 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. X 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). X _________________________ * The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Form 10-Q and are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act. 69 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized. UPWORK INC. Date: August 7, 2024 By: /s/ Hayden Brown Hayden Brown President and Chief Executive Officer (Principal Executive Officer) Date: August 7, 2024 By: /s/ Erica Gessert Erica Gessert Chief Financial Officer (Principal Financial Officer) 70