UPWORK, INC — Director's Dealing 2020

Mar 4, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Upwork Inc. (UPWK)
CIK: 0001627475
Period of Report: 2020-02-29

Reporting Person: Kinion Brian K (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-29	Common Stock	M	5548	—	Acquired	7203	Direct
2020-03-02	Common Stock	S	2397	$8.4296	Disposed	4806	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-29	Restricted Stock Units (RSU)	$	A	5548	Acquired		Common Stock (5548)	Direct
2020-02-29	Restricted Stock Units (RSU)	$	M	5548	Disposed		Common Stock (5548)	Direct

Footnotes

F1: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F2: Includes 761 shares acquired under the Issuer's employee stock purchase plan (the "ESPP") on May 14, 2019 and 894 shares acquired under the ESPP on November 14, 2019.

F3: Represents the number of shares 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.

F4: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.30 to $8.66 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.

F5: The RSU vested 100% on the date of grant.