Business Context and Reporting Period
This Form 8-K Current Report was filed by Upwork, Inc. on June 9, 2022. The filing discloses the appointment of a new senior executive officer effective June 10, 2022.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the appointment of Olivier Marie as Chief Accounting Officer, Treasurer, and principal accounting officer. Mr. Marie previously served as the Company's Controller since January 2021.
Management Commentary and Compensation Details
- Base Salary: $350,000 annually.
- Target Bonus: 35% of base salary.
- Equity Grant: Restricted Stock Units (RSUs) valued at $900,000, calculated based on the average daily closing price of the Company's common stock for the 30-day period ending prior to the grant date.
- Vesting Schedule: 1/16th of the total shares vest quarterly over four years, contingent on continued service.
- Background: Mr. Marie previously served as Global Controller at StubHub, Inc. (2016-2021) and held various roles at eBay Inc. and PricewaterhouseCoopers LLP.
Investor Verification Checklist
- Verify the exact number of RSUs granted based on the 30-day average stock price calculation.
- Review the standard form of indemnity agreement referenced as Exhibit 10.1.
- Confirm the effective date of the appointment (June 10, 2022) against internal governance records.
- Check for any subsequent filings regarding changes to the 2018 Equity Incentive Plan.