SEC Filing | Upwork Inc.

View:

SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Globespan Management Associates IV, LLC

(Last)

(First)

(Middle)

ONE BOSTON PLACE, SUITE 2810

(Street)

BOSTON

02108

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Upwork Inc. [ UPWK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/05/2018

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/05/2018		C		787,890	A	⁽¹⁾	808,539	I	See footnote⁽²⁾⁽⁷⁾
Common Stock	10/05/2018		C		54,167	A	⁽¹⁾	55,586	I	See footnote⁽³⁾⁽⁷⁾
Common Stock	10/05/2018		C		48,789	A	⁽¹⁾	50,067	I	See footnote⁽⁴⁾⁽⁷⁾
Common Stock	10/05/2018		C		21,467	A	⁽¹⁾	22,029	I	See footnote⁽⁵⁾⁽⁷⁾
Common Stock	10/05/2018		C		14,866	A	⁽¹⁾	15,255	I	See footnote⁽⁶⁾⁽⁷⁾
Common Stock	10/05/2018		C		9,800,125	A	⁽¹⁾	10,608,664	I	See footnote⁽²⁾⁽⁷⁾
Common Stock	10/05/2018		C		673,758	A	⁽¹⁾	729,344	I	See footnote⁽³⁾⁽⁷⁾
Common Stock	10/05/2018		C		606,865	A	⁽¹⁾	656,932	I	See footnote⁽⁴⁾⁽⁷⁾
Common Stock	10/05/2018		C		267,020	A	⁽¹⁾	289,049	I	See footnote⁽⁵⁾⁽⁷⁾
Common Stock	10/05/2018		C		184,917	A	⁽¹⁾	200,172	I	See footnote⁽⁶⁾⁽⁷⁾
Common Stock	10/05/2018		C		77,042	A	⁽¹⁾	10,685,706	I	See footnote⁽²⁾⁽⁷⁾
Common Stock	10/05/2018		C		3,739	A	⁽¹⁾	733,083	I	See footnote⁽³⁾⁽⁷⁾
Common Stock	10/05/2018		C		3,354	A	⁽¹⁾	660,286	I	See footnote⁽⁴⁾⁽⁷⁾
Common Stock	10/05/2018		C		2,027	A	⁽¹⁾	291,076	I	See footnote⁽⁵⁾⁽⁷⁾
Common Stock	10/05/2018		C		1,404	A	⁽¹⁾	201,576	I	See footnote⁽⁶⁾⁽⁷⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			787,890	⁽¹⁾	⁽¹⁾	Common Stock	787,890	$0	0	I	See footnote⁽²⁾⁽⁷⁾
Series A-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			54,167	⁽¹⁾	⁽¹⁾	Common Stock	54,167	$0	0	I	See footnote⁽³⁾⁽⁷⁾
Series A-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			48,789	⁽¹⁾	⁽¹⁾	Common Stock	48,789	$0	0	I	See footnote⁽⁴⁾⁽⁷⁾
Series A-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			21,467	⁽¹⁾	⁽¹⁾	Common Stock	21,467	$0	0	I	See footnote⁽⁵⁾⁽⁷⁾
Series A-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			14,866	⁽¹⁾	⁽¹⁾	Common Stock	14,866	$0	0	I	See footnote⁽⁶⁾⁽⁷⁾
Series A-2 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			9,800,125	⁽¹⁾	⁽¹⁾	Common Stock	9,800,125	$0	0	I	See footnote⁽²⁾⁽⁷⁾
Series A-2 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			673,758	⁽¹⁾	⁽¹⁾	Common Stock	673,758	$0	0	I	See footnote⁽³⁾⁽⁷⁾
Series A-2 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			606,865	⁽¹⁾	⁽¹⁾	Common Stock	606,865	$0	0	I	See footnote⁽⁴⁾⁽⁷⁾
Series A-2 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			267,020	⁽¹⁾	⁽¹⁾	Common Stock	267,020	$0	0	I	See footnote⁽⁵⁾⁽⁷⁾
Series A-2 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			184,917	⁽¹⁾	⁽¹⁾	Common Stock	184,917	$0	0	I	See footnote⁽⁶⁾⁽⁷⁾
Series B-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			77,042	⁽¹⁾	⁽¹⁾	Common Stock	77,042	$0	0	I	See footnote⁽²⁾⁽⁷⁾
Series B-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			3,739	⁽¹⁾	⁽¹⁾	Common Stock	3,739	$0	0	I	See footnote⁽³⁾⁽⁷⁾
Series B-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			3,354	⁽¹⁾	⁽¹⁾	Common Stock	3,354	$0	0	I	See footnote⁽⁴⁾⁽⁷⁾
Series B-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			2,027	⁽¹⁾	⁽¹⁾	Common Stock	2,027	$0	0	I	See footnote⁽⁵⁾⁽⁷⁾
Series B-1 Convertible Preferred Stock	⁽¹⁾	10/05/2018		C			1,404	⁽¹⁾	⁽¹⁾	Common Stock	1,404	$0	0	I	See footnote⁽⁶⁾⁽⁷⁾

1. Name and Address of Reporting Person^*

Globespan Management Associates IV, LLC

(Last)

(First)

(Middle)

ONE BOSTON PLACE, SUITE 2810

(Street)

BOSTON

02108

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

GLOBESPAN CAPITAL PARTNERS IV LP

(Last)

(First)

(Middle)

ONE BOSTON PLACE, SUITE 2810

(Street)

BOSTON

02108

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Goldfarb Andrew P

(Last)

(First)

(Middle)

ONE BOSTON PLACE, SUITE 2810

(Street)

BOSTON

02108

(City)

(State)

(Zip)

Explanation of Responses:

1. The preferred stock automatically converted into common stock on a 1-to-1 basis immediately upon closing of the initial public offering of the Issuer and has no expiration date.

2. Held directly by Globespan Capital Partners IV, L.P.

3. Held directly by Globespan Capital Partners (Cayman) IV, L.P.

4. Held directly by JAFCO Globespan USIT IV, L.P.

5. Held directly by Globespan Capital Partners IV GmbH & Co. KG.

6. Held directly by GCP IV Affiliates Fund, L.P.

7. The filing of this Form 4 shall not be construed as an admission that the Reporting Persons are or were for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owners of any of the shares of common stock, of the Issuer. The Reporting Persons disclaim such beneficial ownership, except to the extent of their pecuniary interest.

Remarks:

	Globespan Management Associates, IV, LLC, By: /s/ Andrew P. Goldfarb	10/05/2018
	Globespan Capital Partners IV, L.P., By: Andrew Goldfarb, Executive Managing Director of the GP of the General Partner	10/05/2018
	/s/ Andrew P. Goldfarb	10/05/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.