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Upwork: Summary of SEC Fillings: Difference between revisions
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=== Liquidity === | === Liquidity === | ||
* Upwork believes that its cash and cash equivalents, marketable securities and cash flow from operations will be sufficient for at least the next 12 months to meet to meet its requirements. | * '''Upwork believes that its cash and cash equivalents, marketable securities and cash flow from operations will be sufficient for at least the next 12 months to meet to meet its requirements.''' | ||
* Upwork do not make investments for trading or speculative purposes. | * Upwork do not make investments for trading or speculative purposes. | ||
* As of December 31, 2022, Upwork had $129.4 million in cash and cash equivalents versus $187.2 million as of December 31, 2021. | * As of December 31, 2022, Upwork had $129.4 million in cash and cash equivalents versus $187.2 million as of December 31, 2021. | ||
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=== Platform security === | === Platform security === | ||
* Upwork uses pattern-matching algorithms to detect suspicious activity in the platform. | * '''Upwork uses pattern-matching algorithms to detect suspicious activity in the platform.''' | ||
* User verifications is done by third parties. | * User verifications is done by third parties. | ||
* Sensitive information shared among users is encrypted using secure socket layer technology. Also leverages HTTP strict transport security to boost security of its users. | * '''Sensitive information shared among users is encrypted using secure socket layer technology.''' Also leverages HTTP strict transport security to boost security of its users. | ||
* Users can also choose to secure their credentials through two-factor authentication on a second device. | * Users can also choose to secure their credentials through two-factor authentication on a second device. | ||
* Upwork is Payment Card Industry Data Security Standard certified. | * Upwork is Payment Card Industry Data Security Standard certified. | ||
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* The capped calls is subject to certain arrangements as long as its price will not be reduced to "an amount less than the strike price of $66.08 per share." | * The capped calls is subject to certain arrangements as long as its price will not be reduced to "an amount less than the strike price of $66.08 per share." | ||
* If the market price per share of common stock exceeds the cap price of the Capped Calls, there would be dilution. | * If the market price per share of common stock exceeds the cap price of the Capped Calls, there would be dilution. | ||
* As of December 31, 2022 and 2021, Upwork did not have any outstanding shares of preferred stock | * As of December 31, 2022 and 2021, Upwork did not have any outstanding shares of preferred stock. | ||
=== Equity Incentive Plans === | |||
==== 2014 EIP ==== | |||
* In 2014, Upwork adopted the 2014 Equity Incentive Plan. | |||
* The total number of shares of common stock reserved and available for grant and issuance under the 2014 EIP plan was initially 12,462,985 plus prior plans. | |||
* Prior plans include common stock under oDesk Corporation 2004 Stock Plan, the Elance 1999 Stock Option Plan, and the Elance 2009 Stock Option Plan. | |||
* Prior plans "subsequently ceased to be subject to an award for any reason other than exercise of a stock option, (ii) shares that had been reserved but not subject to any outstanding awards under the Prior Plans and (iii) shares issued under the Prior Plans that were repurchased, forfeited, or used to pay employee withholding or exercise price obligations." | |||
* 2014 IEP may be granted " at prices not less than 100% of the fair value of the Company’s common stock on the date of grant unless determined in writing by the Company’s board of directors." | |||
* 2014 IEP vest " over a four-year period from the original date of grant and expire ten years from the original grant date." | |||
==== 2018 EIP ==== | |||
* It was adopted by the company in 2018. | |||
* 10,701,505 shares of common stock were originally reserved under the 2018 IEP. But on January 1 of each year, "shares available for issuance are increased based on the provisions of the 2018 EIP." | |||
* Awards granted under the 2018 EIP "may be (i) incentive stock options, (ii) nonqualified stock options, (iii) RSUs, (iv) restricted stock awards, or (v) stock appreciation rights, as determined by the Company’s board of directors or compensation committee at the time of grant." | |||
== 2018 IPO SEC Filling == | == 2018 IPO SEC Filling == | ||