Girouard Dave 4

4 · Upstart Holdings, Inc. · Filed May 8, 2026

AI-generated summary of this filing

Updated May 8, 2026

Upstart (UPST) 10% Owner Dave Girouard Buys ~170k Shares

What Happened

Dave Girouard, a reported 10% owner of Upstart Holdings (UPST), made open-market purchases on May 7, 2026, acquiring 169,940 shares at an average price of $29.37 (reported value $4,990,679) and an additional 300 shares at $29.76 (reported value $8,928). Total acquired: 170,240 shares for $4,999,607 (about $5.0M).
These were purchases (buying stock), which are typically viewed as a more informative/“bullish” insider action than routine sales, though filings do not state the insider’s motivation.

Key Details

Transaction date: 2026-05-07; Form 4 filed: 2026-05-08 (appears timely).
Prices and values: 169,940 @ $29.37 = $4,990,679; 300 @ $29.76 = $8,928; total ≈ $4,999,607.
Shares owned after transaction: Not reported in this Form 4.
Notable footnotes:
- F1: Indicates the reported price is a weighted-average and references multiple transaction prices in the range $28.74–$29.735; the reporting person can provide a breakdown on request.
- F2–F7: Note that various portions of the holdings are held in trusts (2008 D&T Girouard Revocable Trust; DTG GRAT LLC; and several trusts for Tristen Baird Willard as trustee).
Filing timeliness: Filed the day after the transactions; no late filing flag noted in this record.

Context

As a 10% owner, Girouard is a significant holder (not necessarily an executive trade); purchases by large holders can reflect portfolio/estate moves as well as confidence, but the filing provides no motive.
Trust-designated holdings (per footnotes) indicate some shares are held for estate or gift-planning purposes; such placements are not the same as a direct personal purchase for trading purposes.

Form 4

Period: 2026-05-07

Director10% Owner

Transactions

Purchase
Common Stock
[F1][F2]
2026-05-07$29.37/sh+169,940$4,990,679→ 8,512,641 total(indirect: See Footnote)
Purchase
Common Stock
[F2]
2026-05-07$29.76/sh+300$8,928→ 8,512,941 total(indirect: See Footnote)

Holdings

Footnotes (7)

[F1]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.74 to $29.735. 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 request, full information regarding the number of shares sold at each separate price.
[F2]These shares are held by 2008 D&T Girouard Revocable Trust, for which the Reporting Person serves as Trustee.
[F3]These shares are held by David J Girouard, as trustee of the DTG GRAT LLC, dated May 23,2023.
[F4]These shares are held by Tristen Baird Willard, as trustee of the TMG 2020 EXEMPT GIFT TRUST, dated October 19, 2020.
[F5]These shares are held by Tristen Baird Willard, as trustee of the JRG 2020 EXEMPT GIFT TRUST, dated October 19, 2020.
[F6]These shares are held by Tristen Baird Willard, as trustee of the TMG 2020 NONEXEMPT GIFT TRUST, dated October 19, 2020.
[F7]These shares are held by Tristen Baird Willard, as trustee of the JRG 2020 NONEXEMPT GIFT TRUST, dated October 19, 2020.

Signature

/s/ Steven Madrid, by power of attorney|2026-05-07

1 file