Upstart (UPST) President Sanjay Datta Exercises Options, Sells 116k Shares

What Happened

• Sanjay Datta, President, Capital & Enterprise at Upstart (UPST), executed multiple transactions on 2026-09-08: he exercised/converted a total of 600,000 derivative securities (300,000 shares acquired via exercise at $1.35 each, cost $405,000; 300,000 reported as converted/disposed at $0), and sold 116,000 common shares in an open-market transaction for a weighted-average price of $27.29, totaling approximately $3,166,197. The filing was submitted on 2026-09-10.

Key Details

• Transaction date: 2026-09-08; Form 4 filed: 2026-09-10 (timely).
• Exercise/acquisition: 300,000 shares @ $1.35 = $405,000 (code M).
• Conversion/disposition of derivative: 300,000 shares @ $0 (reported as a derivative disposition).
• Open-market sale: 116,000 shares sold (S) at a weighted-average price of $27.29 for ~$3,166,197; sale prices ranged $26.92–$27.81 (footnote F1).
• Footnotes: F2 notes certain securities are RSUs (contingent rights to shares subject to vesting); F3 states all shares subject to the option were fully vested and exercisable as of the date.
• Shares owned after the transactions: not specified in the provided filing excerpt.

Context

• The filing shows both option/derivative activity and a contemporaneous open-market sale. Exercising options or converting RSUs is common when awards vest or to realize shares; selling a portion after exercise/conversion is often used to cover exercise costs, taxes, or to diversify—this form reports the transactions but does not state motivation.
• The conversion reported at $0 reflects a derivative conversion/settlement (see F2 on RSUs), not an open-market cash sale. The sale was an open-market transaction (not a gift or 10b5-1 plan disclosure in the provided notes).