What to Expect with your Stock as a New Hire
Welcome to Upstart! We know that equity can be challenging to understand so we are here to help with your equity journey at Upstart. You will receive a calendar invite to attend one of our New Hire Equity sessions but we have included general information below to get you started. We look forward to connecting with you soon!
Offer Letter
If you are offered equity as a part of your employment with Upstart, the value will be included in your offer letter in USD. This value will be converted to a share amount at a later date.
Timing/What to Expect
- Our grant dates will always be on the last day of the month.
- If you start on or before the 20th of the month then your equity award will be included in the awards granted on the last day of that month.
- If you start after the 20th of the month your award will be included with the awards granted on the last day of the following month.
- The Compensation Committee of the Board of Directors reviews and approves proposed grants to new Upstarters on the last day of each month.
- Your Restricted Stock Unit (RSU) award value ($) in your offer letter will be converted into a number of RSUs based on the trailing average closing price of Upstart stock during a specified thirty (30) trading day period prior to the date of grant.
Charles Schwab Account Activation Email
After award have been approved by the Compensation Committee and processed by the Stock Administration team, you should receive an account activation email from Charles Schwab within about 3-5 days business days. You will be prompted to accept your award and will see all the details of the award within your account. Please activate your Charles Schwab account as soon as possible to ensure that your vestings are able to be processed properly. **The Charles Schwab Equity account is separate from the 401(k) account
employee share purchase plan (Espp)
The Upstart Employee Stock Purchase Plan provides eligible Upstarters the opportunity to purchase Upstart stock at a 15% discount through payroll deductions.
- Offering periods will be six months and will run consecutively
- February 15 - August 15
- August 15 - February 15
- Payroll deductions can be between 1%-15%
- You are able to make 1 change to contribution amount per offering period (decrease only) or withdrawal completely before the deadline.
Additional Charles Schwab resources can be found here.
You can find more information about stock administration here.