Equity FAQs
When should I expect to receive information about my new hire award?
Our grant dates will always be on the last day of the month. If you start before or on the 20th of the month then your award will be included in the awards granted on the last day of that month. If you start after the 20th of the month you award will be included with the awards granted on the last day of the following month. The Compensation Committee reviews and approves proposed grants to new Upstarters each month on the last day of the 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.
What if I never received an account activation email from Charles Scwhab?
Please use the following link to access the account activation process by selecting "Open an Account". Please note that you will need the following info:
- Company Ticker: UPST
- Employee ID: (Can be found in Workday)
During the activation process, you will be prompted to create your on-line User ID and Password to access your Charles Schwab account.
What if I already have a Charles Schwab account?
If you already have a pre-existing Charles Schwab account you will still need to go through the process of activating your Upstart-based Charles Schwab account. During the activation process, your Upstart account will sync to any pre-existing accounts that you have.
Can I use a brokerage account other than Charles Schwab?
To ensure that you are compliant with the Insider Trading Policy, your Upstart awarded equity must remain at Charles Schwab while you are an employee.
Can I transfer my vested shares or exercised options to another brokerage account?
Generally, we do not allow employees to transfer shares out of Charles Schwab for disposition tracking purposes as well as ensuring that you are compliant with the insider trading policy.
When can I enroll in ESPP as a new Upstarter?
Full time employees that are hired prior to the beginning of each offering period will be notified of the enrollment window which is typically a few weeks before a new offering period begins.
Offering periods run consecutively starting on the following days:
- February 15
- August 15
When should I expect to receive a refund of my contributions if I have withdrawn from the ESPP plan?
If you withdraw from the ESPP, the contributions that you made during that offering period will be refunded to you as soon as administratively possible.
Why are there fewer shares in my account than I was expecting from my RSU release?
Vestings are considered a taxable event as you are recognizing income of the value of the vesting shares on the vest date (UPST fair market value multiplied by # of shares vesting) and we are required to withhold tax. We withhold a sufficient amount of shares to cover your tax liability, so what you see in your Charles Schwab account is the shares that are available to you after tax withholding.
What if I exercised options before the IPO or during the 6 month lock up period?
If you exercised your option before the IPO (12/15/2020) or during the following 6 month lock up period, the resulting shares were held at AST which serves as our transfer agent. When the lockup expired (6/14/2021) the shares were transferred to your Charles Schwab account.
What is AST?
AST is Upstart's transfer agent. Transfer agents keep records of who owns a company's stocks and bonds and how those stocks and bonds are held—whether by the owner in certificate form, by the company in book-entry form, or by the investor's brokerage firm in street name. They also keep records of how many shares or bonds each investor owns
What happens to my equity when I leave Upstart?
Generally, you will have 3 months following your termination date to exercise vested stock options. Vested RSUs and purchased ESPP shares can be held indefinitely and can be sold once the trading window opens after your termination date and at any time after. Unvested stock options and unvested RSUs are forfeited as of the termination date.
If you were granted stock options before our IPO, you may have a different period of time to exercise those vested stock options after your last day of employment. Please consult your stock option agreement for those pre-IPO stock options for more details.
The insider trading policy and black out periods will no longer be applicable, assuming that you are not in possession of any material non-public information.
What will happen to my Charles Schwab account when I leave Upstart?
You will continue to have access to your Charles Schwab account.
Can I sell shares or exercise options immediately after leaving Upstart?
You will need to wait until the next trading window is open after your termination date to transact in your equity and may continue to do so at anytime after that.
Can I gift my Upstart shares?
Shares of UPST may be gifted or contributed to a donor-advised fund at any time, including during a blackout period (closed trading window). Stock options may not be gifted until they are vested and exercised into UPST shares. RSUs may also not be gifted until they are vested. ESPP shares may be gifted following the purchase date. If you gift your UPST shares to a related party (i.e., a family member, member of your household, or an entity/organization over which you exert control, typically by serving as an officer or as a significant shareholder), the restrictions of our Insider Trading Policy will continue to apply to the related party.
You can find more information about stock administration here.