[8-K] Upwork Inc. Reports Material Event
Upwork Inc. announced the appointment of Anthony Kappus as Chief Operating Officer, effective September 2, 2025. Mr. Kappus joins after 11 years at Redfin, where he served in roles including Chief of Digital Revenue and Chief Legal Officer.
His initial compensation includes an annual base salary of $500,000, a target annual bonus equal to 60% of base salary, and a restricted stock unit award equal to $7,250,000 divided by the 30-day average closing price prior to grant. The RSU vests 25% on September 18, 2026 and 6.25% on each quarterly anniversary thereafter. The Severance Agreement provides 12 months base salary and up to 12 months of continued medical premiums if terminated without cause, and in specified change-in-control windows adds a pro-rated bonus and 100% acceleration of then-unvested equity and cash awards (excluding performance-vested awards). The company disclosed no related-party arrangements and furnished a press release as Exhibit 99.1.
Upwork Inc. ha annunciato la nomina di Anthony Kappus a Chief Operating Officer, con decorrenza 2 settembre 2025. Il sig. Kappus arriva dopo 11 anni in Redfin, dove ha ricoperto ruoli tra cui responsabile dei ricavi digitali e direttore legale.
La sua retribuzione iniziale comprende uno stipendio base annuo di $500,000, un premio annuale target pari al 60% dello stipendio base e un premio in unit脿 azionarie vincolate (RSU) pari a $7,250,000 diviso per il prezzo medio di chiusura a 30 giorni precedente la concessione. Le RSU maturano per il 25% il 18 settembre 2026 e per il 6,25% a ogni anniversario trimestrale successivo. L'accordo di buonuscita prevede 12 mesi di stipendio base e fino a 12 mesi di copertura delle polizze sanitarie se il rapporto viene terminato senza giusta causa, e in specifiche finestre legate a un cambiamento di controllo aggiunge un bonus pro rata e l'accelerazione del 100% delle azioni e dei premi in contanti non ancora maturati (escluse le assegnazioni condizionate alle performance). La societ脿 non ha dichiarato rapporti con parti correlate e ha diffuso un comunicato stampa come Allegato 99.1.
Upwork Inc. anunci贸 el nombramiento de Anthony Kappus como Chief Operating Officer, con efecto a partir del 2 de septiembre de 2025. El Sr. Kappus se incorpora tras 11 a帽os en Redfin, donde desempe帽贸 cargos como responsable de ingresos digitales y Chief Legal Officer.
Su compensaci贸n inicial incluye un salario base anual de $500,000, un bono anual objetivo equivalente al 60% del salario base y una adjudicaci贸n en unidades restringidas de acciones (RSU) equivalente a $7,250,000 dividido por el precio medio de cierre a 30 d铆as previo a la concesi贸n. Las RSU se consolidan un 25% el 18 de septiembre de 2026 y un 6,25% en cada aniversario trimestral posterior. El acuerdo de indemnizaci贸n contempla 12 meses de salario base y hasta 12 meses de mantenimiento de las primas m茅dicas si se despide sin causa, y en ventanas espec铆ficas por cambio de control a帽ade un bono prorrateado y la aceleraci贸n del 100% de las acciones y pagos en efectivo no consolidados (excluyendo las adjudicaciones sujetas a desempe帽o). La compa帽铆a no declar贸 acuerdos entre partes relacionadas y proporcion贸 un comunicado de prensa como Anexo 99.1.
Upwork Inc.電� Anthony Kappus毳� 斓滉碃鞖挫榿毂呾瀯鞛�(Chief Operating Officer)搿� 2025雲� 9鞗� 2鞚�攵�搿� 鞛勲獏頄堧嫟瓿� 氚滍憸頄堨姷雼堧嫟. Kappus 鞌姅 Redfin鞐愳劀 11雲� 攴茧頄堨溂氅� 霐旍韯� 靾橃澋 毂呾瀯鞛� 氚� 斓滉碃氩曤毂呾瀯鞛� 霌膘潣 歆侅眳鞚� 鞐瀯頄堨姷雼堧嫟.
齑堦赴 氤挫儊鞚� 鞐瓣皠 旮半掣旮� $500,000, 旮半掣旮夓潣 60%鞐� 頃措嫻頃橂姅 鞐瓣皠 氇╉憸 氤措剤鞀�, 攴鸽Μ瓿� 攵�鞐� 歆侅爠 30鞚� 韽夑窢 膦呹皜搿� 雮橂垐 旮堨暋鞐� 頃措嫻頃橂姅 $7,250,000 靸侂嫻鞚� 鞝滍暅欤检嫕雼渼(RSU) 靾橃棳毳� 韽暔頃╇媹雼�. RSU電� 2026雲� 9鞗� 18鞚�鞐� 25%臧� 氩犾姢韺呺悩瓿� 鞚错泟 毵� 攵勱赴 旮半厫鞚茧雼� 6.25%鞌� 氩犾姢韺呺惄雼堧嫟. 韲挫 頃╈潣靹滊姅 靷湢 鞐嗠姅 頃搓碃 鞁� 旮半掣旮� 12臧滌洈旃橃檧 斓滊寑 12臧滌洈旃橃潣 鞚橂氤错棙耄� 鞙犾 霌膘潉 鞝滉车頃橂┌, 韸轨爼 歆�氚瓣惮臁� 氤�瓴� 旮瓣皠鞐愲姅 牍勲 氚半秳霅� 氤措剤鞀れ檧 100% 臧�靻嶍檾搿� 氙疙檿鞝� 欤检嫕 氚� 順勱笀 靾橃棳攵�(靹标臣 旮办 氩犾姢韺� 靾橃棳電� 鞝滌櫢)鞚� 歃夓嫓 鞝侅毄頃╇媹雼�. 須岇偓電� 甏�霠� 雼轨偓鞛愳檧鞚� 瓯半灅毳� 瓿奠嫓頃橃 鞎婌晿鞙茧┌ 氤措弰鞛愲毳� 歃濌卑氍� 99.1搿� 鞝滌稖頄堨姷雼堧嫟.
Upwork Inc. a annonc茅 la nomination de Anthony Kappus au poste de Chief Operating Officer, effective 脿 compter du 2 septembre 2025. M. Kappus rejoint l'entreprise apr猫s 11 ans chez Redfin, o霉 il a exerc茅 des fonctions telles que responsable des revenus num茅riques et Chief Legal Officer.
Sa r茅mun茅ration initiale comprend un salaire de base annuel de $500,000, un bonus annuel cible 茅gal 脿 60% du salaire de base, et une attribution en unit茅s d'actions restreintes (RSU) 茅quivalente 脿 $7,250,000 divis茅e par le cours de cl么ture moyen sur 30 jours pr茅c茅dant l'attribution. Les RSU acqui猫rent 25% le 18 septembre 2026 puis 6,25% 脿 chaque anniversaire trimestriel suivant. L'accord d'indemnit茅 pr茅voit 12 mois de salaire de base et jusqu'脿 12 mois de maintien des primes d'assurance maladie en cas de licenciement sans motif, et, dans des fen锚tres sp茅cifiques li茅es 脿 un changement de contr么le, ajoute un bonus au prorata et une acc茅l茅ration 脿 100% des attributions en actions et en num茅raire non encore acquises (脿 l'exclusion des attributions soumises 脿 des conditions de performance). La soci茅t茅 n'a divulgu茅 aucun accord avec des parties li茅es et a fourni un communiqu茅 de presse en tant que Pi猫ce 99.1.
Upwork Inc. gab die Ernennung von Anthony Kappus zum Chief Operating Officer mit Wirkung zum 2. September 2025 bekannt. Herr Kappus kommt nach 11 Jahren bei Redfin, wo er unter anderem als Leiter f眉r digitale Erl枚se und als Chief Legal Officer t盲tig war.
Seine Anfangsverg眉tung umfasst ein j盲hrliches Grundgehalt von $500,000, einen Zieljahresbonus in H枚he von 60% des Grundgehalts und eine Zuteilung von Restricted Stock Units (RSU) in H枚he von $7,250,000 dividiert durch den 30-Tage-Durchschnittskurs vor der Gew盲hrung. Die RSU werden zu 25% am 18. September 2026 und zu jeweils 6,25% an jedem folgenden viertelj盲hrlichen Jahrestag f盲llig. Die Abfindungsvereinbarung sieht 12 Monate Grundgehalt und bis zu 12 Monate Fortzahlung der Krankenversicherungspr盲mien bei einer K眉ndigung ohne wichtigen Grund vor und erg盲nzt in bestimmten Zeitfenstern im Falle eines Kontrollwechsels einen anteiligen Bonus sowie eine 100%ige Beschleunigung der dann noch nicht gefestigten Aktien- und Barauszeichnungen (leistungsabh盲ngige Zuteilungen ausgenommen). Das Unternehmen gab keine Gesch盲fte mit nahestehenden Parteien an und legte eine Pressemitteilung als Anlage 99.1 vor.
- Experienced hire: Anthony Kappus brings 11 years of senior experience at Redfin, including revenue and legal leadership roles.
- Equity alignment: RSU award valued at $7,250,000 ties a material portion of compensation to shareholder value.
- Clear vesting schedule: RSU vests 25% on September 18, 2026 and 6.25% each quarter thereafter, linking pay to multi-quarter service.
- No related-party conflicts disclosed: Company stated there are no arrangements or family relationships requiring Item 404 disclosure.
- Change-in-control acceleration: Severance terms provide 100% acceleration of then-unvested equity and cash awards in specified windows, which could accelerate dilution and expense.
- Guaranteed severance: Termination without cause outside change-in-control triggers a lump-sum payment equal to 12 months base salary and up to 12 months of medical premiums.
- Automatic renewals: The Severance Agreement auto-renews for successive three-year terms unless notice is provided, potentially extending protections without fresh approval.
Insights
TL;DR: Appointment strengthens operational leadership; governance flags include robust change-in-control acceleration that could lead to dilution or accelerated expense.
The appointment of an experienced senior executive with combined revenue and legal experience introduces operational depth at the C-suite level. Material governance items disclosed include a time-based equity grant valued at $7.25 million (converted to shares at the 30-day average price) and a change-in-control provision that triggers 100% acceleration of then-unvested equity and cash awards in specified windows. Such acceleration is a standard retention feature but is material to shareholders because it can accelerate dilution and expense recognition at or around a transaction. The Severance Agreement term and automatic renewals warrant monitoring from a governance and compensation oversight perspective.
TL;DR: Package mixes moderate cash with a sizable equity award and standard severance; alignment is strong but change-in-control protections are generous.
Economically, the package is composed of a $500,000 base salary, a target annual bonus of 60% of base, and an RSU grant with an initial grant value of $7,250,000 (to be converted into a share count using the 30-day average closing price before grant). Vesting is time-based: 25% after roughly one year and 6.25% quarterly thereafter, which ties long-term retention to service. Severance outside a change-in-control equals 12 months base salary plus up to 12 months of medical premiums. In defined change-in-control windows the package adds a pro-rated bonus and full acceleration of non-performance equity, increasing near-term cost exposure to the company. Overall, the structure aligns incentives but contains material change-in-control protections that affect accounting and potential dilution timing.
Upwork Inc. ha annunciato la nomina di Anthony Kappus a Chief Operating Officer, con decorrenza 2 settembre 2025. Il sig. Kappus arriva dopo 11 anni in Redfin, dove ha ricoperto ruoli tra cui responsabile dei ricavi digitali e direttore legale.
La sua retribuzione iniziale comprende uno stipendio base annuo di $500,000, un premio annuale target pari al 60% dello stipendio base e un premio in unit脿 azionarie vincolate (RSU) pari a $7,250,000 diviso per il prezzo medio di chiusura a 30 giorni precedente la concessione. Le RSU maturano per il 25% il 18 settembre 2026 e per il 6,25% a ogni anniversario trimestrale successivo. L'accordo di buonuscita prevede 12 mesi di stipendio base e fino a 12 mesi di copertura delle polizze sanitarie se il rapporto viene terminato senza giusta causa, e in specifiche finestre legate a un cambiamento di controllo aggiunge un bonus pro rata e l'accelerazione del 100% delle azioni e dei premi in contanti non ancora maturati (escluse le assegnazioni condizionate alle performance). La societ脿 non ha dichiarato rapporti con parti correlate e ha diffuso un comunicato stampa come Allegato 99.1.
Upwork Inc. anunci贸 el nombramiento de Anthony Kappus como Chief Operating Officer, con efecto a partir del 2 de septiembre de 2025. El Sr. Kappus se incorpora tras 11 a帽os en Redfin, donde desempe帽贸 cargos como responsable de ingresos digitales y Chief Legal Officer.
Su compensaci贸n inicial incluye un salario base anual de $500,000, un bono anual objetivo equivalente al 60% del salario base y una adjudicaci贸n en unidades restringidas de acciones (RSU) equivalente a $7,250,000 dividido por el precio medio de cierre a 30 d铆as previo a la concesi贸n. Las RSU se consolidan un 25% el 18 de septiembre de 2026 y un 6,25% en cada aniversario trimestral posterior. El acuerdo de indemnizaci贸n contempla 12 meses de salario base y hasta 12 meses de mantenimiento de las primas m茅dicas si se despide sin causa, y en ventanas espec铆ficas por cambio de control a帽ade un bono prorrateado y la aceleraci贸n del 100% de las acciones y pagos en efectivo no consolidados (excluyendo las adjudicaciones sujetas a desempe帽o). La compa帽铆a no declar贸 acuerdos entre partes relacionadas y proporcion贸 un comunicado de prensa como Anexo 99.1.
Upwork Inc.電� Anthony Kappus毳� 斓滉碃鞖挫榿毂呾瀯鞛�(Chief Operating Officer)搿� 2025雲� 9鞗� 2鞚�攵�搿� 鞛勲獏頄堧嫟瓿� 氚滍憸頄堨姷雼堧嫟. Kappus 鞌姅 Redfin鞐愳劀 11雲� 攴茧頄堨溂氅� 霐旍韯� 靾橃澋 毂呾瀯鞛� 氚� 斓滉碃氩曤毂呾瀯鞛� 霌膘潣 歆侅眳鞚� 鞐瀯頄堨姷雼堧嫟.
齑堦赴 氤挫儊鞚� 鞐瓣皠 旮半掣旮� $500,000, 旮半掣旮夓潣 60%鞐� 頃措嫻頃橂姅 鞐瓣皠 氇╉憸 氤措剤鞀�, 攴鸽Μ瓿� 攵�鞐� 歆侅爠 30鞚� 韽夑窢 膦呹皜搿� 雮橂垐 旮堨暋鞐� 頃措嫻頃橂姅 $7,250,000 靸侂嫻鞚� 鞝滍暅欤检嫕雼渼(RSU) 靾橃棳毳� 韽暔頃╇媹雼�. RSU電� 2026雲� 9鞗� 18鞚�鞐� 25%臧� 氩犾姢韺呺悩瓿� 鞚错泟 毵� 攵勱赴 旮半厫鞚茧雼� 6.25%鞌� 氩犾姢韺呺惄雼堧嫟. 韲挫 頃╈潣靹滊姅 靷湢 鞐嗠姅 頃搓碃 鞁� 旮半掣旮� 12臧滌洈旃橃檧 斓滊寑 12臧滌洈旃橃潣 鞚橂氤错棙耄� 鞙犾 霌膘潉 鞝滉车頃橂┌, 韸轨爼 歆�氚瓣惮臁� 氤�瓴� 旮瓣皠鞐愲姅 牍勲 氚半秳霅� 氤措剤鞀れ檧 100% 臧�靻嶍檾搿� 氙疙檿鞝� 欤检嫕 氚� 順勱笀 靾橃棳攵�(靹标臣 旮办 氩犾姢韺� 靾橃棳電� 鞝滌櫢)鞚� 歃夓嫓 鞝侅毄頃╇媹雼�. 須岇偓電� 甏�霠� 雼轨偓鞛愳檧鞚� 瓯半灅毳� 瓿奠嫓頃橃 鞎婌晿鞙茧┌ 氤措弰鞛愲毳� 歃濌卑氍� 99.1搿� 鞝滌稖頄堨姷雼堧嫟.
Upwork Inc. a annonc茅 la nomination de Anthony Kappus au poste de Chief Operating Officer, effective 脿 compter du 2 septembre 2025. M. Kappus rejoint l'entreprise apr猫s 11 ans chez Redfin, o霉 il a exerc茅 des fonctions telles que responsable des revenus num茅riques et Chief Legal Officer.
Sa r茅mun茅ration initiale comprend un salaire de base annuel de $500,000, un bonus annuel cible 茅gal 脿 60% du salaire de base, et une attribution en unit茅s d'actions restreintes (RSU) 茅quivalente 脿 $7,250,000 divis茅e par le cours de cl么ture moyen sur 30 jours pr茅c茅dant l'attribution. Les RSU acqui猫rent 25% le 18 septembre 2026 puis 6,25% 脿 chaque anniversaire trimestriel suivant. L'accord d'indemnit茅 pr茅voit 12 mois de salaire de base et jusqu'脿 12 mois de maintien des primes d'assurance maladie en cas de licenciement sans motif, et, dans des fen锚tres sp茅cifiques li茅es 脿 un changement de contr么le, ajoute un bonus au prorata et une acc茅l茅ration 脿 100% des attributions en actions et en num茅raire non encore acquises (脿 l'exclusion des attributions soumises 脿 des conditions de performance). La soci茅t茅 n'a divulgu茅 aucun accord avec des parties li茅es et a fourni un communiqu茅 de presse en tant que Pi猫ce 99.1.
Upwork Inc. gab die Ernennung von Anthony Kappus zum Chief Operating Officer mit Wirkung zum 2. September 2025 bekannt. Herr Kappus kommt nach 11 Jahren bei Redfin, wo er unter anderem als Leiter f眉r digitale Erl枚se und als Chief Legal Officer t盲tig war.
Seine Anfangsverg眉tung umfasst ein j盲hrliches Grundgehalt von $500,000, einen Zieljahresbonus in H枚he von 60% des Grundgehalts und eine Zuteilung von Restricted Stock Units (RSU) in H枚he von $7,250,000 dividiert durch den 30-Tage-Durchschnittskurs vor der Gew盲hrung. Die RSU werden zu 25% am 18. September 2026 und zu jeweils 6,25% an jedem folgenden viertelj盲hrlichen Jahrestag f盲llig. Die Abfindungsvereinbarung sieht 12 Monate Grundgehalt und bis zu 12 Monate Fortzahlung der Krankenversicherungspr盲mien bei einer K眉ndigung ohne wichtigen Grund vor und erg盲nzt in bestimmten Zeitfenstern im Falle eines Kontrollwechsels einen anteiligen Bonus sowie eine 100%ige Beschleunigung der dann noch nicht gefestigten Aktien- und Barauszeichnungen (leistungsabh盲ngige Zuteilungen ausgenommen). Das Unternehmen gab keine Gesch盲fte mit nahestehenden Parteien an und legte eine Pressemitteilung als Anlage 99.1 vor.
FAQ
Who was appointed Chief Operating Officer at Upwork (UPWK)?
What are Mr. Kappus's base salary and target bonus?
How large is the RSU grant and how does it vest?
What severance protections are provided to Mr. Kappus?
Did the company disclose any related-party transactions with Mr. Kappus?
