---
schema_version: "secwatch.filing_event.v1"
accession: "0001505155-22-000049"
form_type: "8-K"
ticker: "UPLD"
cik: "0001505155"
company_name: "Upland Software, Inc."
filed_at: "2022-07-14T23:59:59+00:00"
generated_at: "2026-06-24T15:02:42.094684+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Upland receives $115M HGGC investment; President Favaron to resign Aug 31

## Summary
- HGGC invests $115M in convertible preferred stock at $1,000/share; conversion price $17.50 (30% premium to July 13 close).
- Preferred stock carries 4.5% dividend, payable in cash or in-kind; after 7 years 7%. Represents ~17% of common shares as-converted.
- David Chung of HGGC to join Board as Series A Director; company reaffirms Q2 2022 guidance.
- Proceeds to fund M&A and general corporate purposes; pro forma cash ~$240M and net debt/AEBITDA ~2.9x as of Mar 31, 2022.
- President Rod Favaron resigns effective Aug 31; CEO Jack McDonald assumes President role.

## SEC filing metadata
- accession: 0001505155-22-000049
- form_type: 8-K
- ticker: UPLD
- cik: 0001505155
- company_name: Upland Software, Inc.
- filed_at: 2022-07-14T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1505155/000150515522000049/0001505155-22-000049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1505155/000150515522000049/upld-20220714.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001505155-22-000049
- JSON: https://secwatch.observer/filing/0001505155-22-000049.json
- Plain text: https://secwatch.observer/filing/0001505155-22-000049.txt

## Key facts
- Executive change
  Rodney C. Favaron resigned as President at Upland Software, Inc..
  - Action: resigned
  - Role: President
  source text: Rodney C. Favaron has resigned as President of the Company, effective August 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1505155/000150515522000049/0001505155-22-000049-index.htm
- Executive change
  John T. (Jack) McDonald was appointed as President at Upland Software, Inc..
  - Action: appointed
  - Role: President
  source text: John T. (Jack) McDonald, the Company’s Chair and Chief Executive Officer, will serve as the Company’s President, effective August 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1505155/000150515522000049/0001505155-22-000049-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.