secwatch.observer — SEC 8-K summary
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Issuer:     Upland Software, Inc. (UPLD)
CIK:        0001505155
Form:       8-K
Filed at:   2026-11-09T22:29:44+00:00
Accession:  0001505155-26-000083
Event type: dividend
Sentiment:  positive
Materiality: 0.55
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

HGGC waives 4.5% PIK dividends on all 115,000 Upland Series A preferred shares, effective Oct 1, 2026
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- Ulysses Aggregator LP, HGGC affiliate holding all 115,000 Series A Convertible Preferred shares, waived dividend accrual indefinitely effective October 1, 2026.
- Waived dividends (4.5% annually, paid in kind into liquidation preference) are permanently forgiven, with no catch-up even if the waiver is later revoked.
- Majority Series A holders can revoke prospectively, effective the first quarterly dividend period at least 30 days after written notice to Upland.
- Company expects full quarterly benefit starting Q4 2026 through higher net income attributable to common; liquidation preference held flat and fewer common shares issuable on conversion.
- CEO Sean Nathaniel links the waiver to the 'Simplify and Delever' phase through early 2027, then Stabilize and Expand in 2027 and Grow in 2028+; HGGC's David Chung sits on the board.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1505155/000150515526000083/0001505155-26-000083-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1505155/000150515526000083/upld-20261109.htm
  HTML page:      https://secwatch.observer/filing/0001505155-26-000083

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