Upstart cancels 687,500-share performance RSU for CTO Paul Gu; reinstates cash comp

Upstart Holdings, Inc.

Compensation Committee cancelled Paul Gu's performance-based RSU award of 687,500 shares granted Feb 2022.
Award was intended as primary compensation through 2029; Gu's cash comp was limited to benefits only.
In exchange, Gu receives annual salary of $425,000 and eligibility for 2023 Executive Bonus Plan with 75% target bonus.
Committee determined award no longer provided intended retention and incentive value after consulting advisors.

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