UPWORK, INC 8-K

What Happened
Upwork, Inc. (filed on 2026-03-18 under Item 5.02) announced that David T. Bottoms, the company's GM, Marketplace, agreed to resign and will remain employed through April 3, 2026. On March 17, 2026, Upwork and Bottoms executed a separation agreement that outlines post-employment payments and benefits, subject to Bottoms signing a release of claims. Effective April 4, 2026, Anthony Kappus (GM & COO) will lead all Marketplace teams except engineering, which will be led by CTO & Head of AI/ML Andrew Rabinovich.

Key Details

• Resignation agreement reached March 12, 2026; separation agreement executed March 17, 2026. Last day of employment: April 3, 2026.
• Separation payments: a lump-sum equal to 12 months' base salary (amount not disclosed) plus COBRA premium reimbursements for continuation coverage until the earlier of (a) new employer coverage, (b) 12 months after last day, or (c) COBRA ineligibility.
• Outstanding equity awards will continue to vest through Bottoms’s last date of employment.
• Leadership transition effective April 4, 2026: Anthony Kappus leads Marketplace (except engineering); Andrew Rabinovich leads engineering. The full separation agreement will be filed as an exhibit to Upwork’s Form 10-Q for the quarter ending March 31, 2026.

Why It Matters
This is a material executive change for Upwork’s Marketplace organization and includes a severance package that will create a cash/outflow and potential compensation expense, though exact dollar amounts are not yet disclosed. Investors should note the company has named internal leaders to run Marketplace immediately, which may reduce operational disruption. The final financial impact and full terms will be available when the separation agreement is filed with the upcoming 10-Q.