X0306 4 2017-07-20 0 0001505155 Upland Software, Inc. UPLD 0000919013 WAVE SYSTEMS CORP 401 CONGRESS AVENUE, SUITE 2650 AUSTIN TX 78701 0 0 1 0 0001477025 ESW Capital, LLC 401 CONGRESS AVENUE, SUITE 2650 AUSTIN TX 78701 0 0 1 0 0001295389 LIEMANDT JOSEPH 401 CONGRESS AVENUE, SUITE 2650 AUSTIN TX 78701 0 0 1 0 Common Stock 2017-07-20 4 S 0 18780 22.8344 D 2294831 D Common Stock 2017-07-21 4 S 0 34000 25.0079 D 2260831 D Common Stock 2017-07-24 4 S 0 38500 25.0363 D 2222331 D Common Stock 5025905 I See Footnote Wave Systems Corp. ("Wave") is a wholly-owned subsidiary of ESW Capital, LLC ("ESW"). The sole voting member of ESW is Joseph A. Liemandt ("Mr. Liemandt"). Each of ESW and Mr. Liemandt disclaim Section 16 beneficial ownership of the reported shares except to the extent of their respective pecuniary interest therein, if any. These shares include the 2,222,331 shares directly held by Wave, 1,803,574 shares directly held by Acorn Performance Group, Inc. ("Acorn") and 1,000,000 shares directly held by EPM Live, Inc. ("EPM"). Acorn and EPM are controlled subsidiaries of ESW. Each of ESW and Mr. Liemandt disclaim Section 16 beneficial ownership of the reported shares except to the extent of their respective pecuniary interest therein, if any. /s/ Andrew S Price, Chief Financial Officer of Wave Systems Corp. 2017-07-24 /s/ Andrew S. Price, Chief Financial Officer of ESW Capital, LLC 2017-07-24 /s/ Joseph A. Liemandt 2017-07-24