Yelp’s lockup agreements froze substantially all of its insiders from selling in the post-IPO market until today.

Now that the 180-days have passed, some 52.7 million shares of Yelp are eligible to be traded, up from the 7.2 million shares that were offered in the IPO.

The freed up shares includes stakes owned by several venture capital firms: Bessemer Venture Partners, whose Jeremy Levine is a director on Yelp’s board; Elevation Partners, the private-equity firm co-founded by U2 front-man Bono and employs Yelp’s lead independent board member Fred Anderson; and Benchmark Capital Partners, the fund of Peter Fenton, another director.

If Elevation employs Fred Anderson, how is he the lead independent board member?