Form Type: 4

SEC EDGAR Link
Accession Number:0001209191-23-003353
Date:2023-01-12
Issuer: USERTESTING, INC. (USER)
Original Submission Date:

Reporting Person:

MEKHALFA SABRINA
144 TOWNSEND STREET
SAN FRANCISCO, CA 94107

Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
Title of SecurityTransaction Date2a. Deemed Execution Date Transaction CodeSharesAcquired or DisposedPrice per share 5. Amount of Securities Beneficially Owned Following Reported Transaction 6. Ownership Form Direct or IndirectNature of Indirect Ownership
COMMON STOCK 2023-01-12 D 13,798 d $0.00 0 direct
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, convertible securities
Title of Derivative Security Conversion or Exercise Price of Derivative Security Transaction Date Deemed Execution Date Transaction Code Number of Derivative Securities Acquired (A) or Disposed of (D) Date ExercisableExpiration Date Title and Amount of Securities Underlying Derivative Security Price of Derivative Security Number of derivative Securities Beneficially Owned Following Reported Transaction(s) Ownership Form: Direct (D) or Indirect (I) Nature of Indirect Beneficial Ownership
STOCK OPTION (RIGHT TO BUY) 2.65 2023-01-12 deemed execution date D 99,295 (d) 2030-12-14 common stock 99,295 $2.65 0 direct
RESTRICTED STOCK UNITS 0.0 2023-01-12 deemed execution date D 37,500 (d) common stock 37,500 $0.00 0 direct
RESTRICTED STOCK UNITS 0.0 2023-01-12 deemed execution date D 23,156 (d) common stock 23,156 $0.00 0 direct
Footnotes
IDfootnote
f1 reflects 578 shares of common stock acquired under the issuer's employee stock purchase plan on november 14, 2022, not 2,500 shares reported on november 17, 2022.
f2 on october 26, 2022, usertesting, inc., a delaware corporation (the "issuer" or the "company") entered into the agreement and plan of merger (the "merger agreement"), with thunder holdings, llc, a delaware limited liability company ("parent"), and thunder merger sub, inc., a delaware corporation and a wholly owned subsidiary of parent ("merger sub"). pursuant to the merger agreement, merger sub merged with and into the company (such merger and the other transactions contemplated by the merger agreement, the "merger") with the company surviving the merger as a wholly owned subsidiary of parent. upon the closing (the "closing") of the merger on january 12, 2023, each share of the company's common stock, par value $0.0001 per share ("common stock"), was cancelled and automatically converted into the right to receive an amount in cash, without interest, equal to $7.50 (the "merger consideration"), less any applicable withholding taxes.
f3 the option vests as to 1/4th of the total shares on december 14, 2021 and then 1/48th of the total shares vest monthly thereafter, subject to the reporting holder's continued service to the issuer on each vesting date.
f4 pursuant to the merger agreement, each option (an "option") to purchase shares of common stock that was vested and outstanding immediately prior to the closing (a "vested option"), was automatically cancelled and converted into the right to receive an amount in cash, without interest, equal to the product obtained by multiplying (x) the excess, if any, of (i) merger consideration over (ii) the per share exercise price for such vested option by (y) the total number of shares of common stock underlying such vested option, subject to applicable withholding taxes. each option that was outstanding as of immediately prior to the closing that is not a vested option (an "unvested option"), was automatically cancelled and converted into the right to receive an amount in cash, without interest, equal to the product obtained by multiplying
f5 (continued from footnote 4) (x) the excess, if any, of (i) merger consideration over (ii) the per share exercise price for such unvested option by (y) the total number of shares of common stock underlying such unvested option, subject to applicable withholding taxes, in each case subject to the same terms and conditions that applied to the unvested option immediately prior to the closing (except if the exercise price per share of common stock of such unvested option was equal to or greater than the merger consideration, such unvested option was cancelled without any cash payment or other consideration being made in respect thereof).
f6 each restricted stock unit ("rsu") represents a contingent right to receive one (1) share of the issuer's common stock upon settlement for no consideration.
f7 the rsus shall vest as to 25% of the total shares on november 15, 2022, with an additional 6.25% of the total shares vesting on each subsequent february 15, may 15, august 15, and november 15 thereafter until such time as the rsus are 100% vested, subject to the reporting person's continued service to the issuer on each vesting date.
f8 pursuant to the merger agreement, each rsu that was outstanding immediately prior to the closing and vested in accordance with its terms as of the closing (a "vested rsu") was automatically cancelled and converted into the right to receive an amount in cash, without interest, equal to the product obtained by multiplying (x) the total number of shares of common stock underlying such vested rsu by (y) the merger consideration, subject to applicable withholding taxes.
f9 (continued from footnote 8) each rsu that was outstanding as of immediately prior to the closing that is not a vested rsu (an "unvested rsu") was automatically cancelled and converted into the right to receive an amount in cash, without interest, equal to the product obtained by multiplying (x) the total number of shares of common stock underlying such unvested rsu by (y) the merger consideration, subject to applicable withholding taxes in each case subject to the same terms and conditions that applied to the unvested rsu as in effect immediately prior to the closing.
f10 the rsus shall vest quarterly over four years with the first vesting date being august 15, 2022, with the remainder of shares vesting on each subsequent november 15, february 15, may 15, and august 15, subject to the reporting person's continued service to the issuer on each vesting date.
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