# EDGAR Filing Document

**Accession Number:** 0001887917
**File Stem:** 0001209191-23-003374
**Filing Date:** 2023-1
**Character Count:** 11188
**Document Hash:** 17ce87529639469e502feb72b2d524db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-003374.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001209191-23-003374

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230112

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Zelen Matt
- **CENTRAL INDEX KEY:** 0001887917

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41049
- **FILM NUMBER:** 23529946

**MAIL ADDRESS:**
- **STREET 1:** C/O USERTESTING, INC.
- **STREET 2:** 144 TOWNSEND STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UserTesting, Inc.
- **CENTRAL INDEX KEY:** 0001557127
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 260339214
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 144 TOWNSEND STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107
- **BUSINESS PHONE:** (650) 567-5616

**MAIL ADDRESS:**
- **STREET 1:** 144 TOWNSEND STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** User Testing, Inc.
- **DATE OF NAME CHANGE:** 20120828

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Zelen Matt<br><sub>(Last) (First) (Middle)</sub><br>144 TOWNSEND STREET<br><sub>(Street)</sub><br>SAN FRANCISCO, CA 94107<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-12 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Operating Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>UserTesting, Inc. [ USER ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-01-12 |  | D |  | 20886 | D | <sup>(1)</sup> | 0 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Option (right to buy) | $1.02 | 2023-01-12 |  | D |  |  | 50000 | <sup>(2)</sup> | 2029-04-23 | Common Stock | 50000 | <sup>(3)</sup> | 0 | D |  |
| Stock Option (right to buy) | $1.06 | 2023-01-12 |  | D |  |  | 708750 | <sup>(4)</sup> | 2029-12-23 | Common Stock | 708750 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $0.95 | 2023-01-12 |  | D |  |  | 250000 | <sup>(7)</sup> | 2030-06-03 | Common Stock | 250000 | <sup>(5)(6)</sup> | 0 | D |  |
| Restricted Stock Units | <sup>(8)</sup> | 2023-01-12 |  | D |  |  | 93750 | <sup>(9)</sup> | <sup>(9)</sup> | Common Stock | 93750 | <sup>(10)(11)</sup> | 0 | D |  |

---

### Footnotes:

(1) 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.

(2) The option is fully vested and exercisable.

(3) 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.

(4) The option vested as to 1/4th of the total shares December 2, 2020 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.

(5) 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

(6) (Continued from Footnote 5) (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).

(7) The option vests as to 1/48th of the total shares monthly, beginning May 1, 2020, subject to the Reporting Holder's continued service to the Issuer on each vesting date.

(8) 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.

(9) 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.

(10) 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.

(11) (Continued from Footnote 10) 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.

**Signature:** /s/ Mona Sabet as attorney-in-fact for Matt Zelen  
**Date:** 2023-01-13

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**