Gregory Scott Brown - Oct 28, 2021 Form 3 Insider Report for Udemy, Inc. (UDMY)

Role
President, Udemy Business
Signature
/s/ Ken Hirschman, by power of attorney
Stock symbol
UDMY
Transactions as of
Oct 28, 2021
Transactions value $
$0
Form type
3
Date filed
10/28/2021, 07:00 PM
Next filing
Nov 16, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding UDMY Employee Stock Option (right to buy) Oct 28, 2021 Common Stock 750K $11.13 Direct F1
holding UDMY Employee Stock Option (right to buy) Oct 28, 2021 Common Stock 350K $11.13 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The shares underlying this option vest as follows: one-fourth of the shares will vest on November 2, 2021 and the remaining shares will vest monthly in equal installments thereafter.
F2 The shares underlying this option will vest upon the achievement of certain performance-based conditions as follows: (i) 50% of the shares will vest when the Company achieves $230 million in annual recurring revenue ("ARR") in enterprise revenue and (ii) 50% of the shares will vest when the Company achieves $330 million in ARR in enterprise revenue.

Remarks:

Exhibit 24 - Power of Attorney