Diehl Jeffrey T. - 31 May 2023 Form 4 Insider Report for Q2 Holdings, Inc. (QTWO)

Role: Director
Signature: /s/ M. Scott Kerr, attorney-in-fact
Issuer symbol: QTWO
Transactions as of: 31 May 2023
Net transactions value: +$124,980
Form type: 4
Filing time: 02 Jun 2023, 16:35:10 UTC
Previous filing: 17 Aug 2022
Next filing: 20 Jun 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QTWO	Common Stock	Award	$0	+7,177	+23%	$0.000000	38,419	31 May 2023	Direct	F1
transaction	QTWO	Common Stock	Options Exercise	$62,490	+2,243	+5.8%	$27.86	40,662	31 May 2023	Direct	F2, F3
holding	QTWO	Common Stock						777,562	31 May 2023	By funds	F2, F4, F5

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
transaction	QTWO	Stock Option (right to buy)	Options Exercise	$62,490	+2,243		$27.86	0	31 May 2023	Common Stock	2,243	$27.86	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares of stock acquired represent shares underlying Restricted Stock Units. The Restricted Stock Units vest in equal quarterly installments over one year beginning September 9, 2023.
F2	Jeffrey T. Diehl disclaims beneficial ownership of the Shares except to the extent of his pecuniary interest therein.
F3	By agreement with AS 2006, AS 2007, AS 2008, AS 2009, AS 2010, and AS 2011 (each as defined in footnote 4, and collectively, the "Funds"), Mr. Diehl is deemed to hold the stock for the benefit of the Funds.
F4	Represents 241,315 shares held by Adams Street 2006 Direct Fund, L.P., or AS 2006, 272,512 shares held by Adams Street 2007 Direct Fund, L.P., or AS 2007, 91,298 shares held by Adams Street 2008 Direct Fund, L.P., or AS 2008, 78,966 shares held by Adams Street 2009 Direct Fund, L.P., or AS 2009, 44,858 shares held by Adams Street 2010 Direct Fund, L.P., or AS 2010, 36,038 shares held by Adams Street 2011 Direct Fund LP, or AS 2011, 2,859 shares held by Adams Street Partnership Fund-2007 U.S. Fund, L.P., or AS 2007 US, 3,666 shares held by Adams Street Partnership Fund-2008 U.S. Fund, L.P., or AS 2008 US, 3,252 shares held by Adams Street Partnership Fund-2009 U.S. Fund, L.P., or AS 2009 US, 2,289 shares held by Adams Street Partnership Fund-2010 U.S. Fund, L.P., or AS 2010 US, and 509 shares held by Adams Street Partnership Fund-2010 U.S. Fund Series B, L.P., or AS 2010 US Series B.
F5	The shares owned by each of AS 2006, AS 2007, AS 2008, AS 2009, AS 2010, AS 2011, AS 2007 US, AS 2008 US, AS 2009 US, AS 2010 US, and AS 2010 US Series B may be deemed to be beneficially owned by Adams Street Partners, LLC, the managing member of the general partner of each of AS 2006, AS 2007, AS 2008, AS 2009 and AS 2010, the managing member of the general partner of the general partner of AS 2011, and the general partner of AS 2007 US, AS 2008 US, AS 2009 US, AS 2010 US, and AS 2010 US Series B. Mr. Diehl is a partner of Adams Street Partners, LLC (or a subsidiary thereof), and may be deemed to share voting and dispositive power over the shares held by AS 2006, AS 2007, AS 2008, AS 2009, AS 2010, AS 2011, AS 2007 US, AS 2008 US, AS 2009 US, AS 2010 US, and AS 2010 US Series B.
F6	The option grant became fully vested on June 9, 2018