Sabrina Mekhalfa - 12 Jan 2023 Form 4 Insider Report for UserTesting, Inc.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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

Footnote 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).

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.