Schechtman Natalie 4

What Happened
Natalie Schechtman, a director of Udemy, reported a disposition to the issuer of 93,657 shares of Udemy common stock on May 11, 2026. The filing shows no cash price (price reported as N/A) because the transfers occurred in connection with Coursera’s merger with Udemy. Under the Merger Agreement, each Udemy share converted into the right to receive 0.800 shares of Coursera common stock — 93,657 Udemy shares would correspond to roughly 74,926 Coursera shares (rounded to nearest whole share).

Key Details

• Transaction date: 2026-05-11 (reported in Form 4 filed 2026-05-11).
• Transaction type/code: Disposition to issuer (D) — not an open-market sale.
• Shares disposed: 93,657 Udemy shares. Price: N/A (conversion into Coursera stock per merger).
• Conversion: Each Udemy share → 0.800 Coursera shares per Merger Agreement (dated Dec 17, 2025).
• Approximate resulting Coursera shares: ~74,926 (rounded).
• Shares owned after transaction: not specified in this Form 4.
• Filing timeliness: filing date matches report date; no late-filing indication in the record.

Context
This was a corporate-action disposition tied to the Coursera merger (Merger Sub merged into Udemy and Udemy became a Coursera subsidiary), not a typical insider sale into the market. Such merger conversions exchange Udemy shares for acquirer stock and do not necessarily reflect the insider’s buy/sell sentiment. The filing’s footnotes describe the Merger Agreement conversion mechanics and treatment of certain restricted stock units.