<SEC-DOCUMENT>0000899140-24-000652.txt : 20240606
<SEC-HEADER>0000899140-24-000652.hdr.sgml : 20240606
<ACCEPTANCE-DATETIME>20240606190122
ACCESSION NUMBER:		0000899140-24-000652
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240604
FILED AS OF DATE:		20240606
DATE AS OF CHANGE:		20240606

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lieberman Jeffrey
		CENTRAL INDEX KEY:			0001328837
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40956
		FILM NUMBER:		241026812

	MAIL ADDRESS:	
		STREET 1:		680 FIFTH AVENUE
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Udemy, Inc.
		CENTRAL INDEX KEY:			0001607939
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				271779864
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		600 HARRISON STREET
		STREET 2:		3RD FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94107
		BUSINESS PHONE:		(510) 378-4789

	MAIL ADDRESS:	
		STREET 1:		600 HARRISON STREET
		STREET 2:		3RD FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94107
</SEC-HEADER>
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<SEQUENCE>1
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<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-06-04</periodOfReport>

    <issuer>
        <issuerCik>0001607939</issuerCik>
        <issuerName>Udemy, Inc.</issuerName>
        <issuerTradingSymbol>UDMY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001328837</rptOwnerCik>
            <rptOwnerName>Lieberman Jeffrey</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O INSIGHT PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>1114 AVENUE OF THE AMERICAS, 36TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-06-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>23427</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>57507</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>89970</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>38032260</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">See Exhibit 99.1</footnote>
        <footnote id="F2">See Exhibit 99.1</footnote>
        <footnote id="F3">See Exhibit 99.1</footnote>
        <footnote id="F4">See Exhibit 99.1</footnote>
        <footnote id="F5">See Exhibit 99.1</footnote>
    </footnotes>

    <remarks>Exhibit 99.1 - Explanation of Responses</remarks>

    <ownerSignature>
        <signatureName>/s/Jeffrey Lieberman</signatureName>
        <signatureDate>2024-06-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l99.htm
<DESCRIPTION>EXPLANATION OF RESPONSES
<TEXT>
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  <div style="text-align: center; margin-top: 3.7pt; font-weight: bold;">EXHIBIT 99.1</div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><br>
    <br>
    EXPLANATION OF RESPONSES</div>
  <div style="text-align: justify; margin-left: 45pt; margin-top: 6pt;">(1)<font style="font-size: 12pt;">&#160;</font>Represents the grant of
    Restricted Stock Units (&#8220;RSUs&#8221;) for Board and Committee service under the Udemy, Inc. Outside Director Compensation Policy. Each RSU represents a contingent right to receive one share of Udemy, Inc.&#8217;s (the &#8220;Issuer's&#8221;) Common Stock upon settlement. The
    RSUs will fully vest on the earlier of (i) the date of the next annual meeting of stockholders of the Issuer following June 4, 2024 or (ii) June 4, 2025.</div>
  <div style="text-align: justify; margin-left: 45pt; margin-top: 6pt;">(2) Reporting person directly owns 89,970 shares of Common Stock of the Issuer (collectively, &#8220;Shares&#8221; and each, a
    &#8220;Share&#8221;)</div>
  <div style="text-align: justify; margin-left: 45pt; margin-top: 6pt;">(3) The Insight Funds (defined below) collectively hold 38,032,260 Shares. Grace Software Cross Fund Holdings, LLC
    (&#8220;Grace&#8221;) holds 984,909 Shares, Insight Venture Partners (Cayman) VII, L.P. (&#8220;Cayman VII&#8221;) holds 10,654,754 Shares, Insight Venture Partners (Delaware) VII, L.P. (&#8220;Delaware VII&#8221;) holds 1,530,921 Shares, Insight Venture Partners VII (Co-Investors), L.P.
    (&#8220;Co-Investors VII&#8221;) holds 560,198 Shares, Insight Venture Partners VII, L.P. (&#8220;IVP VII&#8221;) holds 24,203,192 Shares and Insight Partners Public Equities Master Fund, L.P. (&#8220;IPPE Master Fund&#8221;, and together with Grace, Cayman VII, Delaware VII,
    Co-Investors VII and IVP VII, the &#8220;Insight Funds&#8221;) holds 98,286 Shares.</div>
  <div style="text-align: justify; margin-left: 45pt; margin-top: 6pt;">(4) The reporting person is a member of the board of managers of Insight Holdings Group, LLC (&#8220;Holdings&#8221;). Holdings is
    the sole shareholder of Insight Venture Associates VII, Ltd. (&#8220;IVA VII Ltd&#8221;), IVA Ltd is the general partner of Insight Venture Associates VII, L.P. (&#8220;IVA VII LP&#8221;), IVA VII LP is the general partner of each of Cayman VII, Delaware VII, Co-Investors VII
    and IVP VII (collectively, &#8220;Fund VII&#8221;). Holdings is the sole shareholder of Insight Associates XI, Ltd. (&#8220;IA XI Ltd&#8221;), IA XI Ltd is the general partner of Insight Associates XI L.P. (&#8220;IA XI LP&#8221;) and IA XI LP is the manager of Grace. Holdings is the
    sole shareholder of Insight Venture Management, LLC (&#8220;IVM&#8221;), IVM is the sole member of Insight Partners Public Equities GP, LLC (&#8220;IPPE GP&#8221;) and IPPE GP is the general partner of IPPE Master Fund.</div>
  <div style="text-align: justify; margin-left: 45pt; margin-top: 6pt;">(5) All Shares indicated as indirectly owned by the reporting person are included herein because the reporting person is
    a member of the board of managers of Holdings, Holdings is the sole shareholder of IVA VII Ltd, IVA VII Ltd is the general partner of IVA VII LP, IVA VII LP is the general partners of Fund VII, Holdings is the sole shareholder of IA XI Ltd, IA XI Ltd
    is the general partner of IA XI LP and IA XI LP is the manager of Grace, Holdings is the sole member of IVM, IVM is the sole member of IPPE GP and IPPE GP is the general partner of IPPE Master Fund, and the reporting person therefore may be deemed to
    share voting and dispositive power over such shares. The reporting person disclaims beneficial ownership of all Shares held of record by Fund VII, Grace and IPPE Master Fund, except to the extent of his pecuniary interest therein.</div>
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