Sec Form 4 Filing - MAUDLIN TIMOTHY I @ Pluralsight, Inc. - 2021-04-06

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
MAUDLIN TIMOTHY I
2. Issuer Name and Ticker or Trading Symbol
Pluralsight, Inc. [ PS]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
C/O PLURALSIGHT, INC., 42 FUTURE WAY
3. Date of Earliest Transaction (MM/DD/YY)
04/06/2021
(Street)
DRAPER, UT84020
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 04/06/2021 U( 1 ) 11,632 ( 2 ) D $ 22.5 0 D
Class A Common Stock 04/06/2021 M( 1 ) 67,255 A $ 0 67,255 D
Class A Common Stock 04/06/2021 U( 1 ) 67,255 D $ 22.5 0 D
Class A Common Stock 04/06/2021 M( 1 ) 80,721 A $ 15 80,721 D
Class A Common Stock 04/06/2021 F( 1 ) 53,814 ( 3 ) D $ 0 26,907 D
Class A Common Stock 04/06/2021 U( 1 ) 26,907 D $ 22.5 0 D
Class A Common Stock 04/06/2021 M( 1 ) 79,583 A $ 0 79,583 I See footnote ( 4 )
Class A Common Stock 04/06/2021 U( 1 ) 79,583 D $ 22.5 0 I See footnote ( 4 )
Class A Common Stock 04/06/2021 M( 1 ) 59,582 A $ 0 59,582 I See footnote ( 5 )
Class A Common Stock 04/06/2021 U( 1 ) 59,582 D $ 22.5 0 I See footnote ( 5 )
Class A Common Stock 04/06/2021 M( 1 ) 20,000 A $ 0 20,000 I See footnote ( 6 )
Class A Common Stock 04/06/2021 U( 1 ) 20,000 D $ 22.2 0 I See footnote ( 6 )
Class A Common Stock 04/06/2021 M( 1 ) 19,168 A $ 0 19,168 I See footnote ( 7 )
Class A Common Stock 04/06/2021 U( 1 ) 19,168 D $ 22.5 0 I See footnote ( 7 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock ( 8 ) 03/12/2021 G V 27,000 ( 8 ) ( 8 ) Class A Common Stock 27,000 $ 0 67,255 D
Class B Common Stock ( 8 ) 04/06/2021 M 67,255 ( 8 ) ( 8 ) Class A Common Stock 67,255 $ 0 0 D
Employee Stock Option (right to buy) $ 15 04/06/2021 M 80,721 ( 9 ) 05/17/2028 Class A Common Stock 80,721 $ 0 0 D
Class B Common Stock ( 8 ) 04/06/2021 M 79,583 ( 8 ) ( 8 ) Class A Common Stock 79,583 $ 0 0 I See footnote ( 4 )
Class B Common Stock ( 8 ) 04/06/2021 M 59,582 ( 8 ) ( 8 ) Class A Common Stock 59,582 $ 0 0 I See footnote ( 5 )
Class B Common Stock ( 8 ) 04/06/2021 M 20,000 ( 8 ) ( 8 ) Class A Common Stock 20,000 $ 0 0 I See footnote ( 6 )
Class B Common Stock ( 8 ) 04/06/2021 M 19,168 ( 8 ) ( 8 ) Class A Common Stock 19,168 $ 0 0 I See footnote ( 7 )
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MAUDLIN TIMOTHY I
C/O PLURALSIGHT, INC.
42 FUTURE WAY
DRAPER, UT84020
X
Signatures
/s/ Matthew Forkner, by power of attorney 04/08/2021
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Disposed of pursuant to the cash tender offer (the "Offer") made pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated March 7, 2021, by and among Lake Holdings, LP, Lake Guarantor, LLC, Lake Merger Sub I, Inc., Lake Merger Sub II, LLC, Pluralsight, Inc., and Pluralsight Holdings, LLC ("Holdings"), a copy of which is filed as Exhibit 2.1 to the Issuer's Form 8-K filed with the SEC on March 8, 2021. In connection with the Offer, the Reporting Person redeemed LLC Units and corresponding Class B Common Stock for Class A Common Stock in accordance with the Fourth Amended and Restated Limited Liability Company Agreement of Holdings, and exercised vested options, and tendered in the Offer all of such Reporting Person's Class A Common Stock (including shares issuable with respect to the redemption of LLC Units and the exercise of vested options).
( 2 )These shares represent unvested restricted share units ("RSUs"), which will vest in full upon the earlier of the one-year anniversary of the grant date, May 5, 2020, or the day prior to our next annual meeting of stockholders, and will be settled with shares of Class A Common Stock, subject to the Reporting Person's continued service on the Issuer's Board of Directors through such date. In connection with the Offer, the unvested RSUs fully vested pursuant to the Issuer's Outside Director Compensation Policy and were cancelled and converted into the right to receive a cash payment of $261,720, which represents $22.50 for each outstanding unvested unit.
( 3 )The shares listed as disposed of were withheld by the Issuer to cover the Reporting Person's exercise price in connection with the vesting of options previously granted to the Reporting Person. Such withholding is exempt from Section 16(b) pursuant to Rule 16b-3(e) and these shares were not issued to or sold by the Reporting Person.
( 4 )The shares are held of record by the Janice K. Maudlin Revocable Trust, of which the reporting person's spouse is a trustee.
( 5 )The shares are held of record by the Timothy I. Maudlin Revocable Trust, of which the Reporting Person is a trustee.
( 6 )The shares are held of record by the Timothy I. Maudlin 2020 Trust, of which the Reporting Person is a trustee.
( 7 )The shares are held of record by the Timothy I. Maudlin 2019 Trust, of which the Reporting Person is a trustee.
( 8 )One share of the Issuer's Class B common stock (the "Class B Common Stock"), was issued for each limited liability company unit of Pluralsight Holdings, LLC (each an "LLC Unit") held by the reporting person pursuant to a reclassification of Pluralsight Holdings, LLC that occurred prior to the Issuer's initial public offering. The shares of Class B Common Stock (i) confer no incidents of economic ownership on the holders thereof and (ii) only confer one-to-one voting rights on the holders thereof. Each share of Class B Common Stock and corresponding LLC Unit is redeemable or exchangeable for one share of Class A Common Stock at the option of the holder (for which the Issuer may substitute cash) and has no expiration date.
( 9 )Shares subject to the option vest in four equal semiannual installments beginning on November 17, 2018.

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