SEC Form 4

FORM 4		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 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Split Rock Partners LLC (Last) (First) (Middle) 10400 VIKING DR SUITE 550 (Street) EDEN PRAIRIE MN 55344 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol QUINSTREET, INC [ QNST ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 02/17/2010
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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
Common Stock	02/17/2010		C		121,324	A	(1)	121,324	I	By SPVC Affiliates Fund I, LLC(2)
Common Stock	02/17/2010		C		5,561,627	A	(1)	5,561,627	I	By SPVC V, LLC(3)

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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
Series A Preferred Stock	(1)	02/17/2010		C			121,324	(4)	(4)	Common Stock	121,324	$0	0	I	By SPVC Affiliates Fund I, LLC(2)
Series A Preferred Stock	(1)	02/17/2010		C			4,290,440	(4)	(4)	Common Stock	4,290,440	$0	0	I	By SPVC V, LLC(3)
Series B Preferred Stock	(1)	02/17/2010		C			1,271,187	(4)	(4)	Common Stock	1,271,187	$0	0	I	By SPVC V, LLC(3)

1. Name and Address of Reporting Person* Split Rock Partners LLC (Last) (First) (Middle) 10400 VIKING DR SUITE 550 (Street) EDEN PRAIRIE MN 55344 (City) (State) (Zip)

1. Name and Address of Reporting Person* SPVC V, LLC (Last) (First) (Middle) 10400 VIKING DR STE 550 (Street) EDEN PRAIRIE MN 55344 (City) (State) (Zip)

1. Name and Address of Reporting Person* SPVC AFFILIATES FUND I, LLC (Last) (First) (Middle) 10400 VIKING DR STE 550 (Street) EDEN PRAIRIE MN 55344 (City) (State) (Zip)

Explanation of Responses:

1. The securities converted into the Issuer's Common Stock at a rate of one-for-one.

2. Represents securities held directly by SPVC Affiliates Fun I, LLC, which is jointly managed by Split Rock Partners, LLC and Vesbridge Partners, LLC. Voting and investment power over the shares, however, has been delegated solely to Split Rock Partners, LLC. Split Rock Partners, LLC has delegated voting and investment decisions with respect to the shares to four individuals who require a two-thirds vote to act. Split Rock Partners, LLC may be deemed to be an indirect beneficial owner of the reported securities. Split Rock Partners, LLC disclaims any beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that any of the reporting persons is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

3. Represents securities held directly by SPVC V, LLC, which is jointly managed by Split Rock Partners, LLC and Vesbridge Partners, LLC. Voting and investment power over the shares, however, has been delegated solely to Split Rock Partners, LLC. Split Rock Partners, LLC has delegated voting and investment decisions with respect to the shares to four individuals who require a two-thirds vote to act. Split Rock Partners, LLC may be deemed to be an indirect beneficial owner of the reported securities. Split Rock Partners, LLC disclaims any beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that any of the reporting persons is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

4. The securities do not have an expiration date. Each share of Series A and Series B Preferred Stock converted automatically into shares of Common Stock in connection with the closing of the Issuer's initial public offering on February 17, 2010. Prior to its conversion into the Issuer's Common Stock, the Series A and Series B Preferred Stock was convertible at any time at the option of the holder.

	SPLIT ROCK PARTNERS, LLC, By: /s/Steven L.P. Schwen, Chief Financial Officer	02/19/2010
	SPVC V, LLC, By: /s/Steven L.P. Schwen, Chief Financial Officer	02/19/2010
	SPVC AFFILIATES FUND I, LLC, By: Split Rock Partners, LLC, its Co-Manager, By: /s/Steven L.P. Schwen, Chief Financial Officer	02/19/2010
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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