Chegg Reports New Hire Equity Grant Under NYSE Rule 303A.08

Rhea-AI Summary

Chegg grants equity awards to newly hired Chief Product Officer

Positive

• Dana Underwood, Chegg's newly hired Chief Product Officer, received an award of 243,902 restricted stock units (RSUs) representing shares of Chegg common stock.
• The RSU award will vest with respect to the first 25% of the shares after 12 months of continuous service.
• The remaining underlying shares will vest in equal quarterly installments for 36 months, after the completion of each full quarter of continuous service.

Negative

• None.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Chegg, Inc. (NYSE:CHGG), the leading student-first connected learning platform, today announced that on October 12, 2023, its Compensation Committee granted equity awards pursuant to the Chegg 2023 Equity Inducement Plan, which was adopted by Chegg’s Board of Directors on October 11, 2023. Dana Underwood, Chegg’s newly hired Chief Product Officer, received an award of restricted stock units (“RSUs”) representing 243,902 shares of Chegg common stock in reliance on the employment inducement award exception to New York Stock Exchange Listing Rule 303A.08. The RSU award will vest with respect to the first 25% of the shares underlying the award after 12 months of continuous service, and the remaining underlying shares will vest in equal quarterly installments for 36 months, after the completion of each full quarter of continuous service thereafter.

About Chegg

Millions of people all around the world Learn with Chegg. Our mission is to improve learning and learning outcomes by putting students first. We support life-long learners starting with their academic journey and extending into their careers. The Chegg platform provides products and services to support learners to help them better understand their academic course materials, and also provides personal and professional development skills training, to help them achieve their learning goals. Chegg is a publicly held company based in Santa Clara, California and trades on the NYSE under the symbol CHGG. For more information, visit www.chegg.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017468146/en/

Media Contact:

Tonya B. Hudson, press@chegg.com

Source: Chegg

FAQ

Who received the equity awards?

Dana Underwood, Chegg's newly hired Chief Product Officer, received the equity awards.

How many shares were awarded?

Dana Underwood received 243,902 restricted stock units (RSUs) representing shares of Chegg common stock.

How will the RSU award vest?

The RSU award will vest with respect to the first 25% of the shares after 12 months of continuous service. The remaining shares will vest in equal quarterly installments for 36 months.