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

Rhea-AI Summary

Chegg, Inc. announced the grant of equity awards to 21 new employees under the Chegg 2023 Equity Inducement Plan. The awards consist of 80,771 restricted stock units (RSUs) of Chegg common stock. The RSUs will vest over a period of 24 months based on the employees' continuous service.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Chegg, Inc. (NYSE:CHGG), the leading student-first connected learning platform, today announced that on March 12, 2024, its Compensation Committee granted equity awards pursuant to the Chegg 2023 Equity Inducement Plan. Twenty-one newly hired employees received, in the aggregate, awards of restricted stock units (“RSUs”) representing 80,771 shares of Chegg common stock, in reliance on the employment inducement award exception to New York Stock Exchange Listing Rule 303A.08. The RSUs will vest with respect to the first 33 1/3% of the shares underlying each award after 12 months of each respective employee’s continuous service, and the remaining underlying shares will vest in equal quarterly installments for 24 months, after the completion of each full quarter of continuous service thereafter.

About Chegg

Millions of people all around the world learn with Chegg. No matter the goal, level, or style, Chegg helps learners learn with confidence. We provide 24/7 on-demand support, and our personalized learning assistant leverages the power of artificial intelligence, more than a hundred million pieces of proprietary content, as well as a decade of learning insights. Our platform also helps learners build essential life and job skills to accelerate their path from learning to earning, and we work with companies to offer learning programs for their employees. 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.

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Heather Hatlo Porter, press@chegg.com

Source: Chegg

How many newly hired employees received equity awards from Chegg, Inc.?

Twenty-one newly hired employees received equity awards from Chegg, Inc.

What type of awards were granted to the employees?

The employees received restricted stock units (RSUs) as awards.

How many shares of Chegg common stock were awarded in total?

A total of 80,771 shares of Chegg common stock were awarded.

Under which plan were the equity awards granted?

The equity awards were granted under the Chegg 2023 Equity Inducement Plan.

How will the RSUs vest?

The RSUs will vest with respect to the first 33 1/3% of the shares after 12 months of continuous service, and the remaining shares will vest in equal quarterly installments for 24 months.