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

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Chegg, Inc. (NYSE:CHGG), the leading student-first connected learning platform, today announced that on April 12, 2024, its Compensation Committee granted equity awards pursuant to the Chegg 2023 Equity Inducement Plan.

Deena Bahri, Chegg’s newly hired Chief Marketing Officer, received an award of restricted stock units (“RSUs”) representing 314,685 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 50% of the shares underlying the award after 12 months of Ms. Bahri’s continuous service, and the remaining underlying shares will vest in equal quarterly installments for four quarters, after the completion of each full quarter of continuous service thereafter.

Three additional newly hired employees received, in the aggregate, RSU awards representing 6,671 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 eight quarters, 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 (“AI”), 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 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/20240417400966/en/

Heather Hatlo Porter, press@chegg.com

Source: Chegg

FAQ

What is the purpose of the equity awards granted by Chegg, Inc. (NYSE:CHGG)?

Chegg granted equity awards to new hires under the Chegg 2023 Equity Inducement Plan.

How many RSUs did Deena Bahri, the new Chief Marketing Officer of Chegg, receive?

Deena Bahri received 314,685 RSUs.

How will the RSUs granted to Deena Bahri vest?

The RSU award will vest with respect to the first 50% of the shares after 12 months of continuous service, with the remaining shares vesting in equal quarterly installments.

How many RSUs did the three additional newly hired employees receive?

The three additional employees received a total of 6,671 RSUs.

How will the RSUs granted to the three additional employees vest?

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