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

Rhea-AI Summary

Chegg (NYSE:CHGG), a leading student-first connected learning platform, has announced new equity grants for two recently hired employees. The company's Compensation Committee awarded a total of 15,030 restricted stock units (RSUs) on July 12, 2024, under the Chegg 2023 Equity Inducement Plan. This action was taken in accordance with the employment inducement award exception to NYSE Listing Rule 303A.08.

The RSUs have different vesting schedules for the two employees:

• One employee received 4,530 RSUs, with one-third vesting after 12 months and the remainder vesting quarterly over 24 months.
• The other employee received 10,500 RSUs, with half vesting after 12 months and the remainder vesting quarterly over 12 months.

These equity grants are designed to attract and retain talent at Chegg, aligning employee interests with the company's long-term success.

Positive

• Chegg is actively hiring new employees, potentially indicating business growth
• The company is offering equity incentives to attract and retain talent
• Alignment of employee interests with company success through RSU grants

Negative

• None.

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

Two newly hired employees received, in the aggregate, awards of restricted stock units (“RSUs”) representing 15,030 shares of Chegg common stock, in reliance on the employment inducement award exception to New York Stock Exchange Listing Rule 303A.08.

With respect to one of the newly hired employees, 4,530 of the RSUs will vest with respect to one-third of the shares underlying the award after 12 months of such 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.

With respect to the other newly hired employee, 10,500 of the RSUs will vest with respect to one-half of the shares underlying the award after 12 months of such employee’s continuous service, and the remaining underlying shares will vest in equal quarterly installments for 12 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 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/20240716086153/en/

Media Contact:

Tonya B. Hudson, press@chegg.com

Source: Chegg

FAQ

How many restricted stock units (RSUs) did Chegg (CHGG) grant to new employees on July 12, 2024?

Chegg granted a total of 15,030 restricted stock units (RSUs) to two newly hired employees on July 12, 2024.

What is the vesting schedule for the RSUs granted by Chegg (CHGG) to the new employees?

One employee's 4,530 RSUs vest one-third after 12 months, with the remainder vesting quarterly over 24 months. The other employee's 10,500 RSUs vest half after 12 months, with the remainder vesting quarterly over 12 months.

Under which plan did Chegg (CHGG) grant the new hire equity awards?

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

What NYSE rule exception did Chegg (CHGG) use for granting these equity awards?

Chegg relied on the employment inducement award exception to New York Stock Exchange Listing Rule 303A.08 for granting these equity awards.