SANTA CLARA, Calif.--(BUSINESS WIRE)--Chegg, Inc. (NYSE:CHGG), the leading student-first connected learning platform, today announced that on May 12, 2024, its Compensation Committee granted equity awards pursuant to the Chegg 2023 Equity Inducement Plan.
Six newly hired employees received, in the aggregate, awards of restricted stock units (“RSUs”) representing 34,773 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 four of the newly hired employees, an aggregate of 15,116 of the RSUs will vest with respect to the first 33 1/3% of the shares underlying each award after 12 months of each such 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.
With respect to two of the newly hired employees, an aggregate of 19,657 of the RSUs will vest with respect to the first 50% of the shares underlying each award after 12 months of each such respective 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 (“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.
