Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d)
On September 15, 2021, the Board of Directors (the "Board") of Chegg, Inc. (the
"Company"), on the recommendation of the Nominating and Corporate Governance
Committee of the Board (the "Nominating Committee"), appointed Marcela Martin,
effective immediately, to serve as a Class III director to hold office for a
term expiring at the Company's 2022 annual meeting of stockholders, which is the
next stockholder meeting at which Class III directors will be elected. The
Board, upon the recommendation of the Nominating Committee, also appointed Ms.
Martin to serve on the Audit Committee of the Board (the "Audit Committee"). In
connection with Ms. Martin's appointment, the Board approved an increase in the
authorized number of members of the Board from nine (9) to ten (10).
In connection with her service as a director, Ms. Martin will receive the
Company's standard non-employee director cash compensation. She will receive a
$40,000 annual cash retainer for serving as a director and a $10,000 annual cash
retainer for serving in a non-chair position on the Audit Committee, each of
which will be pro-rated for the remainder of calendar year 2021. In accordance
with the Company's non-employee director equity compensation policy, Ms. Martin
will also be eligible to be granted, immediately following the Company's annual
meeting of stockholders, a Restricted Stock Unit Award ("RSU") having a fair
market value on the date of grant equal to $200,000 that vests in full on the
one-year anniversary of the date of grant. Ms. Martin will also be granted, on
October 12, 2021, an RSU having a fair market value on the grant date equal to
approximately $200,000 that vests quarterly over three years for so long as Ms.
Martin serves as a director. The RSU is subject to the terms and conditions of
the Company's 2013 Equity Incentive Plan ("Plan") and its related agreements.
Ms. Martin will be eligible for stock option grants and restricted stock unit
awards under the Plan. In addition, Ms. Martin has entered into the Company's
standard form of indemnification agreement, a copy of which was filed as Exhibit
10.01 to the Company's Registration Statement on Form S-1/A filed with the
Securities and Exchange Commission on October 1, 2013.
There is no understanding or arrangement between Ms. Martin and any other person
pursuant to which she was appointed as a director. There is no family
relationship between Ms. Martin and any director or officer of the Company, and
except as stated herein, Ms. Martin does not have any direct or indirect
material interest in any transaction required to be disclosed pursuant to Item
404(a) of Regulation S-K.
On September 15, 2021, the Company issued a press release announcing the
appointment of Ms. Martin to the Board. A copy of the press release is filed as
Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release issued by Chegg, Inc., dated September 15, 2021
Cover Page Interactive Data File (embedded within the Inline XBRL
104 document)
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