Form 4: Chegg CEO Nathan Schultz Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Chegg's CEO, Nathan Schultz, disposed of shares to cover tax liabilities related to the vesting of restricted stock units (RSUs) and performance stock units (PSUs).
Summary
- On June 12, 2024, Chegg CEO Nathan J. Schultz disposed of 8,458 shares of common stock at a price of $3.43 to cover federal and state tax withholding obligations related to the vesting and settlement of RSUs.
- Additionally, Schultz disposed of 3,101 shares of common stock at the same price ($3.43) for tax obligations related to the vesting and settlement of PSUs.
- These transactions were exempt under Section 16b-3(e), involving the withholding of securities to cover tax liabilities.
- Following these transactions, Schultz directly owns 698,405 shares and indirectly owns 161,647 shares through the Schultz Family Trust.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing related to stock transactions for tax purposes, with neutral sentiment.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they are related to tax obligations and do not indicate a change in the CEO's long-term commitment to the company.
Key Dates
| Date | Description |
|---|---|
| 06/12/2024 | Date of stock disposal for tax obligations related to RSUs and PSUs. |
| 06/14/2024 | Date of signature by Attorney-in-Fact for Nathan J. Schultz. |
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