Form 4: Chegg Executive Chairman Daniel Rosensweig Reports Tax Withholding Transactions
SEC Form 4 Filing
Daniel Rosensweig, Executive Chairman of Chegg, reports the withholding of shares to cover tax obligations related to the vesting of restricted stock units (RSUs) and performance stock units (PSUs).
Summary
- Daniel Rosensweig, the Executive Chairman of Chegg, Inc., filed a Form 4 detailing changes in beneficial ownership.
- The report indicates that shares were withheld by Chegg to cover federal and state tax obligations related to the vesting and settlement of RSUs and PSUs.
- Specifically, 6,533 shares were withheld at a price of $1.85 per share related to RSUs, and 2,582 shares were withheld at the same price related to PSUs.
- Rosensweig directly owns 2,092,198 shares and after the transactions owns 2,089,616 shares.
- Rosensweig also indirectly owns 25,000 shares through The Rosensweig Family Revocable Trust and 48,842 shares through The Rosensweig 2012 Irrevocable Children's Trust, where he serves as a Co-Trustee.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing tax withholding, which is neutral in sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates standard tax withholding procedures related to equity compensation.
Stakeholder Impact
- The transactions have a minimal impact on shareholders, as they relate to tax obligations of an executive and do not represent a sale of shares on the open market.
Key Dates
| Date | Description |
|---|---|
| 03-12-07 | Date of The Rosensweig Family Revocable Trust U/A/D |
| 11-06-12 | Date of The Rosensweig 2012 Irrevocable Children's Trust U/A/D |
| 09/12/2024 | Date of the reported transactions (share withholding for tax obligations). |
| 09/16/2024 | Date of signature for the Form 4 filing. |
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