Amendment to Offer Letter Between Chegg, Inc. and Dan Rosensweig (November 29, 2012)
Chegg, Inc. and Dan Rosensweig have agreed to amend Rosensweig's original 2009 offer letter. The amendment changes the timing of a severance payment if Rosensweig resigns for Good Reason. Instead of being paid within 30 days after submitting a release, the payment will now be made within 60 days of employment termination, provided the release is executed and effective, and if the 60-day period crosses into a new calendar year, payment will be made in the second year. All other terms of the original agreement remain unchanged.
Exhibit 10.07
CHEGG, INC.
3990 Freedom Circle
Santa Clara, CA 95054
November 29, 2012
Dan Rosensweig
Dear Dan,
Pursuant to the offer letter dated December 3, 2009, which was accepted by you on December 5, 2009 (the “Offer Letter”), Chegg, Inc. (the “Company”) agreed to provide you with, among other things, a lump sum payment equal to your then-current annual base salary, payable no later than thirty days following your delivery of an executed release to the Company, if you resign your employment with the Company for Good Reason (as defined in the Offer Letter). In order to comply with Section 409A of the Internal Revenue Code of 1986, as amended, you and the Company now desire to amend the Offer Letter. Accordingly, by countersigning below, you agree that the Offer Letter is hereby amended by deleting the phrase “payable no later than thirty (30) days following your execution of the Release and delivery of that Release to the Company” and replacing it with “payable within 60 days of the date that your employment terminates, provided the Release has been executed, delivered to the Company and is effective on or prior to such date, and provided further that if the 60-day period spans two calendar years, payment will be made in the second calendar year.” Except as explicitly modified by this Amendment, all terms, conditions and provisions of the Agreement shall continue in full force and effect.
| Very truly yours, | ||
| CHEGG, INC. | ||
| By: | /s/ Andy Brown | |
| Andy Brown, Chief Financial Officer | ||
ACCEPTED AND AGREED TO:
| /s/ Dan Rosensweig |
| Dan Rosensweig |
| 11/29/12 |
| Date |
