Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-05-11

2U (TWOU)

CEO Paul Lalljie was paid $2,786,791 in fiscal year 2023, ↓ down 53.4% from fiscal year 2022, the 7th percentile of its disclosed peer group (SEC filing 0001459417-24-000026 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,329,474
Christopher Paucek total, FY2023
Former Chief Executive Officer — highest-paid officer; CEO Paul Lalljie: $2,786,791
7th
CEO (Paul Lalljie) pay percentile vs peers
119:1
CEO-to-median pay ratio
94.61%
Say-on-pay support, latest vote

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01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Christopher Paucek$750,000$0$4,569,574$0$0$0$9,900$5,329,474
Former Chief Executive Officer
Paul Lalljie580,19202,193,39900013,2002,786,791
Chief Executive Officer
Matthew Norden458,9620913,91800028,2271,401,107
Chief Financial Officer and Chief Legal Officer
Harsha Mokkarala435,0000816,87600013,2001,265,076
Former Chief Revenue Officer
Aaron McCullough205,962200,000851,61400001,257,576
President, Alternative Credential Segment

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY2022→2023
Christopher Paucek$5,329,474$11,935,832$17,406,594↓ −6,606,358
Paul Lalljie2,786,7915,982,6348,827,245↓ −3,195,843
Matthew Norden1,401,1072,821,3054,210,020↓ −1,420,198
Harsha Mokkarala1,265,0762,841,829—↓ −1,576,753
Aaron McCullough1,257,576———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against TWOU
1 company names TWOU as a compensation peer

The list of companies that name TWOU as a peer is temporarily unavailable — recheck shortly.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2023 total
Alexis MaybankFormer director (through FY2023)$34,842
Coretha M. RushingIndependent Director$141,236
Earl LewisIndependent Director$136,236
Edward S. MaciasIndependent Director$138,861
Gregory K. PetersFormer director (through FY2023)$35,467
John M. LarsonIndependent Director$138,111
Paul A. MaederChair of the Board$227,736
Robert M. StavisIndependent Director$141,861
Sallie L. KrawcheckFormer director (through FY2023)$33,592
Timothy M. HaleyIndependent Director$152,736
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Paul LalljieRSU2023-03-27——178,603—$1,207,356
Christopher PaucekPSU2023-02-159,14018,280—36,560203,456
Matthew NordenPSU2023-03-279,09530,318—45,477216,774
Matthew NordenRSU2023-03-27——74,417—503,059
Harsha MokkaralaPSU2023-02-153,4456,890—13,78076,686
Harsha MokkaralaRSU2023-03-27——74,417—503,059
Paul LalljiePSU2023-02-1516,53733,074—66,148368,114
Harsha MokkaralaPSU2023-02-159141,829—3,65820,357
Paul LalljiePSU2023-02-154,3878,775—17,55097,666
Paul LalljiePSU2023-03-2721,82972,764—109,146520,263
Aaron McCulloughRSU2023-07-11——215,054—851,614
Matthew NordenPSU2023-02-156,89013,781—27,562153,383
Matthew NordenPSU2023-02-151,8283,657—7,31440,702
Christopher PaucekPSU2023-02-1534,45268,905—137,810766,913
Harsha MokkaralaPSU2023-03-279,09530,318—45,477216,774
Christopher PaucekRSU2023-03-27——372,089—2,515,322
Christopher PaucekPSU2023-03-2745,477151,592—227,3881,083,883
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Paul Lalljie$1,207,356$986,043$045.0%
Christopher Paucek2,515,3222,054,252045.0%
Matthew Norden503,059410,859045.0%
Harsha Mokkarala503,059313,817038.4%
Aaron McCullough851,614000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Christopher PaucekPSU172,264—$211,885
Paul LalljiePSU49,612—61,023
Christopher PaucekPSU68,905—84,753
Harsha MokkaralaPSU55,813—68,650
Matthew NordenPSU55,813—68,650
Paul LalljiePSU33,074—40,681
Paul LalljiePSU82,687—101,705
Matthew NordenPSU3,831—4,712
Christopher PaucekPSU279,067—343,252
Christopher PaucekPSU9,139—11,241
Christopher PaucekPSU103,358—127,130
Harsha MokkaralaPSU10,335—12,712
Paul LalljiePSU133,952—164,761
Christopher PaucekOption36,45084.03—
Aaron McCulloughPSU143,370—176,345
Harsha MokkaralaPSU46,341—56,999
Matthew NordenPSU34,452—42,376
Harsha MokkaralaPSU17,226—21,188
Christopher PaucekPSU8,926—10,979
Matthew NordenPSU20,671—25,425
Matthew NordenPSU1,828—2,248
Christopher PaucekPSU19,155—23,561
Matthew NordenPSU13,781—16,951
Harsha MokkaralaPSU6,890—8,475
Paul LalljiePSU9,194—11,309
Harsha MokkaralaPSU914—1,124
Paul LalljiePSU4,387—5,396
Harsha MokkaralaPSU1,915—2,355
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain talented individuals, reward achievement of business objectives, and align the interests of NEOs with stockholders through a pay-for-performance philosophy that heavily weights at-risk compensation.

CEO STI target (% of salary)115%
CEO LTI target (% of salary)—
Independent consultantWillis Towers Watson
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-2032,742,4271,863,721117,08994.61%Passed
20232023-06-0654,644,6877,278,68456,34888.25%Passed
20222022-06-0819,770,28339,359,41688,80933.39%Failed
20212021-06-0354,837,5192,988,55284,95394.83%Passed
20202020-06-2346,607,224792,31767,39598.33%Passed
20192019-06-2619,378,47031,058,842177,03838.29%Failed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-05-2094.61%a
20232023-06-0688.25%b
20222022-06-0833.39%c

a. Approved under the standard stated in the filing — “What vote is required to approve each item? For each of the proposals, the applicable voting recommendation, and treatment of abstentions and broker-non votes are as follows: Voting Item Voting Standard Treatment of Abstentions Treatment of Broker Non-Votes 1 Election of Directors Majority of votes cast No effect No effect 2 Advisory Approval of Compensation of our Named Executive Officers Majority of votes present or represented by proxy at the Meeting Same effect as votes "AGAINST" No effect 3 Ratification of Appointment of KPMG LLP Majority of votes present or represented by proxy at the Meeting Same effect as votes "AGAINST" Not applicable as brokers generally have discretion to vote 4 Approval of Amendments to our Certificate of Incorporation to effect a Reverse Stock Split Majority of votes cast No effect Not applicable as brokers generally have discretion to vote A "broker non-vote" occurs when a broker, bank or other holder of record holding shares for a beneficial owner does not vote on a particular proposal because that holder does not have discretionary voting power for that particular item and has not received instructions from the beneficial owner.”.

b. Approved under the standard stated in the filing — “What vote is required to approve each item? For each of the proposals, the applicable voting recommendation, and treatment of abstentions and broker-non votes are as follows: Voting Item Voting Standard Treatment of Abstentions Treatment of Broker Non-Votes 1 Election of Directors Majority of votes cast No effect No effect 2 Advisory Approval of Compensation of our Named Executive Officers Majority of votes present or represented by proxy at the Meeting Same effect as votes "AGAINST" No effect 3 Ratification of Appointment of KPMG LLP Majority of votes present or represented by proxy at the Meeting Same effect as votes "AGAINST" Not applicable as brokers generally have discretion to vote 4 Approval of an amendment to our Employee Stock Purchase Plan to increase authorized shares Majority of votes present or represented by proxy at the Meeting Same effect as votes "AGAINST" No effect 5 Approval of an amendment to our Certificate of incorporation to permit the exculpation of officers Affirmative vote of at least 66 2/3% of the outstanding shares of our common stock entitled to vote at the Meeting Same effect as votes "AGAINST" Same effect as votes "AGAINST" A "broker non-vote" occurs when a broker, bank or other holder of record holding shares for a beneficial owner does not vote on a particular proposal because that holder does not have discretionary voting power for that particular item and has not received instructions from the beneficial owner.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will have the same effect as a vote "against" this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)119 : 1
CEO total compensation$2,786,791
Median employee compensation—
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Paul A. MaederIndependent · Board Chair · Compensation · Audit$153,375$74,361———$227,736
Timothy M. HaleyIndependent · Compensation · Audit · Nominating and Corporate Governance78,37574,361———152,736
Robert M. StavisIndependent · Compensation · Audit67,50074,361———141,861
Coretha M. RushingIndependent · Audit · Nominating and Corporate Governance · Compensation66,87574,361———141,236
Edward S. MaciasIndependent · Nominating and Corporate Governance · Board of Directors (Chair) · Audit · Compensation64,50074,361———138,861
John M. LarsonIndependent · Nominating and Corporate Governance · Compensation · Not standing for re-election63,75074,361———138,111
Earl LewisIndependent · Nominating and Corporate Governance · Compensation61,87574,361———136,236
Gregory K. PetersIndependent · Departed during FY16,87518,592———35,467
Alexis MaybankIndependent · Departed during FY16,25018,592———34,842
Sallie L. KrawcheckIndependent · Audit · Nominating and Corporate Governance · Compensation · Departed during FY15,00018,592———33,592
Paul S. LalljieEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$55,000
Annual equity retainer$21,246
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 15,000 / 11,000
Stock ownership guideline3x annual cash retainer
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$604,375
Equity awards (grant-date value)$576,303
All other compensation$0
Total cost of the board$1,180,678

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies 2U names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including 2U.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Coursera2025Gregory Hart$540,833$14,629,466$23,644,105$570,467$39,387,371
2New Relic2023William Staples585,00022,261,1240367,08823,214,892
3Stride2025James Rhyu1,000,00016,860,90303,619,42621,496,095
4Paylocity Holdings2025Toby Williams680,96016,319,5300951,47118,044,482
5Coupa Software2022Robert Bernshteyn687,50016,536,6370525,00017,928,137
6Workiva2025Julie Iskow625,00014,000,0310937,50015,640,220
7Guidewire Software2025Mike Rosenbaum750,00012,280,2030975,00014,012,061
8PowerSchool Holdings, Inc.2023Hardeep Gulati500,00012,756,6710642,75013,914,272
9Laureate Education2025Eilif Serck-Hanssen1,000,0008,343,93401,606,80010,975,343
10Verint Systems2025Dan Bodner807,7759,371,5280532,14210,825,132
11Blackbaud2025Michael Gianoni800,0315,206,285006,022,250
12Strategic Education2025Karl McDonnell1,018,0093,250,00001,393,5585,672,067
13Chegg2025Dan Rosensweig850,0004,070,000004,934,000
142U2023Paul Lalljie580,1922,193,399002,786,791
15Grand Canyon Education2025Brian Mueller321,0001,211,6680481,5002,020,867
16LivePerson2025John Sabino00000
—Adtalem Global Education——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
2Unot disclosedPRSU 55 · RSU 45NoWillis Towers Watson
Adtalem Global Educationnot disclosednot disclosednot disclosednot disclosed
Blackbaudnot disclosednot disclosedNoCompensia, Inc.
Cheggnot disclosedPSU 70 · RSU 30NoAon
Coupa Software100%PSU 60 · RSU 40NoCompensia, Inc. and Semler Brossy Consulting Group
Coursera106.3%not disclosedNoCompensia, Inc.
Grand Canyon Education150%RSU 100not disclosedMercer
Guidewire Software130%RSU 50 · PRSU 50NoSemler Brossy
Laureate Educationnot disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
LivePersonnot disclosednot disclosednot disclosedThird-party compensation consultant
New Relic62.8%RSU 50 · PSU 50NoCompensia
Paylocity Holdings138%RSU 50 · PSU 33 · MSU 17NoCompensia
PowerSchool Holdings, Inc.92%PRSU 75 · RSU 25NoCompensation Advisory Partners LLC
Strategic Education108.8%RSU 100not disclosedEquilar, Inc.
Stride181%PSU 60 · RSA 40NoCompensia
Verint Systems65%PSU 60 · RSU 40Yes — Relative TSRWillis Towers Watson
Workiva120%RSU 70 · PSU 30NoAlpine Rewards LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at 2U in fiscal 2023?
As disclosed, Christopher Paucek (Former Chief Executive Officer) was the highest-paid executive at 2U in fiscal 2023, with total compensation of $5,329,474.
How does 2U's chief executive pay compare to its disclosed peer group?
As disclosed, Paul Lalljie's total compensation ranked at the 7th percentile of 2U's disclosed peer group.
What is 2U's CEO-to-median employee pay ratio?
As disclosed, 2U's CEO-to-median employee pay ratio was 119:1.
How did shareholders vote on 2U's executive compensation?
As disclosed, 94.61% of shareholders supported 2U's executive compensation in the latest say-on-pay vote.
How much does 2U spend in total on board compensation for fiscal 2023?
As disclosed, 2U reported total board compensation of $1,180,678 for fiscal 2023.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Christopher PaucekDEF 14A2024-04-080001459417-24-000026Section “Executive compensation tables” · page 64. As printed: 5,329,474. Filing ↗machine: r11 · c27 · span 995202–995211
2Section 01, Paul LalljieDEF 14A2024-04-080001459417-24-000026Section “Executive compensation tables” · page 64. As printed: 2,786,791. Filing ↗machine: r2 · c27 · span 974167–974176
3Section 01, Matthew NordenDEF 14A2024-04-080001459417-24-000026Section “Executive compensation tables” · page 64. As printed: 1,401,107. Filing ↗machine: r5 · c27 · span 981139–981148
4Section 01, Harsha MokkaralaDEF 14A2024-04-080001459417-24-000026Section “Executive compensation tables” · page 64. As printed: 1,265,076. Filing ↗machine: r14 · c27 · span 1002373–1002382
5Section 01, Aaron McCulloughDEF 14A2024-04-080001459417-24-000026Section “Executive compensation tables” · page 64. As printed: 1,257,576. Filing ↗machine: r8 · c27 · span 988268–988277
6Section 03, Paul Lalljie RSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t137 · r3 · c1 · span 846476–846483
7Section 03, Christopher Paucek PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
8Section 03, Matthew Norden PSUDEF 14A—0001459417-24-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, Matthew Norden RSUDEF 14A2024-04-080001459417-24-000026Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t137 · r4 · c1 · span 848668–848674
10Section 03, Harsha Mokkarala PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t169 · r37 · c7 · span 1269054–1269059
11Section 03, Harsha Mokkarala RSUDEF 14A—0001459417-24-000026Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t137 · r7 · c1 · span 855827–855833
12Section 03, Paul Lalljie PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t167 · r11 · c7 · span 1162666–1162672
13Section 03, Harsha Mokkarala PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
14Section 03, Paul Lalljie PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
15Section 03, Paul Lalljie PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
16Section 03, Aaron McCullough RSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t165 · r14 · c17 · span 1099706–1099713
17Section 03, Matthew Norden PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t167 · r29 · c7 · span 1193994–1194000
18Section 03, Matthew Norden PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
19Section 03, Christopher Paucek PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t169 · r20 · c7 · span 1240333–1240339
20Section 03, Harsha Mokkarala PSUDEF 14A—0001459417-24-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
21Section 03, Christopher Paucek RSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t137 · r6 · c1 · span 853355–853362
22Section 03, Christopher Paucek PSUDEF 14A2024-04-080001459417-24-000026Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
23Section 07, pay ratioDEF 14A—0001459417-24-000026Section “CEO Pay Ratio”. As printed: 119 : 1.machine: span 1366240–1366245
24Section 08, Paul A. MaederDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 227,736. Filing ↗machine: span 527269–527522
25Section 08, Timothy M. HaleyDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 152,736. Filing ↗machine: span 520040–520291
26Section 08, Robert M. StavisDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 141,861. Filing ↗machine: span 533198–533485
27Section 08, Coretha M. RushingDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 141,236. Filing ↗machine: span 531613–531866
28Section 08, Edward S. MaciasDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 138,861. Filing ↗machine: span 525822–526075
29Section 08, John M. LarsonDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 138,111. Filing ↗machine: span 522932–523185
30Section 08, Earl LewisDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 136,236. Filing ↗machine: span 524374–524627
31Section 08, Gregory K. PetersDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 35,467. Filing ↗machine: span 530163–530415
32Section 08, Alexis MaybankDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 34,842. Filing ↗machine: span 528715–528967
33Section 08, Sallie L. KrawcheckDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 33,592. Filing ↗machine: span 521487–521739
34Section 08, Paul S. LalljieDEF 14A2024-04-080001459417-24-000026Section “Director Compensation”. As printed: 0. Filing ↗
35Section 06, 2024 voteForm 8-K2024-05-220001459417-24-000047Item 5.07 · say-on-pay result. As reported: 94.61% (votes for as printed: 32,742,427). Filing ↗
36Section 06, 2023 voteForm 8-K2023-06-090001193125-23-164428Item 5.07 · say-on-pay result. As reported: 88.25% (votes for as printed: 54,644,687). Filing ↗
37Section 06, 2022 voteForm 8-K2022-06-100001193125-22-172004Item 5.07 · say-on-pay result. As reported: 33.39% (votes for as printed: 19,770,283). Filing ↗machine: span 27340–29525
38Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
39Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
40Section 09b board cost (computed)Computed——Cash 604,375 + equity 576,303 + all other 0 = 1,180,678, summed across the director compensation table rows.machine: formula: Σ = 1,180,678
41Coursera, Section 10b CEO totalDEF 14A2026-05-110001651562-26-000036CEO total compensation as printed in Coursera's own proxy. As printed: 39,387,371. Filing ↗machine: r3 · c33 · span 735414–735424
42New Relic, Section 10b CEO totalDEF 14A2023-06-300001448056-23-000042CEO total compensation as printed in New Relic's own proxy. As printed: 23,214,892. Filing ↗machine: r2 · c48 · span 718611–718621
43Stride, Section 10b CEO totalDEF 14A2025-10-240001140361-25-039264CEO total compensation as printed in Stride's own proxy. As printed: 21,496,095. Filing ↗machine: r2 · c22 · span 1185717–1185728
44Paylocity Holdings, Section 10b CEO totalDEF 14A2025-10-230001591698-25-000102CEO total compensation as printed in Paylocity Holdings's own proxy. As printed: 18,044,482. Filing ↗machine: t90 · r2 · c24 · span 674330–674340
45Coupa Software, Section 10b CEO totalDEF 14A2022-04-110001385867-22-000017CEO total compensation as printed in Coupa Software's own proxy. As printed: 17,928,137. Filing ↗machine: span 638429–638439
46Workiva, Section 10b CEO totalDEF 14A2026-04-170001445305-26-000030CEO total compensation as printed in Workiva's own proxy. As printed: 15,640,220. Filing ↗machine: span 1433486–1433496
47Guidewire Software, Section 10b CEO totalDEF 14A2025-10-300001528396-25-000233CEO total compensation as printed in Guidewire Software's own proxy. As printed: 14,012,061. Filing ↗machine: r3 · c21 · span 777771–777781
48PowerSchool Holdings, Inc., Section 10b CEO totalDEF 14A2024-04-040001140361-24-017804CEO total compensation as printed in PowerSchool Holdings, Inc.'s own proxy. As printed: 13,914,272. Filing ↗machine: r2 · c27 · span 534355–534366
49Laureate Education, Section 10b CEO totalDEF 14A2026-04-090001628280-26-024338CEO total compensation as printed in Laureate Education's own proxy. As printed: 10,975,343. Filing ↗machine: r4 · c24 · span 469288–469298
50Verint Systems, Section 10b CEO totalDEF 14A2025-05-080001166388-25-000085CEO total compensation as printed in Verint Systems's own proxy. As printed: 10,825,132. Filing ↗machine: t40 · r3 · c16 · span 735065–735075
51Blackbaud, Section 10b CEO totalDEF 14A2026-04-210001280058-26-000009CEO total compensation as printed in Blackbaud's own proxy. As printed: 6,022,250. Filing ↗machine: span 1051214–1051223
52Strategic Education, Section 10b CEO totalDEF 14A2026-03-110001104659-26-026380CEO total compensation as printed in Strategic Education's own proxy. As printed: 5,672,067. Filing ↗machine: span 569797–569806
53Chegg, Section 10b CEO totalDEF 14A2026-04-280001364954-26-000040CEO total compensation as printed in Chegg's own proxy. As printed: 4,934,000. Filing ↗machine: t129 · r3 · c15 · span 719980–719989
542U (subject), Section 10b CEO totalDEF 14A2024-04-080001459417-24-000026CEO total compensation as printed in 2U's own proxy. As printed: 2,786,791. Filing ↗machine: r2 · c27 · span 974167–974176
55Grand Canyon Education, Section 10b CEO totalDEF 14A2026-04-230001104659-26-047719CEO total compensation as printed in Grand Canyon Education's own proxy. As printed: 2,020,867. Filing ↗machine: span 873029–873038
56LivePerson, Section 10b CEO totalDEF 14A2025-05-220001102993-25-000068CEO total compensation as printed in LivePerson's own proxy. As printed: 0. Filing ↗
57Section 10a, Chegg reciprocityDEF 14A—0001364954-26-000040Chegg's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
58Section 10a, PowerSchool Holdings, Inc. reciprocityDEF 14A—0001140361-24-017804PowerSchool Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
59Section 10a, Coursera reciprocityDEF 14A—0001651562-26-000036Coursera's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
60Section 10a, Laureate Education reciprocityDEF 14A—0001628280-26-024338Laureate Education's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
61Section 10a, Paylocity Holdings reciprocityDEF 14A—0001591698-25-000102Paylocity Holdings's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
62Section 10a, Blackbaud reciprocityDEF 14A—0001280058-26-000009Blackbaud's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
63Section 10a, Coupa Software reciprocityDEF 14A—0001385867-22-000017Coupa Software's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
64Section 10a, Guidewire Software reciprocityDEF 14A—0001528396-25-000233Guidewire Software's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
65Section 10a, LivePerson reciprocityDEF 14A—0001102993-25-000068LivePerson's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
66Section 10a, Stride reciprocityDEF 14A—0001140361-25-039264Stride's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
67Section 10a, Verint Systems reciprocityDEF 14A—0001166388-25-000085Verint Systems's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
68Section 10a, New Relic reciprocityDEF 14A—0001448056-23-000042New Relic's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗
69Section 10a, Strategic Education reciprocityDEF 14A—0001104659-26-026380Strategic Education's most recent proxy was read; its disclosed peer group does not include 2U. Filing ↗

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