Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-05-11

Udemy (UDMY)

Fiscal year 2024 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.

$5,251,752
Eren Bali total, FY2024
Chief Technology Officerhighest-paid officer; CEO Greg Brown: $5,151,396
27th
CEO (Greg Brown) pay percentile vs peers
33:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against UDMY
14 companies name UDMY as a compensation peer

Each company listed discloses UDMY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named UDMY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Eren Bali$183,371$0$4,843,950$0$0$0$224,431$5,251,752
Chief Technology Officer
Greg Brown583,75004,548,83800018,8085,151,396
Former President & Chief Executive Officer
Rob Rosenthal256,667154,0002,700,7500006,6003,118,016
Chief Revenue Officer
Venu Venugopal436,37501,490,140000485,9362,412,451
Former Chief Technology Officer
Sarah Blanchard445,50001,921,5000004,9282,371,928
Chief Financial Officer
Prasad Raje411,25001,176,41900010,3501,598,019
Former Chief Product Officer

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 officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Eren Bali$5,251,752
Greg Brown5,151,3965,542,9448,877,633−391,548
Rob Rosenthal3,118,016
Venu Venugopal2,412,4512,863,9371,832,275−451,486
Sarah Blanchard2,371,9282,958,6628,199,711−586,734
Prasad Raje1,598,0195,857,682−4,259,663

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

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 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Rob RosenthalPSU2024-06-15325,000325,000325,000$2,700,750
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Rob Rosenthal$0$2,700,750$0100.0%

% 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 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Sarah BlanchardRSU49,009$403,344
Venu VenugopalRSU39,375324,056
Sarah BlanchardRSU87,500720,125
Sarah BlanchardRSU70,313578,676
Venu VenugopalRSU32,671268,882
Greg BrownRSU168,3031,385,134
Greg BrownRSU65,625540,094
Rob RosenthalRSU325,0002,674,750
Prasad RajeRSU53,571440,889
Prasad RajeRSU43,527358,227
Greg BrownRSU30,173248,324
Greg BrownRSU98,019806,696
Sarah BlanchardRSU30,173248,324
Venu VenugopalRSU43,104354,746
Eren BaliRSU645,0005,308,350
Greg BrownRSU207,1421,704,779
Prasad RajeRSU378,1253,111,969
Venu VenugopalRSU93,750771,563
Greg BrownRSU140,6251,157,344
Venu VenugopalRSU55,134453,753
Sarah BlanchardRSU65,625540,094
Venu VenugopalRSU67,857558,463
Sarah BlanchardRSU71,094585,104
05

Incentive-plan design — the Compensation Discussion & Analysis

Our Compensation Committee does not use a single method or measure in approving the target total direct compensation opportunities or each individual compensation element for our executive officers, nor is the weighting of any one factor on the determination of pay components and levels quantifiable in comparison to others.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
202640,000
202540,000
20242024-06-0394,667,8141,277,973156,59898.51%Passed
20232023-06-2188,620,36016,004,75619,39884.69%Passed

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
2025a
2026b
20242024-06-0398.51%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “Abstentions will be counted for purposes of determining the presence or absence of a quorum and will also count as votes against this proposal, i.e., 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)33 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Marylou MacoIndependent · Audit · Nominating & Corporate Governance (Chair) · Partial-year service · Newly elected$4,355$379,994$0$0$0$384,349
Debra ChrapatyIndependent · Compensation · Nominating and Corporate Governance · Partial-year service · Newly elected4,113379,994000384,107
Sohaib AbbasiIndependent · Board Chair103,844170,213000274,057
Lydia PatersonIndependent · Audit (Chair)60,000189,993000249,993
Heather HilesIndependent · Audit · Nominating & Corporate Governance59,000189,993000248,993
Natalie RothmanIndependent · Compensation (Chair) · Nominating and Corporate Governance58,292189,993000248,285
Jeffrey LiebermanIndependent · Compensation47,000189,993000236,993
Greg BrownEmployee director · Not standing for re-election · Departed during FY00000
Eren BaliNot independent · Departed during FY000000
Hugo SarrazinEmployee director · Partial-year service · Newly elected00000
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$190,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 14,500 / 9,000
Stock ownership guideline3x annual cash retainer ($120,000)
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$336,604
Equity awards (grant-date value)$1,690,173
All other compensation$0
Total cost of the board$2,026,777

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

10

Disclosed peer group — fiscal year 2024

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 Udemy 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 Udemy.

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
1Alteryx2022Mark Anderson$650,000$55,823,051$0$650,000$57,191,521
2Coursera2025Gregory Hart540,83314,629,46623,644,105570,46739,387,371
3Stride2025James Rhyu1,000,00016,860,90303,619,42621,496,095
4Five92025Michael Burkland585,00016,186,6380621,27017,403,709
5Upwork2025Hayden Brown625,00015,153,16501,289,43817,094,702
6Skillsoft2026Ronald Hovsepian772,5005,049,70106,579,37512,425,228
7BlackLine2025Owen Ryan524,2315,694,9414,908,126473,37811,614,676
8Everbridge2022David Wagner186,30110,656,0000173,26011,015,886
9Smartsheet2024Mark P. Mader587,0779,085,2220511,13410,205,886
10Zuora2024Tien Tzuo500,0007,950,0000337,5008,787,500
11Fastly2025Charles Compton438,7826,313,831006,798,332
12Instructure2023Steve Daly5,651,9510263,2916,400,555
13Udemy2024Greg Brown583,7504,548,838005,151,396
14Chegg2025Dan Rosensweig850,0004,070,000004,934,000
15Alarm.com Holdings2025Stephen Trundle295,0011,423,500994,471267,5002,980,472
16Appian2025Matthew Calkins1,150,0001,760,000002,941,276
17Duolingo2025Luis von Ahn750,000000767,500

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
Udemynot disclosedRSU 50 · PSU 50NoFW Cook
Alarm.com Holdings107%RSU 59 · Options 41not disclosedCompensia
Alteryx100%RSU 75 · PSU 25NoAlpine Rewards
Appiannot disclosedRSU 100Nonot disclosed
BlackLine90.1%RSU 50 · PSU 50Yes — Relative TSRCompensia
Cheggnot disclosedPSU 70 · RSU 30NoAon
Coursera106.3%not disclosedNoCompensia
Duolingonot disclosedPSU 100NoCompensia, Inc.
Everbridge93%RSU 50 · PSU 50NoFW Cook
Fastly135.4%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (rTSR)Semler Brossy
Five9106%RSU 50 · PSU 50Yes — Relative Total Shareholder Return (RTSR) versus the companies of the S&P Software and Services Select IndexCompensia
Instructure54.1%RSU 100not disclosedCompensia
Skillsoft75%not disclosedNoAon's Human Capital Solutions Practice, a division of Aon plc
Smartsheet87.4%PSU 50 · RSU 50NoCompensia
Stride181%PSU 60 · RSU 40NoCompensia
Upwork179.4%PSU 60 · RSU 40Yes — Relative TSR CAGRSemler Brossy Consulting Group LLC
Zuora67.5%not disclosedNoCompensia

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.

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, Eren BaliDEF 14A2025-04-250001607939-25-000046Section “Summary Compensation Table”. As printed: 5,251,752. Filing ↗machine: r8 · c42 · span 765065–765074
2Section 01, Greg BrownDEF 14A2025-04-250001607939-25-000046Section “Summary Compensation Table”. As printed: 5,151,396. Filing ↗machine: r2 · c42 · span 749913–749922
3Section 01, Rob RosenthalDEF 14A2025-04-250001607939-25-000046Section “Summary Compensation Table”. As printed: 3,118,016. Filing ↗machine: r9 · c42 · span 767992–768001
4Section 01, Venu VenugopalDEF 14A2025-04-250001607939-25-000046Section “Summary Compensation Table”. As printed: 2,412,451. Filing ↗machine: r10 · c42 · span 770989–770998
5Section 01, Sarah BlanchardDEF 14A2025-04-250001607939-25-000046Section “Summary Compensation Table”. As printed: 2,371,928. Filing ↗machine: r5 · c42 · span 757375–757384
6Section 01, Prasad RajeDEF 14A2025-04-250001607939-25-000046Section “Summary Compensation Table”. As printed: 1,598,019. Filing ↗machine: r13 · c42 · span 779085–779094
7Section 03, Rob Rosenthal PSUDEF 14A2025-04-250001607939-25-000046Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r12 · c14 · span 833024–833033
8Section 07, pay ratioDEF 14A2025-04-250001607939-25-000046Section “CEO Pay Ratio”. As printed: 33 : 1. Filing ↗machine: span 1006028–1006030
9Section 08, Marylou MacoDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 384,349. Filing ↗machine: t56 · r8 · c6 · span 467430–467437
10Section 08, Debra ChrapatyDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 384,107. Filing ↗machine: t56 · r7 · c6 · span 466281–466288
11Section 08, Sohaib AbbasiDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 274,057. Filing ↗machine: t56 · r2 · c6 · span 460519–460526
12Section 08, Lydia PatersonDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 249,993. Filing ↗machine: t56 · r5 · c6 · span 463977–463984
13Section 08, Heather HilesDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 248,993. Filing ↗machine: t56 · r3 · c6 · span 461670–461677
14Section 08, Natalie RothmanDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 248,285. Filing ↗machine: t56 · r6 · c6 · span 465130–465137
15Section 08, Jeffrey LiebermanDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 236,993. Filing ↗machine: t56 · r4 · c6 · span 462825–462832
16Section 08, Greg BrownDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Eren BaliDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, Hugo SarrazinDEF 14A2025-04-250001607939-25-000046Section “Director Compensation”. As printed: 0. Filing ↗
19Section 06, 2025 voteForm 8-K2025-04-250001607939-25-000046Item 5.07 · say-on-pay result. As reported: —. Filing ↗
20Section 06, 2026 voteForm 8-K2025-04-250001607939-25-000046Item 5.07 · say-on-pay result. As reported: —. Filing ↗
21Section 06, 2024 voteForm 8-K2024-06-050001607939-24-000099Item 5.07 · say-on-pay result. As reported: 98.51% (votes for as printed: 94,667,814). Filing ↗
22Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
23Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
24Section 09b board cost (computed)ComputedcomputedCash 336,604 + equity 1,690,173 + all other 0 = 2,026,777, summed across the director compensation table rows.machine: formula: Σ = 2,026,777
25Alteryx, Section 10b CEO totalDEF 14A2023-04-040001140361-23-016229CEO total compensation as printed in Alteryx's own proxy. As printed: 57,191,521. Filing ↗machine: r1 · c24 · span 1147355–1147365
26Coursera, 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
27Stride, 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 1185718–1185729
28Five9, Section 10b CEO totalDEF 14A2026-04-070001288847-26-000055CEO total compensation as printed in Five9's own proxy. As printed: 17,403,709. Filing ↗machine: r4 · c24 · span 919196–919206
29Upwork, Section 10b CEO totalDEF 14A2026-04-230001627475-26-000026CEO total compensation as printed in Upwork's own proxy. As printed: 17,094,702. Filing ↗machine: r2 · c6 · span 2036869–2036879
30Skillsoft, Section 10b CEO totalDEF 14A2026-05-080001437749-26-015925CEO total compensation as printed in Skillsoft's own proxy. As printed: 12,425,228. Filing ↗machine: span 661835–661845
31BlackLine, Section 10b CEO totalDEF 14A2026-03-250001628280-26-020925CEO total compensation as printed in BlackLine's own proxy. As printed: 11,614,676. Filing ↗machine: r2 · c54 · span 948504–948514
32Everbridge, Section 10b CEO totalDEF 14A2023-04-130000950170-23-012741CEO total compensation as printed in Everbridge's own proxy. As printed: 11,015,886. Filing ↗machine: t31 · r3 · c14 · span 1022750–1022761
33Smartsheet, Section 10b CEO totalDEF 14A2024-05-010001366561-24-000093CEO total compensation as printed in Smartsheet's own proxy. As printed: 10,205,886. Filing ↗machine: r2 · c48 · span 623515–623525
34Zuora, Section 10b CEO totalDEF 14A2024-05-160001423774-24-000146CEO total compensation as printed in Zuora's own proxy. As printed: 8,787,500. Filing ↗machine: r2 · c42 · span 699493–699502
35Fastly, Section 10b CEO totalDEF 14A2026-04-220001140361-26-016095CEO total compensation as printed in Fastly's own proxy. As printed: 6,798,332. Filing ↗machine: r2 · c25 · span 929622–929631
36Instructure, Section 10b CEO totalDEF 14A2024-04-220000950170-24-046440CEO total compensation as printed in Instructure's own proxy. As printed: 6,400,555. Filing ↗machine: r2 · c25 · span 432265–432274
37Udemy (subject), Section 10b CEO totalDEF 14A2025-04-250001607939-25-000046CEO total compensation as printed in Udemy's own proxy. As printed: 5,151,396. Filing ↗machine: r2 · c42 · span 749913–749922
38Chegg, 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
39Alarm.com Holdings, Section 10b CEO totalDEF 14A2026-04-230001104659-26-047867CEO total compensation as printed in Alarm.com Holdings's own proxy. As printed: 2,980,472. Filing ↗machine: r1 · c41 · span 542470–542479
40Appian, Section 10b CEO totalDEF 14A2026-04-220001441683-26-000021CEO total compensation as printed in Appian's own proxy. As printed: 2,941,276. Filing ↗machine: r2 · c42 · span 416139–416148
41Duolingo, Section 10b CEO totalDEF 14A2026-04-170001628280-26-025728CEO total compensation as printed in Duolingo's own proxy. As printed: 767,500. Filing ↗machine: t83 · r3 · c8 · span 569993–570000
42Section 10a, Smartsheet reciprocityDEF 14A0001366561-24-000093Smartsheet's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
43Section 10a, Coursera reciprocityDEF 14A0001651562-26-000036Coursera names Udemy in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Alteryx reciprocityDEF 14A0001140361-23-016229Alteryx's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
45Section 10a, Duolingo reciprocityDEF 14A0001628280-26-025728Duolingo names Udemy in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Fastly reciprocityDEF 14A0001140361-26-016095Fastly's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
47Section 10a, Everbridge reciprocityDEF 14A0000950170-23-012741Everbridge's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
48Section 10a, Zuora reciprocityDEF 14A0001423774-24-000146Zuora's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
49Section 10a, Stride reciprocityDEF 14A0001140361-25-039264Stride's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
50Section 10a, BlackLine reciprocityDEF 14A0001628280-26-020925BlackLine's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
51Section 10a, Chegg reciprocityDEF 14A0001364954-26-000040Chegg names Udemy in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Alarm.com Holdings reciprocityDEF 14A0001104659-26-047867Alarm.com Holdings's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
53Section 10a, Five9 reciprocityDEF 14A0001288847-26-000055Five9's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗
54Section 10a, Upwork reciprocityDEF 14A0001627475-26-000026Upwork's most recent proxy was read; its disclosed peer group does not include Udemy. Filing ↗