# EDGAR Filing Document

**Accession Number:** 0001459417
**File Stem:** 0001193125-23-046580
**Filing Date:** 2023-2
**Character Count:** 36133
**Document Hash:** a720abcef7eb20a3bc5f1c212438fbab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046580.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046580

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 2U, Inc.
- **CENTRAL INDEX KEY:** 0001459417
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 262335939
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269948
- **FILM NUMBER:** 23659878

**BUSINESS ADDRESS:**
- **STREET 1:** 7900 HARKINS ROAD
- **CITY:** LANHAM
- **STATE:** MD
- **ZIP:** 20706
- **BUSINESS PHONE:** (301) 892-4350

**MAIL ADDRESS:**
- **STREET 1:** 7900 HARKINS ROAD
- **CITY:** LANHAM
- **STATE:** MD
- **ZIP:** 20706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 2tor, Inc.
- **DATE OF NAME CHANGE:** 20090324

**As filed with the Securities and Exchange Commission on February 23, 2023** 

**Registration No. 333-** 

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

------

## 2U, Inc.
**(Exact name of Registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| **Delaware** | **26-2335939** |
| **(State or other jurisdiction of**<br> **Incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**7900 Harkins Road** 

**Lanham, Maryland 20706** 

**(Address of principal executive offices) (Zip code)** 

**Amended and Restated 2014 Equity Incentive Plan** 

**(Full title of the plan)** 

**Christopher J. Paucek** 

**Chief Executive Officer** 

**2U, Inc.** 

**7900 Harkins Road** 

**Lanham, Maryland 20706** 

**(301) 892-4350** 

**(Name and address of agent for service) (Telephone number, including area code, of agent for service)** 

------

***Copies to:***

---

| | |
|:---|:---|
|  | **Matthew J. Norden** |
| **Brandon J. Bortner** | **Chief Legal Officer** |
| **Paul Hastings LLP** | **2U, Inc.** |
| **2050 M Street NW** | **7900 Harkins Road** |
| **Washington, D.C. 20036** | **Lanham, Maryland 20706** |
| **Telephone: (202) 551-1720** | **Telephone: (301) 892-4350** |
| **Fax: (202) 551-0340** | **Fax: (202) 478-1660** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE; INCORPORATION BY REFERENCE OF CONTENTS OF** 

**REGISTRATION STATEMENTS ON FORM S-8** 

This Registration Statement is being filed for the purpose of registering additional securities of the same class as other securities for which registration statements on Form S-8 relating to employee benefit plans are effective.

2U, Inc. (the "***Registrant***") previously registered shares of its common stock, $0.001 par value per share ("***Common Stock***"), for issuance under the 2U, Inc. Amended and Restated 2014 Equity Incentive Plan (the "***2014 Plan***") under a Registration Statement on Form S-8 filed with the Securities and Exchange Commission (the "***Commission***") on [April 1, 2014 (File No. 333-194943)](http://www.sec.gov/Archives/edgar/data/1459417/000110465914024707/a13-25201_11s8.htm) in connection with the 2014 Plan (the "***Prior Registration Statements***"). Pursuant to General Instruction E to Form S-8, the contents of the Prior Registration Statement, with respect to the securities offered by the 2014 Plan, are hereby incorporated herein by reference.

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

The information called for in Part I of Form S-8 is not being filed with or included in this Form S-8 (by incorporation by reference or otherwise) in accordance with the rules and regulations of the SEC.

**PART II** 

**INFORMATION REQUIRED IN THE PROSPECTUS** 

**ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE** 

The following documents filed by the Registrant with the Commission are incorporated by reference into this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Registrant's Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1459417/000145941723000004/twou-20221231.htm) for the fiscal year ended December 31, 2022 filed on February 21, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Registrant's Current Report(s) filed on Form 8-K filed
on [January 9, 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1459417/000119312523004247/d435253d8k.htm) (other than Items 2.02 and 7.01 thereof) and [January 13, 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1459417/000119312523007375/d382601d8k.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Description of Registrant's Securities, contained in [Exhibit 4.2](http://www.sec.gov/Archives/edgar/data/1459417/000145941720000003/a2u201910-kexhibit42.htm) to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Commission on February 21, 2023, including any amendment or report filed for
the purpose of updating such description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** All documents, reports and definitive proxy or information statements filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (other than Current Reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) on or
after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold
shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall
be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

------

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS** 

The Registrant is incorporated under the laws of the State of Delaware. Section 102 of the Delaware General Corporation Law, or DGCL, permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit.

Section 145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee or agent of the corporation and certain other persons serving at the request of the corporation in related capacities against expenses (including attorneys' fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he is or is threatened to be made a party by reason of such position, if such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

As permitted by the DGCL, the Registrant's amended and restated certificate of incorporation and bylaws provide that: (i) the Registrant is required to indemnify its directors to the fullest extent permitted by the DGCL; (ii) the Registrant may, in its discretion, indemnify its officers, employees and agents as set forth in the DGCL; (iii) the Registrant is required, upon satisfaction of certain conditions, to advance all expenses incurred by its directors in connection with certain legal proceedings; (iv) the rights conferred in the bylaws are not exclusive; and (v) the Registrant is authorized to enter into indemnification agreements with its directors, officers, employees and agents.

The Registrant has entered into agreements with its directors that require the Registrant to indemnify them against expenses, judgments, fines, settlements and other amounts that any such person becomes legally obligated to pay (including with respect to a derivative action) in connection with any proceeding, whether actual or threatened, to which such person may be made a party by reason of the fact that such person is or was a director of the Registrant or any of its affiliates, provided such person acted in good faith and in a manner such person reasonably believed to be in, or not opposed to, the Registrant's best interests. The indemnification agreements also set forth certain procedures that will apply in the event of a claim for indemnification thereunder. At present, no litigation or proceeding is pending that involves any of the Registrant's directors or officers regarding which indemnification is sought, nor is the Registrant aware of any threatened litigation that may result in claims for indemnification.

The Registrant maintains a directors' and officers' liability insurance policy. The policy insures directors and officers against unindemnified losses arising from certain wrongful acts in their capacities as directors and officers and reimburses the Registrant for those losses for which it has lawfully indemnified the directors and officers. The policy contains various exclusions.

**ITEM 8. EXHIBITS** 

---

| | | |
|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Incorporation by Reference** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Amended and Restated Certificate of Incorporation, as currently in effect.](http://www.sec.gov/Archives/edgar/data/1459417/000119312522172004/d283597dex31.htm) | Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-36376) filed with the Commission on June 10, 2022. |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Amended and Restated Bylaws, as currently in effect.](http://www.sec.gov/Archives/edgar/data/1459417/000119312522309215/d438263dex31.htm) | Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-36376) filed with the Commission on December 20, 2022. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Specimen stock certificate evidencing shares of Common Stock.](http://www.sec.gov/Archives/edgar/data/1459417/000104746914002453/a2218872zex-4_2.htm) | Exhibit 4.2 to Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-194079) filed with the Commission on March 17, 2014. |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;4.2† | [Form of Amended and Restated 2014 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1459417/000145941721000014/exhibit1032uarequityplanoc.htm) | Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No. 001-36376) filed with the Commission on November 9, 2021. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3† | [Form of Stock Option Agreement under the Amended and Restated 2014 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1459417/000110465918049189/a18-14083_1ex10d2.htm) | Exhibit 10.2 to the Quarterly Report on Form 10-Q (File No. 001-36376), filed with the Commission on August 2, 2018. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4† | [Form of Restricted Stock Unit Award Agreement under the Amended and Restated 2014 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1459417/000145941720000003/a2u201910-kexhibit108.htm) | Exhibit 10.8 to the Annual Report on Form 10-K (File No. 001-36376), filed with the Commission on February 28, 2020. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5† | [Form of Performance Stock Unit Award Agreement under Amended and Restated 2014 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1459417/000145941719000008/exhibit103.htm) | Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No. 001-36376), filed with the Commission on November 12, 2019. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6† | [Form of Performance Stock Unit Award Agreement under Amended and Restated 2014 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1459417/000145941720000003/a2u201910-kexhibit1010.htm) | Exhibit 10.10 to the Annual Report on Form 10-K (File No. 001-36376), filed with the Commission on February 28, 2020. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7† | [Form of Restricted Stock Unit Award Agreement under the Amended and Restated 2014 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1459417/000145941721000009/a2u202110-qexhibit101.htm) | Exhibit 10.1 to the Quarterly Report on Form 10-Q (File No. 001-36376), filed with the Commission on April 28, 2021. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8† | [Form of Performance Stock Unit Award Agreement under Amended and Restated 2014 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1459417/000145941721000009/a2u202110-qexhibit102.htm) | Exhibit 10.2 to the Quarterly Report on Form 10-Q (File No. 001-36376), filed with the Commission on April 28, 2021. |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | [Opinion of Paul Hastings LLP.](d467679dex51.htm) | Filed herewith. |
| 21.1 | [Subsidiaries of the Registrant.](http://www.sec.gov/Archives/edgar/data/1459417/000145941723000004/a2u202210-kexhibit211.htm) | Exhibit 21.1 to the Annual Report on Form 10-K (File No. 001-36376) filed with the Commission on February 21, 2023. |
| 23.1 | [Consent of KPMG LLP, independent registered public accounting firm.](d467679dex231.htm) | Filed herewith. |
| 23.2 | [Consent of Paul Hastings LLP (included in Exhibit 5.1).](d467679dex51.htm) | Filed herewith. |
| 24.1 | [Power of Attorney (included on the signature page of this Form S-8).](d467679ds8.htm#sig) | Filed herewith. |
| 107 | [Filing Fee Table.](d467679dexfilingfees.htm) | Filed herewith. |

---

† Indicates management contract or compensatory plan.

**Item 9. UNDERTAKINGS** 

**1.** The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** To include any material information with respect to the plan of distribution not previously disclosed in
the registration statement or any material change to such information in the registration statement;

*Provided*, *however*, that paragraphs (a)(i) and (a)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** That, for the purpose of determining liability of the registrant under the Securities Act to any
purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell
such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required
to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** The portion of any other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** Any other communication that is an offer in the offering made by the undersigned registrant to the
purchaser.

**2.** The undersigned registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section
15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.

**3.** Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lanham, State of Maryland, on this 23rd day of February, 2023.

---

| | |
|:---|:---|
| **2U, INC.** | **2U, INC.** |
| By: | /s/ Paul S. Lalljie |
|  | Paul S. Lalljie |
|  | *Chief Financial Officer* |

---

**POWER OF ATTORNEY** 

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Christopher J. Paucek, Paul S. Lalljie and Matthew Norden, and each or any one of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Christopher J. Paucek<br> Christopher J. Paucek | Chief Executive Officer and Director<br> (*Principal Executive Officer*) | February 23, 2023 |
| /s/ Paul S. Lalljie<br> Paul S. Lalljie | Chief Financial Officer<br>(*Principal Financial Officer and Principal Accounting Officer*) | February 23, 2023 |
| /s/ Paul A. Maeder<br> Paul A. Maeder | Director | February 23, 2023 |
| /s/ Gregory Peters<br> Gregory Peters | Director | February 23, 2023 |
| /s/ Robert M. Stavis<br> Robert M. Stavis | Director | February 23, 2023 |
| /s/ Timothy M. Haley<br> Timothy M. Haley | Director | February 23, 2023 |
| /s/ Earl Lewis<br> Earl Lewis | Director | February 23, 2023 |

---

------

---

| | | |
|:---|:---|:---|
| /s/ Coretha M. Rushing<br> Coretha M. Rushing | Director | February 23, 2023 |
| /s/ Sallie L. Krawcheck<br> Sallie L. Krawcheck | Director | February 23, 2023 |
| /s/ John M. Larson<br> John M. Larson | Director | February 23, 2023 |
| /s/ Edward S. Macias<br> Edward S. Macias | Director | February 23, 2023 |
| /s/ Alexis Maybank<br> Alexis Maybank | Director | February 23, 2023 |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g467679g0223014458376.jpg)

February 23, 2023 48296.00003

2U, Inc.

7900 Harkins Road

Lanham, MD 20706

Re: 2U, Inc. Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel to 2U, Inc., a Delaware corporation (the "***Company***"), in connection with the Registration Statement on Form S-8 to be filed by the Company with the U.S. Securities and Exchange Commission (the "***Commission***") on the date hereof (the "***Registration Statement***") to effect the registration under the Securities Act of 1933, as amended (the "***Securities Act***"), of 7,000,000 shares (the "***Shares***") of the Company's common stock, $0.001 par value per share (the "***Common Stock***"), issuable pursuant to the Company's Amended and Restated 2014 Equity Incentive Plan (the "***2014 Plan***"). This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K of the General Rules and Regulations under the Securities Act (the "***Rules and Regulations***").

As such counsel and for purposes of our opinion set forth below, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of such documents, resolutions, certificates and instruments of the Company and corporate records furnished to us by the Company, and have reviewed certificates of public officials, statutes, records and such other instruments and documents as we have deemed necessary or appropriate as a basis for the opinion set forth below, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Amended and Restated Certificate of Incorporation of the Company (the "  ***Amended and Restated Certificate of Incorporation*** "), as certified by the Secretary of State of the State of Delaware on February June 9, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Amended and Restated Bylaws of the Company as presently in effect, as certified by an officer of the
Company on February 23, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the 2014 Plan and the forms of award agreements related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate, dated as of February 23, 2023, from the Secretary of State of the State of Delaware,
certifying as to the existence and good standing of the Company in the State of Delaware (the "  ***Good Standing Certificate*** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) copies of certain resolutions adopted by the Company's board of directors (or a committee thereof) and
approvals by the stockholders of the Company regarding the 2014 Plan, the filing of the Registration Statement and certain other matters related thereto, as certified by an officer of the Company on February 23, 2023.

![LOGO](g467679g0223015502763.jpg)

------

![LOGO](g467679g0223014458232.jpg)

2U, Inc.

February 23, 2023

In addition to the foregoing, we have made such investigations of law as we have deemed necessary or appropriate as a basis for the opinion set forth in this opinion letter.

In such examination and in rendering the opinion expressed below, we have assumed, without independent investigation or verification: (i) the genuineness of all signatures on all agreements, instruments, corporate records, certificates and other documents submitted to us; (ii) the authenticity and completeness of all agreements, instruments, corporate records, certificates and other documents submitted to us as originals; (iii) that all agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile, conformed, photostatic or other copies conform to originals thereof, and that such originals are authentic and complete; (iv) the legal capacity, competency and authority of all individuals executing all agreements, instruments, corporate records, certificates and other documents; (v) the due authorization, execution and delivery of all agreements, instruments, corporate records, certificates and other documents by all parties thereto (other than the Company); (vi) that no documents submitted to us have been amended or terminated orally or in writing except as has been disclosed to us in writing; (vii) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct on and as of the date hereof; (viii) that there has not been any change in the good standing status of the Company from that reported in the Good Standing Certificate; and (ix) that each of the officers and directors of the Company has properly exercised his or her fiduciary duties. As to all questions of fact material to this opinion letter, and as to the materiality of any fact or other matter referred to herein, we have relied (without independent investigation or verification) upon representations and certificates or comparable documents of officers and representatives of the Company. We have also assumed that the individual issuances, grants, awards or grants of purchase rights under the 2014 Plan will be duly authorized by all necessary corporate action of the Company and duly issued, granted or awarded and exercised in accordance with the requirements of law, the 2014 Plan, and the agreements, forms of instrument, awards and grants duly adopted thereunder. We have also assumed that upon the issuance of any Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Amended and Restated Certificate of Incorporation.

Based upon the foregoing, and in reliance thereon, and subject to the assumptions, limitations, qualifications and exceptions set forth herein, we are of the opinion that the Shares are duly authorized and, when issued and sold as described in the Registration Statement and in accordance with the 2014 Plan, and the applicable award agreements or forms of instrument evidencing purchase rights thereunder (including the receipt by the Company of the full consideration therefor at least equal to the par value of such Shares), will be validly issued, fully paid and nonassessable.

Without limiting any of the other limitations, exceptions, assumptions and qualifications stated elsewhere herein, we express no opinion with regard to the applicability or effect of the laws of any jurisdiction other than the General Corporation Law of the State of Delaware, as in effect on the date of this opinion letter.

This opinion letter deals only with the specified legal issues expressly addressed herein, and you should not infer any opinion that is not explicitly stated herein from any matter addressed in this opinion letter.

This opinion letter is rendered solely in connection with the preparation and filing of the Registration Statement. This opinion letter is rendered as of the date hereof, and we assume no obligation to advise you or any other person with regard to any change after the date hereof in the circumstances or the law that may bear on the matters set forth herein even if the change may affect the legal analysis or a legal conclusion or other matters in this opinion letter.

------

![LOGO](g467679g0223014458232.jpg)

2U, Inc.

February 23, 2023

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations.

---

| |
|:---|
|  Very truly yours, |
|  /s/ Paul Hastings LLP |

---

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our reports dated February 21, 2023, with respect to the consolidated financial statements of 2U, Inc. and subsidiaries, and the effectiveness of internal control over financial reporting, incorporated herein by reference.

/s/ KPMG LLP

McLean, Virginia

February 23, 2023

## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

**Form S-8** 

(Form Type)

**2U, Inc.** 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Security Type | Security<br> Class Title | Fee<br>Calculation<br> Rule | Proposed<br> Maximum<br> Offering<br> Price Per<br>Unit<sup>(2)</sup> | Maximum<br> Aggregate<br> Offering<br> Price | Fee Rate | Amount of<br> Registration<br>Fee<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;Equity | Common Stock, $0.001 par value per share, reserved for issuance under the 2014 Plan (as defined below) | 457(h)7000000<sup>(3)</sup> | $9.35 | $65450000.00 | 0.00011020 | $7212.59 |
| &nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;**Total Offering Amounts** |  | $65450000.00 |  | $7212.59 |
| &nbsp;&nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;&nbsp;**Total Fee Offsets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;&nbsp;**Net Fee Due** |  |  |  | $7212.59 |

---

(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "  ***Securities Act*** "), this Registration Statement shall also cover any additional shares of the Registrant's common stock, $0.001 par value per share ("  ***Common Stock***") that become issuable under the 2U, Inc. Amended and
Restated 2014 Equity Incentive Plan (the "  ***2014 Plan***") by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of the
Registrant's outstanding shares of Common Stock.

(2) This estimate is made pursuant to Rule 457(h)(1) and Rule 457(c) of the Securities Act solely for purposes of
calculating the registration fee. The price per share and aggregate offering price are based upon the average of the high and low prices of the Common Stock on February 21, 2023, as reported on The Nasdaq Global Select Market.

(3) Represents shares of Common Stock that were automatically added to the shares authorized for issuance under the
2014 Plan pursuant to an "evergreen" provision contained in the 2014 Plan. Pursuant to such provision, on January 1st of each year, for a period of not more than ten years, commencing on January 1, 2015, and ending on (and including)
January 1, 2024, the amount of shares authorized for issuance under the 2014 Plan shall increase in an amount equal to 5% of the total number of shares of Capital Stock outstanding on December 31st of the preceding calendar year.

(4) The Registrant does not have any fee offsets.