WISH Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
February 20 2023 - 11:00AM
ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH), one of the world’s
largest mobile e-commerce platforms, today announced, as required
by Nasdaq Listing Rule 5635(c)(4), the grant of inducement awards
under Wish’s 2022 New Employee Equity Incentive Plan (the
“Inducement Plan”) to 23 new employees, effective February 15,
2023.
As an inducement for the new employees to enter into employment
in accordance with Nasdaq Listing Rule 5635(c)(4), Wish’s
compensation committee approved the grant of Restricted Stock Units
(“RSUs”) for 9,661,589 shares of the Company’s common stock under
the Inducement Plan. The RSUs will vest as follows:
- 22 employees received RSU awards, 9,161,589 shares in the
aggregate, that will vest over time based on each recipient’s
continued service, with 25% of the RSUs vesting on the first
Company Vesting Date after the recipient completes 12 months of
continuous service following the vesting commencement date, with an
additional 6.25% of the RSUs vesting on each subsequent Company
Vesting Date thereafter, subject to the recipient’s continuous
service on each such Company Vesting Date. A “Company Vesting Date”
means February 15th, May 15th, August 15th, or November 15th.
- 1 employee received an RSU award of 500,000 shares that will
vest over time based on the recipient’s continued service, with
12.5% of the RSUs vesting on the first Company Vesting Date after
the recipient completes 6 months of continuous service following
the vesting commencement date, with an additional 12.5% of the RSUs
vesting one year from the vesting commencement date, and with an
additional 1/12th of the remaining RSUs vesting on each Company
Vesting Date thereafter, subject to the recipient’s continuous
service on each such Company Vesting Date.
About Wish:
Wish brings an affordable and entertaining shopping experience
to millions of consumers around the world. Since our founding in
San Francisco in 2010, we have become one of the largest global
ecommerce platforms, connecting millions of value-conscious
consumers to hundreds of thousands of merchants globally. Wish
combines technology and data science capabilities and an innovative
discovery-based mobile shopping experience to create a
highly-visual, entertaining, and personalized shopping experience
for its users. For more information about the company or to
download the Wish mobile app, visit www.wish.com or follow @Wish on
Facebook, Instagram and TikTok or @WishShopping on Twitter and
YouTube.To learn more about Wish, please visit www.wish.com.
Media contact: Carys Comerford-Green
press@wish.com
Investor contact: Ralph Fongir@wish.com
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