WISH Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
February 01 2022 - 5:00PM
Business Wire
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 its new CEO, Vijay Talwar, on February 1,
2022.
As an inducement for Mr. Talwar to enter into employment in
accordance with Nasdaq Listing Rule 5635(c)(4), Wish’s compensation
committee approved the grant to Mr. Talwar of Restricted Stock
Units (“RSUs”) for 4,633,205 shares of the Company’s Class A common
stock and an option to purchase 6,486,486 shares of the Company’s
Class A common stock, both under the Inducement Plan. The RSUs will
vest over approximately four years of Mr. Talwar’s service, with
25% of the RSUs vesting on the first Company Vesting Date following
the completion of 12 months of continuous service. An additional
1/12th of the remaining RSUs will vest on each Company Vesting Date
thereafter. The Option will also vest and become exercisable over
approximately four years of Mr. Talwar’s service, with 1/16th of
the Option shares vesting on each Company Vesting Date, beginning
on May 15, 2022. Each of the awards are subject to Mr. Talwar’s
continuous service through the applicable vesting dates and are
subject to acceleration pursuant to the Executive Severance and
Change in Control Agreement entered into with Mr. Talwar in
connection with the commencement of his employment. A “Company
Vesting Date” means February 15, May 15, August 15, or November
15.
To learn more about Wish, please visit www.wish.com.
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 around the world to over half a million merchants. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220201005788/en/
Media contact: Carys Comerford-Green press@wish.com
Investor contact: ir@wish.com
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