WISH Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
September 29 2022 - 9:00AM
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 Interim CEO, Jun (Joe) Yan, on September
27, 2022.
As an inducement for Mr. Yan to enter into employment in
accordance with Nasdaq Listing Rule 5635(c)(4), the independent
members of Wish’s Board of Directors approved the grant to Mr. Yan
of Restricted Stock Units (“RSUs”) for 1,948,051 shares of Wish’s
Class A common stock and an option (the “Option”) to purchase
1,948,051 shares of Wish’s Class A common stock, both under the
Inducement Plan. The RSUs will vest over time based on Mr. Yan’s
continued service, with 50% of the RSUs vesting on the first
Company Vesting Date following Mr. Yan’s completion of 6 months of
continuous service following the commencement of his employment,
and the remaining 50% of the RSUs vesting on the first Company
Vesting Date following Mr. Yan’s completion of 12 months of
continuous service. The Option will also vest and become
exercisable over time based on Mr. Yan’s continued service, with
50% of the Option shares vesting following Mr. Yan’s completion of
6 months of continuous service, and the remaining 50% of the Option
shares vesting following Mr. Yan’s completion of 12 months of
continuous service. If Mr. Yan is terminated from his employment,
does not remain Interim CEO, or is not promoted to CEO, each within
6 months of his commencement of employment, 50% of both of his RSUs
and the shares subject to his Option shall vest. A “Company Vesting
Date” means February 15, May 15, August 15, or November 15.
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 over half a million 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220929005295/en/
Media contact: Carys Comerford-Green press@wish.com
Investor contact: Randy Scherago ir@wish.com
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