BigCommerce Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

BigCommerce Holdings (Nasdaq: BIGC) announced the grant of restricted stock units (RSUs) to 161 new employees, as part of its acquisition of Feedonomics' assets. A total of 195,339 RSUs were awarded, with 90,660 RSUs designated for management employees, vesting over four years. The majority of the remaining RSUs vest annually over four years. The RSUs have a grant date of August 11, 2021, and a vesting commencement date of August 1, 2021, with no exercise price required. This strategy is aligned with Nasdaq’s Listing Rule 5635(c)(4).

Positive

• Issuance of 195,339 RSUs to attract talent post-acquisition.
• Structured vesting schedule supports employee retention.

Negative

• None.

AUSTIN, Texas, Aug. 13, 2021 (GLOBE NEWSWIRE) -- BigCommerce Holdings, Inc. (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established brands, today announced that on August 11, 2021 the Compensation Committee of its Board of Directors granted inducement restricted stock units ("RSUs") to certain new employees previously affiliated with Feedonomics LLC who were offered employment in connection with the acquisition of Feedonomics’ assets and as inducements material to the new employees entering into employment with BigCommerce. The RSUs were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

An aggregate of 195,339 RSUs were granted to 161 employees. Certain management employees of Feedonomics were granted an aggregate of 90,660 RSUs which vest over four years, with 50% of the shares vesting on the three-year anniversary of the vesting commencement date and the remaining 50% of the shares vesting on the four-year anniversary of the vesting commencement date. The remaining employees of Feedonomics were granted an aggregate of 104,679 RSUs which vest over four years, with 25% of the shares vesting on each of the first four anniversaries of the vesting commencement date. In each case, vesting is conditioned on the employee's continued service with BigCommerce through the applicable vesting dates. All of the inducement RSUs have a grant date of August 11, 2021 and a vesting commencement date of August 1, 2021.

Each RSU represents a contingent right to receive one share of the Company's Series 1 common stock and there is no exercise price associated with the granted RSUs. The RSUs are subject to the terms and conditions of BigCommerce's 2021 Inducement Award Plan and are subject to the terms and conditions of the applicable award agreements covering such grants.

About BigCommerce
BigCommerce Holdings, Inc. (Nasdaq: BIGC) is a leading software-as-a-service (SaaS) ecommerce platform that empowers merchants of all sizes to build, innovate and grow their businesses online. As a leading Open SaaS solution, BigCommerce provides merchants sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2B and B2C companies across 150 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, Sony and Vodafone. Headquartered in Austin, BigCommerce has offices in San Francisco, Sydney and London. For more information, please visit www.bigcommerce.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

Media Contact
Meghan Stabler
Meghan.stabler@bigcommerce.com

FAQ

What is the significance of the restricted stock units (RSUs) granted by BigCommerce on August 11, 2021?

The RSUs aim to entice new employees from Feedonomics following its acquisition, enhancing talent retention.

How many employees received RSUs from BigCommerce's recent announcement?

A total of 161 employees received RSUs as part of the grant.

What is the vesting schedule for the RSUs granted by BigCommerce?

Management employees' RSUs vest over four years, with 50% vesting after three years, while the remaining employees' RSUs vest 25% annually over four years.

Under which Nasdaq rule did BigCommerce grant the RSUs?

The RSUs were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

What was the total number of RSUs granted to management employees at BigCommerce?

Management employees were granted a total of 90,660 RSUs.