DoorDash Grants Equity Awards Under Its 2022 Inducement Equity Incentive Plan

Rhea-AI Summary

On June 1, 2022, DoorDash (NYSE: DASH) announced the granting of equity awards under its 2022 Inducement Equity Incentive Plan to new employees acquired from Wolt Enterprises Oy. The awards included 7,338,988 retention restricted stock units to 1,219 Wolt employees, stock options for 1,709,656 shares to 858 employees, and a restricted stock award for 13,276 shares. Options have an exercise price from $0.01 to $14.32 per share. Each RSU will vest quarterly after the first anniversary of the grant.

Positive

• Retention of key Wolt employees through substantial equity awards.
• Stock options provided to Wolt employees, potentially aligning their interests with DoorDash.

Negative

• None.

SAN FRANCISCO, June 1, 2022 /PRNewswire/ -- DoorDash, Inc. (NYSE: DASH) ("DoorDash") today announced it has granted equity awards under its 2022 Inducement Equity Incentive Plan (the "Plan") to new employees who joined DoorDash or its subsidiaries in connection with the acquisition of Wolt Enterprises Oy ("Wolt") pursuant to the share purchase agreement between DoorDash, Wolt and certain other parties dated November 9, 2021, as amended April 9, 2022 (the "SPA").  The Plan was adopted by DoorDash's Leadership, Development, Inclusion, & Compensation Committee of its Board of Directors in May 2022, in accordance with New York Stock Exchange Rule 303A.08.

[On May 31, 2022,] DoorDash granted a total of (i) 7,338,988 retention restricted stock units ("RSUs") under the Plan to 1,219 continuing Wolt employees, (ii) stock options covering 1,709,656 shares under the Plan to 858 continuing Wolt employees that were granted in exchange for their cancelled vested Wolt options issued under a Wolt incentive plan, and (iii) a restricted stock award covering under 13,276 shares under the Plan to one continuing Wolt employee that was granted in exchange for shares issued under a Wolt incentive plan.  Each award of retention RSUs under the Plan vests as to 25 percent of the award on the first anniversary of the grant date and the balance of the award vests quarterly on DoorDash's quarterly vesting dates thereafter in 12 equal installments, subject to the holder's continued service with DoorDash or its subsidiaries (including Wolt) through each applicable vesting date.  The awards of stock options and restricted stock under the Plan generally are vested on the grant date, except that a portion of each option award will become exercisable only if and to the extent there is a release from the Wolt acquisition escrow and based on the employee's pro-rata percentage of that escrow release.  The stock options have an exercise price between $0.01 and $14.32 per share.  The exercise price per share of each of these stock options was set based on the exercise price of the applicable cancelled vested Wolt option being exchanged, as adjusted in accordance with the SPA.  Each of the employees who received an equity award is a non-executive officer.

About DoorDash

DoorDash (NYSE: DASH) is a technology company that connects consumers with their favorite businesses. Founded in 2013, DoorDash enables local businesses to address consumers' expectations of ease and immediacy and thrive in today's convenience economy. By building the logistics infrastructure for local commerce, DoorDash is bringing communities closer, one doorstep at a time.

About Wolt

Wolt is a Helsinki-based technology company that makes it incredibly easy to discover and get the best restaurants, grocery stores and other local shops delivered to you. To enable this, Wolt develops a wide range of technologies from local logistics to retail software and financial solutions, as well as operates its own grocery stores under the brand Wolt Market. Wolt was founded in 2014 and joined forces with DoorDash in 2022. DoorDash operates in 27 countries today, 23 of which are with the Wolt product and brand.

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SOURCE DoorDash

FAQ

What equity awards has DoorDash granted under its 2022 Inducement Equity Incentive Plan?

DoorDash has granted 7,338,988 retention restricted stock units, stock options covering 1,709,656 shares, and a restricted stock award for 13,276 shares to Wolt employees.

When was the announcement about equity awards made by DoorDash?

The announcement was made on June 1, 2022.

What is the exercise price range for the stock options granted by DoorDash?

The exercise price for the stock options ranges from $0.01 to $14.32 per share.

How many Wolt employees received retention restricted stock units from DoorDash?

A total of 1,219 Wolt employees received retention restricted stock units.

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

The RSUs vest 25% on the first anniversary of the grant date and the remaining 75% vests quarterly in 12 equal installments.