Stitch Fix Announces New Employee Inducement Grant

Rhea-AI Summary

Stitch Fix announced on January 6, 2022, the granting of restricted stock units to Sarah Barkema for 60,693 shares of Class A common stock. The vesting of these units is scheduled over four years, initiating with a quarter on March 16, 2022. This grant aligns with the Stitch Fix, Inc. 2019 Inducement Plan, approved by the board under Nasdaq rules, aimed at attracting new talent to the company.

Positive

• Granting restricted stock units may enhance employee retention and motivation.
• The plan aligns with the company's strategy to attract and retain top talent.

Negative

• Concerns may arise regarding continuity in leadership and potential experience gaps if turnover occurs.

SAN FRANCISCO, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal styling service, today announced that effective January 6, 2022, the compensation committee of the company’s board of directors granted Sarah Barkema restricted stock units to acquire 60,693 shares of the company’s Class A common stock. The restricted stock units vest over four years, with one sixteenth of the shares vesting on March 16, 2022, and the remainder vesting in equal quarterly installments thereafter, subject to Ms. Barkema’s continued service on each vesting date. The restricted stock units were granted pursuant to, and are subject to the terms of, the Stitch Fix, Inc. 2019 Inducement Plan and form of restricted stock unit agreement thereunder, which were approved by the company's board of directors in October 2019 under Rule 5635(c)(4) of the Nasdaq Global Market for equity grants to induce new employees to enter into employment with the company.

About Stitch Fix, Inc.

Stitch Fix is the world's leading online personalized shopping experience. Our unique business model combines the human touch of expert Stylists with the precision of advanced data science. Since our founding in 2011, we’ve served as a trusted style partner to millions of people, helping adults and kids get dressed every day feeling like their best selves. The Stitch Fix team is building a transformative and inclusive ecommerce model, an ecosystem of shopping experiences based on convenience and guided discovery that makes it radically simple and delightful for customers to discover and buy what they love. For more, visit https://www.stitchfix.com.

IR Contact: Tanny Shelburne ir@stitchfix.com

PR Contact: Suzy Sammons media@stitchfix.com

FAQ

What are the details of Sarah Barkema's restricted stock units at Stitch Fix?

Sarah Barkema was granted 60,693 restricted stock units, vesting over four years with an initial vesting date of March 16, 2022.

What is the significance of the 2019 Inducement Plan for Stitch Fix?

The 2019 Inducement Plan is designed to attract new employees with equity grants, providing essential incentives for joining the company.

How does the stock grant impact Stitch Fix's business strategy?

The stock grant aims to retain talent and align employee interests with company performance, potentially driving long-term success.