Stitch Fix Announces New Employee Inducement Grant

Rhea-AI Summary

On February 18, 2022, Stitch Fix (NASDAQ:SFIX) announced the grant of 125,076 restricted stock units to Devin Grdinic, Vice President of Total Rewards & People Operations. These units will vest over four years, with the first tranche vesting on March 16, 2022. This grant is part of the 2019 Inducement Plan, approved under Nasdaq rules for equity grants to attract new employees. Stitch Fix continues to leverage a blend of expert stylists and data science to enhance its personalized shopping services, solidifying its position in the ecommerce landscape.

Positive

• Granting restricted stock units may enhance employee retention and motivation.
• Utilizing a combination of human expertise and data science could strengthen customer engagement.

Negative

• No significant financial metrics or performance indicators were disclosed regarding the company's current state or outlook.

SAN FRANCISCO, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal styling service, today announced that effective February 15, 2022, the compensation committee of the company’s board of directors granted Devin Grdinic, Vice President of Total Rewards & People Operations, restricted stock units to acquire 125,076 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 Mr. Grdinic’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:	PR Contact:
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FAQ

What restricted stock units were granted to Stitch Fix's Devin Grdinic?

Devin Grdinic was granted 125,076 restricted stock units that vest over four years.

When do the restricted stock units for Devin Grdinic vest?

The restricted stock units begin vesting on March 16, 2022, with subsequent quarterly vesting.

What is the purpose of the restricted stock units granted to executives at Stitch Fix?

These units are designed to attract and retain key talent as part of the company's 2019 Inducement Plan.

How does Stitch Fix combine expert stylists with data science?

Stitch Fix integrates the human touch of stylists with advanced data analytics to personalize shopping experiences.

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

The plan allows the company to issue equity grants to induce new employees to join the organization.