Stitch Fix Announces New Employee Inducement Grants

Rhea-AI Summary

Stitch Fix announced that its board granted restricted stock units to 41 new employees, totaling 1,987,941 shares of Class A common stock. These restricted stock units will vest in quarterly installments, starting June 15, 2022. This move follows the company's 2019 Inducement Plan, designed to attract new talent. Stitch Fix, known for its personal styling service, aims to enhance its workforce to strengthen its unique ecommerce model, combining human stylist expertise with advanced data science.

Positive

• Granting RSUs may attract and retain top talent, enhancing operational strength.
• The vesting structure promotes employee retention and engagement.

Negative

• None.

SAN FRANCISCO, April 22, 2022 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal styling service, today announced that effective April 22, 2022, the compensation committee of the company’s board of directors granted restricted stock units to 41 new employees to acquire an aggregate of 1,987,941 shares of the company’s Class A common stock. One sixteenth of the restricted stock units will vest on June 15, 2022, and the remainder will vest in 15 equal quarterly installments of 1/16th over the next fifteen (15) subsequent quarterly RSU vesting dates, subject to the recipient's continuous service on each vesting date.

The stock options and RSUs were granted pursuant to, and are subject to the terms of, the Stitch Fix, Inc. 2019 Inducement Plan and forms of stock option and RSU agreements 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: ir@stitchfix.com

PR Contact: media@stitchfix.com

FAQ

What recent stock option grants did Stitch Fix announce?

On April 22, 2022, Stitch Fix announced the grant of restricted stock units to 41 new employees for a total of 1,987,941 shares.

When will the restricted stock units granted by Stitch Fix vest?

The RSUs will vest starting June 15, 2022, with the remainder vesting in 15 equal quarterly installments.

Why did Stitch Fix grant restricted stock units?

The RSUs were granted under the 2019 Inducement Plan to attract new employees to the company.

What is the purpose of Stitch Fix's 2019 Inducement Plan?

The plan aims to induce new employees to join the company by offering equity compensation.