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WISH Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Summary
ContextLogic Inc. (NASDAQ: WISH) announced the grant of inducement awards to 42 new employees under its 2022 New Employee Equity Incentive Plan. Effective November 2, 2022, the company will issue 8,767,022 Restricted Stock Units (RSUs), which will vest over time based on continued service. Vesting is scheduled for 25% after 12 months, with subsequent vesting of 6.25% at each Company Vesting Date (February 15, May 15, August 15, November 15). This initiative aims to attract talent in a competitive market, aligning employee interests with shareholder value.
Positive
Grant of 8,767,022 Restricted Stock Units (RSUs) to attract new talent.
Inducement awards align employee and shareholder interests.
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None.
SAN FRANCISCO--(BUSINESS WIRE)--
ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH), one of the world’s largest mobile e-commerce platforms, today announced, as required by Nasdaq Listing Rule 5635(c)(4), the grant of inducement awards under Wish’s 2022 New Employee Equity Incentive Plan (the “Inducement Plan”) to 42 new employees, effective November 2, 2022.
As an inducement for the new employees to enter into employment in accordance with Nasdaq Listing Rule 5635(c)(4), Wish’s compensation committee approved the grant of Restricted Stock Units (“RSUs”) for 8,767,022 shares of the Company’s Class A common stock under the Inducement Plan. The RSUs will vest over time based on each recipient’s continued service, with 25% of the RSUs vesting on the first Company Vesting Date after the recipient completes 12 months of continuous service following the vesting commencement date, with an additional 6.25% of the RSUs vesting on each subsequent Company Vesting Date thereafter, subject to the recipient’s continuous service on each such Company Vesting Date. A “Company Vesting Date” means February 15th, May 15th, August 15th, or November 15th.
About Wish:
Wish brings an affordable and entertaining shopping experience to millions of consumers around the world. Since our founding in San Francisco in 2010, we have become one of the largest global ecommerce platforms, connecting millions of value-conscious consumers to hundreds of thousands of merchants globally. Wish combines technology and data science capabilities and an innovative discovery-based mobile shopping experience to create a highly-visual, entertaining, and personalized shopping experience for its users. For more information about the company or to download the Wish mobile app, visit www.wish.com or follow @Wish on Facebook, Instagram and TikTok or @WishShopping on Twitter and YouTube.To learn more about Wish, please visit www.wish.com.
