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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 1,945,945 Restricted Stock Units (RSUs) to Raju Kolluru, its new VP of Engineering - Buying Experience, under its 2022 Inducement Plan. This award, as per Nasdaq Listing Rule 5635(c)(4), vests over four years, with initial vesting on the first Company Vesting Date following his employment commencement on May 10, 2022. The RSUs require Kolluru's continuous service for vesting.
Positive
The grant of RSUs indicates a strategic hire aimed at enhancing Wish's engineering and buying experience.
Negative
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 an inducement award under Wish’s 2022 New Employee Equity Incentive Plan (the “Inducement Plan”) to its new VP, Engineering – Buying Experience, Raju Kolluru, on May 10, 2022.
As an inducement for Mr. Kolluru to enter into employment in accordance with Nasdaq Listing Rule 5635(c)(4), Wish’s compensation committee approved the grant to Mr. Kolluru of Restricted Stock Units (“RSUs”) for 1,945,945 shares of the Company’s Class A common stock under the Inducement Plan. The RSUs will vest over approximately four years of Mr. Kolluru’s service, with 1/16th of the RSUs vesting on the first Company Vesting Date following Mr. Kolluru’s commencement of employment, and an additional 1/16th of the remaining RSUs will vest on each Company Vesting Date thereafter. The RSU award is subject to Mr. Kolluru’s continuous service through the applicable vesting dates. A “Company Vesting Date” means February 15, May 15, August 15, or November 15.
To learn more about Wish, please visit www.wish.com
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.
