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WISH Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
ContextLogic Inc. (d/b/a Wish) granted inducement awards to new CEO Vijay Talwar under Nasdaq Listing Rule 5635(c)(4). Effective February 1, 2022, Talwar received 4,633,205 Restricted Stock Units (RSUs) and an option for 6,486,486 shares of Class A common stock. RSUs vest over four years, with 25% vesting after 12 months and the remainder vesting monthly thereafter. The options also vest over four years, starting on May 15, 2022. Both awards depend on Talwar’s continued service and are subject to acceleration under a severance agreement.
Positive
Inducement awards align CEO's interests with shareholder value.
Long-term vesting plan encourages retention and performance.
Negative
High number of stock options may dilute existing shares.
Potential for share price volatility based on CEO's compensation structure.
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 its new CEO, Vijay Talwar, on February 1, 2022.
As an inducement for Mr. Talwar to enter into employment in accordance with Nasdaq Listing Rule 5635(c)(4), Wish’s compensation committee approved the grant to Mr. Talwar of Restricted Stock Units (“RSUs”) for 4,633,205 shares of the Company’s Class A common stock and an option to purchase 6,486,486 shares of the Company’s Class A common stock, both under the Inducement Plan. The RSUs will vest over approximately four years of Mr. Talwar’s service, with 25% of the RSUs vesting on the first Company Vesting Date following the completion of 12 months of continuous service. An additional 1/12th of the remaining RSUs will vest on each Company Vesting Date thereafter. The Option will also vest and become exercisable over approximately four years of Mr. Talwar’s service, with 1/16th of the Option shares vesting on each Company Vesting Date, beginning on May 15, 2022. Each of the awards are subject to Mr. Talwar’s continuous service through the applicable vesting dates and are subject to acceleration pursuant to the Executive Severance and Change in Control Agreement entered into with Mr. Talwar in connection with the commencement of his employment. 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 around the world to over half a million merchants. 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.
