WISH Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

ContextLogic Inc. (NASDAQ: WISH), known as Wish, announced the grant of an inducement award of Restricted Stock Units (RSUs) for 607,142 shares to new VP of Product Design, Stacy All, on June 13, 2022. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and vests over four years, with 1/4 vesting after one year of service, followed by monthly vesting. This strategic hiring aims to enhance Wish's product design capabilities as the company continues to connect consumers with merchants globally.

Positive

• Strategic hiring of Stacy All as VP of Product Design.
• RSUs granted to align with long-term performance incentives.

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, Product Design, Stacy All, on June 13, 2022.

As an inducement for Ms. All to enter into employment in accordance with Nasdaq Listing Rule 5635(c)(4), Wish’s compensation committee approved the grant to Ms. All of Restricted Stock Units (“RSUs”) for 607,142 shares of the Company’s Class A common stock under the Inducement Plan. The RSUs will vest over approximately four years of Ms. All’s service, with 1/4th of the RSUs vesting on the first Company Vesting Date following Ms. All’s completion of 12 months of continuous service following commencement of employment, and an additional 1/12th of the remaining RSUs will vest on each Company Vesting Date thereafter. The RSU award is subject to Ms. All’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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005646/en/

Media contact:

Carys Comerford-Green

press@wish.com

Investor contact:

ir@wish.com

Source: Wish

FAQ

What is the significance of the RSUs granted to Stacy All at Wish?

The Restricted Stock Units (RSUs) granted to Stacy All serve as an inducement for her to join Wish, incentivizing her long-term commitment and contribution to the company's product design.

When do the RSUs for Stacy All at Wish vest?

The RSUs will vest over approximately four years, with 1/4 vesting after her first year of service and the remaining RSUs vesting monthly thereafter.

What does the Nasdaq rule state regarding the RSU grant to Stacy All?

The grant of RSUs is in compliance with Nasdaq Listing Rule 5635(c)(4), which requires certain disclosures for inducement awards.

What is the amount of stock granted to Stacy All as an inducement?

Stacy All was granted 607,142 shares of Class A common stock under the Inducement Plan.

What is the purpose of the inducement award for Stacy All at Wish?

The inducement award aims to attract top talent to Wish and enhance its product design capabilities.