WISH Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SAN FRANCISCO, Feb. 17, 2023 (GLOBE NEWSWIRE) -- 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 23 new employees, effective February 15, 2023.
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 9,661,589 shares of the Company’s common stock under the Inducement Plan. The RSUs will vest as follows:
- 22 employees received RSU awards, 9,161,589 shares in the aggregate, that 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.
- 1 employee received an RSU award of 500,000 shares that will vest over time based on the recipient’s continued service, with 12.5% of the RSUs vesting on the first Company Vesting Date after the recipient completes 6 months of continuous service following the vesting commencement date, with an additional 12.5% of the RSUs vesting one year from the vesting commencement date, and with an additional 1/12th of the remaining RSUs vesting on each Company Vesting Date thereafter, subject to the recipient’s continuous service on each such Company Vesting Date.
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.