Stitch Fix Announces New Employee Incentive Grants
SAN FRANCISCO, March 15, 2022 (GLOBE NEWSWIRE) — Stitch Fix, Inc. (NASDAQ: SFIX), the leading online personal styling service, today announced that effective March 10, 2022, the Compensation Committee of the Company’s Board of Directors granted Sachin Dhawan, Chief Technology Officer, the option to purchase 612,170 Class A common shares of the Company, at an exercise price per share of $11.31, and Restricted Share Units (“RSUs”) to acquire 306,085 Class A common shares of the Company. One quarter (25%) of the stock options will vest on June 24, 2022, 4.17% of the options will vest each month over the following 6 months, 2.78% of the options will vest each month during for the next 12 months, and 1.385% of the options will vest each month for the remaining 12 months, subject to Mr. Dhawan’s continued service on each vesting date. A quarter (25%) of the RSUs will vest on June 15, 2022, 12.5% will vest on September 14, 2022 and on December 14, 2022, 8.33% will vest on each of the four quarterly RSU vesting dates during calendar year 2023, and 4.17% will vest on each of the four quarterly vesting dates of the RSUs during calendar year 2024, subject to Mr. Dhawan’s continued service on each vesting date.
In addition, effective March 15, 2022, the Compensation Committee of the Company’s Board of Directors granted restricted stock units to 47 new employees to acquire a total of 1,212,956 Class A common shares of the Company. . One sixteenth of the RSUs will vest on June 15, 2022, and the remainder will vest in 15 equal quarterly installments of 1/16th over the next fifteen (15) subsequent quarterly vesting dates of the RSUs, subject to service of the beneficiary on each vesting date.
The stock options and RSUs were granted pursuant to the Stitch Fix, Inc. 2019 Incentive Plan and resulting forms of stock option and RSU agreements, which were approved by the Company’s Board of Directors in October 2019 under Nasdaq Global Market Rule 5635(c)(4) for equity awards to induce new employees to join the company.
About Stitch Fix, Inc.
Stitch Fix is the world’s first personalized online shopping experience. Our unique business model combines the human touch of expert stylists with the precision of advanced data science. Since our inception in 2011, we’ve served as a trusted style partner to millions of people, helping adults and kids look their best every day. The Stitch Fix team is building a transformative and inclusive e-commerce model, an ecosystem of shopping experiences based on convenience and guided discovery that makes it radically simple for customers to discover and buy what they love. and agreeable. To learn more, visit https://www.stitchfix.com.