Piotr Szulczewski - May 15, 2021 Form 4 Insider Report for ContextLogic Inc. (WISH)

Role
Founder and CEO, Director, 10%+ Owner
Signature
/s/ Jilliana Wong, Attorney-in-Fact
Stock symbol
WISH
Transactions as of
May 15, 2021
Transactions value $
$0
Form type
4
Date filed
5/18/2021, 09:11 PM
Next filing
May 20, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction WISH Restricted Stock Unit Options Exercise $0 -215K -100% $0.00* 0 May 15, 2021 Class B Common Stock 215K $0.00 Direct F1, F2
transaction WISH Class B Common Stock Options Exercise $0 +215K +0.39% $0.00 55.9M May 15, 2021 Class A Common Stock 215K Direct F3, F4
transaction WISH Restricted Stock Unit Options Exercise $0 -68.1K -20% $0.00 273K May 15, 2021 Class B Common Stock 68.1K $0.00 Direct F1, F5
transaction WISH Class B Common Stock Options Exercise $0 +68.1K +0.12% $0.00 56M May 15, 2021 Class A Common Stock 68.1K Direct F3, F4
transaction WISH Restricted Stock Unit Options Exercise $0 -541K -19.05% $0.00 2.3M May 15, 2021 Class B Common Stock 541K $0.00 Direct F1, F6
transaction WISH Class B Common Stock Options Exercise $0 +541K +0.97% $0.00 56.5M May 15, 2021 Class A Common Stock 541K Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This reported transaction represents the settlement of RSUs vested as of May 15, 2021.
F2 Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock. Subject to the reporting person's continued service, 25% of the RSUs vested on April 24, 2018, and an additional 1/48th of the RSUs vest monthly thereafter for a period of 3 years.
F3 All shares of Class B Common Stock will automatically convert, on a one-for-one basis, into shares of Class A Common Stock on the earliest of (i) any transfer of the Class B Common Stock by the holder, whether or not for value, subject to certain exceptions, (ii) the 7-year anniversary of the closing date of the issuer's initial public offering, (iii) the date on which the number of outstanding shares of Class B Common Stock represents less than 5% of the aggregate combined number of outstanding shares of Class A Common Stock and Class B Common Stock, (iv) the date specified by a vote of the holders of a majority of the then outstanding shares of Class B common stock, or (v) a date that is between 90 and 270 days, as determined by the board of directors, after the death or permanent incapacity of the issuer's founder, CEO, and Chairperson.
F4 Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock. Each share of Class B Common Stock will convert automatically into one share of Class A Common Stock upon any transfer, whether or not for value, except certain permitted transfers.
F5 Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock. Subject to the reporting person's continued service, 1/60th of the RSUs vest monthly beginning on February 1, 2018 for a period of 5 years.
F6 Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock. Subject to the reporting person's continued employment, 1/48th of the RSUs vest on a monthly basis beginning on October 23, 2018 for a period of 4 years.