Stitch Fix Announces New Employee Inducement Grant

SAN FRANCISCO, June 30, 2023 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal styling service, today announced that effective June 26, 2023, the compensation committee of the company’s board of directors granted Matt Baer, Chief Executive Officer, the option to purchase 2,200,000 shares of the company’s Class A common stock, at a per share exercise price of $3.70, and restricted stock units (RSUs) to acquire 1,100,000 shares of the company’s Class A common stock. The stock options vest over three years, with 16 ⅔% of the shares vesting on March 13, 2024, and the remainder vesting in ten equal quarterly installments thereafter, subject to Mr. Baer’s continued service on each vesting date. The restricted stock units vest over three years, with 16 ⅔% of the shares vesting on March 13, 2024, and the remainder vesting in ten equal quarterly installments thereafter, subject to Mr. Baer’s continued service on each vesting date. The RSUs and stock options were granted pursuant to, and are subject to the terms of, the Stitch Fix, Inc. Amended and Restated 2019 Inducement Plan and forms of stock option and RSU agreements thereunder, which were approved by the company's board of directors in April 2022 under Rule 5635(c)(4) of the Nasdaq Global Market for equity grants to induce new employees to enter into employment with the company.

About Stitch Fix, Inc.

Stitch Fix combines the human touch of expert stylists with the precision of advanced data science to make online personal styling accessible to everyone. Stitch Fix helps millions of clients across the United States and United Kingdom find clothing and accessories they love through a unique model that can extend far beyond the closet to define the future of shopping. For more, visit https://www.stitchfix.com.

Source: Stitch Fix, Inc.