Stitch Fix Announces New Employee Inducement Grants

SAN FRANCISCO, July 18, 2022 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal styling service, today announced that effective July 15, 2022, the compensation committee of the company’s board of directors granted restricted stock units (RSUs) to 10 new employees to acquire an aggregate of 1,080,314 shares of the company’s Class A common stock. One sixteenth of these restricted stock units will vest on September 15, 2022, and the remainder will vest in 15 equal quarterly installments of 1/16th over the next fifteen (15) subsequent quarterly RSU vesting dates, subject to the recipient's continuous service on each vesting date. In addition, effective July 15, 2022, the compensation committee of the company’s board of directors granted restricted stock units to 13 new employees to acquire an aggregate of 431,102 shares of the company’s Class A common stock. One fourth of these restricted stock units will vest on September 15, 2022, and the remainder will vest in 3 equal quarterly installments of 1/4th over the next three subsequent quarterly RSU vesting dates, subject to the recipient's continuous service on each vesting date.

The RSUs were granted pursuant to, and are subject to the terms of, the Stitch Fix, Inc. 2019 Inducement Plan and forms of RSU agreements thereunder, which were approved by the company's board of directors in October 2019 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 is the world's leading online personalized shopping and styling experience. Our unique business model combines the human touch of expert Stylists with the precision of advanced data science. Since our founding in 2011, we’ve served as a trusted style partner to millions of people, helping adults and kids get dressed every day feeling like their best selves. The Stitch Fix team is building a transformative and inclusive ecommerce model, an ecosystem of shopping experiences based on convenience and guided discovery that makes it radically simple and delightful for customers to discover and buy what they love. For more, visit https://www.stitchfix.com.

Source: Stitch Fix, Inc.