10-K/A - ContextLogic Inc. (0001822250) (Filer)

Thu, Apr 17, 10:04 AM (36 days ago)

**ContextLogic Inc. (LOGC) 10-K/A Amendment Summary** **Financial Performance:** - The amendment does not provide specific financial figures for 2024, but it includes details on executive compensation, director compensation, and related party transactions. **Executive Compensation:** - Named executive officers for 2024 included Rishi Bajaj (CEO), Brett Just (CFO), and former executives Jun (Joe) Yan, Vivian Liu, and Joanna Forster. - Total compensation for executives varied, with Rishi Bajaj receiving $986,019 and Brett Just receiving $1,319,336 in 2024. - Equity compensation, primarily in the form of Restricted Stock Units (RSUs), was a significant component of executive compensation. **Director Compensation:** - Non-employee directors received a combination of cash and equity compensation. - Total compensation for directors ranged from $42,500 to $913,495, with equity awards being a substantial part of the compensation. **Strategic Overview:** - The company underwent significant changes in management and board composition following the Asset Sale in April 2024. - New directors and executive officers were appointed, and severance arrangements were made for former executives. **Future Outlook:** - The company is focused on strategic goals and has appointed a new Board Chairperson, Ted Goldthorpe, to align with these objectives. - The company is committed to enhancing the diversity of its Board of Directors and conducting annual self-evaluations. **Risk Factors:** - The company has policies in place to manage risks associated with compensation programs and related party transactions. - The Audit Committee oversees risk management guidelines and policies, ensuring compliance with legal and regulatory requirements. **Financial Condition:** - The company's financial statements for 2024 were audited by BPM LLP, and the Audit Committee recommended their inclusion in the Annual Report on Form 10-K. - The company has entered into indemnification agreements with directors and executive officers. **Market Position Changes:** - The company's market value of Class A common stock held by non-affiliates was approximately $149 million as of June 30, 2024. - The company has a strong focus on corporate governance and ethical conduct, with a Code of Conduct and Ethics applicable to all employees and directors. **Key Changes:** - The amendment includes updated information on the board of directors, executive officers, and corporate governance. - It also provides details on the company's compensation policies, related party transactions, and audit committee activities.