ContextLogic Inc. announced new Board of Directors will comprise a diverse mix of proven leaders, investors and executives who will evaluate opportunities to maximize the value of the Company?s NOLs on behalf of stockholders. These professionals bring records of value creation and a range of expertise in sales, manufacturing, software, investment banking and the capital markets. On April 1, 2024, Tanzeen Syed, Julie Bradley, Lawrence Kutscher, Stephanie Tilenius, Hans Tung and Jun (Joe) Yan tendered their respective resignations as members of the Board and from all committees of the Board on which they serve, in each case, subject to, and effective upon, the Closing.

Such resignations were not the result, in whole or in part, of any disagreement with the Company or the Company?s management. Rishi Bajaj will continue to serve as a member of the Board following the Closing. As disclosed, effective upon, and subject to, the Closing, Mr. Bajaj was appointed by the Board on April 1, 2024, as the Company?s Chief Executive Officer.

Accordingly, prior to the Closing, Mr. Bajaj will tender his resignation as a member of the Compensation Committee of the Board, subject to, and effective upon, the Closing. Upon closing, the reconstituted Board will comprise five directors, four of whom will be independent and newly appointed. On April 1, 2024, the Board appointed the following directors to fill the vacancies resulting from the resignations and the decrease in the size of the Board referred to above, in each case, subject to, and effective upon, the Closing: Michael Farlekas, Marshall Heinberg, Elizabeth LaPuma and Richard Parisi.

The Board will continue to be divided in three classes, with Mr. Bajaj and Mr. Farlekas designated to serve as Class II directors of the Company (with their terms scheduled to end at the 2024 annual meeting of stockholders); Mr. Heinberg and Ms. LaPuma designated to serve as Class III directors (with their terms scheduled to end at the 2025 annual meeting of stockholders); and Mr. Parisi appointed to serve as a Class I director of the Company (with his term scheduled to end at the 2026 annual meeting of stockholders), in each case, until his or her successor is duly elected and qualified. The Board determined that each of the New Directors is independent under the listing standards of the Nasdaq Stock Market. Michael Farlekas, age 58.

Mr. Farlekas has served as the Chief Executive Officer of Onit Inc., a provider of legal workflow software and solutions, since January 2024. Prior to serving in that role, he served as the Chief Executive Officer of E2open, LLC, from 2015 to 2023. Prior to serving in that role, Mr. Farlekas held positions at Roadnet Technologies Inc. and RedPrairie Corporation.

Mr. Farlekas graduated from Fairleigh Dickinson University with a B.S. in Mechanical Engineering and from Jacksonville University with an M.B.A. in International Business. Mr. Farlekas brings to the Board 20 years of experience in executive leadership for enterprise software companies. Marshall Heinberg, age 67.

Mr. Heinberg is the founder and has served as the managing director of MAH Associates, LLC, a provider of strategic advisory and consulting services to companies evaluating financing and strategic alternatives, since 2012. He also serves as the chair of the board of directors of Custom Truck One Source Inc. and as a director of Union Carbide Corporation, a subsidiary of Dow Inc. Previously, Mr. Heinberg served as the chair of the board of directors of PAE Inc. from 2020 to 2022 and on the boards of directors of Galmed Pharmaceuticals Ltd. from 2018 to 2022 and ChannelAdvisor Corporation from 2019 to 2022. Further, Mr. Heinberg previously served as the chair of the board of directors of Ecology and Environment Inc., from 2017 to 2020, as a director of Universal Biosensors Inc. from 2010 to 2021 and as an advisor to Burford Capital Limited from 2015 to 2020.

Mr. Heinberg began his investment banking career in 1987 in the corporate finance division of Oppenheimer & Co. Inc. and served as head of the investment banking department and as a senior managing director of Oppenheimer & Co. Inc. from 2008 until 2012.

Mr. Heinberg also served as the head of U.S. investment banking of CIBC World Markets from 2001 until 2008. Mr. Heinberg graduated from The Wharton School at the University of Pennsylvania with a B.S. in Economics and from Fordham University School of Law with a J.D. Mr. Heinberg brings to the Board over 35 years of capital markets, business and financial experience in complex and regulated industries. Elizabeth LaPuma, age 45.

Ms. LaPuma most recently served as the Head of the Balance Sheet Advisory Group at UBS Group AG, serving as a Managing Director, from 2020 to 2023, particularly focused on representing financial institutions. She also ran Alvarez & Marsal Holdings, LLC?s Asset Management Services group, from 2013 to 2020, managing a portfolio of assets including a $2.5 billion portfolio of debt and equity investments and approximately another $3.0 billion of international assets. Prior to that, Ms. LaPuma worked in the Financial Advisory Group of BlackRock Inc., as well as at Lazard Inc., the global investment bank.

Ms. LaPuma currently sits on the boards of directors of WeWork Inc.; Digital Media Solutions Inc.; Ebix Inc.; Enterra Solutions LLC, a private market-leading industrial scale artificial intelligence value chain solutions provider; Foundation Home Loans, a privately held specialist UK mortgage lender; Ionic Digital Inc., a privately digital mining company; Round Hill Capital, a private real estate fund; and Ventura Capital, a private equity firm. Ms LaPuma previously served on the board of directors of Surgalign Holdings Inc. Ms. LaPuma graduated from The Wharton School at the University of Pennsylvania with a B.S. in Finance and an M.B.A. and from The School of Arts and Sciences at the University of Pennsylvania with a B.A. in International Relations. Ms. LaPuma brings to the Board over 20 years of experience advising on and structuring complex financial transactions, including securities offerings, mergers and acquisitions, and restructurings.