EX-4.3





 Exhibit 4.3 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT. 
 Date of Issuance 

August 1, 2016  

CONTEXTLOGIC INC. 

WARRANT TO PURCHASE SHARES OF SERIES B PREFERRED STOCK 

For the purchase price of $3,897,129.34, this Warrant is issued to Formation8 Partners Fund I, L.P. or its assigns (the
“Holder”) by CONTEXTLOGIC INC., a Delaware corporation (the “Company”). 
 1. Purchase of
Shares. 
 (a) Number of Shares. Subject to the terms and conditions set forth herein, the Holder is
entitled, upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the Holder in writing), to purchase from the Company up to 986,640 fully paid and nonassessable shares of the
Company’s Series B Preferred Stock, par value $0.0001 per share (the “Preferred Stock”). 
 (b) Exercise
Price. The exercise price for the shares of Preferred Stock issuable pursuant to this Section 1 (the “Shares”) shall be $0.0001 per share (the “Exercise Price”). The Shares and the Exercise Price shall be subject to
adjustment pursuant to Section 8 hereof. 
 2. Exercise Period. This Warrant shall only be exercisable one day
prior to the earliest to occur of (a) the consummation of the Company’s sale of its Common Stock or other securities in the Company’s first underwritten public offering pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Act”) (other than a registration statement relating either to sale of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145
transaction) (an “Initial Public Offering”) and (b) the consummation of a Liquidation Event, as such term is defined in the Company’s Amended and Restated Certificate of Incorporation on file with the Secretary of State of the
State of Delaware. For purposes of this Warrant, any of the transactions described in subsection (b) shall be referred to herein as a “Corporate Transaction”. In the event of an Initial Public Offering or Corporate Transaction, the
Company shall notify the Holder at least three (3) days prior to the consummation of such Initial Public Offering or Corporate Transaction. 












 
Notwithstanding anything to the contrary in this Warrant, if Holder fails to purchase a Note within sixty days of the Date of Issuance pursuant to Section 2 of the Settlement and Release
Agreement between the Company and Holder of even date herewith, then this Warrant shall terminate and shall not be exercisable for any Shares. 

3. Method of Exercise. 

(a) While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the Holder may exercise,
in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 
 (i) the surrender of the
Warrant, together with a duly executed copy of the Notice of Exercise attached hereto, to the Secretary of the Company at its principal office (or at such other place as the Company shall notify the Holder in writing); and 

(ii) except in the case of a Net Exercise (as defined in Section 4), the payment to the Company of an amount equal to
the aggregate Exercise Price for the number of Shares being purchased. 
 (b) Each exercise of this Warrant shall be deemed
to have been effected immediately prior to the close of business on the day on which this Warrant is surrendered to the Company as provided in Section 3(a) above. At such time, the person or persons in whose name or names any certificate for
the Shares shall be issuable upon such exercise as provided in Section 3(c) below shall be deemed to have become the holder or holders of record of the Shares represented by such certificate. 

(c) As soon as practicable after the exercise of this Warrant in whole or in part the Company at its expense will cause to be
issued in the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 

(i) a certificate or certificates for the number of Shares to which such Holder shall be entitled, and 

(ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the
aggregate on the face or faces thereof for the number of Shares equal to the number of such Shares described in this Warrant minus the number of such Shares purchased by the Holder upon all exercises made in accordance with Section 3(a) above
or Section 4 below. 
 (d) Notwithstanding the provisions of Section 2, if the holder has not exercised this
Warrant prior to the closing of a Corporate Transaction or an Initial Public Offering, this Warrant shall automatically be deemed to be exercised in full in the manner set forth in Section 4, without any further action on behalf of the Holder
immediately prior to such closing. 












 4. Net Exercise. In lieu of exercising this Warrant for cash, the
Holder may elect to receive shares equal to the value of this Warrant (or the portion thereof being exercised) by surrender of this Warrant at the principal office of the Company together with notice of such election (a “Net Exercise”). A
Holder who Net Exercises shall have the rights described in Sections 3(b) and 3(c) hereof, and the Company shall issue to such Holder a number of Shares computed using the following formula:  

 

	
	X = Y (A - B)
	A

 Where 

X = The number of Shares to be issued to the Holder. 

Y = The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being
exercised, the portion of the Warrant being exercised (at the date of such calculation). 
 A = The fair market value of one
(1) Share (at the date of such calculation). 
 B = The Exercise Price (as adjusted to the date of such calculation).

 For purposes of this Section 4, the fair market value of a Share shall mean the average of the closing prices of the
Shares (or equivalent shares of Common Stock underlying this Warrant) quoted in the over-the-counter market in which the Shares (or equivalent shares of Common Stock
underlying the Warrant) are traded or the closing price quoted on any exchange or electronic securities market on which the Shares (or equivalent shares of Common Stock underlying the Warrant) are listed, whichever is applicable, as published in
The Wall Street Journal for the thirty (30) trading days prior to the date of determination of fair market value (or such shorter period of time during which such Shares were traded over-the-counter or on such exchange). In the event that this Warrant is exercised pursuant to this Section 4 in connection with the Initial Public Offering, the fair market value per Share shall be the
product of (a) the per share offering price to the public of the Initial Public Offering, and (b) the number of shares of Common Stock into which each Share is convertible at the time of such exercise. If the Shares are not traded on the over-the-counter market, an exchange or an electronic securities market, the fair market value shall be the price per Share that the Company could obtain from a willing buyer
for Shares sold by the Company from authorized but unissued Shares, as such prices shall be determined in good faith by the Company’s Board of Directors. 

5. Representations and Warranties of the Company. In connection with the transactions provided for herein, the Company
hereby represents and warrants to the Holder that: 
 (a) Organization, Good Standing, and Qualification. The Company
is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties. 












 (b) Authorization. Except as may be limited by applicable bankruptcy,
insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights, all corporate action has been taken on the part of the Company, its officers, directors, and stockholders necessary for the authorization,
execution and delivery of this Warrant. The Company has taken all corporate action required to make all the obligations of the Company reflected in the provisions of this Warrant the valid and enforceable obligations they purport to be. The issuance
of this Warrant will not be subject to preemptive rights of any stockholders of the Company. The Company has authorized sufficient shares of Preferred Stock to allow for the exercise of this Warrant. 

6. Representations and Warranties of the Holder. In connection with the transactions provided for herein, the Holder
hereby represents and warrants to the Company that: 
 (a) Authorization. Holder represents that it has full power and
authority to enter into this Warrant. This Warrant constitutes the Holder’s valid and legally binding obligation, enforceable in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization,
or similar laws relating to or affecting the enforcement of creditors’ rights and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

(b) Purchase Entirely for Own Account. The Holder acknowledges that this Warrant is entered into by the Holder in
reliance upon such Holder’s representation to the Company that the Warrant and the Shares, and the Common Stock issuable upon conversion of the Shares, (collectively, the “Securities”) will be acquired for investment for the
Holder’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in or otherwise distributing the same.
By acknowledging this Warrant, the Holder further represents that the Holder does not have any contract, undertaking, agreement, or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to the Securities. 
 (c) Disclosure of Information. The Holder acknowledges that it has received all the
information it considers necessary or appropriate for deciding whether to acquire the Securities. The Holder further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions
of the offering of the Securities. 
 (d) Investment Experience. The Holder is an investor in securities of companies
in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks
of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities. 












 (e) Accredited Investor. The Holder is an “accredited
investor” within the meaning of Rule 501 of Regulation D, as presently in effect, as promulgated by the Securities and Exchange Commission (the “SEC”) under the Act. 

(f) Restricted Securities. The Holder understands that the Securities are characterized as “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without
registration under the Act, only in certain limited circumstances. In this connection, the Holder represents that it is familiar with Rule 144, as presently in effect, as promulgated by the SEC under the Act (“Rule 144”), and understands
the resale limitations imposed thereby and by the Act. 
 (g) Further Limitations on Disposition. Without in any way
limiting the representations set forth above, the Holder further agrees not to make any disposition of all or any portion of the Shares unless and until the transferee has agreed in writing for the benefit of the Company to be bound by the terms of
this Warrant, including, without limitation, this Section 6, Section 21, and: 
 (i) there is then in effect a
registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; 

(ii) the Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a
detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of such shares under the Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in extraordinary circumstances; or 

(iii) the Holder shall not make any disposition to any of the Company’s competitors as such is reasonably
determined by the Company. 
 (h) Legends. It is understood that the Securities may bear the following legend: 

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER
SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.” 












 7. State Commissioners of Corporations. THE SALE OF THE SECURITIES
WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO
SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH
QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 8. Adjustment of Exercise Price and Number of Shares.
The number and kind of Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(a) Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the issuance but prior to the
expiration of this Warrant subdivide its Preferred Stock, by split-up or otherwise, or combine its Preferred Stock, or issue additional shares of its Preferred Stock or Common Stock as a dividend with respect
to any shares of its Preferred Stock, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a
combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any
adjustment under this Section 8(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the
making of such dividend. 
 (b) Reclassification, Reorganization and Consolidation. In case of any reclassification,
capital reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 8(a) above), then, as a condition of such reclassification, reorganization or
change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration of this Warrant
to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities or property receivable in connection with such reclassification, reorganization or change by a holder
of the same number and type of securities as were purchasable as Shares by the Holder immediately prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest
of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price per
Share payable hereunder, provided the aggregate Exercise Price shall remain the same. 












 (c) Notice of Adjustment. When any adjustment is required to be made
in the number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon
exercise of this Warrant. 
 (d) Conversion of Preferred Stock. In the event that all outstanding shares of Preferred
Stock are converted to Common Stock, or any other security, in accordance with the terms of the Company’s Certificate of Incorporation in connection with the Company’s Initial Public Offering, Corporate Transaction or other event, this
Warrant shall become exercisable for Common Stock or such other security. 
 9. No Fractional Shares or Scrip. No
fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. 

10. No Stockholder Rights. Prior to exercise of this Warrant, the Holder shall not be entitled to any rights of a
stockholder with respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other distributions thereon, exercise preemptive rights or be notified of stockholder meetings, and, except as otherwise
provided in this Warrant, such Holder shall not be entitled to any stockholder notice or other communication concerning the business or affairs of the Company. 

11. Transfer of Warrant. Subject to compliance with applicable federal and state securities laws and any other
contractual restrictions between the Company and the Holder contained herein, this Warrant and all rights hereunder are transferable in whole or in part by the Holder to any person or entity upon written notice to the Company. Within a reasonable
time after the Company’s receipt of an executed Assignment Form in the form attached hereto, the transfer shall be recorded on the books of the Company upon the surrender of this Warrant, properly endorsed, to the Company at its principal
offices, and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. In the event of a partial transfer, the Company shall issue to the new holders one (1) or more appropriate new warrants. 

12. Governing Law. This Warrant shall be governed by and construed under the laws of the State of California as applied
to agreements among California residents, made and to be performed entirely within the State of California. 
 13.
Successors and Assigns. The terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the holders hereof and their respective successors and assigns. 

14. Counterparts. This Warrant may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 15. Titles and Subtitles. The titles and
subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 












 16. Notices. All notices and other communications given or made
pursuant hereto shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the
recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the following addresses (or at such other addresses as shall be specified by notice given
in accordance with this Section 16): 
 If to the Company: 

CONTEXTLOGIC INC. 

One Sansome Street, 40th Floor San Francisco, CA 94104 

If to Holder: 

At the address shown on the signature page hereto. 

17. Finder’s Fee. Each party represents that it neither is or will be obligated for any finder’s fee or
commission in connection with this transaction. The Holder agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending
against such liability or asserted liability) for which the Holder or any of its officers, partners, employees or representatives is responsible. The Company agrees to indemnify and hold harmless the Holder from any liability for any commission or
compensation in the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible. 

18. Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Warrant, the
prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

19. Entire Agreement; Amendments and Waivers. This Warrant and any other documents delivered pursuant hereto constitute
the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Nonetheless, any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally
or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder; or if this Warrant has been assigned in part, by the holders or rights to purchase a majority of the shares originally
issuable pursuant to this Warrant. 












 20. Severability. If any provision of this Warrant is held to be
unenforceable under applicable law, such provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

21. “Market Stand-Off” Agreement. The Shares shall be subject to the
“Market Stand-Off” Agreement contained in Section 1.13 of the Amended and Restated Investors’ Rights Agreement dated as of February 3, 2015 (as it may be amended). 












 IN WITNESS WHEREOF, the parties have executed this Warrant as of the date first written
above. 
  

			
	CONTEXTLOGIC INC.
		
	By:	 	/s/ Peter Szulczewski
		 	Peter Szulczewski, CEO
		
	Address:	 	1 Sansome St. 40th Floor
		 	 San Francisco, CA 94104



  

			
	ACKNOWLEDGED AND AGREED:
	
	 FORMATION8 PARTNERS FUND I, L.P.

By Formation8 GP, LLC
 Its General Partner

		
	By:	 	/s/ Joe Lonsdale
		
	Name:	 	Joe Lonsdale
		
	Title:	 	Managing Member
		
	Address:	 	 [Address]

		
		 	 













 NOTICE OF EXERCISE 

CONTEXTLOGIC INC. 
 Attention: Corporate Secretary 

The undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, as follows: 

 

	 	☐	 _____________ shares of Series B Preferred Stock pursuant to the terms of the attached Warrant, and tenders
herewith payment in cash of the Exercise Price of such Shares in full, together with all applicable transfer taxes, if any. 


  

	 	☐	 Net Exercise the attached Warrant with respect to __________ Shares. 



The undersigned hereby represents and warrants that Representations and Warranties in Section 6 hereof are true and
correct as of the date hereof.  
  

									
		 		 		 	 HOLDER:

					
	 Date:___________________
	 		 		 	 By:
	 	 
				
		 		 	 Address:
	 	 
		 		 		 	 
		 		 		 	 
					
	 Name in which shares should be registered:
	 		 		 		 	
					
	 	 		 		 		 	













 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute 

this form and supply required information. 

Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

			
	 Name:
	 	 
		 	                                      
                                  (Please Print)
		
	 Address:
	 	 
		 	
                   
                                         
            (Please Print)

		
	 Dated:
	 	
                   
                     

		
	 Holder’s
	 	
	 Signature:
	 	
                   
                                         
                                  

		
	 Holder’s
	 	
	 Address:
	 	
                   
                                         
                                  


 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of
the Warrant. Officers of corporations and those acting in a fiduciary or other representative capacity should provide proper evidence of authority to assign the foregoing Warrant.