Document:

EX-10.9

 Exhibit 10.9 
  

 
 One Sansome St. 40th Floor 

San Francisco, CA 94104 

hr@wish.com 
 August 16, 2019 

Pai Liu 
 Email: 

[***] 
 Dear Pai Liu: 

ContextLogic, Inc. (the “Company” or “Wish”) is pleased to offer you employment on the following terms:

  

	 	1.	 Position. Your initial title will be Director, Data Science. This is a full-time position. In
this position, you will be expected to perform such duties and exercise such responsibilities as are assigned from time-to-time. In carrying out these duties and
responsibilities, you shall comply with all policies, procedures, rules and regulations, both written and oral, as are provided by the Company from time-to-time and to
carry out said duties and responsibilities in a diligent, faithful and honest manner. 

  

	 	2.	 Compensation. The Company will pay you a starting base salary of $275,000 per year, payable in
accordance with the Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies and procedures in effect from time to time. 

 

	 	3.	 Signing Bonus: This offer includes a signing bonus in the amount of $50,000, which will be
paid to you within 30 days of your start date. If you voluntarily leave the Company before the one-year anniversary of your start date, you agree to repay the Company the full net amount of the signing bonus
within 30 days of your separation date. 

  

	 	4.	 Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a
number of Company-sponsored benefits, including our group health insurance plan, in accordance with the applicable plan documents and policies. The Company reserves the right to modify or discontinue such benefit plans in its sole discretion. In
addition, you will be eligible to participate in the Company’s paid time off policy, as in effect from time to time. A copy of the current paid time off policy will be provided to you upon hire and any subsequent versions will be posted on the
Company’s wiki/intranet. 

  

	 	5.	 Restricted Stock Units. Subject to the approval of the Company’s Board of Directors or its
Compensation Committee, you will be granted an award of Restricted Stock Units (“RSUs”) for that number of shares of the Company’s Common Stock equal to $2,000,000 divided by the value of one share of the Company’s most
senior Preferred Stock pursuant to the last round of preferred stock financing. The RSUs will be subject to the terms and conditions applicable to RSUs granted under the Company’s 2010 Stock Plan, as amended (the “Plan”), as described
in the Plan and the applicable Restricted 

  
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Stock Unit Agreement. The RSUs vest based on (i) a time-based requirement with respect to your service with the Company, and (ii) a liquidity requirement, both of which must be
satisfied prior to the expiration of the RSUs. The time-based requirement may be satisfied with respect to 25% of the RSUs after 12 months of your continuous service with the Company, and may be satisfied with respect to the balance of the RSUs in
equal monthly installments over the next 3 years of continuous service, as described in the applicable Restricted Stock Unit Agreement. Note that, if you do not remain employed through the vesting date, you will not qualify to receive RSUs, in
accordance with the terms of the Stock Plan. The liquidity event may be satisfied upon either the occurrence of an initial public offering of the Company’s Common Stock or a sale of the Company in which the Company’s stockholders receive
cash or marketable securities. Should the Company be unable to grant you RSUs, the Board of Directors or its Compensation Committee may, as determined in its sole discretion, grant you a reasonable equivalent, such as stock options or restricted
stock. 
  

	 	6.	 Confidential Information and Invention Assignment Agreement. Like all Company employees, you will be
required, as a condition of your employment with the Company, to sign the Company’s standard Confidential Information and Invention Assignment Agreement, a copy of which is attached hereto as Exhibit A. We also want to make clear that we do not
want you to, and we hereby direct you not to, bring with you any confidential or proprietary information of any former employer or other entity or to violate any other obligations you may have to any former employer or other entity. By signing this
agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prevent you from performing your duties for the Company. 

 

	 	7.	 Conflicts of Interest. During your employment, you agree not to engage in any employment, business,
or activity that is in any way competitive with the business or proposed business of the Company, which materially interferes with the performance of your job duties, or creates a conflict of interest. You may request (and submit to Wish for
approval) an Outside Activity Disclosure Form from hr@wish.com to disclose any outside employment, business, or activity in which you intend to engage during employment with Wish. Failure to make disclosures is considered a material representation
that you are not engaged or associated with any such outside activities at the beginning of employment. You will be responsible for complying with Wish’s Conflict of Interest Policy, including updated disclosures of such outside activities, at
all times during employment. 

  

	 	8.	 Employment Relationship. Employment with the Company is
at-will. This means that you have the right to resign and the Company has the right to terminate your employment at any time, for any or no reason, with or without cause, and with or without notice. Any
contrary representations that may have been made to you are superseded by this letter agreement. This, along with the Confidential Information and Invention Assignment Agreement, is the full and complete agreement between you and the Company on this
term. Although your job duties, title, responsibilities, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed
in an express written agreement signed by you and the CEO of the Company. 

  
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	 	9.	 Tax Matters. 

 

	 	(a)	 Withholding. All forms of compensation referred to in this letter agreement are subject to reduction
to reflect applicable withholding and payroll taxes and other deductions required by law. 

  

	 	(b)	 Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the
Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities
arising from your compensation. 

  

	 	10.	 Interpretation, Amendment and Enforcement. This letter agreement and the accompanying exhibits,
including the Confidential Information and Invention Assignment Agreement, along with documents related to your Equity Grants, constitute the complete agreement between you and the Company, contain all of the terms of your employment with the
Company and supersede any prior between you and the Company. This letter agreement may only be amended by an authorized officer of the Company. 

  

	 	11.	 Arbitration of Disputes. The Company and I mutually consent to the resolution by arbitration, under
the applicable rules of JAMS (which are available at jamsadr.com, or from the Company upon my request), of all claims (common law or statutory) that the Company might have against me, or that I may have against the Company, its affiliated companies,
the directors, employees or agents of any such company, and all successors and assigns of any of them. The Company and I waive the right to have a court or jury trial on any arbitrable claim. The Federal Arbitration Act shall govern this arbitration
agreement, or if for any reason the FAA does not apply, the arbitration law of the state in which I rendered services to the Company. Notwithstanding any provision of the JAMS Rules, arbitration shall occur on an individual basis only, and a court
of competent jurisdiction (and not an arbitrator) shall resolve any dispute about the formation, validity, or enforceability of any provision of this arbitration agreement. I waive the right to initiate, participate in, or recover through, any class
or collective action. To the maximum extent permitted by law, the arbitrator shall award the prevailing party its costs and reasonable attorney’s fees; provided, however, that the arbitrator at all times shall apply the law for the shifting of
costs and fees that a court would apply to the claim(s) asserted. Nothing in this arbitration agreement prevents me from filing or recovering pursuant to a complaint, charge, or other communication with any federal, state or local governmental or
law enforcement agency. This arbitration agreement shall remain in effect notwithstanding the termination of my association with the Company. 

  

	 	12.	 Contingencies. This offer is contingent upon proof of identity and work eligibility, which must be
submitted to the Company within 72 hours of your start date. Your continued employment with the Company is contingent upon you remaining authorized to work in the United States for Wish. The Company reserves the right to conduct background, credit
and/or reference checks on all of its potential employees. Your job offer, therefore, is contingent upon clearance of such background, credit and/or reference checks. Your employment is also contingent on your starting work with the Company on or
before September 16, 2019. 

  
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 We hope that you will accept our offer to join the Company. You may indicate
your agreement with these terms and accept this offer by signing and dating this letter agreement and the enclosed exhibit, and returning them to me. This offer, if not accepted, will expire at the close of business on
August 23, 2019. 
 If you have any questions, please contact your recruiter. 

 

	
	 Very truly yours,

	
	 CONTEXTLOGIC, INC.

	
	 /s/ Piotr Szulczewski

	
	 Piotr Szulczewski

	 CEO

 Enclosures 

I have read and accept this employment offer: 
  

	
	 Pai Liu

	
	 Candidate Name

	
	 /s/ Pai Liu

  
 4EX-10.10

 Exhibit 10.10 

CONTEXTLOGIC INC. 

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL
AGREEMENT 
 This Executive Severance and Change in Control Agreement (the
“Agreement”) is made and entered into by and between [_________] (the “Executive”) and ContextLogic Inc., a Delaware corporation (the “Company”), effective as of the date
specified in Section 1 below. 
 This Agreement provides severance and acceleration benefits in connection with certain
qualifying terminations of Executive’s employment with the Company. [Upon its effectiveness, this Agreement shall supersede the acceleration provisions set forth in Executive’s offer letter with the Company dated as of [_____].]1 [Upon its effectiveness, this Agreement shall supersede the acceleration provisions set forth in Executive’s offer letter with the Company dated as of [________] (the “Offer
Letter”) for all future equity awards granted to Executive. For the avoidance of doubt, Executive’s equity awards that are outstanding as of the effectiveness of this Agreement will continue to be eligible for the vesting
acceleration set forth in the Offer Letter as well as the acceleration set forth herein, whichever is of greater benefit to Executive.]2 

Certain capitalized terms are defined in Section 8. 

The Company and Executive agree as follows: 

1. Term. This Agreement shall become effective on the closing date of the Company’s sale of its common stock in a
firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended (the “Effective Date”). Unless terminated
sooner pursuant to Section 6(a), this Agreement will terminate automatically on the third anniversary of the Effective Date. 

2. Severance Benefits. 

(a) Termination Not Involving a Change in Control. If Executive is subject to [a Termination Without Cause]3 [an Involuntary Termination]4 which occurs more than three months prior to a Change in Control (if any) or more than twelve months after a Change
in Control and Executive satisfies the conditions described in Section 2(c) below, then Executive shall be entitled to the following severance benefits: (i) a lump-sum cash severance payment equal to
[six/twelve]5 months of Executive’s Base Salary [,] [and] (ii) an additional lump-sum cash payment equal to [six/twelve]6 months of Executive’s benefits premiums[ and (iii) unless the Company provides otherwise when an equity award is granted, the unvested portion of each outstanding time-based equity award
that Executive holds as of the Involuntary Termination that would have vested during Executive’s completion of an additional twelve 

 

	1 	 NTD: For GC only. 

	2 	 NTD: For CFO only. 

	3 	 For all executives other than the CEO, CFO and GC. 

	4 	 For the CEO, CFO and GC only. 

	5 	 12 months for CEO agreement; 6 months for all other executives. 

	6 	 12 months for CEO agreement; 6 months for all other executives.

 
months of employment following the Involuntary Termination will vest and, if applicable, become exercisable. In the case of equity awards subject to performance conditions, whether such awards
are eligible for acceleration in connection with such an Involuntary Termination will be determined at the time of grant of the equity award and set forth in the equity award agreement]7. 

(b) Involuntary Termination Involving a Change in Control. If Executive is subject to an Involuntary Termination which
occurs within three months prior to, or twelve months following, a Change in Control and Executive satisfies the conditions described in Section 2(c) below, then Executive shall be entitled to the following severance benefits: (i) a lump-sum cash severance payment equal to [twelve/eighteen]8 months of Executive’s Base Salary, (ii) an additional
lump-sum cash payment equal to [twelve/eighteen]9 months of Executive’s benefits premiums and (iii) unless the Company provides otherwise when an
equity award is granted, one hundred percent of the unvested portion of each outstanding time-based equity award that Executive holds as of the Involuntary Termination will vest and, if applicable, become exercisable. In the case of equity awards
subject to performance conditions, whether such awards are eligible for acceleration in connection with such an Involuntary Termination will be determined at the time of grant of the equity award and set forth in the equity award agreement. For
avoidance of doubt, if Executive is subject to an Involuntary Termination that occurs within three months prior to a Change in Control, the portion of Executive’s then-outstanding and unvested equity awards that is eligible to vest and become
exercisable pursuant to clause (iii) will remain outstanding for three months or the occurrence of a Change in Control, whichever is sooner, so that any additional benefits due pursuant to clause (iii) may be provided if a Change in
Control occurs within three months after Executive’s Involuntary Termination, provided that in no event will any of Executive’s stock options remain outstanding beyond the option’s maximum term to expiration. If a Change in Control
does not occur within three months after an Involuntary Termination, any unvested portion of Executive’s equity awards that remained outstanding following Executive’s Involuntary Termination will immediately and automatically be forfeited.

 (c) Preconditions to Severance and Change in Control Benefits / Timing of Benefits. As a condition to
Executive’s receipt of any benefits described in Section 2, Executive shall execute and allow to become effective the Company’s then-standard general release of claims, comply with the Executive’s continuing obligations
(including the return of Company property) to the Company, and, if requested by the Company, immediately resign from all positions Executive holds with the Company, including as a member of the Company’s Board of Directors and as a member of
the board of directors of any subsidiaries of the Company. Executive must execute and return the release on or before the date specified by the Company, which will in no event be later than 50 days after Executive’s employment terminates. If
Executive fails to return the release by the deadline or if Executive revokes the release, then Executive will not be entitled to the benefits described in this Section 2. All such benefits will be paid or provided within 60 days after
Executive’s Termination Without Cause or Involuntary Termination, as applicable, or if later on the date a Change in Control occurs. If such 60 day period spans calendar years, then payment will in any event be made in the second calendar year.

 3. Section 409A. The Company intends that all payments and benefits provided under this
Agreement or otherwise are exempt from, or comply with, with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) so that none of the payments or benefits will be subject to the
additional tax imposed under Code Section 409A, and any ambiguities herein will be 
  

	7 	 For the CFO and GC only. 

	8 	 18 months for CEO agreement; 12 months for all other executives. 

	9 	 18 months for CEO agreement; 12 months for all other executives.

  
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interpreted in accordance with such intent. For purposes of Code Section 409A, each payment, installment or benefit payable under this Agreement is hereby designated as a separate payment.
In addition, if the Company determines that Executive is a “specified employee” under Code Section 409A(a)(2)(B)(i) at the time of Executive’s Separation, then (i) any severance payments or benefits, to the extent that they
are subject to Code Section 409A, will not be paid or otherwise provided until the first business day following (A) expiration of the six-month period measured from Executive’s Separation or
(B) the date of Executive’s death and (ii) any installments that otherwise would have been paid or provided prior to such date will be paid or provided in a lump sum when the severance payments or benefits commence. 

4. Section 280G. Notwithstanding anything contained in this Agreement to the contrary, in the event
that the payments and benefits provided pursuant to this Agreement, together with all other payments and benefits received or to be received by Executive (“Payments”), constitute “parachute payments” within the
meaning of Code Section 280G, and, but for this Section 4, would be subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”), then the Payments shall be made to Executive either (i) in
full or (ii) as to such lesser amount as would result in no portion of the Payments being subject to the Excise Tax (a “Reduced Payment”), whichever of the foregoing amounts, taking into account applicable federal, state
and local income taxes and the Excise Tax, results in Executive’s receipt on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of the Payments may be subject
to the Excise Tax. If a Reduced Payment is to be made under this section, reduction of Payments will occur in the following order: reduction of cash payments, then cancellation of equity-based payments and accelerated vesting of equity awards, and
then reduction of employee benefits. If accelerated vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant. In the event that cash payments or other benefits are reduced,
such reduction shall occur in reverse order beginning with the payments and benefits which are to be paid furthest away in time. All determinations required to be made under this Section 4 (including whether any of the Payments are parachute
payments and whether to make a Reduced Payment) will be made by an independent accounting firm selected by the Company. For purposes of making the calculations required by this section, the accounting firm may make reasonable assumptions and
approximations concerning applicable taxes and may rely on reasonably, good faith interpretations concerning the application of Code Sections 280G and 4999. The Company will bear the costs that the accounting firm may reasonably incur in connection
with the calculations contemplated by this Section 4. The accounting firm’s determination will be binding on both Executive and the Company absent manifest error. 

5. Company’s Successors. Any successor to the Company to all or substantially all of the Company’s business
and/or assets (whether pursuant to a Change in Control, direct or indirect, and whether by purchase, merger, consolidation, liquidation or otherwise) shall assume the Company’s obligations under this Agreement and agree expressly to perform the
Company’s obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. 

6. Miscellaneous Provisions. 

(a) Modification or Waiver. No provision of this Agreement may be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of
this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

  
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 (b) Death of Executive. In the event of Executive’s death
following a qualifying termination of employment pursuant to which the Executive is entitled to receive benefits pursuant to Section 2, but prior to the full payment thereof, such unpaid amounts will remain payable to the Executive, and all
such amounts, unless otherwise provided herein, shall be paid in accordance with the terms herein to the Executive’s estate. 

(c) Integration. This Agreement represents the entire agreement and understanding between the parties as to the subject
matter herein and supersedes all prior or contemporaneous agreements, whether written or oral, with respect to the subject matter of this Agreement. 

(d) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the
internal substantive laws, but not the conflicts of law rules, of the State of California. 
 (e) Tax Withholding. Any
payments provided for hereunder are subject to reduction to reflect applicable withholding and payroll taxes and other reductions required under federal, state or local law. 

(f) Notices. Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective
upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express Corporation, with shipping charges prepaid. Notice
shall be addressed to the Company at its principal executive office (attention General Counsel) and to the Executive at the address that he or she most recently provided to the Company in accordance with this Subsection (e). 

(g) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect
the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (h)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

7. At-Will Employment. Nothing contained in this Agreement shall (a) confer
upon Executive any right to continue in the employ of the Company, (b) constitute any contract or agreement of employment, or (c) interfere in any way with the at-will nature of Executive’s
employment with the Company. 
 8. Definitions. The following terms referred to in this Agreement shall have the
following meanings: 
 (a) “Base Salary” means Executive’s annual base salary as in effect
immediately prior to a Termination Without Cause or Involuntary Termination; provided, however, that in the event of a Resignation for Good Reason due to a material reduction in Executive’s base salary, “Base Salary” means
Executive’s annual base salary as in effect immediately prior to such reduction or as in effect immediately prior to a Change in Control, whichever is greater. 

(b) “Cause” means (i) Executive’s willful and intentional unauthorized use or disclosure of
the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (ii) Executive’s material breach of any agreement with the Company, (iii) Executive’s material failure to
comply with the Company’s written policies or rules, (iv) Executive’s conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (v)

  
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Executive’s gross negligence or willful misconduct, (vi) Executive’s continuing failure to perform assigned duties after receiving written notification of the failure from the
Company’s Board of Directors (other than as a result of having a disability that prevents Executive from performing the material duties required of a person holding the position with the Company for a period of at least 120 days) or
(vii) Executive’s failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested such cooperation. In the case of clauses (ii), (iii)
and (vii), the Company will not terminate Executive’s employment for Cause without first giving Executive written notification of the acts or omissions constituting Cause and a reasonable cure period of not less than 10 days following such
notice to the extent such events are curable (as determined by the Company). 
 (c) “Change in
Control” means: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than Peter Szulczewski becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act),
directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the Company’s then-outstanding voting securities; 

(ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; 

(iii) The consummation of a merger or consolidation of the Company with or into any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its
parent) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; or 

(iv) Individuals who are members of the Company’s board of directors (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the members of the Company’s board of directors over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new board member
was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Agreement, be considered as a member of the Incumbent Board. 

A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to
create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with
respect to any amount which is subject to Code Section 409A, then the transaction must also constitute a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5)
to the extent required by Code Section 409A. 
 (d) “Involuntary Termination” means either
(i) a Termination without Cause or (ii) a Resignation for Good Reason. 
 (e) “Resignation for Good
Reason” means a Separation as a result of Executive’s resignation from employment after one of the following conditions has come into existence without Executive’s consent: (i) a material diminution in the nature or scope
of Executive’s responsibilities, authority, powers, functions or duties within or to the Company (other than a change in title), (ii) a material reduction in Executive’s annual base salary or (iii) Executive’s required relocation
to offices 

  
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more than fifty (50) miles from Executive’s principal place of business.    In order to constitute a Resignation for Good Reason, Executive must give the Company
written notice of the condition within 90 days after it comes into existence, the Company must fail to remedy the condition within 30 days after receiving Executive’s written notice and Executive must terminate his or her employment within 30
days after expiration of the cure period. 
 (f) “Separation” means a “separation from
service” as defined in the regulations under Code Section 409A. 
 (g) “Termination Without
Cause” means a Separation as a result of the termination of Executive’s employment by the Company without Cause and not as a result of Executive’s death or disability. 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the
case of the Company by its duly authorized officer, as of the day and year indicated below. 
  

			
	 COMPANY

		
	 By:
	 	
                  
           

 
			
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	 EXECUTIVE

		
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