Form 4: FIGS Inc. Director John Martin Willhite Reports Acquisition of Restricted Stock Units

Director John Martin Willhite reports acquiring 28,143 restricted stock units (RSUs) of FIGS Inc. on June 5, 2024, as part of the company's Non-Employee Director Compensation Program.

Summary

• On June 5, 2024, John Martin Willhite, a director of FIGS, Inc., acquired 28,143 restricted stock units (RSUs).
• These RSUs were granted automatically as part of the Issuer's Non-Employee Director Compensation Program.
• The RSUs will vest on the earlier of June 5, 2025, or the date of the next annual meeting of stockholders following June 5, 2024, contingent upon continued service.
• Following the transaction, Willhite beneficially owns 3,218,227 shares of Class A Common Stock, including the RSUs and 3,147,432 shares received in a pro rata distribution.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects standard director compensation practices and aligns director interests with company performance.

Positives

• The grant of RSUs aligns the director's interests with the long-term performance of the company.
• The vesting schedule incentivizes continued service by the director.

Future Outlook

The RSUs will vest on the earlier of June 5, 2025, or the date of the next annual meeting of stockholders following June 5, 2024, subject to the Reporting Person's continued service through the applicable vesting date.

Industry Context

This filing is a routine disclosure related to director compensation, which is a common practice in publicly traded companies to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Director compensation packages, including RSUs, are standard practice among publicly traded companies.
• The vesting schedule of one year or until the next annual meeting is a typical arrangement.
• Companies like Lululemon, Nike, and Under Armour also utilize equity-based compensation for their directors.

Stakeholder Impact

• Shareholders may view the RSU grant positively as it aligns the director's interests with the company's long-term success.
• The director is incentivized to continue providing service to the company.

Key Dates