Summary by Moomoo AI
Shopify Inc. announced that its CEO, Tobias Lütke, has established an Automatic Securities Disposition Plan (ASDP) in compliance with securities laws and the company's internal policies. The plan, which allows for the sale of up to 2,564,964 Class A Subordinate Voting Shares, is set to commence on or after September 17, 2024, and will expire no later than December 31, 2025. These shares are linked to vested options and restricted share units awarded to Lütke for his role as CEO. The Ontario Securities Commission has granted Lütke an exemption from the prospectus requirements for the sales under the ASDP. This is not the first time Lütke has entered into such a plan; similar arrangements were made annually from 2017 to 2021. The ASDP is structured to execute trades based on predetermined instructions that were set when Lütke did not have access to any material non-public information about Shopify. The announcement was made in accordance with the requirements of the Ontario Securities Commission's decision.
