Good morning. Welcome to ContextLogic's 2024 Annual Meeting of Stockholders. Please note that this event is being webcast. I would now like to introduce Rishi Bajaj, the company's CEO.
Welcome, everyone, and thank you for joining our annual meeting of stockholders. It is now 10:00 A.M., and the meeting will please come to order. We are holding this meeting virtually again as we aim to increase access and participation. I would now like to turn it over to Joanna Foster, our General Counsel and Chief Compliance Officer, who will lead the formal business of the meeting and also act as Secretary.
Thank you, Rishi. We have appointed Ted Frank of Broadridge Financial Solutions, Inc. to serve as Inspector of Election for this meeting, and he will examine and tabulate the proxies and the results of the voting. Now, I would like to move on to other procedural matters and provide an overview of today's meeting. We will use the rules of conduct and procedure that are posted in the web portal. By following those rules and procedures, we will be able to handle the business of the meeting efficiently and fairly. Thank you for your cooperation with these rules. First, I will conduct the official business portion of the 2024 Annual Meeting of Stockholders. I have an affidavit of mailing from Broadridge certifying that beginning on May 9, 2024, notice of this meeting was given and the proxy materials were sent to the stockholders of record.
A list of the stockholders entitled to vote at this meeting has been available to stockholders for the past 10 days. The list will be available online for the duration of the meeting. Will the Inspector of Election please report whether the shares represented at this meeting, in person or by proxy, constitute a quorum?
There are present at this meeting, in person or represented by proxy, stockholders representing a majority of the shares eligible to vote, which constitutes a quorum.
The Inspector of Election reports that the holders of a majority of our Class A common stock, outstanding as of the record date, are present at this meeting, either virtually or by proxy. Therefore, we will now proceed with the official business of this meeting. The polls are now open. If you have not yet voted or wish to change your vote, you may do so by clicking on the voting button on the web portal and following the instructions there. If you have sent in a proxy card or voted by telephone or internet and do not want to change your vote, you do not need to take any further action. After voting has been completed on all matters on the agenda, we will close the polls and the Inspector of Election will provide his preliminary report. I will now move to a review of the proposals.
The first proposal to come before the meeting is the election of our Class II directors. At this meeting, we will be nominating two of our incumbent directors for three-year terms, expiring at the 2027 Annual Meeting of Stockholders or until their successors are duly elected and qualified. The nominees are Michael Farlekas and Marshall Heinberg. Since no other nominations of persons for election to the board of directors were received in a timely manner pursuant to the company's amended and restated bylaws, no other nominations are being considered. The board of directors recommends that the stockholders vote for the election of each of our Class II director nominees. The second proposal to come before the meeting is the ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
The board of directors recommends the ratification of the appointment of PricewaterhouseCoopers, LLP, to serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The third proposal to come before the meeting is the advisory proposal of the compensation of our named executive officers for the year ending December 31, 2023, as disclosed in the proxy material... I'm sorry, in the proxy statement. The board of directors recommends that the stockholders approve the named executive officer compensation for the year ended December 31, 2023, as disclosed in the proxy statement, on a non-binding advisory basis. The fourth proposal to come before the meeting is the ratification on a non-binding advisory basis of the adoption of our Tax Benefits Preservation Plan.
The Board of Directors recommends that the stockholders ratify the adoption of our Tax Benefits Preservation Plan on a non-binding advisory basis. Since no other proposals for business to be transacted at this meeting were received in a timely manner pursuant to the company's amended and restated Bylaws, we will now proceed to vote on the previously discussed motions. It is now 10:05 A.M. Pacific Time, and the polls for voting on each matter to be voted on at this time are still open. As previously mentioned, if you have sent in your Proxy card or voted by telephone or internet and do not want to change your vote, you do not need to take any further action. If you have not yet voted or wish to change your vote, you may do so by clicking on the voting button on the web portal and following the instructions there.
I will now pause as we leave the polls open for another minute, to allow everyone who chooses to vote electronically to cast their ballot.... Now that everyone has had the opportunity to vote, it is 10:07 A.M. Pacific Time, and I declare the polls for the 2024 Annual Meeting of Stockholders closed. Will the Inspector of Election please provide the preliminary report?
Based upon the proxy holders' ballots with respect to Proposal One, each of the Class II director nominees has been elected to serve as directors of the company until the 2027 annual meeting of stockholders, or until their successors are duly elected and qualified. Proposal Two, the ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, has been approved. Proposal Three, the compensation of the company's named executive officers for the year ended December 31, 2023, as disclosed in the proxy statement, has been approved on a non-binding advisory basis. Proposal Four, the ratification of the adoption of the Tax Benefits Preservation Plan on a non-binding advisory basis has been approved.
We will file the final report of the Inspector of Election with the records of this meeting, and the final voting results will be disclosed on a Form 8-K to be filed with the Securities and Exchange Commission within four business days of this meeting. That concludes the business portion of the meeting today.
Thank you for attending today's meeting. This concludes our 2024 annual meeting of stockholders. The annual meeting of stockholders is now adjourned.
This now concludes the meeting. Thank you for joining, and have a pleasant day.