Snap in connection with Employment and Co-Founder Agreements with its Co-Founders

On July 21, 2022, Snap Inc., announced that it had entered into a series of transactions that provide for (i) employment agreements with Evan Spiegel and Robert Murphy (Snap’s Co-Founders), pursuant to which Mr. Spiegel will continue to serve as Chief Executive Officer and Mr. Murphy will continue to serve as Chief Technology Officer for initial terms ending on January 1, 2027, (ii) the future declaration and payment of a special dividend of one share of Class A common stock on each outstanding share of Snap’s common stock, and (iii) additional Co-Founders Agreements requiring Mr. Spiegel and Mr. Murphy, under certain circumstances convert shares of their Class B common stock and Class C common stock into Class A common stock.

Wachtell Lipton served as legal advisor to Snap.