Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY), hereinafter the “Company”, or together with its group companies “Just Eat Takeaway.com”, one of the world’s largest online food delivery marketplaces, has expanded its collaboration with Amazon.com Services LLC (“Amazon”) in the United States.
Amazon customers in the U.S. can order from hundreds of thousands of restaurants in all 50 states with Grubhub directly on Amazon.com and in the Amazon Shopping app. Additionally, as long as a customer remains an Amazon Prime member, they can enjoy a free ongoing Grubhub+ membership worth $120 a year, without automatically renewing into a paid Grubhub+ membership. Grubhub+ includes $0 delivery fees on eligible orders over $12, lower service fees, 5% credit back on pick-up orders, and exclusive offers. Previously starting in July 2022, Prime members were offered a free year-long Grubhub+ membership, which was extended by one additional year in June 2023.
The amended five-year commercial agreement automatically renews each year unless terminated by Amazon or Grubhub in accordance with the provisions of the commercial agreement. Amazon has to date received warrants representing 4% of Grubhub’s fully-diluted common equity. Warrants representing 3% of Grubhub’s fully-diluted common equity will vest on the effective date, with an additional 1% vesting on the one-year anniversary of the amended agreement. Amazon may also receive warrants up to a further 10% of Grubhub’s fully-diluted common equity, the vesting of which is subject to the satisfaction of certain performance conditions. In certain scenarios, the Company may elect to settle vested warrants in cash or Company shares.
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