Logistic Company Porter to offer ESOPs worth Rs 50 Crore
- ByStartupStory | January 24, 2023
Porter, an on-demand logistics company, will offer current and former employees the opportunity to liquidate ESOPs (Employee Stock Ownership Plans) worth Rs 50 crore.
According to a press release, all employees with eligible options are eligible to participate in the programme. Employees (both current and former) will be able to sell eligible options immediately at a 50% premium over the previous liquidation valuation, up to a total value of Rs 50 crore.
According to the company, the liquidation aims to reward Porter’s talent for their valuable contributions by providing them with opportunities for wealth creation.
This round of ESOP is yet another testimony of Porter’s gratitude and appreciation for the significant endeavours of our current and former employees in building the company. We aim to incentivise our employees keeping in mind their growth and well-being including financial growth,” said Pankaj Shroff, CFO, Porter.
“We announced our first-ever ESOPs liquidation worth Rs 40 crore ($5 million) in 2021, benefiting many of our stakeholders,” said Rizwan Khan, VP – Human Resources, Porter.
“By enabling an ESOP liquidation for the second consecutive year, we wish to provide a unique opportunity for our current and ex-employees to decide on their investments and cash flows at a much faster rate. This ESOPs scheme is one of the ways to reward our employees and ensure that their contributions are valued substantially,” he added
Last year, the company announced its first Employee Stock Ownership Plan (ESOP) monetisation programme for eligible current and former employees worth $5 million.
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