Bengaluru based startup Porter implements $5 million ESOP liquidation
- ByTejika Bajaj | January 22, 2022
Bengaluru based intra city logistics startup Porter has recently announced the liquidation of its maiden ESOP (Employee Stock Option Plan) monetization programme worth $5 million. Both current as well as past employees of the startup are eligible to liquidate their ESOPs.
The liquidation is expected to benefit both the current as well as former employees by providing them an opportunity of wealth creation. All employees who have vested in the option till 31st December 2021 will be eligible for the programme and can liquidate a portion of their vested shares with immediate effect.
Talking about the recent liquidation scheme introduced by the startup, the CEO of Porter, Pranav Goel said, “Porter’s success and journey would not have been possible without the relentless support and dedication of our teams. With this programme we wish to take this opportunity to thank and reward the teams for their contribution and trust.”
The eligible employees are eligible to liquidate their vested shares upto an aggregate sum of $5 million. The company is planning to undertake an equitable distribution of benefits and thereby the amount of stocks that can be liquidated shall be prorated so that every eligible employee can take the benefit from the scheme.
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