Porter undertakes first-ever ESOP liquidation worth $5 Million
Date: 20 Jan 2022
India’s leading tech-based, on-demand, intra-city logistics company has
announced its maiden Employee Stock Ownership Plan (ESOP) monetisation
programme worth $5 million for its eligible current and former employees. The
liquidation opportunity is expected to benefit both the current and former
employees providing wealth creation opportunities.
the employees who have vested options as of 31st December 2021 will be eligible
to participate in this program and sell a portion of their vested shares
immediately. Eligible employees may liquidate their vested units up to a total
of USD 5 Million. The company is planning to undertake equitable distribution
of benefits and hence the number of options shall be prorated so that every
eligible employee is benefitted from the scheme.
Goel, CEO, Porter said, “Porter’s success and the journey would not have been
possible without the relentless support and dedication of our teams. With this
program, we wish to take this opportunity to thank and reward the teams for
their trust and contribution. We at Porter, believe that our efforts have a
disruptive impact in the logistics industry and recognise, cater & solve
the gaps in the demand and supply chain. Moreover, Porter is not just a
business opportunity, but a medium to positively impact everyone who joins us
in this journey. The program will provide our ex and current employees with an
opportunity for wealth creation.”
Porter, we wish to build the ultimate human organisation, with a sense of
loyalty & high integrity. We firmly believe that all our associates are
champions of growth. We take the utmost pride in creating an ecosystem where we
all play a key role in creating success for the brand and the society at large.
The idea of providing a haven for all our employees continues to be our core
value. Porter has always believed in safeguarding the interest of its employees
and this step is in line with democratizing wealth creation for them. By
enabling an ESOP liquidation program, current and ex-employees can decide on
their investments and cash flows with greater freedom” said Rizwan Khan, VP -
Human Resources, Porter.
Porter’s strategic vision, the company is aggressively entering new geographies
to ensure they meet the growing demand while seamlessly developing a
tech-enabled logistics ecosystem.