New Delhi, Jan 19 (PTI) Tech-based intra-city logistics company Porter on Wednesday announced its maiden Employee Stock Ownership Plan (ESOP) monetisation programme worth USD 5 million (about Rs 37.2 crore) for its eligible current and former employees.

The liquidation opportunity, which will be open for participation through next week, is expected to benefit both the current and former employees providing wealth creation opportunities, a statement said.

“All the employees who have vested options as of December 31, 2021 will be eligible to participate in this programme and sell a portion of their vested shares immediately. Eligible employees may liquidate their vested units up to a total of USD 5 million,” it added.

The company is planning to undertake equitable distribution of benefits and hence, the number of options will be pro-rated so that every eligible employee is benefitted from the scheme, the statement said.

Porter said the ESOP programme is designed for 80 per cent senior and mid management and 20 per cent for lower management.

“Currently, we have over 1,600 employees at Porter and we are encouraging participation depending on their financial needs. We aim to provide wealth generation opportunity to all current and ex-Porter team members who have vested ESOP,” it added.

Porter CEO Pranav Goel said the company’s success and the journey would not have been possible without the relentless support and dedication of its teams.

“With this programme, we wish to take this opportunity to thank and reward the teams for their trust and contribution,” he said.

The programme will provide ex and current employees with an opportunity for wealth creation, he added.

“Porter has always believed in safeguarding the interest of its employees and this step is in line with democratising wealth creation for them. By enabling an ESOP liquidation program,me current and ex-employees can decide on their investments and cash flows with greater freedom,” Rizwan Khan, VP – Human Resources at Porter, said.

Founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter offers services in various domains of logistics by launching an on-demand marketplace for LCVs and bikes, Porter for Enterprise, and Packers and Movers. PTI SR RAM

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