Porter, an intra-city logistics marketplace, announced its maiden Employee Stock Ownership Plan (ESOP) monetization program worth $5 Million for its eligible current and former employees.
All 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.
Speaking on the liquidation program, Pranav Goel, CEO, Porter said,
“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.”
He further added that with this program, the organization wishes to take this opportunity to thank and reward the teams for their trust and contribution.
Rizwan Khan, VP – Human Resources, Porter too echoed similar sentiments.
“By enabling an ESOP liquidation program, current and ex-employees can decide on their investments and cash flows with greater freedom,” he shared.
With 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.