FarEye might be performing this buyback of vested Esops utilizing its money reserves. Underneath this liquidation, eligible staff have the chance to liquidate a hard and fast proportion of their vested ESOPs. The corporate mentioned there was no distinction made between current and previous staff.
“Our persons are our biggest asset and their onerous work and dedication has enabled us to develop quickly over the previous 12 months. This Esop is our method of exhibiting our gratitude and in flip, making our staff turn into companions in our success,” Kushal Nahata, CEO of FarEye, mentioned.
FarEye’s first Esop liquidation occurred final 12 months, the place the corporate introduced the distribution of $739,000 to liquidate eligible Esop choices. In 2021, the corporate launched a revised Esop geared toward being extra employee-friendly, and democratizing Esop grants to a major part of its over 700 staff globally. Within the final 12 months, the variety of Esop holders jumped greater than 400% to over 200 staff, a quantity that’s anticipated to develop quickly, the corporate mentioned in a press release.
FarEye plans to extend the worker energy to over 1,000 this 12 months. Final 12 months, the corporate raised $100 million in a Sequence E funding spherical to speed up the corporate’s mission of empowering manufacturers to supply Amazon Prime-like supply experiences and redefining how merchandise are delivered throughout various logistics networks.
The corporate mentioned it processes over 100 million transactions month-to-month, helps greater than 25,000 drivers and is built-in right into a community of over two million automobiles, to enhance deliveries worldwide. The corporate is on a journey to attain over 100 million transactions per day by processing petabytes of information.
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