Edtech startup Unacademy has announced its largest ESOP (employee stock ownership plan) buyback plan worth $10.5 million for its team members and educators.
Months After Announcing TSOPs now this is third ESOPs Buyback Worth $10.5 Million
While the first ESOP buyback allowed eligible employees to sell up to 30% of their vested ESOPs, the second buyback allowed employees to sell anywhere between 25% to a full 100% of their ESOPs to the company.
What is ESOP
Typically, stock options or employee stock ownership plans, are reserved for permanent employees and are used as a tool to attract talent at fledgling startups and big technology firms.
Several startups, including PhonePe, Licious, ShareChat and Wakefit, have recently announced ESOP buyback to reward their employees amid a pandemic.
Tweet by co-founder
Roman Saini, “Happy to announce Unacademy’s largest ESOPs buyback till date worth $10.5M for our team members and educators. This is our third buyback till date.”
“Extremely thankful to all our team members and educators for believing in our vision of democratising education. Let’s crack it!”
Tweet from CEO
Gaurav Munjal, “We are announcing Teacher Stock Options (TSOPs) for all Unacademy Educators. Unacademy Educators will be eligible for fully vested Stock Grants on completion of 3, 4 and 5 years with Unacademy.”
“On Day One (which is today) we already have more than 300 Educators eligible for the Grant which they will get immediately. Over the next few years we will give Grants of over $40M to our Educators.
We are who we are because of our Educators and we want our Educators to grow and create wealth as Unacademy grows!” Munjal said.
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