Digital commerce platform Meesho on Friday said it has introduced an annual ‘MeeSOP’ programme, wherein every full-time employee will be able to convert upto 25 per cent of their annual CTC into ESOPs (Employee Stock Ownership Plan).
Under the programme, every full-time employee – irrespective of their tenure in the company or their seniority will be able to convert a maximum of 25 per cent of their annual CTC into ESOPs – subject to a minimum of Rs 50,000, a statement said.
“Our repeated and periodic buybacks ensure our employees continue to grow with us. The MeeSOP program takes this commitment further, breaking hierarchies to make every employee an owner, and providing more avenues for wealth creation,” Meesho founder and CEO Vidit Aatrey said.
As the company hires more talent, it will continue to provide its team with the means to realise their personal and financial goals, he said.
Unlike traditional ESOP plans, the MeeSOP programme is completely inclusive, providing every employee, irrespective of their seniority, to benefit from Meesho’s rapid growth while ensuring 100 per cent of the grant is vested by the end of one year, the statement said.
This provides both opportunities and control to opting employees and helps them cash in on Meesho’s frequent ESOP liquidation programmes, it added.
In October this year, Meesho had announced a USD 5.5 million ESOP liquidity programme for all eligible current and former employees with vested stocks – its second liquidity programme in less than a year. At that time, the company had nearly 1,200 full-time employees.
In November last year, the company had announced a USD 5 million ESOP dilution programme.