OYO is now granting employee stock ownership plans worth a total of around INR 130 crore to all its furloughed employees impacted by the Coronavirus Pandemic as a part of its efforts to minimize the disruption being experienced by them, said the announcement.
OYO CEO and Founder Ritesh Agarwal had revealed that the company will place a certain number of employees on furloughs or temporary leaves across the globe.
The company moreover, did not share any of the details regarding the number of impacted employees.
“I would like to recognize your contributions and this love and passion for OYO by making you a co-owner and shareholder of the company. I would like to inform you that all impacted OYOpreneurs would be eligible for ESOPs worth around ₹130 crores ( around USD 18 million),” he added. Details on employees’ specific grant will be shared on e-mail separately, which will be detailed as per their band and geographies, he added.
“In addition, we also understand that some of you may already have stock options. For those employees, we are dropping the one-year cliff on the vesting of stock options for everyone we have hired in the past year. This will ensure that everyone departing, regardless of how long they have been with OYO, can become a shareholder,” Agarwal said.