Coupang Files for U.S. IPO: Grants 2 Million Won in Stock to Contract Delivery Staff
Coupang, on the verge of listing on the New York Stock Exchange in the U.S., announced a plan to grant free shares of stock to on-site employees on February 15th, 2021.
Kang Han-seung, a representative director of Business Management, sent an email this morning to employees, “Through this one-time stock grant program, each employee will receive about 2 million won worth of shares.”
Those eligible for this program include delivery staff (Coupang Friends) at Coupang and its subsidiaries, full-time staff at the distribution center, and full-time/contract workers at Levels 1-3. However, employees who have been granted shares in the past are excluded.
The shares distributed to them are restricted stock unit (RSU). They will receive 50% upon working for one year from the date of receiving stock, and the remaining 50% after two years of employment.
This email was sent only to employees who qualify, and the number of shares granted individually will be announced again. Coupang will operate a call center for those subject to stock grants from February 16th.
Earlier, through the U.S. IPO filing, Coupang announced that “To celebrate an important step in the company history (U.S. IPO) and to acknowledge the dedication of our staff to customers amid the novel coronavirus disease (COVID-19), we will grant stocks worth up to 100 billion won to frontline workers and non-manager employees.”
Story originally seen on Yonhap News