Edtech start-up Unacademy has moved to monthly vesting of employee stock option plans (ESOPs) from current annual vesting.
It has redesigned its ESOPs policy to help employees derive greater benefits. The revised policy will allow ESOPs to be vested on a monthly basis post a one-year cliff period. After the completion of the cliff period, 25 per cent of the options will be vested. Thereafter, the remaining options will vest monthly over the next three years. This is applicable to ESOPs granted after April 15, 2022.
Tina Balachandran, Senior Vice President - Talent and Culture, said, “With the revised ESOPs policy, we aim to build a workplace that is loved by every employee, and which helps create wealth for everyone who has contributed to the growth and success of the company.” Unacademy wants to build an organisation that is powered by a culture of growth, while being highly employee-centric in people practices. Many policies such as Teachers Stock Options(TSOPs) for educators are industry benchmarks for being progressive and inclusive, Balachandran added.
In July last year, the start-up offered TSOPs to 300 educators, who had been with the company for a long time. It was intended to motivate educators and retain top talent. Unacademy has conducted three ESOP buybacks till date, in September 2019, December 2020, and September 2021.