WeWork employees eligible to surrender up to 25% of vested stock option

Co-working space company WeWork announced that its employees are eligible to surrender up to 25 per cent of vested stock options. The company in a statement said, “WeWork India is conducting its first-ever ESOP surrender exercise, offering employees the opportunity to make the most of their vested stock options…”
 
WeWork India commenced operations in 2017. Currently, it has over 62,000 members and 41 locations and six cities in India - Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune. Its portfolio comprises of small and medium enterprises, start-ups, large businesses, freelancers, etc.   
 
"As a token of gratitude for the employees' commitment, efforts and faith in the company, team members associated with the company will be eligible to surrender up to 25 per cent of vested stock options," the statement added.
 
Karan Virwani, the Chief Executive Officer of the Indian arm of the company said the ESOP surrender is yet another step towards wealth creation and empowering people.
 
In December last year, Business Today had reported that WeWork raised Rs 550 crore from credit platform, BPEA Credit. The funding will be used to strengthen the company’s position locally as it is endeavouring to reshape the future of work, WeWork India’s parent company Embassy Group said in a statement. 
 
WeWork India is run by the Indian real estate conglomerate, Embassy Group. The Bengaluru-based real estate conglomerate was established in 1993.
 
(With added inputs from the PTI)

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