July 27, 2017

Why Uber may see a fresh flood of departures in the not-too-distant future

Business woman is showing the document for resignation for quit the job
Copyright: magneticmcc / 123RF Stock Photo

We wrote last year about the employees at Uber who were seemingly handcuffed to the company, noting that those whose shares were vested can’t afford to quit. Startup employees typically have to exercise their options within 90 days of leaving a company or else lose them and at Uber, that cost is simply too high.

By February of this year, Uber had struck on one way to give restless employees a way to cash out , according to Bloomberg. Those who work at the company for at least four years can sell as much as 10 percent of their shares, though to ensure they don’t rush for the exits, they are paid out over many months and have to stay Uber during that period.

Now, according to a new report in The Information , longtime employees wanting to move on with their lives have another path, thanks to a change in how Uber handles stock options. Specifically, says The Information’s sources, Uber is dropping the requirement that employees who quit must exercise their options they have within 30 days or lose them; instead, the employees will have as many as several years to exercise the options after they’ve left the company.

It’s […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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