Coupang Grants Stock to Contract Employees... Worth About 2 Million KRW Per Person

[Asia Economy Reporter Kim Bo-kyung] Coupang, which is preparing for a New York Stock Exchange listing, has revealed plans to grant free shares to frontline employees.

Kang Han-seung, Coupang's Chief Management Officer, stated in an email sent to employees that "through this one-time stock grant program, each person will receive shares worth approximately 2 million KRW."

The eligible recipients are Coupang Friends (Coupangmen) and full-time logistics center employees, as well as level 1 to 3 regular and contract employees working at Coupang and its subsidiaries as of the 5th of next month. Employees who have previously received stock grants are excluded.

The shares distributed to them are Restricted Stock Units (RSUs). Employees receive 50% of the shares after one year of service from the grant date, and the remaining 50% after two years of service.

This email was sent only to the eligible recipients, and the number of shares granted individually will be announced later. Coupang will operate a consultation call center for stock grant recipients starting from the 16th.

Earlier, Coupang stated in its listing registration documents submitted to the U.S. Securities and Exchange Commission that "to recognize the dedication of frontline and non-managerial employees during the COVID-19 pandemic, it will grant up to 100 billion KRW worth of shares."