Lineage is investing $100 million in its workforce through a one-time award of stock or restricted units to eligible U.S. team members after its initial public offering on the NASDAQ exchange raised $4.4 billion, according to a company report.
These “Starting LINE Awards” will reach the “vast majority” of Lineage’s 16,000 U.S. employees, the company said. “From the very beginning, we have sought to foster an ownership mindset at Lineage and have celebrated our wins together,” Adam Forste, Lineage founder and co-executive chairman, said in a news release.
“Lineage’s success has been made possible because of the enormous contributions of our team members, and our Starting LINE Awards were designed to recognize and thank them for helping us build this company and take it public.”
Additionally, the company announced its intention to launch a program of ongoing equity-based awards to further incentivize and nurture an ownership mentality for Lineage team members. Under the program, called “Lineage Legacies,” the company expects to grant eligible team members restricted stock units that will vest over time on an ongoing basis. Lineage Legacies is expected to launch next year.
“Time and again, the Lineage team steps up to serve in the face of whatever is thrown at them, which has included a global pandemic where they served as essential workers to help keep the world fed,” said Greg Lehmkuhl, Lineage president and CEO. “I am proud of this team every day but today especially I am honored to reward them for their dedicated service.
“Our hope is that our Starting LINE Awards and forthcoming Lineage Legacies program help our team members to both create a lasting financial legacy for themselves and their families and take part in our successes as a public company.
“This investment in our team speaks to the kind of workplace culture we are proud to have built at Lineage.”
