Snap employees will be free to sell their stock on the public market at the same time as Snap’s co-founders and other pre-IPO investors, under new agreements offered to employees in recent weeks, according to a person familiar with the situation.
This is a change from the timeframe contained in Snap’s previous agreements with employees, outlined in the company’s IPO filing this month, as The Information reported earlier today. The filing said that employees holding standard stock awards would have to wait 180 days after the IPO before they can sell, while co-founders and other pre-IPO investors could sell 150 days after the offering. The new agreements let employees sell after 150 days.