Snap CEO Evan Spiegel. Photo by Bloomberg

Snap Made Special Stock Grants to Boost Morale

By  |  April 23, 2019 9:20 AM PDT
Photo: Snap CEO Evan Spiegel. Photo by Bloomberg

When Snap reports its first quarter earnings Tuesday afternoon, there will be one group of employees praying Wall Street likes the results. They’re the people, such as engineering chief Jerry Hunter, who got a special grant of stock in December. Mr. Hunter, for instance, has $1.8 million riding on the results.

Snap made the grants to employees deemed to be among the top 10% of performers, to keep them happy and ensure that they don't leave, according to two people familiar with the matter. At the time, late last year, the stock had fallen to between $5 and $6. Since then the stock has more than doubled to above $12. If it stays up for another couple of months, the people who got the special grants can cash in. The stock they got vests after just six months—in June—much faster than Snap’s usual four-year vesting time frame for employee stock awards.

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