Block has been giving some workers extra stock to make up for the company's plunging share price. But not everyone got it. Here's how it works, according to an internal update shared recently.
Consequently, the compensation of many Block employees hasBlock has been giving some employees more equity after shares of the digital-payments company collapsed more than 60% in recent months, people familiar with the matter said.
A Block spokesperson said that although the terms"refreshers" and"merit grants" are often used interchangeably, refreshers are automatic renewals given to employees, while merit grants are based on individual performance. The most recent compensation adjustment was considered a merit grant internally.
Another employee said the company gave equity refreshes to some employees at $120 a share. The company's shares peaked at $290 in August and have been steadily declining for many months. The stock is now trading at about $81.
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