NOVI, MICH. — Lineage Inc. announced on Aug. 1 a $100 million investment in its workforce following the successful launch of the company’s initial public offering on the Nasdaq Global Exchange.

Eligible US team members will receive a one-time award of stock or restricted stock units. Named “Starting LINE Awards” in honor of the company’s new ticker symbol, these awards will reach the vast majority of the company’s 16,000-plus US team members.

Additionally, Lineage plans to launch a program of ongoing equity-based awards to further incentivize and nurture an ownership mentality for team members. The program, called Lineage Legacies, will grant eligible team members restricted stock units that will vest over time on an ongoing basis. Lineage Legacies is expected to launch in 2025.

“From the very beginning, we have sought to foster an ownership mindset at Lineage and have celebrated our wins together,” said Adam Forste, founder and co-executive chairman of Lineage. “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.”

Lineage’s common stock began trading on the Nasdaq Global Select Market on July 25 under the ticker symbol “LINE.” According to a Reuters report, the cold-storage warehouse operator raised $4.44 billion in its US IPO, setting it up for the biggest stock market debut globally this 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, president and chief executive officer of Lineage. “I am proud of this team every day, but today especially I am honored to reward them for their dedicated service.”

Lineage was founded in 2008. The company is responsible for storing, handling and transporting food products across the United States and around the globe, operating more than 480 warehouses in 19 countries. The company offers end-to-end logistical solutions to the complexities of the cold chain through its strategically located and scaled network of temperature-controlled warehouses and technology-enabled platform.