21,536 Stock Options Are Granted by CSB Bank Under ESOP
The Nomination & Remuneration Committee of the Board of Directors of CSB Bank approved the granting of 21,536 stock options to an eligible employee under the CSB Employee Stock Option Scheme 2019 on Thursday. The options can be exercised for up to 21,536 fully paid-up equity shares of the bank with a face value of Rs. 10, at an exercise price of Rs. 398.70 per equity share, per the regulatory filing.
Each equity share has a face value of Rs 10.
The SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 have superseded the SEBI (Share Based Employee Benefits) Regulations, 2014, which governed the formulation and approval of the Scheme by the Bank’s shareholders.
As follows is how the stock options will vest:
(i) On December 14, 2024, 12 months after the grant date, or after the date of completion, 25% of the granted options (rounded to the closest 100) will vest.
(ii) On December 14, 2025, 24 months from the grant date, or 25% of the options granted (rounded to the closest 100), will vest.
(iii) After 36 months from the grant date, or on December 14, 2026, 25% of the granted options (rounded to the closest 100) will vest.
(iv) Any awarded balance options will vest on December 14, 2027, which is 48 months after the grant date.
Period of time that an option may be used
Within three years after the date of vesting, there will be an exercise period while maintaining employment or service. According to the filing, the exercise period in the event of a separation shall be as stated in the Scheme.
Shares of CSB Bank
At 11:46 a.m. Indian Standard Time on Thursday, CSB Bank’s shares were up 0.39 per cent, trading at Rs 400.25.
