eClerx Services Limited has announced the successful vesting of 6,75,870 employee stock options under its Employee Stock Option Scheme 2022. These options, granted to employees of the company and its subsidiaries on May 25, 2023, have completed a three-year time-based vesting period. The options are now available for exercise starting April 1, 2026, providing eligible employees with an opportunity to convert these grants into equity.
Stock Option Vesting Details
Following a three-year vesting cycle, a total of 6,75,870 equity shares have become eligible for exercise. These options were part of a broader grant initiated on May 25, 2023. Employees who were beneficiaries of this scheme may now proceed with the exercise process, provided they meet the internal criteria outlined in the company’s Employee Stock Option Scheme 2022.
Exercise Terms and Conditions
The vested options carry an exercise price of ₹709.91 per share. Employees have a window of three years from the date of vesting to exercise these options. The company utilizes an ESOP Trust model to facilitate these transactions, which includes purchasing shares from the secondary market to support the exercise requirements.
Impact of Employment Changes
The company has established specific protocols regarding employment termination and resignation. In the event of resignation or termination, any unvested options expire immediately. For vested options, employees generally retain the right to exercise them before their last working day with the company. However, in cases of abandonment of employment without consent, all outstanding options—including those already vested—are subject to immediate termination.
Source: BSE
