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| Exchange Disseminated Time | Saksoft Ltd has informed BSE that the Compensation Committee of the Directors of the Company has approved on February 17, 2012 by means of passing circular resolution the proposal of granting 1,00,000 options under the Employees Stock Option Plan 2009 to eligible employee of the subsidiary of Saksoft Limited. These options are convertible into equity shares of Rs. 10 each at the time of exercise of the option. The details of the Stock Options are as follows.
- Exercise Price: The Exercise price of the option is Rs. 68.50 (Rupees Sixty Eight and Fifty Paise only) which is the NSE's closing market price as of the end of trading hours on February 16, 2012. This price is determined in accordance with the provisions of Clause (10) of Section 2 of SEBI (Employees Stock Option Scheme and Employees Stock Purchase Scheme) Guidelines 1999.
- Vesting Period: The options granted under ESOP 2009 would vest not less than one year and not more than four years from the date of grant of such options. The vesting schedule for the options granted is as follows :
- End of Year 1 from the offer date : 25% of the options granted on the offer date
- End of Year 2 from the offer date : 25% of the options granted on the offer date
- End of Year 3 from the offer date : 25% of the options granted on the offer date
- End of Year 4 from the offer date : 25% of the options granted on the offer date
- Exercise Period: The exercise period of options will commence from the date of vesting and can be exercised within the exercise period of 5 years from the date of grant of options.
The other provisions of the scheme would be in compliance with SAKSOFT LIMITED EMPLOYEES STOCK OPTION PLAN 2009 (ESOP 2009). On the expiry of the vesting period, these options can be exercised in full or in tranches. |
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