CarTrade Tech has granted 50,000 employee stock options (ESOPs) under its Employee Stock Option Plan 2021 (I), according to a recent announcement. The options were awarded to an eligible employee who is a relative of a company director. Each option is convertible into one equity share with a face value of ₹10.
The ESOPs are issued at an exercise price determined at a 0% discount to the market price of the company’s equity shares. The market price is defined as the lower of the closing price on the last trading day before the grant date or the average closing price over the 30 days preceding the grant date on a recognised stock exchange.
The vesting schedule for the granted options is structured over four years. Twenty-five percent of the options will vest at the end of each year from the grant date, culminating in full vesting by the end of the fourth year.
The vested options can be exercised two years after the grant date and must be exercised within ten years from the grant date. The ESOP 2021 (I) is administered by the Nomination and Remuneration Committee of CarTrade Tech, which bases the grant of options on specific eligibility criteria detailed in the scheme.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).