Saksoft - Outcome of Compensation Committee Meeting
Saksoft Ltd has informed BSE that the Compensation Committee of the Directors of the Company at its meeting held on July 16, 2008, has approved the proposal of grating 240,000 options under the Employees Stock Option Scheme 2006 to eligible employees of Saksoft Ltd. 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 117.20 (Rupees One hundred and Seventeen and twenty paise only) which is the NSE’s closing market price as of the end of trading hours on July 15, 2008. 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 shall vest over a period of Four years in the manner prescribed in the schedule hereunder:
1. End of Year 1 from the offer date - 25% of the options granted on the offer date
2. End of Year 2 from the offer date - 25% of the options granted on the offer date
3. End of Year 3 from the offer date - 25% of the options granted on the offer date
4. End of Year 4 from the offer date - 25% of the options granted on the offer date
- Exercise Period: These options can be exercised within a period of 12 months from the date of vesting of option.
The other provisions of the scheme would be in compliance with SAKSOFT LTD EMPLOYEES STOCK OPTION PLAN (ESOP), 2006. On the expiry of the vesting period, these options can be exercised in full or in tranches.
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