157 | Annual Report | 2023-2024 Note 26: Employee stock option scheme (‘ESOP Scheme’) Arohan ESOP Trust ('ESOP Trust') was formed on March 19, 2010 to promote participation of the eligible employees of the Company in the ownership and growth of the Company and to confer on them certain welfare benefits through the implementation of the welfare schemes. Pursuant to the shareholders' approval in the meeting held on March 15, 2010 and April 27, 2018 (empowering the Board and Nomination and Remuneration Committee (NRC) to take any further decisions with regard to the ESOP schemes), the Board and Nomination and Remuneration Committee (NRC) has been authorized to issue employee stock options, that are exercisable into not more than 60,00,000 equity shares of the Company to eligible employees and has extended interest free loan to ESOP Trust under the Scheme to provide financial assistance to its employees to purchase equity shares of the Company under such the Scheme. Presently, stock options have been granted or shares have been issued under the following scheme: A. ESOP 2017 B. ESOP 2018 (grant 2018) C. ESOP 2018 (grant 2019) D. ESOP 2018 (grant 2020) E. ESOP 2021 (grant 2021) F. ESOP 2021 (grant 2022) G. ESOP 2021 (grant 2023) (i) Employee stock option schemes: Particulars ESOP 2017 ESOP 2018 (grant 2018) ESOP 2018 (grant 2019) ESOP 2018 (grant 2020) ESOP 2021 (grant 21) ESOP 2021 (grant 22) ESOP 2021 (grant 23) Date of Grant August 29, 2017 May 16, 2018 May 16, 2019 August 04, 2020 June 05, 2021 August 19, 2022 August 30, 2023 Date of Board approval May 19, 2017 April 27, 2018 May 15, 2019 June 26, 2020 June 04, 2021 May 11, 2022 May 12, 2023 Date of committee meeting where grant of options were approved May 19, 2017 April 27, 2018 February 18, 2019 June 26, 2020 June 04, 2021 May 11, 2022 May 12, 2023 Date of shareholders' approval August 29, 2017 May 15, 2018 March 18, 2019 August 03, 2020 February 08, 2021 August 11, 2022 August 07, 2023 Number of options granted 2,29,280 5,97,264 7,69,528 8,42,858 9,82,867 9,97,942 13,91,143 Method of settlement Equity Equity Equity Equity Equity Equity Equity Vesting conditions 1. Continued employment with the Company on relevant date of vesting 2. Board may specify certain performance criteria 1. Continued employment with the Company on relevant date of vesting 2. Board may specify certain performance criteria 1. Continued employment with the Company on relevant date of vesting 2. Board may specify certain performance criteria 1. Continued employment with the Company on relevant date of vesting 2. Board may specify certain performance criteria 1. Continued employment with the Company on relevant date of vesting 2. Board may specify certain performance criteria 1. Continued employment with the Company on relevant date of vesting 2. Board may specify certain performance criteria 1. Continued employment with the Company on relevant date of vesting 2. Board may specify certain performance criteria Vesting period 12 months from date of grant of option 36 months from date of grant of option 36 months from date of grant of option 36 months from date of grant of option 36 months from date of grant of option 36 months from date of grant of option 36 months from date of grant of option Exercise period For KMP and others: 10 year from the date of vesting For KMP and others: 10 year from the date of vesting For KMP and others: 10 year from the date of vesting For KMP and others: 10 year from the date of vesting For KMP and others: 10 year from the date of vesting For KMP and others: 10 year from the date of vesting For KMP and others: 10 year from the date of vesting Arohan Financial Services Limited Notes to financial statements for the year ended March 31, 2024 (Contd.) (All amounts in ` lakhs unless otherwise stated)
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