CSB Bank Grants 21,536 ESOP Stock Options

On Thursday, CSB Bank reported that its Board of Directors' Nomination & Remuneration Committee sanctioned the grant of 21,536 stock options to an eligible employee under the CSB Employee Stock Option Scheme 2019. These options can be exercised for up to 21,536 fully paid-up equity shares of the Bank with a face value of Rs 10 each, at an exercise price of Rs 398.70 per share, as per the regulatory filing.

The equity shares have a face value of Rs 10 each. The Scheme was devised and endorsed by the Bank's shareholders following the Share Based Employee Benefits (SEBI) Regulations, 2014, replaced by the Share Based Employee Benefits and Sweat Equity (SEBI) Regulations, 2021.

The vesting schedule for the stock options is as follows:

• 25 per cent of the granted options (rounded off to the nearest 100) will vest on 14 December 2024 (12 months from the grant date).
• Another 25 per cent will vest on 14 December 2025 (24 months from the grant date).
• Subsequently, 25 per cent will vest on 14 December 2026 (36 months from the grant date).
• The remaining options will vest on 14 December 2027 (48 months from the grant date).

The filing also specifies the timeline for exercising these options, allowing exercise within 3 years from the vesting date during continuous employment/service. The exercise period in case of separations will comply with the Scheme guidelines.