Jyothy Labs Limited on Monday announced that the Nomination, Remuneration and Compensation Committee (NRCC) of the Company at its meeting held today approved the grant of 96,444 Restricted Stock Units (RSUs) exercisable into 96,444 equity shares of the Company of face value of Rs 1 each fully paid up to selected employees of the Company as determined by NRCC, in terms of the RSU Plan 2023, the company announced through an exchange filing.
The face value of the equity shares is Rs 1 each.
The Board of Directors and Shareholders of the Company had approved the RSU Plan 2023 on June 9, 2023 and July 25, 2023 respectively.
RSU Plan 2023 provides that the vested RSUs shall be exercised, while in employment, within a period of 2 (two) years from the date of vesting of such RSUs. In case of separation from employment, the exercise period will be as provided in the Plan.
The RSUs will vest as per the vesting schedule approved by NRCC in the following manner:
1. 25 percent of the total RSUs granted will vest on the 1st anniversary from the date of grant;
2. 25 percent of the total RSUs granted will vest on the 2nd anniversary from the date of grant;
3. 25 percent of the total RSUs granted will vest on the 3rd anniversary from the date of grant;
4. 25 percent of the total RSUs granted will vest on the 4th anniversary from the date of grant.
Jyothy Labs Limited shares
The shares of Jyothy Labs Limited on Monday at 11:34 am IST were at Rs 364.45, down by 0.30 percent.
