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An ESOP (Employee stock ownership plan) refers to an employee benefit plan which offers employees an ownership interest in the organization. The ESOP is generally designed to benefit employees who remain with the employer the longest and contribute most to the employer’s success.
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The company gains employees’ goodwill, loyalty and commitment. Employees are motivated and encouraged to think like owners.
Helps attract fresh talent on a regular basis. Having an opportunity to have a share in a company can be an attractive bonus for top talent seeking new job opportunities, as it provides a secure retirement plan.
Can be used to finance growth through its tax-privileged status in a cost-effective manner.
ESOPs Improve the communication between employee and managers and increase cooperation. The Employer shares the same interests with the Employee, which is to work together for the overall growth of the company.
The tax benefits of an ESOP exit strategy can be significant. These benefits accrue to the selling shareholder(s) (the corporation), and to the employees who participate in the ESOP.
An external, third-party sale can be a lengthy process, with many moving parts. Owners looking to transition out of the company in short order, an ESOP can be an appealing option.
Only permanent employees of the company or its subsidiaries or its holding company are eligible for ESOP grants. Part-time employees, consultants, advisors, mentors are therefore NOT eligible for ESOPs
Directors on the board whether a whole-time director or not, of the company or, its subsidiary company or its holding company are also eligible to receive ESOPs
The founders/promoters of DPIIT recognized start-ups are eligible to receive ESOPs for up to 10 years from the date of incorporation.
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ESOP Scheme needs to be prepared by the company and approved by the Board of Directors. Price of the shares issued pursuant to ESOP is also determined beforehand.
Take the shareholder’s approval for the issuance of shares through ESOP in the general meeting through special resolution
Send options to the employees, directors and officers of the company for purchasing shares under ESOP.
There shall be a minimum period of one year between the grant of options and vesting of option
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