员工持股计划：公司法合规

Employee stock option plan  (ESOPs) is an old method of rewarding hardworking employees of the company by giving them shareholding in the company at a nominal rate. ESOP strives for employees to work hard for the enhancement of the value of the company so that the value of their own investment can enhance. 

Now, ESOPs are extensively used by startups to retain their employees. Startups are short of funds and therefore they offer ESOPs to retain their higher management. However, the issuance of ESOPs by companies is subject to guidelines issued by SEBI, in the case of a listed company, and subject to provisions of the Companies Act, 2013, in the case of an unlisted company.

In this article, a detailed discussion is carried out about provisions of Companies Law on the ESOPs. 

1. Definition

• As per Section 2(37) of the Companies Act, 2013, “employees’ stock option” means the option given to the Directors, officers or employees of a company or of its holding company or subsidiary company or companies, if any, which gives such Directors, officers or employees, the benefit or right to purchase, or to subscribe for, the shares of the company at a future date at a predetermined price.
• Under ESOP, existing shares are not offered to the employees. Rather, the company proposes to increase its subscribed share capital by issuing further shares to its employees at a predetermined rate.

2. Who is eligible for ESOPs

1. Provisions related to the issuance of ESOPs are given under the Companies (Share Capital and Debentures) Rules, 2014.
2. As per Rule 12(1) of Companies (Share Capital and Debentures) Rules, 2014, the following employees are eligible of Esops-
   1. A permanent employee of the company, whether working in India or outside India.
   2. A Director of the company, including a whole-time or part-time director but not an independent director.
   3. A permanent employee or director of a subsidiary company in India or outside India, or a holding company.

3. However, the following employees are not eligible for ESOPs:
   1. An employee who is a promoter of the company or who belongs to the promoter group.
   2. A director who either himself or through anybody corporate or through his relative holds more than 10% of the outstanding equity shares of the company, whether directly or indirectly.
   3. Independent Directors

4. However, exclusions given in clause © above shall not apply to startups, for a period of 10 years from the date of its incorporation or registration. Therefore, start-ups can issue ESOPs to promoters. A Start-up company means a private company incorporated under the Companies Act, 2013, and recognized as a “start-up” in accordance with the notification issued by the Department of Industrial Policy and Promotion.

3. What’s The Procedure to Issue ESOPs

Section 62(1)(b) of the Companies Act, 2013 read with Rule 12 of The Companies (Share Capital and Debentures) Rules, 2014 governs terms of issuance of ESOPs by a Company, other than a listed company. 

An unlisted company is required to follow the below-mentioned procedure before issuing ESOPs:

1. Prepare a draft of the Employee Stock Option Scheme according to which shares are issued to employees under ESOP.
2. Make amendments in the Memorandum of Association (MOA) if authorized share capital is falling less for issuing shares under ESOP.
3. In the case of a Private company, issuance of ESOPs must be authorized by Articles of Association. Therefore, if AoA does not authorize the issuance of ESOPs then the Company is first required to amend AoA to obtain the necessary authorization.
4. Board Meeting:
   1. Prepare notice for the board meeting along with the draft resolution to be passed in the board meeting.
   2. Send the notice of the board meeting to all the directors.
   3. Approve ESOP Scheme and determine the price of shares to be issued pursuant to ESOP.
   4. Finalize the time and date for calling the Extraordinary general meeting to pass a special resolution for issuing ESOP.
   5. Approve draft of notice to be issued to convey ESOP.
   6. Authorize any person to send the notice of the Extra-Ordinary General Meeting to all the members of the company

5. Send the draft minutes of the board meeting to all the directors within 15 days of its conclusion and file the MGT-14 form with the Registrar of Companies for passing the board resolution.
6. Extra-Ordinary General Meeting:
   1. Send notice of the EGM to all the directors, auditors, shareholders, and secretarial auditors of the company at least 21 days prior to the date of the meeting.
   2. The explanatory statement to the Notice of EGM Shall contain the following information:
      • the total number of stock options to be granted;
      • identification of classes of employees entitled to participate in the Employees Stock Option Scheme;
      • the appraisal process for determining the eligibility of employees to the Employees Stock Option Scheme;
      • the requirements of vesting and the period of vesting;
      • the maximum period within which the options shall be vested;
      • the exercise price or the formula for arriving at the same;
      • the exercise period and process of exercise;
      • the Lock-in period, if any ;
      • the maximum number of options to be granted per employee and in the aggregate;
      • the method which the company shall use to value its options;
      • the conditions under which option vested in employees may lapse e.g. in case of termination of employment for misconduct;
      • the specified time period within which the employee shall exercise the vested options in the event of a proposed termination of employment or resignation of the employee; and
      • a statement to the effect that the company shall comply with the applicable accounting standards.
   3. Pass the special resolution for the issuance of shares under the ESOP to the employees, directors, and officers of the company in the general meeting.

7. File the MGT-14 form with the Registrar of Companies within 30 days of passing the special resolution in the general meeting along with the documents.
8. Send options to the employees, directors, and officers of the company for purchasing shares under ESOP.

4 Terms and Conditions of issuance of ESOPs

As per Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014, An unlisted company shall not offer shares to its employees under a scheme of ESOPs unless it complies with the following requirements:

1. Grant Price:
   1. The companies shall have the freedom to determine the exercise price in conformity with the applicable accounting policies, if any

2. Approval by Separate Resolution:

The company is required to obtain the approval of shareholders by way of separate resolutions in the following cases:

• 员工持股计划（ESOP）授予对象为子公司或控股公司的员工；或
• 在任一年度内，向特定员工授予的期权数量达到或超过公司授予期权时已发行股本（不含未行权的认股权证及可转换证券）的 1%。

3. 员工持股计划（ESOP）条款的修订：

1. 公司可变更尚未被员工行权的员工持股计划条款，前提是此类变更不得损害期权持有人的利益。此类变更须经股东特别决议批准。
2. 关于变更员工持股计划条款的特别决议通知应披露：
   1. 变更的全部内容，
   2. 变更的理由，以及
   3. 受益于此类变更的员工详情。

4. 归属期：
   1. 期权授予与归属之间应至少间隔一年：
   2. 但若公司根据其员工持股计划授予的期权，是用于替代同一人员在另一家已与本公司合并或重组的公司所持有的期权，则该人员在合并或重组前公司持有期权的时间可计入最低归属期。
   3. 公司有权自行规定行权后所发股票的锁定期。

5. 在行权并获得股份之前，员工无权就所授予的期权获得任何股息、行使投票权或以任何方式享有股东权益。

6. 员工支付的员工持股计划费用：
   1. 若员工在行权期内未行权，公司可没收员工在授予期权时支付的费用（如有）；或
   2. 此外，若因未满足员工持股计划中关于期权归属的条件而导致期权未归属，则该费用可予以退还。

7. 期权转让给其他员工或个人：
   1. 授予员工的期权不得转让给任何其他人。
   2. 授予员工的期权不得进行质押、抵押、留置或以任何其他方式进行处置或转让。
   3. 除被授予期权的员工外，任何其他人均无权行使该期权。
   4. 但若员工在职期间去世，其截至去世之日已获授予的所有期权应归属于该已故员工的法定继承人或指定受益人。
   5. 若员工在职期间丧失劳动能力，则截至丧失劳动能力之日已获授予的所有期权应于当日归属于该员工。
   6. 若员工辞职或被解雇，其截至当日尚未归属的期权将失效。但员工可在员工持股计划条款规定的期限内，行使已归属的期权。

8. 董事会报告中的披露：

董事会应在董事报告中披露有关员工持股计划的以下详情：

• 已授予、已归属及已行权的期权；
• 因行权而产生的股份总数；
• 失效的期权；
• 行权价格；
• 期权条款的变更；
• 有效的期权总数；
• 按员工列示的期权授予详情；
  • 关键管理人员；
  • 在任一年度内获授期权数量达到或超过当年授予期权总数 5% 的任何其他员工。
  • 在任一年度内获授期权数量达到或超过公司授予期权时已发行股本（不含未行权的认股权证及可转换证券）1% 的特定员工；

5 员工持股计划登记册

• 公司应按照 SH-6 表格维护“员工持股计划登记册”，并登记授予公司员工、董事或高级职员的员工持股计划详情。
• 该登记册应保存在公司注册办事处或董事会决定的其他地点。
• 登记册中的条目应由公司秘书或董事会为此授权的其他人员进行认证。