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Startups are to be built on trust and value that every team member sees “where in 5 years” especially the core team. To strengthen this trust factor comes ESOP.
ESOPs refer to plans that give employees the right to purchase a certain number of the company’s shares instead of salary. This provides the employee with virtual stake and helps to reduce the risk of the founder.
The Process has been mentioned below
Special Resolution has to be passed by the Board of directors to create esop pool. In ESOP pool you need to mention that how many shares are allotted for ESOP.
File form MGT-14 to ROC (It provides the information of how many ESOP the company is issuing or to say that the company has ESOP of this percentage).
Form ESOP Committee. ESOP committee can be a subset of the board of directors or all the directors can be the part of it.
Draft the ESOP Scheme, in which you need to mention the rules and regulation regarding ESOP. After drafting it needs to be approved by the shareholders of the company.
After approval and based on the ESOP scheme the ESOP Committee recommends the board which employee are eligible for ESOP. There shall be a minimum period of one year of vesting period, which can be extended by the ESOP Committee but cannot be decreased, between the grant of options and vesting of option.
