The Board of Directors of AXA Mansard Insurance Plc has approved an accelerated exercise of the company’s Options Scheme that was granted to eligible staff along with the accrued bonus in 2015 and 2017.
The approval of the 100 percent vested Share Options was granted at the 85th Board meeting of the company held on 12th February 2021.
According to the resolutions of the meeting, the eligible staff (current staff and good leavers) will have an immediate right to exercise such vested options at the grant prices as contained in their grant letters.
“The Trustees and the Administrators be and are hereby authorized to take all steps and do all acts that they deem necessary for the successful implementation of the above stated resolutions,” the insurance firm said.
Employee stock options (ESOs) are a type of equity compensation granted by companies to their employees and executives. Rather than granting shares of stock directly, the company gives derivative options on the stock instead.
These options come in the form of regular call options and give the employee the right to buy the company’s stock at a specified price for a finite period of time. Terms of ESOs will be fully spelled out for an employee in an employee stock options agreement.