HDFC Bank expands ESOP committee authority over employee RSUs
HDFC Bank just refreshed its employee stock option plan (ESOP), first rolled out in 2022.
Now, the committee in charge has more say over how restricted stock units (RSUs) are handled, especially if there are disciplinary issues.
Basically, they can now change or even take away RSUs if needed.
HDFC Bank updates RSU eligibility rules
The rules for getting RSUs have changed: your employment status, including things like being on sabbatical or approved leave, now matters.
New hires don't have to meet old grade or performance requirements anymore. Plus, the maximum number of RSUs you can get has jumped from 30,000 to 50,000 per person.
The committee also decides what happens to your RSUs in disciplinary proceedings, including cancelation, forfeiture or modification of vesting rights.
All this comes as HDFC reported a healthy 9% profit jump last quarter.