Walkthrough: The Grant Letter

Modified on Thu, 7 Aug at 1:21 PM

1. Grant Type and Value

You’ve been awarded 258,198 stock options, which give you the right to purchase company shares in the future at a fixed price. Based on the company’s internal valuation, the estimated paper value of this grant is USD129,099.00.

You don’t own shares yet. If you stay with the company and later choose to exercise your options, you may become a shareholder and benefit from any increase in company value. If you stay with the company and exercise the options later, you can become a shareholder.

2. Grant Date

The grant date is 04-Oct-2024.

This is the official start date of your grant. It can affect vesting timelines and tax treatment.

3. Exercise Ratio

Each option, when exercised, grants 1 equity share.

Simple 1:1 ratio. One option = one share.

4. Vesting Schedule

Your stock options follow a 4-year vesting schedule that includes both a cliff and monthly graded vesting:

1-Year Cliff:
The first 64,549 options will vest on 04-Oct-2025, provided you remain employed through this date.
This means no options are earned during the first year.
Monthly Vesting Thereafter:
Starting from 04-Nov-2025, approximately 5,379 options vest every month for the next 36 months. The last batch vests on 04-Oct-2028.
This monthly vesting rewards continued tenure by steadily releasing more shares over time.
Accelerated Final Vesting:
In the final five months, from 04-Jan-2028 to 04-May-2028, the vesting amount increases to 10,758–10,759 options per month, completing the full 258,198-option grant.

5. Governing Scheme

The grant is made under the Nova Stock Option Scheme 2019.

This document contains full rules about your grant (e.g., exercise price, expiry, exit terms). Request and review it.

6. Acceptance Required

You must formally accept the grant in the manner provided by the company.

Without formal acceptance, the grant may not take effect.