Crizac Limited Crizac Limited has granted 35,59,000 employee stock options to its workforce, marking a significant step in its retention strategy for fiscal year 2026. The Nomination and Remuneration Committee (NRC) approved the grants during a meeting held on August 03, 2026, under the company’s 'CRIZAC Employee Stock Option Plan 2026'. This move aligns employee interests with shareholder value creation by tying compensation to long-term equity performance.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The filing confirms that the scheme complies with the SEBI (Share Based Employee Benefits & Sweat Equity) Regulations, 2021.

Key Terms of the ESOP Grant

The options are exercisable into equity shares with a face value of ₹2 each. The exercise price has been fixed at ₹200 per option. Below are the critical terms governing the grant:

Vesting and Exercise Structure

Employees must wait a minimum of three years from the date of grant before any options vest. The specific vesting schedule is detailed in individual grant letters. Once vested, employees have a maximum period of five years to exercise their options. As of the filing date, no options have vested, been exercised, or lapsed.

What the Numbers Show

The setting of an exercise price at ₹200 provides a clear benchmark for future stock performance expectations. With a face value of ₹2, the premium reflects the market valuation at the time of grant. The three-year vesting period indicates a focus on medium-term retention, ensuring that beneficiaries remain engaged with the company’s growth trajectory over multiple fiscal cycles.

Crizac Limited has amended the appointment terms of its Whole-time Director, Manish Agarwal, to make him liable to retire by rotation. The Crizac Limited Board of Directors approved this modification during a meeting held on August 3, 2026. This change ensures compliance with Section 152 of the Companies Act, 2013 and the company’s Articles of Association. Except for this specific adjustment regarding retirement by rotation, all other conditions of Mr. Agarwal’s tenure—including remuneration, powers, duties, and responsibilities—remain unchanged. This procedural update aligns the executive’s contract with statutory governance requirements without altering his operational role or compensation structure.

The disclosure was made pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing also references SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. Kashish Arora, Company Secretary & Compliance Officer of Crizac Limited, signed the intimation submitted to the National Stock Exchange of India Ltd and BSE Limited.

Details of Modification

The Board’s decision specifically alters the retirement clause in Mr. Agarwal’s contract. Previously, his appointment terms did not include liability to retire by rotation. The new terms state that he shall be liable to retire by rotation as per statutory requirements. No other aspects of his role or compensation have been altered.

Regulatory Compliance

Crizac Limited confirmed that Mr. Manish Agarwal is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other authority. The company also stated that there is no change in the disclosure of relationships between directors resulting from this modification. The filing references Circular No. LIST/COMP/14/2018-19 and NSE/CML/2018/02 dated June 20, 2018, regarding director disclosures.