7 December 2007

Ujjivan Holds Ceremony for 2007 Employee Stock Option Plan (ESOP)

Ujjivan is setting new standards in the Indian microfinance industry as the first institution to offer stock benefits to its employees. The company held a ceremony on November 19th, 2007 to honour 14 of its employees who have been with the company since its inception with the stock options. Based on the belief that giving employees a stake in the company will create future success, the planis aimed at retention of its employees.

The ESOP was available for all confirmed employees as of March 31st, 2006.The options granted to the employees will vest over a period of 3 to 5 years from the date of grant. Ujjivan is also introducing ESOP 2007 covering 104 confirmed employees as of March 31st, 2007. The plan is designed so that the employees are expected to reap the benefits of five times their investment spread over a five-year term. Ujjivan will bear the Fringe Benefit Tax.

Thilaga Veni, an Ujjivan staff member of two years who started in data entry and is now the Data Entry and Disbursement Officer is very pleased by the opportunity to take part in ESOP. "The fact that it is offered to employees at all levels is very appealing. It gives me a chance to do well if the company does well. It was the day of the ESOP ceremony that I realized that Ujjivan is not only committed to building a "better life" for its customers, but also for its staff."

Samit Ghosh presents Thilaga Veni with a certificate at the Employee Stock Option Program ceremony.

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