Shareholders of SSI, the software education firm, have approved the proposal of the company to issue American depository receipt / global depository receipt stock options to its employees under a new scheme, Employee Equity Option Plan (EEOP). The approval was sought at an extraordinary general meeting held today in Chennai.
Apart from the new plan, the company is already offering a scheme, employee stock options scheme (ESOS). The new plan is expected to encourage the employees offering ownership of the company's equity and reward their performance.
The existing compensation committee of the company, comprising a majority of independent directors, will administer the new plan.
The EEOP allows for the issue of upto 3 per cent of the aggregate number of issued equity shares of the company in any one year but not exceeding 10 per cent of the aggregate number of issued equity shares in that year.
SSI offers software education, development and consulting solutions through its divisions, SSI Education and SSI Technologies.
SSI Education provides high-end, short-duration, skill-based training in emerging software technologies and has recently opened international operations in south Asia, south-east Asia, Middle East and Africa.
SSI Technologies offers development and consulting solutions in securities, banking, insurance, telecom, healthcare and e-business.
