Regulation 20 - Consequence of failure to exercise an option. - Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

20. Consequence of failure to exercise an option. The amount paid by the employee, if any, at the time of grant, vesting or exercise of option- (a) may be forfeited by the company if the option is not exercised by the employee within the exercise period; or (b) may be refunded to the employee if the options are not vested due to non-fulfilment of conditions relating to vesting of option as per the ESOS.