Write notes on the following: Employee stock option scheme (ESOS)

SEBI (Share Based Employee Benefits) Regulations, 2014 defines employee stock option scheme or ESOS which means a scheme under which a company grants employee stock option directly or through a trust. There shall be a minimum vesting period of one year in case of ESOS. Provided that in case where options are granted by a company under an ESOS in lieu of options held by a person under an ESOS in another company which has merged or amalgamated with that company, the period during which the options granted by the transferor company were held by him shall be adjusted against the minimum vesting period. The company may specify the lock-in period for the shares issued pursuant to exercise of option.