Employee stock option (ESOP) fees for fintech giant Paytm’s so-called key executives, including CEO and MD Vijay Shekhar Sharma and CFO Madhur Deora, surged 50-fold to Rs 567 crore in FY22, higher than Rs 1.12 crore in the previous fiscal.

Shares of Paytm took a hit after rising 4,963% following its IPO in November 2021 at a valuation of around $20 billion.

The company’s shares are trading at Rs 717 per share, down 67% from the issue price of Rs 2,150.

Paytm’s first annual report after its listing also showed that the stock compensation of key executives in FY22 was more than 55 times the cash compensation. The ratio was 1.5 times in FY21.

Cash compensation for these senior executives, including salaries, bonuses and incentives, rose 43% to Rs 10.3 crore in FY22 from Rs 7.2 crore in the previous financial year.

Sharma’s cash remuneration remained unchanged at Rs 4 crore in FY22 compared to the previous fiscal.

He received 2.1 crore stock options for fiscal 2022, as approved by company members at an extraordinary general meeting on October 4, 2021. These grants were awarded under the 2019 97-employee stock option plan and are subject to certain milestones.

Sharma holds 5.8 crore shares, with a shareholding ratio of 8.89%. Earlier this year, the Paytm founder said his ESOP would only vest if the company’s market capitalisation exceeded its IPO valuation.

CFO Deora’s remuneration rose 21% to Rs 3.6 crore in FY22 and will be raised to Rs 3.8 crore in the current financial year, subject to shareholder approval.

Deora received 2.2 lakh ESOPs in FY22 and another 55,556 stock options on May 1, 2022.

In FY22, employee compensation excluding KMP employees increased by an average of 14%. Median employee compensation growth in FY22 was 18%. As of March 31, 2022, 7,278 employees (excluding subsidiary employees) were on the books.

For the full year of FY22, the company posted a loss of Rs 2,396 crore compared to a loss of Rs 1,701 crore in the previous fiscal. Income from operations in FY22 was Rs 4,974 crore, up 77% from FY21.