The grant consists of 35,97,432 stock options under the Delhivery Employees Stock Option Plan IV, 2021 (ESOP-2021) to eligible employees of the Company, effective from June 01, 2026.
The scheme is in terms of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
Key Terms of the Grant
- Total Shares Covered: Each stock option is convertible into one fully paid-up equity share of face value Re. 1 each. Therefore, the grant covers 35,97,432 equity shares.
- Exercise Price: The exercise price is set at Re. 1 per share.
- Vesting Schedule: The grant has two distinct vesting schedules:
- For 1,04,190 stock options: Vesting occurs over 4 years. 10% vests after 12 months, 30% after 24 months, and the remaining 60% vests at a rate of 15% every 6 months thereafter.
- For 34,93,242 stock options: Vesting occurs over 3 years. 20% vests after 12 months, 30% after 24 months, and 50% after 36 months from the date of grant.
- Exercise Period: Vested options can be exercised within 5 years from the respective vesting dates.
- Lock-in: Equity shares allotted upon exercise of the stock options are not subject to any lock-in period.
- Rights: Shares allotted will rank pari passu with all other equity shares of the Company from the date of allotment.
Other Provisions
- The plan includes terms for handling options in cases of death, permanent incapacity, resignation, termination, retirement, or abandonment.
- Provisions exist for adjustments to the number of options (e.g., in case of corporate actions like rights issue, bonus issue, stock split, consolidation, merger, amalgamation, or reorganization) to be made in a fair and reasonable manner.
- There are no subsequent changes, cancellations, or exercises of these options to report at this time.
- The diluted earnings per share (EPS) impact is not applicable for this disclosure.