Logistics giant Delhivery Limited has announced the grant of 73,300 stock options to eligible employees under its Employee Stock Option Plan 2012 (ESOP-2012).
This grant aims to incentivize and reward eligible employees, promoting long-term commitment and alignment with the company’s growth objectives.
The approved stock options will become effective as of November 1, 2024.
Under the terms of the plan, each option is convertible into one fully paid-up equity share with a face value of Re. 1. The exercise price for the options has been set at Re. 1 per share.
Vesting Schedule
The stock options will vest over a four-year period, subject to certain conditions. According to the specified vesting schedule:
- 10% of the options will vest after 12 months from the grant date.
- 30% will vest after 24 months.
- The remaining 60% will vest at a rate of 15% every six months thereafter.
This approach not only encourages employee retention but also aligns their interests with the long-term success of Delhivery.
Significant Terms of the Grant
The terms outlined in the ESOP-2012 include provisions for adjustments in case of corporate actions such as rights issues, bonus shares, or mergers.
In the event of an employee’s death, permanent incapacity, resignation, or retirement, the options will be managed according to the specific conditions set out in the plan.
Additionally, the shares allotted upon the exercise of these stock options will rank equally with existing equity shares from the date of allotment and will not be subject to any lock-in period.
This grant is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, ensuring that the company adheres to regulatory requirements while fostering a culture of ownership among its employees.
About Delhivery
Delhivery Limited is one of India’s largest logistics and supply chain companies, specializing in end-to-end logistics services including warehousing, express parcel delivery, freight, and supply chain solutions.
Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati, Delhivery has established itself as a major player in the logistics sector, competing with companies like Xpressbees, Blue Dart, Flipkart’s Ekart Logistics, and Amazon Shipping.
