252 / 327
252
• Annual Report 2018-19
Shaping the future of software driven business
Notes forming part of consolidated financial statements (Contd.)
* Mr. Christopher O’Connor has been appointed as Chief executive officer Designate w.e.f. February 25, 2019 via Persistent
Systems Inc.
** Mr. Mritunjay Singh resigned as executive director w.e.f. November 24, 2017.
***Mr. Sebastien Rattier has resigned w.e.f July 31, 2017, hence his remuneration for the year ended March 31, 2018 has been
disclosed till July 31, 2017.
****Mr. Bruno Orsier is appointed as director with effect from September 25, 2017, however his remuneration for the financials
year ended March 31, 2018 has been disclosed from April 01, 2017 to March 31, 2018.
@ Dr. Deepak Phatak and Mr. Guy Eiferman have been appointed as additional directors (independent member) on the board of
Persistent Systems Limited w.e.f. April 24, 2018.
@@ Dr. Anant Jhingran appointed as Independent Director w.e.f. November 21, 2017
# The remuneration to the key managerial personnel does not include the provisions made for gratuity, long service awards and
leave benefits, as they are determined on an actuarial basis for the Company as a whole.
## These balances are fully provided for.
37. Employees stock option plans (ESOP)
Certain information in this note relating to number of shares, options and per share/option price has been disclosed in full
and is not rounded off.
a) Details of Employee stock option plans
The Company has framed various share-based payment schemes for its employees. The details of various equity-settled
employee stock option plan (‘ESOP’) schemes adopted by the Board of Directors are as follows:
ESOP scheme
No. of options
granted #
Date of adoption by
the Board / Members
Initial Grant date Exercise period
Scheme I
4,560,500
Dec 11, 1999
Dec 11, 1999
*
Scheme II
753,200
Apr 23, 2004
Apr 23, 2004
10 Years
Scheme III
2,533,300
Apr 23, 2004
Apr 23, 2004
*
Scheme IV
6,958,250
Apr 23, 2006
Apr 23, 2006
10 Years
Scheme V
1,890,525
Apr 23, 2006
Apr 23, 2006
*
Scheme VI
1,216,250
Oct 31, 2006
Oct 31, 2006
10 Years
Scheme VII
1,784,975
Apr 30, 2007
Apr 30, 2007
10 Years
Scheme VIII
42,000
Jul 24, 2007
Jul 24, 2007
3 Years
Scheme IX
1,374,462
Jun 29, 2009
Jun 29, 2009
10 Years
Scheme X
3,062,272
Jun 10, 2010
Oct 29, 2010
3 Years
Scheme XI **
492,000
Jul 26, 2014
Nov 03, 2014
1 Year
Scheme XII ***
67,300
Feb 04, 2016
Apr 08, 2016
2.5 Months
# Adjusted for bonus issue of shares.
*No contractual life is defined in the scheme.
**The options under Scheme XI, which is a performance based ESOP scheme will vest after 3 years in proportion of credit
points earned by the employees every quarter based on performance. The maximum options which can be granted under
this scheme are 2,000,000.
***The options under Scheme XII, ESOP scheme will vest after 1 year. The maximum options which granted under this
scheme are 50.