The South Indian Bank Limited announced that its Board of Directors, in a meeting held on January 15, 2026, has approved the grant of 1,21,206 stock options to Sri. Dolphy Jose, Executive Director. These options are part of Tranche 20 under the SIB ESOS – 2008 scheme and are in compliance with non-cash variable pay approved by the Reserve Bank of India for the period ended March 31, 2025. The grant aligns with the terms and conditions of his appointment, as approved by the bank's shareholders. No options were granted to the Part-time Chairman or other Non-Executive Directors.

The options are based on the Black Scholes Model with an option premium of ₹29.22 per option, computed by a Registered Valuer. The exercise price is ₹21.23, representing a 50% discount on the market price of ₹42.46 (NSE closing price on January 14, 2026). The total number of shares covered by these options, if exercised fully, is 1,21,206, each with a face value of ₹1. The total value of the non-cash variable pay approved by RBI amounts to ₹35,41,667.

Vesting of these options will occur according to the SIB ESOS Scheme 2008: 30% after 12 months, 30% after 24 months, and 40% after 36 months from the grant date. The options can be exercised within five years from the vesting date. The announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular dated November 11, 2024. The details are also hosted on the bank's website.