Polaris Software Lab Ltd has informed BSE that pursuant to the approval accorded by the Remuneration & Compensation Committee of the Board of Directors on April 23, 2008 - 53,500 of Stock Options have been granted to (21 Associates) employees and directors of the Company at price of Rs 108.75 per share under the Associate Stock Option Plan 2003 (53,500 numbers of options).

The vesting of the said Stock Options is as follows:

- 20% of the Options - One year from the date of offer / grant date
- 20% of the Options - Two years from the date of offer / grant date
- 20% of the Options - Three years from the date of offer / grant date
- 20% of the Options - Four years from the date of offer / grant date
- 20% of the Options - Five years from the date of offer / grant date

On the expiry of the vesting period, the employees have the right to convert the options into shares either in full or in tranches at any time during the exercise period as provided under the scheme.