Para 10 - Consequence of failure to exercise option - SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999

10. Consequence of failure to exercise option: 10.1 The amount payable by the employee, if any, at the time of grant of option;- (a) may be forfeited by the company if the option is not exercised by the employee within the exercise period; or (b) the amount may be refunded to the employee if the option are not vested due to non-fulfillment of condition relating to vesting of option as per the ESOS.