Gland Pharma has announced a significant leadership change with the resignation of Mr. Shyamakant Giri from his position as Chief Executive Officer. The pharmaceutical company disclosed this development in a regulatory filing dated March 03, 2026, in compliance with SEBI listing regulations.

Resignation Details

Mr. Giri submitted his resignation letter on February 24, 2026, formally stepping down from his role as CEO and Key Management Personnel. The Board of Directors accepted his resignation on March 03, 2026, following a recommendation from the Nomination and Remuneration Committee.

Transition Timeline

The resignation will become effective from the close of business hours on April 30, 2026. This timeline provides the company with approximately two months to manage the leadership transition and ensure continuity in operations.

Board's Response

In the official communication to stock exchanges, the Board of Directors and the entire Gland Pharma family placed on record their sincere appreciation for Mr. Giri's leadership and contribution as CEO. The resignation letter indicates that Mr. Giri's decision came after careful consideration, as he looks to pursue new opportunities.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided all required details as per regulatory guidelines, including the resignation letter and relevant annexures to both BSE and NSE.

Company Leadership

The regulatory filing was signed by Sampath Kumar Pallerlamudi, Company Secretary and Compliance Officer, ensuring proper documentation and disclosure of this key management personnel change. The company has committed to ensuring a smooth transition during this leadership change.

Gland Pharma Limited has announced the grant of 1,626 employee stock options to one employee under its Employee Stock Option Scheme 2025. The ESOP Compensation Committee of the Board of Directors approved this grant on March 03, 2026, marking the first grant under the newly established scheme.

Grant Details and Pricing Structure

The stock option grant comprises two distinct pricing tiers designed to provide different incentive structures:

The exercise price of ₹897.40 represents 50% of the closing price of the equity share on NSE as of March 03, 2026. Since the grant date fell on a trading holiday, the closing price of the preceding day, March 02, 2026, was considered for calculation.

Vesting Schedule and Exercise Timeline

The options follow a structured three-year vesting schedule designed to promote employee retention:

Once vested, employees have a maximum period of two years from the respective vesting dates to exercise their options. This provides flexibility while ensuring timely conversion of options to equity shares.

Regulatory Compliance and Scheme Framework

The grant operates under full compliance with SEBI (Share Based Employee Benefits & Sweat Equity) Regulations, 2021. The ESOP 2025 scheme was established following previous intimations dated May 22, 2025, and July 03, 2025, indicating the company's systematic approach to employee incentivization.

The stock options will be administered by the ESOP Compensation Committee of the Board of Directors, ensuring proper governance and oversight of the scheme implementation.

Current Status and Future Implications

As this represents the inaugural grant under ESOP 2025, several operational metrics remain in preliminary stages:

• No options have been exercised to date
• No money has been realized from option exercises
• No options have lapsed
• No variations in terms have been implemented

The company has filed the necessary disclosures under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, maintaining transparency with stakeholders regarding this employee benefit initiative.