Approval of Grant of Stock Options

AXIS/CO/CS/475/2021-22

December 9, 2021

Dear Sir(s),

SUB: APPROVAL OF GRANT OF STOCK OPTIONS BY THE NOMINATION AND REMUNERATION COMMITTEE OF THE BOARD OF DIRECTORS OF AXIS BANK LIMITED ('THE BANK') ON DECEMBER 9, 2021.

REF: REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 ("SEBI LISTING REGULATIONS")

This is to inform you that the Nomination and Remuneration Committee of the Board of Directors of the Bank ("NRC") has today approved the grant of 28,000 stock options convertible into 28,000 equity shares of Rs. 2/- each of the Bank at a price of Rs. 697.10/- per equity share of Rs. 2/- each, being the latest available closing price prevailing on the National Stock Exchange of India Limited (NSE) on Wednesday, December 8, 2021 i.e. the previous trading day immediately preceding the date on which the grant was approved by the NRC, to the eligible employee of the Bank, in terms of the Employee Stock Option Scheme of the Bank - XXX formulated and adopted by the Bank, in terms of the provisions of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021[Erstwhile SEBI (Share Based Employee Benefits) Regulations, 2014].

The said stock options carry the right to apply for and be allotted 1 (one) equity share of face value of Rs. 2/- each of the Bank, the general terms and conditions of the said grant are as under:-

a) Brief details of options granted;

The Nomination and Remuneration Committee has approved the grant of 28,000 stock options to the eligible employee of the Bank.

b) Whether the scheme is in terms of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021[Erstwhile SEBI (Share Based Employee Benefits) Regulations, 2014]. (if applicable);

The said Employee Stock Option Scheme XXX has been formulated and adopted by the Bank in terms of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021[Erstwhile SEBI (Share Based Employee Benefits) Regulations, 2014]

c) Total number of shares covered by these options;

28,000 equity shares of Rs. 2/- each of the Bank.

d) Pricing formula;

Granted at the latest available closing price prevailing on the National Stock Exchange of India Limited ("NSE") being the Stock Exchange which recorded the highest trading volumes in the equity shares of the Bank on Wednesday, December 8, 2021 i.e. being the previous trading day immediately preceding the date on which the grant of options was approved by the Nomination and Remuneration Committee.

e) Stock Options vested;

The said options shall vest, as under:-

· At the end of 1 year from the date of grant - 30% of granted options.

· At the end of 2 years from the date of grant - 30% of granted options.

· At the end of 3 years from the date of grant - 40% of granted options.

f) Time within which option may be exercised;

The said options would have to be exercised by the concerned eligible Employee of the Bank, within a period of 5 years from the date of respective vesting.

g) Brief details of significant terms;

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You are requested to take note of above and arrange to bring it to the notice of all concerned.

Thanking You.

Yours Sincerely,

For Axis Bank Limited

Rajesh Dahiya

Executive Director (Corporate Centre)