Founding Employees of Delphi Automotive Systems Receive Stock Options

22 March 1999
Founding Employees of Delphi Automotive Systems Receive Stock Options
    TROY, Mich., March 19 -- More than 200,000 hourly and
salaried employees at Delphi Automotive Systems this week received
Founder's Grant stock options -- or, in some countries, stock appreciation
rights -- at the option price of $18.66, the average of the high and low
trading price on Feb. 5, 1999, the day of Delphi's Initial Public Offering
(IPO).
    More than 15 million stock options were issued worldwide, making the
program one of the largest such grants in history.  Each eligible employee was
given between 50 and 100 stock options (the opportunity to buy shares at a
pre-established price, regardless of the market price) or stock appreciation
rights (the opportunity to exercise the rights for cash) which are exercisable
after Feb. 5, 2001, the second anniversary of the company's IPO.  Hourly and
salaried Delphi employees in the U.S. received 100 stock options that expire
10 years and two days from the date of issue.
    "Delphi recognizes the tremendous contributions of its employees to the
company and the importance of focusing employees on the business as a whole,"
said Chairman, CEO and President J.T. Battenberg III.  "This program will help
align employee interests with stockholder interests while giving employees the
opportunity for long-term capital accumulation and a personal stake in
Delphi's future."
    Delphi's Founder's Grant Stock Option Program is the second stock-related
program Delphi has implemented since it began the process of separating from
long-time parent General Motors Corp.  Earlier this year, Delphi offered U.S.
employees the option to by Delphi stock at the IPO price of $17 through a
Directed Share Purchase Program.  More than 21,000 U.S. employees took
advantage of the Directed Share Program, buying approximately 8 million shares
of Delphi stock.
    Delphi Automotive Systems with headquarters in Troy, Mich., USA, is a
world leader in automotive component and systems technology.  Delphi's three
business sectors -- Dynamics & Propulsion; Safety, Thermal & Electrical
Architecture; and Electronics & Mobile Communications -- provide comprehensive
product solutions to complex customer needs.  Delphi has more than 200,000
employees and operates 168 wholly owned manufacturing sites, 40 joint ventures
and 27 technical centers in 36 countries.  Regional headquarters are located
in Paris, Tokyo and Sao Paulo.  Delphi can be found on the Internet at
http://www.delphiauto.com.