Infosys has granted stock incentives worth Rs 3.25 crore to CEO Salil Parekh under the 2015 Incentive Compensation Plan.
The incentive has been offered in the form of Restricted Stock Units (RSUs) and will have a three-year equal vesting schedule, the company said in a statement to the exchanges on February 26.
The date of grant for these units is February 27 and the exercise price will be the par value of shares.
COO UB Pravin Rao received 58,680 RSUs. Five key managerial personnel (KMPs) will receive stock incentives of 3,53,270, which works out to Rs 1.75 crore per individual under the 2015 plan.
Close to 371 eligible employees are granted 14,87,150 RSUs under the same scheme. These shares will have four year equal vesting period.
Under the Expanded Stock Ownership Programme 2019, six KMPs will receive 1,69,000 Performance Stock Units (PSUs) and close to 411 eligible employees will receive 17,76,500 PSUs. These shares will have three year equal vesting and will be subject to the achievement of annual performance parameters as defined in the 2019 Plan, the statement added.
In April last year, Infosys’ board had approved performance-based stock ownership programme for employees. Close to five crore shares were allocated to incentivise employees and rein in attrition.
As a part of the programme, Parekh, its CEO, would be granted performance-based incentives in the form of RSU worth Rs 10 crore and Rao, COO, was to be granted Rs 4 crore worth of stock incentives. However close to 21 percent of the public shareholders opposed the performance-linked incentives to the CEO.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
