Infosys CEO Salil Parekh gets Rs 3.35 cr stock incentive

Bengaluru-based IT Services major Infosys has granted stock options worth Rs 3.35 crore to CEO Salil Parekh under the 2015 Incentive Compensation Plan, the company has said in a regulatory filing.

The incentive has been offered in the form of Restricted Stock Units (RSUs) and has a three-year equal vesting schedule. The date of grant of these units is February 27, the company informed the exchanges.

According to the filing, COO UB Pravin Rao has got 58,680 RSUs. Meanwhile, five key managerial personnel (KMPs) will receive stock incentives of 3,53,270 RSUs, which stands at about Rs 1.75 crore per person under the 2015 plan.

As per the filing, 371 eligible employees have been granted 14,87,150 RSUs under the same scheme. These shares will have a four-year equal vesting period.

In April last year, the Infosys board had approved performance-based stock ownership programme for employees. Under the plan, it had decided to allocate 50 million shares to employees based on performance.

As per 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 filing added.