Infosys grants stock incentives worth Rs 3.25cr to CEO Parekh
Bengaluru: Software major Infosys has granted stock incentive units worth Rs 3.25 crore to CEO Salil Parekh under the under its 2015 Incentive Compensation Plan.
The company has offered incentive to the CEO in the form of Restricted Stock Units (RSUs) which will have a three-year equal vesting schedule.
The Chief Operating Officer U.B. Pravin Rao has been granted 58,650 RSUs, the company said in a regulatory filing on Wednesday.
Further, as per the plan five key management personnels (KMP) will receive 3,53,270 RSUs, with one KMP getting RSUs valued Rs 1.75 crore with a vesting period of four years.
The filing said that 371 eligible employees have been granted 1,487,150 RSUs under the scheme. These shares will also have a four-year equal vesting period.
Further, under the Expanded Stock Ownership Program 2019, six key management professionals will receive 1,69,000 performance stock units (PSU) and Aaround 411 eligible employees will get 17,76,500 PSUs, with a vesting period of three years.
These performance stock units will be subject to the company's achievement of performance parameters each year as defined in the Expanded Stock Ownership Program 2019.
The date of grant for the stock incentive units is February 27, 2020 and the exercise price will be the par value of shares, the filing said.