India’s second largest IT services firm Infosys on Monday said it has granted 1.13 lakh restricted stock units (RSUs) to its new chief executive, Salil Parekh.
In all, it has given 19.3 lakh RSUs to its senior executives and other employees. Other members of the leadership team including chief financial officer (CFO), M.D. Ranganath, presidents Ravi Kumar S and Mohit Joshi have also been given stock units of the Benagluru-based firm.
Of the total 1.13 lakh RSUs given to Parekh, 84,768 RSUs will vest over a period of two years (one-time grant), while the remaining 28,256 units will vest over three years (annual grants), Infosys said in a BSE filing.
“…stock incentives in the form of RSUs were granted to certain Key Managerial Personnel and other eligible employees under the 2015 Stock Incentive Compensation Plan by the Board/Nomination and Renumeration Committee,” it added.
The date of grant for these stock incentives is 27 February 2018 and the exercise price will be the par value of shares, the filing pointed out. Ranganath, Kumar and Joshi were each granted 66,850 RSUs, while human resources head Krishnamurthy Shankar was given 12,400 units that will vest over a period of four years.
Infosys’ company secretary A.G.S. Manikantha has been given 2,000 RSUs. The other “eligible employees” have been given over 16.02 lakh RSUs, the company said. Parekh—who joined Infosys in January this year—was brought on board after the abrupt resignation of previous chief, Vishal Sikka, who had quit the company last year following a public spat with co-founders, led by N.R. Narayana Murthy.
For the fiscal 2018-19, Parekh will receive an annual salary of Rs6.5 crore (fixed pay), and will be eligible for an annual variable pay of up to Rs12.18 crore, subject to achievement of certain milestones. The former Capgemini executive will also receive RSUs and equity grants as part of his compensation.