Tech giant, Infosys, has announced stock incentives worth 3.25 crore as a part of the 2015 incentive compensation plan for Salil Parekh, CEO, Infosys. The value of the stocks is as per the market value on the date of filing, which was 27 February, 2020.
Parekh will be receiving the stocks in the form of restricted stock units (RSUs), which will have a three-year equal vesting schedule. In addition, the chief operating officer, U.B. Pravin Rao, has been granted 58,650 RSUs, the Company declared on Wednesday, 27 February, 2020.
In the same regulatory filing, a few more key management personnel have been listed to receive 3,53,270 RSUs, with each of them getting RSUs valued at Rs 1.75 crore, with a vesting period of four years. In total, under the four-year equal vesting period, 371 eligible employees have been granted 1,487,150 RSUs.
Stock incentives were also granted under the Expanded Stock Ownership Program 2019, to six key management professionals who will receive 1,69,000 performance stock units (PSU). Also, in the same category 411 eligible employees will get 17,76,500 PSUs, with a vesting period of three years.
The 2015 Incentive Compensation Plan, formerly known as the 2011 RSU Plan is a part of a business strategy to retain critical employees and align their personal goals with that of the Company.