A quarter after it brought back its stock compensation plans for employees, Infosys board of directors has approved an additional tranche of stock options and Restricted Stock Units (RSUs) to its employees.
The board has decided to reward around 425 top performing executives with 906,275 RSUs and up to 943,810 stock options, India’s second largest software exporter said.
Further, both RSU and stock options would vest over 4 years, which will be exercisable within the timeframe determined by the Nomination and Remuneration committee. For RSUs, the price will be equal to the par value of shares and for stock options it would be the market price on the date at which it was granted, which will be approved by the shareholders.
Further, it also revised Chief Operating Officer and Whole Time Director of Pravin Rao’s annual compensation, which, if approved by shareholders, will be effective from November. The compensation includes fixed compensation of ₹4.62 crore per annum and a variable compensation of up to ₹3.88 crore per annum, the statement added.
Additionally, the based on the performance of the company in the 2016-17 fiscal, 27,250 Restricted Stock Units and 43,000 stock options would be given to Rao, company executives said.
Rao earned ₹9.28 crore in the 2016 fiscal, which included ₹89 lakh in gross salary, ₹2.55 crore in benefits, ₹16 lakh in retiral benefits and ₹5.68 crore in bonus and others.
Further, the board also approved the revised compensation of Chief Financial Officer MD Ranganath, Mohit Joshi, Sandeep Dadlani, Rajesh K Murthy, Ravikumar S, David Kennedy, Krishnamurthy Shankar and Manikantha AGS with effect from November.
All the executives will be getting fixed compensation of ₹24 crore and variable pay of up to ₹20 crore. Also, based on the fiscal 2016-17 performance, 245,750 RSUs will be granted and stock options of 502,550, which can be vested over four years will be given, company executives said.
CEO Vishal Sikka earned ₹48.73 crore salary last year. His earnings include the ₹14 crore variable pay, ₹5.96 crore in gross salary and the remaining in shares and benefits.