Mr Phaneesh Murthy, President and Chief Executive Officer of iGATE Corporation, will get at a bonus of $0.54 million for the year 2010, more than his annual salary of $0.53 million for the year.

His total compensation for the year would cross $3.14 million after considering the stock awards.

The compensation committee has proposed bonuses and stock wards for its key executives including Mr Sean Suresh Narayanan (Chief Delivery Officer) and Mr Srinivas Kandula (Global Head of Human Resources)

The company said last year it benchmarked its compensation packages with the peer group comprising Infosys Technologies, Wipro, Cognizant Technology Solutions Corp, Syntel Inc and Hexaware Technologies Ltd.

The Compensation Committee approved an increase in his annual base salary from $530,000 to $1 million, and an annual performance-based bonus opportunity of $500,000.

“The increase in salary is effective retroactively to January 1, 2011, and the change to Mr Murthy's annual performance-based bonus opportunity is effective beginning with his bonus to be awarded for 2011,” iGATE Corporation said in its notice to Securities and Exchange Commission (SEC), informing about the May 5, 2011, annual general meeting of shareholders..

On March 17, 2011, the Compensation Committee determined that the actual annual bonus payable to Mr Murthy for 2011 will be based on the company's achievement of certain revenue and earnings per share targets as well as the successful integration of Patni Computer Systems.

The process for the acquisition has just begun, with company announcing offer to raise $770 million through senior notes.

The committee approved a bonus of $1,53,602 to Mr Sean Narayanan.

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