Infosys CEO Salil Parekh To Receive Rs 13 Crore Equity Grant

Infosys Board approved the annual performance equity grant of restricted stock units (RSUs) amounting to Rs 13 crore to Salil Parekh, CEO and managing director. In a stock market filing, the Bengaluru-headquartered company announced, "Pursuant to the approval of shareholders and as per the terms of the employment agreement with Salil Parekh, CEO and managing director, the nomination and remuneration committee and the Board has approved the annual performance equity grant of RSUs with a value of Rupees Thirteen Hundred Lakhs." Salil Parekh joined Infosys in January this year following a discord occurred between Infosys co-founder NR Narayana Murthy and the previous management led by Vishal Sikka over corporate governance issues including the one relating to severance package to former CFO Rajiv Bansal.

Also Read: Infosys CEO Salil Parekh Delivers In His First Quarter, Net Profit At Rs. 3,690 Crore To meet the terms of the employment, the company granted 1,08,600 equity shares on the basis of market value that prevailed on May 2. Infosys further announced in the stock filing: "The company further said that 108,600 shares were granted based on the market price at the close of trading on May 2, 2018." However, the number of shares that will vest will depend on a host of factors, the primary being the completion of three years of Salil Parekh in the organisation. "The number of shares that will vest shall be calculated upon the CEO's successful completion of three full fiscal years with the company, concluding on March 31, 2021, and will be determined by company's performance on total shareholder return, quality of revenue and organizational capability building, as determined by the Board (or it committee) in its sole discretion for the said three-year period," announced Infosys.