- Infosys CEO Salil Parekh will get fixed salary of Rs 6.5 crore
- Mr Parekh to be eligible for variable pay of Rs. 9.75 crore at FY19-end
- He took charge as managing director, CEO of Infy on January 2
Ms Shaw, who is part of Infosys's Nomination and Remuneration Committee (NRC), also said the new CEO will also receive Rs 3.25 crore in restricted stock units.
"He will also get Rs 13 crore in annual performance equity grants," she said, adding that Mr Parekh will also get a one-time equity grant of Rs 9.75 crore.
The stock compensation will vest at different points over Mr Parekh's term, who has been appointed for a five-year term. Mr Parekh's employment contract also comes with a non-compete clause, Ms Shaw said.
Mr Parekh's contract also specifies the amount he will be paid should he fail to meet minimum performance targets, Ms Shaw said. The company said in a postal ballot that Mr Parekh will not work with named competitors for six months from the day he leaves the company.
He will also not work with or for a client to whom he has rendered service for the last 12 months, Infosys said.
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