India's second largest software services company Infosys on Friday said its CEO Salil Parekh will receive an annual performance equity grant worth Rs 13 crore.
Parekh had joined the Bengaluru-based company in January this year after a protracted stand-off ensued between Infosys founders led by NR Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives.
The tussle had led to the sudden resignation of the then CEO Vishal Sikka last year.
"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 (Restricted Stock Units) with a value of Rs 13,00,00,000 (Rs 13 crore)," Infosys said in a regulatory filing.
It further said as many as 1,08,600 shares were granted based on the market price on May 2, 2018.
"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 various parameters as determined by the Board," it added.
The board of directors has also approved a change in the remuneration of company secretary AGS Manikantha, who will receive a fixed pay Rs 50.86 lakh per annum and variable long term bonus of Rs 13.87 lakh, taking the total compensation to Rs 64.73 lakh.
"In addition, he shall be entitled to receive stock incentives as may be decided by the Nomination and Remuneration Committee from time to time based on performance," it added.
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