Infosys, the Narayana Murthy-founded has granted a total of 37,88,260 stock incentive units to specific key managerial personnel (KMP) and eligible employees under its 2015 Incentive Compensation Plan” and “Expanded Stock Ownership Program 2019, according to a statement to the stock exchanges last week.
In the recent past, the company has shown a potentially strong pipeline of deals. The incentives are linked to the company’s growth, stock performance and margins, and they can vest the stocks in a year.
The KMP Includes Key Managerial Personnel And Directors
The board, nomination, and remuneration committee of the Bengaluru-based business extended stock option plans to four KMP under the 2015 plan and six KMP under the 2019 plan. The four KMP received 2,13,400 restricted stock units (RSU) and the remaining six received 1,06,000 output stock units (PSU) (PSU).
CEO Salil Parekh, COO UB Pravin Rao, presidents Mohit Joshi and Ravi Kumar S, CFO Nilanjan Roy, group human resources head Krishnamurthy Shankar, business secretary Manikantha AGS, and group general counsel and chief enforcement officer Inderpreet Sawhney are among the KMP members at the company.
7,966 eligible employees received 21,60,460 RSUs and 480 eligible employees received 13,08,400 PSUs under the 2015 programme. The 2015 plan (RSU) has a four-year equal vesting period, while the 2019 plan (PSU) has a three-year equal vesting period and is based on the company meeting performance goals set by the company.
The exercise price will be the par value of shares, Infosys added.
Employee Stock Ownership Plan (ESOP)
Last month, the Indian IT services behemoth informed the US Securities and Exchange Commission (SEC) that some of its main management team and directors had received stock bonuses totalling Rs 35 crore.
The vesting occurred through the Bengaluru headquartered firm’s existing employee stock ownership plan (ESOP). According to the SEC filing, CEO Salil Parekh bought over Rs 4.33 crore of stock and sold around Rs 1.78 crore.
Infosys shares hit a high of Rs 1,425, taking the company’s market capitalization past Rs 6 trillion on Monday. On April 14, Infosys will announce its fourth-quarter results.
In the most recent recorded quarter, which ended in December 2020, Infosys demonstrated a consistent and impressive transition from recovery to growth in an otherwise seasonally weak quarter. Infosys increased its outlook in its Q3 results presentation, citing its highest-ever cumulative contract value of $7.13 billion.
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