The board of India's second largest IT company, Infosys, has approved the grant of stock incentives, or Employee Stock Option Plans (ESOPs), worth more than Rs 51 crore to CEO and MD Salil Parekh.
These stock incentives total more than Rs51 crore and fall under a variety of categories, including ESG and equity.
In a recent filing, the company stated that the board approved the annual grants to Parekh based on the Nomination and Remuneration Committee's recommendations, in accordance with his employment agreement approved by shareholders.
Such as the "grant of annual performance-based stock incentives in the form of Restricted Stock Units covering company's equity shares having a market value of Rs 34.75 crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan)" .
This, Infosys stated, would vest 12 months after the grant date, subject to meeting performance targets set by the board.
The approval also includes the grant of annual performance-based stock incentives (Annual performance equity ESG grant) in the form of RSUs covering the company's equity shares with a market value of Rs 2 crore as of the date of the grant under the 2015 Plan, which will vest 12 months from the date of the grant, subject to the company meeting certain environmental, social, and governance milestones as determined by the board.
It also approved the grant of annual performance-based stock incentives (Annual performance Equity TSR grant) in the form of RSUs covering the company's equity shares with a market value of Rs 5 crore as of the date of grant under the 2015 Plan. This will vest on or after March 31, 2027, depending on certain criteria.
Infosys also informed that the nod includes: "The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant) in the form of Restricted Stock Units (RSU's) covering Company's equity shares with a market value of Rs 10 crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from the date of the grant subject to the company's achievement of certain performance criteria."
The ESOPs will be granted beginning May 2, 2025, and the number of RSUs will be calculated based on the market price at the close of trading on May 2, 2025, the company said in a BSE filing on Thursday, as it released the Q4 and full-year FY25 scorecard.
