Infosys 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.
The stock option plans granted by the Bengaluru based company’s board, nomination, and remuneration committee on Wednesday extended to four KMP under the 2015 plan, and six KMP under the 2019 plan.
The four KMP got a grant of 2,13,400 restricted stock units (RSU), and the other six 1,06,000 performance stock units (PSU).
KMP at the company includes the likes of CEO Salil Parekh, COO UB Pravin Rao, presidents Mohit Joshi, Ravi Kumar S, CFO Nilanjan Roy, group human resources head Krishnamurthy Shankar, company secretary Manikantha AGS, and group general counsel and the chief compliance officer Inderpreet Sawhney.
Similarly, under the 2015 plan, 7,966 eligible employees were granted 21,60,460 RSUs, and 480 eligible employees were granted 13,08,400 PSUs.
The 2015 plan (RSU) has a vesting period of four year equal, whereas the 2019 plan (PSU) has three years equal and is subject to the company’s achievement of performance parameters as defined by the company.
The exercise price will be the par value of shares, Infosys added.
Last month, the Indian information technology (IT) services giant told the United States Securities and Exchange Commission (SEC) that several of its key managerial personnel and directors had acquired stock incentives worth about Rs 35 crore.
At 9:46 AM on Monday market open, Infosys stock reached a high of Rs 1,425, moving the company's market capitalisation beyond Rs 6 trillion mark. Infosys is set to report its fourth quarter results on April 14.
In the last reported quarter -- the third quarter ended December 2020 -- Infosys showed a steady and impressive movement from recovery to growth in the otherwise seasonally weak quarter. In the Q3 results presentation, Infosys raised its forecast, on the back of its highest ever total contract value registered -- $7.13 billion.
In the recent past, the Narayana Murthy-founded firm has shown a potentially strong pipeline of deals, having signed on players such as German luxury carmaker and Mercedes-Benz owner Daimler in late December.