NEW DELHI: IT major Infosys Thursday announced that its board of directors has approved granting of annual performance-based stock inventives worth ₹10 crore in the form of restricted stock units to CEO Salil Parekh.
Moreover, the board also approved granting of company stocks worth ₹4 crore to COO U.B. Pravin Rao.
The board also approved change in terms of appointment of Pareakh, by changing vesting period of annual performance equity grant from the earlier three years to one year.
The company also expanded Stock Ownership Program 2019, which links long term employee incentives with shareholder value creation.
"By making employees owners, they get an opportunity to be beneficiaries in the long term success of the company and realize the results of their work and dedication," Parekh said.
The Infosys Expanded Stock Ownership Program 2019, under which grants will be vested based on performance, aims to align employee interest with shareholder value creation, incentivize, attract and retain key talent, and reward employee performance with ownership, the company said.
Subject to shareholder approval, the "unique" plan proposes to allocate 50 million shares (or 5 crore shares) equating 1.15% of the company's equity shares to a broad base of employees, the company said in a release.