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Infosys Grants Stock Incentives to Nearly 7,000 Mid-level Employees

The Infosys board had approved the performance-based stock ownership programme for employees in April this year, with around 50 million shares allocated for the purpose.

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Updated:October 25, 2019, 2:41 PM IST
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Infosys Grants Stock Incentives to Nearly 7,000 Mid-level Employees
An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore. (Reuters/File Photo)

Infosys on Thursday announced that nearly 7,000 of its eligible mid-level employees have been granted stock incentive options in the form of restricted stock units (RSUs).

In a notification to stock exchanges, Infosys said: “This is to inform that 2,298,020 stock incentives in the form of RSUs were granted to 6,949 mid-level eligible employees of the company/subsidiary companies under the 2015 Stock Incentive Compensation Plan.”

A restricted stock unit (RSU) is compensation issued by an employer to an employee in the form of company stock. Restricted stock units are issued to an employee through a vesting plan and distribution schedule after achieving required performance milestones or upon remaining with their employer for a particular length of time.

“The date of grant for these stock incentives is 1 November, in line with the company’s compensation calendar timelines. The exercise price will be par value of shares. These RSUs will generally vest in four equal installments,” the company added.

The Infosys board had approved the performance-based stock ownership programme for employees in April this year, with around 50 million shares allocated for the purpose.

Under the plan, Infosys had decided to grant CEO Salil Parekh performance-based incentive in the form of RSUs worth Rs 10 crore. The move was, however, opposed by close to 21% of public shareholders and came under scrutiny.

In a separate development, Infosys on Thursday also informed stock exchanges that the US Securities and Exchange Commission (SEC) has started an investigation based on the complaint by the whistleblowers alleging fudging of numbers and window-dressing of accounts by key executives.

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