NEW DELHI, Apr 18:  India’s second largest IT company Infosys’ board has approved the grant of stock incentives or Employee Stock Option Plans (ESOPs) worth over Rs 51 crore to CEO and MD Salil Parekh.

  These stock incentives are under various heads including ESG and equity, and add up to over Rs 51 crore.

In a recent filing, the company said the board, based on the recommendations of the Nomination and Remuneration Committee, approved the said annual grants to Parekh, as per his employment agreement approved by shareholders.

Among them is “grant of annual performance-based stock incentives (Annual Performance Equity Grant) in the form of Restricted Stock Units (RSUs) 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 said, would vest 12 months from the date of grant subject to achievement of performance targets as determined by the board.

The nod also includes grant of annual performance-based stock incentives (Annual performance equity ESG grant) in the form of RSUs covering company’s equity shares having a market value of Rs 2 crore as on the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant, subject to the company’s achievement of certain environment, social and governance milestones as determined by the board.

It also greenlit grant of annual performance-based stock incentives (Annual performance Equity TSR grant) in the form of RSUs covering company’s equity shares having a market value of Rs 5 crore as on the date of the grant under the 2015 Plan. This will vest on or after March 31, 2027 subject to 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 having 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 as laid out in the 2019 Plan.”

The ESOPs will be granted with effect from 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 informed in a BSE filing on Thursday, as it released the Q4 and full year FY25 scorecard. (PTI)