Infosys has new sops for staff, CEO Salil Parekh to get Rs 10 crore shares

InfosysNSE -0.55 % CEO Salil Parekh will get shares worth Rs 10 crore under a new employee stock option plan that the IT bellwether unveiled for staff on Thursday, as part of its revised performance criteria for the top executive.

The Bengaluru-based software services provider has also changed Parekh’s employee agreement to enable him to vest the restricted stock units in 12 months instead of the earlier three years.

The vesting period is the time between allotment of shares in an Esop & when the shares are fully owned by an employee.

Under the new plan, chief operating officer UB Pravin Rao also gets shares worth Rs 4 crore. In total, Infosys has revived its Esop for all staff, offering as much as five crore shares or 1.15% of its total stock. In 2016, the firm had committed 1% of shares in an Esop as it battled attrition of employees.