Country's second largest software firm Infosys has granted close to 22,800 restricted stock units (RSUs) — worth over Rs. 8.2 crore in shares — to its new CEO and managing director Vishal Sikka.
"The Management Development and Compensation Committee of the Board has granted 22,794 RSUs to Vishal Sikka. The grant price of the RSU is Rs. 5 per RSU," Infosys said in a filing to the BSE.
As per company policy, one RSU is equivalent to one equity share. At today's closing price of Rs. 3,601.25 on the BSE, Sikka will get 22,794 shares valued at Rs. 8.2 crore.
"The RSUs will vest over a period of four years subject to continued employment and upon achieving Key Performance Indicators as set by the Board/Management Development and Compensation Committee from time to time," it said.
The RSU grant will also be subject to the terms, definitions and provisions of the 2011 RSU Plan.
Sikka, who was previously executive board member of German IT firm SAP, replaced SD Shibulal from August 1.
He will receive a salary of $5.08 million (Rs 30 crore), including a base salary of $900,000 and a variable pay of $4.18 million (subject to achieving fiscal milestones).