Infosys Limited: Stock Exchange Intimation

BANGALORE, India, October 20, 2016 /PRNewswire/ --

TO ALL STOCK EXCHANGES

BSE LIMITED

NATIONAL STOCK EXCHANGE OF INDIA LIMITED

NEW YORK STOCK EXCHANGE

EURONEXT LONDON

EURONEXT PARIS

October 19, 2016

Dear Sir/Madam,

In continuation to our intimation letter dated October 14, 2016, regarding the outcome of the Board Meeting, please find enclosed the details of Key Managerial Personnel (KMP)

compensation.

This is for your information and records.

Yours sincerely,

For Infosys Limited

A.G.S.Manikantha

Company Secretary

STOCK EXCHANGE INTIMATION

The Board of Directors in their meeting held on October 14, 2016, on the recommendation of Nomination and Remuneration Committee, have approved the revised annual compensation of U.B. Pravin Rao, Chief Operating Officer and Whole Time Director of the Company, with effect from November 1, 2016, subject to the approval of the shareholders.

     Key Management     Designation         Fixed Salary  Variable Salary
     Personnel (KMP)                        in INR p.a    in INR p.a #
     U.B. Pravin Rao*   Chief Operating     46,250,000    38,750,000
                        Officer

* revised salary and Restricted stock units( RSU)/ Employee Stock Option ( ESOP) grants is subject to shareholders approval

# on achievement of targets set by the Board.

Based on fiscal 2016 performance, 27,250 restricted stock units (RSU) and 43,000 stock options (ESOP) would be granted once approved by Shareholders.  This grant will be under the 2015 Stock Incentive Compensation Plan (2015 plan), approved by the shareholders vide postal ballot dated March 31, 2016. These RSUs and stock options would vest over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee. The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant, as approved by the shareholders. RSUs and stock options, in future periods, will be granted on achievement of performance conditions, as may be decided by the Nomination and Remuneration Committee.

The Board of Directors in their meeting held on October 14, 2016, on the recommendation of the Nomination and Remuneration Committee, have approved the revised compensation structure of  Mohit Joshi, Rajesh K Murthy, Ravikumar S, Sandeep Dadlani,  David Kennedy, M.D. Ranganath, Krishnamurthy Shankar and Manikantha AGS with effect from November 1, 2016.  The Audit committee in their meeting held on October 13, 2016, resolved to include Mohit Joshi, Sandeep Dadlani, Rajesh K Murthy, RaviKumar S., Krishnamurthy Shankar and David Kennedy as key managerial personnel (KMP)as defined under Ind-AS 24 - Related Party Disclosures effective from the date of the meeting. Dr.Vishal Sikka, U.B. Pravin Rao, M.D. Ranganath and Manikantha AGS are key managerial personnel as defined under Section 2 (51) of the Companies Act, 2013. 

                KMP               Designation        Fixed Salary    Variable Salary
                                                       in USD p.a      in USD p.a #
    David Kennedy                 General Counsel &
                                  Chief Compliance
                                  Officer              557,500           472,500
    Mohit Joshi                   President            625,000           500,000
    Rajesh K. Murthy              President            540,000           450,000
    Ravi Kumar S.                 President            625,000           500,000
    Sandeep Dadlani               President            625,000           500,000

    TOTAL in US $ per annum                          2,972,500         2,422,500

    Total in INR ^ per annum (A)                   197,671,250       161,096,250

^ converted @ 66.50 per US$

               KMP             Designation         Fixed Salary in  Variable Salary
                                                    INR p.a           in INR p.a #
    M.D. Ranganath             Chief Financial
                               Officer             20,000,000        20,000,000
    Krishnamurthy Shankar      Group Head -
                               Human Resources     23,430,204        18,615,000
    Manikantha A G S           Company Secretary    3,718,781         1,271,566
    Total in INR per annum (B)                     47,148,985        39,886,566

    GRAND TOTAL (A+B)                             244,820,235       200,982,816
    Rounded off (In crore)                                 24                20

# on achievement of targets set by the Company.

Based on fiscal 2016 performance, aggregate RSU's of 245,750 and ESOP's of 502,550 will be granted to the KMP as mentioned below with effect from November 1, 2016 under the 2015 Stock Incentive Compensation Plan (2015 plan), approved by the shareholders vide postal ballot dated March 31, 2016. These RSUs and stock options would vest over a period of 4 years and shall be exercisable within the period as approved by the committee. The exercise price of RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant or the price as determined under the applicable law in respective jurisdictions. The details of the Stock incentive units to be granted is as under:

Maximum variable pay is limited to 150% of on target variable pay if targets are exceeded

                             Number of Stock Incentive
                                units to be granted
             KMP          Number of RSUs  Number of ESOPs
    Mohit Joshi               52,350          112,750
    Rajesh K. Murthy          45,000           96,900
    Ravi Kumar S.             52,350          112,750
    Sandeep Dadlani           52,350          112,750
    M.D. Ranganath            30,650           48,400
    Manikantha A G S           1,000                -
    Krishnamurthy Shankar     12,050           19,000

    TOTAL                    245,750          502,550

This is a disclosure announcement from PR Newswire.

Copyright 2016 PR Newswire