Exhibit 4.11

 

OVERVIEW OF EXECUTIVE LEADERSHIP COMPENSATION

1.
Executive Leadership Compensation at Infosys

 

Our Executive Leadership Compensation follows the concept of Total Rewards which comprise three primary components of Base/Fixed Pay, Performance Bonus and Stock Incentives, where a significant portion of rewards are in the form of stock incentives, in order to align with interest of the shareholders.

 

Executive Leadership (also called “Executive Officers”) are the Chief Executive Officer and Managing Director (CEO), Chief Financial Officer, Chief Legal Officer & Chief Compliance Officer and Chief Human Resources Officer and are named below.

 

 

Executive Officers

Position

Mr. Salil Parekh

Chief Executive Officer and Managing Director

Mr. Jayesh Sanghrajka

Chief Financial Officer

Ms. Inderpreet Sawhney

Chief Legal Officer & Chief Compliance Officer

Mr. Shaji Mathew

Chief Human Resources Officer

 

2.
Nomination and Remuneration Committee of the Board

 

The Nomination and Remuneration Committee of the Board (henceforth referred to as NRC) acts on behalf of the Board on matters relating to the compensation of Directors and other Executive Officers. It makes recommendations for changes to the compensation structure, and within the limits approved by the shareholders, as may be applicable.

 

The shareholders approve the overall compensation structure for all whole-time directors.

 

3.
Key Aspects of Executive Compensation Policy

 

a.
Key Objectives:

 

The Company’s executive pay programs support our Executive Compensation philosophy which aims to:

 

•
Attract and retain the best executive talent in order to achieve superior results;
•
Create a performance-oriented culture by rewarding performance on comprehensive goals, which include financial, strategic and operational goals; and
•
Emphasize sustainable, long-term shareholder value creation through allocation of performance-oriented stock-based incentives.

 

 

 

 

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b.
Primary Pay Components of the Executive Officers’ Compensation

 

In support of the above key objectives, the Company’s Executive pay program has been designed around three primary pay components: Base/Fixed Pay, Performance Bonus and Stock Incentives. These three components together constitute the “Total Rewards” of the Executive.

 

•
Base/Fixed pay: The fixed cash component is guaranteed pay and paid periodically.
•
Performance Bonus: Cash bonus is linked to performance, as assessed against defined Key Performance Indicators . The Company operates a non-contractual discretionary Performance Bonus Plan, as applicable and based on eligibility.
•
Stock Incentives: Stock or Equity based incentives are a substantial part of the Total Rewards of Executives and are determined by the desired pay mix standards for that level. Stock incentives can be granted as part of Total Rewards or over and above, as decided by CEO and NRC from time to time. The stock incentives are governed by the “2015 Incentive Compensation Plan”, the “Expanded Stock Ownership Program 2019” or such other plans as may be approved by the shareholders from time to time. Equity grants are generally granted or vested based on achievement against Company and /or individual performance parameters, however some equity grants could be purely time based. NRC may approve special or one-time stock-based incentives, including time-based grants for retention, or grants whose award or vesting is performance based – including where appropriate, linked to the achievement of extraordinary performance goals. One-time equity grants may also be issued to new hires in Executive roles, to meet specific compensation expectations, and these grants may be with special vesting conditions.

 

c.
Executive Compensation Fitment and Benchmarking

 

Executive compensation at Infosys is generally aimed towards meeting the market median of total compensation benchmarked amongst the chosen peer group, adjusted as needed to reflect considerations for internal equity, consistency and overall affordability.

 

For Executives, compensation in the form of stock incentives and performance bonus together constitutes about 60% to 90% of their total rewards.

 

d.
Compensation Practices

 

The highlights of our current compensation practices for our Executive Officers are as below:

 

•
Use appropriate peer groups when establishing the total rewards benchmarks for a particular Executive role.
•
Align Executive pay with shareholder value through performance-based stock incentives.
•
Retain Executives through multi-year vesting of stock incentives.

 

e.
Pay for Performance

 

 

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Consistent with the Company’s Executive Compensation philosophy, a significant portion of Executives’ pay is performance-based and ‘at-risk’.

 

i.
Performance Bonus

 

The Executive Officer’s performance bonus is linked to the achievement of Company goals like revenue growth, operating margin along with components of individual goals as applicable, linked to the Company’s business targets, overall business and market factors and any other relevant contributors that the CEO and NRC may believe are relevant to adjust the performance bonus of the executive. The final payout rates are reviewed and approved by the NRC.

 

ii.
Stock Incentives

 

All Stock or Equity based incentives are generally granted or vested based on achievement against Company and/or individual performance parameters. Stock incentives may not be granted if the Company’s performance is below a specific threshold, as determined by the NRC from time to time. In case of Performance based equity grants, the numbers of shares that will vest is based on the Company’s and/or individuals’ achievement of certain performance parameters.

 

 

f.
Additional Executive Compensation Practices and Employment Agreements

 

In addition to the primary pay components, the Company provides competitive health and wellness benefits and perquisites. These benefits are designed to protect the financial, physical and emotional well-being of employees and allow them to plan for their own retirement. In general, these benefits do not constitute a significant portion of Executive compensation.

 

NRC aims to ensure that the Company’s interests are protected through appropriate executive obligations including non-disclosure, non-compete and non-solicitation agreements. Further, the Company has adopted a recoupment policy under which any incentive compensation paid or payable to Executives (including any bonus pay and equity awards) will be subject to forfeiture, cancellation, recoupment or clawback in accordance with the applicable laws, government regulations and stock exchange requirements.

 

With respect to the employment agreement with our Executive Director, the current agreement of Mr. Salil Parekh can be accessed at https://www.infosys.com/investors/reports-filings/documents/ceo-executive-employment-agreement2022.pdf.

 

The details of compensation for the Executives for the relevant fiscal year are available in the Annual Report.

 

 

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