The board approved the retention bonus plan on July 17. Srinivas Kandula, global HR head, Derek Kemp, head of sales for EMEA, Asia & Australia, Sean Suresh Narayanan, chief delivery officer, Sujit Sircar, chief finance officer, and Sanjay Tugnait, head of North American sales, are the beneficiaries.
It's not clear what has prompted the move. The company could not be contacted for a comment.
On Tuesday, in a filing with the US Securities and Exchange Commission (SEC), iGate said, "On July 17, 2013, the Compensation Committee of the Board of Directors of iGate Corporation approved a retention bonus plan in order to ensure that the key members of the company's management team remain with the company and stay focused on growing the company's business. This retention bonus agreement is supplemental to, and does not impact, other compensation you are entitled to as an employee of the company."
The committee has also granted each of these executive officers 40,000 restricted stock awards. The restricted stock will vest over four years, with 25% of the awards vesting at the end of each year from the date granted, provided that the officer remains an employee of the company on the applicable vesting date, the filing said.
The committee has also approved changes to the terms of the performance-based restricted stock awards granted to certain executives, including the five named executive officers , on May 12, 2011, as amended on January 25, 2012.
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