Document:

Exhibit 4.7

Executive Employment Agreement

 

  

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

 

		April 24, 2017

 

Dear Pravin,

 

Here are the terms and conditions of your employment
with Infosys Limited (the “Company”).

 

	1	Effective Date
	 	 	 	 	 
	This Executive Employment Contract (the “Agreement”) is made effective as of November 01, 2016 (“Effective Date”)
	 	 	 	 	 
	2	Role
	 	 	 	 	 
	Your role is Chief Operating Officer of Infosys.
	Your Title is Director
	 	 	 	 	 
	3	Location
	 	 	 	 	 
	Your location of employment is Bangalore, India (“work location”). You may be asked to relocate to any of our units, departments or the offices of our affiliates, depending on business requirements.  In such an event, your remuneration and other benefits shall be determined in accordance with the relevant policies of the Company in that work location.
	 	 	 	 	 
	For the purpose of this agreement, “affiliate” means any entity that controls, is controlled by, or is under common control with the Company.  For purposes of this Agreement, "control" means possessing, directly or indirectly, the power to direct or cause the direction of the management, policies or operations of an entity, whether through ownership of voting securities, by contract or otherwise.
	 	 	 	 	 
	Please be advised that you, by accepting these terms and conditions, hereby give your irrevocable consent to the above. 
	 	 	 	 	 
	4	Leave
	 	 	 	 	 
	You are eligible for 20 working days of leave annually. 
	 	 	 	 	 
	Leave is credited on a quarterly basis. 
	 	 	 	 	 
	 	 	 	 	 
	5	Compensation and Benefits
	 	 	 	 	 
	 	5.1	Salary
	 	 	 	 	 
	Your Fixed Salary will be INR 3,854,167 per month and Total Gross Salary inclusive of Performance Bonus (at an indicative payment of 100%) will be INR 7,083,334 per month. The break-up of your salary has been provided in the Compensation Details sheet. 
	 	 	 	 	 
	 	5.2	Performance Bonus (Variable Pay)
	 	 	 	 	 
	You will be eligible to participate in the Company’s discretionary Bonus Plan. Your Performance Bonus is INR 3,229,167 per month at 100% payout (capped at maximum of 120%) on achievement of annual targets set by the Board or by the Committee less applicable tax withholdings to be paid, and payable at such intervals as may be decided by the Board or the Committee from time to time.
	 	 	 	 	 
	 	5.3	Superannuation
	 	 	 	 	 
	You are eligible for a Superannuation / Superannuation Allowance which is calculated at 15% of your Basic Salary. Out of this amount, a maximum amount of INR 8,333 per month will be contributed to the Superannuation Fund of the Company; the balance amount shall be paid to you as a part of your monthly salary. The break-up of your compensation has been provided in the Compensation Details sheet at Annexure I.
	 	 	 	 	 
	 	5.4	Ex - Gratia / Bonus
	 	 	 	 	 
	You will be eligible for an Ex - Gratia/ Bonus payout which is calculated at 20% of the Basic Salary as mentioned in the Compensation Details sheet of this letter. The mode of payment for Financial Year FY2016-17 will be as follows: 
	 	 	 	 	 
	95% of the bonus amount mentioned in the Compensation Details sheet will be paid out on a monthly basis. The balance amount will be paid out at the end of the financial year.
	 	 	 	 	 
	 	5.5	Other Allowances 
	 	 	 	 	 
	The Other Allowances will be paid to you as part of your salary every month. The components are as follows: House Rent Allowance, Leave Travel Allowance, Medical Allowance and Personal Allowance. 
	 	 	 	 	 
	 	5.6	Taxes
	 	 	 	 	 
	All payments shall be subject to applicable taxes and statutory withholding.
	 	 	 	 	 
	 	 	 	 	 
	6	National Pension Scheme
	 	 	 	 	 
	We offer all our India based employees the option to contribute towards the National Pension Scheme. This is an optional retirement benefit introduced by the Government of India for all its citizens. It enables accumulation of retirement corpus during active employment with add-on tax breaks. 
	 	 	 	 	 
	7	Insurance
	 	 	 	 	 
	You will be eligible to participate in a Group Health Insurance Scheme. You may choose to enhance the coverage with other participatory optional health insurance plans (Gold and Platinum).You will be covered by default under the Standard Plan which provides you and your family (your spouse and two children up to the age of 22 years) with a cover of INR 400,000 per annum. 
	 	 	 	 	 
	You will be covered under the Group Life Insurance Scheme, managed by Infosys Employee Welfare Trust which provides you with a total Life Insurance cover of INR 2,02,00,000 of which INR 1,02,00,000 is covered towards natural death, and INR 1,00,00,000 towards an accidental death. All employees become members of Infosys Welfare Trust, by one-time payment of INR 250 and fixed monthly contribution of INR 350. 
	 	 	 	 	 
	8. 	Equity Plan
	 	 	 	 	 
	Subject to approval by the Board of the Company or the Nomination and remuneration Committee, you may from time to time be granted equity-based compensation awards in respect of shares of common stock of Parent, pursuant to the Company’s Stock Incentive Plan “2015 Stock Incentive Compensation Plan” (the “Plan”).  Such equity-based awards will be subject to the terms and conditions of the Plan in force from time to time and the applicable award agreement.  Stock Compensation for periods beyond fiscal 2016, will be granted on achievement of performance conditions, decided by the Board or the Committee each year. Such stock compensation shall not exceed INR 50,000,000 per annum.
	 	 	 	 	 
	9. 	Expenses 
	 	 	 	 	 
	The Company will reimburse you, or pay for, actual and reasonable travel, entertainment, security, or other expenses incurred by you pursuant to or in connection with the performance of his duties.
	 	 	 	 	 
	10. 	Minimum remuneration
	 	 	 	 	 
	Further and notwithstanding anything herein, should the Company incur a loss or have inadequate profits in any financial year closing on and after March 31, 2017, during the tenure of U B Pravin Rao as a Whole-time Director of the Company, the Company shall pay to U B Pravin Rao an aggregate remuneration not exceeding the limits specified under Section II of Part II of Schedule V to the Companies Act, 2013 (including any statutory modifications or re-enactment(s) thereof, for the time being in force), or any other applicable for the time being in force.
	 	 	 	 	 
	11. 	Annual increase
	 	 	 	 	 
	Annual increments to components of your compensation will be determined on an annual basis by the Board or the Committee at its sole discretion, taking into account the Company’s prior years’ audited financial performance and independent compensation benchmarks.
	 	 	 	 	 
	12. 	Termination of Employment 
	 	 	 	 	 
	 	12.1	Resignation: You may resign from employment with the Company by providing three months’ notice. You are expected to serve the Company diligently during this period of notice, in accordance with all applicable Company polices. The Company may at its sole discretion waive all or part of the notice or allow you to pay in lieu of the notice.  Any resignation would have to be accepted by the Company to become effective.
	 	 	 	 	 
	 	12.2	Termination by the Company: The Company may terminate your services by giving three [3] months’ notice or salary in lieu thereof.
	 	 	 	 	 
	 	12.3	Termination by Company for Cause:  Notwithstanding anything mentioned in this Agreement, the Company may terminate your employment with immediate effect without notice or payment in lieu of notice for Cause (defined below). The Company may also terminate employment with immediate effect, without any notice or payment in lieu of notice, on grounds prescribed under law or Company policies. 
	 	 	 	 	 
	 	12.4	Termination on account of disability or illness: If on account of illness or disability you are prevented from properly performing duties for period of [3] months in any one year or for consecutive period of [3] months, the Company may immediately terminate your employment by providing you  [3] months’ notice or salary in lieu of notice.
	 	 	 	 	 
	 	12.5	Retirement: You will automatically retire from the Company on attaining the age of [60] years. An extension may however, be given at the discretion of the Company.
	 	 	 	 	 
	 	12.6	Garden Leave: The Company shall be entitled to place you on garden leave during the period of notice. The Company reserves its right during garden leave to:
	 	 	a	cease to vest in, or assign to you, any powers or duties or to provide any work to you;
	 	 	b	change your designation or duties as the Company decides appropriate; 
	 	 	c	prevent you from contacting or communicating with any current, former or proposed clients, customers, employees, or vendors of the Company; 
	 	 	d	exclude you from the premises of the Company; and/or 
	 	 	e	announce to employees, clients, customers, vendors and other relevant persons of the Company that you have been given notice of termination or that you have resigned. 
	 	 	During the garden leave, you shall continue to be employed by the Company and shall be paid salary and other applicable benefits. You shall be required to comply with any conditions laid down by the Company during the period of garden leave and the duties of confidentiality and good faith shall continue to apply, together with all of the obligations contained in this letter.
	 	 	 	 	 
	 	 	 	 	 
	 	12.7	If any Letter of Authority or Power of Attorney is issued to you during the term of your employment with the Company, you shall return it on demand or on termination of employment with the Company.
	 	 	 	 	 
	 	12.8	The Company may set off any amounts owing and payable by you to the Company at the time of termination of your employment against any amount then payable to you by the Company. 
	 	 	 	 	 
	13. 	Termination Benefits
	 	 	 	 	 
	 	13.1	Termination
    Without Cause - If your employment terminates without Cause, you shall be entitled to Accrued Obligations, Severance Benefits,
    and Severance Compensation.
	 	 	 	 	 
	 	13.2	Termination
    upon Disability - If your employment terminates due to disability or illness as per clause 9.4 above, you shall be entitled
    to Accrued Obligations and Severance Benefits, in addition to any insurance proceeds due pursuant to the section entitled
    Insurance.
	 	 	 	 	 
	 	13.3	Termination upon Death - If your employment terminates due to death, your legal heirs or nominees, as applicable, shall be entitled to Accrued Obligations and Severance Benefits, in addition to any insurance proceeds due pursuant to the section entitled Insurance.
	 	 	 	 	 
	 	13.4	Termination For Cause - If your employment terminates for Cause, you shall be entitled to Accrued Obligations, and the Company shall have no obligation to provide any of the Severance Benefits or Severance Compensation.
	 	 	 	 	 
	 	13.5	Voluntary Resignation- If you voluntarily resign from the Company and the Company accepts such resignation, subject to you serving the notice period diligently, you shall be entitled to Accrued Obligations.
	 	 	 	 	 
	 	13.6	Related Definitions
	 	 	 	 	 
	 	a. 	"Accrued Obligations" means the sum of the following unpaid benefits as of the Date of Termination:
	 	 	 	 	 
	 	 	i	 “Accrued Salary” means payment of any earned but unpaid portion of Executive's annual fixed salary as in effect from time to time ("Fixed Salary") through and including your Date of Termination
	 	 	 	 	 
	 	 	ii	 “Accrued Expenses” means reimbursement for any reasonable, unreimbursed and documented business expense you have incurred in performing your duties hereunder and which are reimbursable as per the Company’s policies;
	 	 	 	 	 
	 	 	iii	 “Accrued Benefits” means payment of any accrued but unpaid benefits (like Bonus payments, Annual Leaves), and any other rights, as per the terms of the applicable benefit plans or programs of the Company. 
	 	 	 	 	 
	 	b. 	 “Cause” means, as reasonably determined by the Company, the occurrence of any of the following:  1) any misappropriation of corporate funds; 2) commission or conviction for or a guilty plea to a serious crime ;3) engaging in any activity that you know or should know could harm the Company, its business or reputation; 4) material failure to adhere to the Company’s corporate codes, policies or procedures; 5) a breach of any covenant in your employment or any intellectual property agreement, 6); failure by you to substantially perform your duties or follow management direction if failure is not cured to the Company’s satisfaction within a reasonable period of time after a written demand for substantial performance is delivered to you; or 7) violation of any statutory, contractual or common law duty or obligation to Infosys, including without limitation the duty of loyalty.  Notwithstanding the foregoing, the mere failure to achieve performance objectives will not constitute Cause.
	 	 	 	 	 
	 	c. 	"Date of Termination" means:
	 	 	 	 	 
	 	 	i	if your employment is terminated by the Company for Cause, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be,
	 	 	 	 	 
	 	 	ii	if your employment is terminated by the Company other than for Cause or disability, the Date of Termination shall be your last day of employment;
	 	 	 	 	 
	 	 	iii	if your employment is terminated by reason of death, retirement or disability, the Date of Termination shall be the date of death or retirement or the disability Effective Date, as the case may be; or
	 	 	 	 	 
	 	 	iv	in the event of your resignation from the Company, the Date of Termination shall be the date communicated by the Company in this respect. 
	 	 	 	 	 
	 	d.
    	"Severance Benefits" means the following:
	 	 	 	 	 
	 	 	i	Bonus
    - Payment of bonus earned for the prevailing bonus cycle till the Date of Termination based on the payout percentage of
    the previous bonus cycle and guided by the Company's bonus plan.
	 	 	 	 	 
	 	 	ii	Options
    - The treatment of any outstanding equity awards shall be governed by the terms of the Plan, agreements evidencing the
    awards and the plans under which the awards were granted.
	 	 	 	 	 
	 	e.	Severance Compensation - You shall receive, on the sixtieth (60th) day following the Date of Termination (the “Payment Date”), a lump sum cash amount (less all applicable withholdings) equal to Nine (9) months of your Fixed Salary then in effect, subject to the execution of a waiver and release agreement in a form acceptable to the Company.  
	 	 	 	 	 
	 	f.	No other obligations: Upon cessation of your employment, the Company, the group companies or any of their respective shareholders, affiliates, directors, officers or employees, shall not have any obligation of any description whatsoever to compensate, pay remuneration or otherwise make any payments or distributions of any nature whatsoever to you and on any ground whatsoever except as otherwise agreed in this letter.
	 	 	 	 	 
	14.	Confidentiality
	 	 	 	 	 
	You acknowledge, and are aware, that during the course of your employment with the Company you will come into possession of valuable information / technical know-how and proprietary information of the Company, including but not limited to current and future business information of the Company, its clients, suppliers or employees.
	 	 	 	 	 
	You undertake to keep all such information in strict confidence, and reaffirm that you shall fully adhere to all confidentiality obligations that are set forth in your current terms of employment. 
	 	 	 	 	 
	 	 	 	 	 
	15. 	Non-Compete and Non Solicitation
	 	 	 	 	 
	 	 (1) 	 Covenants Regarding Competition: During the period of employment with the Company and for a period of six months after termination of employment from the Company for whatsoever reason, you shall not: 
	 	 	a. 	Seek or accept any employment from a Competitor of the Company. For the purposes of this provision, "Competitor" shall include, but not be limited, to mean the following entities and their wholly owned subsidiaries: 
	 	 	 	 	 
	 	 	 	i	Tata Consultancy Services Limited.
	 	 	 	ii	Accenture Limited.
	 	 	 	iii	International Business Machines Corporation.
	 	 	 	iv	Cognizant Technology Solutions Corporation.
	 	 	 	v	Wipro Limited.
	 	 	 	vi	Tech Mahindra Limited.
	 	 	 	vii	Capgemini
	 	 	 	 	 
	 	 	b. 	Seek or accept any employment with any Customer for whom you performed services as an employee of the Company within the last twelve months of your employment with the Company.  
	 	 	 	 	 
	 	 	c. 	Solicit business from, do business with or render services to, in any capacity, directly or indirectly, to any entity that is or was a Company client or Customer within the last twelve months of your employment with the Company, for a purpose or in a manner that is in any way competitive with the Company’s business.  
	 	 	 	 	 
	 	 	 	If, during or after your employment with the Company, you seek to work elsewhere, you agree to provide a copy of this Agreement to any person or entities seeking to hire you before accepting employment with or engagement by any such person or entity. 
	 	 	 	 	 
	 	 (2) 	 Solicitation of Employees You agree that for a period of twelve (12) months immediately following the termination of your relationship with the Company for any reason, whether with or without cause, you shall not either directly or indirectly solicit, induce, recruit or encourage any Company employee to leave the Company, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees of the Company, either for yourself or for any other person or entity.
	 	 	 	 	 
	16	Other terms and conditions
	 	 	 	 	 	 	 

 

You agree not to undertake employment, whether
full-time or part-time, as the Director / Partner / Member / Employee of any other organization / entity engaged in any form of
business activity without the consent of Infosys. The consent may be given subject to any terms and conditions that the Company
may think fit and may be withdrawn at any time at the discretion of the Company.

 

You hereby acknowledge and agree to abide by
all internal Policies of the Company, on the intranet ‘Sparsh’. Company reserves the right to change these Policies
at any time in its absolute discretion.

 

You shall be required to sign certain mandatory
agreements, including but not limited to the Confidentiality, Intellectual Property Rights, the Code of Business Conduct and Ethics
and your employment shall be governed by all the rules and regulations, as amended from time to time, of the Company as applicable
to your employment with us.

 

You agree that the compensation and benefits
provided under this agreement will be subject to forfeiture, cancellation, recoupment or clawback under any clawback or recoupment
policy adopted by the Company and as may be in effect from time to time or as required by applicable laws, government regulations
and stock exchange requirements. You further agree that any incentive compensation paid or payable to you will be subject to forfeiture,
cancellation, recoupment or clawback in accordance with the terms of the U.S. Dodd Frank Wall Street Reform and Consumer Protection
Act (the “Dodd-Frank Act”) and rules and regulations thereunder in the event the Company is required to restate its
financial statements, regardless of whether the Company is then subject to the Dodd-Frank Act.

 

This agreement (including the policies of the
Company) constitutes the entire agreement between you and the Company regarding the terms of your employment and it is the complete,
final, and exclusive embodiment of your agreement with regard to this subject matter and supersedes any other promises, warranties,
representations or agreements, whether written or oral. It is entered into without reliance on any promise or representation other
than those expressly contained herein, and it cannot be modified or amended except in writing signed by an authorized officer of
the Company.

 

If any of the terms or conditions of this offer
are found to be illegal or unenforceable, such terms shall be treated as severable from the rest of the terms and conditions of
this offer and the remaining terms and conditions shall continue in force.

 

This agreement shall be governed by the laws
of India and you hereby agree to the exclusive jurisdiction of the courts in Bangalore, India.

 

Yours sincerely,

 

 

 

Vishal Sikka

Chief
Executive Officer and Managing Director

 

 

ACCEPTED AND AGREED:

 

Date: ___________________________________________

 

 

 

Signature: _______________________________________

 

Print Your Name: _________________________________

 

 

 

Enclosures: Bonus Plan

 

ANNEXURE – I

 

	
        COMPENSATION DETAILS

        (All figures in INR per month)

	NAME	Mr. Pravin Rao U. B.
	TITLE AND ROLE 	Director and Chief Operating Officer
	ROLE DESIGNATION	Chief Operating Officer
	
         

        1.   
        MONTHLY COMPONENTS (INR per month)

	BASIC SALARY	875,680
	HOUSE RENT ALLOWANCE (@ 10% of Basic)	87,568
	MEDICAL ALLOWANCE (@ 5% of Basic)	43,784
	LEAVE TRAVEL CONCESSION / ALLOWANCE (@ 5% of Basic)	43,784
	SUPERANNUATION ALLOWANCE 	123,019
	BONUS / EX-GRATIA (@20% of Basic)	175,136
	PERSONAL ALLOWANCE	2,349,661
	MONTHLY GROSS SALARY	2,719,927
	 	 	 

 

	2.    RETIRAL BENEFITS (INR per month)
	PROVIDENT FUND - 12% of (Basic)	105,082
	SUPERANNUATION - Maximum Contribution up to INR 8,333	8,333
	GRATUITY - 4.81% of (Basic)*	42,120
	3.   FIXED GROSS SALARY (1+2)	3,854,167

 

	  4.         PERFORMANCE BONUS (INR per month)	At an indicative Payout of 100%
	 Performance Bonus	3,229,167
	  TOTAL GROSS SALARY (Inclusive of Performance Bonus) (3+4)	7,083,334

 

*The gratuity amount set out above is
an approximation. Your eligibility and the final pay out of any Gratuity amounts will be determined in strict accordance with the
provisions of the Payment of Gratuity Act.

 

Please note that your acceptance of
the above mentioned salary will be considered as an acceptance of the other terms laid out in the letter in addition to your existing
terms of employment.Exhibit 4.9

Overview of Executive Leadership Compensation

 

  

OVERVIEW OF EXECUTIVE LEADERSHIP COMPENSATION

 

		1.	Executive Leadership
Compensation at Infosys

 

As our business strategy adapts to the changing
industry context and the highly competitive environment that we operate in, our Executive Leadership Compensation philosophy has
evolved to reward long term sustainable performance. Our approach to Executive Leadership Compensation has shifted from a predominantly
cash-based compensation structure to a total rewards structure where a significant portion of rewards are in the form of stock
incentives, in order to align with interest of the shareholders.

 

These stock incentives are either time-based
or tied to specific performance metrics that are intended to drive long-term Company performance and value creation for our shareholders.
As stock incentives form a greater proportion of overall compensation, Executive rewards are thus directly linked to business outcomes.

 

Executive Leadership (also called “Executives”),
for the purpose of this document, are the Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Financial Officer
(CFO), Presidents and Group Head- HRD.

 

The current Executives named in this report
are given below. The list of Executives shall be reviewed annually by the Nomination and Remuneration Committee of the Board.

 

	Executive 	Position
	Dr. Vishal Sikka	Chief Executive Officer and Managing Director
	Mr. U.B. Pravin Rao	Chief Operating Officer and Whole-time Director
	Mr. M.D. Ranganath	Chief Financial Officer
	Mr. Ravi Kumar S.	President and Deputy Chief Operating Officer
	Mr. Sandeep Dadlani	President
	Mr. Mohit Joshi	President
	Mr. Rajesh K Murthy	President
	Mr. Krishnamurthy Shankar	Group Head – Human Resources and Infosys Leadership Institute

 

		2.	Nomination and Remuneration
Committee of the Board

 

The Nomination and Remuneration Committee of
the Board (henceforth referred to as NaRC) acts on behalf of the Board on matters relating to the compensation of Directors and
other Executives. It makes recommendations for changes to the existing compensation structure, as per the Company’s Executive
Compensation Policy and within the limits approved by the shareholders, as may be applicable.

 

The primary responsibilities of the NaRC include
the following:

 

		·	Determining the annual
target compensation of our Directors and other Executives

		·	Reviewing the performance
of our Directors and other Executives, determining performance bonus payouts and stock incentive grants 

		·	Administration of the
Company’s 2015 Stock Incentive Compensation Plan

 

The shareholders approve the overall compensation
structure for all whole-time directors, including CEO and COO.

 

CEO Compensation:

 

Compensation for the Chief Executive Officer
(CEO) is recommended to the Board by the NaRC and approved by the Board, after taking into account the performance against set
goals.

 

Compensation for other Executives:

 

Compensation for other Executives is recommended
by the Chief Executive Officer, and reviewed and approved by the NaRC. The final determination regarding the annual compensation
of other Executives is made by the NaRC after taking into consideration the Company’s performance, each Executive’s
performance, and the recommendations made by the CEO.

 

The CEO provides the NaRC with an evaluation
of the performance of each Executive, which includes an assessment of performance against their individual Key Performance Indicators
(KPI) targets and recommends the associated performance linked rewards.

 

The Group Head - HRD provides the NaRC with
benchmark compensation information from reputed third party compensation data providers and advisors. He also provides information
on individual KPI targets and achievements to aid the NaRC in the Executive performance review.

 

		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
world’s 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 the use of performance-oriented stock-based incentives.

 

		b.	Primary Pay Components
of the Executives’ 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 of compensation that is generally set to approximate market median practices for global peers

		·	Performance Bonus:
Cash bonus, payable on the achievement of objective and quantifiable KPIs as established by the NaRC 

		·	Stock Incentives:
Stock or Equity based incentives can be either time based or performance based equity grants. Time based stock incentives, in the
form of Restricted Stock Units (RSUs), are granted based on continuation of service of the executives. Performance based stock
incentives are generally granted annually, in the form of Stock Options and/or RSUs, upon the achievement of Company and individual
goals. Such stock incentives generally vest in 4 equal annual installments and are exercisable within the period as approved by
the NaRC. Stock incentives may not be granted if the Company’s performance is below a certain specified threshold, as determined
by the NaRC from time to time. The stock incentives are governed by the 2015 Stock Incentive Compensation Plan approved by the
shareholders.

 

Occasionally, the NaRC may approve
a special or one-time stock based incentives to be granted or vested on 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.

 

Stock incentives are valued based
on the Black-Scholes method of share valuation, unless otherwise specified. The exercise price of the RSUs would 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 total rewards for Executives is designed
to ensure their continued alignment with organizational goals. The Company aims to ensure that executive pay is reflective of market
pay, consisting of a mix of base/fixed pay, performance bonus and stock incentives. The emphasis on stock incentives ensures alignment
with shareholders’ interests, through a continued focus on the Company’s sustainable, long term performance.

 

The graph below indicates the components of
total rewards at target for Executives:

 

 

 

 

 

 

 

 

 

		c.	Executive Compensation
Fitment and Benchmarking

 

Infosys Executive compensation 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.

 

The companies selected in the comparator peer
group are global companies in general, which may or may not be IT focused, provided they define a plausible labor market in which
the Executive operates. These are organizations that we may “hire from” or “lose to”. For business roles,
these are normally peers in the industry, and for business-enabling functions, benchmarks are done across industries.

 

Target pay mix is established for senior executive
levels with a greater proportion of pay in the form of stock incentives and performance bonus. For most of our Executive Leaders,
about half of their total rewards are targeted to be delivered in the form of stock incentives, when supported by Company performance.

 

		d.	Compensation Practices

 

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

 

		·	Use appropriate peer groups
when establishing compensation 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

		·	Formalize severance pay
and notice period as per the level and location of Executives

		·	Adopt a recoupment /clawback
policy for compensation and benefits for Executives 

		·	Include non-solicitation
and non-competition provisions in executive employment agreements

 

		e.	Pay for Performance

 

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’s performance bonus is linked
to the achievement of Company and individual goals. For CEO, the goals mirror the Company targets consisting of Infosys group revenue,
operating margin % and revenue per employee. For other Executives, performance bonus has a higher weightage towards the achievement
of corporate goals of revenue and operating margin%, along with components of individual goals. These individual goals are linked
to the Company’s business targets as set by the management and reviewed by the NaRC. The goals are designed to drive greater
accountability towards Company performance. Additionally, focus on building longer term capabilities is driven through the individual
KPI targets to influence strategic reshaping of business.

 

The Company determines the threshold and target
metrics for the KPIs, within a range of acceptable performance. This is further indexed to the Company bonus pool derived from
the Company’s overall performance and affordability. For CEO, the threshold is 50%, with a range of 50% to 150%.

 

Adjustments may be made to the payout rate based
on the recommendations from the CEO and approved by the NaRC.

 

		ii.	Stock Incentives 

 

Stock incentive grants are dependent upon the
achievement of Company and individual KPIs. At defined target Company performance, the grants are made at 100% and can be adjusted
for individual performance, ranging from 80% to 120%. Stock incentives may not be granted if the Company’s performance is
below a specific threshold, as determined by the NaRC from time to time. For CEO the range is from 50% to 150%.

 

	f.		KPIs Linked
to Performance Bonus for Executives

			

 

The KPIs for Executives comprises both Company
goals and individual KPI goals.

 

For Dr. Vishal Sikka, the performance goals
mirror the Company’s targets consisting of revenue, operating margin % and revenue per employee.

 

	Executive 	Performance metrics 
	Dr. Vishal Sikka	Revenue, Operating margin % and Revenue per employee

 

The KPIs for other Executives are a combination
of Company goals and individual goals relating to their performance with a proportionately higher weight given to the Company’s
performance goals of revenue and operating margin %.

 

For the components of individual performance
metrics FY’18 please see table below. These performance metrics are reviewed annually by the NaRC.

 

	Executive
    	Individual performance metrics 
	Mr.
    U.B. Pravin Rao	Cost Optimization and Succession planning
	Mr.
    M.D. Ranganath 	Return on Capital Employed, Capital Allocation Policy and M&A plan
	Mr.
    Ravi Kumar S	Delivery Cost Optimization, Implementation of US Talent Model
	Mr.
    Mohit Joshi	Sales Effectiveness, Growth of Top 50 accounts, Revenue and Margin for respective industry segments
	Mr.
    Sandeep Dadlani	Revenue and Margin from New Software, Revenue and Margin  of respective industry segments
	Mr.
    Rajesh K Murthy	Revenue and Margin for Consulting business and Revenue and Margin of respective industry segments
	Mr.
    Krishnamurthy Shankar 	Talent effectiveness (people retention, ESAT, Gender Diversity),  Leadership development metrics

 

	g.		Additional
Executive Compensation practices and Employment agreements

			

 

In addition to the primary pay components, the
Company provides competitive health and welfare oriented benefits and perquisites. These benefits are designed to protect the financial
and physical 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.

 

NaRC 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 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 Directors,
the agreement with Dr. Vishal Sikka was signed effective April 01, 2016. The executive agreement can be accessed at https://www.infosys.com/investors/reports-filings/Documents/CEO-executive-employment-agreement2017.pdf.
The agreement with Mr. U. B. Pravin Rao was signed effective November 01, 2016 and can be accessed at https://www.infosys.com/investors/reports-filings/Documents/COO-executive-employment-agreement2017.pdf.

 

The details of compensation relating to fiscal
2017 for Executives as on March 31, 2017 is given in the Annexure 3 of the Infosys Annual Report 2016 – 17.

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