Syntel, Inc. (NASDAQ:SYNT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) As approved by the Syntel, Inc. (“Syntel”) Board of Directors, on November 23, 2016 Rakesh Khanna’s compensation as Interim Chief Executive Officer and President was agreed upon at a base salary of 19,000,000 Indian rupees per year and a variable annual target bonus of 9,000,000 Indian rupees. The new compensation level has an effective date of November 4, 2016. In connection with his appointment as Interim Chief Executive Officer and President, Mr. Khanna received a grant of 20,000 restricted stock units (to vest over four years) to the Syntel 2016 Incentive Plan. Syntel will also provide one club membership for Mr. Khanna in India. All other terms and conditions of Mr. Khanna’s employment will remain unchanged.

As approved by the Syntel, Inc. (“Syntel”) Board of Directors, on November 24, 2016 Prashant Ranade’s compensation as Executive Co-Chairman was agreed upon at a base salary of 53,667,000 Indian rupees per year and a variable annual target bonus of 26,833,500 Indian rupees. The new compensation level has an effective date of November 4, 2016. In connection with his appointment as Executive Co-Chairman, Mr. Ranade received a grant of 200,000 restricted stock units (to vest over four years) to the Syntel 2016 Incentive Plan. Mr. Ranade’s compensation will be adjusted for U.S. dollar/Indian rupee exchange rate changes if the U.S. dollar increases over the conversion rate of one U.S. dollar to 66.75 Indian rupees. All other terms and conditions of Mr. Ranade’s employment will remain unchanged.

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About Syntel, Inc. (NASDAQ:SYNT)

Syntel, Inc. (Syntel) is a global provider of digital transformation, information technology and knowledge process outsourcing services. The Company operates through five segments: Banking and Financial Services, which serves financial institutions around the world; Healthcare and Life Sciences, which serve various companies, including healthcare payers, providers, and pharmaceutical and medical device providers; Insurance, which serve the needs of property and casualty insurers, insurance brokers, personal, commercial, life and retirement insurance service providers; Manufacturing, which provides business consulting and technology services for industrial and automotive clients, and Retail, Logistics and Telecom, which serves a range of retailers and distributors, logistics clients and clients in the telecom industry. The Company offers its products and services under the Syntel brand.

Syntel, Inc. (NASDAQ:SYNT) Recent Trading Information

Syntel, Inc. (NASDAQ:SYNT) closed its last trading session down -0.23 at 19.48 with 822,048 shares trading hands.