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 OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(f) On April28, 2017 Syntel, Inc. (“Syntel”) filed its proxy statement to Section14(a) of the Securities Exchange Act of 1934 solicting proxies for Syntel’s June7, 2017 annual meeting of shareholders (the Proxy Statement”). As of that filing, Syntel was unable to calculate the 2016 non-equity incentive plan compensation for Co-Chairman Prashant Ranade to be included in the summary compensation table of the Proxy Statment under Item402(c) of Regulation S-K as the final amount had not been determined and approved by the Compensation Committee of Syntel’s Board of Directors. The 2016 non-equity incentive plan compensation or STIP award for Co-Chairman Prashant Ranade in the amount of $48,790 was approved by the Compensation Committee on September28, 2017, bringing Mr.Ranade’s total compensation for 2016 to $4,599,034, as calculated to Item402 of Regulation S-K.
to Item 5.02(f) of Form 8-K, the amount to be reported in the Summary Compensation Table beginning on page 17 of the Proxy Statement in the “Non-Equity Incentive Plan Compensation” column is updated to include Mr.Ranade’s 2016 STIP award of $48,790. As revised to include the 2016 STIP award, the entry for Mr.Ranade in the Summary Compensation Table is:
| Name and Principal Position | Year |
Salary ($) |
Bonus ($) |
Stock Awards ($) (1) |
Non-Equity Incentive Plan Compensation ($) (2) |
All Other Compensation ($) |
Total ($) |
|
|
Prashant Ranade Co-Chairman (3) |
473,340 | 36,819 | 4,030,000 | 48,790 | 10,085 | (4) | 4,599,034 | |
| 399,066 | 31,562 | 281,220 | 357,739 | 10,247 | 1,079,834 | |||
| 832,702 | 35,307 | 4,150,000 | 429,047 | 91,726 | 5,538,782 |
| (1) | These amounts represent the aggregate grant date fair value of awards granted during the year, computed in accordance with Accounting Standards Codification 718, Compensation-Stock Compensation (“ASC718”). The assumptions used in this valuation are disclosed in Note12 to Syntel’s audited financial statements for the fiscal year ended December31, 2016, included in Syntel’s Annual Report on Form10-K filed with the Securities and Exchange Commission. These amounts reflect Syntel’s accounting expense for these awards and do not necessarily correspond to the actual value that will be realized by the named executive officers. These stock awards were made under the LTIP. |
| (2) | The 2016 amount represents a STIP award for 2016 performance. |
| (3) | Other than the calculation of stock awards and option awards, the amounts given for Mr.Ranade were converted from Indian rupees. Indian rupees were converted to U.S. dollars by using the quarterly income statement rate used for GAAP reporting for the applicable month. |
| (4) | Represents perquisites of $10,085 that consist of the cost of providing a car and driver of $8,258, club membership fees of $210, a contribution to the Provident Fund on his behalf of $321, and $1,296 in premiums for medical, accidental death, and life insurance coverage. |
2
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.
