Summary
Cognizant Technology Solutions Corp. (CTSH) has disclosed a significant payment made to its Chief Financial Officer, Jatin Dalal, totaling $505,087. This payment was made on July 2, 2024, to settle a lawsuit and related arbitration filed by Mr. Dalal's former employer, Wipro Limited. Wipro had alleged that Mr. Dalal breached non-compete and confidentiality obligations by joining Cognizant.
Key Highlights
- 1Cognizant paid $505,087 to CFO Jatin Dalal on July 2, 2024.
- 2The payment is to settle a lawsuit and arbitration initiated by Mr. Dalal's former employer, Wipro Limited.
- 3Wipro alleged breach of non-compete and confidentiality agreements by Mr. Dalal.
- 4The settlement was reached without any admission of liability from either Cognizant or Mr. Dalal.
- 5The payment covers Mr. Dalal's settlement amount to Wipro and reimbursement of his legal fees.
Frequently Asked Questions
Cognizant made the payment to settle a lawsuit and arbitration filed by Jatin Dalal's former employer, Wipro Limited, who alleged that Mr. Dalal breached his non-compete and confidentiality obligations by joining Cognizant.
No, the settlement was reached without admission of liability by either Cognizant or Mr. Dalal.
The payment covers Mr. Dalal's settlement amount to Wipro Limited and also reimburses him for his legal fees incurred in the matter.
The Compensation and Human Capital Committee of the Board of Directors approved the payment on July 2, 2024, and the 8-K filing was made on July 9, 2024.