01—Abstract
Summary
Summary of the 8-K filed July 9, 2024. Cited figures are marked; the original filing is the authoritative source.
Cognizant Technology Solutions Corp. (CTSH) has disclosed a significant payment made to its Chief Financial Officer, Jatin Dalal, totaling $505,087a.
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.
02—Key points
Key Highlights
- Cognizant paid $505,087 to CFO Jatin Dalal on July 2, 2024.
- The payment is to settle a lawsuit and arbitration initiated by Mr. Dalal's former employer, Wipro Limited.
- Wipro alleged breach of non-compete and confidentiality agreements by Mr. Dalal.
- The settlement was reached without any admission of liability from either Cognizant or Mr. Dalal.
- The payment covers Mr. Dalal's settlement amount to Wipro and reimbursement of his legal fees.
03—Questions
Frequently Asked Questions
What was the reason for the payment to CFO Jatin Dalal?
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.
Did Cognizant admit any wrongdoing in this settlement?
No, the settlement was reached without admission of liability by either Cognizant or Mr. Dalal.
What does the $505,087 payment cover?
The payment covers Mr. Dalal's settlement amount to Wipro Limited and also reimburses him for his legal fees incurred in the matter.
When did this event occur?
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.
04—Continue