The nominating and remuneration committee of InterGlobe Aviation, the operator of IndiGo airlines, has approved the award of 67,150 performance stock units (PSUs) to its CEO, Pieter Elbers.

The PSU has the right to apply for an equivalent number of shares in the company at a par value of 10 shares, subject to the vesting terms and conditions specified in the plan.

Shares of InterGlobe Aviation closed at Rs 1,865.30 on Friday, down 2.27% from Thursday’s close, with PSUs worth Rs 12.52 crore. The exercise price is Rs 10 per share.

PSUs under the plan may vest within a maximum of four years but shall vest at least one year after the date such PSUs were awarded. The exercise period will begin on the date of vesting of the PSU and expire at the end of four years from the date of vesting of the PSU. “The award of these PSUs is contingent on the grantee’s continued employment with the company and the company’s achievement of predetermined performance metrics based on the company’s independently audited financial position,” InterGlobe Aviation said.

In September, Elbers joined India’s largest airline, IndiGo, succeeding retired Ronojoy Dutta. Elbers previously served as president and CEO of KLM Royal Dutch Airlines.

In its first full quarter under Elbers’ leadership, InterGlobe reported its highest-ever quarterly net profit in the December quarter, helped by record revenue. The Delhi-based company posted a 10-fold increase in consolidated profit to Rs 1,420 crore year-on-year.