Dated: 13th July 2020

Punam Shinde

Dear Punam,

Further to your application for employment with us, and the subsequent selection process, we are
pleased to offer you full-time employment in the position of Associate at Perennial Systems
(hereinafter also referred as “Perennial” or “Company”) post probationary period. Accordingly,
you are placed in Development (Full Stack) Track.

During your tenure with Perennial you are expected to perform a role as may be deemed fit by the
organization and business needs. Perennial encourages employees to sharpen and enhance their
competencies by providing various roles.

The validity of this offer is conditional upon receipt of your acceptance to this offer and based on
your joining on 13th July 2020 as mutually agreed.

The terms and conditions of this offer for employment are:

1. Remuneration
a) Your annual cost to company remuneration package will be INR 4, 50,000.00/- per
annum. A detailed break up of your annual gross salary is given in 'Annexure A'.
b) Salary will be paid into your salary account by the last day of each month.

2. Increments and Promotion

The remuneration will be subject to annual review, or at such times as may be appropriate.
Your growth in Perennial and increments in the salary will depend solely on your
performance and contribution to the Company. You will appreciate that information relating
to your remuneration package is strictly confidential and hence request you maintain this
confidentiality.
The increments (salary revision) and promotion will be driven as per the Performance
Management section in the Company Policy document.

3. Probationary Period
Every person accepting employment at Perennial will have to serve a Probationary period
before getting permanent employee status with Perennial. Upon satisfactory completion of
probationary period with satisfactory performance, your employment will be confirmed and
communicated to you in writing. The Probationary period is considered as successfully
completed only after receiving the confirmation letter.
During the probationary period, the employee will not be entitled for Paid Leaves (Refer to
Leaves section from the Company Policy Document for more details).

As per the policy your probationary period is of three months, from the date of joining.

4. Place of Work
Your place of posting will be in Pune, however, should a need arise you may be transferred
or expected to travel to any of our / client offices.

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5. Leaves
i. Paid Leaves (PL): All permanent employees are eligible for 16 paid leaves annually
provided on pro-rated basis.
ii. Emergency Leaves (EL): All employees are eligible for 5 emergency leaves annually.
iii. Non Paid Leaves (NPL): For employees on contract or on probation or serving notice
period are not entitled for PL’s. Any leaves taken during this period will be taken as
Non Paid Leave.
iv. Public Holidays: Are applicable to all employees.
To get more information on leaves please refer to Leaves section in the Company Policy
Document.

6. Notice of Termination
a) Termination of employment by employee shall be three months’ notice in writing or
payment in lieu of notice. Such notice may not be offset by unused leave.
b) Termination of permanent employment by Perennial shall be one month's notice in
writing or payment in lieu of notice. Termination of employees on probation or on
contract will get one month notice period. Such notice may not be offset by unused leave.
c) If your actions at any time constitute a serious breach of Perennial’s standards of
behaviour like (Breach of confidentiality or IP related obligations, Violation of law, Gross
Misconduct, Material breach of Company policy), Perennial may end this contract and
terminate your employment immediately without any compensation.
d) This appointment letter is issued on the understanding that all the information given by
you in the application / employee data form / during the interview or data provided prior
to and / or at the time of joining is true. If it is found at any time that the information
given by you is not correct or true or you have knowingly suppressed any information, the
company will have the right to terminate your appointment with us any time without any
compensation.

7. Working Hours
The Company observes a five-day working week (Monday to Friday) with weekly off on
Sunday. The general work timings are as follows:
a. The Company observes 08 hour work day* which excludes the 30-minute break for
Lunch / Dinner and another 30-minute for Snacks in the total working hours.
b. Depending on the project contingencies; like synchronizing with the global time zone,
delay in delivery deadlines, client emergencies for specific project, the working
days/hours for specific associates (employees) or groups of associates may be modified /
altered / extended from time to time.
c. All employees shall work for a minimum of 48 hours a week from Monday to Saturday,
excluding all breaks.
d. The company allows a certain degree of flexibility in working hours for all employees,
provided it does not harm any project or other team member’s work and the weekly work
hours are achieved. This flexibility in working hours should not be misused.
e. General clock-in work timings for various roles are as follows:

Roles Expected clock-in time

Technical Team / Admin / HR 9:00 AM – 10:00 AM
Project Management / Business 9:30 AM – 10:30 AM
Analysts team
Business Development or 9:00 AM – 10:00 AM
Marketing Team

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8. Proprietary Information Agreement
You will be employed by Perennial in a capacity in which you will or may receive
confidential information, which is of value to Perennial. You therefore agree to abide by the
following terms and conditions:
a) Your employment creates a relationship of confidence and trust between you and
Perennial with respect to certain information of a confidential, proprietary or trade secret
nature. For the purposes of this Agreement, all such confidential, proprietary or trade
secret information will be referred to as "Proprietary Information".
b) Proprietary Information includes without limitation:
i. All software developed or licensed by or for Perennial or licensed to Perennial by a
third party, and any documentation or listing pertaining to such software; the term
"software" as used in this paragraph refers to software in various stages of
development or any product thereof and includes without limitation the literal
elements of a program (source code, object code or otherwise), its audio-visual
components (menus, screens, structure or organization), any human or machine
readable form of the program, and any writing or medium in which the program or
the information therein is stored, written or described, including without limitation,
diagrams, flowcharts, designs, drawings, specification, models, data, bug reports and
customer information.
ii. Marketing and sales plans, product development plans, competitive analysis,
benchmark test results, business and financial plans or forecasts, non-public financial
information, agreements, and customer and employee lists of Perennial.
iii. Any information or material not described above which relates to Perennial's
inventions, technological developments, "know-how", purchasing, accounting,
merchandising, or licensing.
iv. Any information of the type described above which Perennial has a legal obligation
to treat as confidential, or which Perennial treats as proprietary or designates as
confidential, whether or not owned or developed by Perennial.
v. Proprietary Information shall not include information known publicly or generally
employed in the trade, nor shall it include generic knowledge that you would have
learned in the course of similar employment elsewhere.
c) At all times, both during and after your employment with Perennial, you will hold
Proprietary Information in confidence. You will not use, transfer, publish, disclose, or
report Proprietary Information directly or indirectly, except such disclosure to other
Perennial employees or authorized third parties as may be necessary in the ordinary
course of performing your duties for Perennial or otherwise as directed by Perennial.
d) You agree that you have not brought any proprietary information of a former employer to
Perennial and that you will not use any proprietary information of a former employer in
the performance of your work with Perennial unless you have written authorization from
your former employer.
e) You will promptly disclose to Perennial all ideas, processes, inventions, modification, and
improvements (collectively referred to as "Inventions") relating to any work or business
carried on by Perennial, conceived by you alone or with others during the term of your
employment, whether or not conceived during regular business hours.
f) All such Inventions shall be the sole and exclusive property of Perennial. You also agree
to execute without receiving additional compensation: (a) any formal documents
necessary to assign any Inventions to Perennial; and (b) all documents required to obtain a
patent, register a copyright, or enforce Perennial's rights in such Inventions. These
obligations shall continue beyond the termination of employment with respect to
Inventions you conceive or make during the period of your employment.

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 g) You will not during your employment with Perennial carry on either alone or in
partnership or be directly or indirectly employed or concerned in any business
undertaking other than that of Perennial, except as a shareholder in a public quoted
company unless you have obtained the previous written consent of Perennial. Further, you
will not accept gifts, entertainment or other favours from persons or bodies with which
Perennial has business dealings unless you have obtained the previous written consent of
Perennial.
h) You will not recruit or hire any Perennial employee for six months after termination of
your employment with Perennial without Perennial's express written consent.
i) You will not knowingly export directly or indirectly any U.S. origin technical data to
those countries for which a U.S. and/or Indian export license is required under U.S. and/or
Indian Export Administration Regulations without first obtaining from the U.S.
Department of Commerce and/or the Indian Government a license authorizing the export.
j) You shall upon termination of your employment with Perennial and upon Perennial's
request reaffirm your recognition of the importance of maintaining the confidentiality of
Perennial's Proprietary Information and reaffirm all of the obligations set forth in this
Agreement.
k) You shall upon termination of your employment with Perennial return all property
belonging to Perennial, including without limitation all Proprietary Information,
documents, software, discs, diskettes, tapes, and any other form of media, copies of any of
the above, microcomputer systems, computer terminals, modems, other hardware,
telephones, credit cards, and/or company automobile.
l) Perennial’s proprietary rights and confidential information are amongst the Company’s
most important assets, and as a condition of your employment you are required to sign the
Company’s Proprietary Information Agreement. A breach of security or confidentiality is
regarded very seriously and could lead to termination of employment.

9. Code of Ethics and Business Conduct

Your adherence to the Perennial Code of Ethics and Business Conduct, a detailed section is
mentioned in the Policy Document, is vital to Perennial and to your success at Perennial.
When you sign this letter of offer, you are agreeing to thoroughly familiarize yourself with
the Perennial Code of Ethics and Business Conduct and you are agreeing to abide by it.

10. Personal Data Transfer

Perennial’s human resources personal data is transferred around Perennial locations
worldwide and to selected outside organizations that provide services to Perennial and our
workforce. Perennial Systems operates internal procedures to assure that personal data
privacy is adequately safeguarded. By signing this agreement and accepting position with
Perennial, you are consenting to this data transfer.

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11. Verification
a) This appointment is based on the details provided by you in the company application form
/ employee data form / during the interview / data provided prior to or at the time of
joining.
b) The offer is made based on Indian laws and subject to no adverse information being
obtained during reference checking with previous employers, validation of educational
qualifications or background checks, and approval of your employment/immigration pass
application (wherever applicable). For audit purposes, you are also expected to provide an
original copy of your last pay slip to the Human Resources Department.

We welcome you to the Perennial family and look forward to a long and mutually rewarding
association.

Yours sincerely,
For Perennial Systems

__________________
Akanksha Sogani
Head-HR

DECLARATION

I, _______________________________________ agree with all the above terms and conditions

of employment with Perennial. I also confirm that I have read, understood and agree to comply
with the following:
1. Proprietary Information Agreement
2. Code of Ethics & Business Conduct
3. Personal Data Transfer
4. Company Policy Document
I shall commence employment with effect from _____________________________.

Signature Date:

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 ANNEXURE A

Compensation & Benefits

1. All entitlements given below are applicable after you have joined Perennial. The entitlements
are subject to company policies / procedures / guidelines that may be issued / modified from
time to time. All perquisites and benefits including reimbursements are subject to Income
Tax provisions, which may be applicable, including taxation on perquisite value.

2. These entitlements shall cease upon the termination of your employment with Perennial.
These entitlements may also cease if you need to take long-termed personal leave of absence.
You will need to check with your local HR team for details.

Salary Component INR Per Month INR Per Annum

Basic Salary 15,000.00 1,80,000.00
Conveyance Allowance 1,600.00 19,200.00
Leave Travel Assistance 1,666.67 20,000.00
House Rent Assistance 7,500.00 90,000.00
City Cash Allowance 5,808.33 69,700.02

Employer’s Contribution 1,800.00 21,600.00

to PF (12 % of basic
salary)
Phone Reimbursement 1,000.00 12,000.00
Retention Deduction (8.33 3,125.00 37,499.99
% of CTC paid after
completion of one year
with the Company)

Monthly Salary 37,500.00 4,50,000.00

Performance Variable Compensation NA
Discretionary Awards NA
Annual Gross Salary 4,50,000.00

3. The Company, at any time, reserves the right to review and restructure its compensation
package.

4. Leave Travel Assistance

This is a part of your annual gross salary, which will be reimbursed against actual bills
within the specified limits, subject to prevailing Indian Income Tax regulations.

5. House Rent Allowance

This is a part of your annual gross salary and paid as an allowance with the specified limits,
subject to prevailing Indian Income Tax regulations.

6. Provident Fund/ Employee Pension Scheme

You will be required to subscribe to the Provident Fund scheme as may be applicable to you.
If you subscribe to this scheme the company will contribute 12% of your Basic salary toward
this fund/ scheme.

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7. Retention
As part of the company policy, the company will retain 8.333% of your monthly cost to
company salary, as part of your performance as well as guarantee to work with Perennial
Systems for a minimum period of one year which is exclusive of notice period. Retention
will only be provided at the end of one year. Please refer to the company Policy document
for more details on this section.

8. Variable Pay
a) In addition to the above you will also participate in any discretionary bonus plan
appropriate to your role. Any discretionary bonus plan at 100% achievement of all
targets would be decided based solely on your performance.
b) We would like to inform you that your salary including target variable pay (corporate
bonus or commission plan, as may be applicable) is dependent on your role in Perennial.
As such, should you change to a sales/ commission base role where traditionally there is
a lower base with more upside in the variable portion, we may consider reducing your
base to align with the salary level consistent in these roles. In this event, there would be
a corresponding increase in the variable portion, again consistent with the global
standards for this role.
c) Change in role can also mean a change in variable pay. You will be required to adopt
the variable associated with your next role and the global standard for this role, which
may be at a different level - either higher or lower than the role you are vacating.

Your co-operation is solicited in complying with the above.

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