Date: August 31, 2020

Name: Mohammad Savad

Employee ID: 895883
DOB: November 7, 1998
Father’s Name: Soofi
Address: Hill Top Nagar, Thuminad, Kunjathur, Manjeshwar - 671323

Appointment Letter

Dear Mohammad,

We are pleased to offer you the position of Trainee - Finance & Accounting with Hudson's Bay Services Private
Limited (“HBC” or the “Company”) in India with effect from August 31, 2020

This letter sets out the main terms and conditions of your employment with the Company.

REMUNERATION AND BENEFITS

Fixed Gross Salary: Your fixed gross salary will be INR 286,500 per annum (the “Fixed Gross Salary”), less
statutory deductions and other required withholdings, payable in twelve monthly equal installments at the end of
each calendar month in accordance with Company policy. A breakdown of your Fixed Gross Salary together with
other compensatory benefits is as stated in the enclosed Annexure A.

Since the success of HBC depends upon the outstanding performance of its Associates, you are expected to
perform your duties and services to HBC to the best of your ability, on a full-time basis.

Benefits Programs: You and your immediate family (as defined by Company policy) will be eligible to participate
in HBC’s Benefit Programs as set out below:

 Medical Insurance
 Accident Insurance
 Term Life Insurance

Further details regarding any of the above Benefit Programs shall be provided to you upon request.

Retirals: Pension, Provident Fund and Gratuity shall be governed by applicable laws and Company policies.

India Bonus Program: You will be eligible to participate in the India Bonus Plan (IBP). Under the IBP, you will be
eligible for a target annual bonus amount of 0% of your Fixed Gross Salary. For the initial fiscal year of your
employment following your start date, your bonus will be prorated based upon the actual duration of your participation
in the IBP, assuming continued employment through the end of the fiscal year. The IBP is administered in accordance
with the Company’s policies in relation to bonus, which the Company reserves the right to amend or discontinue at
any time, with or without notice to you. The bonus year runs from February 1, 2019 to January 31, 2020 and the
payout of the bonus shall take place by the end of April. The bonus is payable provided the Associate continues to be
employed by the Company on the date of the payout and is actively employed in their role at the time of payout. The
Plan guidelines and components are reviewed and altered each year at the Company’s sole discretion. The bonus
plan for each is subject to the relevant year Plan text, including components, and approval by the SVP, Total Rewards
and the EVP, Human Resources.

The remuneration and benefits set forth under this Clause includes compensation for all services rendered under
this Agreement.
Hudson’s Bay Services Private Limited

Registered Address: 4th, 5th & 6th Floor of Block Teak (G3), Manyata Embassy Business Park,
Special Economic Zone, Nagawara & Rachenahalli Village Outer Ring Road, Bangalore – 560045
Karnataka, India. Tel: +91 80 4696 6000
CIN – U72200KA2016FTC097220
PROBATIONARY PERIOD
The first 90 days from your date of employment will be a probationary period. The Company may extend your
probationary period if so deemed necessary by the Company. If you successfully complete the probationary period,
either initial or extended as the case may be, the Company may in its sole discretion confirm your services. The
company reserves the right, at any time, with or without notice, to alter or change job responsibilities, reassign or
transfer job positions or assign additional job responsibilities. All associates are deemed confirmed after the 90 day
probationary period unless informed by your manager or Human Resources.

LOCATION
Your normal place of work will be our office in India, situated at 4th, 5th & 6th Floors, Wing A, Block Teak (G3),
Manyata Embassy Business Parks Special Economic Zone, Outer Ring Road, Bangalore - 560045 but HBC reserves
the right to assign you to another office in India or another country/territory in which HBC’s affiliates operate for the
performance of your job.

HOURS
Your work timing will be a 9 hour shift for 5 days a week, subject to the department you are assigned to & basis
business requirements. You may also be required to work outside the aforesaid working hours and days if necessary.

ANNUAL LEAVE, SICK LEAVE AND HOLIDAYS

You will be entitled to annual leave, sick leave and holidays in accordance with Company policy and applicable laws.
Please refer to the Company’s Associate Handbook for more information about leaves and holidays.

CHANGES TO EMPLOYMENT
HBC may modify or cancel your benefits, change policy or plan documents, your manner or structure of remuneration,
your job title and/or reporting structure, working conditions (including hours of work, shifts or work location within a
reasonable geographic proximity) and duties and responsibilities from time to time by providing you at least twenty-
one (21) days’ notice. You agree that any such changes shall not constitute constructive dismissal or trigger any
entitlement to notice of termination or pay in lieu of notice whatsoever (whether pursuant to this Offer of Employment
Letter, applicable legislation or otherwise).

COMMUNICATION
You shall keep the Company informed of your latest postal address at all times and inform the Company in writing in
case of change of your address. Any communication sent to you by the Company on your last known address shall be
deemed to be duly served notwithstanding the fact that you have changed your address.

PERSONAL INFORMATION
You consent to HBC or its agents collecting, using, disclosing and retaining your personal information, including
health information, for the purposes of managing and administering the employment relationship. This includes
information related to the creation, administration and termination of employment, and may include the transmission
of personal information in or outside India and/or the exchange of personal information with third parties for certain
purposes, such as for benefit and payroll related matters.

Hudson’s Bay Services Private Limited

Registered Address: 4th, 5th & 6th Floor of Block Teak (G3), Manyata Embassy Business Park,
Special Economic Zone, Nagawara & Rachenahalli Village Outer Ring Road, Bangalore – 560045
Karnataka, India. Tel: +91 80 4696 6000
CIN – U72200KA2016FTC097220
CODE OF BUSINESS CONDUCT
At all times, you agree to conduct yourself in a professional manner and in a manner that does not conflict with HBC's
interests. All Company Associates are subject to the terms of and required to sign the Code of Business Conduct
upon hiring and on an annual basis. Some of the requirements in the Code of Business Conduct continue even after
you leave the Company.

NON-SOLICITATION
During your employment or for a period of twelve (12) months following resignation or termination of employment for
any reason, you shall not directly or indirectly solicit, hire, offer employment to or in any manner encourage
employees of HBC to leave their employment, and you shall not solicit in any manner customers to whom you have
provided services to while employed by HBC to shop or consume similar services or products at another business,
nor discourage a customer from purchasing goods and services at HBC.

TERMINATION OF EMPLOYMENT
Termination for Cause: Your employment may be terminated at any time for cause without providing you with
notice of termination, payment in lieu of notice, or severance pay of any kind whatsoever. While the term “just cause”
shall have its regular meaning at law, willful insubordination, disobedience, theft, fraud, dishonesty and habitual
negligence and breach of the Company’s Code of Business Conduct are all examples of situations in which the
Company may terminate your employment for cause.

Termination for Any Reason: Furthermore, the Company may terminate your employment at any time and for
any reason by providing you with one (1) months’ notice or pay in lieu of notice for each completed year of
continuous service, up to a maximum of three (3) months’ notice or pay in lieu of notice.

At the Company’s sole discretion, notice of termination, salary in lieu thereof, or a combination thereof may be
provided to you in these circumstances. Where “salary in lieu of notice” is provided to you, such “salary in lieu of
notice” will be calculated based solely on your Fixed Gross Salary as of the date of termination and will not include
any other forms of remuneration (including but not limited to any bonus payments).

You agree that these payments fully satisfy HBC’s notice obligations upon the termination of your employment, and
that no additional or further notice of termination and/or salary in lieu thereof shall be owed to you (whether pursuant
to this Offer of Employment Letter, applicable legislation or otherwise).

Resignation: You may resign from your employment with HBC at any time upon providing 60 days’ advance notice
in writing of your last intended day of work. HBC reserves the right to waive this notice of resignation period, either in
whole or in part; to the extent that HBC waives such notice of resignation, you will be paid only any outstanding
wages and any accrued entitlements that may be owing to you as of your last day of active service and no further
payments will be made to you. Resignation/Termination from HBC during the probationary period will warrant a 30
day notice or pay in lieu of notice.

SEVERABILITY
All paragraphs in this Offer of Employment Letter are separate and distinct provisions, severable one from the other.
If any provision is determined to be invalid or unenforceable, such invalidity or unenforceability shall attach only to the
provision to the extent of such invalidity or unenforceability, and all other provisions shall continue in full force and
effect.

BUSINESS TOOLS
At the Company’s sole discretion, you will be provided with the appropriate business tools, or a subsidy for
appropriate business tools, for your position which will be available to you while actively employed.

ENTIRE AGREEMENT
Hudson’s Bay Services Private Limited

Registered Address: 4th, 5th & 6th Floor of Block Teak (G3), Manyata Embassy Business Park,
Special Economic Zone, Nagawara & Rachenahalli Village Outer Ring Road, Bangalore – 560045
Karnataka, India. Tel: +91 80 4696 6000
CIN – U72200KA2016FTC097220
You agree that this agreement, along with applicable plan documents and Company policies and procedures,
govern your relationship of employment with the Company and that, taken together, these documents supersede
and render void any prior verbal or written representations concerning the terms or conditions of your employment
with the Company.

EMPLOYMENT CONDITION
This offer is made on the express understanding that you are not under any obligation to any other person or entity that
would interfere or conflict with you assuming the responsibilities and providing the services set out in this employment
agreement. This offer of employment is conditional upon a background check satisfactory to the Company. During your
employment the Company may request and you shall consent to a criminal background check. If the background check
is unsatisfactory to the Company, your appointment will be terminated for Cause without notice or pay-in-lieu (whether
pursuant to applicable common law, contract, or otherwise).

You acknowledge and agree that the Company is issuing this appointment letter on the basis of the
information/particulars provided by you with regard to your educational/professional qualifications, experience, criminal
records and any judgements relating to debts or insolvency. In the event it is discovered at any stage that any
information/particulars and/or details provided by you are incorrect and/or any material information has been
withheld/suppressed by you, it shall constitute a breach of discipline and your services will be liable to be terminated for
Cause. HBC may modify the employee’s role or his/her responsibilities at any point going forward.

You should retain a copy of this letter for your own records and sign and return one copy to the Company.

Upon acceptance by you of this letter, this letter shall supersede all prior oral or written agreements, commitment,
understandings or communication, whether formal or informal, with respect to your appointment.

Yours sincerely,

For & on behalf of

Hudson's Bay Services Private Limited

Authorized Signatory

Hudson’s Bay Services Private Limited

Registered Address: 4th, 5th & 6th Floor of Block Teak (G3), Manyata Embassy Business Park,
Special Economic Zone, Nagawara & Rachenahalli Village Outer Ring Road, Bangalore – 560045
Karnataka, India. Tel: +91 80 4696 6000
CIN – U72200KA2016FTC097220
 Annexure A
Name Mohammad Savad
Designation Trainee - Finance & Accounting
Department/Function Finance and Accounting

Fixed Gross Salary (INR)

Fixed Gross Salary
Monthly (INR) Annual (INR)
Basic Salary 15,000 180,000
House Rent Allowance (HRA) 6,000 72,000
Special Allowance* 1,075 12,900
Employer's Provident Fund (PF) contribution
1,800 21,600
@ 12% of Basic Salary
TOTAL FIXED GROSS SALARY 23,875 286,500
IBP (‘India Bonus Plan”) @ 0%
Total Cost to Company 23,875 286,500
*Details of the flexible benefit plan can be found on Annexure B

Gratuity shall be applicable and payable in accordance with the provisions of the applicable law.

Professional Tax (PT), Tax Deducted at Source (TDS) and other applicable taxes shall be deducted per the
provisions of the applicable law.
Employee’s contribution to Provident Fund (PF) to be deducted @ 12% of Basic Salary together with the
applicable Employer contribution shall be deposited with the PF authorities each month.
India Bonus Plan (IBP): Associates joining before Dec 1st 2020 will be eligible to participate in the India
Bonus plan (IBP). India Bonus Plan: The bonus year runs from February 1, 2020 to January 31, 2021 (dates
are subject to change) and the payout of the bonus shall take place by the end of April 2021. The bonus
component would vary basis individual and company performance and prorated from the date of hire, and
is payable provided the associate continues to be employed by the Company on the date of the payout.
 Annexure B – Compensation details

Components Remarks

Basic Salary 40% of Fixed Compensation (Cost to Company (CTC))/Minimum

Wage as per the Karnataka Min Wage for the year (whichever is
higher)
House Rent Allowance (HRA) 40% of Basic Salary in a non-metro
50% of Basic Salary in a metro
Special Allowance Balancing/remainder amount

Flexible components under special allowance
Employer's Provident Fund
As per the company FBP policy*: Current components include
 Children education allowance
 Hostel expenditure allowance
 Vehicle expense reimbursement
 Mobile reimbursement
 Leave travel allowance reimbursement
*FBP components are subject to change from year to year
12% of Basic Salary
 Annexure C – Benefits

Benefit Description

Paid time off

National & public/festival holidays per
12 days
year
Earned/Privilege leave per year 18 days
Sick leave per year 12 days
Maternity leave (paid):
Maternity leave 6 months
Miscarriage 6 weeks
For any illness arising out of pregnancy
1 month
(pre or post-delivery)
Paternity leave 10 working days
Adoption leave 6 months
Compassionate/Bereavement leave 5 working days
Unused PL will be encashed at the time of separation with the full &final settlement.
Leave encashment
Encashment will be calculated on the employee’s Fixed Gross Salary
A maximum of 30 days unutilized PL/EL can be carried forward to the next calendar
Leave carry forward
year. Any remaining balance will lapse
10 working days on Manager approval if the course is related/applicable to the
Study leave (paid)
role/work
Retirement
12% of Basic Salary will be contributed by the employee and the employer towards
Provident fund
Provident Fund
Per statutory requirement. Payable at retirement or separation if they have rendered
Gratuity
5 continuous years of service
Health & wellness
Self and a family of 5 dependents (spouse and up to 2 children), parents or parents-
Medical insurance in-law will be covered up to INR 5,00,000. Expense for parents is capped at INR
2,00,000
Covers the employee:
a) Death by accident: 3 times annual fixed salary with a minimum cap of INR
10,00,000
Accident insurance
b) b) Permanent Total Disability: 3 times annual fixed salary with a minimum
cap of INR 10,00,000
c) c) Temporary Total Disability : INR 10,000 per week; max of 104 weeks
Up to 3 times fixed salary, subject to a minimum of INR 10,00,000 and a maximum of
Life insurance
INR 3,00,00,000
Employee assistance program Counselling services to help employees manage personal or work-related issues
Onsite Doctor Availability of onsite doctor on a weekly basis