March 29, 2012
Mr. Sean Suresh Narayanan
Emp ID: 704873
|Re:||Amendment (this Amendment) to your Employment Agreement dated July 1, 2011 (the Employment Agreement)|
(b) If the Company terminates your employment, you will be entitled to severance pay equal to six (6) months then prevailing gross annual remuneration set out in 1(a) of Annexure A plus annual performance based incentive as per Company policy, but only if the Company does not provide you with at least six months notice of the termination. You are not entitled to severance pay under any other circumstance.
9. Notwithstanding anything to the contrary herein contained:
(a) the Company shall be entitled to terminate your employment at any time by giving you six (6) months notice in writing or severance pay (as per Section 2(b)) in lieu of the six-month (6- month) notice period without assigning any reason.
(b) you shall be entitled to terminate your employment with the Company at any time by giving to the Company six (6) months notice in writing without assigning any reason.
1 (a) Your gross annual remuneration shall be INR 91,00,000 (Rupees Ninety One Lakhs) effective January 01, 2011; and your gross annual remuneration shall be INR 1,35,00,000 (Rupees One Crore Thirty-Five Lakhs Only) effective January 01, 2012. The gross annual remuneration will be divided into various components and heads in accordance with Company Policies applicable to your level.
2. Your annual performance based incentive for 2011, shall be an amount not exceeding INR 46,86,500 (Rupees Forty Six Lakhs Eighty Six Thousand Five Hundred Only); and Your annual performance based incentive for the period effective January 01, 2012, shall be an amount not exceeding INR 67,50,000 (Rupees Sixty Seven Lakhs Fifty Thousand Only) based upon a review of your performance by the President and CEO of the Company. The annual performance-based incentive to be quantified and to be paid quarterly, half yearly or annually as the Board may determine.
This Amendment may be executed in counterparts, each of which shall constitute an original and both of which together shall constitute one and the same agreement.
All capitalized terms used herein but not defined herein shall have the meaning given to such terms in the Employment Agreement.
This Amendment may not be modified or waived except in writing executed by both parties to this Amendment.
This Amendment shall be governed by the laws of the Republic of India.
We look forward to your very active participation and contribution in our journey to scaling newer heights and make iGATE a world class organization. We wish you a happy and rewarding career with iGATE!
Please sign and return one original to us indicating your acceptance of the revised terms of your appointment.
|For iGATE Technologies Inc.|| |
|Srinivas Kandula||Sean Suresh Narayanan|
|Global Head- HR|