Venkata Reddy Gade LOI
Venkata Reddy Gade LOI
Venkata Reddy Gade Chennai Dear Venkata Reddy Gade, This is with reference to the discussions you had with us in the last few days based on which we are now pleased to offer you a position with us as an employee at our Chennai office. You will be designated as Senior Software Engineer at G4. On joining, you will be called upon to sign an Appointment Letter specifying the terms and conditions of employment as applicable from time to time. The Appointment Letter will come into effect not later than September 28, 2011. The compensation for the initial period of one year is detailed in the Annexure given along with this Letter of Intent. Your compensation shall be reviewed annually. Your appointment is transferable and the Company at its discretion may transfer you to any other department or to any place in India or outside India and as such you may, at any time, be transferred to any of the offices of the Company, its associates, organisations with whom the company has transactions, whether the office, subsidiary, associate or organization is in existence today or is to be set-up hereafter. While every attempt will be made to give you reasonable advance notice of such transfer, however, in case of emergency such transfers may be made effective immediately. You will be on permanent roles with the company from the day of joining and for severance will be three months on either side or salary in lieu thereof. Salary for purpose of this clause means Basic Salary. However, the decision to release you earlier than three months would be solely at the discretion of the management. Notwithstanding anything contrary contained herein the notice period stated in this section is subject to any other agreement / understanding or trainee bonds that the employee has entered into with the company whether in past, present or future, AND in the presence of such agreement / understanding or trainee bonds, the notice period stated in this section shall apply on completion of such other term / period / duration as agreed under any such documents / agreements.
Please indicate your acceptance of this offer by September 14, 2011. This offer is further subject to your completing successfully the background verification stipulated by Hexaware Technologies Limited. As a token of your acceptance, that you have read and understood this Letter of Intent and Annexure, please sign the duplicate copy of this letter and confirm the date on which you can begin your employment with us. Truly yours, For Hexaware Technologies Limited,
ANNEXURE - SALARY BREAKUP Name : Venkata Reddy Gade Grade & Designation : G4 / Sr. Software Engineer Monthly Fixed components : Basic Flexible components1 Fixed Special Allowance Statutory Bonus3 Total Fixed Components Variable components : Variable amount on Individual Performance
2
Date :
12-Sep-2011
31,250 31,250
Total Variable Components at maximum Other Annual Benefits Mediclaim Insurance premium contribution5
2,000
Retiral Benefits Gratuity premium contribution4 Provident Fund @12% of Basic Total 2,100 10,500 25,200 35,700
625,000
Notes: 1. You will be able to split your entire flexible component amount into various elements in line with the Company guidelines. 2. Individual variable payment, if applicable, will be paid as per Hexaware Variable Payout policy. 3. Statutory Bonus will be payable along with the monthly salary. 4. You will be eligible for benefits under the Gratuity Scheme of Hexaware Technologies Limited, subject to a minimum of 5 years of continuous service with Hexaware. 5. You will be covered for Mediclaim insurance under the Group Hospitalisation scheme of the Co.