OLAM AGRO (INDIA) LIMITED

EMPLOYEE BENEFITS MANUAL Applicable for the Following Grades

P2 & P1 S5 to S1

- Professional Grade - Staff

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OLAM OLAM AGRO(INDIA) - EMPLOYEE BENEFIT POLICIES TABLE OF CONTENTS JOINING... ....................................................................................................................... .1 PROBATION / TRAINING / CONFIRMATION ... ......................................................... ..1 LEAVE AND ATTENDANCE ... .................................................................................... ..1 WORKING HOURS ........................................................................................................ .2 LEAVE TRAVEL ALLOWANCE ... .................................................................................3 HOUSE RENT ALLOWANCE ... .....................................................................................3 CONVEYANCE ALLOWANCE / VEHICLE MAINTENANCE ... ...................................3 REIMBURSEMENT OF DOMICILIARY MEDICAL TREATMENT EXPENSES ... ..... ..3 PROFESSIONAL TAX ....................................................................................................3 ESIC & MEDICAL INSURANCE SCHEME ... ............................................................... .3 GROUP PERSONAL ACCIDENT POLICY ... ............................................................... .4 REIMBURSEMENT OF CELL PHONE EXPENSES ... ................................................ .4 REIMBURSEMENT OF EXPENSES ON TRANSFER ... ............................................. .4 EMPLOYEE LOAN POLICY ... .......................................................................................5 SALARY ADVANCE ... ....................................................................................................6 BONUS ... ....................................................................................................................... ..6 SPECIAL BENEFITS ... ................................................................................................. ..6 DOMESTIC TRAVEL POLICY ... .................................................................................. ..6 REIMBURSEMENT OF EXPENSES AT THE TIME OF JOINING............................... .9 RESIGNATION .............................................................................................................. ..9 TERMINATION DUE TO UNAUTHORISED ABSENCE ... .......................................... .9 RETIREMENT AGE ... ...................................................................................................10 TERMINAL BENEFITS ... ..............................................................................................10

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OLAM AGRO (INDIA) LIMITED EMPLOYEE BENEFIT POLICIES JOINING The individual, upon joining, shall submit a duty joining report to the Human Resources Department. The format of duty joining is as per Annexure 1. Such date of joining shall be referred for all purposes including computation of salary etc. PROBATION / TRAINING / CONFIRMATION The probation period for all the new employees will be for a period of 6 months. On successful completion of probation, employee is issued the confirmation letter, subject to a pre confirmatory review, confirming the employment with the Company. The Company can extend the probation period if necessary. LEAVE AND ATTENDANCE For all P1/P2 employees and Staff a. Types of leave and annual accrual: 1. Privilege Leave - 12 days (1 days for every month completed) 2. Sick Leave - 12 days 3. Casual Leave - 12 days 4. Maternity Leave - 120 days twice in service period b. Maximum Accumulation 1. Privilege Leave - No accumulation beyond 24 days is allowed. c. Encashment of Privilege Leave The Privilege Leave balance upto 24 days can be encashed by the employee during resignation / retirement / voluntary separation from the company. Any accumulation beyond 24 days shall lapse automatically. General Leave rules 1. Leave year is January to December 2. Leave accrual starts from the day of joining of the employee. 3. Number of leave without pay availed during a leave year will be excluded while calculating the leave accrual for that particular year. 4. Maximum 3 days Casual Leave can be availed at a time. 5. Employees must avail 5 days Privilege Leave in a year compulsorily. If not availed, the same will be deducted from the accumulated leave before carry forward to the next year. 6. Holidays and weekly off, falling in between, will be excluded for calculating the number of days for PL and CL availed. 7. Resigned employees will not be eligible for pro-rata PL.

OLAM 8. Sick Leave requests beyond 3 days should be supported by Doctors certificate. 9. Maternity Leave is available only after 6 months of service period. 10. In the case of Sick Leave for more than 15 days, medical fitness certificate from attending Doctor is required for resuming duty. The Company may ask an employee to appear before a Doctor of its choice, where deemed necessary. 11. All employees are required to obtain prior approval before availing of any leave. On emergencies when prior approval cannot be obtained it is incumbent upon the employees to inform and seek approval of such absence immediately from his/her superior authority. Absence from duty without approval would be considered as leave without pay apart from initiation of appropriate action. The format of leave application is as per Annexure 2. 12. Employees are requested to inform their respective Business Managers and take sanction for regularization of leave records. In case of non-availability of prior sanction from the Business Manager, if attendance is not regularized within 5 days, such absence would be considered as leave without pay. 13. Company has the right to cancel the leave during exigencies of work. 14. Business Manager / HR Head can authorize adjustment of leave without pay against future leave entitlements on his discretion. WORKING HOURS The working hours for Branch location/Factory will be decided by the respective Business Manger in consultation with the Country Head. Lunch/break period is 1.00 p.m. to 1.30 p.m. or 30 minutes or as decided by the Branch Offices/ Factory Working beyond office hours may be unavoidable at times and as a responsible employee, one is expected to work late or work extra whenever required. In such circumstances, the Company will reimburse certain expenses as mentioned below: For stay beyond 8.00 p.m. on any working day, the Company will reimburse the actual conveyance expenses by auto rickshaw / public transport from office to residence. The Department Head / Business Manager has the discretion to decide on the mode of transport. Employees will also be eligible for Dinner at office under the permission of the Business Manager. Women employees working beyond 9.00 p.m. and earlier than 6.00 a.m. will be eligible for pick-up facilities by hired car. On exigencies, if the employees work on holidays Company will reimburse for conveyance and refreshments at the discretion of the respective Business Managers. Employees need to submit the claims through respective Finance Manager Business Manager / Department Head. 2 /

OLAM LEAVE TRAVEL ALLOWANCE Leave Travel Allowance (LTA) is paid on monthly basis for all the employees. For claiming tax rebate on LTA, the employee has to furnish the details of the amount incurred on his/her travel to the Human Resources. The Original train / plane tickets have to be submitted at the end of the year to the Admin. / Salary section along with the other investment proofs declared for the year. In case of e-tickets for planes, boarding pass shall have to be submitted along with the e-tickets for Tax purpose. Tax rebate as per IT rules can be provided only twice in a block of 4 years. HOUSE RENT ALLOWANCE House Rent Allowance will be paid through the salary in the month end in case the employee has not availed the Lease and License arrangement. For claiming income tax rebate, copy of the lease deed or one original rent receipt has to be submitted to the Admin. / Salary section. CONVEYANCE ALLOWANCE / VEHICLE MAINTENANCE All the employees are paid conveyance in their monthly salary which includes tax free transport allowance of Rs.800 p.m. REIMBURSEMENT OF DOMICILIARY MEDICAL TREATMENT EXPENSES The Company has a system of reimbursing a certain amount per annum . This amount is paid on monthly basis through Salary. Declaration of expenses incurred by the employee should be sent to the salary section in the month of February every year along with other investment proofs declared for the year for claiming applicable tax rebate. PROFESSIONAL TAX Professional Tax is deducted from the salary of the employee depending upon the state he is working and the tax applicability. In case, the tax is not applicable for the relevant state it is not deducted from the salary of the employee. The professional Tax can be taken credit while filing return of income tax from the Income Tax authorities. ESIC & MEDICAL INSURANCE SCHEME All employees having gross salary less than or equal to Rs.15,000/- per month shall be covered under the ESIC scheme provided they are posted at ESIC notified area. Employees contribution will be 1.75% of the gross salary (Gross means - Basic + HRA+DA+LTA & Conveyance). Employers contribution will be 4.75% of the gross salary.

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The mediclaim Insurance would be applicable to all Staff. The salient features of the current policy is mentioned below ( Note : Current policy is being renewed)

StaffRs.1lakhperfamily P1/P2 Rs.2lakhsperfamily Waitingperiodformaternity9months Waitingperiodforothercaseswaived PreexistingdiseaseCovered Prehospitalizationexpensesupto30dayspriortothedateofhospitalizationallowed Posthospitalizationexpensesupto60daysafterthedateofhospitalizationallowed Roomrentnormal1%ofthesuminsured RoomrentICU1.5%ofthesuminsured Cashlesstreatmentallowedinnetworkhospitalsonly Maternityexpenses10%ofSuminsuredsubjecttomax.ofRs.30,000/fornormal delivery&Rs.40,000/forCsection Coverageofnewbornthreemonthsafterbirth CorporatebufferYes;1lakhperemployee;max3lakhs;Corporatefloatertobe usedforlifesavingdiseases.
Hospitalisation occurred outside India is not reimbursable. Parents, grandparents, inlaws, brothers and sisters are not covered under this Scheme. Life Cover POLICY Sum Assured Criterion Life - Sum Assured ( Including Accident ) PTD - Sum assured Staff & permanent workers at Sugar mill 2 times capped at Rs. 50 lacs 2 times CTC with minimum of 3 Lac ; Max Rs. 10 lacs

REIMBURSEMENT OF CELL PHONE EXPENSES Under this policy, employees who need to frequently travel for official works can avail under specific approval from the respective Business Managers. The Company will arrange to procure the SIM card in the name of the employee. All the benefits and discounts under the Corporate Scheme, if any, will be available in this case. Applications for SIM card procurement need to be made through the Business Manager in writing. The reimbursement will be against the production of paid original bills or the bills can be directly paid by the Company as agreed with the sanctioning authority. On the basis of business requirements and cost considerations, Business Managers can approve reimbursements on a monthly basis. On Cessation of Services employees are required to surrender the personal SIM Card incase He / She avails reimbursement. Handsets shall be provided by the Company on a selective basis on authorization of the respective Business Managers. REIMBURSEMENT OF EXPENSES ON TRANSFER Mode of Travel for Self, Spouse and Dependent Children (not available for local and own request transfers) All Staff Travel by mode of transport as mentioned in Table 1

Hotel stay - In case hotel stay is needed, the respective Business Managers will have the discretion to allow on case to case basis. Leave towards joining period - maximum 4 days (CL)

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Packing & Transport Expenses - Business Manager will specifically approve on case to case basis depending upon the need. EMPLOYEE LOAN POLICY LOAN An interest free financial advance can be given to the CONFIRMED employee to meet emergencies which will not be more than the basic + monthly allowances of 4 months of the employee subject to the maximum amount as mentioned below. Such loan shall be recoverable from the employee within 12 months of releasing the loan and shall be deducted from the monthly salary of the employee in equal installments beginning from the month succeeding the month of disbursement of the loan. The loan eligibility is as follows Grade P1/P2 S4/S5 S2/S3 S1 Maximum Amount (Rs) 100,000 60,000 35,000 20,000

General Conditions 1. Sanction of loan will be at the sole discretion of the Management. 2. Policy governing employee loans is subject to change at any time, without any prior notice, at the sole discretion of the Management. 3. All loan applications, before they are forwarded to Business Managers for sanction, should have been verified by the respective Finance Manager. 4. No fresh loan shall be disbursed to an employee until expiry of 12 months after settlement of the earlier loan. 5. A promissory note, stamped appropriately should be obtained from the employee before disbursement of the loan the format of which is in Annexure 3. In case the loan is used to purchase a vehicle then the promissory note will be as Annexure 4. 6. Perquisite Tax, as applicable under the Income Tax rule will be applicable.

Eligible purposes for loan : Medical - self / spouse / children / parents Marriage - self / dependant siblings / children Housing - construction Education - self / children Purchase of Vehicle / Household assets

Loan for purchase of vehicles shall be secured through registration of Companys lien over the vehicle in the registration documents of the vehicle. The above shall be applicable in all cases where either the loan amount exceeds Rs.25,000/- or loan amount is in excess of 60% of the cost of the vehicle. On official travel, if the employee uses the vehicle, he / she can claim conveyance expenses as per eligibility mentioned in the domestic travel policy. The application for vehicle loan needs to be recommended by the Business Manager / Department Head and approved by the HR Head and CFO

OLAM SALARY ADVANCE Salary advance can be availed only 4 times a year subject to a maximum of 50% of take home salary for each instance. The same shall be adjusted against the same months salary. BONUS Statutory Bonus will be paid to the eligible employees for the previous fiscal year. The timing of payment shall be decided by the respective Business Managers.

SPECIAL BENEFITS There are some special benefits which the confirmed employees can avail after 6 months of continuous service in the Company. They are as follows: 1. Marriage of self - All the employees are eligible for a one time marriage gift of Rs.5000 Claim Process: The reimbursement can be done with the sanction of the respective Business Manager duly verified by the Finance Manager/HR Manager. DOMESTIC TRAVEL POLICY ( Note : This policy is currently under review) A. Mode of Travel The mode of travel to be used by each of the employee is as detailed in the table 1 B. Conveyance Expenses (outside the Head Quarter) All employees: a. Will be reimbursed actual expenses for the use of public transport, auto rickshaw, taxi or train whichever is permitted by the department head / Business Manager. In the city / town for point to point travel employees have to use public transport / auto. b. When using their own vehicle for travel they will be reimbursed at the following rates : Two Wheeler - Rs.2.00 per km (All) Employees will have to claim through a trip sheet giving details as per annexure 5. C. Hotel Charges / Travel Where a stay in hotel is necessary, booking should be done prior to departure at hotels. The Business Managers should take effort to negotiate with various hotels with the help of HR / Admin and arrive at special packages for the traveling employees. Facility of Office Travel Desk should be used for booking hotel rooms to the maximum extent possible. Where the distance is short and it is possible to come 6

OLAM back to the headquarter on the same day after completion of the Job, employees are encouraged to share hired vehicle in groups for the travel instead of night stay in the hotel at the visiting place. For overnight stay in hotels, employees will be reimbursed maximum room tariff as shown below: Table 1: Grade wise eligibility of Stay and Travel by Employees Grade A Class B class C class Travel cities cities cities Hotel OA Hotel OA Hotel OA 1000 300 600 200 300 100 III AC / AC BUS III AC / AC BUS 600 200 350 150 200 75

AM / DM Officer (UH) / Sr. Officer (ZH) / Exec. (SZH) / Sr. Executive Supervisor / Asst. 350 150 250 Driver / Messenger 250 100 150 H - Hotel, OA - Own Arrangement. D. Allowable Expenses

100 150 75 Bus / Sleeper Class 75 100 50 Bus / Sleeper Class Rates are inclusive of tax.

Air / Rail / Bus Ticket - On Actual. For Air Ticket booking, the assistance of HR / Admin should be sought to the maximum possible extent. Employees will be eligible for expenses on food during their hotel stay at the following rates per day: Food expenses when over night stay is there Day tour A Class Cities B Class Cities C Class Cities All Locations B L D B L D B L D B L D 35 100 125 35 100 125 35 75 75 35 80 80 60 60 25 40 40 20 50 50

LEVEL AM / DM Officer (UH) / Sr. Officer (ZH) 35 70 70 30 / Exec. (SZH) / Sr. Executive Supervisor / 30 60 60 30 Asst Driver / 25 40 45 20 Messenger B - Breakfast, L - Lunch , D - Dinner

45 35

45 40

25 20

40 30

40 35

20 20

50 50

50 50

Timings for B / L / D (from / to HQ Town) BDeparture before or arrival after 8.00 AM 7

OLAM LDDeparture before or arrival after 1.00 PM Departure before or arrival after 8.00 PM

A Class Cities - Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore B Class Cities - All state capitals, district Head Quarters, Port Cities, Kollam C Class Towns - Towns other than A and B Class cities There is no need to submit expenses vouchers for food expenses. These are flat reimbursements. However, stay expenses need to be supported by Hotel Bill for accommodation. Whenever Own arrangements have been made, a flat allowance for the same shall be payable without any supporting expense vouchers. All the rates mentioned above are inclusive of tax. No laundry expenses are payable for a stay of less than 3 nights. Expenses incurred for entertaining guests during the visit should be claimed along with the traveling bills and proper note should be given in the statement. If claimed as part of travel claim the maximum amount of reimbursement will be limited to the specified rates per day. In case the employees take food in groups and the claim is done by one among the group then others should not claim reimbursement. E. Sanctioning Authority The visit of the employee should be authorised by the Departmental Head/Business Manager. Employee will submit his / her Travel Bills including the ticket, along with a statement of expenditure, within 3 days of return to their Head Quarters. Travel Bills will be sanctioned by respective managers and sent to accounts for final settlement. F. Local Travel & Conveyance Reimbursement on tour (in the Head Quarter) Employees traveling on official purpose within the city, will be reimbursed at actuals for the use of public transport, auto rickshaw, or local train second class fare, whichever is applicable. The department heads/branch managers have the discretion to approve the suitable mode of transport depending on the need and urgency of work. G. Any Expenses in Excess of Eligibility Under necessary circumstances, respective Business Manager may permit an amount above eligibility based on written justifications supported by bills for the relevant expenses. Employees using personal vehicle for traveling in the city for official purpose (not for attending office from residence and back) will be reimbursed at the following rates: Two Wheeler - Rs.2.00 per km (All) 8

OLAM Additionally, parking charges and toll taxes will be reimbursed. Employees need to maintain a proper record of the daily conveyance reimbursement. Official travel includes journey from office to any worksite and vice-versa. REIMBURSEMENT OF EXPENSES AT THE TIME OF JOINING New joinees will be entitled to the following reimbursements at the time of joining: For all the employees, one way travel expenses of self and family to the place of posting would be reimbursed by the mode of transport as mentioned in Table 1 for the respective grades. Family will include self, spouse and 2 children. Other expenses are to be specifically approved by the respective Business Manager / Human Resources Department on case to case basis. Note: The travel and other reimbursements are available for a journey beyond 100 km. The employee has to submit the necessary bills and tickets to the HR / Admin for reimbursements. RESIGNATION In order to resign an employee has to submit a formal resignation letter to his / her immediate superior. The Superior, after discussion with the employee, shall forward the same to the concerned Manager. The acceptance of the resignation will be decided by the Manager and consequently the notice period, if any, to be served by the employee will be decided by the Manager. The resignation letter shall be forwarded by the Manager to the HR through the Business Manager of the concerned department. A resignation acceptance letter is issued by HR on the last working date. The outgoing employee must produce a no dues certificate (format as per Annexure 6) signed by the immediate superior, the Finance Manager,HR manager before being relieved and submit the same to the Business Manager for obtaining reliving letter. A relieving letter and experience letter would be issued after the completion of the full and final settlement and clearance of all dues (financial & non financial). TERMINATION DUE TO UNAUTHORISED ABSENCE When a employee is absenting from duty without prior approval or any communication about his reason for absence during the period of absence, the concerned Manager shall intimate the absenting employee that such leave is unauthorized and will attract disciplinary action. This action can be resorted to if the employee is absent for 3 continuous working days or more. Further action and decision shall be governed by the existing rules of the Company.

OLAM RETIREMENT AGE Employees would retire on the last day of the month in which they complete 60 years of age. The accrued leave, if any will be encashed on retirement, as per policy. TERMINAL BENEFITS A. Provident Fund: Company contributes 12% of basic pay to the Regional Provident Fund, as mentioned earlier. This includes the contribution to the Government of India Family Pension fund i.e. Rs. 540/- p.m.(maximum). B. Gratuity: All employees who are in the permanent pay roll of the Company shall be covered under the Companys Group Gratuity Scheme with the Life Insurance Corporation of India. Gratuity is payable at the time of termination of service. Eligibility of gratuity is as follows: Less than 5 years of service - Nil More than 5 years of service - 15 days base salary for each year of continuous service

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OLAM Annexure 1 OLAM AGRO (INDIA) LIMITED JOINING REPORT

1. 2. 3. 4.

Name of Employee Date of Birth Marital Status Present Address

: : : :

5.

Permanent Address

6. 7.

Telephone No. Place of Appointment

: :

Details of Family: Name Relation Father Mother Spouse Child 1 Child 2 DOB

I----------------------------------reported for duty at -------------am/pm on ------------------------Signature ----------------------------------------

HODs Name & Signature-------------------

Contd.2..

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- 2

TO BE FILLED BY THE CONCERNED MANAGER / PAY ROLL SECTION INCHARGE 1 2 3 Date of Appointment order Date of reporting for duty Documents received / verified

True Copies of : a) Age Certificate b) Relieving Order c) Bio-data d) Appointment Order e) Medical Report f) Photograph g) Qualification Certificate / Character Yes / No

4 5 6 7 8

Signature of the Manager: References contacted Certificate Employee Code assigned P.F. Number ESI Number Included in Pay Master on:

Signature of Payroll staff:

This report should be sent to Payroll section in order to include the Employee Code in the database.

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OLAM Annexure 2 OLAM AGRO(INDIA) LIMITED LEAVE APPLICATION

1. Name of Applicant: 2. Designation :

Employee Code : Location: Department / Zone :

3. No. of days leave required :. On / from (both days To ..inclusive) 4. Nature of Leave : Casual / Privilege / Medical : 5. Reason for leave : 6. Address while on leave : Date :. Phone No.: Signature of Employee .

7. Leave Availed : Casual / Privilege / Medical (tick relevant leave type) 8. Recommendation of Sectional Head : 9. Remarks if any : 10. Leave sanctioned by : 11. Order of sanctioning authority : leave allowed / disallowed (subject to availability of leave to credit)

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OLAM Annexure 3 PROMISSORY NOTE FOR PERSONAL LOAN I, .residing at ..in my capacity as .of Olam Agro (India) Limited, Building 8A, DLF Cybercity. Gurgaon 122001 have taken Rs. (in words) as personal loan which is repayable in .monthly installments of ..per month starting from . onwards. I hereby promise that I will honour the above commitment and agree to adhere to the conditions of the above said loan and in the event of my default, the Company can initiate legal proceedings against me on the strength of this document. I further agree that in the event of my service getting terminated for reasons whatsoever, I undertake to pay the balance in full. Name Signature Witness : : :

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OLAM Annexure 4 PROMISSORY NOTE FOR VEHICLE LOAN

I, .residing at ..in my capacity as .of Olam Agro (India) Limited, Building 8A, DLF Cybercity. Gurgaon 122001, have taken Rs. (in words) as vehicle loan which is repayable in .monthly installments of ..per month starting from . onwards. I hereby promise that I will honour the above commitment and agree to adhere to the conditions of the above said loan and in the event of my default, the Company can initiate legal proceedings against me on the strength of this document. I further agree that in the event of my service getting terminated for reasons whatsoever, I undertake to pay the balance in full. Name Signature Witness : : :

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OLAM Annexure 5 MILEAGE CLAIM STATEMENT FOR THE MONTH OF __________________ Name of the Employee Location Department Date of Travel From (Location) : : : To (Location) Initial Meter reading Closing Meter reading Km.s traveled

Total kms traveled Claim amount : Name Signature : :