CTC STRUCTURE : COVENANTS - Baroda

NAME Mr. Bhaumik Dhameliya

QUALIFICATION 2014 B.E. Production/Mechanical
DESIGNATION Mechanical Design Engineer
GRADE M1B
SL. NO COMPONENTS AMOUNT (PM) AMOUNT (PA)

1 BASIC SALARY 26,000 3,12,000

2 FLEXI PAY A 42,000 5,04,000

3 FLEXI PAY C 10,500 1,26,000

4 FLEXI PAY H 7,000 84,000

5 LOCATION ALLOWANCE 750 9,000

MONTHLY TOTAL 86,250 10,35,000

5 PERFORMANCE LINKED REWARD 3,333 40,000

ANNUAL TOTAL 3,333 40,000
6 PROVIDENT FUND (Company Contribution) 3,120 37,440

7 GRATUITY 1,250 15,000

RETIRALS TOTAL 4,370 52,440
MEDICAL INSURANCE PREMIUM
8 2,047 24,564
(Medical Benefit-Employer's Contribution)

9 QUARTERLY RETENTION PAY (FOR 4 YEARS) 10,833 1,30,000

BENEFITS TOTAL 12,880 1,54,564

TOTAL CTC 1,06,834 12,82,004

Note
*Reimbursable Components (Communication etc) is part of HR policies and may not reflect at Appointment Letter relased online.

Monthly Communication Expense - Communication related reimbursement limit for expenses incurred on Landline, Mobile & Data Card
is INR 2800 per month.

Monthly Travel Reimbursement - Employee Owned Car Scheme (EOCS) is applicable from grade M1B onward. Car related
reimbursement is payable against a self-owned car for employees who are in EOCS, which includes fuel reimbursement and maintenance
as per the eligibility. In such cases, Flexipay C will reduce/ adjusted. The same is not payable if employees do not have a car in their own
name.

Group Term Life Insurance - Monthly premium of approximately of INR 537 per month (inclusive of GST) for INR 75 lakhs coverage, will
be borne by the employee and the same will be deducted every month from the salary of the employee. Employee can wish to opt-out
during renewal period, i.e. December.

Monthly Medical Insurance Premium - This is not a cash component that is payable to you as part of your salary. This is the cost borne
by Company towards Hospitalization insurance which is part of the Cost To Company (CTC).
In addition to this, there will be a recovery of INR 1850 per month towards Group Medical Insurance Coverage as per the current
Company Policy. The Insurance premium is subject to change based on the Claim ratio and the recovery amount may get revised
accordingly in future.

Flexi Pay A, H & C – The sum total of Flexi Pay A, H & C may be allocated to various compensation heads eligible for Income Tax
concessions viz. HRA, Education Allowance & LTA.

Performance Linked Reward – This is a one-time lump sum payment, dependent on annual performance rating. The amount shown is
indicative and can vary depending on the rating. However, for the first year,the quantum is assured on prorata basis. Not payable to
employees serving notice period or resignation. Payable in July to employees on rolls on the day of payment. You are eligible for PLR
only if date of joining is on or before 3rd January of the current financial year.

# Sensitivity : This Document is Classified as "LNT Internal Use".

 Quarterly Retention Pay (QRP):

QRP of ₹ 32500 /- per quarter will be granted to you commencing your date of Joining the Company, for next 4 years. Annualised amount
of QRP is mentioned in the above CTC.

The above QRP will be paid along with the salary of March, June, September and December every year. The first quarterly payout will be
on a pro-rata basis depending on your date of joining.

This is to bring to your kind attention that all future payments due on account of QRP shall be forfeited for employees who resign and/or
are serving notice period before completion of a quarter. In case resignation is submitted before the end of any quarter, amount paid, if
any, for that quarter will be recovered. On retirement, QRP will be paid proportionately for the period served.
Annualised Amount
Payable
to be paid per year
Details of QRP

1st Year 1,30,000

2nd Year 1,30,000
3rd Year 1,30,000
4th Year 1,30,000
Total Amount payable as Retention Pay (4 Years) 5,20,000
In case there is any change in the compensation structure upon implementation of the Wage Code, the above CTC will be restructured
without any additional cost implications to the Company

Please ensure sanction of benefits such as reimbursement of communication expenses within first month of joining by providing proper
documentation under direction of HO-HR

Benefits

a) Cashless Medical Hospitalization upto INR 8.5 Lacs p.a.

*Option A: Insurance Coverage Limit for hospitalization expenses is INR 8.5 Lakhs per annnum. Employee (Self) + Any 3 dependents
(Spouse, first 2 Dependent living children upto 25 years of age & Dependent parents i.e. Mother & Father upto age of 90 years) can avail
the Mediclaim facility within one policy period.

b) Medical Reimbursement - This reimbursement is at actuals for self + spouse + 2 children under age of 21 years towards domicilliary
medical expenses.

c) Annual Health Checkup for self and spouse (Once in 2years for age 35 years & below & Once a year for age above 35 years).

(d) You will be eligible for Holiday Home facility for L&T Holiday Homes all over India (once you complete 2 years with the organization) -
Not shown in CTC calculations

The CTC offered is understood and acceptable to me.

Name & Signature

# Sensitivity : This Document is Classified as "LNT Internal Use".