banking division of Chartered Bank (currently known as Standard Chartered Bank), a vice president of
American Express Bank Limited and an officer in Bank of India.

Mr. Stanley Johnson P is an Executive Director on the Board of our Company. He has been appointed as an
Executive Director with effect from June 9, 2021. He holds a Bachelor of Science degree from Mumbai
University. He also holds a Masters in Computer Applications degree from The International University, U.S.A.
Stanley has been associated with our Company since August 16, 2010. He has been instrumental in
strengthening and expanding our banking outsourcing operations across India. He is also a director on the board
of our overseas step-down subsidiary, Novus Technologies (Cambodia) Company Limited. Stanley has over 26
years of experience in the field of payment industry. Prior to joining our Company, he was associated with FIS
Payments Solutions and Services India Private Limited. He is a recipient of the ‘Chairman’s Award’ from the
eFunds Corporation in 2006. Further, he is a director of Confederation of ATM Industry, a registered non-profit
trade association.

Mr. Vinayak R. Goyal is an Executive Director on the Board of our Company. He has been appointed as an
Executive Director with effect from June 9, 2021. He is also a non-executive director on the board of our
subsidiary, ITSL. He holds a Bachelor of Science degree in Computer Engineering from Purdue University,
USA, and has previously worked with Avendus Capital Private Limited as an analyst. He works closely with the
management to drive strategic and business initiatives at our Company.

Terms of Appointment of Chairman and Managing Director

1. Mr. Ravi B. Goyal

Mr. Ravi B. Goyal was appointed as one of the first Directors with effect from December 11, 2002, the date of
incorporation of our Company. He is also the Chairman of our Company. He was most recently re-appointed as
Managing Director of our Company with effect from August 1, 2021 for a period of three years pursuant to a
resolution passed by the Shareholders on June 18, 2021. The following are some of the principal terms of his
remuneration as the Managing Director of our Company, as specified in the Employment Agreement dated July
23, 2021 between our Company and Mr. Ravi B. Goyal:

1. Our Company is required to pay Mr. Ravi B. Goyal, on a total cost to company basis, remuneration in
the range of 22.5 million per month to 24.5 million per month (80.00% fixed and 20.00% variable),
including any payment of rent towards his residential premises payable by our Company to him, with
an authority to the Board and Shareholders (as the case may be) to increase such remuneration payable
to him from time to time. The remuneration is subject to all necessary statutory deductions and
withholdings and appropriations. Our Company is also entitled to set off any amounts on account of
any sums due and payable by him to our Company. He was paid a remuneration of %24 million in
Fiscal 2021.

2: Mr. Ravi B. Goyal is entitled to the following perquisites:

(a) Medical insurance in accordance with the policies of our Company;
(b) Company car for official duties;

(c) Club fees;

(d) Phone and communication facilities at residence;

(e) Leave travel for self and family;

(f) Other entitlements in accordance with the policies of our Company; and

(g) Airfare entitlements, hotel accommodation, per diem and other entitlements/allowances in

accordance with our Company’s travel rules in force.

The remuneration paid above does not include (i) our Company’s contribution to the provident fund or the
superannuation fund on his behalf; (ii) gratuity payable and leave encashment at the end of his tenure, each in
accordance with the rules of our Company.

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