Exit Policy

Effective Date 1st April 2020

Scope All Employees (Full Time, Contractual, Interns)
Samast Technologies Private Limited
Definitions
(“magicpin”, “company”)
Version 1.0

A. Overview

This policy highlights the guidelines and processes to be followed during an employee’s
separation process. To ensure the employer-employee relationship ends on good terms it is
imperative that employees understand the separation policy and abide by the guidelines
prescribed hereunder.

B. Guidelines for Full Time Employees

1. Pre Resignation

a. Voluntary Resignation: The intent to resign should first be discussed with the
reporting manager verbally and thereafter formal resignation should be raised
on our HRMS portal at-least 30 days (or more) before the intended last working
day. In cases of voluntary resignations, employees are required to serve at least
a 30 days’ notice period, so that the company can arrange alternatives for
handling the remaining workload of the position. Upon providing such notice of
resignation, approval of any request for early release, waiver may be granted at
the sole discretion of the Company and will be subject to terms and conditions
imposed by the Company, including and not limiting to the recovery of salary in
lieu of notice period not served. Notice period during Probation is 15 days,
employee’s resigning during their probation period are required to serve at-least
15 days’ notice period. If they do choose to resign, it's up to the employer to
decide whether the employee must serve the notice period or not.
b. Termination by the Company: An involuntary termination of employment,
including role redundancy is a leadership-initiated dismissal with or without
cause taken due to business reasons. The inability of an employee to perform
the essential functions of his or her role can also result in termination by the
Company. Reasons can consist of misconduct, tardiness, absenteeism,
 unsatisfactory performance or inability to perform. In case of termination by the
Company without a cause, the company will compensate an employee 30 days
severance pay in lieu of notice period. It is clarified that no payment in lieu of
notice period will be made by the Company, in case of termination by the
Company, for a cause.
c. Performance Exit: An employee on a Performance Improvement Plan (PIP)
cannot resign. If they do choose to resign, it's up to the employer to decide
whether the employee must serve the notice period or not.

2. Post Resignation

a. After receiving a resignation notice and confirmation of the last working day by
the Manager, an exit interview will be scheduled by the Human Resource team.
The interview will be scheduled during the employee’s last week. This is a
confidential interview aimed at helping the company understand how they can
improve organizational performance and employee experience.

b. Upon resignation or termination, employees are responsible for returning all

company provided equipment, property and other materials in their possession
(if issued), including but not limited to:

● Corporate cards/credit cards

● Business Cards
● Laptops and all related accessories
● Intellectual property (written materials, work products)

On the last date of their service or on demand by the Company, whichever is

earlier.

c. An employee who resigns or is discharged will be paid through the last day of
work, less outstanding any advances or other agreements the employee may
have with the company, in compliance with payroll guidelines and terms.

d. Employees who have submitted their resignation are not eligible to take leave
during their notice period. Any leave taken during this period will automatically
be treated as extension of notice period days basis the no. of leaves availed
during notice period. If an employee avails more leaves than they have been
entitled to basis their tenure, the balance will be deducted from their full and
final settlement. Upon exit, unutilized leaves will lapse and cannot be encashed.
C. Guidelines for Contractual Employees and Interns

a. Exit process for contractual employees will be governed by and executed as per
the contractual agreement entered into by the Company and Contractual Party.

b. Exit process for interns will be determined by the internship time period agreed
to by the Company and the intern at the beginning of the internship program.

c. Employees are expected to return all company provided equipment, property

and other materials in their possession (if issued), including but not limited to:
■ Corporate cards/credit cards
■ Business Cards
■ Laptops and all related accessories
■ Intellectual property (written materials, work products)
On the last date of their service or on demand by the Company, whichever is
earlier.

d. An employee who resigns or is discharged will be paid through the last day of
work, less outstanding any advances or other agreements the employee may
have with the company, in compliance with payroll guidelines and terms.

e. Employees who have submitted their resignation are not eligible to take leave
during their notice period. Any leave taken during this period will automatically
be treated as extension of notice period days basis the no. of leaves availed
during notice period. If an employee avails more leaves than they have been
entitled to basis their tenure, the balance will be deducted from their full and
final settlement. Upon exit, unutilized leaves will lapse and cannot be encashed.

D. Full & Final Settlement (FnF)

1. Full and Final Settlement (FnF): Employees on notice period will be paid their current
cycle salary along with the FnF. All FnFs will be processed within 30 to 45 days from the
last working day, depending on the company’s payroll cycle and subject to clearance of
all pending dues and execution and delivery of a no-dues letter by the employee in a
format acceptable to the Company.

2. Experience letters will be issued once all FnF formalities are duly completed and
processed.
E. Expectations

We expect you to support us when you plan to leave. If you do not serve your notice period
/ are not responsible during your notice period. Then we might:
● Hold your salary and dues
● Withhold exit clearances
● Withhold employment documents

Questions related to this policy can be directed to [Link]@[Link]

All the changes and amendments to the policy shall be in effect from the date of the document.
Samast Technologies Pvt. Ltd. may, at its sole discretion amend the terms of this Policy and the
employees shall be bound by the same.