Accrued expenses primarily relates to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance. Others include unpaid dividend balances and capital creditors.

Compensation for business travel expenses is payable subject to the regulations each time determined by the Company.

The Company shall cover all reasonable expenses (travel and hotel expenses, expenses for client invitations etc.) which arise in connection with the Employee’s activities for the Company. The reimbursement of expenses is made against presentation of the relevant receipts.

Each Outside Director’s reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company.

Each of the Company’s directors shall be entitled to receive reimbursement for reasonable travel expenses which they properly incur in connection with their functions and duties as a director, including the reasonable travel expenses of the director’s spouse or partner to attend events to which spouses and partners are expected. Each of the directors shall provide the Company with evidence of expenses incurred, including copies of receipts, as the Company may reasonably require.

Benefits and Commuting/Travel Allowance. You will be eligible to participate in the Company’s standard benefit programs, subject to the terms and conditions of such plans. The Company may, from time to time, change these benefits in its discretion. Such benefits include medical insurance for employees and dependents, and a 401(k) plan which includes an employer contribution feature of up to 3% of salary, even if any employee does not otherwise participate in such 401(k) plan. Additional information regarding these benefits is available for your review upon request_ The Company agrees to reimburse you for reasonable # commuting expenses actually incurred in connection with your commute to the Company’s headquarters, and # living expenses actually incurred in connection with your work at the Company’s headquarters, in an aggregate amount up to a maximum of ​ per year, plus a single one-time payment, to be made upon commencement of employment, of ​ related to travel costs, in each case upon submission of receipts or other documents evidencing such expenses satisfactory to the Company (“Commuting/Travel Allowance”). The Commuting/Travel Allowance is intended to cover your travel to and from Ventura, California and a portion of the cost of a local apartment in the San Francisco Bay Area, and meal costs incurred while you are performing services at the Company’s headquarters. The Commuting/Travel Allowance (or portions thereof) may be treated as taxable income to you, depending upon the nature of the costs incurred and other factors, and you shall be solely responsible for any taxes which may be associated with the Commuting/Travel Allowance. The Company makes no representations, guarantees or warranties with respect to the potential taxability of any payments.

fees and expenses (including, but not limited to, travel expenses) of, and indemnification payments paid to, board members, board advisors and board observers, and all fees, costs and expenses relating to directors and officers insurance; and

The Company will reimburse Non-Employee Directors for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and committee meetings; provided, that the Non-Employee Director timely submits to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time.

Expense Reimbursement. Executive shall be promptly reimbursed, upon submission of appropriate documentation, for reasonable business expenses, including travel and reasonable entertainment expenses, incurred by Executive in accordance with the expense reimbursement policies of Penns Woods in effect from time to time.

Expenses. The Company shall reimburse you for all reasonable expenses incurred by you in the course of performing your duties under this letter which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.