SIFY TECHNOLOGIES LIMITED

STOCK AND INCENTIVE PLAN - 2014



| | 1. | Definitions:
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In the Plan, except where the context otherwise indicates,
the following definitions shall apply.



| | 1.1. | "ADSs" means the Company's American Depository Shares. ADS are evidenced by American
Depository Receipts, or ADRs, which are traded on the NASDAQ Global Select Market under the symbol SIFY. Each ADS represents one
Equity Share. The ADRs evidencing ADSs were issued by the Company's depository, Citibank, N.A., pursuant to a Deposit Agreement.
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| | 1.2. | “Affiliate” means a corporation, partnership, business trust, limited liability company,
or other form of business organization at least a majority of the total combined voting power of all classes of stock or other
equity interests of which is owned by the Company, either directly or indirectly, and any other entity designated by the Committee
in which the Company has a significant interest.
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| | 1.3. | “Agreement” means an agreement or other document (including a plan or sub-plan) evidencing
or establishing the terms of an Award (or Awards). An Agreement may be in written or such other form as the Committee may specify
in its discretion, and the Committee may, but need not, require a Participant to sign an Agreement.
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| | 1.4. | “Award” means a grant of an Option, a Restricted Stock Unit, a Performance Award, or
an Other Stock-Based Award.
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| | 1.5. | “Board” means the Board of Directors of the Company.
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| | 1.6. | “Code” means the Internal Revenue Code of 1986 (US Tax Law), as amended.
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| | 1.7. | “Committee” means the Compensation Committee of the Board or such other committee(s),
subcommittee(s) or person(s) the Board or an authorized committee of the Board appoints to administer the Plan or to make and/or
administer specific Awards hereunder. If no such appointment is in effect at any time, “Committee” shall mean the Board.
Notwithstanding the foregoing, “Committee” means the Board for purposes of granting Awards to members of the Board
who are not Employees, and administering the Plan with respect to those Awards, unless the Board determines otherwise.
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| | 1.8. | “Company” means Sify Technologies Limited and any successor thereto.
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| | 1.9. | “Date of Exercise” means the date on which the Company receives notice of the exercise
of an Option in accordance with Section 7.
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| | 1.10. | “Date of Grant” means the date on which an Award is granted under the Plan.
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| | 1.11. | “Effective Date” means January 20, 2015.
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STOCK AND INCENTIVE PLAN – 2014Page 1 of 9







| | 1.12. | “Eligible Person” means any person who is (a) an Employee, (b) a member of the Board
or the board of directors of an Affiliate, or (c) a consultant or independent contractor to the Company or an Affiliate. 
The Company's Promoter Directors shall not be eligible for Awards.
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| | 1.13. | “Employee” means any person who the Committee determines to be an employee of the Company
or an Affiliate.
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| | 1.14. | “Equity Shares” means the Company’s equity shares, par value 10 Indian Rupees.
There is no public market for the Equity Shares in India, the United States or any other market.
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| | 1.15. | “Exercise Price” means the price per Share at which an Option may be exercised.
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| | 1.16. | “Fair Market Value” means, as of any date on which the Shares are listed or quoted
on a securities exchange or quotation system, and except as otherwise determined by the Committee, the closing sale price of a
Share as reported on such securities exchange or quotation system as of the relevant date, and if the Shares are not listed or
quoted on a securities exchange or quotation system, then an amount equal to the then fair market value of a Share as determined
by the Committee pursuant to a reasonable method adopted in good faith for such purpose.
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| | 1.17. | “Incentive Stock Option” means an Option that the Committee designates as an incentive
stock option under Section 422 of the Code.
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| | 1.18. | “Nonqualified Stock Option” means an Option that is not an Incentive Stock Option.
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| | 1.19. | “Option” means an option to purchase Shares granted pursuant to Section 6. Each Option
shall specify whether it is an option to purchase Equity Shares or ADSs.
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| | 1.20. | “Option Period” means the period during which an Option may be exercised.
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| | 1.21. | “Other Stock-Based Award” means an Award granted pursuant to Section 11.
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| | 1.22. | “Participant” means an Eligible Person who has been granted an Award.
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| | 1.23. | “Performance Award” means a performance award granted pursuant to Section 10.
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| | 1.24. | “Performance Goals” means performance goals that the Committee establishes, which may
be based on satisfactory internal or external audits, achievement of balance sheet or income statement objectives, cash flow, customer
satisfaction metrics, achievement of customer satisfaction goals, dividend payments, earnings (including before or after taxes,
interest, depreciation, and amortization), earnings growth, earnings per share, economic value added, expenses (including sales,
general and administrative expenses), capital and capital measures, efficiency ratio, improvement of financial ratings, internal
rate of return, market share, geographic expansion, net asset value, net income, net operating gross margin, net operating profit
after taxes, net sales growth, operating income, operating margin, comparisons to the performance of other companies, pro forma
income, regulatory compliance, return measures (including return on assets, designated assets, capital, capital employed, equity,
or stockholder equity, and return versus the Company’s cost of capital), revenues, sales, stock price (including growth measures
and total stockholder return), comparison to stock market indices, implementation or completion of one or more projects or transactions
(including mergers, acquisitions, dispositions, and restructurings), working capital, or any other objective goals that the Committee
establishes. Performance Goals may be absolute in their terms or measured against or in relationship to other companies comparably,
similarly or otherwise situated. Performance Goals may be particular to an Eligible Person or the department, branch, Affiliate,
or division in which the Eligible Person works, or may be based on the performance of the Company, one or more Affiliates, or the
Company and one or more Affiliates and may cover such period as the Committee may specify.
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STOCK AND INCENTIVE PLAN – 2014Page 2 of 9







| | 1.25. | “Plan” means this Sify Technologies Limited 2014 Incentive Plan, as amended from time
to time (also known as Scheme for the purpose of the Indian Companies Act, 2013)
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| | 1.26. | “Promoter Director” means a person who is a Member of the Board AND (a) is in overall
control of the Company, or (b) is named in any offering document as promoter.
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| | 1.27. | “Restricted Stock Units” means an Award providing for the contingent grant of Shares
(or the cash equivalent thereof) pursuant to Section 9.
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| | 1.28. | “Section 422 Employee” means an Employee who is employed by the Company or a “parent
corporation” or “subsidiary corporation” (each as defined in Sections 424(e) and (f) of the Code) with respect
to the Company, including a “parent corporation” or “subsidiary corporation” that becomes such after adoption
of the Plan.
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| | 1.29. | “Share” means an Equity Share, or, an ADS, as the context may require.
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| | 1.30. | “Ten-Percent Stockholder” means a Section 422 Employee who (applying the rules
of Section 424(d) of the Code) owns stock possessing more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or a “parent corporation” or “subsidiary corporation” (each as defined in Sections 424(e)
and (f) of the Code) with respect to the Company.
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Unless the context expressly
requires the contrary, references in the Plan to (a) the term “Section” refers to the sections of the Plan, and (b)
the word “including” means “including (without limitation).”



| | 2. | Purpose: The Plan is intended to assist the Company and its Affiliates in attracting and retaining Eligible
Persons of outstanding ability and to promote the alignment of their interests with those of the stockholders of the Company.
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| | 3. | Administration:The Committee shall administer the Plan and shall have plenary
authority, in its discretion, to grant Awards to Eligible Persons and to establish sub-plans, subject to the provisions of the
Plan. The Committee shall have plenary authority and discretion, subject to the provisions of the Plan, to determine the Eligible
Persons to whom it grants Awards, the terms (which terms need not be identical) of all Awards, including without limitation, the
Exercise Price of Options, the time or times at which Awards are granted, the number of Shares covered by Awards, whether an Option
shall be an Incentive Stock Option or a Nonqualified Stock Option, any exceptions to non transferability, any Performance Goals
applicable to Awards, any provisions relating to vesting, and the periods during which Options may be exercised. In making these
determinations, the Committee may take into account the nature of the services rendered or to be rendered by Award recipients,
their present and potential contributions to the success of the Company and its Affiliates, and such other factors as the Committee
in its discretion shall deem relevant. Subject to the provisions of the Plan, the Committee shall have plenary authority and discretion
to interpret the Plan and Agreements, prescribe, amend and rescind rules and regulations relating to them, and make all other determinations
deemed necessary or advisable for the administration of the Plan and Awards granted hereunder. The determinations of the Committee
on the matters referred to in this Section 3 shall be binding and final. The Committee may delegate its authority under this Section
3 and the terms of the Plan (including to the Company’s Chief Executive Officer) to such extent it deems desirable and is
consistent with the requirements of applicable law.
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STOCK AND INCENTIVE PLAN – 2014Page 3 of 9







| | 4. | Eligibility: Awards may be granted only to Eligible Persons, provided that Incentive
Stock Options may be granted only to Eligible Persons who are Section 422 Employees.
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| | 5. | Stock Subject to Plan:
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| | 5.1. | Subject to adjustment as provided in Section 13, the maximum number of Equity Shares and ADSs in
the aggregate that may be issued pursuant to Awards (including Incentive Stock Options) under the Plan shall be equal to Twenty-Five
Million (25,000,000) Shares. Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares
that shall have been, or may be, reacquired by the Company in the open market, in private transactions, or otherwise. Shares may
be Equity Shares or ADSs, as determined by the Company and as specified in each Award.
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| | 5.2. | If an Option expires or terminates for any reason without having been fully exercised, if shares
of Restricted Stock are forfeited, or if Shares covered by an Award are not issued or are forfeited, the unissued or forfeited
Shares that had been subject to the Award shall be available for the grant of additional Awards; provided, however, that in the
case of Shares that are withheld (or delivered) to pay the Exercise Price of an Option or withholding taxes pursuant to Sections
7 or 17, no such withheld (or delivered) Shares shall be available for the grant of Awards hereunder.
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| | 5.3. | Subject to adjustment as provided in Section 13, the maximum number of Shares with respect to which
an Employee may be granted Awards under the Plan (whether settled in Shares or the cash equivalent thereof) during any calendar
year is 1 million. The maximum number of Shares with respect to which an Employee has been granted Awards shall be determined in
accordance with Section 162(m) of the Code.
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| | 6. | Options:
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| | 6.1. | Options granted under the Plan shall be either Incentive Stock Options or Nonqualified Stock Options,
as designated by the Committee. Each Option granted under the Plan shall be a Nonqualified Stock Option unless expressly identified
as an Incentive Stock Option, and each Option shall be evidenced by an Agreement that specifies the terms and conditions of the
Option. Options shall be subject to the terms and conditions set forth in this Section 6 and such other terms and conditions not
inconsistent with the Plan as the Committee may specify. Such terms and conditions may provide that an Option may be exercised
only as described in Section 7 and provide for the payment of cash in lieu of the issuance of all or a portion of the Shares issuable
upon exercise (with Shares paid in cash being valued at Fair Market Value). The Committee may, in its discretion, condition the
grant or vesting of an Option upon the achievement of one or more specified Performance Goals.
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STOCK AND INCENTIVE PLAN – 2014Page 4 of 9







| | 6.2. | The Exercise Price of an Option granted under the Plan shall not be lower than 90% of the Fair
Market Value of the Shares on the Date of Grant, provided, however, that in the case of an Incentive Stock Option, the Exercise
Price shall be equal to or greater than the Fair Market Value of the Shares on the Date of Grant, and for an Option granted to
an Employee who, on the Date of Grant is a Ten-Percent Shareholder, the Exercise Price shall not be less than 110% of the Fair
Market Value of a Share on the Date of Grant.
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| | 6.3. | The Committee shall determine the Option Period for an Option, which shall be specifically set
forth in the Agreement, provided that an Option shall not be exercisable after ten years (five years in the case of an Incentive
Stock Option granted to an Employee who on the Date of Grant is a Ten-Percent Stockholder) from its Date of Grant.
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| | 7. | Exercise of Options: Subject to the terms of the applicable Agreement, an Option
may be exercised, in whole or in part, by delivering to the Company a notice of the exercise, in such form as the Committee may
prescribe, accompanied by (a) full payment for the Shares with respect to which the Option is exercised or (b) to the extent provided
in the applicable Agreement, irrevocable instructions to a broker to deliver promptly to the Company cash equal to the exercise
price of the Option.
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| | 8. | INTENTIONALLY BLANK
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| | 9. | Restricted Stock Unit Awards: Each grant of Restricted Stock Units under the Plan
shall be evidenced by an Agreement that (a) provides for the issuance of Shares (or the cash equivalent thereof) to a Participant
at such time(s) as the Committee may specify and (b) contains such other terms and conditions as the Committee may specify, including
terms that condition the issuance, vesting, or payment of Restricted Stock Unit Awards upon the achievement of one or more specified
Performance Goals.
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| | 10. | Performance Awards: Each Performance Award granted under the Plan shall be evidenced
by an Agreement that (a) provides for the payment of cash or issuance of Shares to a Participant contingent upon the attainment
of one or more specified Performance Goals over such period as the Committee may specify, and (b) contains such other terms and
conditions as the Committee may specify. If the terms of a Performance Award provide for payment in the form of Shares, for purposes
of Section 5.3, the Performance Award shall be deemed to cover a number of Shares equal to the maximum number of Shares that may
be issued upon payment of the Award.
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| | 11. | Other Stock-Based Awards: The Committee may in its discretion grant stock-based awards
of a type other than those otherwise provided for in the Plan, including the issuance or offer for sale of unrestricted Shares
(“Other Stock-Based Awards”). Other Stock-Based Awards shall cover such number of Shares and have such terms and conditions
as the Committee shall determine, including terms that condition the payment or vesting of the Other Stock-Based Award upon the
achievement of one or more Performance Goals.
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| | 12. | Dividends and Dividend Equivalents: The terms of an Award may provide a Participant
with the right, subject to such terms and conditions as the Committee may specify, to receive dividend payments or dividend equivalent
payments with respect to Shares covered by such Award, which payments (a) may be either made currently or credited to an account
established for the Participant, (b) may be made contingent upon the achievement of one or more Performance Goals, and (c) may
be settled in cash or Shares, as determined by the Committee.
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STOCK AND INCENTIVE PLAN – 2014Page 5 of 9







| | 13. | Capital Events and Adjustments:
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| | 13.1. | In the event of any change in the outstanding Shares by reason of any stock dividend, stock split,
reverse stock split, spin-off, split-off, recapitalization, reclassification, combination or exchange of shares, merger, consolidation,
liquidation or the like, the Committee shall provide for a substitution for or adjustment in: (a) the number and class of securities
subject to outstanding Awards or the type of consideration to be received upon the exercise or vesting of outstanding Awards, (b)
the Exercise Price of Options, (c) the aggregate number and class of Shares for which Awards thereafter may be granted under the
Plan, and (d) the maximum number of Shares with respect to which an Employee may be granted Awards during any calendar year.
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| | 13.2. | Any provision of the Plan or any Agreement to the contrary notwithstanding, in the event of a merger
or consolidation to which the Company is a party or any sale, disposition or exchange of at least 50% of the Company’s Equity
Shares or all or substantially all of the Company’s assets for cash, securities or other property, or any other similar transaction
or event (each, a “Transaction”), the Committee shall take such actions, and make such changes and adjustments to outstanding
Awards as it deems equitable, and may in its discretion, cause any Award granted hereunder to (a) vest in whole or in part, (b)
be assumed or continued by any successor or acquirer, and/or (c) be canceled (in whole or in part) in consideration of a payment
(or payments), in such form as the Committee may specify, equal to the fair value of the canceled Award (or portion thereof), as
determined by the Committee in its discretion. The fair value of an Option shall be deemed to be equal to the product of (a) the
number of Shares the Option covers (and has not previously been exercised) and (b) the excess, if any, of the Fair Market Value
of a Share as of the date of cancellation over the Exercise Price of the Option. For sake of clarity and notwithstanding anything
to the contrary herein, (a) the fair value of an Option would be zero if the Fair Market Value of a Share is equal to or less than
the Exercise Price and (b) payments in cancellation of an Award in connection with a Transaction may be delayed to the same extent
that payment of consideration to holders of Shares in connection with the Transaction is delayed as a result of escrows, earn-outs,
holdbacks, or any other contingencies.
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| | 13.3. | The Committee need not take the same action under this Section 13 with respect to all Awards or
with respect to all Participants and may, in its discretion, take different actions with respect to vested and unvested portions
of an Award and may also take different actions with respect to awards involving Equity Shares as compared to ADSs. No fractional
shares or securities shall be issued pursuant to any adjustment made pursuant to this Section 13, and any fractional shares or
securities resulting from any such adjustment shall be eliminated by rounding downward to the next whole share or security, either
with or without payment in respect thereof, as determined by the Committee. All determinations required to be made under this Section
13 shall be made by the Committee in its discretion and shall be final and binding.
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| | 14. | Termination or Amendment: The Board may amend or terminate the Plan in any respect
at any time; provided, however, that after the stockholders of the Company have approved the Plan, the Board shall not amend or
terminate the Plan without approval of (a) the Company’s stockholders to the extent applicable law or regulations or the
requirements of the principal exchange or interdealer quotation system on which the Shares is listed or quoted, if any, requires
stockholder approval of the amendment or termination, and (b) each affected Participant if the amendment or termination would adversely
affect the Participant’s rights or obligations under any Award granted prior to the date of the amendment or termination.
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STOCK AND INCENTIVE PLAN – 2014Page 6 of 9







| | 15. | Modification, Substitution of Awards:
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| | 15.1. | Subject to the terms and conditions of the Plan, the Committee may modify the terms of any outstanding
Awards; provided, however, that (a) no modification of an Award shall, without the consent of the Participant, alter or impair
any of the Participant’s rights or obligations under such Award, and (b) except as approved by the Company’s stockholders
and subject to Section 13, in no event may an Option be (i) modified to reduce the Exercise Price of the Option or (ii) cancelled
or surrendered in consideration for cash, other Awards, or the grant of a new Option with a lower Exercise Price.
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| | 15.2. | Anything contained herein to the contrary notwithstanding, Awards may, in the discretion of the
Committee, be granted under the Plan in substitution for stock options and other awards covering capital stock of another corporation
which is merged into, consolidated with, or all or a substantial portion of the property or stock of which is acquired by, the
Company or an Affiliate. The terms and conditions of the substitute Awards so granted may vary from the terms and conditions set
forth in the Plan to such extent as the Committee may deem appropriate in order to conform, in whole or part, to the provisions
of the awards in substitution for which they are granted. Such substitute Awards shall not be counted toward the Share limit imposed
by Section 5.3, except to the extent the Committee determines that counting such Awards is required in order for Awards granted
hereunder to be eligible to qualify as “performance-based compensation” within the meaning of Section 162(m) of the
Code.
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| | 16. | Stockholder Approval: The Company's stockholders authorized the adoption of this
plan at a stockholder's meeting in July 2014.
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| | 17. | Withholding: The Company’s obligation to issue or deliver Shares or pay any
amount pursuant to the terms of any Award granted hereunder shall be subject to satisfaction of applicable federal, state, local,
and foreign tax withholding requirements. To the extent authorized by the Committee, and in accordance with such rules as the Committee
may prescribe, a Participant may satisfy any withholding tax requirements by one or any combination of the following means: (a)
tendering a cash payment, (b) authorizing the Company to withhold Shares otherwise issuable to the Participant, or (c) delivering
to the Company already-owned and unencumbered Shares.
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| | 18. | Term of Plan:Unless sooner terminated by the Board pursuant to Section 14,
the Plan shall terminate on the date that is ten years after the Effective Date, and no Awards may be granted or awarded after
such date; provided, however, that no Incentive Stock Options may be granted after the ten year anniversary of the date of adoption
of the Plan by the Board. The termination of the Plan shall not affect the validity of any Award outstanding on the date of termination.
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| | 19. | Indemnification of Committee: In addition to such other rights of indemnification
as they may have as members of the Board or Committee, the Company shall indemnify members of the Committee against all reasonable
expenses, including attorneys’ fees, actually and reasonably incurred in connection with the defense of any action, suit
or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken
or failure to act under or in connection with the Plan or any Award granted hereunder, and against all amounts reasonably paid
by them in settlement thereof or paid by them in satisfaction of a judgment in any such action, suit or proceeding, if such members
acted in good faith and in a manner which they believed to be in, and not opposed to, the best interests of the Company.
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STOCK AND INCENTIVE PLAN – 2014Page 7 of 9







| | 20. | General Provisions:
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| | 20.1. | The establishment of the Plan shall not confer upon any Eligible Person any legal or equitable
right against the Company, any Affiliate or the Committee, except as expressly provided in the Plan. Participation in the Plan
shall not give an Eligible Person any right to be retained in the service of the Company or any Affiliate.
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| | 20.2. | Neither the adoption of the Plan nor its submission to the Company’s stockholders shall be
taken to impose any limitations on the powers of the Company or its Affiliates to issue, grant or assume options, warrants, rights,
restricted stock or other awards otherwise than under the Plan, or to adopt other stock option, restricted stock, or other plans,
or to impose any requirement of stockholder approval upon the same.
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| | 20.3. | The interests of any Eligible Person under the Plan and/or any Award granted hereunder are not
subject to the claims of creditors and may not, in any way, be transferred, assigned, alienated or encumbered except to the extent
provided in an Agreement.
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| | 20.4. | The Plan shall be governed, construed and administered in accordance with the laws of India without
giving effect to conflict of laws principles.
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| | 20.5. | Notwithstanding any other provision of the Plan or any Agreement to the contrary, Awards and any
Shares issued or payments made under Awards shall be subject to any compensation clawback or recoupment policy (or policies) that
the Company may have in effect from time to time, subject to such terms and conditions of such policy (or policies).
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| | 20.6. | The Committee may require each person acquiring Shares pursuant to Awards granted hereunder to
represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof.
The certificates for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer.
All certificates for Shares issued pursuant to the Plan shall be subject to such stock transfer orders and other restrictions as
the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission,
any stock exchange upon which the Equity Shares is then listed or interdealer quotation system upon which the Equity Shares is
then quoted, and any applicable federal or state securities laws. The Committee may place a legend or legends on any such certificates
to make appropriate reference to such restrictions.
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| | 20.7. | The Company shall not be required to issue any certificate or certificates for Shares with respect
to Awards granted under the Plan, or record any person as a holder of record of Shares, without obtaining, to the complete satisfaction
of the Committee, the approval of all regulatory bodies the Committee deems necessary, and without complying to the Board’s
or Committee’s complete satisfaction, with all rules and regulations under federal, state or local law the Committee deems
applicable.
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STOCK AND INCENTIVE PLAN – 2014Page 8 of 9







| | 20.8. | To the extent that the Plan provides for issuance of stock certificates or ADRs to reflect the
issuance of Shares, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or
the rules of any stock exchange or automated dealer quotation system on which the Shares are traded. No fractional Shares shall
be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards, or other property
shall be issued or paid in lieu of any fractional Shares or whether any fractional Shares or any rights thereto shall be forfeited
or otherwise eliminated.
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| | 20.9. | Awards granted under this Plan are intended to comply with the requirements of Section 409A of
the Code (including the exceptions thereto), to the extent applicable, and shall be interpreted in accordance with such requirements. 
Notwithstanding anything to the contrary herein, if the issuance of shares or payment of cash under an Agreement constitutes the
payment to a Participant of nonqualified deferred compensation for purposes of Section 409A of the Code and the Participant is
a “specified employee” (as determined under Treas. Reg. § 1.409A-1(i)), then such issuance of Shares or payment
of cash shall, to the extent necessary to comply with the requirements of Section 409A of the Code, be made on the later of (a)
the date specified in the Agreement or (b) the date that is six (6) months after the date of the Participant’s separation
from service (or, if earlier, the date of the Participant’s death). In no event shall the Company or any of its Affiliates
have any liability to any Participant with respect to any Award failing to qualify for any specific tax treatment (such as an Option
designated as an incentive stock option failing to qualify for treatment as an incentive stock option under Section 422 of the
Code) or for any taxes or penalties incurred by a Participant under Section 409A of the Code with respect to any Award. The Committee
may grant Awards that qualify as performance-based compensation under Section 162(m) and awards that do not so qualify.
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—xxx—



STOCK AND INCENTIVE PLAN – 2014Page 9 of 9