- EMPLOYMENT
AGREEMENT
THIS
AGREEMENT (hereinafter referred to as the
"Agreement") made and executed at
[Place] this [Date], by and between [Company's
Name] a company incorporated under the Companies
Act, 1956 and having its registered office at
[address](hereinafter referred to as the
"Company", which expression shall, unless it
be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and
assigns) of the ONE PART AND
[Employee's Name], Indian Inhabitant residing at
[address](hereinafter referred to as the
"Employee", which expression shall, unless it
be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and
assigns) of the OTHER PART.
WHEREAS the Company is
desirous of employing the Employee and the
Employee wishes to accept employment with the
Company,on the terms and subject to the
conditions set forth in this Agreement.
NOW IT IS AGREED BY AND
BETWEEN THE PARTIE HERETO AS FOLLOWS:
- 1. For good
consideration, the Company employees the
Employee.
-
- 2. Term of
Employment. Subject to the provisions for
termination set forth below this
agreement will begin on __________,2001,
unless sooner terminated.
-
- 3. Salary.
The Company shall pay Employee a basic
salary of Rs_______per year, for the
services of the Employee, payable at
regular payroll periods.
-
- 4. Duties and
Position. the Company hires the Employee
in the capacity
of________________________. the
Employee's duties may be reasonably
modified at the Company's discretion from
time to time.
-
- 5. Employee
to Devote Full Time to Company. the
Employee will devote full time,
attention, and energies to the business
of the Company, and, during this
employment, will not engage in any other
business activity, regardless of whether
such activity is pursued for profit,
gain, or other pecuniary advantage.
Employee is not prohibited from making
personal investments in any other
businesses provided those investments do
not require active involvement in the
operation of said companies.
-
- 6.
Confidentiality or Proprietary
Information. Employee agrees, during or
after the term of this employment, not to
reveal confidential information, or trade
secrets to any person, firm, corporation,
or entity. Should Employee reveal or
threaten to reveal this information, the
Company shall be entitled to an
injunction restraining the Employee from
disclosing same, or from rendering any
services to any entity to whom said
information has been or is threatened to
be disclosed. the right to secure an
injunction is not exclusive, and the
Company may pursue any other remedies it
has against the Employee for a breach or
threatened breach of this condition,
including the recovery of damages from
the Employee.
-
- 7.
Reimbursement of Expenses. The Employee
may incur reasonable expenses for
furthering the Company's business,
including expenses for entertainment,
travel, and similar items. The Company
shall reimburse Employee for all business
expenses after the Employee presents an
itemized account of expenditures,
pursuant to Company policy.
-
- 8. Vacation.
The Employee shall be entitled to a
yearly vacation of _____ weeks at full
pay.
-
- 9.
Disability. In Employee cannot perform
the duties because of illness or
incapacity for a period of more than
_____ weeks, the compensation otherwise
due during said illness or incapacity
will be reduced by _____ ( ) percent. The
Employee's full compensation will be
reinstated upon return to work. However,
if the Employee is absent from work for
any reason for a continuous period of
over _____ months, the Company may
terminate the Employee's employment, and
the Company's obligations under this
agreement will cease on that date.
-
- 10.
Termination of Agreement. Without cause,
the Company may terminate this agreement
at any time upon ____ days written notice
to the Employee. If the Company requests,
the Employee will continue to perform
his/her duties and may be paid his/her
regular salary up to the date of
termination. In addition, the Company
will pay the Employee on the date of the
termination a severance allowance of
Rs_______ less taxes and social security
required to be withheld, Without cause,
the Employee may terminate employment
upon ______ days' written notice to the
Company. Employee may be required to
perform his or her duties and will be
paid the regular salary to date of
termination but shall not receive
severance allowance. Notwithstanding
anything to the contrary contained in
this agreement, the Company may terminate
the Employee's employment upon ______
days' notice to the Employee should any
of the following events occur:
- a) The sale
of substantially all of the Company's
assets to a single purchaser or group of
associated purchasers; or
- b) The sale,
exchange, or other disposition, in one
transaction of the majority of the
Company's outstanding corporate shares;
or
- c) The
Company's decision to terminate its
business and liquidate its assets;
- d) The merger
or consolidation of the Company with
another company.
- e) Bankruptcy
-
- 11. Death
Benefit. Should Employee die during the
term of employment, the Company shall pay
to Employee's estate any compensation due
through the end of the month in which
death occurred.
-
- 12.
Restriction on Post Employment
Compensation. For a period of _________ (
) years after the end of employment, the
Employee shall not control, consult to or
be employed by any business similar to
that conducted by the company, either by
soliciting any of its accounts or by
operating within Employer's general
trading area.
-
- 13.
Assistance in Litigation. Employee shall
upon reasonable notice, furnish such
information and proper assistance to the
Company as it may reasonably require in
connection with any litigation in which
it is, or may become, a party either
during or after employment.
-
- 14. Effect or
Prior Agreements. This Agreement
supersedes any prior agreement between
the Company or any predecessor of the
Company and the Employee, except that
this agreement shall not affect or
operate to reduce any benefit or
compensation inuring to the Employee of a
kind elsewhere provided and not expressly
provided in this agreement.
-
- 15.
Settlement by Arbitration. Any claim or
controversy that arises out of or relates
to this agreement, or the breach of it,
shall be settled by arbitration in
accordance with the Arbitration and
Conciliation Act, 1996 or the prevailing
act
-
- 16. Limited
Effect of Waiver by Company. Should
Company waive breach of any provision of
this agreement by the Employee, that
waiver will not operate or be construed
as a waiver of further breach by the
Employee.
-
- 17.
Severability. If, for any reason, any
provision of this agreement is held
invalid, all other provisions of this
agreement shall remain in effect. If this
agreement is held invalid or cannot be
enforced, then to the full extent
permitted by law any prior agreement
between the Company (or any predecessor
thereof) and the Employee shall be deemed
reinstated as if this agreement had not
been executed.
-
- 18.
Assumption of Agreement by Company's
Successors and Assignees. the Company's
rights and obligations under this
agreement will inure to the benefit and
be binding upon the Company's successors
and assignees.
-
- 19. Oral
Modifications Not Binding. This
instrument is the entire agreement of the
Company and the Employee. Oral changes
have no effect. It may be altered only by
a written agreement signed by the party
against whom enforcement of any waiver,
change, modification, extension, or
discharge is sought.
-
IN WITNESS whereof the said
Employee and the Company have hereto signed the
day and year first above mentioned.
- SIGNED AND
DELIVERED
- by Mr. ___
the within named Employee
- in the
presence of Mr.[name] and
- Mr.[name]
- SIGNED, SEALED AND DELIVERED
- by the withinnamed Company
- by the hands of its
authorised
- representative/Director
Mr.[name]
- in the presence of Mr.[name]
and
- Mr.[name]
-
|
