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EMPLOYMENT AGREEMENT

This Agreement is made on this the …… day of October, 2020.

BETWEEN
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PAINT PRODUCTS INC. (PPI), a Private Limited Company, having its

registered Head office at Mumbai, Maharashtra, India hereinafter called and

referred as the EMPLOYER (Which term or expression shall unless excluded by

or repugnant to the context shall mean and include its administrators, legal

representatives and assigns etc.) of the ONE PART.

AND

DR. K. Juneja , son of ……………………………, aged about …… years by faith

Hindu, residing at ……………………. hereinafter called and referred as the

EMPLOYEE (which term or expression shall unless excluded by or repugnant

to the context shall mean and include its administrators, legal representatives

and assigns etc.) of the OTHER PART.

WHEREAS the Employer is a Private Limited Company being a manufacturer

and distributor of various kinds of paints and coatings to the industrial,

commercial and retail customers throughout India and in few markets outside

India as well. That the products of the Employer use to be sold in more than

25,000 stores in domestic and globally. The product named “Evergreen Paint”

manufactured by the Employer, is the most widely distributed and leading

paint product in the world in terms of quality and acceptance in markets.

AND WHEREAS the Employer / Company herein has decided to manufacture

and introduce a new paint product which would protect metal from rusting i.e.

rustproof chemical product. That the Employer was searching for a specialist
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for manufacturing of the said product and decided to employ a suitable

chemist at its Laboratory at Pune, Maharashtra for the purpose of invention of

the formula for protection of metal from rust.

AND WHEREAS the Employer proposed the Employee for hiring him in its

company as a Chemist and specialist for manufacturing of product for

protection of metal from rusting. That the Employee was also offered with a

similar job at a rival company of the Employer but the Employee herein

accepted the proposal of the Employer owing to more exciting offer of salary.

Subsequently, the Employee has decided to join the Employer/Company and

the Employer desires to obtain the benefit of services of the Employee herein

and the Employee on the other hand, desires to render such services on the

terms and conditions set forth.

IN CONSIDERATION of the promises and other good and valuable

consideration (the sufficiency and receipt of which are hereby acknowledged)

the parties agree as follows :-

1. EMPLOYMENT:-

The Employee agrees that he will at all times faithfully, industriously, and to
the best of his skill, ability, experience and talents, perform all of the duties
required of his position. In carrying out these duties and responsibilities,
the Employee shall comply with all Employer policies, procedures, rules and
regulations, both written and oral as are announced by the Employer from
time to time. It is also understood and agreed to by the Employee that his
assignment, duties and responsibilities and reporting arrangements may be
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changed by the Employer in its sole discretion without causing termination

of this agreement.

2. POSITION TITLE :-

As a Chemist employed at the Laboratory, the Employee is required to

perform the following duties and undertakes the following responsibilities in
a professional manner :-

a. Inventing the formula requires for manufacturing rustproof paint on

metal.

b. Provide the said formula to the manufacturing department and ensure

its proper input upon due vigilance.

c. Other duties as may arise from time to time and as may be assigned to
the employee.

3. COMPENSATION:-

a. As full compensation for all services provided, the employee shall be paid
Rs. 10,00,000/- (Rupees Ten Lakhs) only per annum. Such payments shall
be subject to such normal statutory deductions by the Employer.

b. The salary mentioned in paragraph (3)(a) shall be reviewed on an annual

basis.

c. All reasonable expenses arising out of employment shall be reimbursed

assuming same have been authorized prior to being incurred and with the
provision of appropriate receipts.

4. VACATION :-

The Employee shall be entitled to vacations for two weeks per year.
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5. BENEFITS:-

The Employer shall at its expense provide the Employee with the Health
Plan that is currently in place or as may be in place from time to time.

6. PERFORMANCE REVIEWS:-

The Employee will be provided with a written performance appraisal at least

once per year and the said appraisal will be reviewed at which time all
aspects of the assessment can be fully discussed.

7. TERMINATION:-

(a) The Employee may at any time terminate this agreement and his
employment by giving not less than two weeks written notice to the
Employer.
(b) The Employer shall not terminate this Agreement and the Employee's
employment at any time, but upon prior notice of one month to the
Employee and by showing sufficient grounds for such termination provided
he Employer pays to the Employee an amount as required by the
Employment Standards Act, 2000 or other such legislation as may be in
effect at the time of termination.
(c) The Employee agrees to return any property to the Employer at the time
of termination that has been provided by the Employer during appointment.

8. NON-COMPETITION:-
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It is further acknowledged and agreed that following termination of the

Employee’s employment with the Employer/Company for any reason, the
Employer shall not hire or engage or attempt to hire or attempt to engage
any current employees of same specialization and for the said post within
30 days from the termination of the Employee.

10.LAWS:-

This agreement shall be governed by the laws of Employment & Labor Law
2020.

11.INDEPENDENT LEGAL ADVICE:-

The Employee acknowledges that the Employer has provided the Employee
with a reasonable opportunity to obtain independent legal advice with
respect to this agreement and that either :-

(a) The Employee has had such independent legal advice prior to executing
this agreement, or,
(b) The Employee has willingly chosen no to obtain such advice and to
execute this agreement without having obtained such advice.

12. ENTIRE AGREEMENT :-

This agreement contains the entire agreement between the parties,

superseding in all respects any
and all prior oral or written agreements or understandings pertaining to
the employment of the
Employee by the Employer and shall be amended or modified only by
written instrument signed
by both of the parties hereto.
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13. SEVERABILITY:-

The parties hereto agree that in the event any article or part thereof of this
agreement is held to be not enforceable or invalid then the said article or
any part thereof shall be struck off and all remaining provision shall
remain in full force and effect.

IN WITNESS WHEREOF the Employer has caused this agreement to be

executed by its duly authorized officers and the Employee has set his hand
as of the date first above written.

SIGNED SEALEAD AND DELIVEERED

IN THE PRESENCE OF:

WITNESSES:

1.

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SIGNATURE OF THE EMPLOYER

2.

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SIGNATURE OF THE EMPLOYEE