CARACO PHARMACEUTICAL LABORATORIES LTD
EMPLOYMENT AGREEMENT OF MR. SINGH
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>7
<FILENAME>d62937_ex10-23.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT OF MR. SINGH
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<P align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2><B>EXHIBIT 10.23</B></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>EMPLOYMENT AGREEMENT</B></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>THIS EMPLOYMENT AGREEMENT (the &#147;Agreement&#148;) is made this 1st day of&nbsp;February, 2005,
by and between CARACO PHAARMACEUTICAL LABORATORIES, LTD. (the &#147;Company&#148;) and GURPARTAP
SINGH SACHDEVA.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>WITNESSETH</B></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>WHEREAS, the Company desires to continue the employment of Mr. Sachdeva in his current capacity as
Vice President &#150; Sales and Marketing; and </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>WHEREAS, Mr. Sachdeva desires to continue to be employed by the Company as its Vice President &#150;
Sales and Marketing; and</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>WHEREAS, the parties hereto are desirous of entering into a formal agreement of employment.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>NOW, THEREFORE, in consideration of the premises and covenants herein contained, the parties covenant
and agree as follows:</FONT></P></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employment. Mr. Sachdeva
is the Vice President- Sales and Marketing.</FONT></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties. Mr. Sachdeva shall
  diligently and conscientiously devote on a full-time basis, his best efforts to the discharge of
  his duties as established from time to time by the Bylaws of the Company, the Board of Directors
  of the Company, the Compensation Committee, and the Chief Executive Officer of the Company, and shall
  be under the direct supervision of the Chief Executive Officer. </FONT></div></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation. The Company shall
  pay Mr. Sachdeva a salary at a rate of $135,000 annually, subject to all applicable withholdings,
  for services rendered as the Vice President-Sales and Marketing. Mr. Sachdeva&#146;s base salary
  shall be reviewed annually, and may be adjusted based upon performance and other relevant factors
  deemed reasonable by the Company.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Benefits. Mr. Sachdeva shall
  be entitled to participate in any plan or program of employee benefits maintained by the Company
  for all employees as of the date hereof, and which may be hereafter adopted or modified by the Company,
  and which is or shall be available to Mr. Sachdeva as a result of his employment by the Company pursuant
  to this Agreement, subject to the requirements of such plans or programs. A list of specific benefits
  to which the Employee shall be entitled is set forth in Exhibit &#147;A,&#148; a copy of which is
  attached hereto and is herein incorporated by reference.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacations. Mr. Sachdeva shall
  be entitled to three (3) weeks paid vacation each year.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term. &nbsp;Unless terminated
  earlier in accordance with Section 6 hereof, or renewed pursuant to Section 5 hereof, the term of
  this Agreement shall be deemed to have commenced as of February 1, 2005, and shall continue for a
  period of five (5) years thereafter, that is through January 31, 2010.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2></FONT><FONT face="Times New Roman, Times, Serif" size=2>5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewal. This Agreement
  shall automatically renew for successive one-year periods at the end of the five (5) year term, subject,
  however, to ninety (90) days written notice of termination by either party </FONT></div></TD></TR></TABLE>
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<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1</FONT></P>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>hereto prior to the commencement of any such renewal period. The terms and conditions of this Agreement
  shall apply during any such renewal period.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination. Notwithstanding
  any provision herein to the contrary, during the term of this Agreement, or during any period following
  an automatic renewal under Section 5 hereof, the Company&#146;s employment of Mr. Sachdeva under
  this Agreement shall be terminated:</FONT></div></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon Mr. Sachdeva&#146;s death.</FONT></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Disability (as that term
  is defined herein) of Mr. Sachdeva. For purposes of this Agreement, the Disability Mr. Sachdeva shall
  mean an illness, injury, or physical or mental condition occurring for a period of any ninety (90)
  or more days out of a one hundred and eighty (180) day period which results in Mr. Sachdeva&#146;s
  inability during such period to perform substantially all of his regular duties to the Company. In
  the event the Company and Mr. Sachdeva do not agree on whether a Disability within the meaning of
  this Section 6 exists, then the issue shall be settled by binding arbitration under the rules and
  regulations of the American Arbitration Association, and the decision or award of the arbitrator
  or arbitrators in such arbitration shall be final, conclusive and binding upon the parties thereto
  and judgment may be entered thereon in any court of competent jurisdiction.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By the Company for &#147;just
  cause&#148; (as that term is defined herein) or without cause. For purposes of this Agreement, &#147;just
  cause&#148; shall mean dishonesty, or refusal or failure by Mr. Sachdeva to faithfully or diligently
  perform the duties contemplated by this Agreement, including but not limited to the failure of Mr.
  Sachdeva to adhere to the policies of the Board.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By Mr. Sachdeva for &#147;cause&#148;
  not attributable to him, or without cause. For purposes of this Agreement for &#147;cause&#148; not
  attributable to Mr. Sachdeva shall mean the Company failing to make any payment of base salary to
  him within thirty (30) days after such payment is due.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Sachdeva shall receive the
  compensation described below in full settlement of the termination of his employment with the Company:</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of the death
  or Disability, or if the Company terminates Mr. Sachdeva for &#147;just cause,&#148; Mr. Sachdeva
  shall be entitled to the base salary and benefits earned by him prior to the date of death, Disability
  or termination.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company
  terminates Mr. Sachdeva without cause, he shall receive a severance package as follows:</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Sachdeva shall receive monthly
  base salary payments, less all applicable withholdings, for six (6) months from the date of termination;</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2" face="Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall continue premium
  coverage payments for health insurance for six (6) months from the date of death, Disability or termination;</font></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any stock options that would become
  available for exercise at the end of the year during which such death, Disability or termination
  occurred shall vest;</FONT></div></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event Mr. Sachdeva terminates
this Agreement for cause not attributable to him, he shall receive a severance package as follows:</FONT></TD></TR></TABLE>
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<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2</FONT></P>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Sachdeva shall receive monthly
  base salary payments, les all applicable withholdings, for six (6) months from the date of termination;</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall continue premium
  coverage payments for health insurance for six (6) months from the date of termination;</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any stock options that would become
  available for exercise at the end of the year during which such termination occurred shall vest.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Mr. Sachdeva terminates
  this Agreement without cause, he shall be entitled to the base salary and benefits earned by him
  prior to the date of termination.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality. At all
  times, Mr. Sachdeva shall keep secret and inviolate and shall not divulge, communicate, use to the
  detriment of the Company or for the benefit of any other person or persons or misuse in any way any
  knowledge or secrets, personnel histories, sales information, computer programs, assets, accounts,
  books, records, customers, operations, personnel and contracts of the Company which Mr. Sachdeva
  knows or hereafter come to know as a result of his association with or which is unique to the Company
  (&#147;Confidential Information&#148;). Mr. Sachdeva may disclose Confidential Information if required
  by any judicial or governmental request, requirement or order; provided that he take reasonable steps
  to give the Company sufficient prior notice to contest such request, requirement or order. The provisions
  of this Paragraph 7 shall survive the termination of this Agreement and Mr. Sachdeva&#146;s employment
  with the Company.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver. Failure by either
  party to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall
  not be deemed a waiver by that party of any such term, covenant or condition, nor shall any waiver
  or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or
  relinquishment of any such right or power at any other time or times.</FONT></div></TD></TR>
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<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability. The invalidity
  or unenforceability of any provision hereof shall in no way affect the validity or enforceability
  of any other provision.</FONT></div></TD></TR>
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<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability. Neither Mr. Sachdeva,
  nor his heirs, assigns or estate shall have the right to assign, encumber or dispose of any payment
  or right hereunder, which payment and right is expressly declared nonassignable and nontransferable
  except as otherwise specifically provided herein.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns. The Company
  and Mr. Sachdeva bind themselves, and their respective partners, successors, permitted assigns, heirs
  and legal representatives to all of the terms and conditions of this Agreement.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment. This Agreement, and any
  or all rights hereunder, may not be assigned, in whole or in part, by Mr. Sachdeva. The Company may
  assign this Agreement, in whole or in part, and any or all of its rights hereunder.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.</FONT></TD>
</TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=96>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every notice or other communication
  required or permitted to be given under this Agreement (&#147;Notice&#148;) shall be in writing and
  shall be given by registered or certified mail, postage prepaid, return receipt requested, or by
  delivery of such Notice personally or by causing such Notice to be delivered next day delivery by
  reputable air courier. All such Notices shall be mailed or delivered to the Parties at the following
  addresses:</FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>3</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD></TD>
  </TR>
  <TR>
    <TD vAlign=top><hr size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="144">&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, Serif" size=2>If to Company:&nbsp;CARACO PHARMACEUTICAL </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td colspan="2"><font face="Times New Roman, Times, Serif" size=2>LABORATORIES LTD</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>Board of Directors</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>1150 Elijah McCoy Drive</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>Detroit, Michigan&nbsp; 48202</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="144">&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, Serif" size=2>If to Employee:&nbsp;&nbsp;&nbsp;&nbsp; Gurpartap Singh Sachdeva</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>40818 Blue Springs Ct.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>Canton, MI&nbsp; 48188</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=96>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>or other such addresses as the Parties may from time to time designate by written notice. Delivery
  under this Paragraph 13, when by mail, shall be effective as of the date upon which the return receipt
  is accepted or refused. A Notice personally delivered under this Section 13 shall be effective upon
  such delivery or, if delivery is refused, upon such refusal. A Notice delivered next day delivery
  by reputable air courier shall be effective upon the next business day after having been sent.</FONT></div></TD>
</TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement. The foregoing provisions
  contain the entire agreement of the parties hereto, and no modification hereof shall be binding upon
  the parties unless the same is in writing and signed by the respective parties hereto.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable Law. This Agreement shall
  be governed by, and construed in accordance with, the laws of the State of Michigan.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts. This Agreement may be
  executed in any number of counterparts, each of which when so executed and delivered shall be an
  original, but such counterparts together shall constitute one instrument.</FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.</FONT></P></TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="4"><font face="Times New Roman, Times, Serif" size=2>CARACO PHARMACEUTICAL <br>
      LABORATORIES LTD.<br>
    a Michigan corporation</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2><u>By:&nbsp;&nbsp;/s/&nbsp;&nbsp;Jitendra N. Doshi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>Jitendra N. Doshi<br>
    Chief Executive Officer</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>EMPLOYEE</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2><u>By:&nbsp;&nbsp;/s/ &nbsp;&nbsp;Gurpartap Singh Sachdeva&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman, Times, Serif" size=2>Gurpartap Singh Sachdeva</font></td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>4</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
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    <TD></TD>
  </TR>
  <TR>
    <TD vAlign=top><hr size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>EXHIBIT &#147;A&#148;</B></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Car Allowance</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>A Company car will be provided to the Employee, the value of which shall not exceed $380.00 per month.</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>5</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>

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