ADDENDUM SERVICE AGREEMENT SESA STERLITE LIMITED AND DINDAYAL JALAN
Exhibit 4.96
ADDENDUM
SESA STERLITE LIMITED
AND
XXXXXXXX JALAN
Sesa Sterlite Limited (Formerly known as Sesa Goa Limited)
Registered Office: Sesa Ghor, 00 XXX Xxxxxxx, Xxxxx, Xxxxxx (Goa) - 403 001
T x00-000 000 0000 F x00-000 000 0000 xxx.xxxxxxxxxxxx.xxx
CIN: L13209GA1965PLC000044
This Addendum No. 1 to the Service Agreement dated 1st April, 2014 entered by and between Sesa Sterlite Limited (hereinafter referred to as “the Company”) and Xxxxxxxx Jalan is necessitated to incorporate the reappointment of Xx. Xxxxxxxx Jalan as a “Whole Time Director and Chief Financial Officer” of the Company for the period October 01, 2014 to September 30, 2016 on remuneration as recommended by the Managerial Remuneration Committee by its Meeting dated September 05, 2014 and approved by the shareholders vide postal ballot results declared on October 11, 2014.
NOW THEREFORE in view of the above, Xx. Xxxxxxxx Jalan, the Whole Time Director and CFO of the Company shall in consideration of his services to the Company be entitled to receive remuneration by way of salary, allowances, Bonus and perquisites as set out bclow:-
Remuneration effective from October 01, 2014
| Components |
Amount | |
| Fixed Pay | Effective 1st October 2014 Fixed pay will be Rs 300 lacs to Rs 500 lacs pa (with such annual/special increments as may be decided by the Board or any Committee thereof in its absolute discretion from time to time) | |
| Annual Bonus / Performance Pay | Upto a 150% of Fixed pay subject to achievement of performance targets. Annual Bonus scheme in line with company policy. | |
| Stock Options | In line with Performance Share Plan scheme with value of grant upto 150% of fixed pay. | |
| Additional HRA | Rs 9 Lacs pa or as approved by the Board or Committee from time to time will be paid till he is posted in New Delhi | |
| Medical Reimbursement, Car Benefit & Club Membership Fees, Personal Accident/ Mediclaim Policy | As per company policy. | |
| Minimum Remuneration | In case of absence or inadequacy of profits in any financial year, the Company shall pay Mr. DD Jalan remuneration by way of salary and perquisites as decided by the Board or any Committee thereof from time to time as minimum remuneration, with the approval of Central Government, if necessary | |
Sesa Sterlite Limited (Formerly known as Sesa Goa Limited)
Registered Office: Sesa Ghor, 00 XXX Xxxxxxx, Xxxxx, Xxxxxx (Goa) - 403 001
T x00-000 000 0000 F x00-000 000 0000 xxx.xxxxxxxxxxxx.xxx
CIN: L13209GA1965PLC000044
All other terms and conditions of the Service Agreement dated 1st April, 2014 shall remain valid and unaltered.
The parties referred above have agreed that this Addendum No. 1 to the said Service Agreement dated 1st April, 2014 shall form an integral part of the Agreement.
IN WITNESS WHEREOF the Company has been executed on the day and year first herein above written.
Signed by the above named Whole Time Director
and CFO, MR. DD JALAN
Signed by Xx. XXXXXX XXXXXXXX for on
behalf of Sesa Sterlite Limited
IN WITNESSES:
| 1. | XXXXX XXXXXXX CS & AVP Legal Sesa Sterlite Ltd. |
/s/ Xxxxx Xxxxxxx | ||
| 2. | XXXXXXX XXXXXX Sesa Sterlite Ltd |
/s/ Xxxxxxx Xxxxxx | ||
Sesa Sterlite Limited (Formerly known as Sesa Goa Limited)
Registered Office: Sesa Ghor, 00 XXX Xxxxxxx, Xxxxx, Xxxxxx (Goa) - 403 001
T x00-000 000 0000 F x00-000 000 0000 xxx.xxxxxxxxxxxx.xxx
CIN: L13209GA1965PLC000044
