EMPLOYMENT AGREEMENT



         THIS EMPLOYMENT AGREEMENT (the "Agreement") is made this 30th day of

August, 2002, by and between CARACO PHARMACEUTICAL LABORATORIES LTD. (the

"Company") and JITENDRA N. DOSHI ("Employee").



                               W I T N E S S E T H



         WHEREAS, the Company employs the Employee as its Chief Operating

 Officer;



         WHEREAS, the parties hereto are desirous of entering into a formal

agreement of employment.



         NOW, THEREFORE, in consideration of the premises and covenants herein

contained, the parties covenant and agree as follows:



1.       Employment. The Employee is the Chief Operating Officer of the Company.





2.       Duties. The Employee 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. Such duties shall include,

         but not be limited to, those set forth in Exhibit "A," a copy of which

         is attached hereto and is herein incorporated by reference.



3.       (a) Compensation. The Company shall pay the Employee a salary at a rate

         of $130,000 annually, subject to all applicable withholdings, for

         services rendered as the Chief Operating Officer. The Employee's base

         salary shall be reviewed annually, and may be adjusted based upon

         performance and other relevant factors deemed reasonable by the

         Company.



         (b) Other Benefits. The Employee 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 the

         Employee 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 "B," a copy of which is attached hereto and is

         herein incorporated by reference.



         (c) Vacations. The Employee shall be entitled to three (3) weeks paid

         vacation each year.





4.       Term. 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 January 1, 2002, and shall continue

         for a period of five (5) years thereafter, that is through December 31,

         2006.



5.       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





                                       26



{PAGE}



         hereto prior to the commencement of any such renewal period. The terms

         and conditions of this Agreement shall apply during any such renewal

         period.



6.       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's employment of

         the Employee under this Agreement shall be terminated:

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC