Relative means immediate relative, namely ones spouse, parent, brother, sister or child of the person or spouse.
FEMA means the Foreign Exchange Management Act, 1999 of India, the rules and regulations notified thereunder and any amendments thereto. The restrictions under FEMA, as referred to in this Agreement and as existing on the effective date of the Appendix, will be read to include the amendments made to FEMA subsequent to the effective date of the Appendix and will be deemed to have always included such amendments.
Indian Subsidiary means [Indian Subsidiary name] for so long as the holding-subsidiary relationship exists between the Company and [Indian Subsidiary name], as per the provisions of Section 4 of the Indian Companies Act, 1956.
Promoter the person or persons who are in over-all control of the Indian Subsidiary, who are instrumental in the formation of the Indian Subsidiary or program pursuant to which the shares were offered to the public, or the person or persons named in the offer document as promoter(s), provided that a director or officer of the Indian Subsidiary, if he is acting as such only in his professional capacity, will not be deemed to be a Promoter. Where a Promoter of the Indian Subsidiary is a body corporate, the promoters of that body corporate will also be deemed to be Promoters of the Indian Subsidiary.
Promoter Group means a Relative of the Promoter, persons whose shareholding is aggregated for the purpose of disclosing in the offer document shareholding of the promoter group.
All references to Service Providers in the Agreement and the Plan will refer only to Employees and the service of Employees only.
The following supplements the last paragraph of the Grant Notice:
Notwithstanding the provisions of the Plan, Options in the form of Shares granted to residents of India may only be granted to Employees who are, on the date of grant, resident in India in accordance with the provisions of FEMA and satisfy the provisions in FEMA regarding eligibility, as applicable.
The following supplements Section 5.19 of the Agreement:
In addition, if the Indian Subsidiary has 100 or more employees, then the Indian Industrial Employment (Standing Order) Act of 1946 applies, which requires that employees, including Participant, have rights of access to Data.
The following Sections are added as Sections 5.22 through 5.25 of the Agreement:
5.22 Foreign Assets Reporting Information. Participant is required to declare foreign bank accounts and any foreign financial assets (including Shares subject to the Option held outside India) in his or her annual tax return. It is Participants responsibility to comply with this reporting obligation and Participant should consult with his or her personal tax advisor in this regard.
5.23 Exchange Control Information. Regardless of the method of exercise used to purchase the Shares, Participant understands that Participant must repatriate any proceeds from the sale of Shares acquired under the Plan or the receipt of any dividends to India within 90 days of receipt. Participant must obtain a foreign inward remittance certificate (FIRC) from the bank where Participant deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or Participants employer requests proof of repatriation.