Document:

Guaranty by Charles M. Thompson

 EXHIBIT 10.13 
 FHLMC Loan No. 968717616 
 Lofton Place 
 GUARANTY-CME 
 MULTISTATE 
 (for use in all Property jurisdictions except California) 
 REVISION DATE 8-14-2009 
 This Guaranty (“Guaranty”) is entered into to be effective as of October 1, 2009, by the undersigned Person(s) (the “Guarantor” jointly and severally if more than
one), for the benefit of CWCAPITAL LLC, a Massachusetts limited liability company (the “Lender”). 
 RECITALS 
 A.    Evergreen at Lofton Place, LLC, a Delaware limited liability company (the
“Borrower”) has requested that Lender make a loan to Borrower in the amount of $12,000,000.00 (the “Loan”). The Loan will be evidenced by a Multifamily Note from Borrower to Lender dated effective as of the
effective date of this Guaranty (the “Note”). The Note will be secured by a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated effective as of the effective date of the Note (the “Security
Instrument”), encumbering the Mortgaged Property described in the Security Instrument. 
 B.    As a condition to making the Loan to Borrower, Lender requires that the Guarantor execute this Guaranty. 
 NOW, THEREFORE, in order to induce Lender to make the Loan to Borrower, and in consideration thereof, Guarantor agrees as follows: 
 1.    Defined Terms. “Indebtedness,” “Loan Documents” and “Property
Jurisdiction” and other capitalized terms used but not defined in this Guaranty shall have the meanings assigned to them in the Security Instrument. 
 2.    Scope of Guaranty. 
 (a)    Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender: 
  

	 	(i)	the full and prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, of each of the
following: 

  

	 	(A)	a portion of the Indebtedness equal to zero percent (0%) of the original principal balance of the Note (the “Base Guaranty”); and

  

	 	(B)	in addition to the Base Guaranty, all other amounts for which Borrower is personally liable under Sections 9(c), 9(d) and 9(f)(provided, however, that Guarantor
shall have no liability for failure of the Borrower or SPE 

  

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Equity Owner to comply with (I) Section 33(b)(xviii) of the Security Instrument as to payment of trade payables within 60 days of the date incurred) of the Note; and

  

	 	(C)	all costs and expenses, including reasonable Attorneys’ Fees and Costs incurred by Lender in enforcing its rights under this Guaranty; and

  

	 	(ii)	the full and prompt payment and performance when due of all of Borrower’s obligations under Section 18 of the Security Instrument. 

(b)    If the Base Guaranty stated in Section 2(a)(i)(A) is 100 percent of the original principal balance of the
Note, then (i) the Base Guaranty shall mean and include the full and complete guaranty of payment of the entire Indebtedness and the performance of all Borrower’s obligations under the Loan Documents; and (ii) for so long as the Base
Guaranty remains in effect (there being no limit to the duration of the Base Guaranty unless otherwise expressly provided in this Guaranty), the obligations guaranteed pursuant to Sections 2(a)(i)(B), 2(a)(i)(C) and Section 3 shall be part
of, and not in addition to or in limitation of, the Base Guaranty. 
     If the Base Guaranty stated in
Section 2(a)(i)(A) is less than 100 percent of the original principal balance of the Note, then this Section 2(b) shall be completely inapplicable and shall be treated as if not a part of this Guaranty. 
 (c)    If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower with respect to the
Indebtedness and all amounts received by Lender from the enforcement of its rights under the Security Instrument and the other Loan Documents (except this Guaranty) shall be applied first to the portion of the Indebtedness for which neither Borrower
nor Guarantor has personal liability. 
 3.    [INTENTIONALLY DELETED] 
 4.    Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this Guaranty shall
survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure, and any release of record of the Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower’s obligations
under Section 18 of the Security Instrument shall survive any repayment or discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has never been a mortgagee-in-possession of or held title to the Mortgaged Property, Guarantor
shall have no obligation under this Guaranty relating to Borrower’s obligations under Section 18 of the Security Instrument after the date of the release of record of the lien of the Security Instrument as a result of the payment in full
of the Indebtedness on the Maturity Date or by voluntary prepayment in full. 
 5.    Guaranty of Payment
and Performance. Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection. 
 6.    No Demand by Lender Necessary; Waivers by Guarantor. The obligations of Guarantor under this Guaranty shall
be performed without demand by Lender and shall be unconditional regardless of the genuineness, validity, regularity or enforceability of the Note, the Security Instrument, or any other Loan Document, and without regard to any other circumstance
which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor. Guarantor hereby waives, to the fullest extent permitted by applicable law: 
  

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 (a)    the benefit of all principles or provisions of law, statutory or
otherwise, which are or might be in conflict with the terms of this Guaranty and agrees that Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a
legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor; 
 (b)    the benefits of
any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower or a mortgagor, and any other rights of a surety, a guarantor, a borrower or a mortgagor under such statutes or laws; 
 (c)    diligence in collecting the Indebtedness, presentment, demand for payment, protest, all notices with respect to
the Note and this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Guarantor under this Guaranty, including, but not limited to, notice of acceptance, notice of any amendment of the
Loan Documents, notice of the occurrence of any default or Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by Borrower of any
obligation or indebtedness; 
 (d)    all rights to cause a marshalling of the Borrower’s assets or to
require Lender to: 
  

	 	(i)	proceed against Borrower or any other guarantor of Borrower’s payment or performance under the Loan Documents (an “Other Guarantor”);

  

	 	(ii)	proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other Guarantor is a partnership; 

  

	 	(iii)	proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness; or 

  

	 	(iv)	pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership, any general partner of Borrower; 

 (e)    any right to object to the timing, manner or conduct of Lender’s enforcement of its rights under any of the
Loan Documents; and 
 (f)    any right to revoke this Guaranty as to any future advances by Lender under
the terms of the Security Instrument to protect Lender’s interest in the Mortgaged Property. 
 7.    Modification of Loan Documents. At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of Guarantor, Lender may: 
 (a)    extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in
whole or in part; 
 (b)    extend the time for Borrower’s performance of or compliance with any
covenant or agreement contained in the Note, the Security Instrument or any other Loan Document, whether presently existing or hereinafter entered into, or waive such performance or compliance; 
 (c)    accelerate the Maturity Date of the Indebtedness as provided in the Note, the Security Instrument, or any other
Loan Document; 
  

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 (d)    with Borrower, modify or amend the Note, the Security Instrument,
or any other Loan Document in any respect, including, but not limited to, an increase in the principal amount; and/or 
 (e)    modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the Indebtedness. 
 8.    Joint and Several Liability. The obligations of Guarantor (and each party named as a Guarantor in this
Guaranty) and any Other Guarantor shall be joint and several. Lender, in its sole and absolute discretion, may: 
 (a)    bring suit against Guarantor, or any one or more of the parties named as a Guarantor in this Guaranty, and any Other Guarantor, jointly and severally, or against any one or more of them; 
 (b)    compromise or settle with Guarantor, any one or more of the parties named as a Guarantor in this Guaranty, or any
Other Guarantor, for such consideration as Lender may deem proper; 
 (c)    release one or more of the
parties named as a Guarantor in this Guaranty, or any Other Guarantor, from liability; and 
 (d)    otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any manner, and no such action shall impair the rights of Lender to collect from Guarantor any amount guaranteed by Guarantor
under this Guaranty. 
 9.    Subordination of Borrower’s Indebtedness to Guarantor. Any
indebtedness of Borrower held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and Guarantor shall collect, enforce and receive any such indebtedness of Borrower as trustee for Lender, but without reducing or
affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 
 10.    Waiver of Subrogation. Guarantor shall have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of Borrower by reason of any payment by
Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible period thereafter during which any
payment made by Borrower to Lender with respect to the Indebtedness could be deemed a preference under the United States Bankruptcy Code. 
 11.    Preference. If any payment by Borrower is held to constitute a preference under any applicable bankruptcy, insolvency, or similar laws, or if for any other reason Lender
is required to refund any sums to Borrower, such refund shall not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty shall not be
discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 
 12.    Financial Information. Guarantor, from time to time upon written request by Lender, shall deliver to Lender such financial statements as Lender may reasonably require. If an Event of Default has occurred
and is continuing, Guarantor shall deliver to Lender upon written request copies of its state and federal tax returns. 
  

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 13.    Assignment. Lender may assign its rights under this
Guaranty in whole or in part and upon any such assignment, all the terms and provisions of this Guaranty shall inure to the benefit of such assignee to the extent so assigned. The terms used to designate any of the parties herein shall be deemed to
include the heirs, legal representatives, successors and assigns of such parties, and the term “Lender” shall also include any lawful owner, holder or pledgee of the Note. 
 14.    Complete and Final Agreement. This Guaranty and the other Loan Documents represent the final agreement
between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements. There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings,
representations, and statements, oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its
provisions may be waived, modified, amended, discharged, or terminated except by a writing signed by the party against which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then only to the extent set
forth in that writing. 
 15.    Governing Law. This Guaranty shall be governed by and enforced in
accordance with the laws of the Property Jurisdiction, without giving effect to the choice of law principles of the Property Jurisdiction that would require the application of the laws of a jurisdiction other than the Property Jurisdiction.

 16.    Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation to
this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have jurisdiction over all controversies which shall arise under or in relation
to this Guaranty. Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However,
nothing herein is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters arising under this Guaranty against Guarantor or any of Guarantor’s assets in any court of any other jurisdiction. 

17.    Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a direct or
indirect ownership or other financial interest in Borrower and/or will otherwise derive a material financial benefit from the making of the Loan. 
 18.    STATE-SPECIFIC PROVISIONS: N/A. 
 19.    Residence; Community Property Provision. 
 (a) Guarantor represents and warrants
that his state of residence is Massachusetts. 
 (b) Guarantor warrants and represents that he is: 
 [   ] single 
 [X] married 
 20.    GUARANTOR AND LENDER EACH
(A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY
WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

 

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 ATTACHED EXHIBIT. The following Exhibit is attached to this Guaranty: 
 [    ] Exhibit A Modifications to Guaranty 
 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has caused this Guaranty to be signed and delivered under seal by
its duly authorized representative. 
  

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	WITNESS:
	
	/s/ Iveir Medrone
	Print Name: Iveir
Medrone                                        
    

	
	/s/ Charles M. Thompson
	Charles M. Thompson

	
	
	/s/ Joseph Scruggs
	Print Name: Joseph
Scruggs                             

 STATE OF MASSACHUSETTS 
 CITY/COUNTY OF SUFFOLK, ss: 
 I HEREBY CERTIFY that on this day, before me, an
officer duly authorized in the state aforesaid and in the county aforesaid to take acknowledgments, personally appeared Charles M. Thompson, to me known to be the person described in and who executed the foregoing instrument for the purposes therein
contained. 
 Witness my hand and official seal in the county and state aforesaid, this 16th day of September, 2009.

  

	
	
	/s/ Barbara V. Nichols
	Notary Public

  

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 Name and Address of Guarantor: 
  

																											
	Name:	 	Charles M. Thompson	 		 		 		 		 		 		 		 		 		  	
	Address:	 	c/o Evergreen Residential	 		 		 		 		 		 		 		  	
		 	519 Harrison Avenue, Suite 512	 		 		 		 		 		 		 		  	
		 	Boston, MA 02118	 		 		 		 		 		 		 		  	

  

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 EXHIBIT A 
 MODIFICATIONS TO GUARANTY 
 The following modifications are
made to the text of the Guaranty that precedes this Exhibit: 
  

 A-1Agreement for appointment of Mr. P M Telang as our Managing Director

 EXHIBIT 4.2 
 THIS AGREEMENT (hereinafter the “Agreement”) made on the 16th day of September 2009. 
 Between 
 Tata Motors Limited, a Company incorporated under Indian Companies Act, 1913 and having its Registered
Office at Bombay House, 24 Homi Mody Street, Mumbai 400 001 (hereinafter called “the Company”, which expression shall unless repugnant to the context include its successors and assigns) of the One Part 
 And 
 Mr Prakash Manjanath Telang, Managing
Director - India Operations, (hereinafter called “Mr Telang” or the “Managing Director” as the case may be, of the Other Part). 
 WHEREAS the Board of Directors of the Company (hereinafter called the “Board”) has at its meeting held on May 29, 2009 appointed Mr Telang as the Managing Director - India Operations
of the Company for a period from June 2, 2009 to June 21, 2012 and Mr Telang has agreed to serve the Company upon the terms and conditions contained in the resolution passed by the Board at its meeting held on May 29, 2009, and in the
agreement to be executed between the Company and the Managing Director, subject to the approval of the shareholders of the Company. 
 AND
WHEREAS the said appointment has been approved by the shareholders at their meeting held on August 25, 2009. 
 AND WHEREAS the Parties
hereto are desirous of entering into an agreement, being these presents, to record the terms and conditions aforesaid. 
 NOW THESE PRESENTS
WITNESSETH AND IT IS HEREBY AGREED as follows: 
  

	1.	Definitions and interpretation 

  

	1.1	Definitions 

  

	1.1.1	‘Act’ means the Companies Act, 1956, as amended, modified or re-enacted from time to time. 

  

	1.1.2	‘Confidential Information’ means information relating to the business, products, affairs and finances of the Company or any of its associated company
or subsidiary for the time being confidential to it or to them and trade secrets (including without limitation technical data and know-how) relating to the business of the Company or of any of its associated company or of any of its or their
suppliers, clients or customers. 

  

	1.1.3	‘Intellectual Property’ includes patents, trade marks whether registered or unregistered, registered or unregistered designs, utility models,
copyrights including design copyrights, applications for any of the foregoing and the right to apply for them in any part of the world, discoveries, creations, inventions or improvements upon or additions to an invention, Confidential Information,
know-how and any research effort relating to any of the above mentioned business, names whether registrable or not, moral rights and any similar rights in any country. 

  

	1.1.4	‘Parties’ means collectively the Company and the Managing Director and “Party” means individually each of the Parties.

  

	1.2	Interpretation 

 In this
Agreement, unless the context otherwise requires: 
  

	1.2.1	Any reference herein to any clause is to such Clause. The Recitals and Clauses to this Agreement including this Interpretation Clause shall be deemed to form part of
this Agreement; 

  

	1.2.2 	The headings are inserted for convenience only and shall not affect the construction of this Agreement; 

  

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	1.2.3	Words importing the singular include the plural and vice versa, and words importing a gender include each of the masculine, feminine and neuter gender;

  

	2.	Term and Termination 

  

	2.1	Subject as hereinafter provided, this Agreement shall remain in force upto June 21, 2012 unless terminated earlier. 

  

	2.2	This Agreement may be terminated earlier by either Party by giving to the other Party six months’ notice of such termination or the Company paying six months’
remuneration in lieu of such notice. 

  

	3.	Duties & Powers 

  

	3.1	The Managing Director shall devote his whole time and attention to the business of the Company and carry out such duties as may be entrusted to him by the Board from
time to time and separately communicated to him and exercise such powers as may be assigned to him, subject to superintendence, control and directions of the Board in connection with and in the best interests of the business of the Company and the
business of any one or more of its associated companies and / or subsidiaries, including performing duties as assigned by the Board from time to time by serving on the boards of such associated companies and / or subsidiaries or any other executive
body or any committee of such a company. 

  

	3.2	The Managing Director shall not exceed the powers so delegated by the Board pursuant to clause 3.1 above. 

  

	3.3	The Managing Director undertakes to employ the best of his skill and ability to make his utmost endeavours to promote the interests and welfare of the Company and to
conform to and comply with the directions and regulations of the Company and all such orders and directions as may be given to him from time to time by the Board. 

  

	4.	Remuneration 

  

	4.1	So long as the Managing Director performs his duties and conforms to the terms and conditions contained in this Agreement, he shall, subject to such approvals as may be
required, be entitled to the following remuneration subject to deduction at source of all applicable taxes in accordance with the laws for the time being in force. 

  

	 	a.	Salary: Rs 4,50,000/- per month upto a maximum of Rs. 6,50,000/- per month. The annual increments which will be effective 1st April each year, will be
decided by the Board and will be merit-based and take into account the Company’s performance as well. 

  

	 	b.	Benefits, Perquisites, Allowances determined by the Board in terms of authority granted by the shareholders at their meeting held on August 25, 2009:

  

	 	  	In addition to the basic salary referred to in (a) above, the Managing Director shall be entitled to: 

  

	 	(I)	Rent-free residential accommodation (furnished or otherwise) the Company bearing the cost of repairs, maintenance, society charges and utilities (e.g. gas, electricity
and water charges) for the said accommodation. 

 OR 
  

	 	  	House Rent, House Maintenance and Utility Allowances aggregating 85% of the basic salary (in case residential accommodation is not provided by the Company).

  

	 	(II)	Hospitalization, Transport, Telecommunication and other facilities: 

  

	 	(i)	Hospitalization and major medical expenses for self, spouse and dependent (minor) children; 

	 	(ii)	Car, with driver provided, maintained by the Company for official and personal use. 

	 	(iii)	Telecommunication facilities including broadband, internet and fax. 

	 	(iv)	Housing Loan as per the Rules of the Company. 

  

	 	(III)	Other perquisites and allowances given below subject to a maximum of 55% of the annual salary; 

  

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 *The categories of perquisites / allowances to be included within the 55%
limit shall be — 
  

									
	a)	  	Allowances	  			 	33.34	% 
	b)	  	Leave Travel Concession/Allowance	  			 	8.33	% 
	c)	  	Medical allowance	  			 	8.33	% 
		  		  			 	 	 
		  		  			 	50.00	% 
		  		  			 	 	 
	d)	  	Personal Accident Insurance     ) @ actuals subject	  			 		
	e)	  	Club Membership fees                 ) to a cap of	  	5.00	% 	 		
		  		  	 	 	 		
		  		  			 	55.00	% 
		  		  			 	 	 

 *to specify actual perquisites and allowances granted to the
Managing Director 
  

	 	(IV)	Contribution to Provident Fund, Superannuation Fund or Annuity Fund and Gratuity Fund as per the Rules of the Company. 

  

	 	(V)	The Managing Director shall be entitled to leave in accordance with the Rules of the Company. Privilege Leave earned but not availed by the Managing Director is
encashable in accordance with the Rules of the Company. 

  

	 	c.	Commission: Such remuneration by way of commission, in addition to the salary and perquisites and allowances payable, calculated with reference to the net
profits of the Company in a particular financial year, as may be determined by the Board of the Company at the end of each financial year, subject to the overall ceilings stipulated in Sections 198 and 309 of the Act. The specific amount payable to
the Managing Director will be based on performance as evaluated by the Board or a Committee thereof duly authorized in this behalf and will be payable annually after the Annual Accounts have been approved by the Board. 

  

	 	d.	Incentive Remuneration: Such incentive remuneration not exceeding 200% of salary to be paid at the discretion of the Board annually, based on certain performance
criteria and such other parameters as may be considered appropriate from time to time. 

  

	4.2	Minimum Remuneration: Notwithstanding anything to the contrary herein contained, where in any financial year during the currency of the tenure of the Managing
Director, the Company has no profits or its profits are inadequate, the Company will pay to the Managing Director remuneration by way of Salary, Benefits, Perquisites and Allowances, and Incentive Remuneration as specified above.

  

	5.	Variation 

  

	  	The terms and conditions of the appointment of the Managing Director and / or this Agreement may be altered and varied from time to time by the Board as it may, in its
discretion deem fit, irrespective of the limits stipulated under Schedule XIII to the Act or any amendments made hereafter in this regard in such manner as may be agreed to between the Board and the Managing Director, subject to such approvals as
may be required. 

  

	6.	Intellectual Property 

  

	6.1	The Parties acknowledge that the Managing Director may make, discover or create Intellectual Property (IP) in the course of his employment and agree that in this
respect the Managing Director has a special obligation to protect such IP and use them to further the interests of the Company. 

  

	6.2	Subject to the provisions of the laws relating to intellectual property for the time being in force in India, if at any time during his employment, the Managing
Director makes or discovers or participates in the making or discovery of any IP relating to or capable of being used in the business for the time being carried on by the Company or any of its subsidiaries or associated companies, full details of
the Intellectual Property shall immediately be communicated by him to the Company and such IP shall be the absolute property of the Company. At the request and expense of the Company, the Managing Director shall give and supply all such information,
data, drawings and assistance as may be required to enable the Company to exploit the IP to its best advantage and the Managing Director shall execute all documents and do all things which may be necessary or desirable for obtaining patent or other
protection for the Intellectual Property in such parts of the world as may be specified by the Company and for vesting the same in the Company or as it may direct. 

  

	6.3	 The Managing Director hereby irrevocably appoints the Company as his attorney in his name and on his behalf to sign or execute any such instrument or
do any such thing and generally to use his name for the purpose of giving to the Company or its

  

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nominee the full advantage of the provisions of this clause and if in favour of any third Party, a certificate in writing signed by any director or the secretary of the Company that any
instrument or act falls within the authority conferred by this clause shall be conclusive evidence that such is the case. 

  

	6.4	If the IP is not the property of the Company, the Company shall, subject to the provisions of the applicable laws for the time being in force, have the right to acquire
for itself or its nominee, the Managing Director’s rights in the IP within 3 months after disclosure pursuant to clause 6.2 above on fair and reasonable terms. 

  

	6.5	The rights and obligations under this clause shall continue in force after termination of the Agreement in respect of IP relating to the period of the Managing
Director’s employment under the Agreement and shall be binding upon his heirs and legal representatives. 

  

	7.	Confidentiality 

  

	7.1	The Managing Director is aware that in the course of his employment he will have access to and be entrusted with information in respect of the business and finances of
the Company including intellectual property, processes and product specifications, etc. and relating to its dealings, transactions and affairs and likewise in relation to its subsidiaries, associated companies, customers or clients all of which
information is or may be of a confidential nature. 

  

	7.2	The Managing Director shall not except in the proper course of performance of his duties during or at any time after the period of his employment or as may be required
by law divulge to any person whatever or otherwise make use of and shall use his best endeavours to prevent the publication or disclosure of any Confidential Information of the Company or any of its subsidiaries or associated companies or any of its
or their suppliers, agents, distributors or customers. 

  

	7.3	All notes, memoranda, documents and Confidential Information concerning the business of the Company and its subsidiaries or associated companies or any of its or their
suppliers, agents, distributors or customers which shall be acquired, received or made by the Managing Director during the course of his employment shall be the property of the Company and shall be surrendered by the Managing Director to the Company
upon the termination of his employment or at the request of the Board at any time during the course of his employment. 

  

	8.	Non-competition 

  

	  	The Managing Director covenants with the Company that he will not, during the continuance of his employment with the Company, without the prior written consent of the
Board, carry on or be engaged, directly or indirectly, either on his own behalf or on behalf of any person, or as manager, agent, consultant or employee of any person, firm or company, in any activity or business, in India or overseas, which shall
directly or indirectly be in competition with the business of the Company or its subsidiaries or associated companies. 

  

	9.	Selling Agency 

  

	  	The Managing Director, so long as he functions as such, undertakes not to become interested or otherwise concerned, directly or though his spouse and/ or children, in
any selling agency of the Company. 

  

	10.	Tata Code of Conduct 

  

	  	The provisions of the Tata Code of Conduct shall be deemed to have been incorporated into the Agreement by reference. The Managing Director shall during his term, abide
by the provisions of the Tata Code of Conduct in spirit and in letter and commit to assure its implementation. 

  

	11.	Personnel Policies 

  

	  	All Personnel Policies of the Company and the related Rules which are applicable to other employees of the Company shall also be applicable to the Managing Director,
unless specifically provided otherwise. 

  

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	12.	Summary termination of employment 

  

	  	The employment of the Managing Director may be terminated by the Company without notice or payment in lieu of notice: 

  

	 	a.	if the Managing Director is found guilty of any gross negligence, default or misconduct in connection with or affecting the business of the Company or any subsidiary or
associated company to which he is required by the Agreement to render services; or 

  

	 	b.	in the event of any serious or repeated or continuing breach (after prior warning) or non-observance by the Managing Director of any of the stipulations contained in
the Agreement; or 

  

	 	c.	in the event the Board expresses its loss of confidence in the Managing Director. 

  

	13.	Termination due to physical / mental incapacity 

  

	  	In the event the Managing Director is not in a position to discharge his official duties due to any physical or mental incapacity, the Board shall be entitled to
terminate this contract on such terms as the Board may consider appropriate in the circumstances. 

  

	14.	Resignation from directorships 

  

	  	Upon the termination by whatever means of his employment under the Agreement: 

  

	 	a.	the Managing Director shall immediately tender his resignation from offices held by him in any subsidiaries and associated companies without claim for compensation for
loss of office and in the event of his failure to do so the Company is hereby irrevocably authorised to appoint some person in his name and on his behalf to sign and deliver such resignation or resignations to the Company and to each of the
subsidiaries and associated companies of which the Managing Director is at the material time a director or other officer. 

  

	 	b.	the Managing Director shall not without the consent of the Company at any time thereafter represent himself as connected with the Company or any of the subsidiaries and
associated companies. 

  

	15.	Agreement co-terminus with employment / directorship 

  

	15.1	The Managing Director is being appointed by virtue of his employment in the Company and his appointment shall be subject to the provisions of Section 283(1)
(l) of the Act. 

  

	15.2	If and when this Agreement expires or is terminated for any reason whatsoever, Mr Telang will cease to be the Managing Director and also cease to be a Director. If at
any time, the Managing Director ceases to be a Director of the Company for any reason whatsoever, he shall cease to be the Managing Director and this Agreement shall forthwith terminate. If at any time, the Managing Director ceases to be in the
employment of the Company for any reason whatsoever, he shall cease to be a Director and Managing Director of the Company. 

  

	16.	Notices 

  

	  	Notices may be given by either Party by letter addressed to the other Party at, in the case of the Company, its registered office for the time being and in the case of
the Managing Director his last known address and any notice given by letter shall be deemed to have been given at the time at which the letter would be delivered in the ordinary course of post or if delivered by hand upon delivery and in proving
service by post it shall be sufficient to prove that the notice was properly addressed and posted. 

  

 5 

	17.	Miscellaneous 

  

	17.1	Governing Law 

  

	  	This Agreement shall be governed by and construed in accordance with the laws of India. 

  

	17.2	Jurisdiction 

  

	  	The Parties have agreed to the exclusive jurisdiction of the Indian courts. 

  

	17.3	Entire Agreement 

  

	  	This Agreement contains the entire understanding between the Parties and supersedes all previous written or oral agreements, arrangements, representations, and
understandings (if any) relating to the subject mater hereof. Parties confirm that they have not entered into this Agreement upon the basis of any representations that are not expressly incorporated into this Agreement. Neither oral explanation nor
oral information given by any Party shall alter or affect the interpretation of this Agreement. 

  

	17.4	Waiver 

  

	  	A waiver by either Party of a breach of provision(s) of this Agreement shall not constitute a general waiver, or prejudice the other Party’s right otherwise to
demand strict compliance with that provision or any other provisions in this Agreement. 

  

	17.5	Severability 

  

	  	Each term, condition, covenant or provision of this Agreement shall be viewed as separate and distinct, and in the event that any such term, covenant or provision shall
be held by a court of competent jurisdiction to be invalid, the remaining provisions shall continue. 

  

	17.6	Counterparts 

  

	  	This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute the same agreement.

 IN WITNESS WHEREOF these presents have been executed by the Parties hereto on the day and year first above written. 

The Common Seal of TATA MOTORS LIMITED 
 was
hereunto affixed pursuant to the Resolution 
 passed by the Board of Directors at the Meeting 
 held on May 29, 2009 in the presence of: 
 and

 two Directors of the Company 
 Witnesses: 
 SIGNED, SEALED AND DELIVERED 
 by the said Mr P M Telang 
 in the presence of: 
 Witnesses: 
  

 6

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