Linc Limited has entered into Joint Venture agreement with Morris Co. Ltd. to carry out manufacture and sale of anti-ink dry marker with automatic air tight sealing mechanism through a joint venture company, Morris Linc Private Limited. Proposed shareholding in the JVC as per the agreement as follows: LINC - 50.01%; MORRIS - 49.99%.

Significant terms of the agreement, inter alia includes the following: Both LINC and MORRIS have right to appoint 2 Directors each of the JVC; Chairman shall be appointed by LINC. LINC and MORRIS shall fund the JVC in accordance with the said agreement. If the JVC is raising funds by issuing shares, then unless both LINC and MORRIS agree otherwise, it shall be undertaken by way of a rights issue. All Board Resolutions of the JVC shall be adopted by simple majority with affirmative vote of at least 1 (one) Director nominated by each of MORRIS and LINC. Decisions on certain matters (including allotment of shares) cannot be taken at shareholder meetings without the affirmative vote of both LINC and MORRIS.

Both LINC and MORRIS are subject to certain non-compete and non-solicitation obligations under the agreement. Other standard terms and conditions applicable to a Shareholding Agreement for operation and management of JVC. The equity shares of JVC shall be subscribed at a price of INR 10 each by LINC and MORRIS.