CLEAN ELECTRIC PRIVATE LIMITED

Near Hotel Jayant Executive, Gate No. 679, Pune

Nashik Highway, Kuruli, Chakan, Pune, Maharashtra,
410501

Ref. No: HRD/CE/24-25/36

Offer Letter
Date – 07/11/2024

Ganesh Ramesh More

Hinjewadi, Pune - 411057.

Dear Ganesh Ramesh More,

This is in reference to your application for employment and the subsequent interviews with us, the management hereby
offers you a position in our organization on the following Terms & Conditions as effective from 06/02/2024.

1. DESIGNATION: Validation Engineer

2. PROBATION: Your employment will have a probationary period of 2 months from the date of joining. During this
period either party can terminate the employment with a notice period of 3 days or payment in lieu thereof without
assigning any reason. Your service will be confirmed at the end of the probation period if the management is satisfied with
your work & conduct. The management reserves the right to extend your probation period if your performance, in the
opinion of the management, does not come up to its expectations.

3. LEAVE: You will be entitled to leave in accordance with the leave rules of the company.

4. REMUNERATION: Your annual CTC would be 11,00,000 INR. Please refer to the attached Annexure A

4.1 TSOSP and Vesting schedule: INR 2,00,000 Worth of TSOPS As Per Company Policy, grant letter will be given, post
completion of probationary period of 2 months. (Date. 06.04.2025).

Vesting Schedule:

On completion of twelve (12) months of continuous full-time employment (“Cliff Period”) with the Company following the
Acceptance Date, the Options shall vest in accordance with the table herein below:

Particulars No of Options Vested

At the end of 12 months from the Grant Date 25%

At the end of 24 months from the Grant Date 25%

At the end of 36 months from the Grant Date 25%

At the end of 48 months from the Grant Date 25%

4.2 TDS will Be deducted as per the Government Policy

4.3 You will be eligible to receive reimbursement for company-related expenses with the prior approval of your Reporting
Manager.

5. WORK SCHEDULE: The company offers flexible working hours where you will be required to work Nine (9) hours per
day in-between 8AM to 9PM, Six days per week.
6. PLACE OF POSTING: Your place of joining will be Pune, Maharashtra.

7. You will be enrolled in the company’s medical insurance policy, which provides comprehensive health coverage for you.

8. COMPANY ASSETS: You shall undertake and agree that all the company’s property, assets, articles and effects or any
nature whatsoever which shall come into your possession, in the course of your engagement or otherwise, shall be the
absolute property of the company. You shall keep such property or assets in good condition and order and when
demand, at any time during your engagement or at the cessation thereof for any cause whatsoever, delivers the same to
the company. In the event of your failure to account for such property or assets aforesaid to the satisfaction of the
company, the company shall be entitled to deduct from your dues the value of all such properties, or assets as well as to
take such other action or proceeding in this regard as the company may deem proper.

9. RULES AND REGULATIONS: During your services with the company, your services will be governed by the applicable
model standing orders / rules and regulations / office orders / code of conduct and company policies & procedures etc.
framed by the company from time to time. In case of violation or breach of any of the rules, regulations, code of conduct,
office orders, policies and procedures etc. or found indulged in any misconduct as stated in all above, the appropriate
disciplinary action shall be initiated against you in accordance with the applicable legal Acts and laws.

10. CORRESPONDENCE: Your address noted above shall be treated as your address for correspondence. You shall keep
the management informed with any change in your postal address, otherwise the last address communicated by you to
the company or available in the company’s record will be deemed as your postal address for the purpose of all
communications from the Management. You will not refuse to accept any communication delivered to you by hand or
through registered post or by courier etc. Such refusal will be considered as misconduct.

11. SUPERVISION: You will work under the supervision of such officers as may be declared upon by the Management
from time to time. You shall diligently and satisfactorily carry out instructions given to you by your superiors in connectio n
with the work assigned to you to the best of your potentialities, skill and ability. Also, you shall abide by the instructions
and directions issued to you from time to time verbally or in writing by your superiors directly or by pasting a notice on
the notice board of the Company. In case you have any reservation about obeying any order it will be obligatory upon
you to obey the order first and then represent any grievance to your immediate Head. No representation shall however
be entertained unless you have carried out the orders given to you.

12. FITNESS: Your employment in our company will be subject to your being found and remaining physically and
mentally fit and alerts to perform your duties. Your services will be liable to be terminated on being found physically and
mentally unfit by the registered medical officer / practitioner nominated by the company at any time, when the
management feels it necessary.

13. RETIREMENT: You will automatically retire from the services of the company without any notice of your reaching the
age of 58 years. The Management reserves the right to retire you from the service at any time if you are found to be
medically unfit. The date of your birth communicated by you in the employment form and other proofs submitted in
support and admitted by us as correct shall be the basis of calculation of your retirement date from the services of the
company.

14. INTELLECTUAL PROPERTY: For the purposes of this appointment letter “Intellectual Property” shall include all kinds
of intellectual property generally recognized as such under the applicable laws of India and any other country, as the
case may be, including inventions and innovations, patentable or not, or works, copyrightable or not. Without prejudice to
the generality of the above, Intellectual Property shall, without limitation, include software programs or documentation,
manuals, specifications, inventions, processes, drawings, products, services, designs, ideas, formulae, trade secrets,
know-how, or data of any nature.

The company owns all Intellectual Property that the employee develops or conceives in the course of or arising out of the
employment, whether alone or in conjunction with someone else, and whether during or outside working hours: (a) using
the company’s or any of the company’s clients’ premises, resources or facilities; (b) in the course of, as a consequence of
or in relation to the performance of the duties under this appointment letter; (c) directly or indirectly as a result of the
employee’s or third parties’ access to the confidential information or other Intellectual Property of the company, or
company’s clients’ confidential information or Intellectual Property; (d) in respect of or associated with any of the
company’s products or services and any alterations or additions or methods of making, using, marketing, selling or
providing these products or services; or (e) relating to other Intellectual Property.
The employee confirms and agrees that all works, innovations, inventions or other Intellectual Property are the sole and
absolute property of the company, and that the employee has no right, title or interest in the same.

The employee hereby constitutes the company as its irrevocable attorney for the purposes of executing any and all
documents necessary to protect the interests of the company and for procuring the full benefits of the provisions of this
appointment letter which shall without limitation include: (a) applying to any statutory authority for procuring
trademarks, patents, designs, copyrights; or (b) assigning to itself or its nominees all works, inventions, innovations or
other Intellectual Property. The company shall, if it deems necessary, be entitled to use the name of the employee for any
such purpose.

The employee shall also ensure that Confidential Information or Intellectual Property that was procured in the previous
employment of the employee or that the company is otherwise not entitled to use is not used in any manner whatsoever.

15. TERMINATION / NOTICE PERIOD:

In case you remain absent from your duty without prior sanction of leaves continuously for 3 days, you shall be deemed
to have abandoned the services of the Company without any notice to this effect and accordingly you shall be liable to
lose your lien on the job.

During probation period or after confirmation your services are liable to be terminated without assigning any reason,
notice or salary in lieu thereof, in case you are found indulged in any act causing financial loss, gross misconduct, or
adversely affecting the goodwill of the company or other employees. After confirmation your official notice period will be
60 days. If you are unable to serve the complete notice, you will be required to pay the proportionate part of your salary
for that part of the notice period that is not fulfilled. Similarly, the company can terminate the contract by giving 60 days
of notice or the salary in the lieu of (not applicable if the termination of employment happens due to act causing financial
loss, gross misconduct or adversely affecting the goodwill of the company or other employees.

16. CONFIDENTIALITY: You will not, at any time, during the employment or after, without the consent of the Board of
Directors disclose or divulge or make public, except on legal obligations, any information regarding the Company’s affairs
or administration or research carried out, whether the same is confided to you or becomes known to you in the course of
your service or otherwise.

17. STATEMENT OF FACTS: If during the period of your employment at any time it is found that the information supplied
in your application or Bio-data form submitted by you in our company is false, misleading or incorrect wholly or partially,
the Management will be at full liberty to terminate your services without giving any notice or payment in lieu of notice.

18. INDEMNITY: The employee shall indemnify and hold harmless the company, its affiliates, officers, directors,
employees and agents, from and against any and all claims, actions, suits, proceedings, costs, expenses (including court
costs and attorney’s fees), damages, obligations, including but not limited to alleged breach of a contractual obligation
with any prior employer by him or infringement of any intellectual property belonging to previous employer or the
employer’s client.

19. CONFLICT OF INTEREST / CO-EMPLOYMENT:

Your appointment in the company calls for whole-time employment and you will devote yourself exclusively to the
business of the company. You will not take up any other work, business or profession for remuneration (part time or
otherwise) or work in an advisory capacity or be interested directly or indirectly (except as shareholders or debenture
holders of parent companies) in any other trade or business during your employment with the company, without written
permission from the Company.

You shall not render your services (whether as an employee/advisor/consultant or in whatever form) to a competitor
company or its agents, associates and group companies, for a period of twelve months from the date of cessation of
your services with the organization.

You will not, either during the employment and for a period of twelve (12) months following the termination of the
employment for any reason including resignation, directly or indirectly contact or solicit any
customers/employee/advisor/consultant of the company or any of its subsidiaries or affiliates with whom he/she has
dealt during the eighteen (18) months prior to the termination, for the purpose of selling to those
customers/employee/advisor/consultant any products or services which are the same as or substantially similar to, or in
competition with, the products or services sold by the company or any of its subsidiaries or affiliates at the time of the
employee's termination.

You agree to not, directly or indirectly, during the course of employment or for a period of one (1) year thereafter, solicit or
aid third parties to solicit any employee or consultant of company to leave their employment or engagement with
company in order to accept employment of any kind with any other person, including, but not limited to, any firm,
company, partnership or corporation.

20. MISCELLANEOUS: In accordance with the standard practice of the company, the company reserves the right to
change or amend the above Terms and Conditions on formulation of new policies and procedures. You also agree to
follow and abide by all company policies and procedures.

Yours Sincerely,
For Clean Electric Pvt. Ltd.

Mr. Abhinav Roy

Director and Chief Technology Officer

Please sign below to confirm that you have read the contents of this letter and accepted them.

Signature and Date

Ganesh Ramesh More
Annexure A
This is your expected salary structure.

Salary Component Monthly Yearly

Basic Salary 45,833 5,49,996

HRA 22,917 2,75,004

Special Allowance 16,762 2,01,145

PF Employee Contribution 1,800 21,600

PF Employer Contribution 1,950 23,400

Professional Tax 200 2,400

Gratuity Fund (4.81%of Basic Salary) 2,204 26,455

Total 91,666 11,00,000

Note: You will receive salary, and all other benefits forming part of your remuneration package subject to, and after,
deduction of TDS, PF, ESI and professional taxes in accordance with applicable law.

Gratuity Fund: Gratuity Fund: 4.81% of Basic Salary as contributed to the Gratuity Fund, inter alia payable to you on
cessation of employment after at least 5 years of continuous service with the Company.

Signature and Date

Ganesh Ramesh More