Common use of Variable Pay Clause in Contracts

Variable Pay. (i) In addition to the Fixed Pay, with respect to each completed fiscal year of the Indian Company during the Term, the Executive shall be eligible to earn a variable pay which may range from NIL to 50% of the Fixed Pay for such fiscal year (the “Variable Pay”). The actual amount of Variable Pay will be determined by the India Company Board, and based on the achievement of annual individual and Company level performance objectives established by the India Company Board, subject to: (x) the Executive’s continuing employment with the Companies through the applicable declaration date for any such Variable Pay, and (y) the Executive’s employment not having been terminated for Cause. (ii) In accordance with the above, the Variable Pay for each fiscal year as determined as being payable as of March 31 of the fiscal year (“Relevant FY for Variable Pay”), shall be paid as follows: (A) 67% of the Variable Pay for Relevant FY for Variable Pay will be paid by June 15 of the fiscal year immediately succeeding the Relevant FY for Variable Pay; (B) The balance Variable Pay for the Relevant FY for Variable Pay (“Deferred Variable Pay”) shall be paid in three equal installments with the salary payout for the month of April of the three calendar years immediately succeeding the calendar year referred in (I) above. By way of illustration: • 67% of the Variable Pay for FY 23-24 shall be payable by June 15, 2024; • 11% of the Variable Pay for FY 23-24 shall be payable along with the payment of the Executive’s salary for the month of April 2025; • 11% of the Variable Pay for FY 23-24 shall be payable along with the payment of the Executive’s salary for the month of April 2026; • 11% of the Variable Pay for FY 23-24 shall be payable along with the payment of the Executive’s salary for the month of April 2027. The individual performance objectives used in determining Variable Pay for a fiscal year will be established by the Indian Company prior to the commencement of the fiscal year to which the Variable Pay relates. For the fiscal year ending on March 31, 2024 only, the Executive’s minimum Variable Pay shall be 35% of the of Fixed Pay. It being clarified that, Variable Pay (including the aforementioned minimum Variable Pay) for the fiscal year ending on March 31, 2024 shall be prorated for the period from the Effective Date through March 31, 2024. (iii) In the event the Executive’s employment is terminated for (A) reasons other than for Cause, or (B) if the Executive resigns from employment, then only the portion of the Deferred Variable Pay for the fiscal year(s) prior to the date of such termination which has not yet been paid to the Executive, shall be paid to the Executive.

Variable Pay. (i) In addition to the Fixed Pay, with respect to each completed fiscal year of the Indian Company during the TermTerm (excluding the Notice Period), the Executive Employee shall be eligible to earn a variable pay which may range from NIL to 50125% of the Fixed Target Variable Pay for such fiscal year (the “Variable Pay”), with a target Variable Pay of INR 1,00,00,000 (the “Target Variable Pay”). The actual amount of Variable Pay will be determined by the India Company Board, and based on the achievement of annual individual and Company level performance objectives established by the India Company Board, subject to: (x) the ExecutiveEmployee’s continuing employment with the Companies through the applicable declaration payment date for any such Variable PayPay (in the manner contemplated herein), and (y) the ExecutiveEmployee’s employment not having been terminated for Cause, the Employee not being placed on Garden Leave, or the Notice Period not commencing. (ii) In accordance with the above, the Variable Pay for each fiscal year as determined as being payable as of March 31 of the fiscal year (“Relevant FY for Variable Pay”), shall be paid as follows: (AI) 67% of the Variable Pay for Relevant FY for Variable Pay will be paid by June 15 of the fiscal year immediately succeeding the Relevant FY for Variable Pay; (BII) The balance Variable Pay for the Relevant FY for Variable Pay (“Deferred Variable Pay”) shall be paid in three equal installments with the salary payout for the month of April of the three calendar years immediately succeeding the calendar year referred in (I) above. By way of illustration: • · 67% of the Variable Pay for FY 2322-24 23 shall be payable by June 15, 20242023; • · 11% of the Variable Pay for FY 2322-24 23 shall be payable along with the payment of the ExecutiveEmployee’s salary for the month of April 20252024; • · 11% of the Variable Pay for FY 2322-24 23 shall be payable along with the payment of the ExecutiveEmployee’s salary for the month of April 20262025 ; • · 11% of the Variable Pay for FY 2322-24 23 shall be payable along with the payment of the ExecutiveEmployee’s salary for the month of April 20272026 . The individual performance objectives used in determining Variable Pay for a fiscal year will be established by the Indian Company CEO prior to the commencement of the fiscal year to which the Variable Pay relates. For the fiscal year ending on ended March 31, 2024 only2023, the ExecutiveEmployee’s minimum Variable Pay and Target Variable Pay shall be 35% of the of Fixed Pay. It being clarified that, an amount equal to his Variable Pay (including the aforementioned minimum and Target Variable Pay) for the fiscal year ending on March 31, 2024 shall be Pay respectively prorated for the period from the Effective Date through March 31, 20242023. (iii) In the event the ExecutiveEmployee’s employment is terminated for (A) reasons other than for Cause, or (B) if the Executive Employee resigns from employment, then only the portion of the Deferred Variable Pay for the fiscal year(s) prior to the date of such termination termination/ resignation which has not yet been paid to the ExecutiveEmployee, shall be paid to the ExecutiveEmployee.

Variable Pay. (i) In addition to the Fixed Pay, with respect to each completed fiscal year of the Indian Company during the TermTerm (excluding the Notice Period), the Executive shall be eligible to earn a variable pay which may range from NIL to 50125% of the Fixed Pay for such fiscal year (the “Variable Pay”), with a target Variable Pay of 75% of Fixed Pay of such fiscal year (the “Target Variable Pay”). The actual amount of Variable Pay will be determined by the India Company Board, and based on the achievement of annual individual and Company level performance objectives established by the India Company Board, subject to: (x) the Executive’s continuing employment with the Companies through the applicable declaration payment date for any such Variable PayPay (in the manner contemplated herein), and (y) the Executive’s employment not having been terminated for Cause, the Executive not being placed on Garden Leave, or the Notice Period not commencing. (ii) In accordance with the above, the Variable Pay for each fiscal year as determined as being payable as of March 31 of the fiscal year (“Relevant FY for Variable Pay”), shall be paid as follows: (AI) 67% of the Variable Pay for Relevant FY for Variable Pay will be paid by June 15 of the fiscal year immediately succeeding the Relevant FY for Variable Pay; (BII) The balance Variable Pay for the Relevant FY for Variable Pay (“Deferred Variable Pay”) shall be paid in three equal installments with the salary payout for the month of April of the three calendar years immediately succeeding the calendar year referred in (I) above. By way of illustration: • Payment of the Variable Pay for the fiscal year ending March 31, 2023 (“FY 22-23”, being the Relevant FY for Variable Pay in this illustration) will be as follows: · 67% of the Variable Pay for FY 2322-24 23 shall be payable by June 15, 20242023; • · 11% of the Variable Pay for FY 2322-24 23 shall be payable along with the payment of the Executive’s salary for the month of April 20252024; • · 11% of the Variable Pay for FY 2322-24 23 shall be payable along with the payment of the Executive’s salary for the month of April 20262025 ; • · 11% of the Variable Pay for FY 2322-24 23 shall be payable along with the payment of the Executive’s salary for the month of April 20272026 . The individual performance objectives used in determining Variable Pay for a fiscal year will be established by the Indian Company prior to the commencement of the fiscal year to which the Variable Pay relates. For the fiscal year ending on ended March 31, 2024 only2023, the Executive’s minimum Variable Pay and Target Variable Pay shall be 35% of the of Fixed Pay. It being clarified that, an amount equal to his Variable Pay (including the aforementioned minimum and Target Variable Pay) for the fiscal year ending on March 31, 2024 shall be Pay respectively prorated for the period from the Effective Date through March 31, 20242023. (iii) In the event the Executive’s employment is terminated for (A) reasons other than for Cause, or (B) if the Executive resigns from employment, then only the portion of the Deferred Variable Pay for the fiscal year(s) prior to the date of such termination termination/ resignation which has not yet been paid to the Executive, shall be paid to the Executive.