Minutes of Meeting

Date:

Present:

 Mr Chirag Shah of Ride Well

 Mr Hitendra Joshi of Serviceforce

Points Discussed:

 Role of Ride Well: Master Franchisee for Serviceforce in FC Sales Vertical.

 Defined Area: Ahmedabad & Surat District in Gujarat

Ride Well is authorized to sell Franchisees in defined area as per the norms of
Serviceforce, Rules & regulations of the company is described to the
undersigned.

Serviceforce is also engaged in expansion of similar area.

 Allocation & Target: The Base target of Ride Well is to appoint 60 Unit
Franchises in first phase i.e. up to March 31 st, 2015.

 Ahmedabad & Ahmedabad Upcountry : 30

 Surat & Surat Upcountry : 30

 Period: From today to March 31st, 2015, after the defined period this
agreement would be renewed for next period with mutual understanding.

 Investment by Ride Well:

Investments
   
Avg. Ride Well Volume Deposit Ride Well
State Area
Cost Booking Expected (%) Deposit
 
92500
Ahmedabad 25 23125000 1156250
0
Gujarat 5%
62500
A'Bad Upcountry 5 3125000 156250
0
 
92500
Surat 20 18500000 925000
Gujarat 0 5%
Surat Upcountry 62500 10 6250000 312500
 0
 
Total   60 51000000   2550000

Monthly Targets
   

State Area Ride Well Booking Monthly Avg.

 
Gujara
t Ahmedabad 30 7.5

 
Gujara
t Surat 30 7.5

Total 60 15

This Deposit can be refundable only on achievement of monthly targets as well as

getting full amount from FCs which will be appointed by Ride Well.

 Payment Mode of Franchise:

 Payment should be in DD/Cheque/RTGS in favor of Serviceforce.

 Payment is strictly advance from Franchise, means Payments should be

completed before 15 days of Inauguration of station.

 The appointment fees (Token Amount) of FC is non transferable & non

refundable.

 Cash transactions are not permitable.

 Ride Well may not authorize to receive direct payment from Franchise.

 Payouts: Ride Well is entitled for FC commission/reimbursements under

following parameters which will be appointed by RW only:

 3% for Appointment Commission

 2% for Marketing and other Levies
 3% for Development Charges
 2% for Target Achievements

 In case of RW sells Refundable models then the payouts will be 2% lesser then
which RW entitled for other models.

 In case of Company directly appoint any FC through reference/Activity in

allotted area of Ride Well and if Ride Well’s performance is higher than
Serviceforce for that particular area then Ride Well will get 3% of entire
Franchise Amount which appointed by Serviceforce as overriding commission.
  Payouts will be based on total payments receipts of FCs, are those who have
completed their total FC Amount.

 The payment cycle is 1 st to last day of month, Payouts issuance date is 6 th of

every month that is based on the sales cycle & payouts can be calculated only
on achievement during the period.

 Activities: Ride Well can run separate activity plan to grab the business, which
need to be pre-approved from the company.

 Marketing Support: Serviceforce is ready to approve 2 independent

Manager/Executive for strengthening appointment procedures. For frontline
Sales Networking, Ride Well may appoint and execute their owned staff.

Training of all the staff will be provided by Serviceforce.

 Royalty Benefits:

To create long term association, company is ready to provide following royalties

for Ride Well; on network created by RW.
 5% on AMC Contracts consumed by FCs by RW network (Excluding FOC).
 1% on Paid Jobs/Retails which generates thru daily business by FCs by
RW network (Excluding FOC).

 Royalty will be applicable only on new models, existing models of

FCs does not permitting the same.
 The tenure which royalty applies is the tenure of FCs agreement &
this agreement period only.
 Payout will be paid on collection received from concerned FCs & is
on quarterly basis.

 Important Notes :
 Model & Franchise selling price & structure are given in separate sheet.
 Pricing may change with prior notice to Ride Well.
 Discounting is prohibited.
 Ride Well is responsible for concerned Opening of the Franchise.
 The Franchise appointment as well as development procedures followed
by Ride Well is mandatory.
 The Procedures/MOU of Franchise is available; FC adherence will be
responsibility of RW as well.
 The Token/Booking amount which invested by Ride Well is valid till 5
months of this agreement.

Mr Chirag Shah Hitendra Joshi

Definitions:

* FC - Franchise

* SF – Serviceforce
* RW – Ride Well.

* FSP – Franchisee Sales Price

* Unit Franchisee – Franchisee appointed by Master Franchisee/Consultant