EMPLOYMENT AGREEMENT

THIS
AGREEMENT is made effective as of the 1st day of December, 2004 by and between Ener1,
Inc., a Florida corporation with its offices at 500 West Cypress Creek Road, Suite 100,
Fort Lauderdale, Florida 33309 (the Corporation), and Pankaj Dhingra, with a
residence at 3819 Columbia Drive, Bloomfield Hills, Michigan 48302 (the
Executive).

WHEREAS,
the Corporation desires to retain the Executive as an executive of the Corporations
Energy Division and EnerDel, Inc. subsidiary, and the Executive desires to assume such
positions, on the terms and conditions set forth herein;

NOW,
THEREFORE, in consideration of the premises and the mutual agreements made herein, and
intending to be legally bound hereby, the Corporation and the Executive agree as follows:

1.        Employment;
Duties.

| | (a)        Employment
and Employment Period. The Corporation shall employ the           Executive (and the
Executive shall begin work for the Corporation full-time)           beginning December
15, 2004 and the Corporation shall continue to employ the           Executive until
December 15, 2007 (the Employment Period).
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| | (b)        Offices,
Duties and Reporting Relationships. The Executive shall hold the           titles of
President of the Corporations Energy Division (consisting of the
          Corporations subsidiaries, EnerDel, Inc., EnerFuel, Inc. and NanoEner,
          Inc.) and President of EnerDel, Inc. In his capacity as President of the
          Corporations Energy Division, the Executive shall report to the Chief
          Executive Officer of the Corporation (unless and until the Corporation retains
a           President, at which time, the Executive shall report to the President) and be
          responsible for overall management of the Energy Division. In his capacity as
          President of EnerDel, the Executive shall report to the EnerDel Board of
          Directors, through its Chairman, and be responsible for overall management of
          EnerDel. The Corporation and the Executive acknowledge that the Executives
          role as President of EnerDel is intended to be temporary in nature, pending
          selection of a permanent President of EnerDel.
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| | (c)        Devotion
to Interests of the Corporation. Except as expressly authorized           by the
Corporations Board of Directors, until the effective date of notice           of
termination of this Agreement by either the Executive or the Corporation or           the
end of the Employment Period, the Executive shall render his or her business
          services solely in the performance of his duties hereunder. The Executive shall
          use his best efforts to promote the interests and welfare of the Corporation.
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2.       
          Base Compensation and Fringe Benefits.

| | a)        Base
Compensation. The Corporation shall pay the Executive a base salary           at the
rate of $300,000 per year, payable on the Corporations regularly
          scheduled payroll dates, effective beginning on the first day of the
          Executives full-time employment with the Corporation. Annual increases in
          compensation, if any, to said base salary shall be as determined by the Chief
          Executive Officer of the Corporation after consultation with the Board of
          Directors of the Corporation. There shall be deducted from any payments made
          hereunder any taxes or other amounts required to be withheld by any government
          entity or taxing authority having jurisdiction over the matter.
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| | (b)        Annual
Performance Bonuses. The Executive shall be eligible to earn an           annual
bonus equal to up to 100% of his base salary, based on the achievement of
          certain business and personal performance objectives, to be mutually agreed
upon           by the Corporations Board of Directors and the Executive, in
advance, in           writing. Such bonuses, if and to the extent earned, shall be paid
within 120           days after the close of the Corporations fiscal year.
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| | (c)        Sign-on
Bonus. The Corporation shall cause EnerDel to pay to the           Executive a
sign-on bonus of $75,000, payable on his first day of employment           with the
Corporation.
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| | (d)        Stock
Options. The Corporation shall grant to the Executive (or cause to           be
granted in the case of the EnerDel options) the following stock options:
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| | (i)              Ener1,
Inc. Stock Options. The Corporation shall grant to the Executive,
               effective on the Executives first date of employment with the
Corporation,                options to purchase 1,000,000 share of Ener1, Inc. common
stock, $.01 par value,                at the exercise price of $.50 per share, vesting in
three equal annual                installments, with the first installment occurring on
the first anniversary of                the Executives option grant. All such
options will vest immediately upon a                Change in Control of the Corporation
(or if within 30 days immediately prior to                a Change in Control of the
Corporation actually occurring, the Executive is                terminated without Cause
(as defined herein) or the Executive resigns with Good                Reason (as defined
herein), then said options shall vest upon said Change in                Control of the
Corporation actually occurring), and the number and price of such                options
shall be adjusted appropriately for mergers, stock splits, stock
               spin-offs, reverse stock splits and similar events. All shares subject to
               options and other shares granted hereunder will have customary piggyback
               registration and tag-along rights.
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-1-

| | (ii)              EnerDel,
Inc. Stock Options. (A) The Corporation shall cause EnerDel,                Inc. to
grant to the Executive, effective on the Executives first date of
               employment with EnerDel, options to purchase 2,000,000 shares of EnerDels
               common stock, par value $.01 per share, in accordance with the EnerDel
Stock                Option Plan, at an exercise price equal to the net book value per
share of                EnerDel common stock outstanding at the time of the option grant
(determined ,                vesting in three equal annual installments, with the first
installment occurring                on the first anniversary of the option grant. All
such options will vest                immediately upon a Change in Control of EnerDel (or
if within 30 days                immediately prior to a Change in Control of the
Corporation actually occurring,                the Executive is terminated without Cause
(as defined herein) or the Executive                resigns with Good Reason (as defined
herein), then said options shall vest upon                said Change in Control of the
Corporation actually occurring), and the number                and price of such options
shall be adjusted appropriately for mergers, stock                splits, stock
spin-offs, reverse stock splits and similar events. All shares                subject to
options and other shares granted hereunder will have customary                piggyback
registration and tag-along rights. The Executive may, at any time                prior to
the first anniversary of the effective date of this Agreement, elect to
               exchange some or all of the EnerDel options, on a one-for-one basis, for
options                to purchase common stock in one or both of the Corporations
other                subsidiaries, NanoEner, Inc. or EnerFuel, Inc., provided that the
exercise price                of any such options for NanoEner or EnerFuel common stock
will be determined by                the Board of Directors of the corporation involved
on a basis that is reasonably                equivalent economically to the basis for
determining the exercise price for the                Executives options for
EnerDel common stock.
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| | (B)        If
and when the cumulative revenue of the Energy Division reaches $50  million,
the Corporation shall cause to be granted to the Executive options to purchase an
additional 1,000,000 shares of EnerDel common stock at an exercise price equal to two
times the net book value per share of EnerDel common stock outstanding at the time of the
option grant in Subsection (A) above, vesting in three equal annual installments, with the
first installment occurring on the first anniversary of the option grant in this
Subsection (B). All such options will vest immediately upon a Change in Control of EnerDel
(or if within 30 days immediately prior to a Change in Control of the Corporation actually
occurring, the Executive is terminated without Cause (as defined herein) or the Executive
resigns with Good Reason (as defined herein), then said options shall vest upon said
Change in Control of the Corporation actually occurring), and the number and price of such
options shall be adjusted appropriately for mergers, stock splits, stock spin-offs,
reverse stock splits and similar events. The Executive may, at any time prior to the first
anniversary of the grant of the options in this Subsection (B), elect to exchange some or
all of said options, on a one-for-one basis, for options to purchase common stock in one
or both of NanoEner, Inc. or EnerFuel, Inc., provided that the exercise price of any such
options for NanoEner or EnerFuel common stock will be determined by the Board of Directors
of the corporation involved on a basis that is reasonably equivalent economically to the
basis for determining the exercise price for the Executives options for EnerDel
common stock under this Subsection (B).
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| | (iii)        Change
of Control of the Corporation, as used in Subsection (i)                immediately
above, shall mean any change in control of the Corporation,                including a
merger or consolidation of the Corporation with any other entity in                which
the Corporation is not the surviving Corporation or in any transaction in
               which persons who are not a majority of the stockholders of the
Corporation                prior to such transaction acquire the power to appoint a
majority of the                Corporations directors; provided, however,
that, without                limitation, a Change of Control of the Corporation shall be
deemed to have                occurred if the shareholders of the Corporation approve:
(1) a reorganization,                merger, or consolidation with respect to which
persons who were the shareholders                of the Corporation immediately prior to
such reorganization, merger or                consolidation do not immediately thereafter
own more than fifty percent (50%) of                the combined voting power entitled to
vote generally in the election of the                directors of the reorganized, merged
or consolidated entity; (2) a liquidation                or dissolution of the
Corporation; or (3) the sale of all or substantially all                of the assets of
the Corporation or the sale of assets of the Energy Division                that accounts
for thirty percent (30%) of the consolidated revenues of the                Energy
Division, but not including a reorganization, merger or consolidation of
               the Corporation.
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| | (iv)        Change
in Control of EnerDel, as used in Subsection (ii) immediately                above,
shall have the meaning set forth in Subsection (iii) immediately above
               with the term Change in Control of EnerDel substituted for
               Change in Control of the Corporation, provided that a transfer
of                the ownership of the stock or assets of EnerDel to an entity outside of
the                Energy Division shall not be a Change in Control of EnerDel, as long
as the                Corporation directly or indirectly maintains majority control of
EnerDel stock,                and provided further that neither the spin-off of EnerDel
to become a publicly                traded company or additional investments in EnerDel
in exchange for common stock                or common stock equivalents of EnerDel shall
be a Change in Control of EnerDel                (or the Corporation) as long as the
Corporation directly or indirectly maintains                majority control of the
EnerDel Board Of Directors. A Change in Control of the                Corporation shall
also be deemed to be a Change in Control of EnerDel.
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| | (v)        All
shares of common stock resulting from the exercise of any of the options
               granted under this Subsection (d) shall, to the extent not registered by
the                Corporation (or EnerDel, in the case of EnerDel stock) in an S-8
registration                statement filed with the Securities and Exchange Commission,
shall be subject to                the Executives right to have such stock included
in the next appropriate                registration statement filed by the Corporation
(or EnerDel, as the case may be)                occurring after the issuance of such
shares.
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-2-

| | (e)        Fringe
Benefits. The Executive shall be entitled to eligibility for           enrollment in
the Corporations medical and dental insurance plans on the           same basis as
such benefits are provided to other executives of the Corporation.           All other
benefits generally available to regular full-time Executives will be           made
available to the Executive pursuant to the applicable personnel policies of           the
Corporation.
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| | (f)        Expenses.
The Executive shall be reimbursed in accordance with the           Corporations
policies for any reasonable out-of-pocket expenses incurred           by him in
connection with the performance of his duties hereunder.
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| | (g)        The
Executive shall be entitled to indemnification to the same extent as that
          provided to the other officers and directors of the Corporation (or EnerDel, as
          the case may be) under the bylaws of the Corporation (or EnerDel, as the case
          may be). The Corporation represents that it has an officers and directors
          liability insurance policy in effect and covenants to use its best efforts to
          retain such policy in full force and effect.
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3.       
          Trade Secrets and Other Confidential Information. The Executive shall not
          use (except for the benefit of the Corporation while employed hereunder) or
          disclose to anyone any of the Corporations trade secrets or other
          confidential information. The term trade secrets or other confidential
          information includes, by way of example, matters of a technical nature,
          such as scientific, trade and engineering secrets, know-how,
          formulae, secret processes, recipes or machines, inventions, computer programs
          (including documentation of such programs) and research projects, and matters of
          a business nature, such as proprietary information about costs, profits,
          markets, sales, lists of customers, and other information of a similar nature to
          the extent not available to the public, and plans for future development. After
          termination of this Agreement, the Executive shall not use or disclose trade
          secrets or other confidential information unless such information (a) becomes a
          part of the public domain other than through a breach of this Agreement or (b)
          is disclosed to the Executive by a third party who is entitled to receive and
          disclose such information.

4.       
          Return of Documents and Property. Upon the end of the Employment Period
          (unless this Agreement is extended) or upon the effective date of notice of the
          Executives or the Corporations election to terminate this Agreement,
          or at any time upon the request of the Corporation, the Executive (or his heirs
          or personal representatives) shall deliver to the Corporation (a) all
          documents and materials containing trade secrets or other confidential
          information relating to the business and affairs of the Corporation, and
          (b) all documents, materials and other property belonging to the
          Corporation, which in either case are in the possession or under the control of
          the Executive (or his heirs or personal representatives).

5.       
          Discoveries and Works.

| | (a)        All
discoveries and works made or conceived by           the Executive during his employment
by the Corporation, jointly or with others,           that relate to the Corporations
activities shall be owned by the           Corporation. The term discoveries and
works includes, by way of           example but not by way of limitation,
inventions, computer programs (including           documentation of such programs),
technical improvements, processes, drawings and           works of authorship. The
Executive shall (a) promptly notify, make full           disclosure to, and execute
and deliver any documents requested by, the           Corporation to evidence or better
assure title to such discoveries and works in           the Corporation, (b) assist
the Corporation in obtaining or maintaining for           itself at its own expense
United States and foreign patents, copyrights, trade           secret protection or other
protection of any and all such discoveries and works,           and (c) promptly
execute, whether during his employment by the Corporation           or thereafter, all
applications or other endorsements necessary or appropriate           to maintain patents
and other rights for the Corporation and to protect its           title thereto. Any
discoveries and works which, within six months after the           termination of the
Executives employment by the Corporation, are made,           disclosed, reduced to
a tangible or written form or description, or are reduced           to practice by the
Executive and which pertain to the business carried on or           products or services
being sold or developed by the Corporation at the time of           such termination
shall, as between the Executive and the Corporation, be           presumed to have been
made during the Executives employment by the           Corporation. Set forth on
Schedule 5 attached hereto is a list of inventions,           patented or unpatented,
including a brief description thereof, which are owned           by the Executive, which
the Executive conceived or made prior to his employment           by the Corporation and
which are excluded from this Agreement.
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| | (b)        In
addition to the above, the Executive shall keep a log of all technical work
          performed by the Executive for the purposes of the Corporations
evaluation           of the technical work and determination of whether such work
produces patentable           inventions (and for the protection of the Corporations
interest therein.           The log shall be the confidential and proprietary property of
the Corporation,           and the Executive shall keep the log current and available to
the Corporation at           all times.
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6.       
          Termination.

| | (a)        Parties Right
to Terminate. The Executive may terminate this           Agreement, with or without
Good Reason (as defined herein), by           resignation at any time, upon
60 days prior written notice, and the           Corporation may terminate this
Agreement with Cause, as defined           below, or without Cause at any
time upon 30 days written notice, provided that           the Executive shall take no
actions on behalf of the Corporation during such 30           day period. The retaining
by the Corporation or EnerDel of someone other than           the Executive to be
President of EnerDel instead of the Executive, as           contemplated in Section 1(b)
hereof, shall not terminate this Agreement or the           Executives employment
as President of the Corporations Energy           Division or otherwise eliminate
or reduce any of the Executives rights           hereunder. Cause shall mean
any of the events or circumstances           described in (i)-(iii) below or in Section 7
hereof, in which latter case           the provisions of Section 7 shall govern the
rights and obligations of the           parties.The Corporation may terminate the
Executives employment           for Cause hereunder at any time upon written notice
on account of the existence           or occurrence of one or more of the following
events:
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-3-

| | (i)       
               the Executive discloses trade secrets or other confidential information in
               violation of Section 3 hereof or engages in competition in violation of Section
               8 hereof;
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| | (ii)        the
Executive materially breaches any other provision of this Agreement, providedthat
if such breach is curable, the Corporation has given the                Executive written
notice of such breach, and the Executive has failed to cure                such breach
within 30 days after such notice; or
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| | (iii)        the
Executive is convicted of a felony or any crime involving fraud.
| | ---------------------------------------------------------------------------------

| | (b)        Termination
for Cause. In the event the Corporation terminates this           Agreement for
Cause, except as otherwise provided in Section 7, the           Executives rights
hereunder shall cease as of the effective date of such           termination.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        Termination
Without Cause or Resignation with Good Reason. In the event           that the
Corporation terminates this Agreement without Cause or the Executive           resigns
with Good Reason, the Corporation shall: (i) pay or cause to be paid to           the
Executive, in addition to any amounts paid or payable under any other
          agreements between the Corporation and the Executive (but not in duplication of
          other cash or installment payment severance benefits) an amount equivalent to
          one year of the Executives base salary hereunder, such amount to be paid
          in installments at the Corporations normal payroll intervals, with
          deduction of such amounts as may be required to be withheld under applicable
law           and regulations; (ii) retain the Executive on its health insurance plans
for a           period of twelve months, or if this is not possible, make additional
periodic           payments on the Executives behalf for extended insurance
coverage under           COBRA (provided that the Executive has not, in the meantime
obtained insurance           coverage through another employer or on his own); and (iii)
pay to the Executive           the prorata portion of any annual performance bonus earned
to date (as           reasonably determined by the Chief Executive Officer of the
Corporation and the           Board of Directors, after full and fair discussions with
the Executive),           provided that it is understood and acknowledged by the
Executive that all           bonuses to executives of the Corporation are subject to
approval by the Board of           Directors or the Corporation. As used herein, Good
Reason shall           mean: (w) the reduction or other diminution of the Executives
salary or           benefits from those set forth herein; (x) a reduction in the Executives
          salary; (y) this agreement is not expressly assumed by a successor to the
          business and/or assets of the Corporation, or (z) any material breach by the
          Corporation of this agreement.
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7.       
          Disability; Death.



| | (a)        If,
prior to the expiration or           termination of the Employment Period, the Executive
shall be unable to perform           his duties by reason of disability or impairment of
health for at least three           consecutive calendar months, the Corporation shall
have the right to terminate           this Agreement by giving written notice to the
Executive to that effect, but           only if at the time such notice is given such
disability or impairment is still           continuing. After giving such notice, (i) the
Employment Period shall           terminate with the payment of the Executives base
compensation for the           month in which notice is given and the payment of a prorataportion of any bonus that would have been payable to Executive under Section
          2(b) had he not become disabled, and (ii) all of the Executives
          benefits under this Agreement shall terminate, except that the Executive shall
          receive such accidental disability benefits to which the Executive may be
          entitled under the plans of the Corporation then in effect. In the event of a
          dispute as to whether the Executive is disabled within the meaning of this
          Section 7(a), either party may from time to time request a medical
          examination of the Executive by a doctor appointed by the Chief of Staff of a
          hospital selected by mutual agreement of the parties, or as the parties may
          otherwise agree, and the written medical opinion of such doctor shall establish
          a presumption as to whether the Executive has become disabled and the date when
          such disability arose. Such presumption shall become binding and conclusive
upon           the parties unless, within 20 days of the date of receipt of such written
          medical opinion, the party disputing such opinion provides a contrary written
          medical opinion from two doctors appointed by the same Chief of Staff which
          appointed the first doctor, in which event the opinions of the latter two
          doctors shall become binding and conclusive upon the parties. The cost of any
          such medical examinations shall be borne by the Corporation, except that the
          Executive shall bear the cost of any medical examinations sought in order to
          rebut a presumption of disability.
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| | (b)        If,
prior to the expiration or termination of the Employment Period, the           Executive
shall die, the Corporation shall pay to the Executives estate           his base
compensation through the end of the month in which the Executives           death
occurred and a prorata portion of any bonus (if any) that           would
have been payable to the Executive under Section 2(b) had his death           not
occurred, at which time the Employment Period shall terminate without           further
notice. In addition, all of the Executives benefits under this           Agreement
shall terminate, except that the Executives estate shall receive           such
accidental death benefits to which the Executive may be entitled under the
          plans of the Corporation then in effect.
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| | (c)        Nothing
contained in this Section 7 shall impair or otherwise affect any           rights
and interests of the Executive under any compensation plan or arrangement           of
the Corporation which may be adopted by the Board of Directors of the
          Corporation.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-4-

8.       
          Noncompetition and Nonsolicitation.

| | (a)        During
the Executives           employment with the Corporation and for one year after
termination of said           employment if the termination was by the Corporation
without Cause or           resignation by the Executive for Good Reason, the Executive
will not compete,           directly or indirectly, with the Corporation in any of the
lines of business in           which the Corporations Energy Division (including
EnerDel and its other           subsidiaries) is currently (either then or now) active or
pursuing. Such           restriction shall include, but not be limited to, ownership
(direct or indirect,           including without limitation by a member of the Executives
family) of any           interest in a business that is in competition (as described
above) with the           Corporation, and being an officer, shareholder, director,
Executive or           contractor of or consultant to any such business, whether or not
for           compensation, but shall not include ownership of common stock equal to less
than           5% of any publicly traded company, as long as such ownership is not as
part of a           group that owns more than 5% of such companys stock.
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| | (b)        During
the Employment Period and for a period of one year thereafter, the           Executive
shall not, on his own behalf or on behalf of any other individual,           corporation,
partnership, limited liability company or other entity, employ,           solicit for
employment, or otherwise assist in the solicitation or employment,           of any
person who is an employee of the Corporations Energy Division or           its
subsidiaries at the time of such solicitation.
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9.       
          Enforcement. The Executive agrees that the Corporations remedies at
          law for any breach or threat of breach by him of the provisions of
          Sections 3, 4, 5 and 8 hereof will be inadequate, and that the Corporation
          shall be entitled to an injunction or injunctions (and temporary restraining
          orders and preliminary injunctions, as the case may be) to prevent breaches of
          those provisions and to enforce specifically the terms and provisions thereof,
          in addition to any other remedy to which the Corporation may be entitled at law
          or equity.

10.       
          Severability. Should any provision of this Agreement be determined to be
          unenforceable or prohibited by any applicable law, such provision shall be
          ineffective to the extent, and only to the extent, of such unenforceability or
          prohibition without invalidating the balance of such provision or any other
          provision of this Agreement, and any such unenforceability or prohibition in any
          jurisdiction shall not invalidate or render unenforceable such provision in any
          other jurisdiction.

11.       
          Assignment. The Executives rights and obligations under this
          Agreement shall not be assignable by the Executive. The Corporations
          rights and obligations under this Agreement shall be assignable by the
          Corporation , including as incident to the transfer, by merger or otherwise, of
          all or substantially all of the business of the Corporation. In the event of any
          such assignment by the Corporation, all rights of the Corporation hereunder
          shall inure to the benefit of the assignee.

12.       
          Notices. Any notice required or permitted under this Agreement shall be
          deemed to have been effectively made or given if in writing and personally
          delivered or mailed properly addressed in a sealed envelope, postage prepaid by
          certified or registered mail. Unless otherwise changed by notice, notice shall
          be properly addressed to Executive if addressed to:

| |  | Pankaj Dhingra
                                    3819 Columbia Drive
                                    Bloomfield Hills, Michigan 48302

                                    and properly addressed to the Corporation if addressed to:

                                    Kevin P. Fitzgerald, Chairman and CEO
                                    Ener1, Inc.
                                    500 West Cypress Creek Road, Suite 100
                                    Fort Lauderdale, Florida 33309

                                    with a copy to:

                                    Ronald Stewart, General Counsel
                                    Ener1, Inc.
                                    500 West Cypress Creek Road, Suite 10
                                    Fort Lauderdale, Florida 33309
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-5-

13.       
          Award to Prevailing Party in Dispute. In the event either of the parties
          to this Agreement commences any action or proceeding arising out of, or relating
          in any way to, this Agreement, the prevailing party shall be entitled to
          recover, in addition to any other relief awarded to such party, his or its
          costs, expenses and reasonable attorneys fees.

14.       
          Additional Documents to be Executed by the Executive. The obligations of
          the Corporation under this Agreement shall be subject to the execution and
          delivery, by the Executive, of the Corporations standard Confidentiality
          Agreement and Business Code of Conduct, in the forms attached hereto as Exhibits
          14A and 14B. The obligations of the Executive thereunder shall be additive and
          complementary to the Executives obligations hereunder.

15.       
          Survival. The rights, benefits, duties and obligations of the parties
          hereunder, including, without limitation, the rights, benefits, duties and
          obligations contained in Section 3, 4, 5, 8, 9, 13, 15, 16 and 17 herein shall
          survive the term and/or termination of this Agreement.

16.       
          Representations and Warranties. The Executive represents and warrants as
          of the date of this Agreement that (i) the Executive does not have any
          obligations to prior employers or others relating to confidential information
          related to the business of the Corporation or to any inventions or discoveries;
          and (ii) the Executive is not bound by any restriction, agreement, judgment or
          other limitation limiting the Executives ability to enter into this
          Agreement or to carryout its terms.

17.       
          Miscellaneous. This Agreement constitutes the entire agreement, and
          supersedes all prior agreements, of the parties hereto relating to the subject
          matter hereof, and there are no written or oral terms or representations made by
          either party other than those contained herein. The validity, interpretation,
          performance and enforcement of this Agreement shall be governed by the laws of
          the State of Florida. The headings contained herein are for reference purposes
          only and shall not in any way affect the meaning or interpretation of this
          Agreement.

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the day
and year first above written.

|Ener1, Inc.BY: /S/ Kevin P. Fitzgerald
Kevin P. FitzgeraldChief Executive Officer |  | BY: /S/ Pankaj Dhingra
Pankaj Dhingra
|----------------------------------------------------------------------------------------------- |  | ---------------------------------------------------

-6-

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SCHEDULE 5

Inventions Owned by the
Executive

NONE

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EXHIBIT 14A

CONFIDENTIALITY
AGREEMENT

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EXHIBIT 14B

BUSINESS CODE OF CONDUCT

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