Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1145

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 1145
---
) and
the Class III directors are appointed to an initial three-year term (and three-year terms subsequently). There is no cumulative voting
with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors
can elect all of the directors.

The Board is divided into the following classes:

    ●
    Class I, which consists of Swatick Majumdar and John Clarke, whose terms will expire at the 2027 Annual Meeting of Stockholders, or until their successors are elected and qualified;

    ●
    Class II, which consists of Mohan Ananda, whose terms will expire at
the 2025 Annual Meeting of Stockholders, or until his successor is elected and qualified; and; and

    ●
    Class III, which consists of Uri Levine and  Evelyn D’An,
whose term will expire at the 2026 Annual Meeting of Stockholders, or until his successor is elected and qualified.

This classification of the
Board may have the effect of delaying or preventing changes in our control or management.

90

Board Leadership Structure

Director Independence

Section 3.2 of the OTCQX
Rules for U.S. Companies (the “OTCQX Rules”), require that a minimum of two of the board of directors of a should be composed
of “independent directors,”. As per the OTCQX Rules the following persons shall not be considered independent: A) a director
who is, or at any time during the past three years was, employed by the Company; (B) a director who accepted or has a Family Member
who accepted any compensation from the Company in excess of $120,000 during any fiscal year within the three years preceding the determination
of independence, other than compensation for board or board committee service; compensation paid to a Family Member who is an employee
(other than an executive officer) of the Company; or benefits under a tax-qualified retirement plan, or non-discretionary compensation;
or (C) A director who is the Family Member of a Person who is, or at any time during the past three years was, employed by the Company
as an executive officer. The Company’s Board has determined that each of Mohan Ananda, Evelyn D’An, Swatick Majumdar,
and John Clarke are independent directors under the OTCQX Rules and the Audit Committee composes of independent directors and meets the
height