Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1360

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 3
Chunk 1360
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and then as Chief Financial Officer on January 17, 2025. The annual base salary, annual variable pay opportunity, and supplemental bonus
are as provided for Mr. Sachin Gupta, as contracted, in March 06, 2025 employment agreement.

The employment agreement
specifies certain compensation following termination of employment, including severance payments of 45 days of Mr. Gupta’s last
drawn salary if Mr. Gupta’s employment is terminated by the Company without “Cause” (as defined in the employment agreement).
Mr. Gupta was also granted and issued 616 RSUs under the 2023 Equity Incentive Plan of the Company as per the terms of the restricted
stock unit award agreement dated February 12, 2025.

97

Amended and Restated Agreement with Hiroshi
Nishijima

The annual base salary, annual
variable pay opportunity, and supplemental bonus remains the same for Mr. Nishijima, as contracted in his May 2, 2022, employment agreement.
Subject to the approval of the compensation committee of the Board, Mr. Nishijima will be granted restricted stock units equal to 0.25%
of the aggregate number of Common Stock issued and outstanding immediately after the Business Combination. The RSUs will vest over three
years, with one-half of the RSUs vesting on the first anniversary of the Closing Date and the remaining one-half of the RSUs vesting monthly
thereafter, subject to Mr. Nishijima’s continued service with the Company’s through each vesting date. As of the date hereof,
no RSU’s have been granted under the 2023 Equity Incentive Plan.

The employment agreement
specifies certain compensation following termination of employment, including severance payments of four months of Mr. Nishijima’s
last drawn salary if Mr. Nishijima’s employment is terminated by the Company without “Cause” (as defined in the
employment agreement) or if his employment is terminated by the acquiring company within one year of an acquisition of the Company.

Following the termination
of Mr. Greg Moran as the Company’s Chief Executive Officer, effective June 20, 2024, the Board of Directors of the Company appointed
Hiroshi Nishijima, the Company’s Chief Operating Officer as Acting Chief Executive Officer and then as Chief Executive Officer on
February 1, 2025.

Mr. Nishijima has resigned
from his position as