Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1749

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 5
Chunk 1749
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 his position as the Chief Executive Officer.
Mr. Nishijima’s resignation is effective from May 02, 2025 and was finalized by the Board on May 07, 2025.

Consultant Agreement with Deepankar Tiwari

Mr. Deepankar Tiwari
was appointed as the Chief Executive Officer of the Company on May 09, 2025 pursuant to the terms of a Consultant Agreement. His
initial term is for one (1) year which can be extended upon mutual discussion. The monthly consultancy fee, bonuses, certain initial
and kicker RSU grants for Mr. Deepankar Tiwari, are as contracted in the May 09, 2025, Consultant Agreement.

In accordance with the terms
of the Consultant Agreement, the Company has agreed to (i) pay Mr. Tiwari a service fee of $14,874 per month, (ii) grant Mr. Tiwari 1,000,000
(one million) RSUs (“initial Grant”) of which 250,000 RSU shall vest at the end of each quarter beginning from the Effective
Date of the Consultant Agreement (iii) grant another 1,000,000 (one million) RSUs (“Kicker Grant”), if Mr. Tiwari and the
Board mutually agree to extend his term for an additional one (1) year beyond the initial term for which the vesting schedule and set
of performance objectives and key performance indicators (KPIs) for this grant is to be decided mutually by him and the Board.

The Consultant Agreement
specifies certain compensation following termination, including severance payments of three months of Mr. Tiwari’s last drawn salary
if Mr. Tiwari is terminated by the Company without “Cause” (as defined in the consultant agreement) payable either in lumpsum
or in instalments as decided by the Board in accordance with the Company’s normal policies and practices. The Consultant Agreement
further provides that such severance compensation shall be subject to reduction or offset by any fees, compensation, or income earned
or received by Mr. Tiwari for services rendered to any other party during the severance period.

Employment Agreement with Sachin Gupta

Effective April 12, 2024,
the Board of Directors of the Company appointed Sachin Gupta, the Company’s Financial Controller, as Acting Chief Financial Officer
and then as Chief Financial Officer on January 17, 2025. The annual base salary, annual variable pay