Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 249

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 249
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 Parties at that time
and no consideration will be due from the Lock-Up Release Parties to the Company for any such shares. On March 18, 2024, the Lock-Up Release
Agreement was amended pursuant to which (i) the Lock-Up Release Period was extended from 120 days through the end of the original six-month
lock-up period, (ii) the volume and stock price restrictions for sales made by the Lock-Up Release Parties during the Lock-Up Release
Period were removed and (iii) the payment terms between the Company and Lock-Up Release Parties was modified such that, in lieu of the
prior payment schedule, the Lock-Up Release Parties will pay the Company $500,000 in an upfront cash payment and thereafter, and only
after the Lock-Up Release Parties have sold 1,428,572 shares, the Lock-Up Release Parties will pay the Company $0.35 per additional share
sold during the Lock-Up Release Period. There can be no assurance that the Company will receive any additional cash payments from the
Lock-Up Release Parties other than the $500,000 upfront cash payment.

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Indemnification Agreements

In connection with the Closing,
the Company entered into indemnification agreements (“Indemnification Agreements”) with each of the Company’s newly
elected directors and newly appointed executive officers which provide that the Company will indemnify such directors and executive officers
under the circumstances and to the extent provided for therein, from and against all losses, claims, damages, liabilities, joint or several,
expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and
all threatened, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal, administrative or investigative,
and whether formal or informal, and including appeals, in which he or she may be involved, or is threatened to be involved, as a party
or otherwise, to the fullest extent permitted under Delaware law and our Bylaws.

The Charter contains provisions
limiting the liability of directors, and the Bylaws provide that Zoomcar will indemnify each of its directors and officers to the fullest
extent permitted under Delaware law. In addition, the Bylaws provide that, to the fullest extent permitted by Delaware law and subject
to very limited exceptions, Zoomcar will advance all expenses incurred by its directors and officers in connection with a legal proceeding
involving his or her status as a director or officer of