Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2447

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 8
Chunk 2447
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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
heightened independence standards of Rule 10A-3 of the Exchange Act. In making these determinations, the Board considered the current
and prior relationships that each non-employee director had with Zoomcar and has with the Company and all other facts and circumstances
the Board deemed relevant in determining independence, including the beneficial ownership of our common stock by each non-employee director,
and the transactions involving them described in the section entitled “Certain Relationships and Related Party Transactions.”

Committees of the Board of Directors

The standing committees of
Company’s Board consists of an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee. The
composition and responsibilities of each of the committees of the Board are described below. Members serve on these committees until their
resignation or until otherwise determined by the Board. The Board may establish other committees as it deems necessary or appropriate
from time to time.