Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1156

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 1156
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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 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.