Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 223

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 223
---
ors 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.

Amended and Restated Agreement with Chief Financial Officer

The annual base salary for
Mr. Dubash was $313,500, plus an annual variable pay opportunity of up to $16,500. Mr. Dubash was eligible for a one-time supplemental
bonus of $30,000, payable shortly following the amended and restated employment agreement becoming effective. Subject to the approval
of the compensation committee of the Company’s Board and the terms of the amended and restated employment agreement, Mr. Dubash’s
amended and restated employment agreement provides for the grant of 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.
Dubash’s continued service with the Company through each vesting date. As of the date hereof, no RSU’s have been granted under
the Incentive Plan.

The amended and restated
employment agreement specifies certain compensation following termination of employment, including severance payments of three months
of Mr. Dubash’s last drawn salary if Mr. Dubash’s employment is terminated by the Company without “Cause”
(as defined in the amended and restated employment agreement). In the event of an acquisition of the Company, if Mr. Dubash’s
employment is terminated by the acquiring company within one year of the acquisition, Mr. Dubash would be eligible for severance payments
of six months of his last drawn salary.

This agreement was terminated
by mutual agreement effective April 12, 2024.

Amended and Restated Agreement with Chief Operating Officer

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