Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2776

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 9C
Chunk 2776
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(3)Mr. Menon was a director of Zoomcar, Inc. until his resignation
effective April 17, 2025.

(4)Mr. Clarke began serving on the Board effective June 20, 2024.

(5)Mr. Bailey began serving on the Board on June 20, 2024 and resigned
as of December 6, 2024.

(6)If any vesting date occurs during a blackout period on the trading
of the Shares, the RSUs that were scheduled to vest on such date shall not vest until the first business day following the end of such
blackout period, subject to the Participant’s continued engagement as a Service Provider through such date

(7)The amounts represent the Black Scholes fair value of $2.92 per RSU.

Director Compensation Policy

The Board approved a non-employee
director compensation policy that became effective as of the Closing of the Business Combination. Under this policy, Zoomcar will pay
non-employee directors a cash retainer for service on the Board and for service on each committee of which the director is a member. The
chair of each committee will receive higher retainers for such service. These fees are expected to be payable in arrears in four equal
quarterly instalments on the last day of each calendar quarter, provided that the amount of such payment will be prorated for any portion
of such quarter that the director is not serving on the Board and no fee will be payable in respect of any period prior to the completion
of the Business Combination.

In addition, under the new
director compensation policy, following the effective date of a Registration Statement on Form S-8, each non-employee director will receive
an initial equity award under the Incentive Plan in the form of RSUs with a value of $300,000 or, in the case of the Chairman of the Board,
$400,000. Further, following the effective date of a Registration Statement on Form S-8, it is expected that on the date of the annual
meeting of stockholders, each non-employee director then serving on the Board who has not received an initial equity award in the 12-month
period preceding the date of the annual meeting, will receive an annual equity award under the Incentive Plan in the form of RSUs with
a value of $100,000.

103

Each initial equity award
and annual equity award is expected to vest over a three-year period, with