Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 57

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 57
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 a copy of a complaint filed with the United States District Court for the District of Delaware wherein our founder and former
CEO, Mr. Greg Moran, has challenged the Company’s termination of his employment for cause, effective as of June 18, 2024. Mr. Moran
has contested the facts leading up to the grounds on which his termination was based and has also claimed that this alleged wrongful termination
has also deprived him of his vested right to 8% of the Company’s outstanding equity that he claims was owed to him under his Employment
Agreement. He has also claimed that in connection with his termination he is entitled to the payment of certain amounts for unused paid
leave during his employment with Zoomcar, along with certain bonuses he claims to be owed under the terms of his Employment Agreement,
as well as severance equal to one year’s base salary. Zoomcar believes that the Mr. Moran’s employment, for cause, was properly
terminated in accordance with the terms of his Employment Agreement, is currently assessing and verifying the monetary and statutory claims
made by Mr. Moran and intends to defend this action vigorously. As of October 31, 2024, the suit was dismissed on account of Mr. Moran’s
intention to refile the case in Delaware Superior Court.

Mr. Moran refiled his lawsuit
in the Superior Court of the State of Delaware on November 1, 2024. On November 27, 2024, the Company has filed a motion to dismiss
certain of the causes of action for failure to state a cause of action, and the briefing on that motion was filed on 7 January 2025.
Even if the Company prevails on the motion, there will still be remaining count of breach of contract the Company will be required to
defend. However, there can be no assurance that the Company will be successful in defending these claims in its entirety and such efforts
may be time-consuming, costly and may have reputational and other negative effects on Zoomcar.

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ACM has filed a notice of motion for summary judgement in lieu of complaint against Zoomcar in New York courts for payment of amounts due under the Note pursuant to breach of the terms of the Note

On November 7, 2024, ACM
filed a notice of motion for summary judgement in in lieu of complaint (“Motion”) against Zoomcar in New York State Supreme
Court, New York County, alleging it was entitled to accelerated payment of $