Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1940

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 6
Chunk 1940
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car India and also provide
that each executive agrees to serve as an executive officer of the Company following the completion of the Business Combination without
additional compensation. Below is a summary of the material updates to each of the amended and restated employment agreements.

96

Amended and Restated Agreement with Greg Moran

The annual base salary for
Mr. Moran was $332,500, plus an annual variable pay opportunity of up to $17,500. Mr. Moran was eligible for a one-time supplemental bonus
of $100,000, payable six months 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. Moran’s
amended and restated employment agreement provides for the grant of restricted stock units equal to 8% of the aggregate number of Common
Stock issued and outstanding immediately after the Business Combination. The RSUs will vest over three years, with three-fourths of the
RSUs vesting on the first anniversary of the Closing Date and the remaining one-fourth of the RSUs vesting monthly thereafter, subject
to Mr. Moran’s continued service with the Company through each vesting date. As of the date hereof, no RSU’s have been granted
under the 2023 Equity Incentive Plan.

On June 20, 2024, Greg Moran,
the Company’s Chief Executive Officer, was terminated from his role. Pursuant to Mr. Moran’s employment agreement, Mr. Moran
was required to resign from the Board as a result of such termination. Following such termination, effective June 20, 2024, the Board
of Directors 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. Mr. Nishijima has also resigned from his position as the Chief Executive Officer.
Mr. Nishijima’s resignation is effective from May 02, 2025 and was finalized by the Board on May 07, 2025.

Consultant Agreement with Deepankar Tiwari

Mr. Deepankar Tiwari
was appointed as the Chief Executive Officer of the Company on May 09, 2025 pursuant to the terms of a Consultant Agreement. His
initial term is for one (1) year which can be extended upon mutual discussion. The monthly consultancy fee, bonuses,