Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 557

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1A
Chunk 557
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 to exchange their shares for cash, securities or other property. The IRA Amendment
provides the foregoing lock-up restrictions supersede the transfer restrictions provided for in the IRA prior to the adoption of the IRA
Amendment, assuming the consummation of the Business Combination. Prior to Closing, the board
of directors of Zoomcar approved an exclusion from the lock-up terms under the IRA applicable to five (5%) of the Company Shares that
would have otherwise been subject to lock-up pursuant to the trading restrictions described above resulting from the adoption of the IRA
Amendment.

108

Post-Closing Related Party Transactions

Zoomcar Holdings, Inc.

Post the Closing Date, Mahindra
& Mahindra Financial Services Limited, Mahindra First Choice Wheels Ltd and Yard Management Services Limited ceased to be related
parties since their holding percentage was reduced to less than 5% of the total holdings in the Company.

Accordingly, post the Closing
Date, the Director of the Company, Mohan Ananda, is a related party for the Company. The Company has payable to Mohan Ananda amounting
to $152,435 towards sitting fees and other payables as on March 31, 2025.

Indemnification Agreements

In connection with the Closing,
the Company entered into indemnification agreements (“Indemnification Agreements”) with each of the Company’s
newly elected directors and newly appointed executive officers which provide that the Company will indemnify such directors and executive
officers under the circumstances and to the extent provided for therein, from and against all losses, claims, damages, liabilities, joint
or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising
from any and all threatened, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal, administrative or
investigative, and whether formal or informal, and including appeals, in which he or she may be involved, or is threatened to be involved,
as a party or otherwise, to the fullest extent permitted under Delaware law and our Bylaws.

The Charter contains provisions
limiting the liability of directors, and the Bylaws provide that Zoomcar will indemnify each of its directors and officers to the fullest
extent permitted under Delaware law. In addition, the Bylaws provide that, to the fullest extent permitted by Delaware law and subject
to very limited exceptions, Zoomcar will advance all expenses incurred by its directors and officers in connection with