Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2135

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 7
Chunk 2135
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 agreement dated February 12, 2025.

97

Amended and Restated Agreement with Hiroshi
Nishijima

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 the first anniversary of the Closing Date and the remaining one-half of the RSUs vesting monthly
thereafter, subject to Mr. Nishijima’s continued service with the Company’s through each vesting date. As of the date hereof,
no RSU’s have been granted under the 2023 Equity Incentive Plan.

The employment agreement
specifies certain compensation following termination of employment, including severance payments of four months of Mr. Nishijima’s
last drawn salary if Mr. Nishijima’s employment is terminated by the Company without “Cause” (as defined in the
employment agreement) or if his employment is terminated by the acquiring company within one year of an acquisition of the Company.

Following the termination
of Mr. Greg Moran as the Company’s Chief Executive Officer, 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 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. Mr. Nishijima’s resignation was not due to a disagreement with a Company.

Following his resignation
the Board appointed Mr. Deepankar Tiwari as the Chief Executive Officer of the Company w.e.f. May 09, 2025.

Employment Agreement with Shachi Singh

The annual base salary, annual
variable pay opportunity, and supplemental bonus are as provided for Ms. Shachi Singh, as contracted, in her January 8, 2025 employment
agreement.

The employment agreement