Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 539

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1A
Chunk 539
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ing 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
specifies certain compensation following termination of employment, including severance payments of three months of Ms. Singh’s
last drawn salary if Ms. Singh’s employment is terminated by the Company without “Cause” (as defined in the employment
agreement). Ms. Singh was also granted and issued 476 RSUs under the 2023 Equity Incentive Plan of the Company as per the terms of the
restricted stock unit award agreement dated February 12, 2025.

Equity-Based Compensation

2012 Equity Plan

In 2012, the Zoomcar Inc.
Board adopted, and Zoomcar Inc.’s stockholders approved, the Zoom