Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 256

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 256
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 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, certain initial
and kicker RSU grants for Mr. Deepankar Tiwari, are as contracted in the May 09, 2025, Consultant Agreement.

In accordance with the terms
of the Consultant Agreement, the Company has agreed to (i) pay Mr. Tiwari a service fee of $14,874 per month, (ii) grant Mr. Tiwari 1,000,000
(one million) RSUs (“initial Grant”) of which 250,000 RSU shall vest at the end of each quarter beginning