Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 92

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 92
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 injunction to restrain
each of Zoomcar and IOAC from “alienating or dealing” the 100,000 shares, (without giving effect to the reverse splits and
the conversion ratio for the business combination), of Zoomcar claimed by the former employee while the suit is pending. Zoomcar believes
that such claims are baseless and is attempting to have the interim order vacated. In addition, Zoomcar India filed an application in
the former employee’s suit, seeking that IOAC be deleted from the array of parties in the suit, inter alia since (i) IOAC is neither
a necessary nor a proper party to the suit; (ii) no reliefs have been sought by the former employee from IOAC; and (iii) there is no cause
of action against IOAC.

63

Litigation with the Founder
and Former CEO

On September 26, 2024, we
received a copy of a complaint filed with the United States District Court for the District of Delaware wherein our founder and former
CEO Greg Moran has challenged the Company’s termination of his employment for cause, effective as of June 18, 2024. Mr. Moran has
contested the facts leading up to the grounds on which his termination was based and has also claimed that this alleged wrongful termination
has deprived him of his vested right to 8% of the Company’s outstanding equity that he claims was owed to him under his Employment
Agreement. He has also claimed that in connection with his termination he is entitled to the payment of certain amounts for unused paid
leave during his employment with Zoomcar, along with certain other compensation he claims to be owed under the terms of his Employment
Agreement, including “Owed Severance” equal to approximately $72,000. In total, Mr. Moran seeks damages of at least $238,000
plus damages associated with the 8% of shares. He also seeks damages under the New York Labor Law, under which he seeks liquidated damages
equal to 100% of any unpaid wages. He claims that all of the above constitute wages under New York Labor Law.

Zoomcar believes that the
termination of Mr. Moran’s employment for cause was proper in accordance with the terms of his Employment Agreement. Mr. Moran’s
case in the District Court was dismissed on account of Mr. Moran’s stated intention to refile the case in Delaware Superior Court.
Mr. Moran refiled his lawsuit in the Superior Court of the State of Delaware on November