Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 15

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 15
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 of Mark Bailey. The Company has agreed to (i) pay Mr. Levine a service fee of $29,166 per month, (ii) pay Mr. Levine a $500,000 cash bonus on September 30, 2025 and (iii) award Mr. Levine, subject to stockholder approval (“Stockholder Approval”), 1,000,000 shares of restricted stock (“Restricted Stock Award”), all of which shall vest on the earlier of (A) the second anniversary of the date of grant and (B) Zoomcar India Private Limited, an Indian limited liability company and subsidiary of the Company, achieving $20 million or more in revenue in fiscal year 2026, in each case subject to the Stockholder Approval having been obtained on or before such date. Mr. Levine may not be awarded the Restricted Stock Award, unless and until Stockholder Approval has been obtained and if it is never obtained, he is not entitled to any other compensation in lieu thereof. Mr. Levine is also entitled to be reimbursed for all reasonable out-of-pocket expenses pursuant to the expense policy applicable to members of the Board. Upon such appointment, Mr. Levine’s position as a consultant to the Company was terminated and the Strategic Advisory Agreement was terminated and replaced by the terms of the Board Letter. On April 17, 2025, Madan Menon resigned from the Board of the Company, effective immediately. Mr. Menon’s decision to resign from the Board was not the result of any disagreement with the Company’s operations, policies, or practices. Mr. Hiroshi Nishijima has resigned from the position of Chief Executive Officer of the Company. Mr. Nishijima’s resignation is effective from May 02, 2025 and was finalized by the Board on May 07,2025. Mr. Nishijima’s decision to resign from the Company was not the result of any disagreement with the Company’s operations, policies, or practices. Following Mr. Nishijima’s resignation, the Board appointed Mr. Deepankar Tiwari as the Chief Executive Officer of the Company w.e.f. May 09, 2025 pursuant to the terms as recorded in the 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