Company: ZCARW
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001213900-25-002658
Chunk: 61

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-10
Form: PRER14A
Chunk 61
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 shall supersede the registration rights set forth in the Ananda Trust Subscription Agreement
and the registration rights previously provided to investors in Zoomcar’s private financings.

Release From Lock-Up

On February 1, 2024, the
Company entered into an agreement (the “Lock-Up Release Agreement”) with two of the former members of the Sponsor, ASJC Global
LLC - Series 24 (“ASJC”) and Cohen Sponsor LLC - A24 RS (“Sponsor Investor,” and together with ASJC, the “Lock-Up
Release Parties”), pursuant to which the Company agreed to waive the lock-up restrictions provided for in the letter agreement (as
amended, the “Letter Agreement”), dated October 26, 2021, by and among the Company, the then-officers and directors of the
Company, and the Sponsor, with respect to the Lock-Up Release Parties for a period of 120 days (the “Lock-Up Release Period”)
for a cash fee to be paid by the Lock-Up Release Parties to the Company within 3 business days of each 14 day payment period during the
Lock-Up Release Period, in an amount between $0.50 and $1.50 per share of the Common Stock that is sold by the Lock-Up Release Parties
during the Lock-Up Release Period, less any legal fees in the amount of up to $50,000 incurred by the Lock-Up Release Parties in connection
with the Lock-Up Release Agreement (the transactions contemplated in the Lock-Up Release Agreement, the “Lock-Up Release”).
The cash fee payable to the Company by the Lock-Up Parties will be based upon the volume weighted average price per share of the Common
Stock during each 14 day payment period during the Lock-Up Release Period. At the end of the Lock-Up Release Period, the lock-up restrictions
provided for in the Letter Agreement will be reaffixed to any shares of the Common Stock held by the Lock-Up Release Parties at that time
and no consideration will be due from the Lock-Up Release Parties to the Company for any such shares. On March 18, 2024, the Lock-Up Release
Agreement was amended pursuant to which (i) the Lock-Up Release Period was extended from 120 days through the end of the original six-month
lock-up period, (ii) the volume and stock price restrictions for sales made by the Lock-Up Release Parties during the Lock-Up Release
Period were removed and (iii) the payment terms between the Company and Lock-Up Release Parties was modified