Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1155

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 1155
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 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 from the Effective
Date of the Consultant Agreement (iii) grant another 1,000,000 (one million) RSUs (“Kicker Grant”), if Mr. Tiwari and the
Board mutually agree to extend his term for an additional one (1) year beyond the initial term for which the vesting schedule and set
of performance objectives and key performance indicators (KPIs) for this grant is to be decided mutually by him and the Board.

The Consultant Agreement
specifies certain compensation following termination, including severance payments of three months of Mr. Tiwari’s last drawn salary