Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 951

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 951
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5. Pursuant to his employment agreement, Mr. Nishijima’s annual salary was $350,000 per annum. Mr. Nishijima  resigned from his position as the Chief Executive Officer. Mr. Nishijima’s resignation was effective from May 02, 2025 and Mr. Deepankar Tiwari was appointed by the Board to replace Mr. Nishijima on May 9, 2025.

    (8)
    On January 6, 2025, the board of directors (the “Board”) of Zoomcar Holdings, Inc. (the “Company”) approved the designation of Shachi Singh, the Company’s General Counsel and Chief Legal Officer, as an executive officer of the Company, effective immediately.

Narrative to Summary Compensation Table

Employment Agreements

For the fiscal year ended
March 31, 2025, Zoomcar maintained employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer.

Effective upon the Closing
of the Business Combination, Zoomcar amended and restated the existing employment agreements with each of the Company’s CEO, CFO
and COO. The amended and restated employment agreements governs the terms of continuing employment with Zoomcar India and also provide
that each executive agrees to serve as an executive officer of the Company following the completion of the Business Combination without
additional compensation. Below is a summary of the material updates to each of the amended and restated employment agreements.

96

Amended and Restated Agreement with Greg Moran

The annual base salary for
Mr. Moran was $332,500, plus an annual variable pay opportunity of up to $17,500. Mr. Moran was eligible for a one-time supplemental bonus
of $100,000, payable six months 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 here