Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 554

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1A
Chunk 554
---
 Officer and Chairman of the board of directors of IOAC; additionally, Mr. Ananda was a director of IOAC and has been appointed
to serve as the initial chairman of the Company Board from and after the Closing. Additionally, based on the Company’s capitalization
immediately after the Closing, Ananda Trust is the Company’s largest stockholder, though Ananda Trust’s proportionate interest
and voting power with regard to the Company may change over time and from time to time.

The terms of the Ananda Trust
Closing Investment are not necessarily reflective of the terms and conditions of a transaction negotiated at arm’s length, and it
is possible that, if such terms were negotiated at arm’s length, they would have been different from, and more favorable to, the
Company and its stockholders; however, the disinterested members of the IOAC Board approved the terms of the Ananda Trust Closing Investment,
which they believed to be the best terms available, under the circumstances, to facilitate the consummation of the proposed Business Combination
and deliver capital required by the Company to pursue its business plans.

Sponsor Support Agreement

In connection with entering
into the Merger Agreement, on October 13, 2022, the Sponsor, IOAC and Zoomcar entered into the Sponsor Support Agreement. Pursuant to
the Sponsor Support Agreement, in order to induce Zoomcar to enter into the Merger Agreement and for no additional consideration, the
Sponsor agreed to (i) vote all ordinary shares of IOAC held by Sponsor at any meeting of the shareholders of IOAC in favor of the approval
and adoption of the Merger Agreement and the Business Combination; and (ii) not to redeem or transfer any of the shares held by the Sponsor,
or deposit into a voting trust or enter into a voting agreement in a manner inconsistent with the Sponsor Support Agreement. In addition,
the Sponsor agreed to take all actions necessary to fulfil the conditions required in order to extend the expiration of the IOAC charter
by six months or such shorter period as shall be mutually agreed by IOAC, the Sponsor and Zoomcar. The Sponsor also agreed to waive the
anti-dilution rights associated with the shares held by Sponsor and Sponsor agreed that it shall use its best efforts to cooperate with
IOAC and Zoomcar in connection with obtaining the financing transactions.

107

Stockholder Support Agreement

On October 13, 2022, Zoomcar
delivered to IOAC the Stockholder Support Agreements with certain stockholders of Zoom