Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 15

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 15
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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. Legal Proceedings Except as described below, we are not currently subject to any material claims, lawsuits, arbitration proceedings, administrative actions, government investigations and other legal and regulatory disputes and proceedings (collectively, “Legal Proceedings”). We have received communications relating to certain legal proceedings, as described in the risk factors included herein under the title “Risk Factors - A former consultant to Zoomcar has commenced a lawsuit against Zoomcar asserting that he is entitled to compensation in connection with prior Zoomcar transactions and the Business Combination” and “Risk Factors - A former employee of Zoomcar India has instituted a wrongful termination suit and claims that certain Zoomcar options have vested.” We may become subject to other Legal Proceedings over time or from time to time, in the ordinary course of our business and as our business continues to grow and expand over time. Becoming involved with Legal Proceedings, regardless of the outcome, may result in substantial cost and diversion of our resources, including our management’s time and attention. As a result of our business operations in India, we are regularly subject to legal proceedings, many of which are de minimis in