Company: ZCARW
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001213900-25-002658
Chunk: 51

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-10
Form: PRER14A
Chunk 51
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 statements.

Office Space, Administrative and Support Services

IOAC agreed to reimburse
the Sponsor for office space, administrative and support services provided to members of IOAC’s management team, in the amount of
$10,000 per month. Upon completion of an initial business combination or IOAC’s liquidation, IOAC ceased paying these monthly fees.

Ananda Trust Subscription Agreements

Simultaneously with the execution
of the Merger Agreement, on October 13, 2022, Ananda Trust entered into a subscription agreement with IOAC (the “Ananda Trust Signing Subscription Agreement”)to subscribe for 1,000,000 newly issued shares of Common
Stock at a purchase price of $10.00 per share, contingent upon the Closing. Furthermore, simultaneously with the signing of the Merger
Agreement, Ananda Trust invested an aggregate of $10,000,000 in Zoomcar (the “Ananda Trust Signing Investment”), in exchange for a convertible promissory note issued by Zoomcar to Ananda Trust (the “Ananda Trust Zoomcar Note”). At the Closing, Zoomcar’s repayment obligations under the Ananda Trust Zoomcar Note was offset against Ananda Trust’s payment obligations under the Ananda Trust Signing Subscription Agreement and Ananda Trust received newly issued shares of Common Stock in accordance with the terms of the Ananda Trust Signing Subscription Agreement.

The Ananda Trust Signing
Subscription Agreement includes registration rights obligations on the part of IOAC and is conditioned on the concurrent Closing and other
customary closing conditions. Among other things, Ananda Trust will not have any right, title, interest or claim of any kind in or to
any monies in the Trust Account, and agreed not to, and waived any right to, make any claim against the trust account (including any distributions
therefrom). In the event that the Business Combination is not consummated, the Ananda Trust Note issued by Zoomcar in consideration of
the Ananda Trust Investment will be exchanged for a new convertible promissory note issued by Zoomcar, and such note will be convertible
upon the consummation of a subsequent financing of Zoomcar in which Zoomcar raises an aggregate of at least $5 million, and the Ananda
Trust Subscription Agreement will terminate automatically.

On
December 19, 2023, IOAC and Ananda Trust, an affiliate of the Sponsor, entered into a subscription agreement (the “Ananda Trust
Closing Subscription Agreement”), pursuant to which, upon the Closing, Ananda Trust