Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1556

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 4
Chunk 1556
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 Nishijima’s resignation is effective from May 02, 2025 and was finalized by
the Board on May 07, 2025. Mr. Nishijima’s resignation was not due to a disagreement with a Company.

Following his resignation
the Board appointed Mr. Deepankar Tiwari as the Chief Executive Officer of the Company w.e.f. May 09, 2025.

Employment Agreement with Shachi Singh

The annual base salary, annual
variable pay opportunity, and supplemental bonus are as provided for Ms. Shachi Singh, as contracted, in her January 8, 2025 employment
agreement.

The employment agreement
specifies certain compensation following termination of employment, including severance payments of three months of Ms. Singh’s
last drawn salary if Ms. Singh’s employment is terminated by the Company without “Cause” (as defined in the employment
agreement). Ms. Singh was also granted and issued 476 RSUs under the 2023 Equity Incentive Plan of the Company as per the terms of the
restricted stock unit award agreement dated February 12, 2025.

Equity-Based Compensation

2012 Equity Plan

In 2012, the Zoomcar Inc.
Board adopted, and Zoomcar Inc.’s stockholders approved, the Zoomcar, Inc. 2012 Equity Incentive Plan (the “2012 Equity
Plan”). Each of the named executive officers hold stock options under the 2012 Equity Plan, as described below.

As the Zoomcar Holdings,
Inc. 2023 Equity Incentive Plan was approved by the Company’s stockholders and adopted by the Board, the 2012 Equity Plan was terminated
and no further awards will be granted under it.

98

2023 Incentive Plan

The following is a summary
of the material features of the Incentive Plan, which was adopted by the Company’s stockholders in January 2024.

Purpose

The purpose of the Incentive
Plan is to enhance the ability of Zoomcar to attract, retain and motivate persons who make (or are expected to make) important contributions
by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Equity awards and
equity-linked compensatory opportunities are intended to motivate high levels of performance and align the interests of directors, employees,
and consultants with those of stockholders by giving directors, employees and providing a means of recognizing their contributions to
Zoomcar’s success. The Board believes