Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 232

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 232
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| (1) | Mr. Levine was a director of Zoomcar, Inc., the Company’s predecessor, until his resignation in July 2023. |

| (2) | Mr. Ishag resigned from the Board effective January 30, 2024. |

| (3) | Mr. Gullans resigned from the Board effective June 18, 2024 |

| (4) | Ms. McNabb was a director of Zoomcar, Inc. until her resignation effective April 18, 2023 |

Director Compensation Policy

The Board approved a non-employee
director compensation policy that became effective as of the Closing of the Business Combination. Under this policy, Zoomcar will pay
non-employee directors a cash retainer for service on the Board and for service on each committee of which the director is a member. The
chair of each committee will receive higher retainers for such service. These fees are expected to be payable in arrears in four equal
quarterly instalments on the last day of each calendar quarter, provided that the amount of such payment will be prorated for any portion
of such quarter that the director is not serving on the Board and no fee will be payable in respect of any period prior to the completion
of the Business Combination.

In addition, under the new
director compensation policy, following the effective date of a Registration Statement on Form S-8, each non-employee director will receive
an initial equity award under the Incentive Plan in the form of RSUs with a value of $300,000 or, in the case of the Chairman of the Board,
$400,000. Further, following the effective date of a Registration Statement on Form S-8, it is expected that on the date of the annual
meeting of stockholders, each non-employee director then serving on the Board who has not received an initial equity award in the 12-month
period preceding the date of the annual meeting, will receive an annual equity award under the Incentive Plan in the form of RSUs with
a value of $100,000.

Each initial equity award
and annual equity award is expected to vest over a three-year period, with one-third to vest on the first anniversary of the grant date
and then quarterly thereafter (provided that any initial equity award granted to a non-employee director of Zoomcar as of immediately
following the Closing is expected to vest on the first anniversary of the Closing). In each case, vesting is