Company: ZCARW
Filing Date: 2025-01-21
Form Type: DEF 14A
Source: 0001213900-25-005022
Chunk: 56

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-21
Form: DEF 14A
Chunk 56
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 of the SEC promulgated thereunder,
any BC Lock-Up Shares; (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any of the BC Lock-Up Shares, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise; or (iii) publicly announce any intention to effect any transaction specified in the foregoing clauses. Pursuant
to the Lock-Up Agreement, IOAC and certain Zoomcar stockholders agreed to the foregoing transfer restrictions during the period beginning
on the date of Closing and ending on the date that is the earlier of (i) six months after the Closing and (ii) subsequent to the Merger,
(x) if the last sale price of Common Stock equals or exceeds $12.00 per share for any 20 trading days within any 30 trading day period
commencing at least 150 days after the Closing; or (y) the date on which Zoomcar completes a liquidation, merger, capital stock exchange,
reorganization or other similar transactions that result in all of Zoomcar’s stockholders having the right to exchange their shares
for cash, securities or other property.

On December 18, 2023, OIAC
and Ananda Trust entered into a First Amendment to Lock-Up Agreement, pursuant to which the lock-up period for the shares held by Ananda
Trust were amended to terminate upon the earlier of (i) twelve months after the Closing Date or (ii) subsequent to the Business Combination,
the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transactions that
results in all of the Company’s stockholders having the right to exchange their shares of cash, securities or other property.

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Engagement Letters

Amendments to Engagement Letter

On December 13, 2023 and
December 21, 2023, Zoomcar and J.V.B. Financial Group, LLC (“J.V.B.”), acting through its Cohen & Company Capital
Markets division, entered into amendments (together, the “CCM Amendments”) to that certain Engagement Letter dated
as of July 18, 2022, by and among Zoomcar and CCM. Pursuant to the CCM Amendments, Zoomcar agreed to pay CCM a revised transaction fee
in connection with the Business Combination in an amount equal to $4,500,000,