Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 222

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 222
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) | On behalf of Mr. Nishijima, Zoomcar                                                                                               
 made $52,903 and $20,768 in contributions to India’s Provident Fund, a defined contribution plan, for the fiscal year ended March 
 31, 2024 and 2023 respectively.                                                                                                   |

Narrative to Summary Compensation Table

Employment Agreements

For the fiscal year ended
March 31, 2024, Zoomcar maintained employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Operating
Officer.

Effective upon the Closing
of the Business Combination, Zoomcar amended and restated the existing employment agreements with each of the Company’s CEO, CFO
and COO. The amended and restated employment agreements govern the terms of continuing employment with Zoomcar India and also provide
that each executive agrees to serve as an executive officer of the Company following the completion of the Business Combination without
additional compensation. Below is a summary of the material updates to each of the amended and restated employment agreements.

Amended and Restated Agreement with Chief Executive Officer

The annual base salary for
Mr. Moran was $332,500, plus an annual variable pay opportunity of up to $17,500. Mr. Moran was eligible for a one-time supplemental bonus
of $100,000, payable six months following the amended and restated employment agreement becoming effective. Subject to the approval of
the compensation committee of the Company’s Board and the terms of the amended and restated employment agreement, Mr. Moran’s
amended and restated employment agreement provides for the grant of restricted stock units equal to 8% of the aggregate number of Common
Stock issued and outstanding immediately after the Business Combination. The RSUs will vest over three years, with three-fourths of the
RSUs vesting on the first anniversary of the Closing Date and the remaining one-fourth of the RSUs vesting monthly thereafter, subject
to Mr. Moran’s continued service with the Company through each vesting date. As of the date hereof, no RSU’s have been granted
under the Incentive Plan.

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On June 20, 2024, Greg Moran,
the Company’s Chief Executive Officer, was terminated from his role. Pursuant to Mr. Moran’s employment agreement, Mr. Moran
is required to resign from the Board as a result of such termination. Following such termination, effective June 20, 2024, the Board of
Direct