Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 8, 2024

ZOOMCAR HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-40964

99-0431609

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India

560008

(Address of principal executive offices)

(Zip Code)

+91 99454-8382

(Registrant’s telephone number, including area code)

Innovative International Acquisition Corp.

24681 La Plaza Ste 300

Dana Point, CA 92629

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	ZCAR	The Nasdaq Stock Market LLC
Warrants, each exercisable for one share of Common Stock at a price of $11.50, subject to adjustment	ZCARW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Adarsh Menon as President

Effective January 8, 2024, Zoomcar Holdings, Inc. (the “Company”) appointed Adarsh Menon as the President of the Company and as President of Zoomcar India Private Limited, an Indian limited company and majority-owned subsidiary of the Company (“Zoomcar India”).

Mr. Menon, 44, is a seasoned industry leader with over 22 years of experience. He is joining the Company after eight and a half years at Flipkart India Private Limited, a company incorporated in Singapore (“Flipkart”), an Indian e-commerce company, where he served in various roles, including Vice President, Senior Vice President and Head of various departments from March 2015 to September 2023. Most recently, Mr. Menon headed Flipkart’s new and high-growth mandate comprised of independent diverse businesses newly acquired or launched by Flipkart, including ClearTrip (a travel e-commerce company), Shopsy (a hyper-value e-commerce company) and ReCommerce (a used goods e-commerce company). Prior to Flipkart, Mr. Menon served as General Manager, West India of Hindustan Unilever Limited (NSE: HINDUNILVR), an Indian consumer goods company, for 12 years. Mr. Menon has a strong track record of leading businesses in various life stages. He has extensive experience in scaling multi-billion dollar businesses by building strong revenue moats, profit pools, alliances, as well as leading mergers and acquisition transactions, including the acquisition by Flipkart of Walmart India & Yaantra, an electronics recommerce company. He has built and led large, high-performing, engaged and agile cross-functional teams and has partnered with several industry leaders, including Ms. Deepika Bhan (President, Packaged Foods, Tata Consumer Products (NSE: TATCONSUM)), Mr. Rakesh Krishnan (Vice President & Head of Marketplace, Flipkart), Mr. Hari Kumar (Vice President & Head of Grocery, Flipkart), Mr. Ankush Wadehra (Head, Skin Cleansing, Hindustan Unilever Limited (NSE: HINDUNILVR)). Mr. Menon enjoys solving the complex problems associated with scaling up businesses to positions of dominance in India. Mr. Menon is passionate about leveraging technology to solve problems for India and Indian customers. Mr. Menon holds an M.B.A. in Marketing & Human Resources from Faculty of Management Studies.

Neither Mr. Menon nor any member of his immediate family has or had a direct or indirect interest in any transaction in which the Company or any of its subsidiaries was or is a participant that would be required to be disclosed under Item 404(a) of Regulation S-K.

Zoomcar India has entered into an employment agreement (the “Employment Agreement”) with Mr. Menon, dated as of January 8, 2024. The Employment Agreement is not for a definite time period, but rather, will continue until terminated in accordance with its terms. Mr. Menon’s employment is subject to a probation period of three months from the date of the Employment Agreement (the “Probation Period”). At the end of the Probation Period, Mr. Menon’s employment will automatically convert into full time employment. Pursuant to the Employment Agreement, Mr. Menon will earn a base salary equal to $400,000 per year. Mr. Menon will be eligible for a one-time signing bonus of $20,000.

Subject to the approval of the Company’s Board, Mr. Menon will be granted restricted stock units (“RSUs”) equal to 3% of the aggregate number of issued and outstanding shares of common stock of the Company, par value $0.0001 per share (“Common Stock”). The RSUs will vest in even monthly increments over four years and will be subject to a one-year lock-up period. In addition, Mr. Menon will be eligible to receive an additional number of RSUs of .25% of the aggregate number of issued and outstanding shares of Common Stock upon the achievement of each of the following milestones: a market capitalization of the Company of $500 million, $750 million and $1 billion, respectively.

Mr. Menon will be entitled to participate in Zoomcar India’s employee benefit program, if Zoomcar India offers such employee benefits to its employees, provided, however, that the employee benefits will not be provided to Mr. Menon during the Probation Period. In addition, upon termination without “Cause,” Mr. Menon will be given at least three months of notice and will be eligible to receive severance payment equal to three months of salary, provided, however, that if Mr. Menon’s employment is terminated in connection with the Company’s acquisition by another entity, Mr. Menon will be eligible to receive severance payment equal to four months of salary. During the Probation Period, Mr. Menon’s employment may be terminated at any time without notice and Mr. Menon will be eligible to receive one month of salary.

The Employment Agreement contains covenants not to, for a period of 1 year after the date of termination or expiration of the Employment Agreement, (i) contact or solicit, or direct any third party to solicit, any customers or business associates of Zoomcar India, any past customers or business associates of Zoomcar India who conducted business with Zoomcar India during the term of Mr. Menon’s employment, or any prospective customers or business associates of Zoomcar India which are actively being solicited by Zoomcar India or (ii) solicit, hire or contract with any employees of Zoomcar India or any past employees of Zoomcar India who were employed by Zoomcar India during Mr. Menon’s term of employment.

The foregoing description of the terms of the employment agreement is qualified in its entirety by the full text of the agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference. The Company will also enter into a standard indemnity agreement with Mr. Menon, a form of which was filed as Exhibit 10.13 to the Company’s Current Report on Form 8-K, filed with the SEC on January 4, 2024.

On January 11, 2024, the Company issued a press release announcing the appointment of Mr. Menon, a copy of which is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

EXHIBIT INDEX

Exhibit Number		Description

10.1		Employment Agreement, dated as of January 8, 2024, by and between Zoomcar India Private Limited and Adarsh Menon.
99.1		Press Release dated January 11, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 12, 2024	Zoomcar Holdings, Inc.

	By:	/s/ Greg Moran
	Name:	Greg Moran
	Title:	Chief Executive Officer and Director

Exhibit 10.1

Zoomcar India Private Limited

Regd Off: Anjaneya Techno Park, No.147, 1st Floor, HAL Old Airport Road, ISRO Colony, Kodihalli,
Bangalore KA 560008 IN, E-mail: zc.secretarial@zoomcar.com

Website: www.zoomcar.com, Ph No:080 46003666.

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into this 8^nd day of January, 2024, by and between, Zoomcar India Pvt. Ltd., a Delaware corporation, having its registered office at Anjaneya Techno Park, No.147, 1st Floor, HAL Old Airport Road, ISRO Colony, Kodihalli, Bangalore, Karnataka 560008, India (the “Company”), and Adarsh Menon, bearing Emp ID: E1529, born on 02^nd Feb 1979 currently residing at Villa 441, Lane 9, Adarsh Palm Retreat, Bellandur, Bangalore 560103 (the “Employee”).

The Company and the Employee are hereinafter individually referred to as a “Party” and collectively as “Parties”, as the context may require.

WHEREAS:

The Company desires to employ the Employee, and the Employee desires to accept employment with the Company, on the terms and conditions set forth in this Agreement.

In the course of employment with the Company, the Employee will have access to certain Confidential Information (as defined below) that relates to or will relate to the business of the Company and will be introduced to important business contacts, and therefore, the Employee has agreed to be bound by certain covenants or provisions contained herein.

NOW, THEREFORE, in consideration for the premises, mutual agreements and covenants contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which is hereby mutually acknowledged), the Parties hereby agree as follows:

1. Employment. The Company shall employ the Employee as a President and the Employee hereby agrees to serve the Company in such capacity, from the date of this Agreement (the “Effective Date”), subject to Probation Period terms mentioned hereafter, and will continue until termination of this Agreement by either Party in terms of this Agreement (the “Employment Term”). The Employee shall be on a period of probation for three (3) months from the date of this Agreement (the “Probation Period”). At the end of Probation Period, the probation will be automatically converted into full time employment, unless the Company decides to either extend the probation or terminate the Agreement subject to clause 7.

2. Duties. The Employee shall during his/her Employment Term under this Agreement:

(a) Perform the duties and exercise the powers which the board of directors of the Company (the “Board”) may from time to time assign to him/her in his/her capacity as President of Zoomcar India Pvt. Ltd. and its subsidiaries (“Zoomcar Group”), in connection with the business and operations of the Company;

CIN: U63090KA2012FTC065834

(b) Use his/her best efforts to promote, develop and extend the business of Zoomcar Group and at all times and in all respects, conform and comply with the directions and regulations of the Board and the Company;

(c) observe the policies, procedures and practices set forth from time to time by the Company and shall consider it a primary responsibility to implement and/or observe said policies, procedures and practices in a manner consistent with the best interests of the Company; and

(d) will not engage in any other business for his/her own account or be employed by any other person, or render any services, give any advice or serve in a consulting capacity, whether gratuitously or otherwise, to or for any other person without the prior written approval of the Board.

3. Place of Work. The Employee will be based at Zoomcar India Pvt. Ltd, Anjaneya Techno Park, No.147, 1st Floor, HAL Old Airport Road, ISRO Colony, Kodihalli, Bangalore, Karnataka 560008, India (the “Principal Place of Employment”), but may be relocated to other locations either at Bangalore or elsewhere in India. Employee’s duties may include travel to various parts of India, often at short notice.

4. Compensation. Employee’s annual salary and other compensation from the date of this Agreement shall be as set forth on Annexure A hereto. The salary and compensation are subject to being reviewed and modified annually by the Company. The Company shall be entitled to withhold from Employee’s monthly salary, (i) any payments due from the Employee pursuant to the provisions of this Agreement, (ii) any amounts required to be withheld by any applicable taxing or other authority, or (iii) any amounts loaned to the Employee by the Company.

5. Vacations. The Employee shall, in addition to the usual public holidays as per relevant law of the Principal Place of Employment, be entitled to a total of thirty (30) days of vacation in each calendar year to be taken at a time reasonably convenient to the Company.

6. Policies and Practices. The Employee agrees to abide by all the Company rules, regulations, instructions, policies, practices, procedures and code of conduct which the Company may amend from time to time and to indemnify the Company for any loss suffered as a consequence of a breach by the Employee of the Company rules, regulations, instructions, policies, practices and procedures.

7. Termination.

(a) The Company may terminate Employee’s employment with or without cause, as the case may be, under the following conditions:

(i) With Cause. The Company may, immediately and without notice and without severance pay, terminate Employee from employment with “Cause”. “Cause” shall mean the employee is personally involved in (1) the commission of a crime involving moral turpitude, theft, fraud or deceit; (2) intent to harm the Company, that has an adverse effect on the Company’s reputation or business prospects; (3) substantial or continued unwillingness to perform duties as reasonably directed by the Board; (4) gross negligence or deliberate misconduct; (5) violation of the Company’s policies regarding insider trading, as in effect from time to time; or (6) any breach of terms and conditions of this Agreement. Employee acknowledges that he/she has continuing obligations under this Agreement including, but not limited to Section 8, in the event that he/she is terminated with Cause.

(ii) Without Cause. In the event that Employee’s employment is terminated without Cause, Employee will be given not less than three (3) month prior written notice of such termination. In such case, the Employee will be paid three (3) month’s severance pay based on Employee’s last drawn salary. However, in the event of an acquisition where the Agreement is terminated by the acquiring company, the Employee will be eligible for four (4) months severances pay based on Employee’s last drawn salary. Employee acknowledges Employee’s continuing obligations under this Agreement including, but not limited to Section 8, in the event that Employee is terminated without Cause.

(iii) Probation Period. The Employee’s employment may be terminated at any time during the Probation Period by the Company without any notice and with one month of salary. Incase of involuntary exit the employee is not liable to return the Joining bonus paid in the first month of joining. Employee acknowledges Employee’s continuing obligations under this Agreement including, but not limited to Section 8, in the event that Employee is terminated within the Probation Period.

(b) The Employee may terminate his/her employment by giving not less than three (3) months prior written notice of his/her intention to terminate, provided, however, that the Company may decide to end his/her employment at any time during such three (3) months’ notice period. The Employee acknowledges his/her continuing obligations under this Agreement including, but not limited to Section 8, in the event that the Employee terminates his/her employment with the Company.

8. Protective Covenants.

(a) The Employee hereby covenants and agrees that during the Employment Term and until twelve (12) months after the termination or expiration of the Employment Term, the Employee shall not, directly or indirectly: (i) contact or solicit or direct any third person to solicit any customers or business associates of the Company, any past customers or business associates of the Company who conducted business with the Company during the Employment Term, or any prospective customers or business associates of the Company which were actively being solicited by the Company; or (ii) solicit, hire or contract with any employees of the Company or any past employees of the Company who were employed by the Company during the Employment Term.

(b) The Employee covenants and agrees that during the Employee’s employment or any time after the termination of such employment, the Employee shall not directly or indirectly, reveal or disclose to third parties any and all information concerning or related to the Zoomcar Group’s business or affairs, which is considered confidential by the Company and which is not, at the time in question, lawfully in the public domain (“Confidential Information”), except as required by compulsory legal process or as authorized by the Company or as otherwise necessary for the Employee to perform his/her duties as an employee of the Company. Notwithstanding the above, the Employee agrees that “Confidential Information” includes but is not limited to:

(i) any information of a technical nature such as, but not limited to, methods, know-how, formulae, compositions, processes, discoveries, machines, inventions, research, drawings, design tolerances, materials used, performance data, compilations of information including electronic data compilations, service techniques, service documentation, manufacturing techniques, computer systems, computer architectures and computer software;

(ii) any information of a business nature such as, but not limited to, information about cost, purchasing, profits, markets, sales, suppliers, supplier lists, customers, customer contacts and customer lists, pricing, sales volume or strategy, marketing plans, the number, names, telephone numbers, addresses, locations, job duties or compensation of Company sales representatives and employees, product plans, marketing or delivery methods and techniques and financial data;

(iii) any information pertaining to plans or future developments such as, but not limited to, mergers, acquisitions, divestitures, new facilities, closing operations, research and development or marketing or merchandising initiatives; or

(iv) any information furnished to the Company on a confidential basis by customers, suppliers, business partners or members of strategic alliances, including, but not limited to, information concerning their business affairs, property, technology, methods of operation, trade secrets or other data.

The Company shall have no obligation to specifically identify any information as to which the protection of this Section 8(b) extends by any notice or other action, and the Employee agrees that all information relating to the business of the Company shall be deemed Confidential Information.

(i) To promptly disclose in writing to the Company all inventions, discoveries, developments, improvements, works of authorship, and innovations (collectively and individually referred to herein as “Inventions”) whether patentable or not, which are conceived or made by the Employee, either alone or jointly with others, during the period of employment with the Company, whether or not made or conceived during working hours which: (A) relate in any manner to the existing or contemplated business or research activities of the Company, or (B) are suggested by or result from the Employee’s work at the Company; or (C) result from the use of the Company’s time, materials, technology or facilities; and that all such Inventions shall be the exclusive property of the Company.

(ii) To execute assignments, at the Company’s request and expense, to any such Inventions and execute, acknowledge, and deliver such other documents and take such further action as may be considered necessary by the Company at any time during or subsequent to the Employee’s period of employment with the Company to obtain and defend patents in any and all countries or to vest title in such Inventions in the Company or its successors and assigns. The Employee agrees to keep and maintain adequate and current written records of all Inventions made by the Employee (solely or jointly with others) during the terms of his employment with the Company. The records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records will be available to and remain the sole property of the Company at all times.

(iii) To assist the Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, the title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto. The Employee further agrees that the Employee’s obligation to execute or cause to be executed, when it is in the power of the Employee to do so, any such instrument or papers shall continue after the expiration or termination of the Employee’s employment with the Company. If the Company is unable because of the Employee’s mental or physical incapacity or for any other reason to secure his/her signature to apply for or to pursue any application for any patents or copyright registrations covering Inventions or original works of authorship assigned to the Company as above, then the Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Employee’s agent and attorney in fact, to act for and in the Employee’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by the Employee.

(d) During and after the Employment Term, to not remove from the Company’s premises any documents, records, files, notebooks, correspondence, computer printouts, computer programs, computer software, price lists, microfilm, or other similar documents containing Confidential Information, including copies thereof, whether prepared by him/her or others, except as his/her duty shall require, and in such cases, will promptly return such items to the Company. Upon termination of his/her employment with the Company, the Employee shall deliver promptly to the Company all documents, records, files, notebooks, correspondence, computer printouts, computer programs, computer software, price lists, microfilm, or other similar documents containing Confidential Information, including copies thereof, which are the property of the Company or which relate in any way to the business, products, practices or techniques of the Company, and all other property, trade secrets, Confidential Information of the Company, which in any of these cases are in his/her possession or under his/her control.

(e) That the covenants contained in this Section 8 shall be construed as a series of separate and severable covenants. The Employee and the Company agree that if in any proceeding, any court or tribunal shall refuse to enforce fully any covenants contained herein because such covenants cover too extensive a geographic area or too long a period of time or for any other reason whatsoever, any such covenant shall be deemed amended to the extent (but only to the extent) required by law. Each Party acknowledges and agrees that the services to be rendered by the Employee to the Company hereunder are of a special and unique character. Each Party shall have the right to injunctive relief, in addition to all of its other rights and remedies at law or in equity, to enforce the provisions of this Agreement.

(f) The Employee shall devote all of his/her professional and business time, attention and energies to his/her duties and responsibilities as provided hereunder. During the Employment Period, the Employee shall not hold any other executive, managerial or directorial positions or responsibilities in any entity other than the Company without the prior written approval of the Company. The Employee acknowledges that his/her primary duties are to the Company.

(g) In return for the consideration described in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and as a condition precedent to the Company entering into this Agreement, and as an inducement to the Company to do so, the Employee hereby represents, warrants, and covenants as follows:

(i) The Employee has executed and delivered this Agreement as his/her free and voluntary act, after having determined that the provisions contained herein are of a material benefit to him/her, and that the duties and obligations imposed on him/her hereunder are fair and reasonable and will not prevent him/her from earning a comparable livelihood following the termination of his/her employment with the Company.

(ii) The Employee has read and fully understood the terms and conditions set forth herein, has had time to reflect on and consider the benefits and consequences of entering into this Agreement, and has had the opportunity to review the terms hereof with an attorney or other representative, if he/she so chooses.

(iii) The execution and delivery of this Agreement by the Employee does not conflict with, or result in a breach of, or constitute a default under, any agreement or contract, whether oral or written, to which the Employee is a party or by which the Employee may be bound.

(iv) The Employee has no right, title or interest in any Inventions that relate to the Company’s business, or actual or demonstrably anticipated research or development of the Company.

9. Specific Performance. The Employee acknowledges and agrees that this Agreement, including, without limitation, the restraints imposed upon him/her pursuant to Section 8 do not constitute an agreement by which the Employee is restrained from exercising a lawful profession, trade or business of any kind. The Employee acknowledges and agrees that any breach or anticipated or threatened breach of any of the Employee’s covenants contained in Section 8 will result in irreparable harm and continuing damages to the Company and its business and that the Company’s remedy at law for any such breach or anticipated or threatened breach will be inadequate and, accordingly, in addition to any and all other remedies that may be available to the Company at law or in equity in such event, any court of competent jurisdiction may issue a decree of specific performance or issue a temporary and permanent injunction, without the necessity of the Company posting bond or furnishing other security and without proving special damages or irreparable injury, enjoining and restricting the breach, or threatened breach, of any such covenant, including, but not limited to, any injunction restraining the Employee from disclosing, in whole or part, any Confidential Information. The Employee acknowledges the truthfulness of all factual statements in this Agreement and agrees that he/she is estopped from and will not make any factual statement in any proceedings that is contrary to any covenants of this Agreement or any part thereof. The Parties also agree that the prevailing Party shall be entitled to reimbursement for costs and expenses, including reasonable attorneys’ and accountants’ fees, incurred in successfully enforcing or defending, as the case may be, such covenants.

10. Notices. All notices required or permitted to be given under the provisions of this Agreement shall be in writing and delivered personally, or by email, or by certified or registered mail, return receipt requested, postage prepaid, or given by a nationally recognized courier service providing for proof of delivery to the following persons at the following addresses, or to such other persons at such other addresses as any Party may request by notice in writing to the other Party to this Agreement:

	If to Employee:	Adarsh Menon
		Villa 441, Lane 9, Adarsh Palm Retreat,
		Bellandur, Bangalore 560103.

	If to the Company:	Attn: Mr. Gregory Bradford Moran
		Anjaneya Techno Park, No.147, 1st Floor,
		HAL Old Airport Road, ISRO Colony, Kodihalli,
		Bangalore, Karnataka 560008, India

11. Waiver of Breach. A waiver by the Company of a breach of any provision of this Agreement by the Employee shall not operate or be construed as a waiver or estoppel of any subsequent breach by the Employee. No waiver shall be valid unless in writing and signed by an authorized officer of the Company.

12. Assignment. The Employee acknowledges that the services to be rendered by him/her are unique and personal. Accordingly, while employed by the Company, the Employee may not assign any of his/her rights or delegate any of his/her duties or obligations under this Agreement without the prior written consent of the Board.

13. Entire Agreement. This Agreement sets forth the entire and final agreement and understanding of the Parties and contains all of the agreements made between the Parties with respect to the subject matter hereof. This Agreement supersedes any and all other agreements, either oral or in writing, between the Parties hereto, with respect to the subject matter hereof. No change or modification of this Agreement shall be valid unless in writing and signed by the Parties.

14. Survival. The provisions of Sections 8, 9, 10, 17, 18 and this Section 14 of this Agreement shall survive the termination of Employee’s employment with the Company for any reason.

15. Binding Effect. This Agreement shall inure to the benefit of, and may be enforced by, the Company, its subsidiaries, successors and assigns and shall be binding upon the Employee, Employee’s respective heirs, executors, administrators, devisees, legal representatives, successors and permitted assigns.

16. Severability. If any provision of this Agreement shall be found invalid or unenforceable for any reason, in whole or in part, then such provision shall be deemed modified, restricted, or reformulated to the extent and in the manner necessary to render the same valid and enforceable, or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law, as if such provision had been originally incorporated herein as so modified, restricted, or reformulated or as if such provision had not been originally incorporated herein, as the case may be. The Parties further agree to seek a lawful substitute for any provision found to be unlawful; provided, that, if the Parties are unable to agree upon a lawful substitute, the Parties desire and request that a court or other authority called upon to decide the enforceability of this Agreement modify those restrictions in this Agreement that, once modified, will result in an agreement that is enforceable to the maximum extent permitted by the law in existence at the time of the requested enforcement.

17. Governing Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by the internal law of the State of Delaware, without giving effect to principles of conflicts of law.

18. Dispute Resolution. Any dispute or controversy arising out of or relating to this Agreement shall be, subject to the jurisdiction of courts of State of Delaware alone. Notwithstanding the foregoing, nothing contained herein shall be deemed to prevent either Party from seeking and obtaining injunctive and equitable relief from any court of competent jurisdiction without the posting of any bond or other security.

19. Headings. The headings in this Agreement are inserted for convenience only and are not to be considered a construction of the provisions hereof.

20. Counterparts. This Agreement may be executed in several counterparts, each of which shall be considered on original, but which when taken together, shall constitute one agreement.

IN WITNESS HEREOF, the Parties have set their hand and seal as of the date first set forth above.

FOR THE COMPANY		FOR THE EMPLOYEE

By:	/s/ Gregory Bradford Moran	/s/ Adarsh Menon
Name:	Mr. Gregory Bradford Moran	Name:	Adarsh Menon
Title:	Chief Executive Officer	Date:	08-January-2024
Date:	08-January-2024

ANNEXURE A

Gross Compensation. Your gross CTC including annual bonus would be USD. 400,000* (USD Four hundred thousand only) i.e INR. 3,33,00,000/- (Rupees Three Crore Thirty Three Lakhs Only) per annum. *In case the CTC amount paid to incumbent falls short of USD. 400,000 (USD Four hundred thousand only) than the difference of amount will be paid as onetime bonus at the end of one year.

You will also be eligible for a joining bonus of USD. 20,000 (USD Twenty thousand only) contingent upon joining Zoomcar. This will be released along with the first month salary. The mentioned amount will be converted into INR at the currency exchange rate applicable on the date of disbursement, The Employee must return the joining bonus back if he is not able to complete a full year of service with Zoomcar.

Zoomcar will also award you restricted stock units (RSUs) equivalent to 3.0% of Zoomcar’s total outstanding capitalization. The employee will vest in even monthly increments over a four (4) year period. Vesting will be subject to a one (1) year lock in period. The allocation is subject to board approval.

In addition to the RSU allocation mentioned above, Zoomcar will award an incremental 0.75% of Zoomcar’s total outstanding capitalization. This award will be granted in 0.25% increments and will be subject to the Company achieving market capitalizations of $500 million, $750 million, and $1 billion, respectively. The allocation is subject to board approval.

Expenses. The Company will reimburse all properly documented expenses reasonably related to the Employee’s performance of Employee’s duties hereunder in accordance with its standard policy.

Benefits. The Employee’s entitlement to the benefit schemes of the Company shall be in accordance with the applicable law and as per Company policies in force from time to time. The Employee is entitled to join the benefit schemes of the Company, which may include health or other insurance packages, if the Company decides to offer these to its employees. The Employee understands that, if offered, the terms of these schemes may be changed from time to time by the Company and agrees to keep himself/herself informed of the same. Benefits will not be provided during the Probation Period.

Annexure 1

Annual CTC	33,300,000
Annual Variable Compensation-5% of CTC (Applicable if CTC more than 6L)	1,665,000
Annual Fixed Compensation-95% of CTC	31,635,000
Monthly Fixed Cash Compensation	2,636,250.00
CTC
Salary Breakup	Monthly	Annualized
Basic salary @50% of CTC	1,318,125	15,817,500
HRA @40% of Basic (If it is Metro 50%)	527,250	6,327,000
Statutory Bonus	-	-
Special Allowance	632,700	7,592,400
A. GROSS EARNINGS	2,478,075	29,736,900
PF EMPLOYER CONTRIBUTION
Employer Contribution to PF @ 12% on Basic	158,175	1,898,100
TOTAL MONTHLY CTC	2,636,250	31,635,000
EMPLOYEE DEDUCTIONS
Employee PF Contribution @ 12% on Basic	158,175	1,898,100
Professional Tax	200	2,400
B. TOTAL GROSS DEDUCTIONS BEFORE TDS	158,375	1,900,500
C. NET PAY (SUBJECT TO TDS] - (A - B)	2319700	27836400

Exhibit 99.1

Zoomcar announces the appointment of Adarsh Menon as President to lead their business.

-Adarsh has been appointed as President and will be instrumental in continuing to scale their business-

Bangalore, January 11, 2024: Zoomcar Holdings, Inc. (Nasdaq: ZCAR), the leading marketplace for car sharing in emerging markets, today announced the appointment of Adarsh Menon as its President to lead its business. This announcement follows Zoomcar’s recent listing on NASDAQ following closing of its business combination. In his new role, Adarsh will be responsible for all aspects of Growth, Operations, and Customer Experience for the company.

Adarsh is a seasoned industry leader with over 22 years of experience and has joined Zoomcar after an eight-and-a-half-year stint with Flipkart and a twelve-year stint with Hindustan Unilever. In his last role at Flipkart, Adarsh was heading all Flipkart’s New Businesses – ClearTrip (Travel ECom), Shopsy (Hypervalue ECom) and ReCommerce (Used Goods ECom) – a new and high-growth mandate comprising of independent diverse businesses newly acquired or launched.

From leading M&A to scaling multi-billion-dollar businesses, Adarsh has a strong track record in leading businesses of various life stages by building strong revenue moats, profit pools and alliances. He has built and led large high-performing, engaged and agile cross-functional teams and has mentored and groomed several industry leaders. He enjoys solving the complex problems associated with scaling up businesses to positions of dominance in India. He is passionate about leveraging technology to solve problems for India & Indian customers.

Greg Moran, CEO and Co-Founder Zoomcar said “Adarsh’s diverse skillsets and seasoned leadership will play an instrumental role in continuing to scale our business. I am confident that in his new role he will help excellently position the company as we embark on reaching new heights for our emerging market focused peer2peer car sharing platform.”

Adarsh Menon, President, Zoomcar India added “I am very excited to be leading Zoomcar’s business at this important new phase. At Zoomcar, we’re currently sitting on the cusp of a dramatic transformation within personal mobility, and I look forward to working closely with Greg and the broader Zoomcar team to help the company reach new heights.”

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets. The Zoomcar community connects hosts with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.

Media Contact

Surabi Shetty

Zoomcar

surabi.shetty@zoomcar.com

Cover	Jan. 08, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 08, 2024
Entity File Number	001-40964
Entity Registrant Name	ZOOMCAR HOLDINGS, INC.
Entity Central Index Key	0001854275
Entity Tax Identification Number	99-0431609
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Anjaneya Techno Park
Entity Address, Address Line Two	No.147
Entity Address, Address Line Three	1st Floor
Entity Address, City or Town	Bangalore
Entity Address, Country	IN
Entity Address, Postal Zip Code	560008
City Area Code	+91
Local Phone Number	99454-8382
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Common Stock, par value $0.0001 per share
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ZCAR
Security Exchange Name	NASDAQ
Warrants, each exercisable for one share of Common Stock at a price of $11.50, subject to adjustment
Title of 12(b) Security	Warrants, each exercisable for one share of Common Stock at a price of $11.50, subject to adjustment
Trading Symbol	ZCARW
Security Exchange Name	NASDAQ