Company: SDAWW
Filing Date: 2025-02-04
Form Type: 6-K
Source: 0001213900-25-010076
Chunk: 21

Company: SunCar Technology Group Inc.
Filing Date: 2025-02-04
Form: 6-K
Chunk 21
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 2023; and; |

| (3) | 1,600,000 Class A Ordinary Shares if the Group’s revenue equals or exceeds $459,000,000 for the fiscal year ending December 31, 2024, as reflected on the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2024. |

F-18 The Business Combination was completed on May 17, 2023. The Earnout Shares related to the performance condition in 2022, attributable to pre-combination vesting, is substantially part of the consideration in the exchange for the Company. The Earnout Shares related to business performance in 2023 and 2024 are accounted for as share-based compensation under ASC718, using the graded vesting method over the applicable vesting period based on the fair value of the Earnout Shares of $ 6.11per share on the grant date. For the nine months ended September 30, 2023 and 2024, the Group recognized share-based compensation expense related to Earnout Shares of niland nil. 2024 Equity Incentive Plan On March 28, 2024, the board of directors of the Company approved 2024 Equity Incentive Plan (the “2024 Plan”). Under the 2024 Plan, the maximum aggregate number of Class A ordinary shares that may be issued pursuant to the awards shall be 8,800,000shares. All of the 8,800,000shares have been issued to employees. The shares were fully vested upon granted. The shares issued under 2024 Plan are accounted for as share-based compensation under ASC718 based on the fair value of the ordinary shares of $ 7.05per share on the grant date. For the nine months ended September 30, 2024, the Company recognized share-based compensation expenses of $ 62,040. Share-based compensation of a subsidiary On September 9, 2020, the shareholders of Shengda Automobile, a subsidiary of the Group, approved and adopted the Share Incentive Plan (the “2020 Plan”), under which eligible employees were granted 2,500,000of restricted ordinary shares of Shanghai Shengda to award eligible employees’ contribution of the expansion of Shengda Automobile, at the price of RMB 4.2per share (“Restricted Shares”). The restricted ordinary shares are subject to an annual vesting schedule that vests 20% of granted restricted shares over the