Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 259

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 259
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In 2012, the Zoomcar Inc.
Board adopted, and Zoomcar Inc.’s stockholders approved, the Zoomcar, Inc. 2012 Equity Incentive Plan (the “2012 Equity
Plan”). Each of the named executive officers hold stock options under the 2012 Equity Plan, as described below.

As the Zoomcar Holdings,
Inc. 2023 Equity Incentive Plan was approved by the Company’s stockholders and adopted by the Board, the 2012 Equity Plan was terminated
and no further awards will be granted under it.

98

2023 Incentive Plan

The following is a summary
of the material features of the Incentive Plan, which was adopted by the Company’s stockholders in January 2024.

Purpose

The purpose of the Incentive
Plan is to enhance the ability of Zoomcar to attract, retain and motivate persons who make (or are expected to make) important contributions
by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Equity awards and
equity-linked compensatory opportunities are intended to motivate high levels of performance and align the interests of directors, employees,
and consultants with those of stockholders by giving directors, employees and providing a means of recognizing their contributions to
Zoomcar’s success. The Board believes that equity awards are necessary to remain competitive in its industry and are essential to
recruiting and retaining the highly qualified employees who help us meet our goals.

Eligibility

Persons eligible to participate
in the Incentive Plan will be officers, employees, non-employee directors, and consultants of Zoomcar and its subsidiaries as selected
from time to time by the plan administrator in its discretion, including prospective officers, employees, non-employee directors and consultants.
Any awards granted to such a prospect before the individual’s start date may not become vested or exercisable, and no shares may
be issued to such individual, before the date the individual first commences performance of services with Zoomcar.

Administration

The Incentive Plan will be
administered by the compensation committee of the Zoomcar Board, the Zoomcar Board, or such other similar committee pursuant to the terms
of the Incentive Plan. The plan administrator, which initially will be the compensation committee of the Zoomcar Board, will have full
power to select, from among the individuals eligible for awards, the individuals to whom awards will be granted, to make any combination
of awards to participants, and to determine the specific