Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 915

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 915
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 balance on separation. The Company has provided liability for compensated absences as per an
actuarial valuation carried out by an independent actuary as of the Balance Sheet dates. The amount of compensated absences cost is $37,723
for year ended March 31, 2025 ($139,965 for year ended March 31, 2024).

III. Defined contribution plan

The Indian subsidiary makes provident
fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Indian subsidiary is required
to contribute a specified percentage of the payroll costs to fund the benefits. The contributions are made to provident fund in accordance
with the fund rules. The interest rate payable to the beneficiaries every year is notified by the Government. The amount of contributions
made to provident fund is $266,053 for the year ended March 31, 2025 ($432,936 for the year ended March 31, 2024).

30Stock-based compensation expense

The Company adopted the 2023 Equity
Incentive Plan, which provides for grants of share-based awards, including Stock Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units (“RSUs”), and other forms of share-based awards. The Company settles employee stock-based options with
newly issued common stock of the Company. The Company has reserved 388,921 (7,778,414 prior to the Second Reverse Stock Split and 777,841,326
prior to First Reverse Stock Split) shares of common stock for the issuance of awards under the 2023 Plan.

In addition, the number of shares of common stock reserved and available for issuance under the 2023 Plan will automatically increase
on January 1 of each year for a period of ten years, beginning on January 1, 2024 and on each January 1 thereafter until January 1, 2033,
by a number equal to (i) 3% of the issued and outstanding number of shares of common stock of the Company on the preceding December 31,
or (ii) a lesser number of shares as approved by the Company’s board of directors.

Additionally, during the year ended March 31, 2025, the stockholders approved a one-time increase in the number of Common Stock shares
reserved for issuance under the 2023 Plan. The increase is equal to 15% of the total number of Common Stock shares issued and outstanding
on that date.

On February 12, 2025, the Company