Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 315

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 1A
Chunk 315
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. Exempt awards include
(i) any awards previously granted by a corporation or other entity acquired by the Company or any of its subsidiaries or with which the
Company or any of its subsidiaries combines by merger or otherwise; (ii) an “employment inducement” award as described in
the applicable stock exchange listing manual or rules; and (iii) any award that is purchased for fair market value (including awards
to be received in lieu of fully vested compensation that is otherwise due). The number of shares of Common Stock available for grant
under the Plan will be automatically increased on the first day of each calendar year beginning with the first January 1 following the
Effective Date and ending with the last January 1 during the initial ten-year term of the Plan, equal to the lesser of (A) five percent
(5%) of the shares of Common Stock outstanding (on an as-converted basis) on the final day of the immediately preceding calendar year
and (B) such lesser number of shares of Common Stock as determined by the Board.

The
Plan became effective on February 28, 2024 upon approval of the Plan by the Company’s shareholders. Pursuant to the Plan, the Company
can grant stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, annual or long-term
performance awards or other stock-based awards. As of March 31, 2025, the Company has granted stock options for 3,216,500 shares of Company
Common Stock.

36

ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The
following table sets forth information with respect to the beneficial ownership of the Company’s Common Stock on August 27, 2025:

    ●
    each
    person, or group of affiliated persons, who is the beneficial owner of more than 5% of the outstanding common stock of the Company;

    ●
    each
    executive officer and director of the Company; and

    ●
    all
    of the Company’s executive officers and directors as a group.

Beneficial
ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if
he, she or it possesses sole or shared voting or investment power of that security, including securities that are exercisable or convertible,
as the case may be, within 60 days of August 27, 2025. Shares of common stock iss