Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 61

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 and six months ended September
30, 2025 respectively ($65,147 and $158,559 for the three months and six months ended September 30, 2024 respectively).

25Stock-based
compensation expense

The
Company adopted the 2023 Equity and 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 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 granted
17,950 RSUs to its employees wherein all the RSU’s granted will fully vest on the vesting commencement date i.e., March 31, 2025
pursuant to the amendment agreement dated March 31, 2025.

On
August 4, 2025, the Company granted an additional 4,525,000 RSUs to its employees with a total vesting period of 3 years. The RSUs follow
a graded vesting schedule under which 25% of the units will vest after the 6th, 12th, 24th and 36th
month following the vesting commencement date.

The
following tables summarizes total stock-based compensation expense by function for the three and six months ended September 30, 2025
and September 30, 2024:

    Three months ended  September