Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2142

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 7
Chunk 2142
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 participant shall fully vest in and have the right to exercise the award as to all of the shares of Common Stock, including those as
to which it would not otherwise be vested or exercisable, all applicable restrictions will lapse, and all performance objectives and other
vesting criteria will be deemed achieved at targeted levels.

Transferability of Awards

Unless determined otherwise
by the plan administrator, an award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner, except
to a participant’s estate or legal representative, and may be exercised, during the lifetime of the participant, only by the participant.
If the plan administrator makes an award transferable, such award will contain such additional terms and conditions as the plan administrator
deems appropriate.

Term

The Incentive Plan became
effective upon adoption by the Board and, unless terminated earlier, the Incentive Plan will continue in effect for a term of ten (10)
years.

Amendment and Termination

The Zoomcar Board may amend
or terminate the Incentive Plan at any time. Any such termination will not affect outstanding awards. No amendment, alteration, suspension,
or termination of the Incentive Plan will materially impair the rights of any participant, unless mutually agreed otherwise between the
participant and Zoomcar. Approval of the stockholders shall be required for any amendment, where required by applicable law, as well as
(i) to increase the number of shares available for issuance under the Incentive Plan and (ii) to change the persons or class of persons
eligible to receive awards under the Incentive Plan.

Form S-8

Zoomcar filed with the SEC
a registration statement on Form S-8 on February 11, 2025 to register an aggregate of 392,189 shares of Common Stock issuable under
the Incentive Plan. Thereafter, at our Special Meeting of Stockholders on February 18, 2025, our stockholders approved a one-time increase
in the number of shares of Common Stock available for issuance under the Incentive Plan in an amount equal to 15% of the number of our
shares of Common Stock issued and outstanding on March 31, 2025, which resulted in the addition of 369,311 shares available for awards
under the Incentive Plan. Thus, the total number of shares of Common Stock that may be issued under the Incentive Plan is currently 370,955
shares. Pursuant to this Stock