Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 225

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 225
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 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 terms and conditions of each award, subject to the provisions of the Incentive
Plan. The plan administrator may delegate to one or more officers of Zoomcar, the authority to grant awards to individuals who are not
subject to the reporting and other provisions of Section 16 of the Exchange Act.

Share Reserve

The number of shares of Common
Stock that may be issued under the Incentive Plan is currently 11,107 shares. 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, to become effective on
such date. All of the shares initially available under the Incentive Plan may be issued upon the exercise of incentive stock options.

The number of shares available
for issuance under the Incentive Plan also includes an automatic annual increase, or the evergreen feature, on the first day of each calendar
year, and ceasing as described below, equal to the lesser of:

| ● | a number of shares of Common Stock                                                                                                           
 equal to 3% of the aggregate number of shares of Common Stock issued and outstanding as of December 31 of the immediately preceding