Company: ZRCN
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006748
Chunk: 23

Company: ZRCN Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 23
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 the Board of Directors, as
defined in the plan document. The Company’s contributions of less than $0.1 million were accrued for the nine months ended December
31, 2024. The Company’s contributions of less than $0.1 million for the year ended March 31, 2024 were paid during the nine months
ended December 31, 2024. The Company’s contributions of less than $0.1 million for the year ended March 31, 2023 were paid in May
2023.

    20

ZRCN
Inc.

CONDENSED
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE NINE MONTHS ENDED DECEMBER 31, 2024 AND 2023

12.
Equity

On
February 28, 2024 the Company adopted a 2024 Equity Incentive Plan (the “Equity Plan”). The Plan provides for granting of
stock options (“Options”), restricted stock units (“RSUs”), and other equity-based awards tied to the value of
shares of common stock to key personnel, including directors, officers, employees, consultants, and advisors of the Company and its subsidiaries.
The Plan provides for the grant of options (which may include “incentive stock options” (“ISOs”) within the meaning
of Section 422 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”)), stock appreciation rights
(“SARs”), restricted stock, restricted stock units (“RSUs”), and other stock-based awards. As of December 31,
2024, 40,000,000 shares are authorized for issuance, 419,000 stock options have been awarded, and 39,581,000 shares remain available
for issuance under the Equity Plan. 

The
following table summarizes the Company’s employee and non-employee Option activity under the Equity Plan for the following periods:

 Schedule
Employee and Non-employee Option Activity 

    Number of shares  
    Weighted average exercise price  
    Weighted average remaining term (years)  
    Aggregate intrinsic value (in thousands) 
  
    Outstanding as of March 31, 2024 
     —  
    $—  
     —  
    $— 
  
    Options granted 
     100,000  
     0.88  
     4.8  
     —