Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1363

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 3
Chunk 1363
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 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 calendar year; or

    ●
    such number of shares of Common Stock as the plan administrator may determine.

Shares issuable under the
Incentive Plan may be authorized, but unissued, or reacquired shares of Common Stock.

99

Shares underlying any awards
under the Incentive Plan that are forfeited, cancelled, held back upon exercise of an option or settlement of an award to cover the exercise
price or tax withholding satisfied without the issuance of stock or otherwise terminated (other than by exercise) will be added back to
the shares available for issuance under the Incentive Plan and, to the extent permitted under Section 422 of the Code and the regulations
promulgated thereunder, the shares that may be issued as incentive stock options.

Annual Limitation on Awards to Non-Employee
Directors

The Incentive Plan contains
a limitation whereby the value of all awards under the Incentive Plan and all other cash compensation paid by Zoomcar to any non-employee
director may not exceed $750,000 for the first calendar year a non-employee director is initially appointed to the Zoomcar Board, and
$500,000 in any other calendar year.

Types of Awards

The Incentive Plan provides
for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and other-stock based awards (collectively,
“awards”). Unless otherwise set forth in an individual award agreement, each award shall vest over a four (4) year period,
with one-quarter (1/4) of the award vesting on the first annual anniversary of the date of grant, with the remainder of the award vesting
monthly thereafter.

Stock Options. The Incentive
Plan permits the granting of both options to purchase shares of Common Stock intended to qualify as incentive stock options under Section
422 of the Code and options that do not so qualify. Options granted under the Incentive Plan will be nonqualified options if they fail
to qualify as incentive stock options or exceed the annual limit on incentive stock options. Incentive stock options may only be granted
to employees of Zoomcar and its subsidiaries. Nonqualified options may be granted to any persons eligible to receive awards under the
Incentive Plan.

The exercise price of each
option will be determined by the plan administrator. The exercise price for an incentive