Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 639

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 3
Chunk 639
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5 
  
    Joseph Bronson 
     48,000 
  
    Linda Graebner 
     48,000 
  
    Brian Wong 
     48,000 

35

2024
Equity Incentive Plan

On
February 28, 2024, the Company’s board of directors adopted the ZRCN Inc. 2024 Equity Incentive Plan (the “Plan”) initially
reserving 40,000,000 shares of the Company’s common stock for issuance thereunder, provided, that, the shares of
Common Stock issued under the Plan with respect to any exempt awards shall not count against such share limit. Exempt awards include
(i) any awards previously granted by a corporation or other entity acquired by the Company or any of its subsidiaries or with which the
Company or any of its subsidiaries combines by merger or otherwise; (ii) an “employment inducement” award as described in
the applicable stock exchange listing manual or rules; and (iii) any award that is purchased for fair market value (including awards
to be received in lieu of fully vested compensation that is otherwise due). The number of shares of Common Stock available for grant
under the Plan will be automatically increased on the first day of each calendar year beginning with the first January 1 following the
Effective Date and ending with the last January 1 during the initial ten-year term of the Plan, equal to the lesser of (A) five percent
(5%) of the shares of Common Stock outstanding (on an as-converted basis) on the final day of the immediately preceding calendar year
and (B) such lesser number of shares of Common Stock as determined by the Board.

The
Plan became effective on February 28, 2024 upon approval of the Plan by the Company’s shareholders. Pursuant to the Plan, the Company
can grant stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, annual or long-term
performance awards or other stock-based awards. As of March 31, 2025, the Company has granted stock options for 3,216,500 shares of Company
Common Stock.

36

ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The
following table sets forth information with respect to the beneficial ownership of the Company’s Common Stock on August 27, 2025:

    ●
    each
    person, or group of