Company: SDAWW
Filing Date: 2025-10-27
Form Type: 6-K
Source: 0001213900-25-102611
Chunk: 24

Company: SunCar Technology Group Inc.
Filing Date: 2025-10-27
Form: 6-K
Chunk 24
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ive Plan (the “2020 Plan”), under which eligible employees were granted 2,500,000of restricted ordinary shares of Shanghai Shengda to award eligible employees’ contribution of the expansion of Shengda Automobile, at the price of RMB 4.2per share (“Restricted Shares”). The restricted ordinary shares are subject to an annual vesting schedule that vests 20% of granted restricted shares over the next five yearsas the employees are required to provide services for a total of 60 months to earn the award. The employees have made full subscription payment of $ 1,553during the year ended December 31, 2020. Upon termination, the unvested restricted shares are forfeited and the prepaid subscription amount for the unvested portion shall be returned to the employees. These restricted ordinary shares were considered as nonvested shares under the definition of ASC 718-10-20. The fair value of the Shares at the grant date was RMB 25.71($ 3.94) per share, which was determined based on the purchase price of the financial offering of the same securities with external institutional investors. The Group accounts for forfeitures as a reduction of stock-based compensation expense when the forfeiture actually occurs. SunCar recognizes compensation expenses related to those restricted shares on a straight-line basis over the vesting periods. $ 745and $ 742of compensation expenses were recorded for the six months ended June 30, 2024 and 2025. As of June 30, 2025, the unrecognized compensation expense related to restricted shares amounted to $ 371, which will be recognized over a weighted-average period of 0.19years. The 2020 Plan was carried out in the way that eligible employees indirectly hold shares of Shanghai Shengda by holding shares of Jingning Shengjing Enterprise Management Partnership (Limited Partnership) (“Shareholding Platform”) as the general partner and limited partner of the Shareholding Platform. F-23 SUNCAR TECHNOLOGY GROUP INC NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar thousands, except share and per share data)

| 12. | EQUITY |

Acquisition of non-controlling interests

During the six months ended June 30, 2025, Suncar Online acquired 0.6% of equity interest of Shengda Automobile from non-controlling shareholders at the consideration of $ 2,214. After the acquisition, Suncar online owned