Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2416

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 8
Chunk 2416
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 settled. Options are generally granted
for a term of ten years. Options have a graded vesting period of up to four years and the expenses are recorded on a straight-line basis
over the requisite service period for each separately vesting portion of the awards. The Company cancelled certain outstanding options
at the time of Reverse Recapitalization. The remaining 16 fully vested options were assumed by the Company on the Reverse Recapitalization
date, exercisable at exercise price ranging from $120 to $300.

**Prior to the Reverse Recapitalization date, the SPAC issued
Public Warrants. On the Closing Date, there were 11,500,000 Public Warrants issued and outstanding where 2,000 warrants are exercisable
into 1 share of Common stock of the Company for $11,420 per share.

***The common stock, preferred stock and SSCPN warrants have
been converted into private warrants of the Company at the Exchange Ratio at the time of Reverse Recapitalization. As of March 31, 2025,
each warrant is exercisable into one share of Common Stock of the Company at an exercise price of $6,000 per share.

F-40

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

29Employee benefit plans (unfunded)

Employee benefit plans includes gratuity
and compensated absences payable to employees. These benefit plans consist of a defined benefit plan for gratuity payable by the Indian
subsidiary of the Company under Indian regulations. These are determined under the projected unit credit method, with actuarial valuations
being carried out at each reporting date. The retirement benefit obligations recognized in the Consolidated Balance Sheets represents
the present value of the defined obligations. Under an employee benefit plan, it is the Company’s obligation to provide agreed benefits
to the employees. The related actuarial and investment risks fall on the Company. The summary of current and non-current employee benefit
plans obligations along with its components are as below:

Pension and other employee obligations

    As at 
    March 31,
 2025  
    March 31,
 2024 
  
    Current 

    Gratuity 
    $82,547  
    $93,967 
  
    Compensated absences 
     70,325  
     89,688 

    $152,872  
    $183,655 
  
    Non-current 

    Gratuity 
    $