Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 957

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 957
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 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 stock option may not be less than 100% of the
fair market value of the common stock of Zoomcar on the date of grant or, in the case of an incentive stock option granted to a 10% stockholder,
110% of such share’s fair market value. The term of each option will be fixed by the plan administrator and may not exceed ten (10)
years from the date of grant (or five years for an incentive stock option granted to a 10% stockholder). The plan administrator will determine
at what time or times each option may be exercised, including the ability to accelerate the vesting of such options.

Upon exercise of any option,
the exercise price must be paid in full either in cash, check or, with approval of the plan administrator, by delivery (or attestation
to the ownership) of shares of Common Stock that are beneficially owned by the optionee free of restrictions or were purchased in the
open market. Subject to applicable law and approval of the plan administrator, the exercise price may also be made by means of a broker-assisted
cashless exercise. In addition, the plan administrator may permit nonqualified options to be exercised using a “net exercise”
arrangement that reduces the number of shares issued to the optionee by the largest whole number of shares with fair market value that
does not exceed the aggregate exercise price.

Stock Appreciation Rights.
The plan administrator may award stock appreciation rights subject to such conditions and restrictions as it may determine. Stock appreciation
rights entitle the recipient to shares of Common Stock, or cash, equal to the value of the appreciation in Zoomcar’s stock price
over the exercise price, as set by the plan administrator. The term of each stock appreciation right will be fixed by the plan administrator
and may not exceed ten years from the date of grant. The plan administrator will determine at what time or times each stock appreciation
right may be exercised, including the ability