Company: ZCARW
Filing Date: 2025-01-21
Form Type: DEF 14A
Source: 0001213900-25-005022
Chunk: 34

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-21
Form: DEF 14A
Chunk 34
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, and will not be effective unless and until it is
approved by our stockholders. If our stockholders do not approve the amendment to the 2023 Plan, the amendment will not take effect,
but we may continue to grant rights to purchase shares under the 2023 Plan in accordance with the current terms and conditions of the
2023 Plan; provided, however, that no awards will be made under the 2023 Plan for an aggregate number of shares of common stock
in excess of 392,189 shares of Common Stock, unless and until the stockholders approve an amendment to the 2023 Plan, with respect to
such increase. The Board has determined that it is in the best interests of us and our stockholders that this amendment to the 2023 Plan
be approved and is asking our stockholders for their approval of this amendment to the 2023 Plan. The form of Amendment No. 1 to the
2023 Equity Incentive Plan, which includes this amendment only is attached as Annex A to this Proxy Statement.

Explanation of Amendment

The Board has authorized and approved an increase in the number of
shares of Common Stock reserved for issuance with respect to awards granted under the 2023 Plan, on a one time basis, by adding an additional
number of shares of Common Stock equal to 15% of the number of shares of Common Stock issued and outstanding on March 31, 2025. This will
be accomplished by amending Section 4(a) of the 2023 Plan, which amendment will only become effective if the stockholders approve this
Proposal No. 3 at the Special Meeting.

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Section 4(a) of the 2023 Plan currently provides
as follows:

| (a) | “Basic Limitation. Subject to the provisions of Section 14, the maximum aggregate number                           
 of Shares that may be issued under the Plan is 17,904,823 (the “Plan Share Limit”). The Shares subject to the Plan 
 may be authorized, but unissued, or reacquired shares.”                                                            |

In the event that this Proposal 3 is
approved by our stockholders at the Special Meeting, Section 4(a) of the 2023 Plan, will, effective as of March 31, 2025, read in its
entirety as follows:

| (a) | “Basic Limitation. Subject to the provisions of Section 14, the maximum aggregate                                                   
 number