Company: ZCARW
Filing Date: 2025-01-21
Form Type: DEF 14A
Source: 0001213900-25-005022
Chunk: 33

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-21
Form: DEF 14A
Chunk 33
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for issuance under the 2023 Plan by adding a number of additional shares of Common Stock equal to 15% of the number of shares of Common
Stock issued and outstanding on March 31, 2025, promptly after March 31, 2025.

We believe strongly that the
increase in shares of Common Stock reserved for issuance with respect to awards granted under the 2023 Plan is essential to our continued
success and therefore is in the best interests of the Company and our stockholders. Our employees are our most valuable assets. The Board
believes that grants of stock options, restricted stock units, performance-based restricted stock units and other equity awards under
the 2023 Plan help create long-term equity participation in the Company and thereby assist us in attracting, retaining, motivating and
rewarding employees, directors, and consultants. The Board also believes that long-term equity compensation is essential to link executive
pay to long-term stockholder value creation.

As of December 30, 2024,
the Record Date, there were 189,038 shares of Common Stock remaining available for the grant of awards under the 2023 Plan. Pursuant
to the annual “evergreen” provision in the 2023 Plan, an additional 203,150 shares of Common Stock were added to the available
shares of Common Stock under the Plan, as of January 1, 2025. Without this increase, we will be limited, in the future, as to the number
of shares of Common Stock we will have available for the granting of additional awards to employees, which could make it difficult for
us to retain our current employees and to also attract new highly qualified employees. Our ability to attract and retain qualified directors
to serve on our Board is also contingent on our ability to provide them with compensation in the form of equity which is comparable with
the equity compensation provided to directors of other public companies in our industry. This cannot be accomplished without an increase
in the 392,189 shares of Common Stock currently available under the 2023 Plan. Finally, the Board has determined that this increase in
the number of shares available for the issuance of awards under the 2023 Plan is reasonable and necessary to properly compensate our
employees and directors.

The above-described amendment
to the 2023 Plan to increase the number of shares of Common Stock reserved for issuance with respect to awards granted under the 2023
Plan was approved by the Board by unanimous written consent dated December 4, 2024