Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1322

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 3
Chunk 1322
---
 costs to fund the benefits. The contributions are made to provident fund in accordance
with the fund rules. The interest rate payable to the beneficiaries every year is notified by the Government. The amount of contributions
made to provident fund is $266,053 for the year ended March 31, 2025 ($432,936 for the year ended March 31, 2024).

30Stock-based compensation expense

The Company adopted the 2023 Equity
Incentive Plan, which provides for grants of share-based awards, including Stock Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units (“RSUs”), and other forms of share-based awards. The Company settles employee stock-based options with
newly issued common stock of the Company. The Company has reserved 388,921 (7,778,414 prior to the Second Reverse Stock Split and 777,841,326
prior to First Reverse Stock Split) shares of common stock for the issuance of awards under the 2023 Plan.

In addition, the number of shares of common stock reserved and available for issuance under the 2023 Plan will automatically increase
on January 1 of each year for a period of ten years, beginning on January 1, 2024 and on each January 1 thereafter until January 1, 2033,
by a number equal to (i) 3% of the issued and outstanding number of shares of common stock of the Company on the preceding December 31,
or (ii) a lesser number of shares as approved by the Company’s board of directors.

Additionally, during the year ended March 31, 2025, the stockholders approved a one-time increase in the number of Common Stock shares
reserved for issuance under the 2023 Plan. The increase is equal to 15% of the total number of Common Stock shares issued and outstanding
on that date.

On February 12, 2025, the Company granted 17,966 (358,208 prior to the Second Reverse Stock Split) RSUs to its employees wherein all the
RSU’s granted will fully vest on the vesting commencement date i.e. March 31, 2025 pursuant to the amendment agreement dated March 31,
2025.

F-43

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

30Stock-based compensation expense  (Continued)

The following tables summarizes total stock-based compensation expense by function for the years ended March 31, 202