Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 413

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 413
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 connection with the Merger, 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. Stock options are generally granted for a term of ten years and have a graded vesting period of up to four years. The Company settles employee stock-based options with newly issued common stock of the Company. The Company has reserved 196,953 (19,695,305 prior to 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.

The following tables summarizes total stock-based compensation expense by function for the years ended March 31, 2024 and March 31, 2023:

|                                  |     |   |     March 
       31, 
      2024 |     |   |     March 
       31, 
      2023 |
|:---------------------------------|:----|:--|----------:|:----|:--|----------:|
| Cost of revenue                  |     | $ |   134,883 |     | $ |   575,662 |
| Technology expenses              |     |   |   162,789 |     |   |   341,370 |
| Marketing expenses               |     |   |    19,228 |     |   |    58,822 |
| General and administrative       
 expenses                         |     |   | 1,566,833 |     |   | 2,634,244 |
| Total                            
 stock-based compensation expense |     |   | 1,883,733 |     |   | 3,610,097 |

The stock-based compensation expense is recorded in the employee benefit cost and apportioned basis respective functions.

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F-100

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