# EDGAR Filing Document

**Accession Number:** 0001955104
**File Stem:** 0001437749-25-036214
**Filing Date:** 2025-11
**Character Count:** 59953
**Document Hash:** 956ebb6a9b6599a12a6d94e1e7ffe9c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-036214.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001437749-25-036214

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zapp Electric Vehicles Group Ltd
- **CENTRAL INDEX KEY:** 0001955104
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTORCYCLES, BICYCLES & PARTS [3751]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291771
- **FILM NUMBER:** 251515947

**BUSINESS ADDRESS:**
- **STREET 1:** 5 TECHNOLOGY PARK
- **STREET 2:** COLINDEEP LANE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** NW9 6BX
- **BUSINESS PHONE:** 6626543550

**MAIL ADDRESS:**
- **STREET 1:** 5 TECHNOLOGY PARK
- **STREET 2:** COLINDEEP LANE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** NW9 6BX

**As filed with the Securities and Exchange Commission on November 25, 2025.**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**________________________**

**Form S-8**

**REGISTRATION STATEMENT**

***UNDER THE SECURITIES ACT OF 1933***

**________________________**

**Zapp Electric Vehicles Group Limited**

**(Exact Name of Registrant as Specified in Its Charter)**

**________________________**

---

| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |

---

**c/o Zapp Electric Vehicles (Sales) Limited**

**Building 149 The Command Works**

**Bicester Heritage**

**Old Skimmingdish Lane**

**Bicester**

**Oxfordshire OX27 8FZ**

**United Kingdom**

**+44 330 789 0949**

**(Address, including zip code, and telephone number, including area code, of registrant**'**s principal executive offices)**

**________________________**

**Ameded 2024 Long Term Incentive Plan**

**(Full title of the plan)**

**________________________**

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**+1 (302) 738-6680**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

**________________________**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

***Copies to:***

**Theodore Allegaert**

**c/o Zapp Electric Vehicles (Sales) Limited**

**Building 149 The Command Works**

**Bicester Heritage**

**Old Skimmingdish Lane**

**Bicester**

**Oxfordshire OX27 8FZ**

**United Kingdom**

**+44 330 789 0949**

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**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. <u>Plan Information</u>\***

**Item 2. <u>Registrant Information and Employee Plan Annual Information</u>\***

\*Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act of 1933, as amended (the "Securities Act") and the Note to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered by the Registrant's 2024 Long Term Incentive Plan, as may be amended and restated (the "Plan"), as specified by Rule 428(b)(1) under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. <u>Incorporation of Documents by Reference</u>**

The following documents previously filed by Zapp Electric Vehicles Group Limited (the "Registrant") with the Securities and Exchange Commission (the "Commission") are incorporated by reference herein:

(a) The Registrant's annual report on Form 20-F for the year ended September 30, 2024 (Commission File No. 001-41693), filed with the Commission on January 30, 2025 pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act");

(b) All other reports filed pursuant to Section 13(a) of the Exchange Act since the end of the fiscal year covered by the Annual Report referred to in (a) above; and

(c) The description of the Company's ordinary shares set forth in the Company's registration statement on Form F-4, filed with the Commission on December 16, 2022 (Registration No. 333-268857), and any amendment or report filed for the purpose of updating such description, including the revised description of the Company's ordinary shares resulting from the reverse stock split referenced in the Company's report on Form 6-K (File No. 001-41693), furnished to the Commission on April 16, 2024, including the exhibits thereto, and the increase in the Company's authorized share capital approved by shareholder resolution on October 8, 2025, referenced in Post-Effective Amendment No. 2 to the Company's Registration Statement on Form F-1 (File No. 333-280921), filed with the Commission on November 25, 2025, including the exhibits thereto.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of such documents. Any statement in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or superseded to the extent that a statement contained in this registration statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this registration statement.

**Item 4. <u>Description of Securities</u>**

Not applicable.

**Item 5. <u>Interests of Named Experts and Counsel</u>**

The Registrant's Chief Legal Officer and Corporate Secretary, Theodore Allegaert, has given the opinion as to the validity of the securities being registered, annexed as Exhibit 5.1 hereto, and has advised on other legal matters in connection with this registration statement. Accordingly, pursuant to Item 509 of Regulation S-K, 17 C.F.R. § 229.509, the Registrant discloses that Mr. Allegaert (a) was at all relevant times an officer of the Registrant; and (b) is among the prospective grantees of securities issuable under the Registrant's Amended 2024 Long Term Incentive Plan and as such is to receive a direct substantial interest in the Registrant, the fair value of which is expected to exceed $50,000.

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**Item 6. <u>Indemnification of Directors and Officers</u>**

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The Registrant's currently effective Amended and Restated Articles of Association, adopted by its shareholders on April 11, 2024 and modified by shareholder resolution dated October 8, 2025, provides that the Registrant shall indemnify its directors and officers against all actions, proceedings, costs, charges, losses, damages and expenses incurred or sustained by such persons in their capacity as such, other than by reason of dishonesty, willful default or fraud.

Pursuant to indemnification agreements, the form of which was included as Exhibit 4.7 to the Registrant's Shell Company Report on Form 20-F (File No. 001-41693), filed with Commission on May 4, 2023, the Registrant has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their serving as such.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

The Registrant also maintains a directors and officers liability insurance policy for the benefit of its directors and officers.

**Item 7. <u>Exemption from Registration Claimed</u>**

Not applicable.

**Item 8. <u>Exhibits</u>**

See the Index to Exhibits attached hereto.

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**Item 9. <u>Undertakings</u>**

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| | | | |
|:---|:---|:---|:---|
| (a) | The undersigned Registrant hereby undertakes: | The undersigned Registrant hereby undertakes: | The undersigned Registrant hereby undertakes: |
|  | a. | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
|  |  | i. | to include any prospectus required by Section 10(a)(3) of the Securities Act; |
|  |  | ii. | to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and |
|  |  | iii. | to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to that information in the registration statement; |
|  |  |  | *provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement; |
|  | b. | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. |
|  | c. | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
| (b) | The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. | The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. | The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. |
| (c) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Amended and Restated Memorandum and Articles of Association of Zapp Electric Vehicles Group Limited, approved April 11, 2024 and modified by shareholder resolution dated October 8, 2025 (incorporated by reference to Exhibit 3.1 to Post-Effective Amendment No. 2 to the Registrant's Registration Statement on Form F-1 (File No. 333-280921), filed with the Commission on November 25, 2025)](http://www.sec.gov/Archives/edgar/data/1955104/000195510425000004/ex_889524.htm). |
| 4.2 | [Form of indemnification agreement (incorporated by reference to Exhibit 4.7 to the Registrant's Shell Company Report on Form 20-F (File No. 001-41693), filed with the Commission on May 4, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523136041/d487724dex47.htm) |
| 5.1\* | [Opinion of the Registrant's Chief Legal Officer regarding the validity of the Ordinary Shares being registered.](ex_886285.htm) |
| 10.1\* | [Amended 2024 Long Term Incentive Plan.](ex_891785.htm) |
| 23.1\* | [Consent of PKF Littlejohn LLP.](ex_886308.htm) |
| 24.1\* | [Power of Attorney (included on signature page hereto).](#POWER_OF_ATTORNEY) |
| 107\* | [Filing Fee Table.](ex_886309.htm) |

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**________________________**

\* Filed herewith

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in London, United Kingdom on November 25, 2025.

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| | | |
|:---|:---|:---|
| **ZAPP ELECTRIC VEHICLES GROUP LIMITED** |  |  |
|  | By:  | /s/ David McIntyre |
|  | Name: | David McIntyre |
|  | Title:  | Chief Executive Officer |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David Sturgeon, with full power to act alone, as his or her true and lawful attorney-in-fact, with the power of substitution, for and in such person's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed on by the following persons in the capacities indicated on November 25, 2025.

---

| | | |
|:---|:---|:---|
| <u>**NAME**</u> | <u>**POSITION**</u> | <u>**DATE**</u> |
| /s/ David McIntyre | Chief Executive Officer and Director | November 25, 2025 |
| David McIntyre | *(Principal Executive Officer)* |  |
| /s/ David Sturgeon | Chief Financial Officer | November 25, 2025 |
| David Sturgeon | *(Principal Financial Officer and Principal Accounting Officer)* |  |
| /s/ Jeremy North | President and Director | November 25, 2025 |
| Jeremy North |  |  |
| /s/ Anthony Posawatz | Chairman of the Board | November 25, 2025 |
| Anthony Posawatz |  |  |
| /s/ Kenneth West | Independent Director | November 25, 2025 |
| Kenneth West |  |  |
| /s/ Patricia Wilber | Independent Director | November 25, 2025 |
| Patricia Wilber |  |  |
| /s/ Edouard Meylan | Non-Executive Director | November 25, 2025 |
| Edouard Meylan |  |  |

---

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**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Zapp Electric Vehicles Group Limited, has signed this registration statement or amendment thereto in Newark, Delaware, United States of America on November 25, 2025.

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| | | |
|:---|:---|:---|
| **Authorized Representative in the United States** |  |  |
|  | By:  | /s/ Donald J. Puglisi |
|  | Name:  | Donald J. Puglisi |
|  | Title:  | Managing Director |

---

## Exhibit 5.1

**Exhibit 5.1**

Zapp Electric Vehicles Group Limited

c/o Zapp Electric Vehicles (Sales) Limited

Building 149 The Command Works

Bicester Heritage

Old Skimmingdish Lane

Bicester

Oxfordshire OX27 8FZ

United Kingdom

November 25, 2025

Ladies and Gentlemen:

As the duly appointed Chief Legal Officer of Zapp Electric Vehicles Group Limited, a Cayman Islands exempt limited company (the "**Registrant**"), I have advised the Registrant in connection with its registration statement on Form S-8 (the "**Registration Statement**"), filed with the U.S. Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended to the date hereof (if applicable), in connection with the registration of up to 48,500,000 ordinary shares of the Registrant, par value $0.002 per share (the "**Shares**"), to be issued from time to time pursuant to the Registrant's Amended 2024 Long Term Incentive Plan (the "**Amended Plan**").

I am furnishing this opinion as Exhibit 5.1 to the Registration Statement.

**(a)** **Documents Reviewed** 

For purposes of this opinion, I have reviewed only originals, copies certified or otherwise identified to my satisfaction, or final drafts of the following documents:

1. The Certificate of Incorporation of the Registrant dated November 15, 2022.

2. The Amended and Restated Memorandum and Articles of Association of the Registrant (the "**Articles** "), as currently in effect as of the date hereof, as amended by shareholder resolution dated October 8, 2025.

3. The unanimous written resolutions of the directors of the Registrant dated November 18, 2025.

4. The Amended Plan document.

5. A certificate of good standing with respect to the Registrant issued by the Cayman Islands Registrar of Companies, dated November 12, 2025 (the "**Certificate of Good Standing** ").

6. The Registration Statement.

**(b)** **Assumptions** 

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to me on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving these opinions, I have relied (without further verification) upon the completeness and accuracy, as of the date of this opinion letter, of the Certificate of Good Standing and am personally aware that, as of the date of this opinion letter, there has been no change in the Company's standing since the issuance thereof. I also have relied upon the following assumptions, which I have not independently verified:

------

● Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals.

● All signatures, initials and seals (other than any signatures, initials or seals applied by me) are genuine.

● There is nothing under any law (other than the law of the Cayman Islands), which would or might affect the opinions set out below.

● The Company is not subject to the requirements of Part XVIIA of the Companies Act (As Revised) of the Cayman Islands.

**(c)** **Opinions** 

Based upon the foregoing and subject to the qualifications set out below, and having regard to such legal considerations as I deem relevant, I am of the opinion that:

1. The Registrant has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing under the laws of the Cayman Islands.

2. The issuance and allotment of the Shares have been duly authorized and, when issued, allotted and paid for as contemplated in the Registration Statement, the Shares will be legally issued and allotted, fully paid and non-assessable. As a matter of Cayman law, a share is only issued when it has been entered in the register of members (shareholders).

**(d)** **Qualifications** 

In this opinion the phrase "non-assessable" means, with respect to the Shares, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the Shares by the Registrant or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

Except as specifically stated herein, I make no comment with respect to any representations and warranties which may be made by or with respect to the Registrant in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the Plan and/or other matters that are the subject of this opinion.

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to my name and/or title elsewhere in the prospectus forming a part of the Registration Statement. In giving such consent, I do not thereby admit that I come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder.

Very truly yours,

---

| |
|:---|
| /s/ Theodore Allegaert |
| Theodore Allegaert  |
| Chief Legal Officer and Corporate Secretary  |
| Zapp Electric Vehicles Group Limited |

---

## Exhibit 10.1

**Exhibit 10.1**

***APPROVED BY THE BOARD OF***

***DIRECTORS NOVEMBER 18, 2025***

**ZAPP ELECTRIC VEHICLES GROUP LIMITED**

**AMENDED 2024 LONG TERM INCENTIVE PLAN**

Section 1*. Purpose.*

The purpose of this Zapp Electric Vehicles Group Limited Amended 2024 Long Term Incentive Plan is to enhance the ability of Zapp Electric Vehicles Group Limited and its Affiliates to attract and retain exceptionally qualified directors, officers and other personnel and to accord such persons a proprietary interest in the growth and performance of the Company.

Section 2*. Definitions.*

As used in this 2024 Plan, the following terms shall have the meanings set forth below:

(a) "**2024 Plan**" shall mean this Amended 2024 Long Term Incentive Plan, as further amended from time to time.

(b) "**Affiliate**" shall mean (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Committee or the Board, as applicable.

(c) "**Applicable Laws**" shall mean all laws, statutes, regulations, ordinances, rules or governmental requirements that are applicable to this 2024 Plan or any Award granted pursuant to this 2024 Plan, including but not limited to applicable laws of the United States, the United Kingdom, the Kingdom of Thailand and the Cayman Islands, and the rules and requirements of any applicable securities exchange.

(d) "**Award**" shall mean any Option, award of Restricted Stock, Restricted Stock Unit or Other Stock-Based Award granted under this 2024 Plan.

(e) "**Award Agreement**" shall mean any written agreement, contract or other instrument or document evidencing any Award granted under this 2024 Plan, which may, but need not, be executed or acknowledged by a Participant.

(f) "**Board**" shall mean the board of directors of the Company.

(g) "**Cause**" shall mean, with respect to a Participant, the meaning defined in any employment agreement or service agreement between the Participant and the Company then in effect or, if no such employment agreement or service agreement is then in effect, "**Cause**" shall mean (i) the Participant's or willful and continued failure substantially to perform his or her duties to the Company (other than as a result of total or partial incapacity due to physical or mental illness), (ii) dishonesty in the performance of the Participant's duties to the Company, (iii) the Participant's indictment for a crime under the laws of the jurisdiction in which the participant is employed (or, if there is no such concept as "indictment" in the applicable jurisdiction, such analogous procedural event following the Participant' s arrest and prior to any conviction) or (iv) any other act or omission on the part of the Participant which is materially injurious to the financial condition or business reputation of the Company or any of its Affiliates.

(h) "**Change of Control**" shall mean the first to occur of:

(i) an individual, corporation, partnership, group, associate or other entity or "person", as such term is defined in Section 14(d) of the Securities Exchange Act of 1934 (the "**Exchange Act** "), other than the Company or any employee benefit plan(s) sponsored by the Company, is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the combined voting power of the Company's outstanding securities ordinarily having the right to vote at elections of directors;

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(ii) individuals who constitute the Board of Directors of the Company on the effective date of this 2024 Plan (the "**Incumbent Board**") cease for any reason to constitute at least a majority thereof; *provided* that any Approved Director, as hereinafter defined, shall be, for purposes of this subsection (ii), considered as though such person were a member of the Incumbent Board. An "**Approved Director** ", for purposes of this subsection (ii), shall mean any person becoming a director subsequent to the effective date of this 2024 Plan whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee of the Company for director), but shall not include any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or "person" other than the Board;

(iii) the consummation of a plan or agreement providing (A) for a merger or consolidation of the Company other than with a wholly-owned subsidiary and other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 65% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (B) for a sale, exchange or other disposition of all or substantially all of the assets of the Company; or

(iv) in addition to the events described in subsections (i), (ii) and (iii), it shall be a "Change of Control" for purposes hereof for any Participant principally employed in, or engaged as a Consultant to, the business of a Designated Business Unit, as hereinafter defined, if an event described in subsections (i), (ii) or (iii) shall occur, except that for purposes of this subsection (iv), references in such subsections to the "Company" shall be deemed to refer to the Designated Business Unit in the business of which the Participant is principally employed or engaged as a Consultant. A Change of Control described in this subsection (iv) shall apply only to a Participant principally employed or engaged as a Consultant by the affected Designated Business Unit. For purposes of this subsection (iv), "**Designated Business Unit**" shall mean specified subsidiaries and any other business unit identified as a Designated Business Unit by the Board from time to time.

(i) "**Code**" shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

(j) "**Committee**" shall mean a committee of the Board designated by the Board to administer this 2024 Plan. For the time being, and until otherwise determined by the Board, the Compensation Committee designated by the Board shall be the Committee under this 2024 Plan. In the absence of any Compensation Committee or any equivalent designation by the Board, or if the Board shall otherwise determine, the Board shall assume all of the powers and responsibilities under this 2024 Plan.

(k) "**Company**" shall mean Zapp Electric Vehicles Group Limited, together with any successor thereto.

(l) "**Consultant**" means any individual, including an advisor, who is engaged by the Company or an Affiliate to render services and is compensated for such services, and any director of the Company or an Affiliate whether or not compensated for such services.

(m) "**Employee**" means any individual employed by the Company or an Affiliate.

(n) "**Fair Market Value**" shall mean, with respect to any property (including, without limitation, any Shares or other securities) the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.

(o) "**Option**" shall mean an option granted under Section 6 hereof.

(p) "**Other Stock-Based Award**" shall mean any right granted under Section 9 hereof.

(q) "**Participant**" shall mean an individual granted an Award under this 2024 Plan.

(r) "**Qualified Exchange**" shall mean the New York Stock Exchange, the NASDAQ Global Market, the Hong Kong Stock Exchange, the London Stock Exchange, and the Singapore Stock Exchange.

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(s) "**Restricted Stock**" shall mean any Share granted under Section 7 hereof.

(t) "**Restricted Stock Unit**" shall mean a contractual right granted under Section 7 hereof that is denominated in Shares, each of which represents a right to receive the value of a Share (or a percentage of such value, which percentage may be higher than 100%) upon the terms and conditions set forth in this 2024 Plan and the applicable Award Agreement.

(u) "**Shares**" shall mean ordinary shares of the Company, par value $0.002.

(v) "**Substitute Awards**" shall mean Awards granted in assumption of, or in substitution for, outstanding awards previously granted by, or held by the employees of, a company or other entity or business acquired (directly or indirectly) by the Company or with which the Company combines.

Section 3*. Eligibility.*

(a) Employees and Consultants are eligible to participate in this 2024 Plan. An Employee or Consultant who has been granted an Award may, if he or she is otherwise eligible, be granted additional Awards.

(b) An individual who has agreed to accept employment by, or to provide services as a Consultant to, the Company or an Affiliate shall be deemed to be eligible for Awards hereunder as of the date of such agreement.

Section 4*. Administration.*

(a) The 2024 Plan shall be administered by the Committee, which may issue rules and regulations for administration of this 2024 Plan. It shall meet at such times and places as it may determine. A majority of the members of the Committee shall constitute a quorum.

(b) Subject to the terms of this 2024 Plan, the Compensation Committee Charter in effect from time to time, other applicable governing documents (if any), Board supervision and Applicable Law, the Committee shall have the power and authority to: (i) determine eligibility and designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under this 2024 Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards, or other property, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, other property, and other amounts payable with respect to an Award under this 2024 Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer this 2024 Plan and any instrument or agreement relating to, or Award made under, this 2024 Plan; (viii) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of this 2024 Plan; (ix) determine whether and to what extent Awards should comply or continue to comply with any requirement of statute or regulation; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of this 2024 Plan

(c) Except where a majority of the independent directors of the Board directs otherwise, the decisions of the Committee shall be final, conclusive and binding upon all persons, including the Company, the shareholders of the Company and the Participants.

Section 5*. Shares Available for Awards.*

(a) Subject to adjustment as provided below, the maximum aggregate number of Shares that may be issued pursuant to all Awards shall not exceed 50,000,000, inclusive of 1,500,000 Shares authorized for issuance under the prior version of this plan.

(b) If, after the effective date of this 2024 Plan, any Shares covered by an Award, or to which such an Award relates, are forfeited, cancelled or if such an Award otherwise terminates without the delivery of Shares or of other consideration, then the Shares covered by such Award, or to which such Award relates, to the extent of any such forfeiture or termination, shall again be, or shall become, available for issuance under this 2024 Plan.

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(c) In the event that any Option or other Award granted hereunder (other than a Substitute Award) is exercised through the delivery of Shares, or in the event that withholding tax liabilities arising from such Option or Award are satisfied by the withholding of Shares by the Company, the number of Shares available for Awards under this 2024 Plan shall be increased by the number of Shares so surrendered or withheld.

(d) Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, of treasury Shares or of Shares purchased on the open market.

(e) In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this 2024 Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or property) which thereafter may be made the subject of Awards, including the aggregate limit specified in Section 5(a) hereof, (ii) the number and type of Shares (or other securities or property) subject to outstanding Awards, and (iii) the grant, purchase, or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; *provided, however*, that the number of Shares subject to any Award denominated in Shares shall always be a whole number.

(f) Shares underlying Substitute Awards shall not reduce the number of Shares remaining available for issuance under this 2024 Plan.

Section 6. *Options*.

The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of this 2024 Plan, as the Committee shall determine:

(a) The purchase price per Share under an Option shall be determined by the Committee and set forth in the Award Agreement.

(b) The term of each Option shall be fixed by the Committee; *provided, however*, that the term shall be no more than ten years from the date of grant thereof.

(c) The Committee shall determine the time or times at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or forms, including, without limitation, cash, Shares, other Awards, or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made. The Committee shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised.

Section 7*. Restricted Stock and Restricted Stock Units.*

(a) The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants.

(b) Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right or property), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

(c) Any share of Restricted Stock granted under this 2024 Plan may be evidenced in such manner as the Committee may deem appropriate including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted Stock granted under this 2024 Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

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Section 8*. Other Stock-Based Awards*

The Committee is hereby authorized to grant to Participants such other Awards (including, without limitation, stock appreciation rights and rights to dividends and dividend equivalents) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares) as are deemed by the Committee to be consistent with the purposes of this 2024 Plan. Subject to the terms of this 2024 Plan, the Committee shall determine the terms and conditions of such Awards. Shares or other securities delivered pursuant to a purchase right granted under this Section 8 shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other securities, other Awards, or other property, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, shall, except in the case of Substitute Awards, not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is granted.

Section 9*. General Provisions Applicable to Awards.*

(a) All Awards shall be evidenced by an Award Agreement between the Company and the Participant.

(b) Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by Applicable Laws.

(c) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

(d) Subject to the terms of this 2024 Plan, payments or transfers to be made by the Company upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine including, without limitation, cash, Shares, other securities, other Awards, or other property, or any combination thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments.

(e) Unless the Committee shall otherwise determine, no Award and no right under any such Award, shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or by the laws of descent and distribution; *provided, however*, that, if so determined by the Committee, a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the Participant. Each Award, and each right under any Award, shall be exercisable during the Participant's lifetime only by the Participant or, if permissible under Applicable Law, by the Participant's guardian or legal representative. No Award and no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof.

(f) All certificates for Shares or other securities delivered under this 2024 Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under this 2024 Plan or the rules, regulations, and other requirements of the United States Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any Applicable Laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

(g) Unless specifically provided to the contrary in any Award Agreement, upon a Change in Control, all Awards shall become fully vested and exercisable, and any restrictions applicable to any Award shall automatically lapse.

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Section 10*. Amendment and Termination.*

(a) Except to the extent prohibited by Applicable Laws and unless otherwise expressly provided in an Award Agreement or in this 2024 Plan, the Board may amend, alter, suspend, discontinue or terminate this 2024 Plan or any portion thereof at any time; *provided, however*, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval if such approval is necessary to comply with any tax or regulatory requirement for which or with which the Board deems it necessary or desirable to qualify or comply, or (ii) the consent of the affected Participant, if such action would adversely affect the rights of such Participant under any outstanding Award.

(b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award; *provided, however*, that no such action shall adversely affect the rights of any affected Participant or holder or beneficiary under any Award theretofore granted under this 2024 Plan; and *provided further* that, except as provided in Section 5(e) hereof, no such action shall reduce the exercise price of any Option established at the time of grant thereof.

(c) The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 5(e) hereof affecting the Company, or the financial statements of the Company, or of changes in Applicable Laws or accounting principles); whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this 2024 Plan.

(d) Any provision of this 2024 Plan or any Award Agreement to the contrary notwithstanding, the Committee may cause any Award granted hereunder to be canceled in consideration of a cash payment or alternative Award made to the holder of such canceled Award equal in value to the Fair Market Value of such canceled Award.

(e) The Committee may correct any defect, supply any omission, or reconcile any inconsistency in this 2024 Plan or any Award in the manner and to the extent it shall deem desirable to carry this 2024 Plan into effect.

Section 11*. Miscellaneous.*

(a) No employee, independent contractor, Participant or other person shall have any claim to be granted any Award under this 2024 Plan, and there is no obligation for uniformity of treatment of employees, independent contractors, Participants, or holders or beneficiaries of Awards under this 2024 Plan. The terms and conditions of Awards need not be the same with respect to each recipient.

(b) The Committee may delegate to one or more officers or managers of the Company, or a committee of such officers or managers, its authority under this 2024 Plan; *provided, however*, that any delegation to management shall conform with the requirements of the laws of the Cayman Islands, as in effect from time to time.

(c) No Shares shall be delivered under this 2024 Plan to any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under all Applicable Laws. The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under this 2024 Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other securities, other Awards, or other property) of withholding taxes due in respect of an Award, its exercise, or any payment or transfer under such Award or under this 2024 Plan and to take such other action (including, without limitation, providing for elective payment of such amounts in cash, Shares, other securities, other Awards or other property by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.

(d) Except as otherwise expressly authorized by the Committee, a Participant shall not be entitled to any privilege of share ownership or shareholder rights as to any Shares not actually delivered to and held of record by the Participant.

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(e) Nothing contained in this 2024 Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

(f) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ or service of the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant from employment or terminate the services of an independent contractor, free from any liability, or any claim under this 2024 Plan, unless otherwise expressly provided in this 2024 Plan or in any Award Agreement or in any other agreement binding the parties.

(g) If any provision of this 2024 Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify this 2024 Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to Applicable Laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of this 2024 Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of this 2024 Plan and any such Award shall remain in full force and effect.

(h) Awards payable under this 2024 Plan shall be payable in Shares or from the general assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No Participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Shares, except as expressly otherwise provided) of the Company or one of its Subsidiaries by reason of any award hereunder.

(i) Neither this 2024 Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

(j) No fractional Shares shall be issued or delivered pursuant to this 2024 Plan or any Award, and the Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

(k) In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee may, in its sole discretion, provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, amendments, restatements or alternative versions of this 2024 Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of this 2024 Plan as in effect for any other purpose; *provided, however*, that no such supplements, restatements or alternative versions shall increase the share limitations contained in Section 5 hereof. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

(l) The 2024 Plan and all Award Agreements shall be governed by and construed in accordance with the laws of the Cayman Islands.

Section 12*. Effective Date of 2024 Plan.*

The 2024 Plan shall be in force and effect as of the date of its approval by the board of directors of the Company.

Section 13*. Term of this 2024 Plan.*

No Award shall be granted under this 2024 Plan after the fifteenth (15<sup>th</sup>) anniversary of the effective date of the prior initial version of this plan. However, unless otherwise expressly provided in this 2024 Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend this 2024 Plan, shall extend beyond such date.

END OF 2024 PLAN

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 of of Zapp Electric Vehicles Group Limited pertaining to the amended 2024 Long Term Incentive Plan, of our report dated January 30, 2025, relating to the consolidated financial statements of Zapp Electric Vehicles Group Limited, which appears in the Annual Report on Form 20-F for the year ended September 30, 2024.

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| |
|:---|
| /s/ PKF Littlejohn LLP |
| PKF Littlejohn LLP |
| London, United Kingdom |
| November 25, 2025 |

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## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

**(Form Type)**

**Zapp Electric Vehicles Group Limited**

**(Exact Name of Registrant as Specified in its Charter)**

**<u>Table 1: Newly Registered Securities</u>**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Amount Registered<sup>(1)</sup>** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee<sup>(2)</sup>** |
| Equity | Ordinary shares | 457(c) | 48500000 | $0.06<sup>(3)</sup> | $2910000 | $138.10 per million | $402 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $2910000 |  | $402 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | $— |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $402 |

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(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), includes an indeterminable number of additional Ordinary Shares as may be issued to prevent dilution from stock splits, stock dividends or similar transactions.

(2) Calculated by multiplying the proposed maximum aggregate offering price of securities to be registered by 0.00013810.

(3) Estimated solely to calculate the registration fee in accordance with Rule 457(c) of the Securities Act on the basis of the average of the high and low sales prices of the Ordinary Shares as reported on OTCQB on November 24, 2025.