Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 162

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 7
Chunk 162
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scribers”), pursuant to which the Pre-Fund Subscribers agreed to subscribe for and purchase from Marti Delaware
their respective pre-fund notes, which converted into convertible notes at Closing. One of the Pre-Fund Subscribers, Farragut, is an affiliate
of a director of Galata and the Pre-Fund Subscription Agreement was unanimously approved by the Galata Board. Farragut purchased $15.0
million in Pre-Fund Notes, Sumed Equity purchased $1.0 million in Pre-Fund Notes, European Bank for Reconstruction and Development purchased
$1.0 million in Pre-Fund Notes, and AutoTech Fund II, LP purchased $0.5 million in Pre-Fund Notes.

Investor Rights Agreement

In connection with the Closing, Galata, the Sponsor,
Alper Öktem and Cankut Durgun (together with Alper Öktem, the “ Marti Delaware Founders”), and certain shareholders
of Galata (the “ Marti Holders”) executed the Investor Rights Agreement, pursuant to which, each of Callaway (on behalf of
the Sponsor) and the Marti Delaware Founders, severally and not jointly, agreed with Galata and the Marti Holders to take all necessary
action to cause (x) our Board to initially be composed of seven directors, (a) six of whom were nominated by Marti and (b) one of whom
was nominated by Callaway (on behalf of the Sponsor). Each of Callaway and the Marti Delaware Founders, severally and not jointly, agreed
with Galata and the Marti Holders to take all necessary action to cause the foregoing directors to be divided into three classes of directors,
with each class serving for staggered three-year terms.

Callaway Subscription Agreement

On May 4, 2023 (prior to the closing of the business
combination), Galata Acquisition Corp. (now known as the Company) and Callaway entered into a convertible note subscription agreement,
as amended on January 10, 2024 (the “ Callaway Subscription Agreement”). Callaway is an affiliate of Daniel Freifeld, a director
of the Company. Pursuant to the terms of the Callaway Subscription Agreement, Callaway or its designee has the option (the “ Callaway
Option”) (but not the obligation) to subscribe for up to $40,000,000 aggregate principal amount of convertible notes (the “ Convertible
Notes”), which are convertible into the