Company: MVNC
Filing Date: 2025-01-10
Form Type: PRE 14C
Source: 0001683168-25-000215
Chunk: 31

Company: Marvion Inc.
Filing Date: 2025-01-10
Form: PRE 14C
Chunk 31
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 4

AMENDMENT TO THE 2023 PLAN TO EFFECT AN INCREASE IN THE AUTHORIZED SHARES AVAILABLE FOR ISSUANCE</div>

General

On September 19, 2023,the Board
adopted the 2023 Plan and on December 28, 2024, our Board approved an amendment to the 2023 Plan (the “Plan Amendment”) to
effect an increase in the number of shares that remain available for issuance under the 2023 Plan by an additional 31,408,394 shares up
to an aggregate of 37,075,060 shares available for issuance under the 2023 Plan. The principal terms of the Plan Amendment are summarized
below. This summary is not a complete description of the Plan Amendment, and it is qualified in its entirety by reference to the complete
text of the Plan Amendment which is attached as hereto.

Why We Approved the Plan Amendment

The Board and Voting Stockholders
have determined that it is in the best interests of the Company and its stockholders to approve the Plan Amendment to increase the number
of shares available for issuance under the 2023 Plan by an additional 31,408,394 shares up to an aggregate of 37,075,060 shares available
under the 2023 Plan.

Before the Plan Amendment, the
number of shares available for issuance under the 2023 Plan would be too limited to effectively operate as an incentive and retention
tool for employees, officers, directors, non-employee directors and consultants of the Company and its affiliates (as defined in the 2023
Plan). The 2023 Plan and the approved increase will enable us to continue our policy of equity ownership by employees, officers, directors,
non-employee directors and consultants of the Company and its affiliates as an incentive to contribute to the creation of long-term value
for our stockholders. Absent sufficient equity incentives, we would need to consider additional cash-based incentives to provide a market-competitive
total compensation package necessary to attract, retain and motivate the talent that is critical to driving our success. Payment of cash
incentives would then reduce the cash available for product development, marketing, operations, and other corporate purposes.

We believe that our continued
ability to offer equity incentive awards under the 2023 Plan are critical to our ability to continue to attract, motivate, and retain
highly qualified executives and employees. We believe that the 2023 Plan has been an effective component of our compensation program and
has heightened our ability