Company: FLYE
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001213900-25-016092
Chunk: 17

Company: Fly-E Group, Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 17
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 award under the 2014 Plan is deemed to be a deferred compensation arrangement, and if such arrangement does not comply with Section 409A of the Code, the recipient of such award will recognize ordinary income once such award is vested, as opposed to at the time or times set forth above. In addition, the amount taxable will be subject to an additional 20% federal income tax along with other potential taxes and penalties. It is intended, although not guaranteed, that all awards issued under the 2024 Plan will either be exempt from or compliant with the requirements of Section 409A of the Code. Change in Control.Any acceleration of the vesting or payment of awards under the 2024 Plan in the event of a change in control in the Company may cause part or all of the consideration involved to be treated as an “excess parachute payment” under the Code, which may subject the participant to a 20% excise tax and preclude deduction by the Company. The foregoing description of the 2024 Plan is qualified in its entirety by reference to the full text of the 2024 Plan, a copy of which is attached to this proxy statement as Appendix A. No Tax Advice The preceding discussion is based on U.S. federal tax laws and regulations presently in effect, which are subject to change, and the discussion does not purport to be a complete description of the U.S. federal income tax aspects of the 2024 Plan. A participant may also be subject to state and local taxes in connection with the grant of awards under the 2024 Plan. The Company strongly encourages participants to consult with their individual tax advisors to determine the applicability of the tax rules to the awards granted to them in their personal circumstances. New Plan Benefits All awards to be made under the 2024 Plan are discretionary, subject to the terms of the 2024 Plan. The benefits and amounts that will be received or allocated under the 2024 Plan are generally not determinable at this time. Votes Required The approval of the Incentive Plan Proposal requires the affirmative vote of holders of a majority of our common stock entitled to vote and present in person or represented by proxy at the Special Meeting. A failure to submit a proxy card or vote at the Special Meeting or an abstention will have the effect of a vote “AGAINST” the Incentive Plan Proposal and broker “non -votes” will have no effect with respect to the approval of this proposal. Recommendation of The Board The Board recommends that stockholders vote “FOR” the