Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 248

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 248
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 officers, directors, employees and consultants of the Company pursuant
to its 2020 Equity Incentive Plan duly adopted by the Board of Directors and approved by the Company stockholders (the “2020 Plan”).
In 2021, the Board of Directors and shareholders of Marti approved an increase in the number of ordinary shares authorized for issuance
under the 2020 Plan by3,759,109ordinary shares, from1,000,000ordinary shares to4,759,109ordinary shares. Of such reserved ordinary
shares,116,035ordinary shares were issued pursuant to restricted share purchase agreements to the Companys employees, options to
purchase1,454,248shares were granted to employees, options to purchase76,996shares were granted to the consultants, and restricted
stock units (“ RSUs”) covering4,360,419shares were granted to the Company’s cofounders. Upon the consummation of the deSPAC
transaction, all remaining ordinary shares reserved for issuance under the 2020 Plan were cancelled, and a new 2023 incentive plan was
adopted by the Company.

F-37

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

21 - SHARE-BASED COMPENSATION (Continued)

2023 Incentive Award Plan

The Company has reserved30,002,672ordinary shares for issuance to officers, directors, employees and consultants of the Company pursuant
to its 2023 Incentive Award Plan duly adopted by the Board of Directors and approved by the Company stockholders (the “2023 Plan”).
The 2023 Plan initially reserved6,905,727ordinary shares for issuance. An additional2,821,712ordinary shares became available for
issuance under the 2023 Plan on August 10, 2023 pursuant to an automatic increase provision contained therein, and an additional2,869,750,3,417,718, and3,631,044ordinary shares, respectively, became available for issuance in 2024 under the Plan upon the Company’s achievement of
LTIP Event I, LTIP Event II and LTIP Event III (each as defined in the 2023 Plan), respectively. In addition, on December 24, 2024, the
Company’s Board of Directors approved an