Company: MVNC
Filing Date: 2025-04-25
Form Type: 10-K
Source: 0001683168-25-002807
Chunk: 2

Company: Marvion Inc.
Filing Date: 2025-04-25
Form: 10-K
Item: Item 12
Chunk 2
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 of our Series A Preferred Stock. Each share of Series A Preferred Stock entitled Mr. Young to vote on all matters submitted to a vote of the shareholders together with the Common Stock holders with each one share of Series A Preferred Stock having 200 votes.
  
    (3)
     
    Herbert Ying Chiu Lee owns 14,494,171 shares of our common stock, 337,000 shares of our Series B Preferred Stock and 1 share of Series C Preferred Stock. Each Series of preferred stock has the voting rights, powers, preferences and privileges more fully described herein in the section entitled “Description of Registrant’s Securities”

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Background of the Plan. 

On
September 19, 2023, the board of directors of the Company approved the Marvion Inc. 2023 Stock Incentive Plan (the “2023 Plan”)
with 17,000,000,000 shares reserved for issuance under the 2023 Plan. The 2023 Plan provides for the grant of awards to eligible employees,
directors, consultants, independent contractors, and advisors in the form of options, restricted stock, restricted stock units, stock
appreciation rights, performance awards, other stock-based awards or dividend equivalents (each, an award). Effective
April 23, 2024, the Company effectuated a reverse stock split whereby each three thousand (3,000) shares of Common Stock issued and outstanding
prior to the effective time were combined and converted into one (1) shares of Common Stock. As a result, the number of shares reserved
for issuance under the 2023 Plan was equitably reduced to 5,666,667. On December 28, 2024, the Board approved an amendment to the
2023 Plan (the “Plan Amendment” and together with the 2023 Plan, the “Plan”) to increase the number of shares
available for issuance under the Plan to an aggregate of 37,075,060 shares.

Summary of the Plan

The principal terms of the
Plan are summarized below. This summary is not a complete description of the Plan, and it is qualified in its entirety by reference to
the complete text of the Plan documents which are attached as Exhibits 10.9 and 10.10 hereto.

Shares Available for Issuance

We reserved 37,075,060 Shares
to be issued under the Plan (plus certain other Shares related to awards which are forfeited, repurchased or used to satisfy