Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2202

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 11
Chunk 2202
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 Group Inc. 2024 Omnibus Incentive Plan, subject to stockholder approval. On February 10, 2025, our
Board approved Amendment No. 1 of the plan (“Amendment No. 1”) to increase the number of shares available for grant under
the plan and add a provision providing for an automatic increase to the plan’s share reserve every year, commencing on April 1,
2026, and continuing on the first day of each of the Company’s fiscal years through the tenth anniversary of the plan’s effective
date (the 2024 Omnibus Incentive Plan, as amended by Amendment No. 1, the “2024 Plan”). On March 10, 2025, the
Company’s stockholders approved and adopted the 2024 Plan.

The following is a summary of the material terms
of the 2024 Plan. 

Plan Administration

The 2024 Plan will be administered
by our Compensation Committee. Our board of directors will retain the authority under the 2024 Plan to exercise any or all of the powers
and authorities related to the administration and implementation of the 2024 Plan.

50

Award Eligibility

Awards under the 2024 Plan
may be made to our or any of our affiliates’ employees, officers and directors, as well as to consultants and advisors currently
providing services to us or any of our affiliates at the time of such award. As of the date of this annual report, the Company engages
approximately 55 employees, four (4) officers, five (5) directors, and five (5) consultants and advisers.

Shares Subject to the 2024 Plan

Subject to adjustment in
accordance with the terms of the 2024 Plan, the number of shares of our common stock available for issuance under the 2024 Plan is the
sum of (A) 740,000, plus (B) an increase commencing on April 1, 2026, and continuing annually on each anniversary thereof until
the tenth anniversary of the plan effective date, equal to the lesser of (i) 8% of the total number of all classes of the Company’s
common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares as determined
by the Board or the Committee (the “Share Limit”).

Reversion of Shares

If any shares covered by
an award are not purchased or are forfeited