Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1988

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 9C
Chunk 1988
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 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 or expire, or if any award otherwise terminates without delivery of any shares subject to
the award or is settled in cash in lieu of shares, then the number of shares counted against the Share Limit with respect to such award
will, to the extent of any such forfeiture, termination, expiration or settlement, again be available for issuance under the 2024 Plan.

Awards

The 2024 Plan provides for
the grant of awards of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, deferred
stock units, unrestricted stock, dividend equivalent rights, and other equity-based awards.

Stock Options

Stock options granted