Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 249

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 249
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 amendment to the 2023 Plan, which increased the number of ordinary shares available for issuance
thereunder by an additional10,356,721ordinary shares.

Of such reserved ordinary shares, RSUs covering7,781,951ordinary shares have been
granted to the Company’s cofounders in 2023, RSUs covering7,027,884ordinary shares were granted to the Company’s cofounders in 2024,5,846,291ordinary shares were granted
to the Company’s cofounders in 2024, RSUs covering522,274ordinary shares have been granted to board members in 2023, RSU's covering161,378ordinary shares have been granted to board
members in 2024,107,273ordinary shares have been granted to board members in 2023, and1,021,629ordinary shares have been granted to
board members in 2024.

For the years ended December 31, 2024, 2023 and
2022, share-based compensation expenses consists of the following:

                                                      January 1 -                      January 1 -                     January 1 -                 
                                                      Dec 31,                          Dec 31,                         Dec 31,                     
                                                      2024                             2023                            2022                        
  Long-term incentive plan                                             28,279,364                       -                               -          
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Stock options given to employees                                        514,956                       101,414                         215,227    
  Stock options given to third -party consultant                                -                       2,736                           26,893     
  Restricted stock units                                                5,349,337                       1,887,735                       1,420,763  
  Board of directors compensation                                       1,516,887                       -                               -          
  Total                                                                35,660,544                       1,991,885                       1,662,883  

Long-term incentive plan

During 2024 the Company granted9,477,335ordinary shares to the Company’s co-founders, of which3,631,044are yet to be issued. The fair
values of ordinary shares granted to the Company’s cofounders was US$2.36, US$3.09and US$3.36, respectively, per ordinary share on each
grant date. The Company recognized expense accounted as general administrative expense for the year ended December 31