Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 251

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 251
---
3.52  
  Granted                                 1,593,747      2.21  
  Vested                                  ( 148,572      2.90  
  Canceled and forfeited                   ( 85,688      3.52  
  Ending balance, December 31, 2024       1,737,430      2.07  

The fair value of stock option were determined using the Black-Scholes option-pricing model with the following weighted-average assumptions:

                                         2024                   2023                   2022               
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
  Expected volatility                                69.77                  65.30                  75.00  
  Risk-free interest rate                             4.43                   3.86                   0.72  
  Probability weighted time to exit                6 years                6 years                3 years  
  Expected dividend yield                                0                      0                      0  

F-39

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)

Stock options given to third-party consultant

The Board of Directors approved the issuance of options to purchase10,000ordinary shares pursuant to the 2020 Plan to third-party consultants
in exchange for professional services rendered during 2022.

As of December 31, 2024, all nonemployee options were fully-vested upon issuance
and the entire compensation cost has been fully recognized (unrecognized compensation cost December 31, 2023: US$75,765, December 31,
2022: US$116,655).

The summary of common shares issued to consultants
and the related fair value at issuance is as follows,

  Beginning balance, January 1, 2022        68,664      1.53  
  Granted                                   12,783      2.99  
  Vested                                  ( 13,652      1.96  
  Ending balance, December 31, 2022         67,795      1.72  
  Beginning balance, January 1, 2023        67,795      1.72  
  Granted                                       --        --  
  Vested                                   ( 9,