Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1426

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 7A
Chunk 1426
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5 and 2024.

Shiwen Feng, Chief Financial Officer

Mr. Feng has
entered into an employment agreement with the Company, dated November 7, 2024. Under the agreement, Ms. Feng serves as the
Chief Financial Officer of the Company and receives a monthly base salary of $ $6,667. She will also be entitled to reimbursement
for authorized and reasonable expenses. The agreement allows for at-will termination by either party, provided, however, a minimum
of two weeks’ advance written notice is required in the event of resignation by Ms. Feng. If Ms. Feng’s employment
is terminated due to death or disability, she or her estate will receive salary and benefits through the termination date. The
Company may terminate the agreement for cause, releasing it from all further obligations except for accrued salary and benefits
through the termination date. “Cause” includes failure or neglect by Ms. Feng to perform duties, disobedience to orders,
misconduct such as misappropriation of funds, personal profit from Company transactions, misrepresentation, legal violations, acts
involving moral turpitude or unethical conduct, disloyalty including aiding a competitor, failure to devote full-time efforts to the
Company, not working exclusively for the Company, non-cooperation in investigations, breaches of the employment agreement or the
Company rules, and any other act of misconduct or omission. The agreement includes covenants for non-disclosure, non-solicitation,
and non-competition. For two years post-termination, Ms. Feng agrees not to solicit the Company’s customers or engage in
competing business activities within New York State. Ms. Feng will not receive any additional compensation as a director in
addition to her compensation as the Chief Financial Officer of the Company.

Outstanding Option Awards

As of March 31, 2025,
there were no option or stock awards outstanding.

Employee Benefit Plans

2024 Plan

On May 3, 2024, our
Board approved the Fly-E 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