Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 163

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 7
Chunk 163
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 Company’s Ordinary Shares during the period beginning on the closing date of the
business combination, which occurred on July 10, 2023 (the ” Closing Date”), and the fifteen (15) months after the Closing
Date (the “ Subscription End Date”), provided that the Subscription End Date shall be automatically extended by three (3)
months for each issuance of $5,000,000 of the aggregate principal amount of the Convertible Notes subscribed by Callaway following the
date thereof.

On September 23, 2024, the Company and Callaway
agreed upon a form of convertible note subscription agreement (the “ Amended and Restated Subscription Agreement”) to, among
other things, reflect the agreements between the Company and Callaway set forth in the Commitment Letter Amendment (as defined below)
with the intent that further subscriptions subject to the Callaway Option would be pursuant to such form.

Callaway Commitment Letter

On March 22, 2024, Callaway provided a commitment
letter to the Company (the “ Commitment Letter”) in order to evidence its commitment to (i) subscribe for the Convertibles
Notes in an aggregate principal amount of $15,000,000 with the relevant closing date occurring on or before March 22, 2025 and (ii) timely
deliver the relevant purchase price as described in the Callaway Subscription Agreement.

On September 19, 2024, the Company and Callaway
entered into an amendment to the Commitment Letter (the “ Commitment Letter Amendment”) whereby (i) Callaway agreed to subscribe
for, or to cause its designees to subscribe for, the Convertible Notes in an aggregate principal amount of $18,500,000 (the “ Amended
Commitment Amount”), with (A) $7,500,000 of such principal amount to be exercised on or before March 22, 2025 and (B) an additional
$11,000,000 of such principal amount to be exercised on or before July 1, 2026; (ii) the Company agreed to (A) reserve for issuance to
Callaway a number of Class A ordinary shares equal to twenty percent (20%) of the portion of the Amended Commitment Amount paid on the
closing date of any subscription in satisfaction of the Amended Commitment Amount (the “ Commitment Shares”), with such Commitment
Shares to be issued pursuant to the terms set forth in the Commitment Letter Amendment and (B) issue to any