Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 151

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 6
Chunk 151
---
The number of shares of our Ordinary Shares subject
to any Initial Award and Annual Award (each, a “ Director Award”) granted under the Director Compensation Program be determined
by dividing the dollar value of such Director Award (as described above) by the closing price of our Ordinary Shares as of the applicable
grant date.

Each Director Award will vest in full on the earlier
of the first anniversary of the applicable grant date and the date of our next annual shareholder meeting following the grant date, subject
to the applicable director’s continued service on the Board through the applicable vesting date. In addition, Director Awards will
vest in full upon a “change in control” of the Company (as defined in the 2023 Plan), subject to the applicable director’s
continued service on the Board through such vesting date.

C. Board Practices

Board of Directors

Our Board consists of seven directors. Of these
seven directors, five are independent. Our Articles of Association provide that the number of directors shall be fixed by the directors
from time to time, but shall not be less than one director. So long as the Ordinary Shares are listed on the Designated Stock Exchange
(as defined in our Articles of Association), the Board shall include such number of “independent directors” as the relevant
rules applicable to the listing of any Ordinary Shares on the Designated Stock Exchange require, including applicable exemptions. See
“ Risk Factors  -   Risks Related to Being a Public Company  -   As an exempted company limited by
shares incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from the NYSE American corporate governance listing standards applicable to domestic U. S. companies;
these practices may afford less protection to shareholders than they would enjoy if we complied fully with the NYSE American corporate
governance listing standards. ” Subject to our Articles of Association, a director who is in any way interested in a contract
or proposed contract with us shall declare the nature of his or her interest at a meeting of the Board. A general notice given to the
directors by any director to the effect that he or she is a member of any specified company or firm and is to be regarded as interested
in any contract which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard
to any contract so made. A director may vote in respect of any contract or proposed contract or arrangement notwithstanding that he