Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 128

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 128
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 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 subscriber of Convertible
Notes in satisfaction of the Amended Commitment Amount a number of Class A ordinary shares equal to ten percent (10%) of the portion of
the Amended Commitment Amount paid on the applicable closing date of each such subscription (the “ Subscriber Shares”); and
(iii) the Company and Callaway extended the Subscription End Date of the Callaway Option to July 1, 2027.

On December 21, 2024, the Company and Callaway
entered into a further amendment to the Commitment Letter (the “ Second Commitment Letter Amendment”) whereby (i) the parties
agreed to