Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 253

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 253
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 and the RSUs fully vested on July 10, 2024. The grant-date fair values of ordinary shares on
the grant date of the RSUs was US$0.71per share. The fair value of an ordinary share was derived from the share price on October 4, 2023.
The share-based compensation expense accounted as general administrative expense for the year ended December 31, 2024 is US$335,933(and
for the year ended December 31, 2023 is US$35,404).

During 2024, the Company granted RSUs covering7,027,884ordinary shares to the Company’s cofounders; for which the vesting is based on afour yearservice condition. The
grant-date fair values of ordinary shares on the grant date of the RSUs was US$3.36per share. The fair value of an ordinary share
was derived from the share price on December 24, 2024. The share-based compensation expense accounted as general administrative
expense for the year ended December 31, 2024 is US$2,814,234.

During
2024, the Company granted RSUs covering161,379ordinary shares to the Company’s board members; for which the vesting begun December 19,
2024 and such RSUs will be fully vested on the earlier of December 19, 2025 and the date of the Company’s annual meeting in December 2025.
The grant-date fair values of ordinary shares on the grant date of the RSUs was US$2.96per share. The fair value of an ordinary share
was derived from the share price on December 18, 2024. The share-based compensation expense accounted as general administrative expense
for the year ended December 31, 2024 is US$15,699.

Board of directors compensation

During 2024, the Company granted1,178,902fully-vested ordinary shares to board members as compensation for their services as board members.
The weighted-average grant-date fair value of such ordinary shares granted to board members on the grant date was US$1.29per share. The
fair value of an ordinary share was derived from the share price on the applicable grant date. The share-based compensation expense accounted
as general administrative expense for the year ended December 31, 2024 is US$1,516,887.

F-41

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES