Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 250

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 250
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, 2024 is US$28,279,364.

F-38

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

21 - SHARE-BASED COMPENSATION (Continued)

Stock options given to employees

The weighted average grant-date fair value of options to purchase ordinary shares granted to employees during the years 2024, 2023 and
2022 were US$2.21, US$3.99and US$2.99, respectively, per ordinary share.

At December 31, 2024, there was US$3,590,372(December 31, 2023: US$1,322,202December 31, 2022: US$688,145) of total unrecognized compensation cost related to unvested stock
options granted under the Plan. Such unrecognized compensation cost is expected to be recognized over a weighted-average period of3years. The total fair value of stock options given to employees that vested during the years ended December 31, 2024, 2023 and 2022
were US$514,956, US$352,786and US$278,933respectively.

The
following table summarizes the activity related to stock options given to employees for the years ended December 31, 2024, 2023 and 2022:

  Beginning balance, January 1, 2022        194,492      1.02  
  Granted                                   261,576      2.99  
  Vested                                  ( 176,795      1.58  
  Canceled and forfeited                   ( 13,103      0.99  
  Ending balance, December 31, 2022         266,170      2.58  
  Beginning balance, January 1, 2023        266,170      2.58  
  Granted                                   532,420      3.99  
  Vested                                   ( 96,438      3.05  
  Canceled and forfeited                  ( 326,765      3.60  
  Ending balance, December 31, 2023         377,943      3.52  
  Beginning balance, January 1, 2024        377,943