Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 252

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 252
---
624      1.53  
  Cancelled                               ( 12,783      2.99  
  Ending balance, December 31, 2023         45,387      1.53  
  Beginning balance, January 1, 2024        45,387      1.53  
  Granted                                       --        --  
  Vested                                  ( 45,387      1.53  
  Cancelled                                     --        --  
  Ending balance, December 31, 2024             --        --  

F-40

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)

Restricted share units

During 2021, the Company granted RSUs covering4,360,419ordinary shares to the Company’s cofounders; for which the vesting is based on
afouryearservice condition. The grant-date fair values of ordinary shares granted to cofounders on the grant date of the RSUs was US$1.30per ordinary share. The share-based compensation expense accounted as general administrative expense for the years ended December 31,
2024, 2023, and 2022 are US$1,419,467, US$1,415,589and US$1,415,589, respectively. All4,360,419of such RSUs converted to ordinary shares
upon the Closing of the deSPAC transaction.

During 2023, the Company granted RSUs covering7,781,951ordinary 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$0.63per ordinary share. The fair value of an ordinary share was derived from the share price on October 18, 2023. The share-based
compensation expense accounted as general administrative expense for the year ended December 31, 2024 is US$764,004(and for the year
ended December 31, 2023 is US$468,913).

During 2023, the Company granted RSUs covering522,274ordinary shares to the Company’s board members;
for which the vesting begun July 10, 2023