Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 427

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 427
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 defined) and as a result of a material diminution
of his position or compensation, Mr. Das will receive (1) his base salary at the then current rate and levels for one (1) month
if Mr. Das has been employed by the Company for at least six (6) months but not more than twelve (12) months as of the
date of termination or resignation, for three (3) months if Mr. Das has been employed by the Company more than twelve (12) but
not more than twenty-four (24) months as of the date of termination or resignation, or for six (6) months if Mr. Das has
been employed by the Company for more than twenty-four (24) months as of the date of resignation or termination; (2) 50% of
the value of any accrued but unpaid bonus that Mr. Das otherwise would have received; (3) the value of any accrued but unpaid
vacation time; and (4) any unreimbursed business expenses and travel expenses that are reimbursable under the agreement. If the Company
terminates Mr. Das’ employment with just cause, Mr. Das will receive only the portion of his base salary and accrued but
unused vacation pay that has been earned through the date of termination. On August 31, 2018, the Company amended Mr. Das’
employment agreement to make the following changes to his compensation effective May 14, 2018: (1) increase in base salary to
$275,000 per year, (2) have up to $50,000 in MBO’s annually, (3) commissions equal to 2% of recognized revenue associated
with the IPA product line paid quarterly and subject to the Company policies in connection with commissions payable and (4) provide
a transportation allowance of $1,000 per month. On May 10, 2019, the Company amended Mr. Das’ commission plan to include
a 1% commission on recognized revenue associated with the Shoom product line paid quarterly and subject to Company commission plan policies.
Mr. Das’s salary was increased to $275,000 effective May 31, 2018 and $312,000 effective January 1, 2021, Effective
January 1, 2021, any entitlement to commissions payable to Mr. Das was superseded by adjusting