Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 649

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 649
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 employment agreement, Mr. Ali served as President. The employment agreement
was assumed by the Company and Mr. Ali became CEO in September 2011. Mr. Ali’s salary under the agreement was initially
$240,000 per annum plus other benefits including a bonus plan with goals and targets established by the Compensation Committee, a housing
allowance, health insurance, life insurance and other standard Inpixon employee benefits. If Mr. Ali’s employment is terminated
without Cause (as defined), he will receive his base salary for 12 months from the date of termination. Mr. Ali’s employment
agreement provides that he will not compete with the Company and will be subject to non-solicitation provisions relating to employees,
consultants and customers, distributors, partners, joint ventures or suppliers of the Company during the term of his employment or consulting
relationship with the Company. On April 17, 2015, the Compensation Committee approved the increase of Mr. Ali’s annual
salary to $252,400, effective January 1, 2015. Effective May 16, 2018, the Compensation Committee approved an increase in Mr. Ali’s
annual salary to $280,000 and an auto allowance of $1,000 a month.

On
February 27, 2023, the Company entered into a Limited Liability Company Unit Transfer and Joinder Agreement with Mr. Ali, pursuant
to which (i) the Company transferred 219,999 Class A Units of CVH to Mr. Ali in connection with Mr. Ali’s
services performed for and on behalf of the Company as an employee and a director of the Company and (ii) Mr. Ali became a
member of CVH and a party to the CVH LLC Agreement. The fair market value of the Class A Units at the date of grant is $462,430.
In addition, Mr. Ali beneficially owned membership interests in CVH through 3AM LLC, a Delaware limited liability company and a
founding member of CVH. CVH was dissolved as of December 31, 2023.

On
March 12, 2024, the Company and Mr. Ali entered into an amendment to Mr. Ali’s Amended and Restated Employment Agreement
dated May 15, 2018, to provide for payment of his cash severance thereunder on or as soon as practicable following the date