Company: RAIN
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001213900-25-032239
Chunk: 564

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 2
Chunk 564
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 defined in RWT’s incentive plan), provided
such Change in Control constitutes a change in control under Section 409A of the Internal Revenue Code, then, in addition to the Severance
Payment, any unvested equity awards will immediately vest and become exercisable. Such Severance Payment and award vesting acceleration
are further conditioned upon Mr. Riley executing a general release of claims within 60 days following termination.

Pursuant to the Employment
Agreement, Mr. Riley was also eligible to participate in the Company’s benefit plans and programs, including vacation and health
insurance.

On January 29, 2025, Mr. Riley,
Holdco and RWT entered into a letter agreement whereby Mr. Riley resigned as Co-Chief Executive Officer of Holdco and RWT effective as
of January 30, 2025 (the “Termination Letter”). Pursuant to the Termination Letter, in lieu of all other compensation and
payments of any kind due and payable under the Employment Agreement, Mr. Riley will be paid for consulting services rendered in an amount
of $124,500, payable in 18 monthly installments beginning in February 2025. Additionally, conditioned on approval by the Compensation
Committee of the Board, the Termination Letter provides that Mr. Riley will be granted 10,000 shares of Class A Common Stock of the Company
vesting one year from the date of grant.

58

Director and Officer Compensation of Holdco

Employment Agreements

On December 31, 2024, the Closing Date of
the Business Combination, Holdco and Randy Seidl entered into the Offer Letter, pursuant to which Mr. Seidl was offered, and accepted,
the position of Chief Executive Officer of Holdco. Pursuant to the Offer Letter, Mr. Seidl’s annual base salary is $500,000, paid
in accordance with Holdco’s normal payroll practice. Further, the Offer Letter provides that Mr. Seidl will be eligible to earn
an annual bonus with a target of 200% of base salary, based upon mutually agreed performance objectives and the terms and conditions of
Holdco’s annual bonus program in effect from time to time. The Offer Letter provides that within 30 days of the effective date of
the offer letter, Holdco shall issue to Mr. Seidl the Officer Note with a four-year term with a face value of $5,000,000, which shall
accrue interest at a rate equal to the applicable federal rate