Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 467

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 467
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Pomeroy has received, and neither is entitled to receive, any compensation or other consideration from AVX,
in connection with services provided by AVX to the Company or otherwise.

On
May 31, 2024, Legacy XTI entered into a non-binding letter of intent with AVX that sets forth the preliminary terms and conditions
of a potential definitive agreement between Legacy XTI and AVX pursuant to which AVX would provide engineering services to support the
continued development of the TriFan 600. No assurances can be made that the parties will successfully negotiate and enter into a definitive
agreement.

Consulting
Agreement with Scott Pomeroy

Legacy
XTI entered into a consulting agreement with Scott Pomeroy dated July 1, 2022, as amended effective January 1, 2023, that
provided for his engagement as Legacy XTI’s Chief Financial Officer. The agreement provided that Mr. Pomeroy receive a
monthly compensation of $17,500. During the years ended December 31, 2024 and 2023, the Company paid Mr. Pomeroy
compensation of $92,750 and $152,250, respectively, pursuant to the consulting agreement. Pursuant to the consulting agreement and
in connection with the closing of the XTI Merger in March 2024, Mr. Pomeroy (i) received 4,000,000 shares (pre-merger,
pre-reverse stock splits) of Legacy XTI common stock valued at $1.9 million as transaction-related compensation and (ii) was
entitled to receive a transaction cash bonus of $400,000 which was paid in full during January 2025.  Effective upon the
closing of the XTI Merger, Mr. Pomeroy was appointed as XTI Aerospace Inc.’s Chief Executive Officer. On May 6, 2024, XTI
Aerospace, Inc. entered into an employment agreement with Mr. Pomeroy, which superseded the consulting agreement.

Consulting
Agreement with Brooke Turk

Effective
as of August 16, 2023, Legacy XTI entered into a consulting agreement with Brooke Turk for her executive consulting services in the areas
of financial reporting and operational planning. The consulting agreement provided for a monthly retainer of $22,500 and the term of
the agreement was until December 31, 2025. During the years ended December 31, 202