Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1609

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 5
Chunk 1609
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 of grant and the options were fully vested as of March 31, 2021.
On July 2, 2022, Mr. Avniel stepped down as Chief Operating Officer and assumed the role of Chief Business Officer. Notwithstanding this
titular change, the other terms of his employment agreement with us, did not change.

In
the event of Mr. Avniel’s termination without “cause” or his resignation for “good reason”, as such terms
are defined in his employment agreement, Mr. Avniel, subject to his execution and non-revocation of a release of claims and compliance
with the restrictive covenants set forth in his employment agreement, will be entitled to (i) severance equal to twenty-four months of
base salary, payable in a lump sum, (ii) a lump sum payment equal to 1.5 times that of the most recent earned short-term incentive award,
(iii) all outstanding options and restricted common stock awards held by Mr. Avniel would automatically vest and (iv) provided Mr. Avniel
timely elects to continue health care coverage under COBRA, continued participation by Mr. Avniel and his eligible dependents in our
standard group medical and dental plans until the earliest of (a) the end of the 18th month following Mr. Avniel’s termination
and (b) the date Mr. Avniel secures subsequent employment with medical and dental coverage.

In
the event of Mr. Avniel’s termination without “cause” or his resignation for “good reason”, in each case
within three months prior to a “change of control”, as such term is defined in Mr. Avniel’s employment agreement, or
within 18 months following a “change of control”, Mr. Avniel, subject to his execution and non-revocation of a release of
claims and compliance with the restrictive covenants set forth in his employment agreement, will be entitled to (i) a one-time grant
of 350,000 shares of our common stock, (ii) all outstanding options and restricted common stock awards held by Mr. Avniel would automatically
vest and (iii) provided Mr. Avniel timely elects to continue health care coverage under COBRA, continued participation by Mr. Avniel
and his eligible dependents in our standard group medical and dental plans until the earliest of (a) the end of the 24th month following