Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 655

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1
Chunk 655
---
 option
is in addition to those granted previously to Mr. Gaul pursuant to that certain Consulting Agreement, dated February 26, 2020. On July
1, 2022, Mr. Gaul stepped down as Senior VP, Operations of the Company and assumed the role of Chief Operating Officer. Notwithstanding
this titular change, the other terms of his Employment Agreement with us did not change.

Under
the Employment Agreement, termination of Mr. Gaul’s employment by the Company without cause, or by Mr. Gaul for “Good Reason”
(as such term is defined in the Employment Agreement), will require the Company to pay severance to Mr. Gaul. Upon any such termination,
and subject to the terms of the Employment Agreement and the Company’s policies, Mr. Gaul will be entitled to receive his base
salary for a period of six months, plus an additional month of severance payments for every two months of employment, with such additional
amounts to be cumulative and not to exceed a total of 12 months of severance payments. The Company will also continue to contribute to
Mr. Gaul’s health and dental benefits in the same proportion as during employment for the same duration as severance payments are
made. In the event of a Change of Control (as defined in the Employment Agreement), Mr. Gaul will receive severance payments equal to
six months’ base salary and the Company will continue to provide health and dental benefits in the same proportion as during employment
for six months. Mr. Gaul will also receive an additional month of severance for every two years of employment, with such amounts to be
cumulative and not to exceed a total of 12 months of severance payments. In addition, all of Mr. Gaul’s options to acquire Company
stock and restricted common stock awards which have not vested as of the date of termination will become immediately vested as of the
date of termination.

The
Employment Agreement also contains customary non-solicitation and non-competition covenants, which covenants remain in effect for 1 year
following any cessation of employment with respect to Mr. Gaul.

Employment
Agreement with Douglas Larson

Pursuant
to the terms of an employment agreement between the Company and Mr. Larson dated August 20, 2021. Mr. Larson was to be paid an annual
salary of $275,000 per year. In April 2022, Mr. Larson’s annual salary was increased to $300,000. On April 1, 2023