Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2189

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 9
Chunk 2189
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 event of Mr. Lisi’s termination without “cause” or his resignation for “good reason”, as such terms
are defined in his employment agreement, Mr. Lisi, 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. Lisi would automatically vest and (iv) provided Mr. Lisi
timely elects to continue health care coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), continued
participation by Mr. Lisi and his eligible dependents in our standard group medical and dental plans until the earlier of (a) the end
of the 18th month following Mr. Lisi’s termination and (b) the date Mr. Lisi secures subsequent employment with medical
and dental coverage.

In
the event of Mr. Lisi’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. Lisi’s employment agreement, or
within 18 months following a “change of control”, Mr. Lisi, 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 650,000
shares of our common stock, (ii) all outstanding options and restricted common stock awards held by Mr. Lisi would automatically vest
and (iii) provided Mr. Lisi timely elects to continue health care coverage under COBRA, continued participation by Mr. Lisi and his eligible
dependents in our standard group medical and dental plans until the earlier of (a) the end of the 24th month following Mr.
Lisi’s termination and (b) the date Mr. Lisi secures subsequent employment with medical and dental coverage.

Mr.
Lisi’s employment agreement contains restrictive covenants relating to non-disclosure of confidential information, assignment of
inventions, and non-solicitation of employees and customers that runs for a period of one year