Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 243

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 243
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 KINS with which the Company entered into the CXApp Merger. The Contribution
was used by CVH to fund the Sponsor’s purchase of securities in the CXApp Merger.

Concurrently
with our entry into the Subscription Agreement, we entered into the Amended and Restated Limited Liability Company Agreement of CVH (the
“LLC Agreement”), dated as of September 30, 2020. Under the terms of the LLC Agreement, in the event the Managing Member
can no longer manage CVH’s affairs due to his death, disability or incapacity, 3AM will serve as CVH’s replacement Managing
Member. Except as may be required by law, we, as a non-managing member under the LLC Agreement, do not have any voting rights and generally
cannot take part in the management or control of CVH’s business and affairs.

78

On
December 16, 2020, the Company entered into a second subscription agreement with CVH, pursuant to which the Company agreed to (i) contribute
$700,000 (the “Additional Contribution”) to CVH and (ii) purchase 700,000 Class B Units. The aggregate purchase
price of $700,000 for the Class B Units is deemed to be satisfied through the Additional Contribution. Following the closing
of the Additional Contribution, the Company owned an aggregate of 599,999 Class A Units and 2,500,000 Class B Units.

Additionally,
on July 1, 2022, we loaned $150,000 to CVH. The loan did not bear interest and was due and payable in full on the earlier of
(i) the date by which KINS has to complete a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses (a “business combination”), and (ii) immediately prior to the
date of consummation of the business combination of KINS, unless accelerated upon the occurrence of an event of default. As a result
of the closing of the CXApp Merger, the loan was repaid on March 15, 2023.

On
February 27, 2023, the Company entered into Limited Liability Company Unit Transfer and Joinder Agreements with certain of the Company’s
employees and directors (the “Transferees”), pursuant to which (i) the Company transferred all of its Class A Units