Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 140

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 140
---
4, November 19, 2024 and December 2, 2024, the Company entered into a Restricted Stock Award
Agreement with Nadir Ali (the “June 2024 RSA Agreement,” the “July 2024 RSA Agreement”, the “November 2024
RSA Agreement” and the “December 2024 RSA Agreement,” respectively), a consultant to the Company and the Company’s
former Chief Executive Officer and a former director of the Company. Pursuant to each agreement, the Company issued Mr. Ali fully
vested shares of common stock under the 2018 Plan, which shares were registered pursuant to a registration statement on Form S-8.

Pursuant
to the June 2024 RSA Agreement, the Company issued 10,722 shares to Mr. Ali valued at approximately $1.2 million in partial
satisfaction of the $1,500,000 Equity Payment owed to Mr. Ali on June 12, 2024 under the Ali Consulting Agreement (refer to
Note 18).

Pursuant
to the July 2024 RSA Agreement, the Company issued 11,100 shares to Mr. Ali valued at approximately $1.1 million. Approximately
$0.3 million of the shares were issued to Mr. Ali in satisfaction of the remaining amount of the $1,500,000 Equity Payment owed
to Mr. Ali on June 12, 2024 under the Ali Consulting Agreement. Approximately $0.8 million of the shares were issued to Mr. Ali
in partial satisfaction of amounts owed to Mr. Ali under the Strategic Transaction Bonus Plan.

Pursuant
to the November 2024 RSA Agreement, the Company issued an aggregate of 86,511 shares to Mr. Ali valued at approximately $1.1
million. Approximately $0.9 million of the shares were issued to Mr. Ali in partial satisfaction of five monthly payments of $375,000
each from July 12, 2024 to November 12, 2024 (in the aggregate amount of $1,875,000) owed to Mr. Ali under the Ali Consulting
Agreement. Approximately $0.2 million of the shares were issued to Mr. Ali in partial satisfaction of amounts owed to Mr. Ali
under the Strategic Transaction Bonus Plan.

Pursuant
to the December 2024 RSA Agreement, the Company issued an aggregate of 85,383 shares to