Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 981

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1B
Chunk 981
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 company in our industry regarding non-competition, confidentiality of information
and assignment of inventions.

91

Employment
Agreement with Steven Lisi

On
June 30, 2018, we entered into an employment agreement with Mr. Lisi to serve as our Chief Executive Officer with an annual base salary
of $450,000, subject to review of the compensation committee at least annually. On April 1, 2022, Mr. Lisi’s annual salary was
increased to $650,000. In addition to his base salary, Mr. Lisi is eligible to receive a short-term incentive bonus equal to a percentage
of his base salary in effect at the end of the fiscal year, based partially on performance weighted bonus objectives established for
Mr. Lisi by the Board of Directors (which includes both corporate objectives and individual objectives) for the fiscal year, with such
objectives to be discussed with Mr. Lisi prior to being established, and partially based on the discretion of the Board of Directors.
The target bonus percentage each fiscal year is an amount equal to 60% of Mr. Lisi’s base salary in effect at the end of each fiscal
year. However, the actual short-term incentive bonus as determined by the Board of Directors may range from 0% to higher than 100% of
the base salary. Any short-term incentive bonus shall be paid on or before April 15 of the following year and may include cash, stock
options and restricted stock awards. If paid in stock options or restricted stock awards, the short-term incentive bonus must be paid
separately from, and independently of, any long-term equity incentive award. Pursuant to the employment agreement, Mr. Lisi is also eligible
to receive awards of stock options or restricted stock grants as may be determined from time to time by the Board of Directors or the
compensation committee of the Board of Directors. Pursuant to the terms and conditions of employment, Mr. Lisi received options to purchase
400,000 shares of our common stock at an exercise price of $4.25 per share. 25% of the options vested on June 30, 2018 and thereafter
an additional 25% vested on December 31, 2018 and December 31st of each of the two ensuing years thereafter until the options
vested in full. The options expire on the tenth anniversary of the date of grant and were fully vested as of March 31, 2021.