Company: RAIN
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001213900-25-033116
Chunk: 120

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-18
Form: POS AM
Chunk 120
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 named executive officer received compensation for services rendered to RWT during 2024. RWT’s non-employee directors did not receive any compensation from RWT during 2024. On August 22, 2024, the RWT Board approved the adoption of an equity incentive plan (the “2024 Equity Incentive Plan”). Prior to the Business Combination closing, the 2024 Equity Incentive Plan allowed up to 2,000 shares of RWT’s Class A common stock, with an exercise price of not less than 100% of the fair market value on the date the awards are granted. RWT Executive Employment Agreement On June 26, 2024, RWT entered into an employment agreement (the “Employment Agreement”) with Christopher Riley for the position of Chief Executive Officer. The Employment Agreement was terminated effective as of January 30, 2025, as discussed in more detail below. While in effect, the Employment Agreement provided for “at-will” employment and became effective on December 10, 2024 (the “Effective Date”). Prior to the Effective Date, Mr. Riley was to be compensated at an hourly rate for services performed relating to the Company’s commercial operation (the “Hourly Services”). After the Effective Date, Mr. Riley was to be paid an annual base salary of $500,000, paid in accordance with RWT’s customary payroll practices. Mr. Riley’s base salary was subject to review after RWT has generated at least $100 million in revenue in any fiscal year, and he was eligible for an annual cash bonus of up to 200% of his base salary contingent on Company and personal performance goals established by the board of directors or the compensation committee of the board of directors. In addition, the Employment Agreement provided that, within 90 days following the Effective Date, RWT would issue to Mr. Riley a bonus retention note in the principal amount of $5,000,000, bearing interest at the applicable federal rate published by the Internal Revenue Service for instruments having a term between 3 and 9 years. The outstanding principal balance of the note and accrued unpaid interest would be due and payable on the four-year anniversary of the Effective Date, contingent on Mr. Riley’s continued employment. The payment of the note is subject to acceleration upon termination of Mr. Riley’s employment without Cause (as defined in the Employment Agreement) following the one year anniversary of the Business Combination Closing Date, or upon a change of control of RWT. Following the Effective Date,