Company: RAIN
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001213900-25-032239
Chunk: 104

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 1
Chunk 104
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 Holdco following the completion of the Business Combination,
which may differ materially from the programs summarized or referred to in this discussion, see “- Director and Officer
Compensation of Holdco.”

Introduction 

The primary objective of
RWT’s executive compensation program is to attract and retain talented executives to effectively manage and lead the company.

RWT’s named executive
officers for 2024 were:

    ●
    Paul T. Dacier, Executive Chairman

    ●
    Chris Riley, Chief Executive Officer

Summary Compensation Table 

No 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.

57

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