Company: XTIA
Filing Date: 2025-10-10
Form Type: DEF 14A
Source: 0001213900-25-098157
Chunk: 75

Company: XTI Aerospace, Inc.
Filing Date: 2025-10-10
Form: DEF 14A
Chunk 75
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 Mr. Hinderberger remained Legacy XTI’s CEO upon the closing of the Merger until the expiration of his employment agreement on July 31, 2024. The employment agreement provides for an initial term until July 31, 2024 and an automatic renewal thereafter for one additional one -yearperiod unless either party provides at least 60 days’ prior notice of non -renewal. On May 30, 2024, Legacy XTI notified Mr. Hinderberger that it would not renew his employment agreement, which expired by its terms on July 31, 2024. The agreement provided for an annual base salary of $350,000, which may be increased by the board of directors. Mr. Hinderberger was also entitled to receive an annual bonus up to $350,000 based on achieving financing goals (40%) and TriFan 600 airplane development milestones (60%) as outlined in the agreement, subject to Board approval. During the years ended December 31, 2024 and 2023, the Company paid Mr. Hinderberger compensation of $469,325.65 and $706,360, respectively. 44 Michael A. Tapp The Company paid $475,000 of consulting fees to Ancora Management Services, LLC (“Ancora”), an entity owned and controlled by Michael A. Tapp, the Company’s Chief Operating Officer, pursuant to a consulting agreement under which Mr. Tapp provided consulting services to the Company from September 2024 through August 2025 (the “Tapp Consulting Agreement”). Pursuant to the Tapp Consulting Agreement, on October 1, 2024, the Company granted Mr. Tapp 200 stock options with an exercise price of $47.50, which expire on October 1, 2034. Since Mr. Tapp’s appointment as Chief Operating Officer in September 2025, Ancora will no longer receive consulting fees under the agreement; however, Mr. Tapp, through Ancora, may receive certain discretionary bonuses to be paid in cash, unless requested by Ancora to be in stock options, based on the achievement of certain financing targets and the identification and recruitment of candidates for the Board or corporate advisory board. 45

PROPOSAL TWO: The Auditor Ratification Proposal The Audit Committee of the Board has appointed CBIZ CPAs P.C. (“CBIZ”) as our independent registered public accounting firm to audit our financial statements for the fiscal year ending December 31, 2025. CBIZ was