Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2718

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 11
Chunk 2718
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 medical and dental plans until the earlier of (a) the end
of the 18th month following Mr. Lisi’s termination and (b) the date Mr. Lisi secures subsequent employment with medical
and dental coverage.

In
the event of Mr. Lisi’s termination without “cause” or his resignation for “good reason”, in each case
within three months prior to a “change of control”, as such term is defined in Mr. Lisi’s employment agreement, or
within 18 months following a “change of control”, Mr. Lisi, subject to his execution and non-revocation of a release of claims
and compliance with the restrictive covenants set forth in his employment agreement, will be entitled to (i) a one-time grant of 650,000
shares of our common stock, (ii) all outstanding options and restricted common stock awards held by Mr. Lisi would automatically vest
and (iii) provided Mr. Lisi timely elects to continue health care coverage under COBRA, continued participation by Mr. Lisi and his eligible
dependents in our standard group medical and dental plans until the earlier of (a) the end of the 24th month following Mr.
Lisi’s termination and (b) the date Mr. Lisi secures subsequent employment with medical and dental coverage.

Mr.
Lisi’s employment agreement contains restrictive covenants relating to non-disclosure of confidential information, assignment of
inventions, and non-solicitation of employees and customers that runs for a period of one year following his termination of employment
for any reason.

92

Employment
Agreement with Amir Avniel

On
June 30, 2018, we entered into an employment agreement with Mr. Avniel to serve as our President and Chief Operating Officer with an
annual base salary of $400,000, subject to review of the compensation committee at least annually. On April 1, 2023, Mr. Avniel’s
annual salary was increased to $450,000. For the year ending March 31, 2024 Mr. Avniel’s annual salary included a military reserve
payment of $45,997. In addition to his base salary, Mr. Avniel 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. Avniel by the