Company: RAIN
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001213900-25-032239
Chunk: 1547

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 9C
Chunk 1547
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 of the termination date, in each case in accordance
with RWT’s policies and practices. In addition, (i) in the event that Mr. Riley’s employment is terminated by RWT without
Cause, then RWT will pay Mr. Riley an amount in cash equal to 12 months of his then-current base salary in equal installments over the
12-month period following his termination (the “Severance Payment”), and (ii) in the event Mr. Riley’s employment is
terminated by RWT without Cause upon or within 12 months following a Change in Control (as defined in RWT’s incentive plan), provided
such Change in Control constitutes a change in control under Section 409A of the Internal Revenue Code, then, in addition to the Severance
Payment, any unvested equity awards will immediately vest and become exercisable. Such Severance Payment and award vesting acceleration
are further conditioned upon Mr. Riley executing a general release of claims within 60 days following termination.

Pursuant to the Employment
Agreement, Mr. Riley was also eligible to participate in the Company’s benefit plans and programs, including vacation and health
insurance.

On January 29, 2025, Mr. Riley,
Holdco and RWT entered into a letter agreement whereby Mr. Riley resigned as Co-Chief Executive Officer of Holdco and RWT effective as
of January 30, 2025 (the “Termination Letter”). Pursuant to the Termination Letter, in lieu of all other compensation and
payments of any kind due and payable under the Employment Agreement, Mr. Riley will be paid for consulting services rendered in an amount
of $124,500, payable in 18 monthly installments beginning in February 2025. Additionally, conditioned on approval by the Compensation
Committee of the Board, the Termination Letter provides that Mr. Riley will be granted 10,000 shares of Class A Common Stock of the Company
vesting one year from the date of grant.

58

Director and Officer Compensation of Holdco

Employment Agreements

On December 31, 2024, the Closing Date of
the Business Combination, Holdco and Randy Seidl entered into the Offer Letter, pursuant to which Mr. Seidl was offered, and accepted,
the position of Chief Executive Officer of Holdco. Pursuant to the Offer Letter, Mr. Seidl’s annual base salary is $500,000, paid
in accordance with Holdco’s normal payroll practice. Further