Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 206

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 206
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 $300,000, which
may be increased by the Board from time to time in its sole discretion. In addition, the Company paid Mr. Arthur the following compensation
for his services rendered prior to the execution of the Arthur Employment Agreement: $25,000 for the period from August 1, 2024 until
August 31, 2024 and $15,000 for the period from September 1, 2024 until September 18, 2024. Mr. Arthur is also entitled
to receive an annual cash bonus of up to a baseline of 60% of his base salary, with the right and ability to earn up to a cap of 90% of
his base salary, applying a weighted average percentage of the objective and subjective criteria and milestones set forth in the Arthur
Employment Agreement, which include target amounts and target dates for equity investments received by the Company and the Company’s
average market cap in addition to the completion of certain milestones in the development of the Company’s TriFan 600 airplane.
The Board will determine and award the annual cash bonus within 30 days after the end of each calendar year during Mr. Arthur’s
employment period. The remaining material terms of the Arthur Employment Agreement are substantially similar to the terms of the Pomeroy
Employment Agreement described above; provided that Mr. Arthur is entitled to five weeks of vacation annually.

Soumya
Das

On November 4, 2016, and effective as of November 7, 2016,
Mr. Das entered into an employment agreement to serve as Chief Marketing Officer of the Company. On February 2, 2018, he was
promoted to Chief Operating Officer. In accordance with the terms of the agreement, Mr. Das was entitled to a base salary of $250,000
per annum and a bonus of up to $75,000 annually. The agreement was effective for an initial term of twenty-four (24) months and was
automatically renewed for one additional twelve (12) month period. The Company may terminate the services of Mr. Das with or
without “just cause” (as defined therein). If the Company terminates Mr. Das’ employment without just cause, or
if Mr. Das resigns within twenty-four (24) months following a change of control (as defined) and as a result of a material diminution
of his position or compensation, Mr. Das will receive