Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2079

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 8
Chunk 2079
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 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 Board of Directors (which includes both corporate objectives and individual objectives) for the fiscal year, with such
objectives to be discussed with Mr. Avniel prior to being established, and partially based on the discretion of the Board of Directors.
The target bonus percentage each fiscal year is an amount equal to 60% of Mr. Avniel’s base salary in effect at the end of each
fiscal year. However, the actual short-term incentive bonus as determined by the Board of Directors may range from 0% to higher than
100% of the base salary. Any short-term incentive bonus shall be paid on or before April 15 of the following year and may include cash,
stock options and restricted stock awards. If paid in stock options or restricted stock awards, the short-term incentive bonus must be
paid separately from, and independently of, any long-term equity incentive award. Pursuant to the employment agreement, Mr. Avniel is
also eligible to receive awards of stock options or restricted stock grants as may be determined from time to time by the Board of Directors
or the compensation committee of the Board of Directors. Pursuant to the terms