Company: RAIN
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001213900-25-035587
Chunk: 124

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-25
Form: 424B3
Chunk 124
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 was to
be compensated at an hourly rate for services performed relating to the Company’s commercial operation (the “Hourly Services”).
After the Effective Date, Mr. Riley was to be paid an annual base salary of $500,000, paid in accordance with RWT’s customary payroll
practices. Mr. Riley’s base salary was subject to review after RWT has generated at least $100 million in revenue in any fiscal
year, and he was eligible for an annual cash bonus of up to 200% of his base salary contingent on Company and personal performance goals
established by the board of directors or the compensation committee of the board of directors. In addition, the Employment Agreement provided
that, within 90 days following the Effective Date, RWT would issue to Mr. Riley a bonus retention note in the principal amount of $5,000,000,
bearing interest at the applicable federal rate published by the Internal Revenue Service for instruments having a term between 3 and
9 years. The outstanding principal balance of the note and accrued unpaid interest would be due and payable on the four-year anniversary
of the Effective Date, contingent on Mr. Riley’s continued employment. The payment of the note is subject to acceleration upon termination
of Mr. Riley’s employment without Cause (as defined in the Employment Agreement) following the one year anniversary of the Business
Combination Closing Date, or upon a change of control of RWT. Following the Effective Date, and upon approval by the compensation committee
of the board of directors, the Employment Agreement provided that Mr. Riley would be granted an option to purchase a number of shares
of RWT Class A Common Stock equal to 8% of RWT’s fully diluted outstanding shares at such time, at an exercise price equal to the
greater of (i) the per share value of the RWT Class A Common Stock at a $200,000,000 valuation and (ii) the fair market value of the RWT
Class A Common Stock on the date of grant. Mr. Riley’s options will vest as follows: (x) 50% on the one-year anniversary of Mr.
Riley beginning to provide the Hourly Services and (y) 50% on the two-year anniversary of the Closing Date. Mr. Riley was not granted
any Options pursuant to the Employment Agreement before his resignation.

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Upon termination of Mr. Riley’s employment, pursuant to the Employment
Agreement, he would be entitled to be paid