Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 163

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 163
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 debt transactions.

Consulting
Agreement with David Brody

David
Brody, board member and founder of Legacy XTI, provided legal and strategic consulting services to Legacy XTI under a consulting agreement.
During the years ended December 31, 2024 and 2023, Legacy XTI paid Mr. Brody consulting compensation of $20,000 and $60,000,
respectively. Pursuant to an amendment to the consulting agreement, an outstanding payable amount of $320,000 was waived by Mr. Brody,
and the consulting agreement terminated in connection with the closing of the XTI Merger.

Consulting
Agreement with Scott Pomeroy

Scott Pomeroy and Legacy XTI entered
into a consulting agreement dated July 1, 2022, as amended effective January 1, 2023, that provided for his engagement as
Legacy XTI’s Chief Financial Officer. The agreement provided that Mr. Pomeroy receive a monthly compensation of $17,500.
During the years ended December 31, 2024 and 2023, the Company paid Mr. Pomeroy consulting compensation of $92,750 and
$152,250, respectively. Pursuant to the consulting agreement and in connection with the closing of the XTI Merger in
March 2024, Mr. Pomeroy (i) received 4,000,000 shares (pre-merger, pre-reverse stock splits) of Legacy XTI common stock
valued at $1.9 million as transaction-related compensation and (ii) was entitled to receive a transaction cash bonus of
$400,000. The transaction cash bonus obligation remained outstanding as of December 31, 2024 and is included in accrued expenses and
other current liabilities on the accompanying consolidated balance sheets. This cash bonus obligation was subsequently paid in full
during January 2025. Effective upon closing time of the XTI Merger, Mr. Pomeroy was appointed as XTI Aerospace’s Chief
Executive Officer.

F-38

XTI
AEROSPACE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

Transactions
with AVX Aircraft Company

On March 25, 2024, the Company entered into a letter agreement, as
amended on June 17, 2024