Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 689

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 689
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 the Merger until the expiration of his employment agreement on July 31, 2024. The employment agreement provides for
an initial term until July 31, 2024 and an automatic renewal thereafter for one additional one-year period unless either party provides
at least 60 days’ prior notice of non-renewal. On May 30, 2024, Legacy XTI notified Mr. Hinderberger that it would not renew his
employment agreement, which expired by its terms on July 31, 2024. The agreement provided for an annual base salary of $350,000, which
may be increased by the board of directors. Mr. Hinderberger was also entitled to receive an annual bonus up to $350,000 based on achieving
financing goals (40%) and TriFan 600 airplane development milestones (60%) as outlined in the agreement, subject to Board approval. During
the years ended December 31, 2024 and 2023, the Company paid Mr. Hinderberger compensation of $469,325.65 and $315,848.32, respectively.

80

ITEM
14: PRINCIPAL ACCOUNTANT FEES AND SERVICES

The
Company incurred the following fees for services rendered by Marcum LLP, Company’s independent registered public accounting firm,
for the fiscal years ended December 31, 2024 and 2023.

    2024  
    2023 
  
    Audit Fees(1) 
    $1,100,885  
    $318,554 
  
    Audit Related Fees 
    $—  
    $688,220 
  
    Tax Fees 
    $—  
    $— 
  
    All Other Fees 
    $—  
    $— 

    (1)
    Audit
    fees represent fees for professional services provided in connection with the audit of our Company’s 2024 and 2023 annual consolidated
    financial statements included in this Annual Report on Form 10-K and review of our quarterly financial statements included in the
    Company’s Quarterly Reports on Form 10-Q and audit services provided in connection with other statutory or regulatory filings.
    Audit fees also include fees for professional services provided in connection with the audits of Legacy XTI’s 2023 and 2022
    financial statements.  

Audit
Fees. The “Audit Fees” are the aggregate fees of Marcum attributable to professional services rendered in 2024 and 2023
for