Company: ARAI
Filing Date: 2025-05-14
Form Type: DRS
Source: 0001641172-25-010170
Chunk: 114

Company: Arrive AI Inc.
Filing Date: 2025-05-14
Form: DRS
Chunk 114
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 December 5, 2023, the Company acquired certain assets of AirBox Technologies (“AirBox”), in an
all-stock transaction. The acquisition included AirBox’s patent portfolio and other tangible assets, in addition,
AirBox’s CEO Brandon Pargoe joined the Arrive team in a role of product line lead (Airbox), as an independent
contractor. On November 29, 2023, the Company entered into an independent contractor agreement with Mr. Pargoe as its Vice President
of Product Operations, effective December 1, 2023 (“Pargoe Agreement”). The Company agreed to pay Mr. Pargoe a base
salary of $5,000 per month for his service as the Product Line Lead for a term of two years and the Company has the option to extend
the Pargoe Agreement in November 2025. Either the Company and Mr. Pargoe may terminate the Pargoe Agreement, with or without reason
at any time. Mr. Pargoe agreed not to utilize or exploit the Company’s confidential information made available to him during
his service after the termination of the Pargoe Agreement.

Stock Equity Incentive Plan

During Fiscal Year 2023, the board of directors adopted the stock equity incentive plan (the “Plan”). Below is a summary of the Plan, which is qualified in its entirety by the full text of the Plan, attached hereto as Exhibit 10.8 to our Direct Listing Registration Statement, incorporated herein by reference.

Overview and Purpose

The purpose of the Plan is to attract, retain and provide incentives to key management employees and non-employee directors of, and non-employee consultants to, the Company and its Affiliates, and to align the interests of such employees, non-employee directors and non-employee consultants with those of the Company’s shareholders. Accordingly, the Plan provides for the granting of distribution equivalent rights, incentive stock options, non-qualified stock options, performance unit awards, restricted stock awards, restricted stock unit awards, stock appreciation rights, tandem stock appreciation rights, unrestricted stock awards or any combination of the foregoing, as may be best suited to the circumstances of the particular employee, director or consultant as provided in the Plan.

Material Terms of the Stock Incentive Plan

The maximum aggregate number of shares that shall be available and may be issued pursuant to awards granted under the Plan shall be, a total of 1,500,000 shares of common stock (after giving effect to the Reverse Stock Split), all