Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 208

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 208
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, deadlines and amounts determined by the Chief Executive
Officer. Effective as of March 2021, Mr. Das resigned from his position as Chief Marketing Officer.

62

On
February 27, 2023, the Company entered into a Limited Liability Company Unit Transfer and Joinder Agreement with Mr. Das, pursuant
to which (i) the Company transferred 50,000 Class A Units of Cardinal Venture Holdings LLC, a Delaware limited liability
company (“CVH”), to Mr. Das in connection with Mr. Das’ services performed for and on behalf of the Company
as an employee of the Company and (ii) Mr. Das became a member of CVH and a party to the Amended and Restated Limited Liability
Company Agreement of CVH, dated as of September 30, 2020 (the “CVH LLC Agreement”). The fair market value of the Class A
Units at the date of grant is $94,897. CVH was dissolved as of December 31, 2023.

Mr. Das
is a participant of the Strategic Transaction Bonus Plan pursuant to which he is eligible for a cash bonus in an aggregate amount equal
to 100% of his aggregate annual base salary and target bonus amount following the closing of a Contemplated Transaction and any applicable
Qualifying Transaction. The XTI Merger qualifies as a Contemplated Transaction. See “Executive Compensation — Strategic
Transaction Bonus Plan” for a description of the Strategic Transaction Bonus Plan.

Nadir
Ali

On July 1, 2010, Nadir Ali entered into an at-will Employment
and Non-Compete Agreement, as subsequently amended, with Inpixon Federal, Inc., Inpixon Government Services and Inpixon Consulting prior
to their acquisition by the Company. Under the terms of the employment agreement, Mr. Ali served as President. The employment agreement
was assumed by the Company and Mr. Ali became CEO in September 2011. Mr. Ali’s salary under the agreement was initially
$240,000 per annum plus other benefits including a bonus plan with goals and targets established by the Compensation Committee, a housing
allowance, health insurance, life insurance and other standard Inpixon employee benefits. If Mr. Ali’s employment is terminated
without Cause (as defined), he will receive his base salary for 12 months from the date of termination. Mr. Ali’s