Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1610

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 5
Chunk 1610
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Mr. Avniel’s termination and (b) the date Mr. Avniel secures subsequent employment with medical and dental coverage.

Mr.
Avniel’s employment agreement contains restrictive covenants relating to non-disclosure of confidential information, assignment
of inventions, and non-solicitation of employees and customers that runs for a period of one year following his termination of employment
for any reason.

93

Employment
Agreement with Michael Gaul

On
April 24, 2020, we entered into an Employment Agreement with Michael Gaul to serve as Senior VP, Operations of the Company, effective
May 4, 2020. Mr. Gaul’s Employment Agreement provides that his employment will continue until either the Company or Mr. Gaul terminates
his employment in accordance with the terms of the Employment Agreement. Pursuant to the employment Agreement, Mr. Gaul is entitled to
receive an annual base salary of $250,000, which is subject to adjustment pursuant to the Company’s employee compensation practices.
In April 2022, Mr. Gaul’s base salary was increased to $350,000. On April 1, 2023, Mr. Gaul’s annual salary was increased
to $400,000. In addition, pursuant to the Employment Agreement, Mr. Gaul is eligible to be considered for an incentive bonus for each
fiscal year of the Company, which will be awarded based on objective or subjective criteria established by the Chief Executive Officer
and approved by the Board or a committee thereof. As of his start date, the Company also granted Mr. Gaul a stock option award, subject
to the Company’s 2013 Equity Incentive Plan, for the purchase of 10,000 shares of the Company’s common stock, at an exercise
price of $5.32. This option vests over a four-year period, with 25% of the shares underlying the stock option award vesting on the first
anniversary of the date of grant after one-year of continuous service and annually thereafter in three equal installments. This option
is in addition to those granted previously to Mr. Gaul pursuant to that certain Consulting Agreement, dated February 26, 2020. On July
1, 2022, Mr. Gaul stepped down as Senior VP, Operations of the Company and assumed the role of Chief Operating Officer. Notwithstanding
this titular change, the other terms of his Employment Agreement with us did not change.

Under
the Employment Agreement, termination of Mr. Gaul’s employment