Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 666

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1
Chunk 666
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 shares of common stock granted in anticipation of future forfeitures under the 2013 BA Plan and 750,000 shares of
common stock reserved for future issuance under the 2021 Employee Stock Purchase Plan.

98

ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Transactions
with Related Persons

Under
SEC rules, related-party transactions are those transactions to which we are or may be a party in which the amount involved exceeds the
lesser of $120 thousand or 1% of the average of total assets at year-end for the last two completed fiscal years, and in which any of
our directors or executive officers or any other related person had or will have a direct or indirect material interest, excluding, among
other things, compensation arrangements with respect to employment and Board of Directors membership. Our audit committee could approve
a related-party transaction if it determines that the transaction is in our best interests. Our directors are required to disclose to
this committee or the full Board of Directors any potential conflict of interest, or personal interest in a transaction that our Board
of Directors is considering. Our executive officers are required to disclose any related-party transaction to the audit committee. We
also poll our directors on an annual basis with respect to related-party transactions and their service as an officer or director of
other entities. Any director involved in a related-party transaction that is being reviewed or approved must recuse himself or herself
from participation in any related deliberation or decision. Whenever possible, the transaction should be approved in advance and if not
approved in advance, must be submitted for ratification as promptly as practical.

Since
April 1, 2023, there were no transactions to which we have been a party in which the amount involved exceeded or will exceed the lesser
of $120,000 or one percent of the average of the Company’s total assets at year-end for the last two completed fiscal years, and
in which any of our directors, executive officers or beneficial owners of more than 5% of our capital stock, or any members of their
immediate family, had or will have a direct or indirect material interest, other than the Term Sheet described below and compensation
arrangements that are described in the “Executive Compensation”, “Director Compensation” and “Long
Term Debt” sections of this Annual Report.

On
September 27, 2024, Beyond Air entered into a binding term sheet (“Term Sheet”) for a secured loan with certain