Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 666

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 666
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, 2015, the Board approved the following compensation plan for the independent directors payable in accordance with each independent
director’s services agreement: $30,000 per year for their services rendered on the Board, $15,000 per year for service as the Audit
Committee chair, $10,000 per year for service as the Compensation Committee chair, $6,000 per year for service on the Audit Committee,
$4,000 per year for service on the Compensation Committee, $2,500 per year for service on the Governance Committee, a one-time non-qualified
stock option grant to purchase 20,000 shares of Common Stock (not adjusted for any subsequent reverse stock splits) under the 2011 Plan
and restricted stock awards of 20,000 shares of Common Stock (not adjusted for any subsequent reverse stock splits) under the 2011 Plan,
which are granted in four equal installments on a quarterly basis and are each 100% vested upon grant.

On
January 25, 2019, each independent director entered into an amendment to his respective director services agreement pursuant to which
the Company agreed to grant each independent director, so long as such director continues to fulfill her or his duties and provide services
pursuant to their services agreement, an annual non-qualified stock option to purchase up to 20,000 shares of Common Stock (not adjusted
for any subsequent reverse stock splits) in lieu of the above-mentioned equity awards. Each stock option grant will be subject to the
approval of the Board, which shall determine the appropriate vesting schedule, if any, and the exercise price.

On
May 16, 2022, Mr. Irfan’s Director Services Agreement (as amended, the “Amended Director Services Agreement”)
was amended to increase his quarterly compensation by an additional $10,000 per month as consideration for the additional time and efforts
dedicated to the Company and management in support of the evaluation of strategic relationships and growth initiatives. The Amended Director
Services Agreement superseded and replaced all prior agreements by and between the Company and Mr. Irfan.

On May 1, 2024, the Board approved and adopted the following compensation
policy for the Company’s non-employee directors: $50,000 per year for general availability and participation in meetings and conference
calls of the Board, $20,000 per year for service as the Audit Committee chair, $15,000 per year for service as the Compensation Committee