Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2582

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 9C
Chunk 2582
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) cancel an option or stock appreciation right at a time when its exercise or grant price exceeds the Fair Market
Value of the underlying stock, in exchange for cash, another option or stock appreciation right, restricted stock, or other equity award,
or (iii) take any other action that is treated as a repricing under generally accepted accounting principles.

On November 22, 2024, the Board approved a one-time
stock option repricing of 10,586,473 options (“Option Repricing”), effective November 22, 2024 (“Effective Date”).
The repricing was undertaken in accordance with, and as permitted by, the Company’s Amended 2013 Plan. Pursuant to the Option Repricing,
all options granted pursuant to the Amended 2013 Plan that are held by Company Board members, officers, and employees expected to continue
providing services to the Company were repriced, to the extent such options had an exercise price in excess of $0.54, the closing price
per share of the Common Stock as reported on The Nasdaq Stock Market on November 22, 2024. As of the Effective Date, all such options
were repriced such that the exercise price per share was reduced to $0.54. Stock compensation costs of $1.6 million have been recognized
in relation to this share re-price.

    F-22

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 STOCKHOLDERS’ EQUITY (continued)

The Company’s 2021 Beyond Cancer Ltd. Equity
Incentive Plan (the “2021 BC Plan”) allows for awards to officers, directors, employees, and consultants of stock options,
restricted stock units and restricted shares of Beyond Cancer Ltd.’s common stock. The vesting terms of the options issued under
the 2021 BC Plan are generally four years and they expire ten years from the grant date. On November 3, 2022, the Company’s Board
of Directors approved an amendment to reserve for issuance an additional 2,000,000 shares of common stock. The 2021 BC Plan has 4,000,000
shares authorized for issuance. As of March 31, 2025, 1,183,750 shares were available under the 2021 BC Plan.

A summary of the change in stock options for Beyond
Cancer for the years ended March 31,