Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 402

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 8
Chunk 402
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 On April 1, 2023, Mr. Larson’s
annual salary was increased to $350,000. In connection with the commencement of his employment, we issued Mr. Larson options to purchase
75,000 shares of common stock at an exercise price of $10.68 per share. The options vest over four years at 25% per year and were 75%
vested as of March 31, 2025. Pursuant to Mr. Larson’s employment agreement, in the event of his termination of employment without
“cause” or resignation for “good reason,” as such terms are defined in his employment agreement, subject to Mr.
Larson’s execution of a release, Mr. Larson will be entitled to receive (i) his base salary for a period of six months, payable
in accordance with the Company’s regular payroll practices, with an accelerated payment of any balance upon the occurrence of a
“change in control,” as such term is defined in his employment agreement, provided that if such termination of employment
occurs within three months before or within 12 months after the occurrence of a change in control, the severance payable to Mr. Larson
will be increased to an amount equal to Mr. Larson’s base salary for a period of 18 months and be payable in a single lump sum
payment; and (ii) payment or reimbursement (upon presentation of proof of payment) of Mr. Larson’s medical insurance premiums at
the same level as was in effect on the termination date for a period of six months, which period will increase to 18 months if such termination
of employment occurs within three months before or within 12 months after the occurrence of a change in control.

Mr.
Larson’s employment agreement contains restrictive covenants relating to non-disclosure of confidential information, assignment
of inventions, and non-solicitation and non-competition covenants that run for a period of 12 months following his termination of employment
for any reason.

94

Option
Awards Granted During the Year Ended March 31, 2025

On
March 26, 2025, Messrs. Lisi, Avniel, Gaul and Larson were granted options to purchase 950,000, 300,000, 400,000 and 350,000 shares of
our common stock, respectively, with an exercise price of $0.2946 per share, which was equal to the closing price of our common stock
on the date of grant