Company: RAIN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076727
Chunk: 76

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 service and compensation of the Company’s non-employee directors (the “Director Agreements”).
Additionally, effective as of April 4, 2025, the Company entered into Director Agreements with Lyman Dickerson, Alexandra Steele, and
Christopher Riley, each non-employee members of the Board. Pursuant to the terms of the Director Agreements, the Company agreed to pay
to each Board member (i) subject to approval by the Board and compensation committee of the Board (the “Compensation Committee”),
a cash payment of $12,500 promptly following attendance at each quarterly Board meeting, for a total annual cash compensation of
$50,000; and (ii) subject to approval by the Board and the Compensation Committee, a grant of restricted stock, with the number of shares
and terms to be determined by the Board. The Company recognized an aggregate of $100,000 in connection with such agreement during the
three and six months ended June 30, 2025 within general and administrative expenses in the accompanying unaudited condensed statements
of operations. As of June 30, 2025, there has been no grants of restricted stock.

Termination Letter

On January 29, 2025, Holdco, RWT and Christopher
Riley entered into a letter agreement whereby Mr. Riley resigned as Co-Chief Executive Officer of the Company and RWT effective as of
January 30, 2025 (the “Termination Letter”). Mr. Riley remains as a member of the Board. The Company appointed Randall Seidl
to serve as Co-Chief Executive Officer effective as of January 2, 2025 as discussed above. Following the resignation of Mr. Riley, Mr.
Seidl is the Company’s sole Chief Executive Officer.

Pursuant to the Termination Letter, in lieu of
all other compensation and payments of any kind due and payable to Mr. Riley, the Company agreed to pay Mr. Riley an aggregate of $124,500,
payable in 18 monthly installments beginning in February 2025 in consideration for his past services. The Company paid approximately $28,000
during the three and six months ended June 30, 2025. As of June 30, 2025, the remaining amount of approximately $97,000 in connection
with such agreement was included in accrued expenses in the accompanying unaudited condensed balance sheet. Additionally, conditioned
on approval by the Compensation Committee of the Board, the Termination Letter