Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2625

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 10
Chunk 2625
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 a lump sum payment equal to 1.5 times that of the most recent earned short-term incentive award,
(iii) all outstanding options and restricted common stock awards held by Mr. Avniel would automatically vest and (iv) provided Mr. Avniel
timely elects to continue health care coverage under COBRA, continued participation by Mr. Avniel and his eligible dependents in our
standard group medical and dental plans until the earliest of (a) the end of the 18th month following Mr. Avniel’s termination
and (b) the date Mr. Avniel secures subsequent employment with medical and dental coverage.

In
the event of Mr. Avniel’s termination without “cause” or his resignation for “good reason”, in each case
within three months prior to a “change of control”, as such term is defined in Mr. Avniel’s employment agreement, or
within 18 months following a “change of control”, Mr. Avniel, subject to his execution and non-revocation of a release of
claims and compliance with the restrictive covenants set forth in his employment agreement, will be entitled to (i) a one-time grant
of 350,000 shares of our common stock, (ii) all outstanding options and restricted common stock awards held by Mr. Avniel would automatically
vest and (iii) provided Mr. Avniel timely elects to continue health care coverage under COBRA, continued participation by Mr. Avniel
and his eligible dependents in our standard group medical and dental plans until the earliest of (a) the end of the 24th month following
Mr. Avniel’s termination and (b) the date Mr. Avniel secures subsequent employment with medical and dental coverage.

Mr.
Avniel’s employment agreement contains restrictive covenants relating to non-disclosure of confidential information, assignment
of inventions, and non-solicitation of employees and customers that runs for a period of one year following his termination of employment
for any reason.

93

Employment
Agreement with Michael Gaul

On
April 24, 2020, we entered into an Employment Agreement with Michael Gaul to serve as Senior VP, Operations of the Company, effective
May 4, 2020. Mr. Gaul’s Employment Agreement provides that his employment will continue until either the Company or Mr. Gaul terminates
his employment in accordance with the terms of the Employment Agreement.