Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 248

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 248
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, respectively, pursuant to the consulting agreement. Effective upon the closing of the XTI Merger, Ms. Turk
was appointed as XTI Aerospace Inc.’s Chief Financial Officer. On May 8, 2024, XTI Aerospace, Inc. entered into an employment agreement
with Ms. Turk, which superseded the consulting agreement.

Consulting
Agreements with Charlie Johnson

During
the year ended December 31, 2023, Legacy XTI paid its Chief Operating Advisor consultant, Charlie Johnson, who was then a board
member of Legacy XTI until the closing of the XTI Merger, compensation of $60,000 pursuant to a consulting agreement. As of December 31,
2023, Legacy XTI owed Mr. Johnson accrued compensation of $120,000. Pursuant to an amendment to the consulting agreement in 2024,
the Company paid $60,000 to Mr. Johnson in March 2024 and the remaining accrued compensation balance of $60,000 was waived.
The consulting agreement was terminated in connection with the closing of the XTI Merger. Effective June 17, 2024, the Company and
Mr. Johnson entered into a new consulting arrangement that compensates Mr. Johnson $10,000 per month in combination of both
cash and equity. The June 17, 2024 consulting arrangement initially has a term through December 31, 2024 at which time it becomes month-to-month
unless either party terminates the agreement upon 30 days written notice.

Michael
Hinderberger, former Chief Executive Officer of Legacy XTI

Effective as of July 1, 2022, Legacy XTI entered into an employment
agreement with Michael Hinderberger to serve as Chief Executive Officer of Legacy XTI. Mr. Hinderberger remained Legacy XTI’s CEO
upon the closing of the Merger until the expiration of his employment agreement on July 31, 2024. The employment agreement provides for
an initial term until July 31, 2024 and an automatic renewal thereafter for one additional one-year period unless either party provides
at least 60 days’ prior notice of non-renewal. On May 30, 2024, Legacy XTI notified Mr. Hinderberger that it would not renew his
employment agreement, which expired by its terms on July 31, 2024. The agreement provided for an annual base salary of $350,000, which
may be