Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 210

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 210
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 transaction value attributed to a Contemplated Transaction less $6.0 million; (b) a cash bonus in an aggregate
amount equal to 100% of his aggregate annual base salary and target bonus amount following the closing of a Contemplated Transaction
and (c) an award (the “Award”) of fully vested shares of Company common stock (“Shares”) issued under the
Company’s 2018 Employee Stock Incentive Plan or any successor equity incentive plan adopted by the Company on the date that is
three (3) months following the closing of the XTI Merger (the “Grant Date”) covering a number of shares having a fair
market value (based on the closing price per Share on the Grant Date) equal to $1,023,600. Notwithstanding the foregoing, Nadir Ali shall
not be eligible to receive the Award if his Consulting Agreement with the Company dated as of March 12, 2024 (the “Consulting
Agreement”), terminates before the Grant Date due to (a) Company Good Reason (as defined in the Consulting Agreement) or (b) termination
by Nadir Ali for any reason other than Consultant Good Reason (as defined in the Consulting Agreement). The XTI Merger qualifies as a
Contemplated Transaction. See “Executive Compensation — Strategic Transaction Bonus Plan” for a description
of the Strategic Transaction Bonus Plan.

63

Wendy
Loundermon

On October 21, 2014, and effective as of October 1, 2014,
the Company entered into an at-will employment agreement with Wendy Loundermon. Ms. Loundermon previously served as CFO, Director and
Secretary of the Company and Secretary of Inpixon Canada, Inc. Pursuant to the agreement, Ms. Loundermon was compensated at an annual
rate of $200,000 and is entitled to benefits customarily provided to senior management including equity awards and cash bonuses subject
to the satisfaction of certain performance goals determined by the Company. The standards and goals and the bonus targets is set by the
Compensation Committee, in its sole discretion. The Company may terminate the services of Ms. Loundermon with or without “cause”
(as defined). If the Company terminates Ms. Loundermon’s employment without cause or in connection with a change of control (as
defined), Ms. Loundermon will receive (1) severance consisting of her base salary at the then current