Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 431

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 431
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), Ms. Loundermon will receive (1) severance consisting of her base salary at the then current rate for twelve (12) months
from the date of termination, and (2) her accrued but unpaid salary. If Ms. Loundermon’s employment is terminated under any
circumstances other than the above, Ms. Loundermon will receive her accrued but unpaid salary. Ms. Loundermon’s salary was increased
to $228,500 effective April 1, 2017, $250,000 effective March 1, 2018, $280,000 effective January 2021 and $300,000 effective
January 2022.

On
February 27, 2023, the Company entered into a Limited Liability Company Unit Transfer and Joinder Agreement with Ms. Loundermon,
pursuant to which (i) the Company transferred 100,000 Class A Units of CVH to Ms. Loundermon in connection with Ms. Loundermon’s
services performed for and on behalf of the Company as an employee and a director of the Company and (ii) Ms. Loundermon became
a member of CVH and a party to the CVH LLC Agreement. The fair market value of the Class A Units at the date of grant is $181,400.
CVH was dissolved as of December 31, 2023.

On
March 12, 2024, the Company and Ms. Loundermon entered into an amendment to Ms. Loundermon’s Employment Agreement dated October 1,
2014 (as amended), to provide for payment of her cash severance thereunder on or as soon as practicable following the date that is 21 days
following the XTI Merger.

Ms.
Loundermon was also a participant of the Completed Transaction Bonus Plan pursuant to which she received a cash bonus in an aggregate
amount of 0.5% of the $70,350,000 transaction value of the Completed Transaction. See “Executive Compensation — Completed
Transaction Bonus Plan” for a description of the Completed Transaction Bonus Plan.

Ms.
Loundermon is a participant of the Strategic Transaction Bonus Plan pursuant to which she is eligible for (a) a cash bonus in an
aggregate amount of 0.5% of the transaction value attributed to a Contemplated Transaction and (b) a cash bonus in an aggregate
amount equal to 100% of