Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 591

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 591
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 into an advisory agreement with a third-party advisor, pursuant to which the Company issued 4,000 shares
valued at approximately $0.3 million of restricted common stock to the advisor in consideration for financial advisory and business
development services agreed to be rendered to the Company pursuant to the agreement.

Stock-based
Compensation Related to the XTI Merger

Shares
of Legacy XTI common stock were issued to Scott Pomeroy, Chief Executive Officer of the Company and former CFO and board member of Legacy
XTI, as transaction compensation immediately prior to the XTI Merger closing time equal to 1,429 post merger shares of Company common
stock. As a result of this share issuance transaction, the Company recorded $1.9 million of stock-based compensation expense included
in the consolidated statement of operations during the year ended December 31, 2024.

Shares
of Legacy XTI common stock were issued to Maxim as transaction compensation immediately prior to the XTI Merger closing time equal to
1,542 post merger shares of Company common stock. As a result of this share issuance transaction, the Company recorded approximately
$2.0 million of stock-based compensation expense included in the consolidated statement of operations during the year ended December
31, 2024.

Shares
of Legacy XTI common stock were issued to Chardan Capital Markets LLC as transaction compensation immediately prior to the XTI Merger
closing time equal to 757 post merger shares of Company common stock. As a result of this share issuance transaction, the Company
recorded $1.0 million of stock-based compensation expense included in the consolidated statement of operations during the year ended
December 31, 2024.

Shares
of Legacy XTI common stock were issued to a non-executive officer as transaction compensation immediately prior to the XTI Merger closing
time equal to 186 post merger shares of Company common stock. As a result of this share issuance transaction, the Company recorded
approximately $0.2 million of stock-based compensation expense included in the consolidated statement of operations during the year
ended December 31, 2024.

F-33

XTI
AEROSPACE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

Note
13 - Warrants

The following
table summarizes the activity of warrants outstanding: