Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1357

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 3
Chunk 1357
---
 of Directors. Pursuant to the terms and conditions of employment, Mr. Lisi received options to purchase
400,000 shares of our common stock at an exercise price of $4.25 per share. 25% of the options vested on June 30, 2018 and thereafter
an additional 25% vested on December 31, 2018 and December 31st of each of the two ensuing years thereafter until the options
vested in full. The options expire on the tenth anniversary of the date of grant and were fully vested as of March 31, 2021.

In
the event of Mr. Lisi’s termination without “cause” or his resignation for “good reason”, as such terms
are defined in his employment agreement, Mr. Lisi, 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) severance equal to twenty-four months of
base salary, payable in a lump sum, (ii) 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. Lisi would automatically vest and (iv) provided Mr. Lisi
timely elects to continue health care coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), continued
participation by Mr. Lisi and his eligible dependents in our standard group medical and dental plans until the earlier of (a) the end
of the 18th month following Mr. Lisi’s termination and (b) the date Mr. Lisi secures subsequent employment with medical
and dental coverage.

In
the event of Mr. Lisi’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. Lisi’s employment agreement, or
within 18 months following a “change of control”, Mr. Lisi, 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 650,000
shares of our common stock, (ii) all outstanding options and restricted common stock awards held by Mr. Lisi would automatically vest
and (iii)