Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 678

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 678
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 and 3AM, respectively, in connection with amounts raised from sales under the ATM. Such payments were
made for 469.00 shares of the Company’s Series 9 Preferred Stock held by Streeterville and 287.70 shares of the Company’s
Series 9 Preferred Stock held by 3AM. The Company entered into acknowledgment agreements with each of Streeterville and 3AM
to record such payments.

Securities
Purchase Agreement with 3AM

On March 12, 2024, the
Company entered into the SPA with 3AM, an entity controlled by Nadir Ali, the Company’s former Chief Executive Officer and a former
director of the Company. Pursuant to the SPA, 3AM purchased 1,500 shares of Series 9 Preferred Stock for a total purchase price
of $1,500,000, based on a purchase price of $1,000 per share of Series 9 Preferred Stock. The Company agreed that 3AM will be deemed
a “Required Holder” as defined in the Certificate of Designations of Preferences and Rights of Series 9 Preferred Stock
as long as 3AM holds any shares of Series 9 Preferred Stock. As of the date of this report, there are no shares of Series 9 Preferred
Stock issued and outstanding.

Consulting
Agreement with Nadir Ali

On March 12, 2024, the Company entered into the Ali Consulting
Agreement with Nadir Ali, the Company’s former Chief Executive Officer. Pursuant to the Ali Consulting Agreement, following the
closing of the XTI Merger, Mr. Ali will provide consulting services to the Company for 15 months or until earlier termination
in accordance with its terms (the “Ali Consulting Period”). During the Ali Consulting Period, the Company will pay him a monthly
fee of $20,000. If the Company terminated the Ali Consulting Agreement during the first six months of the Ali Consulting Period without
Company Good Reason (as defined in the Ali Consulting Agreement), the Company would have been required to pay all consulting fees due
for such six-month period. If Mr. Ali terminates the Ali Consulting Agreement during the Ali Consulting Period for Consultant Good
Reason (as defined in the Ali Consulting Agreement), the Company will be required to pay all consulting fees that would be due for the
remainder of the Ali Consulting Period, including the Equity Payment described below.

In
addition, the Company shall pay Mr. Ali (a)