Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 413

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 413
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of the directors. The division of our Board into three classes with staggered three-year terms may delay or prevent a change of our management
or a change in control.

We
continue to review our corporate governance policies and practices by comparing our policies and practices with those suggested by various
groups or authorities active in evaluating or setting best practices for corporate governance of public companies. Based on this review,
we have adopted, and will continue to adopt, changes that the Board believes are the appropriate corporate governance policies and practices
for our Company.

Our
Board held fourteen (14) meetings during 2024. No member of our Board attended fewer than
75% of the aggregate of (i) the total number of meetings of the Board (held during the period for which he or she was a director) and
(ii) the total number of meetings held by all committees of the Board on which such director served (held during the period that such
director served). Members of our Board are invited and encouraged to attend our annual meeting of stockholders.

Independence
of Directors

In
determining the independence of our directors, we apply the definition of “independent director” provided under the listing
rules of Nasdaq. Pursuant to these rules, the Board has determined that all of the directors currently serving on the Board are independent
within the meaning of Nasdaq Listing Rule 5605 with the exception of Soumya Das and Scott Pomeroy, who are executive officers.

Committees
of our Board

The
Board has three standing committees: the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee.

Audit
Committee

The
Audit Committee consists of Tensie Axton, David Brody and Kareem Irfan, each of whom is “independent” as defined under section
5605(a)(2) of the Nasdaq Listing Rules. Mr. Irfan is the Chairman of the Audit Committee. The Board has determined that Ms. Axton and
Mr. Irfan qualify as an “audit committee financial expert” as defined in the rules of the SEC. The Audit Committee met three (3) times during 2024. All members attended more than 75% of such committee meetings. The role of the Audit Committee is to:

    ●
    oversee
    management’s preparation of our financial statements and management’s conduct of the accounting and financial reporting
    processes;

    ●
    oversee
    management’s maintenance of internal controls