Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 1192

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 1192
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 services by (i) providing on-orbit data processing services, including satellite
imaging intelligence services, and (ii) the development of artificial intelligence and machine learning technology and software used
for the on-orbit processing of data (the “Business”) from Exo-Space. The purchase price for the Assets was approximately
$468,000 in cash.

In
addition, on August 18, 2023, the Company entered into a Sale of Business Non-Competition and Non-Solicitation Agreement with Exo-Space
Inc. and each of Jeremy Allam (“Allam”), Mark Lorden (“Lorden”), Marcel Lariviere (“Lariviere”) and
Tate Schaar (“Schaar” and collectively, with Allam, Lorden and Lariviere, the “Sellers”) pursuant to which the
Sellers agreed to keep confidential certain information related to the Business and agreed to a five (5) year non-compete and non-solicitation.

On
August 21, 2023 (the “Closing Date”), the Company completed its acquisition of the Assets related to Exo-Space (the “Acquisition”).
As part of the Acquisition, Jeremy Allam, Marcel Lariviere, Mark Lorden and Tate Schaar entered into employment agreements with the Company
which granted non-statutory stock options to Jeremy Allam, Marcel Lariviere, Mark Lorden and Tate Schaar with respect to the following
number of shares of the Company’s common stock: 1,898,502 (Allam); 949,251 (Lariviere); 711,938 (Lorden) and 395,521 (Schaar).
These option awards were made outside of the Company’s 2021 Omnibus Equity Incentive Plan and are made pursuant to the NASDAQ inducement
grant exception in connection with such individuals’ commencement of employment with the Company which is August 21, 2023. The
option awards have an exercise price of $0.16 which is equal to the fair market value of our stock on August 21, 2023, the date of grant
of such options. The options have a five (5)-year term and shall vest in four (4) equal installments on each of the first four (4) anniversaries
of the date of grant, in each case subject to the optionee continuing to provide services to the Company through the applicable vesting
date. Notwithstanding