Company: XTIA
Filing Date: 2025-09-11
Form Type: 8-K/A
Source: 0001213900-25-086879
Chunk: 3

Company: XTI Aerospace, Inc.
Filing Date: 2025-09-11
Form: 8-K/A
Chunk 3
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 Rd and
the George Bush Turnpike, in accordance with the terms of the Employment Agreement and the Company’s officer expense policy.

The Employment Agreement provides
for an initial term of three years from the effective date, with automatic renewals for additional successive one-year periods thereafter,
unless either the Company or Mr. Tapp provides notice of termination at least 90 days prior to the end of the initial term or the then
applicable renewal term.

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The Employment Agreement provides
that the Company may terminate Mr. Tapp’s employment for Cause (as defined in the Employment Agreement) if 60% or more of the directors
serving on the Board (a “Super Majority of the Board”) approves such termination by delivery of written notice to Mr. Tapp
specifying the cause or causes relied upon for such termination and giving Mr. Tapp, together with his counsel, an opportunity to be heard
before the Board prior to such Board action. Any such notice of termination will effect termination as of the date specified in such notice
or, in the event no such date is specified, on the last day of the month in which such notice is delivered or deemed delivered. The Company
may also terminate Mr. Tapp’s employment without Cause upon the approval of a Super Majority of the Board and delivery of written
notice of termination to Mr. Tapp at any time, which notice will effect termination not less 45 days after the date of such notice. Mr.
Tapp may terminate his employment with the Company at any time for Good Reason (as defined in the Employment Agreement) within 12 months
following the occurrence of an event or events constituting such Good Reason or upon 90 days’ notice without Good Reason.

If Mr. Tapp’s employment
is terminated by death or disability, then Mr. Tapp, his designee, his beneficiary or his estate, as applicable, is entitled to receive
an amount equal to the sum of (i) Mr. Tapp’s annualized base salary as of his date of termination, plus (ii) the total of all bonuses
awarded to Mr. Tapp during the twelve months prior to his date of termination, divided by 12 and then multiplied by 6 months. If Mr. Tapp’s
employment is terminated by the Company for Cause, or if Mr. Tapp terminates employment without Good Reason, the Company is required to
pay Mr. Tapp his base salary through the final date of termination at