Company: RAIN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110062
Chunk: 82

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 of which shall vest on January 1, 2026 and 50% of which shall vest on January
1, 2027, subject to continued employment or service through such vesting date.

14

RAIN ENHANCEMENT TECHNOLOGIES HOLDCO, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

SEPTEMBER 30, 2025

Board of Directors Agreement

On April 1, 2025, the Board increased the size
of the Board from five to seven directors and appointed Mr. Marcus Peperzak and Mr. Robert Reardon to the Board to fill the resulting
vacancies.

In connection with their appointments to the Board,
Mr. Reardon and Mr. Peperzak each entered into Director Agreements which are the form of agreement adopted by the Board in April 2025
to govern the terms of service and compensation of the Company’s non-employee directors (the “Director Agreements”).
Additionally, effective as of April 4, 2025, the Company entered into Director Agreements with Lyman Dickerson, Alexandra Steele, and
Christopher Riley, each non-employee members of the Board. Pursuant to the terms of the Director Agreements, the Company agreed to pay
to each Board member (i) subject to approval by the Board and compensation committee of the Board (the “Compensation Committee”),
a cash payment of $12,500 promptly following attendance at each quarterly Board meeting, for a total annual cash compensation of
$50,000; and (ii) subject to approval by the Board and the Compensation Committee, a grant of restricted stock, with the number of shares
and terms to be determined by the Board. The Company recognized an aggregate of $100,000 in connection with such agreement during
the three and nine months ended September 30, 2025 within general and administrative expenses in the accompanying unaudited condensed
statements of operations. As of September 30, 2025, there has been no grants of restricted stock.

Termination Letter

On January 29, 2025, Holdco, RWT and Christopher
Riley entered into a letter agreement whereby Mr. Riley resigned as Co-Chief Executive Officer of the Company and RWT effective as of
January 30, 2025 (the “Termination Letter”). Mr. Riley remains as a member of the Board. The Company appointed Randall Seidl
to serve