Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1232

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 2
Chunk 1232
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 discretion of the Board of Directors.
The target bonus percentage each fiscal year is an amount equal to 60% of Mr. Lisi’s base salary in effect at the end of each fiscal
year. However, the actual short-term incentive bonus as determined by the Board of Directors may range from 0% to higher than 100% of
the base salary. Any short-term incentive bonus shall be paid on or before April 15 of the following year and may include cash, stock
options and restricted stock awards. If paid in stock options or restricted stock awards, the short-term incentive bonus must be paid
separately from, and independently of, any long-term equity incentive award. Pursuant to the employment agreement, Mr. Lisi is also eligible
to receive awards of stock options or restricted stock grants as may be determined from time to time by the Board of Directors or the
compensation committee of the Board of Directors. Pursuant to the terms and conditions of employment, Mr. Lisi received options to purchase
400,000 shares of our common stock at an exercise price of $4.25 per share. 25% of the options vested on June 30, 2018 and thereafter
an additional 25% vested on December 31, 2018 and December 31st of each of the two ensuing years thereafter until the options
vested in full. The options expire on the tenth anniversary of the date of grant and were fully vested as of March 31, 2021.

In
the event of Mr. Lisi’s termination without “cause” or his resignation for “good reason”, as such terms
are defined in his employment agreement, Mr. Lisi, subject to his execution and non-revocation of a release of claims and compliance
with the restrictive covenants set forth in his employment agreement, will be entitled to (i) severance equal to twenty-four months of
base salary, payable in a lump sum, (ii) a lump sum payment equal to 1.5 times that of the most recent earned short-term incentive award,
(iii) all outstanding options and restricted common stock awards held by Mr. Lisi would automatically vest and (iv) provided Mr. Lisi
timely elects to continue health care coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), continued
participation by Mr. Lisi and his eligible dependents in our standard group medical and dental plans until the earlier of (