Company: RAIN
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001213900-25-032239
Chunk: 1145

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 7A
Chunk 1145
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WT entered into a letter agreement whereby Mr. Riley resigned as Co-Chief Executive Officer of Holdco and RWT effective as
of January 30, 2025 (the “Termination Letter”). Pursuant to the Termination Letter, in lieu of all other compensation and
payments of any kind due and payable under the Employment Agreement, Mr. Riley will be paid for consulting services rendered in an amount
of $124,500, payable in 18 monthly installments beginning in February 2025. Additionally, conditioned on approval by the Compensation
Committee of the Board, the Termination Letter provides that Mr. Riley will be granted 10,000 shares of Class A Common Stock of the Company
vesting one year from the date of grant.

58

Director and Officer Compensation of Holdco

Employment Agreements

On December 31, 2024, the Closing Date of
the Business Combination, Holdco and Randy Seidl entered into the Offer Letter, pursuant to which Mr. Seidl was offered, and accepted,
the position of Chief Executive Officer of Holdco. Pursuant to the Offer Letter, Mr. Seidl’s annual base salary is $500,000, paid
in accordance with Holdco’s normal payroll practice. Further, the Offer Letter provides that Mr. Seidl will be eligible to earn
an annual bonus with a target of 200% of base salary, based upon mutually agreed performance objectives and the terms and conditions of
Holdco’s annual bonus program in effect from time to time. The Offer Letter provides that within 30 days of the effective date of
the offer letter, Holdco shall issue to Mr. Seidl the Officer Note with a four-year term with a face value of $5,000,000, which shall
accrue interest at a rate equal to the applicable federal rate most recently published by the IRS as of the date of the Officer Note and
which shall become due and payable on the earlier to occur of (x) the four-year anniversary of the date of the Officer Note, subject to
Mr. Seidl’s continued service with Holdco through such date, (y) if Holdco terminates Mr. Seidl’s employment without cause
following the Business Combination, the date of such termination, and (z) the date on which a change in control is consummated.

Mr. Seidl will be eligible to participate
in Holdco’s comprehensive employee benefit offerings, including a 401(k) plan and various health and welfare benefits