# EDGAR Filing Document

**Accession Number:** 0001641631
**File Stem:** 0001493152-23-005441
**Filing Date:** 2023-2
**Character Count:** 56121
**Document Hash:** 8c897f46855f49169af827db88a6f3c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-005441.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001493152-23-005441

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**EFFECTIVENESS DATE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beyond Air, Inc.
- **CENTRAL INDEX KEY:** 0001641631
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 473812456
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269861
- **FILM NUMBER:** 23642792

**BUSINESS ADDRESS:**
- **STREET 1:** 825 EAST GATE BOULEVARD, SUITE 320
- **CITY:** GARDEN CITY
- **STATE:** NY
- **ZIP:** 11530
- **BUSINESS PHONE:** 516-665-8200

**MAIL ADDRESS:**
- **STREET 1:** 825 EAST GATE BOULEVARD, SUITE 320
- **CITY:** GARDEN CITY
- **STATE:** NY
- **ZIP:** 11530

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIT Therapeutics, Inc.
- **DATE OF NAME CHANGE:** 20170117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KokiCare, Inc.
- **DATE OF NAME CHANGE:** 20150507

**As filed with the Securities and Exchange Commission on February 17, 2023**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**BEYOND AIR, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **47-3812456** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **900 Stewart Avenue, Suite 301**<br> **Garden City, NY** | **11530** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**Beyond Air, Inc. Fourth Amended and Restated 2013 Equity Incentive Plan**

**Inducement Stock Option Award**

(Full title of the plans)

**Steven A. Lisi**

**Chairman and Chief Executive Officer**

**Beyond Air, Inc.**

**900 Stewart Avenue, Suite 301**

**Garden City, NY 11530**

(Name and address of agent for service)

**(516) 665-8200**

(Telephone number, including area code, of agent for service)

**Copies to:**

---

| | |
|:---|:---|
| **Steven J. Abrams**<br> **Stephen M. Nicolai**<br> **Hogan Lovells US LLP**<br> **1735 Market Street, 23rd Floor**<br> **Philadelphia, PA 19103**<br> **(267) 675-4600** | **Adam Newman**<br> **Beyond Air, Inc.**<br> **General Counsel**<br> **900 Stewart Avenue, Suite 301**<br> **Garden City, NY 11530**<br> **(516) 665-8200** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

**Beyond Air, Inc. Fourth Amended and Restated 2013 Equity Incentive Plan**

This Registration Statement on Form S-8 (the "Registration Statement") is being filed for the purpose of registering an additional 2,000,000 shares of common stock of Beyond Air, Inc. (the "Registrant"), par value $0.0001 per share (the "Common Stock"), issuable pursuant to the Beyond Air, Inc. Fourth Amended and Restated 2013 Equity Incentive Plan (the "Amended Plan"). The contents of the previous Registration Statements on Form S-8 filed by the Registrant with the Securities and Exchange Commission (the "Commission") for the Amended Plan on October 4, 2018 (File No. 333-227697), May 13, 2020 (File No. 333-238239) and June 30, 2021 (File No. 333-257562), to the extent not otherwise amended or superseded by the contents hereof, are incorporated by reference into this Registration Statement pursuant to General Instruction E of Form S-8.

**Inducement Award**

This Registration Statement is also being filed for the purpose of registering shares of Common Stock issuable upon the exercise of a stock option award granted to Douglas Larson, the Chief Financial Officer of the Registrant, to induce such individual to accept employment with the Registrant (the "Inducement Award"). The Inducement Award was granted effective as of September 1, 2021 and is exercisable for the purchase of 75,000 shares of Common Stock.

The Inducement Award was approved by the Registrant's Compensation Committee of the Board of Directors in compliance with and in reliance on Nasdaq Listing Rule 5635(c)(4). The Inducement Award was granted outside of the Amended Plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS**

As permitted by the rules of the Commission, this Registration Statement omits the information specified in Part I of Form S-8. The documents containing the information specified in Part I will be delivered to the participants in the Amended Plan or the Inducement Award, as applicable, as required by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act").

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents of the Registrant filed with the Commission are incorporated by reference in this Registration Statement as of their respective dates:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Registrant's Annual Report on Form 10-K for the fiscal year ended March 31, 2022, filed with the Commission on [June 29, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222018006/form10-k.htm) ;

(b) the information specifically incorporated
 by reference into the Registrant's Annual Report on Form 10-K for the fiscal year ended March 31, 2022 from the Registrant's
 Definitive Proxy Statement on [Schedule 14A](https://www.sec.gov/Archives/edgar/data/1641631/000149315223002664/formdef14a.htm) , filed on January 27, 2023;

(c) the
 Registrant's Quarterly Reports on Form 10-Q for quarterly periods ended June 30, 2022, September 30, 2022 and December
 31, 2022, filed with the Commission on [August 11, 2022,](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222022142/form10-q.htm) [November 8, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222030992/form10-q.htm) and [February 10, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315223004156/form10-q.htm) , respectively;

(d) the
 Registrant's Current Reports on Form 8-K filed with the Commission on [June 30, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222018234/form8-k.htm) (except as to any portion furnished under
 Item 2.02), [July 5, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222018575/form8-k.htm) , [August 23, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222023835/form8-k.htm) , [October 7, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222027943/form8-k.htm) , [October 20, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222029202/form8-k.htm) and [November 14, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1641631/000149315222032063/form8-k.htm) (except as to any portion furnished
 under Item 2.02); and

(e) the
 description of the Common Stock contained in the Registrant's Registration Statement on Form 8-A filed with the Commission
 on [May 3, 2019](https://www.sec.gov/Archives/edgar/data/1641631/000149315219006336/form8-a12b.htm) , as updated by Exhibit 4.3 to the Registrant's Annual Report on Form 10-K for the fiscal year ended March 31,
 2022, including any amendments or reports filed for the purpose of updating such description.

All reports and other documents filed by the Registrant after the date hereof pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act of 1934, as amended (the "Exchange Act") but prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from the date of filing of such reports and documents, except for the documents, or portions thereof, that are "furnished" rather than filed with the Commission.

For the purposes of this Registration Statement, any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Incorporated in the State of Delaware, the Registrant is subject to the Delaware General Corporation Law (the "DGCL"). Section 145 of the DGCL empowers a Delaware corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation) by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. A corporation may indemnify such person against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. A corporation may, in advance of the final disposition of any civil, criminal, administrative or investigative action, suit or proceeding, pay the expenses (including attorneys' fees) incurred by an officer or director in defending such action, provided that the director or officer undertakes to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the corporation.

A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor under the same conditions, except that no indemnification is permitted without judicial approval if such person is adjudged to be liable to the corporation. Where a present or former officer or director is successful on the merits or otherwise in the defense of any action, suit or proceeding referred to above, the corporation must indemnify him or her against the expenses (including attorneys' fees) which he or she actually and reasonably incurred in connection therewith.

The indemnification and advancement of expenses provided above is not deemed to be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any corporation's bylaws, agreement, vote of stockholders or disinterested directors or otherwise.

The Registrant's Amended and Restated Certificate of Incorporation authorizes the Registrant to provide indemnification of (and advancement of payments to) its directors, officers and agents (and any other persons to which applicable law permits the Registrant to provide indemnification) to the full extent required or permitted by applicable law.

The Registrant's Amended and Restated Bylaws ("Bylaws") provide that the Registrant shall indemnify its directors and executive officers ("executive officers" shall have the meaning defined in Rule 3b-7 promulgated under the Exchange Act) to the extent not prohibited by the DGCL or any other applicable law; provided, however, that the Registrant may modify the extent of such indemnification by individual contracts with its directors and executive officers; and, provided, further, that the Registrant shall not be required to indemnify any director or executive officer in connection with any proceeding (or part thereof) initiated by such person unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the Registrant, (iii) such indemnification is provided by the Registrant, in its sole discretion, pursuant to the powers vested in the Registrant under the DGCL or any other applicable law or (iv) such indemnification is required to be made under section 44(d) of the Bylaws.

The Registrant has entered into indemnification agreements with each of its directors and our executive officers and has obtained insurance covering its directors and officers against losses and insuring the Registrant against certain of its obligations to indemnify its directors and officers.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 4.1 | [Amended and Restated Certificate of Incorporation of AIT Therapeutics, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, as amended and filed with the Commission on March 15, 2017).](https://www.sec.gov/Archives/edgar/data/1641631/000117891317000777/exhibit_3-1.htm) |
| 4.2 | [Amended and Restated Bylaws of AIT Therapeutics, Inc. (incorporated herein by reference to Exhibit 3.2 to the Registrant's Current Report on 8-K, as amended and filed with the Commission on March 15, 2017).](https://www.sec.gov/Archives/edgar/data/1641631/000117891317000777/exhibit_3-2.htm) |
| 4.3 | [Certificate of Amendment of Amended and Restated Certificate of Incorporation, dated June 25, 2019 (incorporated herein by reference to Exhibit 3.3 to the Registrant's Annual Report on Form 10-K filed with the Commission on June 28, 2019).](https://www.sec.gov/Archives/edgar/data/1641631/000149315219009826/ex3-3.htm) |
| 4.4 | [Form of Common Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, as amended and filed with the Commission on March 15, 2017).](https://www.sec.gov/Archives/edgar/data/1641631/000117891317000777/exhibit_4-1.htm) |
| 4.5 | [Form of Warrant to Purchase Common Stock, by and among AIT Therapeutics, Inc. and the Holders party thereto (incorporated herein by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, as amended and filed with the Commission on March 15, 2017.)](https://www.sec.gov/Archives/edgar/data/1641631/000117891317000777/exhibit_10-3.htm) |
| 4.6 | [Form of Warrant to Purchase Common Stock, by and among AIT Therapeutics, Inc. and the Holders party thereto (incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, as amended and filed with the Commission on April 4, 2017.)](https://www.sec.gov/Archives/edgar/data/1641631/000117891317001048/exhibit_4-1.htm) |
| 4.7 | [Form of Warrant to Purchase Common Stock, by and among AIT Therapeutics, Inc. and the Holders party thereto (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, as amended and filed with the Commission on February 22, 2018.)](https://www.sec.gov/Archives/edgar/data/1641631/000117891318000674/exhibit_4-1.htm) |
| 4.8 | [Form of Warrant to Purchase Common Stock, by and among Beyond Air, Inc. and the Holders party thereto (incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on March 17, 2020.)](https://www.sec.gov/Archives/edgar/data/1641631/000149315220004447/ex4-1.htm) |
| 5.1\* | [Opinion of Hogan Lovells US LLP.](ex5-1.htm) |
| 10.1 | [Beyond Air, Inc. Fourth Amended and Restated 2013 Equity Incentive Plan (incorporated herein by reference to Appendix A to the Proxy Statement for the Registrant's 2022 Annual Meeting of Stockholders, filed with the Commission on January 21, 2022).](https://www.sec.gov/Archives/edgar/data/1641631/000149315222001810/formdef14a.htm#ed_004) |
| 10.2\* | [Form of Stock Option Agreement (Inducement Grant).](ex10-2.htm) |
| 23.1\* | [Consent of Friedman llp, independent registered public accounting firm.](ex23-1.htm) |
| 23.2\* | [Consent of Hogan Lovells US LLP (included in Exhibit 5.1).](ex5-1.htm) |
| 24.1\* | [Power of Attorney (included on signature page of Registration Statement).](#aj_001) |
| 107\* | [Filing Fee Table.](ex107.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Garden City, New York, on February 17, 2023.

---

| | |
|:---|:---|
| **BEYOND AIR, INC.** | **BEYOND AIR, INC.** |
| By: | */s/ Steven Lisi* |
|  | Steven Lisi |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

We, the undersigned officers and directors of Beyond Air, Inc., hereby severally constitute and appoint Steven Lisi and Adam Newman, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the registration statement on Form S-8 filed herewith and any and all subsequent amendments to said registration statement, and generally to do all such things in our names and on our behalf in our capacities as officers and directors to enable Beyond Air, Inc. to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said registration statement and any and all amendments thereto.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Steven Lisi* | Chairman and Chief Executive Officer<br> *(Principal Executive Officer)* | February 17, 2023 |
| **Steven Lisi** |  |  |
| */s/ Douglas Larson* | Chief Financial Officer<br> *(Principal Financial and Accounting Officer)* | February 17, 2023 |
| **Douglas Larson** |  |  |
| */s/ Amir Avniel* | President and Chief Operating Officer and Director | February 17, 2023 |
| **Amir Avniel** |  |  |
| */s/ Ron Bentsur* | Director | February 17, 2023 |
| **Ron Bentsur** |  |  |
| */s/ Robert Carey* | Director | February 17, 2023 |
| **Robert Carey** |  |  |
| */s/ William Forbes* | Director | February 17, 2023 |
| **William Forbes** |  |  |
| */s/ Yoori Lee* | Director | February 17, 2023 |
| **Yoori Lee** |  |  |
| */s/ Erick Lucera* | Director | February 17, 2023 |
| **Erick Lucera** |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![HL_color](ex5-1_001.jpg) | Hogan Lovells US LLP<br> 1735 Market Street, Floor 23<br> Philadelphia, PA 19103<br> T +1 267 675 4600<br> F +1 267 675 4601<br> www.hoganlovells.com |

---

February 17, 2023

Board of Directors

Beyond Air, Inc.

900 Stewart Avenue, Suite 301

Garden City, New York 11530

To the addressee referred to above:

We are acting as counsel to Beyond Air, Inc., a Delaware corporation (the "**Company**"), in connection with its registration statement on Form S-8 (the "**Registration Statement**"), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**Act**"), relating to the proposed offering of up to 2,075,000 shares of common stock, par value $0.0001 per share ("**Common Stock**") of the Company (the "**Shares**"), which consists of (i) an additional 2,000,000 shares of Common Stock issuable pursuant to the Company's Fourth Amended and Restated 2013 Equity Incentive Plan (the "**Amended Plan**") and (ii) 75,000 shares of Common Stock issuable upon the exercise of a stock option award granted to an employee of the Company as an inducement material to entry into employment with the Company (the "**Inducement Award**"). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

This opinion letter is based as to matters of law solely on the Delaware General Corporation Law, as amended. We express no opinion herein as to any other statutes, rules or regulations.

Based upon, subject to and limited by the foregoing, we are of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the Shares pursuant to the terms of the Amended Plan or Inducement Award, as applicable, and (iii) receipt by the Company of the consideration for the Shares specified in (x) the applicable resolutions of the Board of Directors, or a duly authorized committee thereof and (y) the Amended Plan or Inducement Award, as applicable, the Shares will be validly issued, fully paid, and nonassessable.

This opinion letter has been prepared for use in connection with the Registration Statement. We assume no obligation to advise of any changes in the foregoing subsequent to the effective date of the Registration Statement.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Act.

Very truly yours,

*/s/ HOGAN LOVELLS US LLP*

HOGAN LOVELLS US LLP

Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia. "Hogan Lovells" is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham Boston Brussels Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia Paris Perth Philadelphia Rome San Francisco São Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C. Associated Offices: Budapest Jakarta Riyadh Shanghai FTZ Ulaanbaatar. Business Service Centers: Johannesburg Louisville. Legal Services Center: Berlin. For more information see www.hoganlovells.com

## Exhibit 10.2

**Exhibit 10.2**

**Stock Option Inducement Agreement**

This Stock Option Inducement Agreement (this "**Agreement**") is made and entered into as of [DATE] by and between BEYOND AIR, INC., a Delaware corporation (the "**Company**") and [NAME] (the "**Participant**").

Grant Date: ________________ ____________________

Exercise Price per Share: __________________________

Number of Option Shares: _________________________

Expiration Date: ____________ _____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Grant; Type of Option</u>. The Company desires to employ the Participant as its [TITLE] and the Company's Board of Directors has determined that it is in the best interest of the Company to grant an inducement award to retain the Participant's services on the terms and conditions set forth below. The Company thereby grants to the Participant an option (the "**Option**") to purchase the total number of shares of Common Stock of the Company equal to the number of Option Shares set forth above, at the Exercise Price set forth above. The Option is intended to be a Non-qualified Stock Option and *not* an Incentive Stock Option within the meaning of Section 422 of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Consideration; Reference to Plan</u>. The grant of the Option is made in consideration of the services to be rendered by the Participant to the Company and is subject to the terms and conditions expressed hereafter (the "**Agreement**"). Capitalized terms used but not defined herein will have the meaning ascribed to them in the Company's Amended and Restated 2013 Equity Incentive Plan (the "**Plan**"). The Option subject to this Agreement shall not be charged against the Plan's share reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise Period; Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Vesting Schedule</u>. The Option will become vested and exercisable with respect to [XX]% of the shares on [DATE] and on [DATE], of each of the [XX] ensuing years thereafter until the Option is [XX]% vested. The unvested portion of the Option will not be exercisable on or after the Participant's termination of Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Expiration</u>. The Option will expire on the Expiration Date set forth above, or earlier as provided in this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination of Continuous Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Termination for Reasons Other Than Cause, Death, Disability</u>. If the Participant's Continuous Service is terminated for any reason other than Cause, death or Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of (a) the date three months following the termination of the Participant's Continuous Service or (b) the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Termination for Cause</u>. If the Participant's Continuous Service is terminated for Cause, the Option (whether vested or unvested) shall immediately terminate and cease to be exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Termination due to Disability</u>. If the Participant's Continuous Service terminates as a result of the Participant's Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of (a) the date 12 months following the Participant's termination of Continuous Service or (b) the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Termination due to Death</u>. If the Participant's Continuous Service terminates as a result of the Participant's death, or the Participant dies within a period following termination of the Participant's Continuous Service during which the vested portion of the Option remains exercisable, the vested portion of the Option may be exercised by the Participant's estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by the person designated to exercise the Option upon the Participant's death, but only within the time period ending on the earlier of (a) the date 12 months following the Participant's death or (b) the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Extension of Termination Date</u>. If following the Participant's termination of Continuous Service for any reason the exercise of the Option is prohibited because the exercise of the Option would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the expiration of the Option shall be tolled until the date that is thirty (30) days after the end of the period during which the exercise of the Option would be in violation of such registration or other securities requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Manner of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Election to Exercise</u>. To exercise the Option, the Participant (or in the case of exercise after the Participant's death or incapacity, the Participant's executor, administrator, heir or legatee, as the case may be) must deliver to the Company a notice of exercise in the manner designated by the Committee

If someone other than the Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Payment of Exercise Price</u>. The entire Exercise Price of the Option shall be payable in full at the time of exercise in the manner designated by the Committee and to the extent permitted by applicable statutes and regulations, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in cash or by certified or bank check at the time the Option is exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) through a "cashless exercise program" established with a broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any combination of the foregoing methods; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in any other form of legal consideration that may be acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Withholding</u>. Prior to the issuance of shares upon the exercise of the Option, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable federal, state and local withholding obligations of the Company. The Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise of the Option by any of the following means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) tendering a cash payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designation of an authorized broker on a cashless exercise to sell shares of Common Stock otherwise issuable to the Participant for tender of payment in the amount of any withholding obligation to the Company.

The Company has the right to withhold from any compensation paid to a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Issuance of Shares</u>. Provided that the exercise notice and payment are in form and substance satisfactory to the Company, the Company shall issue the shares of Common Stock registered in the name of the Participant, the Participant's authorized assignee, or the Participant's legal representative, and shall deliver certificates representing the shares with the appropriate legends affixed thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Right to Continued Employment; No Rights as Shareholder</u>. This Agreement shall not confer upon the Participant any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in this Agreement shall be construed to limit the discretion of the Company to terminate the Participant's Continuous Service at any time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any shares of Common Stock subject to the Option prior to the date of exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Transferability</u>. The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution, and is exercisable during the Participant's lifetime only by him or her. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary upon death by will or the laws of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Option will terminate and become of no further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Acceleration of Vesting</u>. In the event of a Change in Control, notwithstanding any provision of the Plan or this Agreement to the contrary, the Option shall become immediately vested and exercisable with respect to [XX]% of the shares subject to the Option. To the extent practicable, such acceleration of vesting and exercisability shall occur in a manner and at a time which allows the Participant the ability to participate in the Change in Control with respect to the shares of Common Stock received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Cash-out</u>. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days' advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share of Common Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Adjustments</u>. The shares of Common Stock subject to the Option may be adjusted or terminated in any manner as contemplated by the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Liability and Withholding</u>. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("**Tax-Related Items**"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any shares acquired on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Participant's liability for Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Non-competition and Non-solicitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 In consideration of the Option, the Participant agrees and covenants not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contribute his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent, partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business as the Company and its Affiliates, for a period of [XX] year following the Participant's termination of Continuous Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company or its Affiliates for [XX] year following the Participant's termination of Continuous Service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message), attempt to contact or meet with the current, former or prospective customers of the Company or any of its Affiliates for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates for a period of [XX] year following the Participant's termination of Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 In the event of a breach or threatened breach of any of the covenants contained in Section 10.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any unvested portion of the Option shall be forfeited effective as of the date of such breach, unless sooner terminated by operation of another term or condition of this Agreement or the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Participant hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Compliance with Law</u>. The exercise of the Option and the issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and the Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company's shares of Common Stock may be listed. No shares of Common Stock shall be issued pursuant to this Option unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the Company is under no obligation to register the shares of Common Stock with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Secretary of the Company at the Company's principal corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant's address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law</u>. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without regard to conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Interpretation</u>. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant's beneficiaries, executors, administrators and the person(s) to whom the Option may be transferred by will or the laws of descent or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Severability</u>. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Discretionary Nature of Plan</u>. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Amendment</u>. The Committee has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or retroactively; *provided, that*, no such amendment shall adversely affect the Participant's material rights under this Agreement without the Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>No Impact on Other Benefits</u>. The value of the Participant's Option is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Acceptance</u>. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise or disposition.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| |
|:---|
| BEYOND AIR, INC. |
| By: |
| Name: |
| Title: |
| [PARTICIPANT] |
| By: |
| Name: |

---

## Exhibit 23.1

**Exhibit 23.1**

<u>Independent Registered Public Accounting Firm's Consent</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated June 28, 2022, with respect to our audits of the consolidated financial statements of Beyond Air, Inc. as of March 31, 2022 and 2021 and for each of the years in the two year period ended March 31, 2022.

/s/ Friedman LLP

East Hanover, New Jersey

February 17, 2023

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

**Form S-8**

(Form Type)

**Beyond Air, Inc.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security <br> Type** | **Security<br> Class Title** | **Fee<br> Calculation<br> Rule** | **Amount<br> Registered<sup>(1)</sup>** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | **Proposed Maximum<br> Aggregate<br> Offering Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee** |
| Equity | Common Stock, par value $0.0001 per share, reserved for issuance pursuant to the Beyond Air, Inc. Fourth Amended and Restated 2013 Equity Incentive Plan | Other | 1768739<sup>(2)</sup> | $6.96<sup>(5)</sup> | $12310423<sup>(5)</sup> | 0.0001102 | $1356.61 |
| Equity | Common Stock, par value $0.0001 per share, reserved for issuance pursuant to the Beyond Air, Inc. Fourth Amended and Restated 2013 Equity Incentive Plan | 457(c) and 457(h) | 231261<sup>(3)</sup> | $6.09<sup>(6)</sup> | $1408379<sup>(6)</sup> | 0.0001102 | $155.20 |
| Equity | Common Stock, par value $0.0001 per share, reserved for issuance pursuant to Stock Option Award (Inducement Grant) | 457(h) | 75000<sup>(4)</sup> | $10.68<sup>(7)</sup> | $801000<sup>(7)</sup> | 0.0001102 | $88.27 |
| **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $14519802 |  | $1600.08 |
| **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |  |
| **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |
| **Net Fee Due** | **Net Fee Due** |  |  |  |  |  | $1600.08 |

---

(1) In
 accordance with Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement
 shall be deemed to cover any additional securities that may from time to time be offered or issued to prevent dilution resulting
 from stock splits, stock dividends or similar transactions.

(2) Represents
 shares of common stock, par value $0.0001 per share ("Common Stock"), of Beyond Air, Inc. (the "Registrant")
 reserved for issuance pursuant to options outstanding under the Registrant's Fourth Amended and Restated 2013 Equity Incentive
 Plan (the "Amended Plan"), as of the date of this registration statement, which shares of Common Stock of the Registrant
 were added to the shares reserved under the Amended Plan on January 21, 2022.

(3) Represents
 shares of Common Stock of the Registrant that were added to the shares reserved under the Amended Plan on January 21, 2022 that are
 not subject to an outstanding award under the 2014 Plan and are not outstanding as of the date of this registration statement.

(4) Represents
 shares of Common Stock issuable upon the exercise of a stock option award granted to the Chief Financial Officer of the Registrant
 effective as of September 1, 2021 as an inducement material to his acceptance of employment with the Registrant (the "Inducement
 Award").

(5) Estimated
 in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee on the basis of the
 weighted-average exercise price for outstanding options granted pursuant to the Amended Plan as of the date of this registration
 statement.

(6) Estimated
 solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) and Rule 457(h) of the Securities
 Act, on the basis of the average of the high and low prices for a share of the Registrant's common stock as reported on the
 Nasdaq Capital Market on February 10, 2023, which date is a date within five business days of the filing of this registration
 statement.

(7) Estimated
 in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee on the basis of the
 price at which the Inducement Award may be exercised.