# EDGAR Filing Document

**Accession Number:** 0001927958
**File Stem:** 0001641172-25-015306
**Filing Date:** 2025-6
**Character Count:** 26876
**Document Hash:** c00e4f65febdb9cf8e3380a6856aa435
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-015306.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001641172-25-015306

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250616

**EFFECTIVENESS DATE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIRO Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001927958
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 880812695
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288096
- **FILM NUMBER:** 251051336

**BUSINESS ADDRESS:**
- **STREET 1:** 5001 INDIAN SCHOOL ROAD NE
- **STREET 2:** SUITE 100
- **CITY:** ALBUQUERQUE
- **STATE:** NM
- **ZIP:** 87110
- **BUSINESS PHONE:** (505) 338-2434

**MAIL ADDRESS:**
- **STREET 1:** 5001 INDIAN SCHOOL ROAD NE
- **STREET 2:** SUITE 100
- **CITY:** ALBUQUERQUE
- **STATE:** NM
- **ZIP:** 87110

**As filed with the Securities and Exchange Commission on June 16, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**AIRO Group Holdings, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **88-0812695** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **5001 Indian School Road NE, Suite 100**<br> **Albuquerque, New Mexico**  | **87110** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**AIRO Group Holdings, Inc. 2025 Equity Incentive Plan**

**AIRO Group Holdings, Inc. Option Plan**

**(Full titles of the plans)**

**Captain Joseph D. Burns**

**Chief Executive Officer**

**AIRO Group Holdings, Inc.**

**5001 Indian School Road NE, Suite 100**

**Albuquerque, New Mexico 87110**

**(505) 338-2434**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

***Copies to:***

**Christina T. Roupas**

**Yvan-Claude Pierre**

**Courtney M.W. Tygesson**

**Grady Chang**

**Cooley LLP**

**110 North Wacker Drive**

**Suite 4200**

**Chicago, IL 60606**

**Tel: (312) 881-6500**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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. ☐

**PART I**

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

The information called for by Part I of Form S-8 is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the instructions to Form S-8. In accordance with the rules and regulations of the Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

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

The Registrant hereby incorporates by reference into this Registration Statement the following documents previously filed by the Registrant with the Commission:

(a) The
 Registrant's prospectus dated June 12, 2025, filed pursuant to Rule 424(b) of the Securities Act on June 16, 2025, relating
 to the Registration Statement on [Form S-1](https://www.sec.gov/Archives/edgar/data/1927958/000164117225011785/forms-1a.htm) , as amended (File No. 333-285149), which contains audited consolidated financial statements
 for the Registrant's latest fiscal year for which such statements have been filed; and

(b) The
 description of the Registrant's Common Stock contained in the Registrant's Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1927958/000164117225004654/form8a-12b.htm) filed with
 the Commission on April 15, 2025 (File No. 001-42600) under Section 12(b) of the Securities Exchange Act of 1934, as amended (the
 "Exchange Act"), including any amendment or report filed for the purpose of updating such description.

All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Registration Statement and 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 into this Registration Statement and to be a part hereof from the date of filing of such documents; provided, however, that documents or portions thereof that are furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into 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 for purposes of this Registration Statement to the extent that a statement herein or in any other subsequently filed document that 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 constitute a part of this Registration Statement, except as so modified or superseded.

**Item 4.** **Description of Securities.**

Not applicable.

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

Not applicable.

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

Section 145 of the Delaware General Corporation Law authorizes a court to award, or a corporation's board of directors to grant, indemnity to directors and officers in terms sufficiently broad to permit such indemnification under certain circumstances for liabilities, including reimbursement for expenses incurred, arising under the Securities Act. The Registrant's amended and restated certificate of incorporation to be effective immediately prior to the closing of its initial public offering permits indemnification of its directors, officers, employees and other agents to the maximum extent permitted by the Delaware General Corporation Law, and the Registrant's amended and restated bylaws to be effective immediately prior to the closing of its initial public offering provides that the Registrant will indemnify its directors and executive officers and permit it to indemnify its other officers, employees, and other agents, in each case to the maximum extent permitted by the Delaware General Corporation Law.

The Registrant has or intends to enter into indemnification agreements with its directors and executive officers, whereby it has or intends to agree to indemnify its directors and executive officers to the fullest extent permitted by law, including indemnification against expenses and liabilities incurred in legal proceedings to which the director or executive officer was, or is threatened to be made, a party by reason of the fact that such director or executive officer is or was a director, executive officer, employee or agent of the Registrant, provided that such director or executive officer acted in good faith and in a manner that the director or executive officer reasonably believed to be in, or not opposed to, the best interest of the Registrant. At present, there is no pending litigation or proceeding involving a director or executive officer of the Registrant regarding which indemnification is sought, nor is the Registrant aware of any threatened litigation that may result in claims for indemnification.

The Registrant maintains insurance policies that indemnify its directors and officers against various liabilities arising under the Securities Act and the Exchange Act, that might be incurred by any director or officer in his capacity as such.

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

Not applicable.

**Item 8.** **Exhibits.**

The exhibits to this Registration Statement are listed below:

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description** |
| 4.1 | [Amended and Restated Certificate of Incorporation of the Registrant, as currently in effect (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-42600), filed with the Commission on June 16, 2025.](https://www.sec.gov/Archives/edgar/data/1927958/000164117225015243/ex3-1.htm) |
| 4.2 | [Amended and Restated Bylaws of the Registrant, as currently in effect (incorporated herein by reference to Exhibit 3.4 to the Registrant's Registration Statement on Form S-1/A (File No. 333-285149), filed with the Commission on April 10, 2025).](https://www.sec.gov/Archives/edgar/data/1927958/000164117225003518/ex3-4.htm) |
| 4.3 | [Form of Common Stock Certificate of the Registrant (incorporated herein by reference to Exhibit 4.1 to the Registrant's Registration Statement on Form S-1/A (File No. 333-285149), filed with the Commission on April 10, 2025).](https://www.sec.gov/Archives/edgar/data/1927958/000164117225003518/ex4-1.htm) |
| 5.1\* | [Opinion of Cooley LLP.](ex5-1.htm) |
| 23.1\* | [Consent of Independent Registered Public Accounting Firm.](ex23-1.htm) |
| 23.2\* | [Consent of Cooley LLP (included in Exhibit 5.1).](ex5-1.htm) |
| 24.1\* | [Power of Attorney (included on the signature page).](#a_001) |
| 99.1 | [The Registrant's 2025 Equity Incentive Plan,(incorporated herein by reference to Exhibit 10.10 to the Registrant's Registration Statement on Form S-1/A (File No. 333-285149), filed with the Commission on April 10, 2025).](https://www.sec.gov/Archives/edgar/data/1927958/000164117225003518/ex10-10.htm) |
| 99.2 | [Forms of Stock Option Grant Notice, Option Agreement and Notice of Exercise under the Registrant's 2025 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.11 to the Registrant's Registration Statement on Form S-1/A (File No. 333-285149), filed with the Commission on April 10, 2025).](https://www.sec.gov/Archives/edgar/data/1927958/000164117225003518/ex10-11.htm) |
| 99.3 | [Forms of Restricted Stock Unit Grant Notice and Award Agreement under the Registrant's 2025 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.12 to the Registrant's Registration Statement on Form S-1/A (File No. 333-285149), filed with the Commission on April 10, 2025).](https://www.sec.gov/Archives/edgar/data/1927958/000164117225003518/ex10-12.htm) |
| 99.4 | [The Registrant's Option Plan (incorporated herein by reference to Exhibit 10.9 to the Registrant's Registration Statement on Form S-1/A (File No. 333-285149), filed with the Commission on April 10, 2025).](https://www.sec.gov/Archives/edgar/data/1927958/000164117225003518/ex10-9.htm) |
| 107\* | [Filing Fee Table.](ex107.htm) |

---

\* Filed herewith.

**Item 9.** **Undertakings.**

(a) The
 undersigned Registrant hereby undertakes:

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

(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the 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 the 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 a 20% change in the maximum aggregate offering price
 set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

(iii) To
 include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
 or any material change to such information in the 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 Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&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.

(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.

(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 Section 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 the Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the
 offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(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, as amended, 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 the City of Albuquerque, State of New Mexico, on June 16, 2025.

---

| | |
|:---|:---|
| **AIRO GROUP HOLDINGS, INC.** | **AIRO GROUP HOLDINGS, INC.** |
| By: | */s/ Captain Joseph D. Burns* |
|  | Captain Joseph D. Burns |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Captain Joseph D. Burns and Mariya Pylypiv and each of them, as his or her true and lawful attorney-in-fact and agents, each with the full power of substitution, for him or her and in his or her name, place or stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

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 dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Captain Joseph D. Burns* | Chief Executive Officer and Director | June 16, 2025 |
| Captain Joseph D. Burns | (*Principal Executive Officer*) |  |
| */s/ Dr. Mariya Pylypiv* | Chief Financial Officer | June 16, 2025 |
| Dr. Mariya Pylypiv | (*Principal Financial and Accounting Officer*) |  |
| */s/ John Uczekaj* | President, Chief Operating Officer and Director | June 16, 2025 |
| John Uczekaj |  |  |
| */s/ Dr. Chirinjeev Kathuria* | Executive Chairman and Director | June 16, 2025 |
| Dr. Chirinjeev Kathuria |  |  |
| */s/ John Belcher* | Director | June 16, 2025 |
| John Belcher |  |  |
| */s/ Elizabeth Ng* | Director | June 16, 2025 |
| Elizabeth Ng |  |  |
| */s/ Per Erik Edvard Svehag* | Director | June 16, 2025 |
| Per Erik Edvard Svehag |  |  |
| */s/ Brian Nelson* | Director | June 16, 2025 |
| Brian Nelson |  |  |
| */s/ Gregory Winfree* | Director | June 16, 2025 |
| Gregory Winfree |  |  |
| */s/ Sherrie McCandless* | Director | June 16, 2025 |
| Sherrie McCandless |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

Christina Roupas

T: (312) 881-6670

roupasct@cooley.com

June 16, 2025

AIRO Group Holdings, Inc.

5001 Indian School Road NE, Suite 100

Albuquerque, NM 87110

Ladies and Gentlemen:

We have acted as counsel to AIRO Group Holdings, Inc., a Delaware corporation (the "***Company***"), in connection with the filing by the Company of a Registration Statement on Form S-8 (the "***Registration Statement***") with the Securities and Exchange Commission (the "***Commission***") covering the offering of up to 2,205,367 shares (the "***Shares***") of the Company's Common Stock, par value $0.000001 per share ("***Common Stock***"), consisting of (a) 305,367 shares of Common Stock issuable pursuant to the AIRO Group Holdings, Inc. Option Plan (the "***Legacy Plan***") and (b) 1,900,000 shares of Common Stock issuable pursuant to the Company's 2025 Equity Incentive Plan (together with the Legacy Plan, the "***Plans***").

In connection with this opinion, we have examined and relied upon (a) the Registration Statement and the related prospectuses, (b) the Company's certificate of incorporation and bylaws, each as currently in effect, (c) the Plans, and (d) such other records, documents, opinions, certificates, memoranda and instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies, the accuracy, completeness and authenticity of certificates of public officials and the due authorization, execution and delivery of all documents by all persons other than the Company where authorization, execution and delivery are prerequisites to the effectiveness thereof. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.

Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.

On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance with the Plans, the Registration Statement and the related prospectuses, will be validly issued, fully paid, and nonassessable (except as to shares issued pursuant to deferred payment arrangements, which will be fully paid and nonassessable when such deferred payments are made in full).

This opinion is limited to the matters expressly set forth in this letter, and no opinion has been or should be implied, or may be inferred, beyond the matters expressly stated. This opinion speaks only as to law and facts in effect or existing as of the date hereof and we have no obligation or responsibility to update or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur.

Cooley LLP 110 N. Wacker Drive, Suite 4200 Chicago, IL 60606

t: +1 312 818 6500 f: +1 312 818 6598 cooley.com

![](ex5-1_001.jpg)

June 16, 2025

Page Two

We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder.

Sincerely,

Cooley LLP

---

| | |
|:---|:---|
| By: | /s/ Christina T. Roupas |
|  | Christina T. Roupas |

---

Cooley LLP 110 N. Wacker Drive, Suite 4200 Chicago, IL 60606

t: +1 312 818 6500 f: +1 312 818 6598 cooley.com

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report (which contains an explanatory paragraph relating to the Company's ability to continue as a going concern as described in Note 1 to the consolidated financial statements) dated April 9, 2025, relating to the consolidated financial statements of AIRO Group Holdings, Inc., which appears in its Registration Statement (Form S-1 No. 333-285149) and the related Prospectus of AIRO Group Holdings, Inc.

/s/ BPM LLP

San Jose, California

June 16, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Table**

**<u>Form S-8</u>**

(Form Type)

**<u>AIRO GROUP HOLDINGS, INC.</u>**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security Type | Security Class Title | Amount Registered<sup>(1)</sup> | Proposed Maximum Offering Price Per Share | Maximum Aggregate Offering Price | Fee <br>Rate | Amount of Registration Fee |
| Equity | Common Stock, $0.000001 par value per share, AIRO Group Holdings, Inc. Option Plan Other<sup>(2)</sup> | 305367<sup>(3)</sup> | $8.59 | $2623103 | 0.00015310 | $402 |
| Equity | Common Stock, $0.000001 par value per share, AIRO Group Holdings, Inc. 2025 Equity Incentive Plan Other<sup>(4)</sup> | 1900000<sup>(5)</sup> | $10.00 | $19000000 | 0.00015310 | $2909 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $21623103 |  | $3311 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $3311 |

---

(1) Pursuant to Rule 416(a)
 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any
 additional shares of Common Stock ("Common Stock") of AIRO Group Holdings, Inc. (the "Registrant") that become
 issuable under the Registrant's Option Plan (the "Option Plan") and the 2025 Equity Incentive Plan (the "2025
 Plan") by reason of any stock dividend, stock split, recapitalization or other similar transaction.

(2) Estimated solely for the
 purpose of calculating the amount of the registration fee pursuant to Rule 457(h) of the Securities Act. The proposed maximum aggregate
 offering price per share and proposed maximum aggregate offering price for the 305,367 shares of Common Stock reserved for issuance
 upon the exercise of outstanding stock options granted under the Option Plan are calculated using the weighted-average exercise price
 of $8.59 per share for such stock options.

(3) Represents shares of Common
 Stock reserved for issuance upon the exercise of outstanding stock options granted under the Option Plan. No additional stock awards
 will be granted under the Option Plan.

(4) Estimated solely for the
 purpose of calculating the amount of the registration fee pursuant to Rule 457(h) of the Securities Act. The proposed maximum aggregate
 offering price per share and proposed maximum aggregate offering price are calculated on the basis of $10.00 per share (the "IPO
 Price"), which is the initial public offering price per share of Common Stock.

(5) Represents 1,900,000 shares
 of Common Stock reserved for future grant under the 2025 Plan. The 2025 Plan provides that an additional number of shares will automatically
 be added annually to the shares authorized for issuance under the 2025 Plan on January 1st of each year, commencing on January 1,
 2026 and ending on (and including) January 1, 2035, in an amount equal to three percent of the total number of shares of Common Stock
 outstanding on December 31 of the preceding year; provided, however, that the Registrant's board of directors may act prior
 to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock. This
 explanation is provided for information purposes only. The issuance of such additional shares is not being registered on this Registration
 Statement.