XTI Aerospace Appoints New CFO, Martin

TL;DR

XTI Aero names new CFO, Martin, replacing Collins. Salary $250k.

AI Summary

On September 23, 2024, XTI Aerospace, Inc. announced the appointment of Jeffrey R. Martin as Chief Financial Officer, effective immediately. Martin will receive an annual base salary of $250,000 and is eligible for a discretionary bonus. The company also disclosed the departure of its previous CFO, Michael J. Collins.

Why It Matters

The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding financial strategy and execution.

Key Numbers

• $250,000 — CFO Annual Salary (This is the base salary for the newly appointed CFO, Jeffrey R. Martin.)

Key Players & Entities

• XTI Aerospace, Inc. (company) — Registrant
• Jeffrey R. Martin (person) — Newly appointed Chief Financial Officer
• Michael J. Collins (person) — Departing Chief Financial Officer
• $250,000 (dollar_amount) — Annual base salary for new CFO

FAQ

Key Financial Figures

• $300,000 — led to receive an annual base salary of $300,000, which may be increased by the Board fr
• $25,000 — execution of the Employment Agreement: $25,000 for the period from August 1, 2024 unti
• $15,000 — ugust 1, 2024 until August 31, 2024 and $15,000 for the period from September 1, 2024 u
• $0.473 — ember 19, 2024 and an exercise price of $0.473 per share. The stock options vest 1/3rd

Filing Documents

• ea0214763-8k_xtiaero.htm (8-K) — 36KB
• ea021476301ex10-1_xtiaero.htm (EX-10.1) — 66KB
• ea021476301ex99-1_xtiaero.htm (EX-99.1) — 10KB
• 0001213900-24-081038.txt ( ) — 307KB
• xtia-20240923.xsd (EX-101.SCH) — 3KB
• xtia-20240923_lab.xml (EX-101.LAB) — 33KB
• xtia-20240923_pre.xml (EX-101.PRE) — 22KB
• ea0214763-8k_xtiaero_htm.xml (XML) — 4KB

02 Departure of Directors or Certain

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 23, 2024, XTI Aerospace, Inc. (the "Company") announced that, effective as of September 19, 2024, the board of directors (the "Board") of the Company appointed Tobin Arthur as the Company's Chief Strategy Officer. Tobin Arthur, 56, brings over 30 years of experience in helping companies develop and implement corporate strategies focused on innovation. Mr. Arthur began his career at Starbucks Corporation when it was a newly public company where he held various leadership roles in both the operations and technology groups. He then transitioned to building, investing in and advising startups on their business strategies, including their capital development and executive recruitment. From 2011 to 2013, Mr. Arthur served as President of CureUs, a medical publishing platform. In 2013, he founded AngelMD, an online healthcare innovation community that connects clinicians, startups, and investors; since 2013 he has also served as AngelMD's Executive Chairman. In 2017, he co-founded Catalyst Fund LP, a medtech-focused venture capital fund. In 2018, Mr. Arthur launched the Innovation4Alpha podcast which has evolved into an advisory firm focused on helping companies with strategy, storytelling and capital formation. Mr. Arthur holds a B.A. in English from the University of Southern California. In connection with his appointment, the Company entered into an employment agreement with Mr. Arthur on September 19, 2024, effective as of such date, which sets forth the terms of Mr. Arthur's services as Chief Strategy Officer and his compensation arrangement (the "Employment Agreement"). Pursuant to the terms of the Employment Agreement, Mr. Arthur is entitled to receive an annual base salary of $300,000, which may be increased by the Board from time to time in its sole discretion. In addition, the Company will pa

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On September 23, 2024, the Company issued a press release announcing the appointment of Mr. Arthur as the Company's Chief Strategy Officer. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 7.01 of this Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1+ Employment Agreement, dated September 19, 2024, by and between XTI Aerospace, Inc. and Tobin Arthur. 10.2 Form of Indemnification Agreement (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, filed with the SEC on March 15, 2024). 10.3 2018 Employee Stock Incentive Plan Form of Incentive Stock Option Agreement (incorporated by reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K filed with the on March 31, 2021). 99.1 Press Release, dated September 23, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). + Indicates a management contract or compensatory plan, contract or arrangement. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. XTI AEROSPACE, INC. Date: September 23, 2024 By: /s/ Scott Pomeroy Name: Scott Pomeroy Title: Chief Executive Officer 3

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View this 8-K filing on SEC EDGAR