Replies to post #31330 on Xeriant Inc (XERI)

[quester614]

Read the JV agreement. XERI claims that the Preliminary Design was completed. The JV has ended and all IP goes back to XTI despite Duffy claims in the BS lawsuit

2.1.???????????Purpose. The sole purpose of the JV shall be to advance the design and development of the Aircraft, more specifically to complete the preliminary design of the Aircraft, as described in this Agreement (the “Purpose”).

Termination, Dissolution and Winding-Up of the JV.
9.1.???????????Termination and Dissolution. The JV shall be terminated and dissolved upon the occurrence of any of the following events:
9.1.1.????????The occurrence of a Liquidity Event, an Acceleration event, a or a Completion Event.
9.1.2.????????The agreement of all of the Parties.
9.2.???????????Liquidity Event Transactions. In the event of a Liquidity Event, Acceleration Event, or Completion Event, the following shall occur:
9.2.1.????????Assignment of Intellectual Property and other JV Assets. The VTOL License shall terminate; and all of the VTOL Technology and all other assets developed by the JV shall be assigned and transferred back to XTI with the transfer documents to be in form and substance acceptable to XTI and any counterparty involved in the Liquidity Event.
https://www.sec.gov/Archives/edgar/data/1638850/000110465922078856/tm2219481d1_ex6-20.htm

[StockItOut]

Xeriant in exchange was to receive 1% of XTI Aircraft Company common stock for every $1M funded up to $10M raised for completion of the TriFan 600's preliminary design. But at $5.6M funded Xeriant already had earned (acquired rights to) almost 10% of XTI Aircraft Company common stock (that in total was only about 35 Million XTI Aircraft shares).
I then deduce to presume that that arrangement Duffy probably did not want altered when later XTI Aircraft's mngt realized that it took only $5.6M and not $10M to acquire 10% of XTI Aircraft, and it likely in part also led to XTI Aircraft's CEO Bob LaBell and XTI's CEO to be let go, and XTI Aircraft really no longer liking Duffy (if not already disliking him).

As for what Quester just explained about the language of the JV Agreement as reason why Xeriant does not own or have right to XTI Aircraft's TriFan 600 IP, that logic argument I first made, that Quester now relies upon but as appropriated from me.