XTI Aerospace, Inc. announced the appointment of Dr. Allan Evans to its Board of Directors, designating him as Chairman effective October 14, 2026. The appointment fills an existing vacancy on the Board, which now consists of five members. In connection with this change, Jonathan G. Ornstein, who previously served as Interim Chairman, has been designated as Vice Chairman. Dr. Evans has not been assigned to any specific committees of the Board.
Dr. Evans is currently the Chief Executive Officer and a director of Unusual Machines, Inc. (NYSE American: UMAC), a position he has held since December 2023. Previously, he served as the Chief Operating Officer of Red Cat Holdings, Inc. (Nasdaq: RCAT) from 2021 to 2023, and as the Chief Executive Officer of Fat Shark Holdings, Ltd. from 2017 until its acquisition by Red Cat in 2020. He holds a Ph.D. in Electrical Engineering from the University of Michigan and has 47 issued or pending patents.
Regarding compensation, Dr. Evans will receive an annual cash retainer of $50,000, payable quarterly in arrears, for his general availability and participation in Board meetings. He will also receive an annual grant of stock options under the Company’s Amended and Restated 2018 Employee Stock Incentive Plan, with a fair market value equal to his aggregate annual cash retainer. The Company expects to enter into a director services agreement reflecting these terms.
The filing also disclosed that Unusual Machines, Inc., the company where Dr. Evans serves as CEO, beneficially owns approximately 4.99% of XTI Aerospace’s outstanding common stock as of October 14, 2026. This ownership stems from the conversion of Series 10 Convertible Preferred Stock into common stock and a pre-funded warrant issued in January 2026.
