# EDGAR Filing Document

**Accession Number:** 0000008504
**File Stem:** 0001493152-25-021557
**Filing Date:** 2025-11
**Character Count:** 97878
**Document Hash:** bfb08926e2ffa1385c80e00fbfac26ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-021557.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001493152-25-021557

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251107

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AgEagle Aerial Systems Inc.
- **CENTRAL INDEX KEY:** 0000008504
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 880422242
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36492
- **FILM NUMBER:** 251467337

**BUSINESS ADDRESS:**
- **STREET 1:** 8201 E. 34TH CIR N
- **CITY:** WICHITA
- **STATE:** KS
- **ZIP:** 67226
- **BUSINESS PHONE:** (620) 325-6363

**MAIL ADDRESS:**
- **STREET 1:** 8201 E. 34TH CIR N
- **CITY:** WICHITA
- **STATE:** KS
- **ZIP:** 67226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EnerJex Resources, Inc.
- **DATE OF NAME CHANGE:** 20060926

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MILLENNIUM PLASTICS CORP
- **DATE OF NAME CHANGE:** 20000525

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AURORA CORP
- **DATE OF NAME CHANGE:** 19990825

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **November 7, 2025**

**<u>AGEAGLE AERIAL SYSTEMS INC.</u>**

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation)

<u>001-36492</u> <u>88-0422242</u> <br> (Commission File Number) (IRS Employer Identification No.)

8201 E. 34th Street N, Suite 1307 <br> Wichita, Kansas 67226 <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code <u>(620) 325-6363</u>

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common Stock | UAVS | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

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 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into Material Definitive Agreement.**

As previously disclosed, on November 5, 2025, AgEagle Aerial Systems Inc. (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement") with the investors party thereto (the "Buyers"), pursuant to which, subject to the terms and conditions set forth therein, the Company agreed to issue and sell to the Buyers in a registered direct offering (the "Offering") an aggregate of up to 100,000 shares of the Company's Series G Convertible Preferred Stock, $0.001 par value per share (the "Series G Preferred Stock") at an initial conversion price of $1.23 (the "Conversion Price"). On November 10, 2025 (the "Initial Closing Date"), the Company agreed to sell, and the Buyers, severally and not jointly, agreed to purchase an aggregate of 12,000 shares of Series G Preferred Stock (the "Initial Series G Preferred Stock"). Additionally, subject to the terms and conditions of the Purchase Agreement, including the receipt by the Company of the requisite stockholder approval, the Buyers may elect in their sole discretion to purchase up to a total aggregate of 88,000 additional shares of Series G Preferred Stock in one or more closings (the "Additional Preferred Shares").

The Offering with respect to the Initial Series G Preferred Stock closed on November 10, 2025. The Company received gross proceeds of $12 million on the Initial Closing Date from the Offering and expects to receive aggregate gross proceeds of $100 million from the Offering, assuming the sale of all the Additional Preferred Shares.

The Purchase Agreement contains certain representations and warranties, covenants and indemnification provisions customary for similar transactions. The representations, warranties and covenants contained in the Purchase Agreement were made solely for the benefit of the applicable parties to the Purchase Agreement and may be subject to limitations agreed upon by the applicable contracting parties. Among other covenants, the Purchase Agreement requires the Company to hold a meeting of its stockholders no later than 75 days following the Initial Closing Date, to seek approval by the Company's stockholders with respect to the transactions contemplated by the Purchase Agreement and the Certificate of Designation of Preferences, Rights and Limitations of the Series G Convertible Preferred Stock (the "Certificate of Designation"), including the issuance of all of the shares of the Company's Common Stock, issuable upon conversion of the shares of the Series G Preferred Stock in accordance with the terms of the Purchase Agreement (the "Conversion Shares") in excess of 19.99% of the issued and outstanding Common Stock on the date of the Purchase Agreement.

The Offering was made pursuant to a prospectus supplement dated November 5, 2025, and a base prospectus dated September 22, 2025, which is part of a registration statement on Form S-3 (File No. 333-290164) that was filed with the U.S. Securities and Exchange Commission (the "SEC") on September 10, 2025, and became effective on September 22, 2025 (the "Registration Statement"). The Company does not plan to apply to list the Series G Preferred Stock on the NYSE American, any other national securities exchange or any other nationally recognized trading system.

Reference is made to the discussion of the Series G Preferred Stock and summary of the Certificate of Designation in Item 5.03 of this Current Report on Form 8-K, which is incorporated into this Item 1.01 by reference.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on November 6, 2025 and is incorporated herein by reference.

The legal opinion and consent of Duane Morris LLP relating to the legality of the issuance and sale of the securities in the Offering is attached as Exhibit 5.1 to this Current Report on Form 8-K and is expressly incorporated by reference into the Registration Statement.

**Item 3.03 Material Modification to Rights of Security Holders.**

The matters described in Item 1.01 of this Current Report on Form 8-K are incorporated herein by reference.

**Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**

On November 7, 2025, the Company filed the Certificate of Designation with the Secretary of State of the State of Nevada in connection with the Purchase Agreement referenced in Item 1.01 above, which became effective upon filing. The Certificate of Designation provides for the designation of shares of the Series G Preferred Stock.

Subject to the rights of holders of preferred stock of senior rank to the Series G Preferred Stock, holders of Series G Preferred Stock are entitled to receive dividends when and as declared by the board of directors of the Company. The Series G Preferred Stock does not have voting rights, except as otherwise required by law. Following its issuance, the shares of Series G Preferred Stock are immediately convertible into shares of the Company's Common Stock. The Series G Preferred Stock has a stated value of $1,000 per share ("Stated Value") and the number of shares of Common Stock issuable upon conversion of such preferred stock shall be determined by dividing the Stated Value of such shares of Series G Preferred Stock by the Conversion Price, subject to adjustment as set forth therein.

The foregoing description of the Series G Preferred Stock and Certificate of Designation does not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate of Designation, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 8.01 Other Events.**

The Company is filing herewith the following exhibits with this Current Report on Form 8-K, which are incorporated by reference to its Registration Statement:

● Opinion and Consent of Duane Morris LLP

**Forward-Looking Statements**

Certain statements in this Current Report on Form 8-K may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this Current Report on Form 8-K are forward-looking statements. Forward-looking statements contained in this Current Report on Form 8-K may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "suggest," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including risks related to the timing and fulfilment of current and future purchase orders relating to the Company's products, the success of new programs and software updates, the ability to implement a new strategic plan, the success of a new strategic plan, and the Company's ability to obtain requisite stockholder approvals. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the risk disclosures in the Annual Report on Form 10-K of the Company for the year ended December 31, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by the Company. All such forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Certificate of Designation of Series G Convertible Preferred Stock of AgEagle Aerial Systems Inc., dated November 7, 2025.](ex3-1.htm) |
| 5.1 | [Opinion of Duane Morris LLP](ex5-1.htm) |
| 23.1 | [Consent of Duane Morris LLP (included in Exhibit 5.1).](ex5-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **AGEAGLE AERIAL SYSTEMS INC.** | **AGEAGLE AERIAL SYSTEMS INC.** |
| Date: November 10, 2025 | By: | */s/ Alison Burgett* |
|  |  | Alison Burgett |
|  |  | Chief Financial Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**AGEAGLE AERIAL SYSTEMS INC.**

**CERTIFICATE OF DESIGNATION OF PREFERENCES,** 

**RIGHTS AND LIMITATIONS**

**OF**

**SERIES G CONVERTIBLE PREFERRED STOCK**

PURSUANT TO SECTION 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, William Irby and Alison Burgett, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. They are the Chief Executive
 Officer and Secretary, respectively, of AgEagle Aerial Systems Inc., a Nevada corporation (the " <u>Corporation</u> ").

2. The Corporation is authorized
 to issue 25,000,000 shares of preferred stock, of which 5,886 have been issued.

3. The following resolutions
 were duly adopted by the board of directors of the Corporation (the " <u>Board of Directors</u> "):

WHEREAS, the articles of incorporation of the Corporation provides for a class of its authorized stock known as preferred stock, consisting of 25,000,000 shares, $0.001 par value per share, issuable from time to time in one or more series;

WHEREAS, the Board of Directors is authorized to fix the dividend rights, dividend rate, voting rights, conversion rights, rights and terms of redemption and liquidation preferences of any wholly unissued series of preferred stock and the number of shares constituting any series and the designation thereof, of any of them; and

WHEREAS, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions and other matters relating to a series of the preferred stock, which shall consist of, except as otherwise set forth in the Purchase Agreement (as defined herein), up to 100,000 shares of the preferred stock which the Corporation has the authority to issue, as follows:

NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF PREFERRED STOCK**

<u>Section 1</u>. <u>Definitions</u>. In addition to the terms defined elsewhere in this Certificate of Designation: (a) capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement (as defined herein), and (b) the following terms shall have the meanings set forth below:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 of the Securities Act.

"<u>Alternate Consideration</u>" shall have the meaning set forth in Section 7(e).

"<u>Base Conversion Price</u>" shall have the meaning set forth in Section 7(b).

"<u>Beneficial Ownership Limitation</u>" shall have the meaning set forth in Section 6(d).

"<u>Business Day</u>" means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

"<u>Buy-In</u>" shall have the meaning set forth in Section 6(c)(iv).

"<u>Change of Control Transaction</u>" means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Corporation, by contract or otherwise) of in excess of 33% of the voting securities of the Corporation (other than by means of conversion or exercise of Preferred Stock and the Securities issued together with the Preferred Stock), (b) the Corporation merges into or consolidates with any other Person, or any Person merges into or consolidates with the Corporation and, after giving effect to such transaction, the stockholders of the Corporation immediately prior to such transaction own less than 66% of the aggregate voting power of the Corporation or the successor entity of such transaction, (c) the Corporation sells or transfers all or substantially all of its (and all of its Subsidiaries, taken as a whole) assets to another Person and the stockholders of the Corporation immediately prior to such transaction own less than 66% of the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a one year period of more than one-half of the members of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the Original Issue Date), or (e) the execution by the Corporation of an agreement to which the Corporation is a party or by which it is bound, providing for any of the events set forth in clauses (a) through (d) above.

"<u>Closing</u>" shall have the meaning ascribed to such term in the Purchase Agreement.

"<u>Closing Date</u>" shall have the meaning ascribed to such term in the Purchase Agreement.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Common Stock</u>" means the Corporation's common stock, par value $0.001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Common Stock Equivalents</u>" means any securities of the Corporation or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"<u>Conversion Date</u>" shall have the meaning set forth in Section 6(a).

"<u>Conversion Price</u>" shall have the meaning set forth in Section 6(b).

"<u>Conversion Shares</u>" means, collectively, the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in accordance with the terms hereof.

"<u>Dilutive Issuance</u>" shall have the meaning set forth in Section 7(b).

"<u>Dilutive Issuance Notice</u>" shall have the meaning set forth in Section 7(b).

"<u>Equity Conditions</u>" means, during the period in question, (a) the Corporation shall have duly honored all conversions scheduled to occur or occurring by virtue of one or more Notices of Conversion of the applicable Holder on or prior to the dates so requested or required, if any, (b) the Corporation shall have paid all liquidated damages and other amounts owing to the applicable Holder in respect of the Preferred Stock, (c)(i) there is an effective Registration Statement pursuant to which the Holders are permitted to utilize the prospectus thereunder to resell all of the shares of Common Stock issuable pursuant to the Transaction Documents (and the Corporation believes, in good faith, that such effectiveness will continue uninterrupted for the foreseeable future) or (ii) all of the Conversion Shares issuable pursuant to the Transaction Documents may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information requirements as determined by the counsel to the Corporation as set forth in a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders, (d) the Common Stock is trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading on such Trading Market (and the Corporation believes, in good faith, that trading of the Common Stock on a Trading Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized, but unissued and otherwise unreserved, shares of Common Stock for the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f) the issuance of the shares in question to the applicable Holder would not violate the limitations set forth in Section 6(d) and Section 6(e) herein, (g) there has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control Transaction that has not been consummated, (h) the applicable Holder is not in possession of any information provided by the Corporation, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material non-public information, and (i) for each Trading Day in a period of 20 consecutive Trading Days prior to the applicable date in question, the daily trading volume for the Common Stock on the principal Trading Market exceeds $1,000,000.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Exempt Issuance</u>" means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Corporation pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors of the Corporation or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise or exchange of or conversion of any securities issued pursuant to the Purchase Agreement and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of the Purchase Agreement, provided that such securities have not been amended since the date of the Purchase Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of any such securities or to extend the term of such securities (other than (i) the shares of Series F Convertible Preferred Stock, par value $0.001 per share ("<u>Series F Preferred Stock</u>") and (ii) in connection with any issuance of Additional Preferred Shares pursuant to the Purchase Agreement), and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Corporation, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.13(a) of the Purchase Agreement, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Corporation and shall provide to the Corporation additional benefits in addition to the investment of funds, but shall not include a transaction in which the Corporation is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities. For purpose of clarity, any issuances of (i) Additional Preferred Shares (as defined in the Securities Purchase Agreement), shares of Common Stock issuable upon conversion of the shares of Preferred Stock or Additional Preferred Shares, upon adjustments to the foregoing resulting in the reduction of the Conversion Price or otherwise pursuant to the terms of this Certificate of Designations; and (ii) the shares of Series F Preferred Stock, the Common Stock issuable upon conversion of the Series F Preferred Stock, upon adjustments to the foregoing resulting in the reduction of the Conversion Price (as defined in the Certificate of Designations establishing the rights, preferences, restrictions and other matters relating to the Series F Preferred Stock ("Series F Certificate of Designations") or otherwise pursuant to the Series F Certificate of Designations, in each case of clauses (i) and (ii) of this sentence, shall not constitute an Exempt Issuance.

"<u>Fundamental Transaction</u>" shall have the meaning set forth in Section 7(e).

"<u>GAAP</u>" means United States generally accepted accounting principles.

"<u>Holder</u>" shall have the meaning given such term in Section 2.

"<u>Indebtedness</u>" means (a) any liabilities for borrowed money or amounts owed in excess of $250,000 (other than trade accounts payable incurred in the ordinary course of business), (b) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Corporation's balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, and (c) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP.

"<u>Issuable Maximum</u>" shall have the meaning set forth in Section 6(e).

"<u>Junior Securities</u>" means the Common Stock and all other Common Stock Equivalents of the Corporation other than those securities which are explicitly senior or <u>pari passu</u> to the Preferred Stock in dividend rights or liquidation preference.

"<u>Liens</u>" means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Liquidation</u>" shall have the meaning set forth in Section 5.

"<u>New York Courts</u>" shall have the meaning set forth in Section 9(d).

"<u>Notice of Conversion</u>" shall have the meaning set forth in Section 6(a).

"<u>Original Issue Date</u>" means the date of the first issuance of any shares of the Preferred Stock regardless of the number of transfers of any particular shares of Preferred Stock and regardless of the number of certificates which may be issued to evidence such Preferred Stock.

"<u>Permitted Indebtedness</u>" means (a) the Indebtedness existing on the Original Issue Date and set forth on <u>Schedule 3.1(aa)</u> attached to the Purchase Agreement and (b) lease obligations and purchase money indebtedness of up to $2,500,000, in the aggregate, incurred in connection with the acquisition of capital assets and lease obligations with respect to newly acquired or leased assets.

"<u>Permitted Lien</u>" means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Corporation) have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Corporation's business, such as carriers', warehousemen's and mechanics' Liens, statutory landlords' Liens, and other similar Liens arising in the ordinary course of the Corporation's business, and which (x) do not individually or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Corporation and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien, (c) Liens incurred in connection with Permitted Indebtedness under clause (a) thereunder, and (d) Liens incurred in connection with Permitted Indebtedness under clause (b) thereunder, provided that such Liens are not secured by assets of the Corporation or its Subsidiaries other than the assets so acquired or leased.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Preferred Stock</u>" shall have the meaning set forth in Section 2.

"<u>Purchase Agreement</u>" means the Securities Purchase Agreement, dated as of November 5, 2025, by and among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>Registration Statement</u>" shall have the meaning ascribed to such term in the Purchase Agreement.

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

"<u>Securities</u>" means the Preferred Stock and the Conversion Shares.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Share Delivery Date</u>" shall have the meaning set forth in Section 6(c).

"<u>Stated Value</u>" shall have the meaning set forth in Section 2.

"<u>Stockholder Approva</u>l" shall have the meaning ascribed to such term in the Purchase Agreement.

"<u>Subscription Amount</u>" shall have the meaning ascribed to such term in the Purchase Agreement.

"<u>Subsidiary</u>" shall have the meaning set forth in the Purchase Agreement.

"<u>Successor Entity</u>" shall have the meaning set forth in Section 7(e).

"<u>Trading Day</u>" means a day on which the principal Trading Market is open for business.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transaction Documents</u>" shall have the meaning ascribed to such term in the Purchase Agreement.

"<u>Transfer Agent</u>" shall have the meaning ascribed to such term in the Purchase Agreement.

"<u>Variable Rate Transaction</u>" shall have the meaning ascribed to such term in the Purchase Agreement.

<u>Section 2.</u> <u>Designation, Amount and Par Value</u>. The series of preferred stock shall be designated as its Series G Convertible Preferred Stock (the "<u>Preferred Stock</u>") and the number of shares so designated shall be up to 100,000,which shall not be subject to increase without the written consent of the holders (each, a "<u>Holder</u>" and collectively, the "<u>Holders</u>") of a majority of the then outstanding shares of the Preferred Stock. Each share of Preferred Stock shall have a par value of $0.001 per share and a stated value equal to $1,000.00 (the "<u>Stated Value</u>").

<u>Section 3.</u> <u>Dividends</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Dividends</u>. Holders
 of the Preferred Stock shall be entitled to receive dividends (" <u>Dividends</u> ") when and as declared by the Board of
 Directors, from time to time, in its sole discretion, which Dividends shall be paid by the Corporation out of funds legally available
 therefor, payable, subject to the conditions and other terms hereof, in cash, in securities of the Corporation, or using assets as
 determined by the Board of Directors on the Stated Value of such share of Preferred Stock. No other dividends shall be paid on shares
 of Preferred Stock.

b) <u>Other Securities</u>.
 So long as any Preferred Stock shall remain outstanding, neither the Corporation nor any Subsidiary thereof shall redeem, purchase
 or otherwise acquire directly or indirectly any Junior Securities. So long as any Preferred Stock shall remain outstanding, neither
 the Corporation nor any Subsidiary thereof shall directly or indirectly pay or declare any dividend or make any distribution upon (other
 than a dividend or distribution described in Section 7 or dividends due and paid in the ordinary course on preferred stock of the Corporation
 at such times when the Corporation is in compliance with its payment and other obligations hereunder), nor shall any distribution be
 made in respect of, any Junior Securities as long as any Dividends due on the Preferred Stock, if any, remain unpaid, nor shall any
 monies be set aside for or applied to the purchase or redemption (through a sinking fund or otherwise) of any Junior Securities or
 shares <u>pari passu</u> with the Preferred Stock.

<u>Section 4.</u> <u>Voting Rights</u>. Except as otherwise provided herein or as otherwise required by law, the Preferred Stock shall have no voting rights. However, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) authorize or create any class of stock ranking as to dividends, redemption or distribution of assets upon a Liquidation (as defined in Section 5) senior to, or otherwise <u>pari passu</u> with, the Preferred Stock, (c) amend its articles of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (d) increase the number of authorized shares of Preferred Stock, or (e) enter into any agreement with respect to any of the foregoing.

<u>Section 5</u>. <u>Liquidation</u>. Upon any liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary (a "<u>Liquidation</u>"), the Holders shall be entitled to receive out of the assets, whether capital or surplus, of the Corporation an amount equal to the Stated Value, plus any accrued and unpaid Dividends thereon, if any, and any other fees or liquidated damages then due and owing thereon under this Certificate of Designation, for each share of Preferred Stock before any distribution or payment shall be made to the holders of any Junior Securities, and if the assets of the Corporation shall be insufficient to pay in full such amounts, then the entire assets to be distributed to the Holders shall be ratably distributed among the Holders in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were paid in full. The Corporation shall mail written notice of any such Liquidation, not less than 45 days prior to the payment date stated therein, to each Holder.

<u>Section 6.</u> <u>Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Conversions at Option of Holder</u>. Each share of Preferred Stock shall be convertible, at any time and from time to time from and after the Original Issue
 Date at the option of the Holder thereof, into that number of shares of Common Stock (subject to the limitations set forth in Section
 6(d) and Section 6(e)) determined by dividing the Stated Value of such share of Preferred Stock by the Conversion Price. Holders shall
 effect conversions by providing the Corporation with the form of conversion notice attached hereto as <u>Annex A</u> (a " <u>Notice of Conversion</u> "). Each Notice of Conversion shall specify the number of shares of Preferred Stock to be converted, the number
 of shares of Preferred Stock owned prior to the conversion at issue, the number of shares of Preferred Stock owned subsequent to the
 conversion at issue and the date on which such conversion is to be effected, which date may not be prior to the date the applicable
 Holder delivers by .pdf via email such Notice of Conversion to the Corporation (such date, the " <u>Conversion Date</u> ").
 If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion
 to the Corporation is deemed delivered hereunder. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee
 (or other type of guarantee or notarization) of any Notice of Conversion form be required. The calculations and entries set forth in
 the Notice of Conversion shall control in the absence of manifest or mathematical error. To effect conversions of shares of Preferred
 Stock, a Holder shall not be required to surrender the certificate(s) representing the shares of Preferred Stock to the Corporation
 unless all of the shares of Preferred Stock represented thereby are so converted, in which case such Holder shall deliver the certificate
 representing such shares of Preferred Stock promptly following the Conversion Date at issue. Shares of Preferred Stock converted into
 Common Stock or redeemed in accordance with the terms hereof shall be canceled and shall not be reissued. In connection with the consummation
 of any Additional Closing (as defined in the Purchase Agreement), each Holder of Preferred Stock agrees to use its reasonable best
 efforts to convert 80% of the number of shares of Preferred Stock outstanding as of immediately prior to the each such Additional Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Conversion Price</u>.
 The conversion price for the Preferred Stock shall equal $1.23 **,** subject to adjustment as provided herein and for any stock splits,
 stock dividends, stock combinations, recapitalizations or other similar transactions following the date hereof; provided that upon
 each issuance of Additional Preferred Shares following the Original Issue Date, the Conversion Price shall thereafter be reduced to
 equal the lower of (i) the Conversion Price on the Trading Day immediately prior to the issuance of such Additional Preferred Shares,
 and (ii) 75% of the "Minimum Price" (as defined in Section 713(c) of the NYSE American LLC Company Guide) on the Trading
 Day immediately prior to the issuance of such Additional Preferred Shares (the " <u>Conversion Price</u> "), provided that,
 the Conversion Price shall not be less than $1.00 (the " <u>Floor Price Condition</u> "); provided further that, the Corporation
 may waive, in its sole discretion, the Floor Price Condition.

&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) <u>Mechanics of Conversion</u>.

&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. <u>Delivery of Conversion Shares Upon Conversion</u>. Not later than the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) after each Conversion Date (the "<u>Share Delivery Date</u>"), the Corporation shall deliver, or cause to be delivered, to the converting Holder (A) the number of Conversion Shares being acquired upon the conversion of the Preferred Stock which shall be free of restrictive legends and trading restrictions (other than those which may then be required by the Purchase Agreement), and (B) shall deliver by wire transfer of immediately available funds the amount of accrued and unpaid Dividends, if any. The Corporation shall deliver the Conversion Shares required to be delivered by the Corporation under this Section 6 electronically through the Depository Trust Company or another established clearing corporation performing similar functions. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Corporation's primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Conversion.

&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. <u>Failure to Deliver Conversion Shares</u>. If, in the case of any Notice of Conversion, such Conversion Shares are not delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Corporation at any time on or before its receipt of such Conversion Shares, to rescind such Conversion, in which event the Corporation shall promptly return to the Holder any original Preferred Stock certificate delivered to the Corporation and the Holder shall promptly return to the Corporation the Conversion Shares issued to such Holder pursuant to the rescinded Notice of Conversion.

&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. <u>Obligation Absolute; Partial Liquidated Damages</u>. The Corporation's obligations to issue and deliver the Conversion Shares upon conversion of Preferred Stock in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by a Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by such Holder or any other Person of any obligation to the Corporation or any violation or alleged violation of law by such Holder or any other person, and irrespective of any other circumstance which might otherwise limit such obligation of the Corporation to such Holder in connection with the issuance of such Conversion Shares; <u>provided</u>, <u>however</u>, that such delivery shall not operate as a waiver by the Corporation of any such action that the Corporation may have against such Holder. In the event a Holder shall elect to convert any or all of the Stated Value of its Preferred Stock, the Corporation may not refuse conversion based on any claim that such Holder or any one associated or affiliated with such Holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and/or enjoining conversion of all or part of the Preferred Stock of such Holder shall have been sought and obtained, and the Corporation posts a surety bond for the benefit of such Holder in the amount of 150% of the Stated Value of Preferred Stock which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to such Holder to the extent it obtains judgment. In the absence of such injunction, the Corporation shall issue Conversion Shares and, if applicable, cash, upon a properly noticed conversion. If the Corporation fails to deliver to a Holder such Conversion Shares pursuant to Section 6(c)(i) by the Share Delivery Date applicable to such conversion, the Corporation shall pay to such Holder, in cash, as liquidated damages and not as a penalty, for each $5,000 of Stated Value of Preferred Stock being converted, $50 per Trading Day (increasing to $100 per Trading Day on the third (3<sup>rd</sup>) Trading Day and increasing to $200 per Trading Day on the sixth Trading Day after the Share Delivery Date) for each Trading Day after the Share Delivery Date until such Conversion Shares are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder's right to pursue actual damages for the Corporation's failure to deliver Conversion Shares within the period specified herein and such Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit a Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

&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;iv. <u>Compensation for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion</u>. In addition to any other rights available to the Holder, if the Corporation fails for any reason to deliver to a Holder the applicable Conversion Shares by the Share Delivery Date pursuant to Section 6(c)(i), and if after such Share Delivery Date such Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Conversion Shares which such Holder was entitled to receive upon the conversion relating to such Share Delivery Date (a "<u>Buy-In</u>"), then the Corporation shall (A) pay in cash to such Holder (in addition to any other remedies available to or elected by such Holder) the amount, if any, by which (x) such Holder's total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that such Holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of such Holder, either reissue (if surrendered) the shares of Preferred Stock equal to the number of shares of Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded) or deliver to such Holder the number of shares of Common Stock that would have been issued if the Corporation had timely complied with its delivery requirements under Section 6(c)(i). For example, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of shares of Preferred Stock with respect to which the actual sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Corporation shall be required to pay such Holder $1,000. The Holder shall provide the Corporation written notice indicating the amounts payable to such Holder in respect of the Buy-In and, upon request of the Corporation, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Corporation's failure to timely deliver the Conversion Shares upon conversion of the shares of Preferred Stock as required pursuant to the terms hereof.

&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;v. <u>Reservation of Shares Issuable Upon Conversion</u>. The Corporation covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Preferred Stock as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders of the Preferred Stock), not less than such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions of Section 7) upon the conversion of the then outstanding shares of Preferred Stock. The Corporation covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable and, if the Registration Statement is then effective under the Securities Act, shall be registered for public resale in accordance with such 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;vi. <u>Fractional Shares</u>. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of the Preferred Stock. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Corporation shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price or round up to the next whole share. Notwithstanding anything to the contrary contained herein, but consistent with the provisions of this subsection with respect to fractional Conversion Shares, nothing shall prevent any Holder from converting fractional shares of Preferred Stock.

&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;vii. <u>Transfer Taxes and Expenses</u>. The issuance of Conversion Shares on conversion of shares of Preferred Stock shall be made without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion Shares, provided that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the Holders of such shares of Preferred Stock and the Corporation shall not be required to issue or deliver such Conversion Shares unless or until the Person or Persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer Agent fees required for same-day processing of any Notice of Conversion and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Conversion Shares.

&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) <u>Beneficial Ownership Limitation</u>. The Corporation shall not effect any conversion of the Preferred Stock, and a Holder shall not have the right to convert any portion of the Preferred Stock, to the extent that, after giving effect to the conversion set forth on the applicable Notice of Conversion, such Holder (together with such Holder's Affiliates, and any Persons acting as a group together with such Holder or any of such Holder's Affiliates (such Persons, "<u>Attribution Parties</u>")) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon conversion of the Preferred Stock with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted Stated Value of Preferred Stock beneficially owned by such Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, the Preferred Stock) beneficially owned by such Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 6(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 6(d) applies, the determination of whether the Preferred Stock is convertible (in relation to other securities owned by such Holder together with any Affiliates and Attribution Parties) and of how many shares of Preferred Stock are convertible shall be in the sole discretion of such Holder, and the submission of a Notice of Conversion shall be deemed to be such Holder's determination of whether the shares of Preferred Stock may be converted (in relation to other securities owned by such Holder together with any Affiliates and Attribution Parties) and how many shares of the Preferred Stock are convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, each Holder will be deemed to represent to the Corporation each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Corporation shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 6(d), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Corporation's most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by the Corporation or (iii) a more recent written notice by the Corporation or the Transfer Agent setting forth the number of shares of Common Stock outstanding.

Upon the written or oral request of a Holder, the Corporation shall within one Trading Day confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Corporation, including the Preferred Stock, by such Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The "<u>Beneficial Ownership Limitation</u>" shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred Stock held by the applicable Holder. A Holder, upon notice to the Corporation, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 6(d) applicable to its Preferred Stock provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of the shares of Preferred Stock held by the Holder and the provisions of this Section 6(d) shall continue to apply. Any such increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup> day after such notice is delivered to the Corporation and shall only apply to such Holder and no other Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Issuance Limitations</u>. Notwithstanding anything herein to the contrary, if the Corporation has not obtained Stockholder Approval, then the Corporation may not issue, upon conversion of the Preferred Stock, a number of shares of Common Stock which, when aggregated with any shares of Common Stock currently owned by a Holder, issued on or after the Original Issue Date and prior to such Conversion Date in connection with any conversion of Preferred Stock issued pursuant to the Purchase Agreement, would exceed 7,596,572 shares of Common Stock (subject to adjustment for forward and reverse stock splits, recapitalizations and the like) (such number of shares, the "<u>Issuable Maximum</u>"). Each Holder shall be entitled to a portion of the Issuable Maximum equal to the quotient obtained by dividing (x) the original Stated Value of such Holder's Preferred Stock by (y) the aggregate Stated Value of all Preferred Stock issued on the Original Issue Date to all Holders.

<u>Section 7.</u> <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Stock Dividends and Stock Splits</u>. If the Corporation, at any time while any shares of Preferred Stock are outstanding: (i) pays a stock
 dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any other
 Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Corporation upon
 conversion of, or payment of a dividend on, any shares of Preferred Stock), (ii) subdivides outstanding shares of Common Stock into
 a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller
 number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of
 the Corporation, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares
 of Common Stock (excluding any treasury shares of the Corporation) outstanding immediately before such event, and of which the denominator
 shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section
 7(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
 or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

b) <u>Subsequent Equity Sales</u>. If, at any time while any shares of Preferred Stock are outstanding, the Corporation or any Subsidiary, as applicable
 sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces
 any sale, grant or any option to purchase or other disposition), any Common Stock or Common Stock Equivalents entitling any Person
 to acquire shares of Common Stock at an effective price per share that is lower than the then Conversion Price (such lower price,
 the " <u>Base Conversion Price</u> " and such issuances, collectively, a " <u>Dilutive Issuance</u> ") (if the
 holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments,
 reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share
 which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share
 that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such
 date of the Dilutive Issuance), then simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance
 the Conversion Price shall be reduced to equal the Base Conversion Price. Notwithstanding the foregoing, no adjustment will be made
 under this Section 7(b) in respect of an Exempt Issuance. If the Corporation enters into a Variable Rate Transaction, despite the
 prohibition set forth in the Purchase Agreement, the Corporation shall be deemed to have issued Common Stock or Common Stock Equivalents
 at the lowest possible conversion price at which such securities may be converted or exercised. The Corporation shall notify the
 Holders in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject
 to this Section 7(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price
 and other pricing terms (such notice, the " <u>Dilutive Issuance Notice</u> "). For purposes of clarification, whether
 or not the Corporation provides a Dilutive Issuance Notice pursuant to this Section 7(b), upon the occurrence of any Dilutive Issuance,
 the Holders are entitled to receive a number of Conversion Shares based upon the Base Conversion Price on or after the date of such
 Dilutive Issuance, regardless of whether a Holder accurately refers to the Base Conversion Price in the Notice of Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 7(a) above, at any time after the date hereof and until
 (i) if the Holders do not purchase, in the aggregate, $10,000,000 in Stated Value of Additional Preferred Shares, June 30, 2026,
 or (ii) if the Holders purchase, in the aggregate, $10,000,000 in Stated Value of Additional Preferred Shares, the date that is nine
 (9) months following receipt of the Stockholder Approval, the Corporation grants, issues or sells any Common Stock Equivalents or
 rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common
 Stock (the " <u>Purchase Rights</u> "), then the Holder will be entitled to acquire, upon the terms applicable to such
 Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of
 Common Stock acquirable upon complete conversion of such Holder's Preferred Stock (without regard to any limitations on conversion
 hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken
 for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders
 of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to
 the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial
 Ownership Limitation or the Issuable Maximum, then the Holder shall not be entitled to participate in such Purchase Right to such
 extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
 Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
 the Holder exceeding the Beneficial Ownership Limitation or the Issuable Maximum).

d) <u>Pro Rata Distributions</u>. During such time as any shares of Preferred Stock are outstanding, if the Corporation declares or makes any
 dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return
 of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
 by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
 " <u>Distribution</u> "), at any time after the applicable Closing Date, then, in each such case, the Holder shall be entitled
 to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the
 number of shares of Common Stock acquirable upon complete conversion of all of the shares of Preferred Stock (without regard to any
 limitations on conversion hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
 of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
 of Common Stock are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, to the extent that
 the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation
 or the Issuable Maximum, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
 ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall
 be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
 the Beneficial Ownership Limitation or the Issuable Maximum).

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| | |
|:---|:---|
| c) | <u>Fundamental Transaction</u>. If, at any time while any shares of Preferred Stock are outstanding, (i) the Corporation, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Corporation with or into another Person, (ii) the Corporation (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Corporation or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of more than 50% of the outstanding Common Stock, (iv) the Corporation, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Corporation, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent conversion of any shares of Preferred Stock, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 6(d) and Section 6(e) on the conversion of the Preferred Stock), the number of shares of Common Stock of the successor or acquiring corporation or of the Corporation, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which the shares of Preferred Stock are convertible immediately prior to such Fundamental Transaction (without regard to any limitation in Section 6(d) and Section 6(e) on the conversion of the Preferred Stock). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Corporation shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of Preferred Stock following such Fundamental Transaction. |
|  | To the extent necessary to effectuate the foregoing provisions, any successor to the Corporation or surviving entity in such Fundamental Transaction shall file a new Certificate of Designation with the same terms and conditions and issue to the Holders new preferred stock consistent with the foregoing provisions and evidencing the Holders' right to convert such preferred stock into Alternate Consideration. The Corporation shall cause any successor entity in a Fundamental Transaction in which the Corporation is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Corporation under this Certificate of Designation and the other Transaction Documents (as defined in the Purchase Agreement) in accordance with the provisions of this Section 7(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for the shares of Preferred Stock held by such Holder a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the shares of Preferred Stock which are convertible for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of the shares of Preferred Stock (without regard to any limitations on the conversion of the shares of Preferred Stock) prior to such Fundamental Transaction, and with a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of the shares of Preferred Stock immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designation and the other Transaction Documents referring to the "Corporation" shall refer instead to the Successor Entity), and may exercise every right and power of the Corporation and shall assume all of the obligations of the Corporation under this Certificate of Designation and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Corporation herein. |
| d) | <u>Calculations</u>. All calculations under this Section 7 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 7, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Corporation) issued and outstanding. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Notice to the Holders</u>.

&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. <u>Adjustment to Conversion Price</u>. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 7, the Corporation shall
 promptly deliver to each Holder by email a notice setting forth the Conversion Price after such adjustment and setting forth a brief
 statement of the facts requiring such adjustment.

ii. <u>Notice to Allow Conversion by Holder</u>. If (A) the Corporation shall declare a dividend (or any other distribution in whatever form) on
 the Common Stock, (B) the Corporation shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
 (C) the Corporation shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or purchase
 any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Corporation shall be required
 in connection with any reclassification of the Common Stock, any consolidation or merger to which the Corporation is a party, any
 sale or transfer of all or substantially all of the assets of the Corporation (and all of its Subsidiaries, taken as a whole), or
 any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property or (E) the Corporation
 shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation, then, in each
 case, the Corporation shall cause to be filed at each office or agency maintained for the purpose of conversion of the shares of
 Preferred Stock, and shall cause to be delivered by email to each Holder at its last email address as it shall appear upon the stock
 books of the Corporation, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified,
 a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights
 or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to
 such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
 consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is
 expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
 cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided
 that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate
 action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material,
 non-public information regarding the Corporation or any of the Subsidiaries, the Corporation shall simultaneously file such notice
 with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to convert the Stated Value of the
 shares of Preferred Stock (or any part hereof) during the 20-day period commencing on the date of such notice through the effective
 date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 8.</u> <u>Negative Covenants</u>. As long as any shares of Preferred Stock are outstanding, unless the holders of at least 50.1% in Stated Value of the then outstanding shares of Preferred Stock shall have otherwise given prior written consent, the Corporation shall not, and shall not permit any of the Subsidiaries to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) other
 than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money
 of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter
 acquired or any interest therein or any income or profits therefrom;

b) other
 than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of its
 property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

c) amend
 its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
 and adversely affects any rights of the Holder, except for any amendment to the Corporation's bylaws to lower its quorum requirement;

d) pay
 cash dividends or distributions on Junior Securities of the Corporation;

e) enter
 into any transaction with any Affiliate of the Corporation which would be required to be disclosed in any public filing with the
 Commission, unless such transaction is made on an arm's-length basis and expressly approved by a majority of the disinterested
 directors of the Corporation (even if less than a quorum otherwise required for board approval); or

f) enter
 into any agreement with respect to any of the foregoing.

<u>Section 9</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Notices</u>.
 Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
 any Notice of Conversion, shall be in writing and delivered personally, by e-mail attachment, or sent by a nationally recognized
 overnight courier service, addressed to the Corporation, at the address set forth above Attention: Alison Geiger-Burgett, e-mail
 address alison.geiger@eaglenxt.com, or such other e-mail address or address as the Corporation may specify for such purposes by notice
 to the Holders delivered in accordance with this Section 9. Any and all notices or other communications or deliveries to be provided
 by the Corporation hereunder shall be in writing and delivered personally, by e-mail attachment, or sent by a nationally recognized
 overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the
 Corporation, or if no such e-mail address or address appears on the books of the Corporation, at the principal place of business
 of such Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries hereunder shall be deemed
 given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via e-mail attachment
 at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after
 the date of transmission, if such notice or communication is delivered via e-mail attachment at the e-mail address set forth in this
 Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading
 Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by
 the party to whom such notice is required to be given.

b) <u>Absolute Obligation</u>. Except as expressly provided herein, no provision of this Certificate of Designation shall alter or impair the obligation
 of the Corporation, which is absolute and unconditional, to pay liquidated damages, accrued Dividends and accrued interest, as applicable,
 on the shares of Preferred Stock at the time, place, and rate, and in the coin or currency, herein prescribed.

c) <u>Lost or Mutilated Preferred Stock Certificate</u>. If a Holder's Preferred Stock certificate shall be mutilated, lost, stolen or
 destroyed, the Corporation shall execute and deliver, in exchange and substitution for and upon cancellation of a mutilated certificate,
 or in lieu of or in substitution for a lost, stolen or destroyed certificate, a new certificate for the shares of Preferred Stock
 so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such certificate,
 and of the ownership hereof reasonably satisfactory to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation shall
 be governed by and construed and enforced in accordance with the internal laws of the State of Nevada without regard to the principles
 of conflict of laws thereof. All legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated
 by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, stockholders,
 employees or agents) shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the
 " <u>New York Courts</u> "). The Corporation and each Holder hereby irrevocably submits to the exclusive jurisdiction of
 the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
 hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
 waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
 of such New York Courts, or such New York Courts are an improper or inconvenient venue for such proceeding. The Corporation and each
 Holder hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
 by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
 address in effect for notices to it under this Certificate of Designation and agrees that such service shall constitute good and
 sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
 process in any other manner permitted by applicable law. The Corporation and each Holder hereby irrevocably waives, to the fullest
 extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
 Certificate of Designation or the transactions contemplated hereby. If the Corporation or any Holder shall commence an action or
 proceeding to enforce any provisions of this Certificate of Designation, then the prevailing party in such action or proceeding shall
 be reimbursed by the other party for its attorneys' fees and other costs and expenses incurred in the investigation, preparation
 and prosecution of such action or proceeding.

e) <u>Waiver</u>.
 Any waiver by the Corporation or a Holder of a breach of any provision of this Certificate of Designation shall not operate as or
 be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Certificate of
 Designation or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term
 of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other
 Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation
 on any other occasion. Any waiver by the Corporation or a Holder must be in writing.

f) <u>Severability</u>.
 If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation
 shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable
 to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates
 the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum
 rate of interest permitted under applicable law.

g) <u>Next Business Day</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
 shall be made on the next succeeding Business Day.

h) <u>Headings</u>.
 The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall not
 be deemed to limit or affect any of the provisions hereof.

i) <u>Status of Converted or Redeemed Preferred Stock</u>. Shares of Preferred Stock may only be issued pursuant to the Purchase Agreement. If
 any shares of Preferred Stock shall be converted, redeemed or reacquired by the Corporation, such shares shall resume the status
 of authorized but unissued shares of preferred stock and shall no longer be designated as Series G Convertible Preferred
 Stock.

j) <u>Amendments</u>.
 This Certificate of Designation or any provision thereof may be amended by obtaining the written consent of the majority of the Holders
 of the Preferred Stock issued and outstanding on such date.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

RESOLVED, FURTHER, that the Chairman, the president or any vice-president, and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations in accordance with the foregoing resolution and the provisions of Nevada law.

IN WITNESS WHEREOF, the undersigned have executed this Certificate this 7<sup>th</sup> day of November, 2025.

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| | | | |
|:---|:---|:---|:---|
| */s/ William Irby* | */s/ William Irby* | */s/ Alison Burgett* | */s/ Alison Burgett* |
| Name: | William Irby | Name: | Alison Burgett |
| Title: | Chief Executive Officer | Title: | Chief Financial Officer |

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**ANNEX A**

NOTICE OF CONVERSION

(To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)

The undersigned hereby elects to convert the number of shares of Series G Convertible Preferred Stock indicated below into shares of common stock, par value $0.001 per share (the "<u>Common Stock</u>"), of AgEagle Aerial Systems Inc., a Nevada corporation (the "<u>Corporation</u>"), according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Purchase Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.

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| |
|:---|
| Conversion calculations: |
| Date to Effect Conversion: _____________________________________________ |
| Number of shares of Preferred Stock owned prior to Conversion: _______________ |
| Number of shares of Preferred Stock to be Converted: ________________________ |
| Stated Value of shares of Preferred Stock to be Converted: ____________________ |
| Number of shares of Common Stock to be Issued: ___________________________ |
| Applicable Conversion Price:____________________________________________ |
| Number of shares of Preferred Stock subsequent to Conversion: ________________ |
| Address for Delivery: ______________________<br> <u>or</u><br> DWAC Instructions:<br> Broker no: _________<br> Account no: ___________ |

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| |
|:---|
| [HOLDER] |
| By: |
| Name: |
| Title: |

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## Exhibit 5.1

**Exhibit 5.1**

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| | | |
|:---|:---|:---|
| NEW YORK<br> LONDON<br> SINGAPORE<br> PHILADELPHIA<br> CHICAGO<br> WASHINGTON, DC<br> SAN FRANCISCO<br> SILICON VALLEY<br> SAN DIEGO<br> LOS ANGELES<br> BOSTON<br> HOUSTON<br> DALLAS<br> FORT WORTH<br> AUSTIN | ![](ex5-1_001.jpg)<br>*FIRM and AFFILIATE OFFICES*<br>*www.duanemorris.com* | HANOI<br> HO CHI MINH CITY<br> SHANGHAI<br> ATLANTA<br> BALTIMORE<br> WILMINGTON<br> MIAMI<br> BOCA RATON<br> PITTSBURGH<br> NORTH JERSEY<br> LAS VEGAS<br> SOUTH JERSEY<br> MYANMAR<br>ALLIANCES IN MEXICO |

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November 10, 2025

AgEagle Aerial Systems Inc.

8201 E. 34<sup>th</sup> Street N. Suite 67226

Wichita, Kansas 67226

**Re: AgEagle Aerial Systems Inc. – Registration Statement on Form S-3**

Ladies and Gentlemen:

We have acted as special counsel to AgEagle Aerial Systems Inc., a Nevada corporation (the "**Company**"), in connection with the transactions contemplated by the Securities Purchase Agreement, dated November 5, 2025 (the "**Agreement**"), between the Company and the parties identified on the signature pages thereto relating to the sale of an aggregate of up to 100,000 shares of the Company's Series G Convertible Preferred Stock, $0.001 par value per share (the "**Preferred Stock**") convertible into up to an aggregate of 81,300,814 shares of the Company's common stock (the "**Conversion Shares**"), par value $0.001 per share (the "**Common Stock**"). The Company has agreed to sell the shares of Preferred Stock pursuant to the Agreement, the Registration Statement on Form S-3 (File No. 333-290164 (the "**Registration Statement**"), the related prospectus dated September 22, 2025 (the "**Base Prospectus**") and the prospectus supplement dated November 5, 2025 (together with the Base Prospectus, the "**Prospectus**") filed with the Securities and Exchange Commission (the "**Commission**") pursuant to Rule 424(b) of the General Rules and Regulations under the Securities Act of 1933, as amended (the "**Securities Act**"). The terms of the Preferred Shares are set forth in the Certificate of Designations (as defined below).

For purposes of rendering this opinion, we have examined originals or copies (certified or otherwise identified to our satisfaction) of (i) the Registration Statement, (ii) the Prospectus, (iii) the Amended and Restated Articles of Incorporation of the Company, as amended and in effect as of the date hereof, (iv) the Company's Second Amended and Restated Bylaws, as amended and in effect as of the date hereof, (v) the Certificate of Designations of Preferences, Rights and Limitations of the Series G Preferred Stock (the "**Certificate of Designations**"), (vi) the corporate action of the Company's Board of Directors approving the Registration Statement, and (vii) such corporate records, agreements, documents and other instruments, and such certificates or comparable documents of public officials and of officers and representatives of the Company, and have made such inquiries of such officers and representatives, as we have deemed relevant and necessary as a basis for the opinions hereinafter set forth.

In such examination, we have assumed (i) the genuineness of all signatures, (ii) the legal capacity and competency of all natural persons, (iii) the authenticity of all documents submitted to us as originals, (iv) the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed or other copies and the authenticity of the originals of such documents, (v) that all records and other information made available to us by the Company on which we have relied are true, accurate and complete in all material respects, (vi) that each person signing in a representative capacity (other than on behalf of the Company) any document reviewed by us had authority to sign in such capacity, (vii) that the Registration Statement, and any amendments thereto (including, as applicable, all necessary post-effective amendments thereto), will have become effective under the Securities Act and comply with all applicable laws, (viii) that all shares of Common Stock will be sold in compliance with federal and state securities laws and in the manner stated in the Registration Statement or any amendment thereto (including post-effective amendments), the Prospectus, and that all applicable provisions of the securities laws of the various jurisdictions in which the Shares may be offered and sold will have been complied with, and (ix) that each certificate from governmental officials reviewed by us is accurate, complete and authentic, and all official public records are accurate and complete.

As to all questions of fact material to these opinions, we have relied solely upon the above-referenced certificates or comparable documents and have not performed or had performed any independent research or investigation of public records as to the facts set forth therein and have assumed that certificates of or other comparable documents from public officials dated prior to the date hereof remain accurate as of the date hereof.

Based on the foregoing, and subject to the limitations, assumptions and qualifications stated herein, we are of the opinion that the Conversion Shares issuable upon exercise of the conversion right set forth in the Certificate of Designations have been duly authorized for issuance and, when issued in accordance with the terms of the Certificate of Designations, will be validly issued, fully paid and non-assessable.

The opinions expressed herein are limited to Chapter 78 of the Nevada Revised Statutes ("***Applicable Laws***") No opinion is expressed as to the effect on the matters covered by this letter of the laws of (i) Nevada other than the Applicable Laws or (ii) any jurisdiction other than the State of Nevada, whether in any such case applicable directly or through the Applicable Laws. We express no opinion regarding any federal or state securities laws or regulations or as to whether, or the extent to which, the laws of any particular jurisdiction apply to the subject matter hereof. As used herein, the term "Chapter 78 of the Nevada Revised Statutes" includes the statutory provisions contained therein, all applicable provisions of the Nevada Constitution and reported judicial decisions interpreting these laws.

The opinion expressed herein is rendered as of the date hereof and is based on existing law, which is subject to change. Where our opinion expressed herein refers to events to occur at a future date, we have assumed that there will have been no changes in the relevant law or facts between the date hereof and such future date. We do not undertake to advise you of any changes in the opinion expressed herein from matters that may hereafter arise or be brought to our attention or to revise or supplement such opinions should the present laws of any jurisdiction be changed by legislative action, judicial decision or otherwise.

Our opinions expressed herein are limited to the matters expressly stated herein and no opinion is implied or may be inferred beyond the matters expressly stated.

We hereby consent to the use of this letter as an exhibit to the Company's Current Report on Form 8-K filed with the Commission for incorporation by reference into the Registration Statement and to any and all references to our firm in the Prospectus. In giving this consent, we do not admit that we are "experts" within the meaning of Section 11 of the Securities Act or within the category of persons whose consent is required under Section 7 of the Securities Act.

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| |
|:---|
| Very truly yours, |
| */s/ Duane Morris LLP* |

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