Document:

Exhibit 10.2

 

TRANSACTION SUPPORT AGREEMENT

 

This
Transaction Support Agreement (this “Agreement”) is made as of December 5, 2022, by and among (i) SportsMap
Tech Acquisition Corp., Inc., a Delaware corporation (“SportsMap”), (ii) Infrared Cameras Holdings, Inc.,
a Delaware corporation (the “Company”), and (iii) the Persons set forth on Schedule 1 attached hereto
(each, a “Holder” and collectively, the “Holders”). Any capitalized term used but not defined in
this Agreement will have the meaning ascribed to such term in the Business Combination Agreement.

 

WHEREAS,
contemporaneously with the execution and delivery of this Agreement, (i) SportsMap, (ii) ICH Merger Sub Inc., a Delaware corporation
and a wholly-owned subsidiary of SportsMap (“Merger Sub”), and (iii) the Company are entering into that certain
Business Combination Agreement dated as of the date hereof (as amended from time to time in accordance with the terms thereof, the “Business
Combination Agreement”), pursuant to which, among other things, Merger Sub will merge with and into the Company (the “Merger”),
with the Company surviving as the surviving entity, and each share of Company Common Stock, including Company Common Stock issued in
the Company Note Conversion, will be automatically converted into the right to receive a portion of the Aggregate Share Consideration
(such transactions, together with all other transactions contemplated by the Business Combination Agreement, the “Transactions”),
all upon the terms and subject to the conditions set forth in the Business Combination Agreement and in accordance with the applicable
provisions of the DGCL;

 

WHEREAS,
the Company Board has (a) determined that it is in the best interests of the Company and its stockholders, and declared it advisable,
to enter into the Business Combination Agreement, the Ancillary Documents to which the Company is or will be a party and the transactions
contemplated hereby and thereby (including the Merger), (b) adopted and approved the execution, delivery and performance by the
Company of the Business Combination Agreement, the Ancillary Documents to which the Company is or will be a party and the transactions
contemplated hereby and thereby (including the Merger), (c) resolved to recommend that the stockholders of the Company entitled
to vote thereon approve and adopt the Business Combination Agreement, and (d) directed that the Business Combination Agreement be
submitted to the stockholders of the Company for approval and adoption;

 

WHEREAS,
the Company Class A Stockholders as of the date of the Business Combination Agreement have approved and adopted the Business Combination
Agreement, the Ancillary Documents to which the Company is or will be a party and the transactions contemplated thereby (including the
Merger);

 

WHEREAS,
as of the date hereof, each Holder is the holder of record and the beneficial owner of, and has voting power (including, without limitation,
by proxy or power of attorney) and dispositive power over, such number of shares of Company Class A Common Stock (the “Shares”
together with any other equity securities of the Company that such Party holds of record or beneficially, as of the date of this Agreement,
or acquires record or beneficial ownership of after the date hereof, collectively, the “Securities”) as are indicated
opposite such Holder’s name on Schedule 1 attached hereto;

 

WHEREAS,
as a condition to the willingness of SportsMap to enter into the Business Combination Agreement, and as an inducement and in consideration
therefor, and in view of the valuable consideration to be received by the Holders thereunder, and the expenses and efforts to be undertaken
by SportsMap and the Company to consummate the Transactions, SportsMap, the Company and the Holders desire to enter into this Agreement
and agree to certain matters as set forth herein.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally bound, hereby agree as
follows:

 

1.             Covenant
to Vote in Favor of Transactions. Each Holder agrees, with respect to all of the Shares of such Holder (and, in the case
of Section 1(b), all of the Securities of such Holder), during the Term:

 

(a)             at
any meeting of the Company Stockholders or any class or series thereof, and in any written consent or resolutions of any of the Company
Stockholders in which such Holder is entitled to vote or consent, each Holder hereby unconditionally and irrevocably agrees to be present
for such meeting (in person or by proxy), or otherwise cause its Shares to be counted as present thereat for purposes of establishing
a quorum, and to vote or provide consent (or cause to be voted or consented) in person or by proxy, all of its Shares (i) in favor
of any actions required in furtherance of the Merger, the Company Note Conversion, the transactions contemplated by the Business
Combination Agreement and the Ancillary Documents, and any amendments to the Company’s Governing Documents, in each case, as required
pursuant to the terms of the Business Combination Agreement, and all of the other Transactions, and (ii) in opposition to: (A) any
Company Acquisition Proposal and any and all other proposals (x) for the acquisition of the Company, (y) that would reasonably
be expected to materially delay or impair the ability of the Company to consummate the Merger, the Business Combination Agreement or
any of the Transactions, or (z) which are in competition with or materially inconsistent with the Business Combination Agreement
or the Ancillary Documents; or (B) any other action or proposal involving any company that is intended to, or would reasonably be
expected to, prevent, materially impede, materially interfere with, materially delay, materially postpone or materially adversely affect
the Transactions or would result in any of the conditions to the Closing under the Business Combination Agreement not being fulfilled;

 

(b)             to
execute and deliver all additional documentation and take such other action, in each case, as is reasonably necessary or as shall reasonably
be requested by the Company or SportsMap in order to effect the Merger, the Company Note Conversion and the transactions contemplated
by the Business Combination Agreement and any Ancillary Documents, including the Transactions, including, without limitation, (i) execution
and delivery to the Company of a Letter of Transmittal and any related transmittal documents, (ii) if applicable, delivery of such
Holder’s stock certificate(s) with respect to the Shares, duly endorsed for transfer, to the Company or the Company’s
transfer agent, as applicable, (iii) if applicable, delivery of instrument(s) contemplating the conversion or exchange of each
of Holder’s Securities for shares of SportsMap Common Stock (or other similar documentation reasonably requested by SportsMap,
the Company or the Company’s transfer agent), and (iv) any applicable Ancillary Documents to be executed by the Holders pursuant
to the Business Combination Agreement (including, without limitation, the Lock-Up Agreement and Registration Rights Agreement), in each
case referred to in this clause (b), on the terms and subject to the conditions set forth in this Agreement, the Business Combination
Agreement and the Ancillary Documents;

 

(c)             to
refrain from exercising any dissenters’ rights or rights of appraisal under applicable Law at any time with respect to the Merger,
the Business Combination Agreement, the Ancillary Documents and any of the Transactions, including pursuant to the DGCL; and

 

(d)             without
limiting Sections 1(a) and 1(b) above, to approve and consent to and, if applicable, participate in, the
conversion of the Company Convertible Notes and any other Company convertible debt, in each case, at the applicable conversion ratio
(including any accrued or declared but unpaid dividends or interest) in accordance with their respective terms immediately prior to the
Effective Time as contemplated by the Business Combination Agreement.

 

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2.             Other
Covenants.

 

(a)             No
Transfers. Except as set forth in Section 2(b) hereof and except as contemplated by the Business Combination Agreement
and the Ancillary Documents, each Holder agrees, as to itself (and, for the avoidance of doubt, not with respect to any other Holder),
that during the Term it shall not, and shall cause its Affiliates not to, without SportsMap’s prior written consent, (A) offer
for sale, sell (including short sales), transfer, tender, pledge, encumber, assign or otherwise dispose of (including by gift) (collectively,
a “Transfer”), or enter into any contract, option, derivative, hedging or other agreement or arrangement or understanding
(including any profit-sharing arrangement) with respect to, or consent to, a Transfer of, any or all of such Holder’s Securities
(other than, with respect to any Company Options, the exercise of such Company Options in accordance with their respective terms); (B) grant
any proxies or powers of attorney with respect to any or all of such Holder’s Securities; (C) permit to exist any lien of
any nature whatsoever (other than those imposed by this Agreement, the Stockholders Agreement, applicable securities Laws or the Company’s
Governing Documents, as in effect on the date hereof) with respect to any or all of such Holder’s Securities; (D) deposit
any of such Holder’s Securities in a voting trust or subject any of such Holder’s Securities to any arrangement or agreement
with respect to the voting of such Securities (except as provided in this Agreement); or (E) commit or agree, directly or indirectly,
to take any of the foregoing actions. Each Holder agrees with, and covenants to, SportsMap that such Holder shall not request that the
Company register the Transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any of such Holder’s
Securities during the Term in contravention of this Section 2(a). Nothing in this Agreement shall prohibit the direct or
indirect Transfer of equity or other interests in any Holder.

 

(b)             Permitted
Transfers. Section 2(a) shall not prohibit a Transfer of Securities by any Holder (i) to any family member
or trust for the benefit of any family member, (ii) to any stockholder, member or partner of such Holder, if an entity, (iii) to
any Affiliate of such Holder, or (iv) to any person or entity if and to the extent required by any non-consensual Order, by divorce
decree or by will, intestacy or other similar applicable Law, so long as, in the case of the foregoing clauses (i), (ii), (iii) and
(iv), the assignee or transferee agrees to be bound by the terms of this Agreement and executes and delivers to the parties hereto a
joinder memorializing such agreement.

 

(c)             Changes
to Securities. In the event of a stock dividend or distribution, or any change in the shares of capital stock of the Company by reason
of any stock dividend or distribution, stock split, recapitalization, combination, conversion, exchange of shares or the like, the term
 “Securities” shall be deemed to refer to and include the Securities as well as all such stock dividends and distributions
and any securities into which or for which any or all of the Securities may be changed or exchanged or which are received in such transaction.
Each Holder agrees to, during the Term, notify SportsMap and the Company promptly in writing of the number and type of any changes to
such Holder’s ownership of or voting control with respect to Securities or upon Holder’s acquisition of, or commitment to
acquire, any additional Securities.

 

(d)             Compliance
with Business Combination Agreement. Each Holder agrees that it shall use its commercially reasonable efforts to cooperate with SportsMap
to effect the Merger and all other Transactions contemplated by the Business Combination Agreement and the Ancillary Documents.

 

(e)             Proxy
Statement. During the Term, each Holder agrees to provide to SportsMap, the Company and their respective Representatives any information
regarding such Holder or the Securities that is reasonably requested by SportsMap, the Company or their respective Representatives for
inclusion in the Proxy Statement.

 

(f)             Publicity.
Each Holder agrees to abide by the provisions of Section 5.4 of the Business Combination Agreement applicable to Representatives
of the Parties (as such term is defined in the Business Combination Agreement). Each Holder hereby authorizes the Company and SportsMap
to publish and disclose in any announcement or disclosure, in each case, required by the SEC or Nasdaq (including all documents and schedules
filed with the SEC in connection with the foregoing, including the Proxy Statement), such Holder’s identity and ownership of the
Securities and the nature of such Holder’s commitments and agreements under this Agreement, the Business Combination Agreement
and any other Ancillary Documents to the extent such disclosure is required by applicable securities laws, the SEC or Nasdaq.

 

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3.             Representations
and Warranties of Holders. Each Holder hereby represents and warrants as of the date hereof to SportsMap and the Company
(solely with respect to itself, himself or herself and not with respect to any other Holder) as follows:

 

(a)             Binding
Agreement. Such Holder (i) if a natural person, is of legal age to execute this Agreement and is legally competent to do so
and (ii) if not a natural person, is (A) a corporation, limited liability company, company or partnership duly organized and
validly existing under the laws of the jurisdiction of its organization and (B) has all necessary power and authority to execute
and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. If such Holder
is not a natural person, the execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation
of the transactions contemplated hereby by such Holder has been duly authorized by all necessary corporate, limited liability or partnership
action on the part of such Holder, as applicable. This Agreement, assuming due authorization, execution and delivery hereof by the other
parties hereto, constitutes a legal, valid and binding obligation of such Holder, enforceable against such Holder in accordance with
its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
other similar laws of general applicability relating to or affecting creditor’s rights, and to general equitable principles). Such
Holder understands and acknowledges that SportsMap is entering into the Business Combination Agreement in reliance upon the execution
and delivery of this Agreement by such Holder.

 

(b)             Ownership
of Securities. As of the date hereof, such Holder is the record and beneficial owner of the type and number of the Securities set
forth opposite such Holder’s name on Schedule 1 attached hereto, is the lawful owner of such Securities, has the sole power
to vote or cause to be voted such Securities (to the extent such Securities have associated voting rights), and has good and valid title
to such Securities, free and clear of any and all pledges, mortgages, encumbrances, charges, proxies, voting agreements, liens, adverse
claims, options, security interests and demands of any nature or kind whatsoever, other than those imposed by this Agreement, the Stockholders
Agreement, applicable securities Laws or the Company’s Governing Documents, as in effect on the date hereof. Except for
the Securities set forth opposite such Holder’s name on Schedule 1 attached hereto, as of the date of this Agreement, Holder
is not a beneficial owner or record holder of any: (i) equity securities of the Company, (ii) securities of the Company having
the right to vote on any matters on which the holders of equity securities of the Company may vote or which are convertible into or exchangeable
for, at any time, equity securities of the Company or (iii) options, warrants or other rights to acquire from the Company any equity
securities or securities convertible into or exchangeable for equity securities of the Company.

 

(c)             No
Conflicts. No filing with, or notification to, any Governmental Entity, and no consent, approval, authorization or permit of any
other person is necessary for the execution of this Agreement by such Holder, the performance of its obligations hereunder or the consummation
by it of the transactions contemplated hereby. None of the execution and delivery of this Agreement by such Holder, the performance of
its obligations hereunder or the consummation by it of the transactions contemplated hereby shall (i) conflict with or result in
any breach of the certificate of incorporation, bylaws or other comparable organizational documents of such Holder, if applicable, (ii) result
in, or give rise to, a violation or breach of or a default under any of the terms of any Contract or obligation to which such Holder
is a party or by which such Holder or any of the Securities or its other assets may be bound, or (iii) violate any applicable Law
or Order applicable to such Holder, except for any of the foregoing in clauses (i) through (iii) as would not reasonably be
expected to impair such Holder’s ability to perform its obligations under this Agreement in any material respect.

 

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(d)             No
Inconsistent Agreements. Such Holder hereby covenants and agrees that, except for this Agreement, which will be terminated at the
Closing, such Holder (i) has not entered into, and will not enter into at any time while this Agreement remains in effect, any voting
agreement or voting trust with respect to the Securities inconsistent with such Holder’s obligations pursuant to this Agreement,
(ii) has not granted, and will not grant at any time while this Agreement remains in effect, a proxy, a consent or power of attorney
with respect to the Securities and (iii) has not entered into any agreement or knowingly taken any action, and will not enter into
any agreement or knowingly take any action, that would have the effect of preventing such Holder from performing any of its material
obligations under this Agreement.

 

4.             Miscellaneous.

 

(a)             Termination.
Notwithstanding anything to the contrary contained herein, this Agreement shall automatically terminate, and none of SportsMap, the Company
or any Holder shall have any rights or obligations hereunder, upon the earliest to occur of (i) as to a Holder, the mutual written
consent of SportsMap, the Company and such Holder, (ii) the Effective Time (following the performance of the obligations of the
parties hereunder required to be performed at or prior to the Effective Time), and (iii) the date of termination of the Business
Combination Agreement in accordance with its terms (such earliest time, the “Expiration Time”). “Term”
shall mean the period commencing on the date of this Agreement and ending on the Expiration Time. Upon such termination of this Agreement,
all obligations of the parties under this Agreement will terminate, without any liability or other obligation on the part of any party
hereto to any Person in respect hereof or the transactions contemplated hereby, and no party hereto shall have any claim against another
(and no Person shall have any rights against such party), whether under contract, tort or otherwise, with respect to the subject matter
hereof; provided, however, that the termination of this Agreement shall not relieve any party hereto from liability arising
in respect of any breach of this Agreement prior to such termination. Notwithstanding anything to the contrary herein, the provisions
of this Section 4 shall survive the termination of this Agreement.

 

(b)             Entire
Agreement; Assignment. This Agreement (together with the Business Combination Agreement and the Ancillary Documents) constitutes
the entire agreement among the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings,
both written and oral, among the parties with respect to the subject matter hereof. Except in connection with a Permitted Transfer, neither
this Agreement nor any of the rights, interests or obligations hereunder will be assigned (including by operation of law) without the
prior written consent of the parties hereto. Any attempted assignment of this Agreement not in accordance with the terms of this Section 4(b) shall
be void.

 

(c)             Parties
in Interest; No Recourse. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective
successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person
any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. This Agreement may only be enforced against,
and any action for breach of this Agreement may only be made against, the Parties, and without limiting the generality of the foregoing,
none of the Representatives of SportsMap or the Company shall have any liability arising out of or relating to this Agreement, the negotiation
thereof or its subject matter, or the transactions contemplated hereby, including with respect to any claim (whether in tort, contract
or otherwise) for breach of this Agreement or in respect of any written or oral representations made or alleged to be made in connection
herewith (except as expressly provided herein) or for any actual or alleged inaccuracies, misstatements or omissions with respect to
any information or materials of any kind furnished by the Company or SportsMap concerning the Company, any SportsMap Party, this Agreement
or the transactions contemplated hereby.

 

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(d)             Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the law of any jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably
and unconditionally submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware (or, if the Chancery Court of
the State of Delaware declines to accept jurisdiction, any state or federal court within the State of Delaware), for the purposes of
any Proceeding, claim, demand, action or cause of action (a) arising under this Agreement or (b) in any way connected with
or related or incidental to the dealings of the parties in respect of this Agreement or any of the transactions contemplated hereby,
and irrevocably and unconditionally waives any objection to the laying of venue of any such Proceeding in any such court, and further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Proceeding has been brought in
an inconvenient forum. Each party hereto hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or
as a defense, counterclaim or otherwise, in any Proceeding claim, demand, action or cause of action against such party (i) arising
under this Agreement or (ii) in any way connected with or related or incidental to the dealings of the parties hereto in respect
of this Agreement or any of the transactions contemplated hereby or any of the transactions contemplated thereby, (A) any claim
that such party is not personally subject to the jurisdiction of the courts as described in this Section 4(d) for any
reason, (B) that such party or such party’s property is exempt or immune from the jurisdiction of any such court or from any
legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution
of judgment, execution of judgment or otherwise) and (C) that (x) the Proceeding, claim, demand, action or cause of action
in any such court is brought against such party in an inconvenient forum, (y) the venue of such Proceeding, claim, demand, action
or cause of action against such party is improper or (z) this Agreement, or the subject matter hereof, may not be enforced against
such party in or by such courts. Each party hereto agrees that service of any process, summons, notice or document by registered mail
to such party’s respective address set forth herein shall be effective service of process for any such Proceeding, claim, demand,
action or cause of action.

 

(e)             WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY PROCEEDING,
CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, WHETHER NOW EXISTING
OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY HERETO HEREBY AGREES AND CONSENTS THAT ANY SUCH
PROCEEDING, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE
AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH
SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4(E).

 

(f)             Interpretation.
The term “this Agreement” means this Transaction Support Agreement together with the schedules and exhibits hereto, as the
same may from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. The headings set forth
in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.
No party hereto, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions
hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly for or against any party
hereto. Unless otherwise indicated to the contrary herein by the context or use thereof: (a) the words, “herein,” “hereto,”
 “hereof” and words of similar import refer to this Agreement as a whole, including the Schedules, and not to any particular
section, subsection, paragraph, subparagraph or clause set forth in this Agreement; (b) masculine gender shall also include the
feminine and neutral genders, and vice versa; (c) words importing the singular shall also include the plural, and vice versa; (d) the
words “include,” “includes” or “including” shall be deemed to be followed by the words “without
limitation”; (e) the word “or” is disjunctive but not necessarily exclusive; (f) the words “writing”,
 “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media)
in a visible form; (g) the word “extent” in the phrase “to the extent” means the degree to which a subject
or other thing extends, and such phrase shall not mean simply “if”; (h) all references to Articles, Sections or Schedules
are to articles, sections and schedules of this Agreement; and (i) all references to any Law will be to such Law as amended, supplemented
or otherwise modified or re-enacted from time to time.

 

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(g)             Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given) by delivery in person, by e-mail (having obtained electronic delivery confirmation thereof (i.e., an electronic
record of the sender that the e-mail was sent to the intended recipient thereof without an “error” or similar message that
such e-mail was not received by such intended recipient)), or by registered or certified mail (postage prepaid, return receipt requested)
(upon receipt thereof) to the other parties as follows, or to such other address as the party to whom notice is given may have previously
furnished to the others in writing in the manner set forth below:

 

	If to SportsMap, to:

    SportsMap Tech Acquisition Corp.

    5353 West Alabama, Suite 415

    Houston, TX 77056

    Attn: David Gow

    Email: david.gow@gowmedia.com
	with a copy (which will not constitute notice) to:

    ArentFox Schiff LLP

    1717 K Street NW

    Washington, DC 20006

    Attn: Ralph de Martino

    Email: ralph.demartino@afslaw.com

	If to the Company, to:

    Infrared Cameras Holdings, Inc.

    2105 W Cardinal

    Beaumont, TX 77705

    Attn: Gary Strahan

    Email: gary.strahan@infraredcameras.com
	with a copy (which will not constitute notice) to:

    Latham & Watkins LLP

    811 Main Street, Suite 3700

    Houston, TX 77002

    Attn: Nick Dhesi

    Email: Ramnik.Dhesi@lw.com

     

    Latham & Watkins LLP

    650 Town Center Drive, 20th Floor

    Costa Mesa, CA 92626

    Attn: Drew Capurro

    Email: Drew.Capurro@lw.com

	If
    to a Holder, to: the address set forth under such Holder’s name on Schedule 1 hereto, with a copy (which
    will not constitute notice) to, if not the party sending the notice, each of the Company and SportsMap (and each of their copies
    for notices hereunder).
	 	 

 

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(h)             Amendments.
This Agreement may be amended or modified only by a written agreement executed and delivered by SportsMap, the Company and each Holder.
This Agreement may not be modified or amended except as provided in the immediately preceding sentence and any purported amendment by
any of the parties hereto effected in a manner which does not comply with this Section 4(h) shall be void, ab initio.

 

(i)              Extension;
Waiver. Any agreement on the part of any party hereto to (i) extend the time for the performance of any of the obligations or
other acts of another party hereto set forth herein, (ii) waive any inaccuracies in the representations and warranties of another
party hereto set forth herein or (iii) waive compliance by another party hereto with any of the agreements or conditions set forth
herein, in each case, shall be valid only if set forth in a written instrument signed on behalf of such party. Any waiver of any term
or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver
of any other term or condition of this Agreement. The failure of any party hereto to assert any of its rights hereunder shall not constitute
a waiver of such rights.

 

(j)              Severability.
Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable
Law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under applicable Law, all other
provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision
of this Agreement is invalid, illegal or unenforceable under applicable Law, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

(k)             Specific
Performance. The parties hereto acknowledge that such party’s obligations under this Agreement are unique, each party recognizes
and affirms that in the event of a breach of this Agreement by such party, money damages will be inadequate and other parties hereto
will not have adequate remedy at law, and agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed by a party hereto in accordance with their specific terms or were otherwise breached. Accordingly, each party hereto
shall be entitled to an injunction or specific performance or other equitable relief to prevent breaches of this Agreement by the other
parties and to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to
prove that money damages would be inadequate, this being in addition to any other right or remedy to which such party may be entitled
under this Agreement, at law or in equity.

 

(l)              Expenses.
All fees and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be allocated in accordance
with Section 8.6 of the Business Combination Agreement.

 

(m)            No
Partnership, Agency or Joint Venture. This Agreement is intended to create a contractual relationship among each Holder, the Company
and SportsMap, and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship among
the parties hereto. Nothing contained in this Agreement shall be deemed to vest in the Company or SportsMap any direct or indirect ownership
or incidence of ownership of or with respect to any Securities.

 

(n)             Counterparts;
Electronic Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement
by e-mail, scanned pages or other electronic imaging (including “pdf,” “tif,” “jpg,” DocuSign,
AdobeSign or other similar electronic transmission) shall be effective as delivery of a manually executed counterparty to this Agreement.

 

[signature page follows]

 

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IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	 	SportsMap:
	 	 
	 	SPORTSMAP TECH
    ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/
    David Gow
	 	Name:	David Gow
	 	Title:	Chief Executive Officer

 

[Signature Page to
Transaction Support Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

	 	The Company:
	 	 
	 	INFRARED CAMERAS
    HOLDINGS, INC.
	 	 	 
	 	By:	/s/
    Gary Stahan
	 	Name:	Gary Strahan
	 	Title:	Chief Executive Officer

 

[Signature Page to Transaction Support
Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	 	Holders:
	 	 
	 	Gary Strahan
	 	 	 
	 	By:	/s/ Gary Strahan
	 	 	 
	 	Villard Capital, LLC
	 	 	 
	 	By:	/s/ Steven Winch
	 	Name:	Steven Winch
	 	Title:	Managing Partner

 

[Signature Page to Transaction Support
Agreement]

 

     

     

    

 

Schedule 1

 

(intentionally omitted)Exhibit
4.1

 

COMMON
STOCK PURCHASE WARRANT

 

ageagle
aerial systems, inc.

	Warrant
Shares: 5,000,000		Initial Exercise Date: June 6, 2023
	 		Issue
Date: December 6, 2022

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Alpha Capital Anstalt or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date that is six months after the Issue Date (the “Initial Exercise Date”)
and on or prior to 5:00 p.m. (New York City time) on the five year anniversary of the Initial Exercise Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from AgEagle Aerial Systems, Inc. a Nevada corporation (the “Company”),
up to 5,000,000 shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price
of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

Section
1.Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated December 6, 2022, among the Company and the purchasers
signatory thereto.

Section
2.Exercise.

a)                 
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF
copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”).
Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined
in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the
shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless
the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise
be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full,
in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which
the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the
total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records
showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the
number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

b)                 
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $0.44, subject to adjustment hereunder
(the “Exercise Price”).

c)                 
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in
whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

     

     

    

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of
Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common
Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a
Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading
hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if
the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a)
hereof after the close of “regular trading hours” on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company
agrees not to take any position contrary to this Section 2(c).

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

     

     

    

 

		d)	Mechanics
                                            of Exercise.

i.           
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by
the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale
of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares
to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date
that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day
after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier
of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice
of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant
Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading
Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such
Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

ii.           
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
all other respects be identical with this Warrant.

iii.           
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

iv.           
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker 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 the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, 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 Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.     

     

     

    

  

v.           
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
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 Exercise Price or round up to the next whole share.

vi.           
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

vii.           
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

		e)	Holder’s
                                            Exercise Limitations. The Company shall not effect any exercise of this Warrant, and
                                            a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section
                                            2 or otherwise, to the extent that after giving effect to such issuance after exercise as
                                            set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
                                            Affiliates, and any other Persons acting as a group together with the Holder or any of the
                                            Holder’s Affiliates (such Persons, “Attribution Parties”)), 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 the Holder and its Affiliates and Attribution Parties shall include the number of
                                            shares of Common Stock issuable upon exercise of this Warrant with respect to which such
                                            determination is being made, but shall exclude the number of shares of Common Stock which
                                            would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
                                            beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
                                            exercise or conversion of the unexercised or nonconverted portion of any other securities
                                            of the Company (including, without limitation, any other Common Stock Equivalents) subject
                                            to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
                                            owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set
                                            forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
                                            shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
                                            regulations promulgated thereunder, it being acknowledged by the Holder that the Company
                                            is not representing to the Holder that such calculation is in compliance with Section 13(d)
                                            of the Exchange Act and the Holder is solely responsible for any schedules required to be
                                            filed in accordance therewith. To the extent that the limitation contained in this Section
                                            2(e) applies, the determination of whether this Warrant is exercisable (in relation to other
                                            securities owned by the Holder together with any Affiliates and Attribution Parties) and
                                            of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder,
                                            and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
                                            of whether this Warrant is exercisable (in relation to other securities owned by the Holder
                                            together with any Affiliates and Attribution Parties) and of which portion of this Warrant
                                            is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
                                            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 2(e), in determining the number of outstanding shares of Common
                                            Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
                                            in (A) the Company’s most recent periodic or annual report filed with the Commission,
                                            as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
                                            written notice by the Company or the Transfer Agent setting forth the number of shares of
                                            Common Stock outstanding.  Upon the written or oral request of a Holder, the Company
                                            shall within one Trading Day confirm orally and in writing to the 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 Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
                                            since the date as of which such number of outstanding shares of Common Stock was reported.
                                            The “Beneficial Ownership Limitation” 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 exercise of this Warrant. The Holder, upon notice to
                                            the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
                                            Section 2(e), 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 exercise of this Warrant held by the Holder and
                                            the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial
                                            Ownership Limitation will not be effective until the 61st day after such notice
                                            is delivered to the Company. The provisions of this paragraph shall be construed and implemented
                                            in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct
                                            this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
                                            Beneficial Ownership Limitation herein contained 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 this Warrant.

     

     

    

Section
3.Certain Adjustments.

a)                 
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the
Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(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)                 
[Intentionally Omitted.]

c)                 
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company 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 “Purchase Rights”), 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 exercise of this Warrant (without regard to any limitations on exercise
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, 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).                 

d)                 
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make 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 “Distribution”),
at any time after the issuance of this Warrant, 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 exercise of this Warrant (without regard to any limitations on exercise 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 (provided,
however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding
the Beneficial Ownership Limitation, 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).

     

     

    

e)                 
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary,
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 Company 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 50% or more of the outstanding
Common Stock or 50% or more of the voting power of the common equity of the Company, (iv) the Company, 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 Company, 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, merger or scheme of arrangement) with another
Person or group of Persons whereby such other Person or group acquires 50% or more of the outstanding shares of Common Stock or 50% or
more of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation
in Section 2(e)) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or
of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant). For purposes of any such exercise, the determination of the Exercise 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 Company shall apportion the Exercise 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 exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary,
other than one in which a Successor Entity (as defined below) that is a publicly traded corporation whose stock is quoted or listed on
a Trading Market assumes this Warrant such that the Warrant shall be exercisable for the publicly traded Common Stock of such Successor
Entity, in the event of a Fundamental Transaction, not within the Company's control, including not approved by the Company's Board of
Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration
(and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to
the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form
of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Stock
of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed
to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such
Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal
to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date,
(B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined
utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable contemplated
Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price
per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction
and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the public announcement of the applicable
contemplated Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading
Day of the Holder’s request pursuant to this Section 3(e) and (D) a remaining option time equal to the time between the date of
the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.
The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within
the later of (i) five Business Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction.
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(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 this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable 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 exercise of this Warrant (without
regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise 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
exercise price being for the purpose of protecting the economic value of this Warrant 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 Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the
other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

     

     

    

f)                 
Calculations. All calculations under this Section 3 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 3, 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 treasury shares, if any) issued and outstanding.

g)                 
Notice to Holder.

i.           
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

ii.           
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock 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 Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any
sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into
other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email
address as it shall appear upon the Warrant Register of the Company, at least 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 in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

h)                  
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during
the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board
of directors of the Company.

Section
4.Transfer of Warrant.

a)                 
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

b)                 
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of
this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

     

     

    

c)                 
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the
registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

Section
5.Miscellaneous.

a)                 
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant
to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be
required to net cash settle an exercise of this Warrant.

b)                 
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

c)                 
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

d)                 
Authorized Shares.

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with
the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with such issue).

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

e)                 
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
in accordance with the provisions of the Purchase Agreement.

f)                  
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and
the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

     

     

    

g)                 
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred
by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

h)                 
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Purchase Agreement.

i)                  
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

j)                  
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.

k)                 
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.

l)                  
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.

m)              
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

n)                 
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

 

	ageagle
                                            aerial systems, inc.

     

     

	By:____/s/Barrett
                                            Mooney___________________

    Name:
    Barrett Mooney

    Title:
    CEO

     

 

 

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:ageagle
aerial systems, inc.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2)  
Payment shall take the form of (check applicable box):

[
] in lawful money of the United States; or

[
] [if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

(3)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

 

 

    	 

    	 

    

 

EXHIBIT
B

 

 

ASSIGNMENT
FORM

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

	Name:	_____________________________________
	 	(Please
    Print)
	Address:	________________________________
	 

    Phone
    Number:

    Email
    Address:
	(Please
                                            Print)

    ______________________________________

    ______________________________________

	Dated:
    _______________ __, ______	 
	Holder’s
Signature: ______________________	 
	Holder’s
Address: _______________________

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