Document:

Exhibit 10.1

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF
REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND
SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal
    Amount: Up to $1,000,000  	Dated
    as of May 9, 2022
	 	New
    York, New York

 

Golden
Path Acquisition Corporation, a Cayman Islands business company (the “Maker”), promises to pay to the order of Greenland
Asset Management Corp. or its registered assigns or successors in interest (the “Payee”), or order, the principal
sum of up to One Million Dollars ($1,000,000) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by
the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.
Principal. The principal balance of this Note shall be payable by the Maker on the date on which Maker consummates a business combination.
The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer,
director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.
Drawdown Requests. Maker and Payee agree that Maker may request up to One Million US Dollars ($1,000,000) for costs reasonably related
to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the date on which Maker consummates an initial business combination, upon written request from
Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must
not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request
no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively
under this Note is One Million US Dollars ($1,000,000). Once an amount is drawn down under this Note, it shall not be available for future
Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any
Drawdown Request by Maker. It is acknowledged that the Company may have received amounts in respect of drawdowns under this Note prior
to the date hereof, and it is agreed that all such sums were received as drawdowns of principal hereunder in anticipation of the execution
of this Note.

 

4.
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

5.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the
making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become
due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect
of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the
winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.

 

6.
Remedies.

 

(a)
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

7.
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale
under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon,
may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and
delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

10.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE CAYMAN ISLANDS, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.

 

11.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without inva lidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

     

     

    

 

12.
Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds
of the initial public offering (the “IPO”) to be conducted by the Maker (including the deferred underwriters discounts
and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur prior to the closing of the
IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities
and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for
any Claim against the trust account for any reason whatsoever.

 

13.
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed as deed by the undersigned
on the day and year first above written.

	 	GOLDEN
    PATH ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Shaosen Cheng
	 	 	Name:
    Shaosen Cheng
	 	 	Title:
     Chief Executive OfficerExhibit 10.1

 

  

February 7, 2022

 

Barrett Mooney

1854 E. Lake Dr.

Centennial, CO 80121

barrett.mooney@gmail.com

 

Re:
Offer of Employment

 

Dear
Dr. Mooney,

 

AgEagle Aerial Systems,
Inc., a Nevada corporation (the “Company”) is pleased
to offer you a position as Chief Executive Officer (CEO) of the Company, pursuant to the following
terms and conditions of employment. Further, the Company asks for you to retain your position
as Chairman of the Board and as a director of the Company’s Board of Directors (the
“Board”).

 

You shall commence employment as of
January 19, 2022 (your “Commencement Date”). You shall be based out of your
home office in Centennial, CO and will report to the Board.

 

As
a condition of your employment,
and in consideration of your employment
and the payments
and benefits provided herein, you are required to sign
and return to the Company the enclosed Employee
Confidentiality and Proprietary Rights Agreement (the “Confidentiality Agreement”).
During your employment with
the Company, you are required to devote
your full business time and best efforts to your duties,
and you may not, except with prior written permission from the Company, be employed
or engaged in any capacity with any business other
than the Company, provided, however, this limitation
shall not be construed as preventing you from serving
on the board of directors of any corporation that
is not a Restricted Business (provided that you have informed the Board
of your intention to so serve and that neither
the Board nor the Chairman of the Company
has objected thereto within twenty (20) days of its
receipt of your notice). You acknowledge and agree that, as an employee of the
Company, you will comply with all laws and regulations,
as well as Company rules, policies and procedures as may be
in effect from
time to time.

 

Your
base salary shall be $380,000 per year, paid
in accordance with the Company’s standard payroll procedures.
You shall be eligible for an annual cash
bonus of up to 35% of your then-current base salary
and Restricted Stock Units (RSUs)
equal to $350,000, as determined by the
Board in its good faith discretion, based on
your and the Company’s
satisfaction of a combination of personal and
Company goals. Such grant of RSUs
shall be subject to the terms of an
RSU grant agreement and, at the Company’s election, either subject to, or not
subject to, the Company’s 2017 Omnibus Equity
Incentive Plan (the “Equity
Plan”). Such goals for
a given calendar year will be established by
the Board, in consultation with you. This bonus
is subject to your continued employment with
the Company through the end of the
calendar year for which the bonus is being paid.
Any cash bonus for an applicable calendar year shall be paid
no later than the end of the first
quarter of the following calendar year. Lastly, the Board
shall review your performance annually, and the Board,
in its sole discretion, may revise your compensation
package.

 

Additionally,
you shall be awarded 25,000 shares of Nonqualified
Stock Options quarterly. The options will be subject
to the terms of the Equity Plan, and the vesting requirements,
the term of the option and exercisability at an exercise
price equal to the fair market value of the option shares
as of the date of grant will be outlined upon
issuance.

 

All
option awards provided for hereunder shall be
subject to your continued employment with the
Company through the applicable vesting date or event,
as well as your execution of and continued compliance
with the Confidentiality Agreement and applicable option award agreements under the terms
of the Equity Plan.

 

 

    

     

    

 

Additionally,
the Company shall withhold from any
payments made to you (including,
without limitation, those specified in this offer letter) all
federal, state, local or other taxes and withholdings as shall be required
pursuant to any law
or governmental regulation or
ruling.

 

As
soon as practicable following your execution of this letter and commencement of employment
with the Company it is agreed that, will result
in the execution of formal executive agreements wherein
terms and conditions of employment will be addressed
in detail, which will include, but not be limited
to, the following: (i) compensation (base salary,
bonus and equity), (ii) benefits (health, and
life Insurance, and Vacation), (iii) termination
of employment (including successor transition), and (iv) restrictions
(confidentiality, non-compete clauses, breach and legal remedies).

 

During
your employment, you will
receive vacation, sick
and personal days in accordance
with the current
PTO policy. As an executive, the Company
covers the monthly expense associated with premiums for health
benefits offered by the Company for you and
your dependents. In the event the Board determines
in its discretion that you must relocate your
principal place of performance of your duties,
the Company shall pay directly and/or reimburse you for expenses,
that you incur in connection with such relocation,
following your presentment to the Company of invoices
or other acceptable documentation substantiating such expense in accordance
with the Company’s expense reimbursement policy. Any benefits to which
you are entitled shall be determined in accordance
with such plans and programs and Company policy. The Company reserves the right to
suspend, amend or terminate any employee benefit plan
or program at any time.

 

In the event
of termination without Cause (as defined in the Stock
Purchase Agreement) or for “Good Reason” (as defined
below), the Company will provide you with Severance Benefits (defined below), conditioned
on (i) your continued compliance in all material
respects with your continuing obligations to the Company,
including, without limitation, the terms of this Agreement
and of the Confidentiality Agreement that survive termination of your
employment with the Company, and (ii) your signing
(without revoking if such right is provided
under applicable law) a separation agreement and general release in a form provided
to you by the Company on or about
the date of your termination of employment
(the “Separation Agreement”). The “Severance Benefits” shall consist of (i) 6 months
of your base salary, paid in the form of salary continuation,
in accordance with the terms of the Separation
Agreement; (ii) reimbursement of your COBRA
health insurance premiums at the same rate as if you were
an active employee of the Company (conditioned on your having elected COBRA continuation
coverage) for a period of 6 months or,
if earlier, until you are eligible for group
health insurance benefits from another employer; and (iii) a grant of fully-vested
restricted shares of common stock of the Company
with a fair market value of $190,000 on
the date of your termination of employment,
pursuant to the terms of, and effective on
the effective date of, the Separation Agreement.

 

As
used herein, “Good Reason” means (i) a material diminution in your
duties, responsibilities, and authority, associated with your position as CEO of the
Company, (ii) a reduction in your compensation
or benefits hereunder, or (iii) requiring you relocate
your principal place of performance of your
duties. Notwithstanding the above, no termination
of employment shall constitute a termination
for Good Reason unless you provide notice of the condition
constituting Good Reason no later than thirty (30) days
after initially becoming aware of the existence of the condition,
and the Company fails to cure such condition within thirty (30) days
after receiving such notice.

 

This offer
is not a guarantee of employment for a specific
period of time. Your employment with the Company, should you accept this offer,
will be “at-will,” which means that you or the Company
may terminate your employment for any
or no reason, at any time in accordance with
the terms of this offer letter. In the event
you elect to resign your employment with the
Company, you agree to provide the Company with
90 days’ written notice of your termination
of employment. During this notice period, the Company may ask you to perform
specific duties or no duties at all and may ask you not to attend
work during all or any part of your
notice period. During your notice period, you will continue to receive
the salary and benefits that you had been receiving immediately prior to
such period, subject to any changes generally made for other
employees of the Company. Further, upon termination of your employment
for any reason, you agree to cooperate with
the Company with respect to those business-related
matters of which you have knowledge and to assist
with the orderly return of Company property
and transition of your work to others, as directed
by the Company.

 

    

     

    

 

In addition, departure from the role of CEO,
for any reason, will concurrently end your participation on the AgEagle Board of Directors. The Board, in its sole discretion, may invite
you to rejoin the Board.

 

You
should be aware that Company employees
are not permitted to make any unauthorized
use of documents or other information, which
could reasonably be considered or construed
to be confidential or proprietary information
of another individual or company. Likewise, Company
employees may not bring with them onto the premises
of the Company or place on Company
devices or within the Company’s information
systems any confidential documents or other forms of tangible information relating to their
prior employer’s business. Further, you represent to the Company
that you are not subject to any contract
or other restriction or obligation that is inconsistent
with your accepting this offer of employment
and performing your duties.

 

This offer
of employment and continued employment is conditioned
on your establishing your identity and authorization to work
as required by the Immigration Reform and Control Act of 1986 (IRCA). Enclosed is
a copy of the Employment Verification Form (I-9),
with instructions required by IRCA. Please review this document
and bring the appropriate original documentation on your first day of work.
This offer is also contingent upon your satisfactory
completion (at the Company’s sole discretion) of reference,
drug and background checks. This is a standard procedure
required for all new hires. Please see the attached
consent and waiver form for this procedure.

 

This offer
letter, as well as all matters concerning, arising out of or relating to your employment
shall be governed by and construed under the laws
of the State of Colorado, without regard to its conflict-of-law
principles. Further, any dispute concerning or arising out of this
offer letter or otherwise out of your employment
with the Company shall be heard exclusively
pursuant to the dispute resolution provisions set forth in the
Confidentiality Agreement.

 

By
signing this letter, you acknowledge that (1) you
have not relied upon any representations other than those set forth in this offer
letter, the Stock Purchase Agreement or the Confidentiality
Agreement; (2) the terms of this offer and
the Confidentiality Agreement constitute the entire
understanding and contain a complete statement of all
the agreements between you and the Company
concerning your employment with the Company; (3) this
offer letter and the Confidentiality Agreement supersede all prior and
contemporaneous oral or written agreements, understandings or communications
between you and the Company concerning your employment with the Company; and (4) any
subsequent agreement or representation between you and the Company
shall not be binding on the Company unless contained
in a writing signed by you and an authorized representative
of the Company.

 

If you
have any questions or issues that may arise after reviewing this offer letter, please
do not hesitate to contact me. We look forward
to welcoming you to AgEagle Aerial Systems Inc.

 

Sincerely,

 

	 	 
	Grant Begley	 

 

“Agreed and Acknowledged”
(please sign, date, and retain a copy
for your records)

  

	 	 
	Barrett Mooney, Ph.D.	 
	 	 
	Date: 4/13/2022

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