Document:

Exhibit
10.4

 

BILL OF SALE, ASSIGNMENT AND ASSUMPTION

 

KNOW
ALL MEN BY THESE PRESENTS, that pursuant to that certain Asset Purchase Agreement dated as of July 20, 2015 (the “Asset
Purchase Agreement”), Adaptive Flight, Inc., a Georgia corporation (“AFI”), and the shareholders
of AFI identified in the Asset Purchase Agreement (together with AFI, the “Sellers”), for and in consideration
of the agreements contained therein and other good and valuable consideration paid to it by Drone AFS Corp., a Nevada corporation
(the “Buyer”), and Drone Aviation Holding Corp., a Nevada corporation (“Parent”), the receipt
and sufficiency of which are hereby acknowledged, AFI has agreed to sell and assign to Buyer, its successors and assigns,
all right, title and interest of AFI in and to the Assets (as such term is defined in the Asset Purchase Agreement and including
those assets set forth on Appendix A hereto). Further, under the Asset Purchase Agreement, AFI has agreed to delegate and assign
to Buyer, and Buyer has agreed to the Assumed Liabilities. Capitalized terms used but not otherwise defined herein have the respective
meanings attributed thereto in the Asset Purchase Agreement.

Effective
as of the Closing Date, AFI hereby sells, transfers, conveys, assigns and delivers to Buyer, free and clear of all liens (other
than Assumed Liabilities and Permitted Encumbrances), all right, title and interest in, to and under the Assets (including without
limitation the Purchased Contracts) and any and all goodwill associated with the foregoing, but excluding the Excluded Assets.
With respect to the Assets which constitute Purchased Contracts, Assignor hereby retains, assumes and agrees to pay, perform and
discharge any and all liabilities, whether now existing or hereinafter created, relating to or arising from the conduct of the
Business prior to and including the Closing Date, including the Excluded Liabilities as described in the Asset Purchase Agreement,
but excluding the Assumed Liabilities.

 

	 

Effective
as of the Closing Date, AFI hereby transfers, delegates and assigns to Buyer, and Buyer hereby accepts, assumes and agrees to
pay, perform and discharge, or cause to be paid, performed and discharged, when lawfully due, all of the Assumed Liabilities.
Notwithstanding the foregoing or any other provision of this Bill of Sale, Assignment and Assumption to the contrary, Buyer does
not assume and shall not be responsible for or otherwise be liable for any Excluded Liability, and the Sellers (or their applicable
Affiliate) shall pay, perform and discharge, as and when due, each such Excluded Liability.

 

Sellers
do for themselves, its successors and assigns, covenant and agree to warrant and defend the title to such Assets, unto Buyer,
and it respective successors and assign, against all and every person and entity.

 

Sellers
acknowledge and agree that upon inspection of the Assets, Buyer, and its respective successors and assign, may choose to reject
and to not take custody, ownership and/or delivery of all or some of the Assets and any such Asset shall then be deemed an Excluded
Asset; provided, however that any such rejection(s) shall not affect the Purchase Price. Furthermore, the disposal of or
any cost related to AFI’s retained custody or ownership of any such Excluded Asset, including without limitation to shipping,
storage or appropriately discarding any of the Excluded Assets, shall be the responsibility and obligation of the Sellers.

 

Each
party covenants and agrees that it will execute, deliver and acknowledge (or cause to be executed, delivered and acknowledged),
from time to time at the request of another party and without further consideration, all such further instruments of conveyance,
transfer, assignment and further assurances, and perform or cause to be performed all such further acts as may be necessary or
appropriate to confirm or more effectively carry out the provisions and intent of the Asset Purchase Agreement. In furtherance
of the foregoing, the Sellers agree that they will, at any time and from time to time, after the date hereof, upon the reasonable
request of Buyer, do, execute, acknowledge, and deliver or will cause to be done, executed, acknowledged and delivered, all such
further acts, deeds, assignments, transfers, conveyances, and assurances as may be required in order for Buyer to receive any
and all of the Assets and to give receipts and releases for and in respect of the same, and any part thereof, and from time to
time to warrant and defend the sale, transfer, assignment, conveyance, grant and delivery of the Assets hereby made against all
persons whomsoever.

 

    	 

    	 

    

 

This
Bill of Sale, Assignment and Assumption is being delivered subject and pursuant to the terms and conditions of the Asset Purchase
Agreement; provided, the rights and obligations of Sellers, Buyer and Parent set forth in the representations, warranties,
covenants, agreements and other terms and provisions of the Asset Purchase Agreement shall be neither limited, altered or impaired
nor enhanced or enlarged hereby or by performance hereunder.

 

This
Bill of Sale, Assignment and Assumption shall be subject to and construed and enforced in accordance with the laws of the State
of New York without regard to principles of conflicts of laws.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	2

    	 

    

 

IN
WITNESS WHEREOF, Sellers, Buyer and Parent have executed this Bill of Sale, Assignment and Assumption as of July 20, 2015.

 

 

	SELLERS:	 
	 	 	 
	ADAPTIVE
                    FLIGHT, INC.

	 
	 	 	 
	/s/Henrik B.
    Christophersen	 
	By:	Henrik B. Christophersen	 
	Title:	Chief Executive Officer 	 
	 	 	 
	Name:	Henrik B. Christophersen	 
	 	 	 
	 	 	 
	Name:	Eric N. Johnson	 
	 	 	 
	 	 	 
	Name:	Robert Wayne Pickell	 
	 	 	 
	 	 	 
	BUYER:	 
	 	 	 
	DRONE AFS CORP.	 
	 	 	 
	 	 	 
	/s/ Felicia
    Hess	 
	By:	Felicia Hess	 
	Title:	Chief Executive Officer and Director	 
	 	 	 
	PARENT:	 
	 	 	 
	DRONE AVIATION HOLDING CORP.	 
		 	 
	/s/ Felicia
    Hess	 
	By:	Felicia Hess	 
	Title:	Chief Executive Officer, President and Director

	 

 

    	3

    	 

    

 

Appendix
A

For
purposes of this Bill of Sale, “Assets” shall include:

		●	FCS20
                                         (Orion) Software Support Package

		●	Image
                                         Capture and processing software for the FCS20

		●	FCS20
                                         (Orion) Fully Integrated Flight Control System

		o	FCS20
                                         Production Kit

		o	Various
                                         FCS20 units in serviceable condition

		●	DC10
                                         / DC20 power supply boards

		o	Technical
                                         data

		o	Production
                                         Kit

		●	Hornet
                                         Micro autonomous helicopter (~2.5 lbs)

		o	Technical
                                         data

		o	Various
                                         non-flying helicopters (~10)

		●	Hornet
                                         Mini autonomous helicopter (~10 lbs)

		o	Technical
                                         data

		o	One
                                         Hornet Mini in serviceable condition

		●	Hornet
                                         Maxi autonomous helicopter (25-50 lbs)

		●	Technical
                                         data Hornet Magnum autonomous helicopter

		o	Technical
                                         data

		●	3-4
                                         ground control stations 

		●	ruggedized
                                         battery charge stations

		●	external
                                         antenna units (900 MHz or 2.4GHz)

		●	refueling
                                         station for the Hornet Maxi

		●	Schematics
                                         and CAD files

		●	Fixed-Wing
                                         aircraft: RC-ready. Intended as a surrogate aircraft for testing auto takeoff and landing.
                                         

		●	Miscellaneous
                                         furniture and equipment remaining at Closing (including but not limited to work benches
                                         and tools) that is chosen by Buyer to be included as an Asset. Any items not chosen by
                                         Buyer after the collection of such furniture and equipment shall be deemed an Excluded
                                         Asset.

 

4Exhibit
10.5

 INTELLECTUAL
PROPERTY ASSIGNMENT AGREEMENT

THIS
INTELLECTUAL PROPERTY ASSIGNMENT AGREEMENT (the “Agreement”) is made as of July 20, 2015 by and between Adaptive
Flight, Inc., a Georgia corporation (“Assignor”) and Drone AFS Corp., a Nevada corporation (“Assignee”).
Except as otherwise defined herein, capitalized terms used herein shall have the meanings as set forth in that certain Asset Purchase
Agreement dated as of July 20, 2015 (the “Asset Purchase Agreement”), by and among Assignor, Assignor’s
shareholders, Assignee and Drone Aviation Holding Corp., a Nevada corporation (“Parent”).

 

RECITALS

WHEREAS,
pursuant to the Asset Purchase Agreement, Assignor agreed to sell, transfer, convey, assign and deliver to Assignee all of Assignor’s
right, title and interest in all of the Intellectual Property and IP Claims, as each terms is defined in the Asset Purchase Agreement,
remedies against past, present, and future infringements thereof, and rights to protection of past, present, and future interests
therein under the laws of all jurisdictions (collectively, the “IP Rights”);

WHEREAS,
without limiting the generality of the foregoing, Assignor has adopted, used or acquired certain IP Rights, including but not
limited to intellectual property rights such as those set forth on Schedule A hereto; and

WHEREAS,
Assignee wishes to acquire, and Assignor wishes to transfer all right, title and interest in and to the IP Rights, including all
rights to sue and recover for past infringement or wrongful use thereof everywhere in the world.

NOW,
THEREFORE, in consideration of and in exchange for the Purchase Price, as set forth in the Asset Purchase Agreement, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, effective as of July 20, 2015,
Assignor sells, assigns, transfers and sets over to Assignee all right, title and interest in and to the IP Rights in accordance
with the Asset Purchase Agreement, and with any and all renewals and extensions of registrations for the IP Rights that may be
secured under any applicable law now or hereafter in effect.

1.                  
Assignor will provide to Assignee, its successors, assigns or other legal representatives, reasonable cooperation and assistance
(including the execution and delivery of any and all affidavits, declarations, oaths and other documentation, and the delivery
of any and all samples, exhibits, specimens and the like in the control of Assignor):

(a)                
in the preparation and prosecution of any applications for registration or any applications for renewal of registrations covering
the IP Rights; and

(b)                
in the implementation or perfection of this Agreement.

2.                  
Assignor will cooperate to the extent reasonably necessary for Assignee to make any and all required filings to effectuate the
transfer of the IP Rights.

3.                  
This Agreement is being delivered in connection with and subject to the Asset Purchase Agreement and to the extent of any conflict
between this Agreement and the Asset Purchase Agreement, the Asset Purchase Agreement shall control.

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned certifies that he is a duly authorized signatory of Assignor with authority to execute this Agreement
on Assignor’s behalf, as of the date first set forth above.

	 	ASSIGNOR:
	 	 
	 	Adaptive Flight, Inc.
	 	 	 
	 	By:	/s/ Henrik B. Christophersen
	 	Name:	Henrik B. Christophersen 
	 	Title:	Chief Executive Officer 
	 	 	 
	 	 	 
	 	 	 

 

STATE
OF __________________

 

COUNTY
OF ________________

 

On
this __ day of July 2015, before me, the undersigned, a Notary Public in and for said State, personally appeared _________________________,
[TITLE] personally known to me or proved to me on the basis of satisfactory evidence to be the Individual whose name is subscribed
to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on
the instrument, the individual executed this instrument.

 

__________________________

(Signature
of Notary Public)

 

(NOTARY
SEAL)

_______________________

(Name
of Notary Typed, Printed, or Stamped)

 

    	2

    	 

    

 

SCHEDULE
A

 

 

IP
Rights include but are not limited to:

 

		●	FCS20
                                         (Orion) Software Support Package: Software files

		●	Image
                                         capture and processing software for the FCS20: Software files

		●	FCS20
                                         (Orion) Hardware Design: Schematics and PCB layout 

		●	DC10
                                         / DC20 power supply boards: Schematics and PCB layout

		●	Hornet
                                         MicroTM unmanned helicopter: Trade name and design files

		●	Hornet
                                         Mini TM unmanned helicopter: Trade name and design files

		●	Hornet
                                         Maxi unmanned helicopter: Design files

		●	Hornet
                                         Magnum unmanned helicopter: Design files

		●	AFI
                                         Ground Control Station: Design files

		●	AFI
                                         External Antenna Unit: Design files

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]