Document:

Exhibit 10.4

 

Effective January 11 , 2020

 

CHARTER
OF THE NOMINATING AND GOVERNANCE COMMITTEE

OF THE
BOARD OF DIRECTORS OF

RED CAT HOLDINGS, INC.

 

This
Charter outlines the purpose, composition and responsibilities of the Nominating and Governance Committee (the “Committee”)
of the Board of Directors (the “Board”) of Red Cat Holdings, Inc., a Nevada corporation (the “Company”).

 

		I.	PURPOSE

 

The
Committee is responsible for: (a) assisting the Board in determining the desired experience, mix of skills and other
qualities to provide for appropriate Board composition, taking into account the current Board members and the specific needs
of the Company and the Board; (b) identifying qualified individuals meeting those criteria to serve on the Board; (c)
proposing to the Board the Company’s slate of director nominees for election by the shareholders at the Annual Meeting
of Shareholders and nominees to fill vacancies and newly created directorships; (d) reviewing candidates recommended by
shareholders for election to the Board and shareholder proposals submitted for inclusion in the Company’s proxy
materials; (e) advising the Board regarding the size and composition of the Board and its committees; (f) proposing to the
Board directors to serve as chairpersons and members on committees of the Board; (g) coordinating matters among committees of
the Board; (h) proposing to the Board the slate of corporate officers of the Company and reviewing the succession plans for
the executive officers; (i) recommending to the Board and monitoring matters with respect to governance of the Company; (j)
overseeing the Company’s compliance program; and (k) such other functions as the Board may from time to time assign to
the Committee.

 

		II.	COMPOSITION

 

The Committee
shall be composed of at least three, but not more than five, members (including a Chairperson), all of whom shall be “independent”
as such term is defined for directors in the listing standards of the NASDAQ Stock Market LLC (“NASDAQ”), as
determined by the Board. The members of the Committee and the Chairperson shall be selected annually by the Board and shall serve
at the pleasure of the Board. A Committee member (including the Chairperson) may be removed at any time, with or without cause,
by the Board. The Committee shall have authority to delegate responsibilities listed herein to subcommittees of the Committee if
the Committee determines such delegation would be in the best interest of the Company.

 

		III.	MEETING REQUIREMENTS

 

The
Committee shall meet as necessary to enable it to fulfill its responsibilities, but at least once each year. The Committee
shall meet at the call of the Chairperson. The Committee may meet by telephone conference call or by any other means
permitted by law or the Company’s Bylaws. A majority of the members, but not less than two members, shall constitute a
quorum. The Committee shall act on the affirmative vote of a majority of the members present at a meeting at which a quorum
is present. Without a meeting, the Committee may act by unanimous written consent of all members.

 

The Committee
may ask members of management, or others whose advice and counsel are relevant to the issues then being considered by the Committee,
to attend any meetings and to provide such pertinent information as the Committee may request.

 

The Chairperson
of the Committee shall be responsible for leadership of the Committee, including preparing the agenda, presiding over Committee
meetings, making Committee assignments, reporting on the Committee’s activities to the Board and being the lead liaison between
the Committee and the Company’s management. In addition, the Chairperson of the Committee shall convene regular meetings
of the independent directors of the Company, no less than three per year, usually in conjunction with the regular Board meetings.

 

		IV.	COMMITTEE RESPONSIBILITIES

 

In carrying
out its oversight responsibilities, the Committee’s policies and procedures should remain flexible to enable the Committee
to react to changes in circumstances. In addition to such other duties as the Board may from time to time assign, the Committee
shall have the following responsibilities:

 

		A.	Board Candidates and Nominees

 

		1.	To identify, evaluate, and recommend to the
Board for nomination the Company’s candidates for election or reelection as directors at the Annual Meeting of Shareholders
or by appointment by the Board in the event of a vacancy or newly- created directorship, including consideration of prospective
candidates proposed for the Committee’s consideration by any shareholder;

 

		2.	To review the desired experience, mix of
skills and other qualities to provide for appropriate Board composition, taking into account the current Board members, the specific
needs of the Company and the Board, the rules and regulations of the Securities and Exchange Commission (“SEC”)
and NASDAQ listing standards;

 

		3.	To conduct candidate searches, interview
prospective candidates and conduct programs to introduce candidates to the Company, its management and operations, and confirm
the appropriate level of interest of such candidates;

 

		4.	To conduct appropriate inquiries into the
background and qualifications of potential nominees; and

 

		5.	To recommend to the Board qualified candidates
for the Board who bring the background, knowledge, experience, skill sets and expertise that would strengthen and increase the
diversity of the Board.

 

		B.	Board of Directors

 

		1.	To assess and make recommendations to the
Board regarding the size and composition of the Board in light of the operating and regulatory requirements of the Company and
a consideration of appropriate areas of expertise to be represented on the Board;

 

		2.	To recommend to the Board policies pertaining
to the roles, responsibilities, retirement age, tenure and removal of directors;

 

		3.	To review the Directors and Officers questionnaires
prepared annually by the Company’s directors;

 

		4.	To assist the Board in assessing whether directors
and prospective directors are “independent” within the meaning of the rules and regulations of the SEC and NASDAQ listing
standards;

 

		5.	To review the suitability for continued service
as a director of each Board member when he or she has a significant change in status, such as an employment change, and to recommend
whether or not such director should be re-nominated; and

 

		6.	In conjunction with the Compensation Committee,
to consider the appropriateness of the non-employee director compensation program, and make recommendations to the Board regarding
director compensation.

 

		C.	Committees of the Board

 

		1.	To assess and make recommendations to the
Board regarding the size, composition, scope of authority, responsibilities, and reporting obligations of each committee of the
Board;

 

		2.	To annually propose to the Board directors
to serve as chairpersons and members of each committee of the Board, and to review and recommend additional committee members as
needed;

 

		3.	To coordinate matters between the committees
of the Board and review and coordinate proposed revisions to committee charters; and

 

		4.	To recommend that the Board establish such
special committees as may be necessary or appropriate to address ethical, legal or other matters that may arise.

 

		D.	Evaluations and Management Development

 

		1.	To oversee the performance of the Board and
its Committees;

 

		2.	To work with the Company’s senior management
to consider, adopt and oversee director orientation and continuing education programs;

 

		3.	To recommend to the Board candidates for election
as corporate officers of the Company as the Committee may from time to time deem appropriate;

 

		4.	In conjunction with the Compensation Committee,
to conduct an annual review of the performance of the Chief Executive Officer;

 

		5.	To periodically review executive officer succession
plans, including receiving and considering recommendations from the Company’s Chief Executive Officer regarding succession
at the Chief Executive Officer and other executive officer levels; and

 

		6.	To review the Directors and Officers questionnaires
prepared annually by the Company’s executive officers.

 

		E.	Corporate Governance

 

		1.	To develop, evaluate and oversee issues and
developments with respect to governance of the Company;

 

		2.	To oversee the Company’s compliance
program, including the Company’s codes of conduct and the Company’s policies and procedures for monitoring compliance;
and at least annually, endeavor to meet to review the implementation and effectiveness of the Company’s compliance program
with the chief compliance officer, if any, who shall have the authority to communicate directly to the Committee, promptly, about
actual and alleged violations of law or the Company’s codes of conduct, including any matters involving criminal or potential
criminal conduct.

 

		3.	To periodically review the Company’s
Corporate Governance Guidelines and recommend changes to the Board as appropriate;

 

		4.	To periodically review and recommend changes
to Company policies approved by the Board from time to time;

 

		5.	To periodically review and recommend changes
to the Company’s Certificate of Incorporation and Bylaws; and

 

		6.	To periodically review and make recommendations
to the Board regarding the appropriateness of the Company’s Shareholder Rights Plan, if any, as a whole and its specific
terms, and other modifications to the Company’s takeover and structural defenses.

 

		F.	Miscellaneous

 

		1.	To evaluate shareholder proposals submitted
for inclusion in the Company’s proxy materials and recommend to the Board whether the Company shall support or oppose the
proposal;

 

		2.	To recommend ways to enhance services to and
improve communications and relations with the Company’s shareholders; and

 

		3.	To annually evaluate the adequacy of the Committee’s
charter.

 

		V.	ADVISORS TO THE COMMITTEE

 

The Committee
may retain, at the Company’s expense, legal, accounting or other advisors as it deems necessary to carry out its duties,
and shall receive appropriate funding, as determined by the Committee, from the Company for payment of compensation to any such
advisors. The Committee shall have sole authority to retain and terminate any such advisors, including the sole authority to negotiate
and approve reasonable fees and retention terms of such advisors. The Committee shall comply with the Company’s then-current
level review of contracts and budget procedures.Exhibit 10.2

 

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 $300,000	
        Dated as of October 1,
        2020

        New York, New York

 

Z-Work Acquisition
Corp., a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Z-Work
Holdings LLC or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) 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 earlier of: (i) March 31, 2021 or (ii) the date on which Maker
consummates an initial public offering of its securities. 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 Three Hundred Thousand Dollars ($300,000) 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 earlier of: (i) March 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities,
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 Three Hundred Thousand Dollars ($300,000). 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. Notwithstanding the foregoing,
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 attorneys’ fees, and then to the reduction of the unpaid principal balance 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 DELAWARE, 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 invalidating 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.

 

[Signature page
follows]

 

     

     

    

 

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

 

	 	Z-WORK ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Douglas Atkin 
	 	 	Name: Douglas Atkin 
	 	 	Title: Co-Chief Executive Officer

 

	 	By:	/s/ Chris Terrill 
	 	 	Name: Chris Terrill
	 	 	Title: Co-Chief Executive Officer

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