Document:

Exhibit
10.3

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (this “Agreement”) is entered into and effective as of March 9, 2020 (the “Effective
Date,” subject to Section 5(i) below) by and between UAS Drone Corp.,
a Nevada corporation (the “Company”), and GREENBLOCK CAPITAL, LLC, a Florida limited liability company
(hereinafter, “GBC”). Each of the Company and GBC may be referred to individually as a “Party”
and collectively as the “Parties.”

 

RECITALS:

 

WHEREAS,
the Company was organized on February 4, 2015, with the intention of engaging in the business of developing and manufacturing
commercial unmanned aerial systems, or drones, for the law enforcement and first responder markets; and

 

WHEREAS,
the Company’s extremely limited business operations were unsuccessful and, beginning with its Annual Report on Form
10-K for the fiscal year ended December 31, 2017, its periodic reports as filed with the Securities and Exchange Commission (the
“SEC”) have indicated that the Company is a “shell company” as defined in Rule 12b-2 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and subparagraph (i) of SEC Rule 144, which substantially
limits the resale of shares of its $0.0001 par value common stock (the “Company Common Stock”) until it is
no longer a shell company and twelve (12) months from the filing of “Form 10 Information” with the SEC reflecting
the change of such designation; and

 

WHEREAS,
GBC is currently the beneficial owner of 437,500 outstanding shares of Company Common Stock (the “GBC Outstanding Shares”);
and

 

WHEREAS,
there is an extremely limited market for the Company Common Stock, with an average of zero shares traded per day over the
preceding thirty (30) days, according to the OTC Markets, Inc. (the “OTC Markets”) website (www.otcmarkets.com/stock/USDR/quote);
and

 

WHEREAS,
for the foregoing reasons, the Company has determined that the present value of the Company Common Stock is $0.0001 per share;
and

 

WHEREAS,
during the period from February 4, 2016, through the date hereof, GBC has advanced to the Company a total of $208,308 to assist
the Company with the payment of its outstanding costs and expenses (the “GBC Advances”); and

 

WHEREAS,
on March 4, 2020, the Company entered into a Share Exchange Agreement with Duke Robotics, Inc., a Delaware corporation (“Duke”),
and the several stockholders of Duke identified on Annex A thereto (the “Duke Share Exchange Agreement”);
and

 

     

     

    

 

WHEREAS,
all capitalized terms not defined herein shall have the meanings ascribed to them in the Duke Share Exchange Agreement; and

 

WHEREAS,
the closing of the Duke Share Exchange Agreement is subject to various conditions precedent including, but not limited to,
the conversion and exchange of certain outstanding debt, which debt includes the GBC Advances, in consideration of the issuance
of additional shares of the Company Common Stock and convertible debentures to the holders of such debt in an amount not to exceed
$400,000 in the aggregate (the “UAS Convertible Debt”) as provided in the Share Exchange Agreement, and the
closing of the “Duke Funding” as defined in Annex B of the Duke Share Exchange Agreement (respectively, the
“Closings”); and

 

WHEREAS,
GBC, subject to the Closings, is willing to waive all outstanding interest that has accrued on the GBC Advances through the
Effective Date of the transactions contemplated hereby and to exchange all of the $208,308 in GBC Advances for a total of 65,198
shares of the Company Common Stock comprised of “restricted securities” as defined in SEC Rule 144, together with
a convertible debenture (the “New Debenture”) in the principal amount of $99,054 to be newly issued by the
Company pursuant to this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, it is hereby agreed as follows:

 

1.
Exchange.  (a) Upon the terms and conditions set forth in this Agreement, and subject to the Closings, the Company
hereby agrees to issue to GBC: (i) 65,198 shares of Company Common Stock, which the Parties agree shall have the status of “restricted
securities” issued by a “shell company” as defined in Rule 12b-2 of the Exchange Act and be subject to the resale
provisions in subparagraph (i) of SEC Rule 144; and (ii) the New Debenture in the principal amount of $99,054, which New Debenture
shall be in the form attached hereto as Exhibit A and incorporated herein by reference, in exchange for: (i) the waiver
of all accrued interest on the GBC Advances through the Closing Date of the transactions contemplated hereby; and (ii) the retirement
and cancellation of all $208,308 in GBC Advances, which GBC Advances include a total of $199,611 advanced through September 30,
2019, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period then ended, together with $8,697
in additional advances through the date hereof. The issuance of such 65,198 shares and the New Debenture will be subject to forfeiture
if there are no simultaneous Closings of the Duke Share Exchange Agreement and the Duke Funding. The Company shall promptly deliver
the shares of the Company Common Stock and the New Debenture to GBC on the Closings of the transactions contemplated hereby.

 

(b)
Registration Rights. In accordance with the provisions set forth in that certain Registration Rights Agreement being entered
into by the Company, GBC and other security holders of the Company contemporaneously with the execution of this Agreement, (the
“RRA”), within 30 calendar days following the earlier of (X) the Company having timely filed its form 10-K
for the fiscal year ended December 2019 or (Y) it has finalized the second stage of the share exchange agreement with the stockholders
of Duke Robotics, Inc. or (Z) March 31, 2020, the Company shall prepare and file with the SEC a Registration Statement (the “Registration
Statement”) for a resale offering to be made on a continuous basis, registering the Conversion Shares (as defined in
the New Debenture) issuable upon conversion of the New Debenture (the “Registrable Securities”) and shall use
its commercially best efforts to keep such Registration Statement, with respect to GBC, continuously effective under the Securities
Act until the earlier to occur of (i) the date on which GBC may sell the Conversion Shares then held in compliance with Rule 144,
or (ii) all Conversion Shares covered by the Registration Statement have been sold by GBC.

 

    2

     

    

 

Notwithstanding
the registration obligations set forth above, if the SEC informs the Company that all of the Registrable Securities cannot, as
a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement,
the Company agrees to promptly inform GBC thereof and use its commercially reasonable efforts to file amendments to the such Registration
Statement as required by the SEC, covering the maximum number of Registrable Securities permitted to be registered by the SEC,
on Form S-1 or such other form available to register for resale the Registrable Securities as a secondary offering, all as set
forth in the RRA.

 

If
the SEC or any SEC Guidance sets forth a limitation on the number of Registrable Securities, and any other securities being registered
on the Registration Statement, permitted to be registered on a particular Registration Statement, unless otherwise directed in
writing by GBC as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement
will be reduced on the basis set forth in the RRA.

 

For
purposes of this Section 14, “SEC Guidance” means (i) any publicly-available written or oral guidance of the
SEC staff, or any comments, requirements or requests of the SEC staff and (ii) the Securities Act.

 

If
there is a conflict between this Agreement and the RRA, the RRA shall take precedence and will control.

 

(c)
Six Month Lock-Up of the Outstanding Shares. The 437,500 GBC Outstanding Shares shall be restricted from sale or other
disposition for a period of six months from the date of the Closings.

 

2.
Mutual Release. As further consideration for the transactions contemplated hereby, each Party hereby releases acquits,
and forever absolutely discharges the other Party and its past and present owners, management members, employees, servants, representatives,
agents, attorneys, affiliated entities and persons, subrogees, heirs, executors, insurers, successors, and assigns from any and
all actions, causes of action, claims, debts, liabilities, accounts, demands, damages, causes, claims for indemnification or contribution,
or any other thing whatsoever whether known or unknown, suspected or unsuspected, certain or speculative, accrued or unaccrued
that such Party ever had or now has relating to or arising out of past agreements, contracts, obligations and relationships written
or verbal with the other Party; provided, however, that such mutual release shall not apply to any claims that may arise under
or relate to this Agreement or the New Debenture.

 

    3

     

    

 

3.
Representations and Warranties.  Each Party hereto hereby represents and warrants to the other Party as follows:

 

(a)
 Authorization.  Such Party has the full right, power and authority to enter into this Agreement and to
perform the terms and provisions hereof.  The execution, delivery and performance of this Agreement by such Party have
been duly authorized by all necessary action on the part of such party, and this Agreement constitutes the valid and binding obligation
of such Party, enforceable against such Party in accordance with its terms.

 

(b)
 No Conflicts.  Neither the execution and delivery of this Agreement nor compliance with the terms and
provisions hereof on the part of such Party shall breach any statutes or regulations of any governmental authority, domestic or
foreign, or shall conflict with or result in a breach of such Party’s organizational document(s) (if applicable) or of any
of the terms, conditions or provisions of any judgment, order, injunction, decree, agreement or instrument to which such Party
is a party or by which it or its assets are or may be bound, or constitute a default thereunder or an event which with the giving
of notice or passage of time or both would constitute a default thereunder, or require the consent of any person or entity.

 

(c)
 Consents and Approvals.  No consent, waiver, approval, order, permit or authorization of, or declaration
or filing with, or notification to, any person or entity is required on the part of such Party in connection with the execution
and delivery of this Agreement or the consummation of the transactions contemplated hereby.

 

4.
Representations, Warranties and Covenants of GBC.

 

GBC
represents, warrants and agrees with, the Company that:

 

(a) This
Agreement has been duly executed and delivered by GBC and constitutes a valid and binding obligation of GBC enforceable in accordance
with its terms.

 

(b)
GBC acknowledges its understanding that the transactions contemplated by this Agreement are intended to be exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”).

 

(c) GBC
has the financial ability to bear the economic risk of his investment, has adequate means for providing for its current financial
needs and contingencies and has no need for liquidity with respect to its investment in the Company.

 

    4

     

    

 

(d) GBC
is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act (17 C.F.R.
230.501(a)).

 
   

(e) GBC
is not subject to or obligated under any provisions of any law, regulation, order, judgment or decree which would be breached
or violated by the execution, delivery and performance of this Agreement by GBC and the consummation of the transactions contemplated
hereby.

 

(f)
GBC is an “affiliate” and the principal shareholder of the Company and has had full access to all information
about the Company, without qualification, including, but not limited to, the information contained in all of its filings with
the SEC made by the Company pursuant to the Exchange Act and which are contained in the Edgar Archives of the SEC.

 

5.
Miscellaneous.

 

(a)
Notices.    All notices or other communications required or permitted by this Agreement or by law to
be served on or given to either Party to this Agreement by the other Party shall be in writing and shall be deemed duly served
when personally delivered to the Party at an address agreed upon by both Parties.

 

(b)
Assignment.  This Agreement and all the provisions hereof will be binding upon and inure to the benefit of the
Parties hereto and their respective successors and permitted assigns.

 

(c)
Governing Law.    The validity, interpretation, construction and performance of this Agreement shall be
determined in accordance with the provisions of the Share Exchange Agreement.

 

(d)
Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision will be ineffective only to the extent of such provision or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.

 

(e)
Amendment; Waiver.    In the event either Party wishes to amend this Agreement, the Agreement may only be
amended or waived in a writing executed by both Parties.

 

(f)
Complete Agreement.  This Agreement contains the complete agreement between the Parties hereto and supersedes
any prior understandings, agreements or representations by or between the Parties, written or oral, which may have related to
the subject matter hereof in any way.

 

(g)
Further Assurances. The Parties shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party hereto may
reasonably request in order to carry out the intent an accomplish the purposes of this Agreement, if requested.

 

(h)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other
Party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the Party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(i)
Effective Date. The “Effective Date” of this Agreement shall be the date of the Closings of the Duke Share
Exchange Agreement and the Duke Funding, and absent such Closings, this Agreement and the matters covered hereby shall have no
effect whatsoever between the parties hereto, and the respective rights, obligations and duties of the parties under the Purchase
Agreement and the Original Debentures shall continue, unchanged.

 

[SIGNATURE
PAGE FOLLOWS]

 

    5

     

    

 

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

 

	 	UAS DRONE CORP.
	 	 
	 	By:	/s/ Christopher J. Leith
	 	 	Name: Christopher J. Leith
	 	 	Title: Acting CFO

 

	 	GREENBLOCK CAPITAL, LLC
	 	 	 
	 	By:	/s/ Chris Spencer
	 	 	Name: Chris Spencer
	 	 	Title: Managing Member

 

 

6Exhibit
10.4

 

SECURITIES
EXCHANGE AGREEMENT

 

THIS
SECURITIES EXCHANGE AGREEMENT (this “Agreement”) is entered into and effective as of March 9, 2020 (the
“Effective Date,” subject to Section 4(i) below) by and between UAS Drone Corp., a Nevada corporation
(the “Company”) and [___________] (the “Investor”). Each of the Company and the Investor
may be referred to individually as a “Party” and collectively as the “Parties”;

 

RECITALS:

 

WHEREAS,
the Company was organized on February 4, 2015, with the intention of engaging in the business of developing and manufacturing
commercial unmanned aerial systems, or drones, for the law enforcement and first responder markets;

 

WHEREAS,
the Company’s extremely limited business operations were unsuccessful and, beginning with its Annual Report on Form
10-K for the fiscal year ended December 31, 2017, its periodic reports as filed with the Securities and Exchange Commission (the
“SEC”) have indicated that the Company is a “shell company” as defined in Rule 12b-2 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and subparagraph (i) of SEC Rule 144, which substantially
limits the resale of shares of its $0.0001 par value common stock (the “Common Stock”) until it is no longer
a shell company and twelve (12) months from the filing of “Form 10 Information” with the SEC reflecting that change
of such designation;

 

WHEREAS,
there is an extremely limited market for the Common Stock, with an average of five (5) shares traded per day over the preceding
thirty (30) days, according to the OTC Markets, Inc. (the “OTC Markets”) website (www.otcmarkets.com/stock/USDR/quote);

 

WHEREAS,
for the foregoing reasons, the Company has determined that the present value of its common stock is $0.0001 per share;

 

WHEREAS,
pursuant to the terms of a Promissory Note dated September 02, 2019, Zuk Marble Products 1998 Ltd., a private company organized
under the laws of Israel, with offices at Ha’taas 22 St. Kfar-Saba, Israel, company number 512652603 (“Zuk”),
acting on behalf of the Investor and other parties, advanced the aggregate sum of $35,000 to the Company for payment of invoices
from vendors and service providers to the Company (the “Note”);

 

WHEREAS,
in connection with that certain Share Exchange Agreement dated March 4, 2020 (the “Duke Share Exchange Agreement”),
by and between the Company; Duke Robotics, Inc., a Delaware corporation (“Duke”) and the several shareholders
of Duke (the “Duke Shareholders”), the Investor has agreed with the Company to receive a total of 2,405,906
“unregistered” and “restricted” shares of the Common Stock, as a conversion of its portion of the $35,000
sum advanced by it to the Company under the terms of the Note, all in accordance with the terms set forth herein; and,

 

    

     

    

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, it is hereby agreed as follows:

 

1.
Exchange.  (a) Concurrent with the closing (the “Closing”) of those certain Convertible Loan
Agreements dated March 9, 2020, in substantially the form annexed hereto as Exhibit A (collectively, the “CLAs”)
with those investors listed on Annex A, the Company shall issue to the Investor [_________] shares of the Common
Stock (the “Note Conversion Shares”) in satisfaction of the portion of the Investor in the Note, which, as
of the date hereof is $[_______]1. The Parties agree that the Note Conversion Shares shall have the status of “restricted
securities” issued by a “shell company” as defined in Rule 12b-2 of the Exchange Act and shall be subject to
the resale provisions of subparagraph (i) of SEC Rule 144. Upon issuance of the Note Conversion Shares, the Investor (i) shall
be deemed to have waived all accrued interest on the Note as of the Closing date of the transactions contemplated hereby; and
(ii) agreed to the retirement and cancellation of the Note. The Company shall promptly deliver the Note Conversion Shares to the
Investor at the Closing.

 

(b)
Demand Registration Rights. Pursuant to the terms of that certain Registration Rights Agreement of even date herewith,
and attached hereto as Exhibit B, the Investor shall have demand registration rights with respect to the Note Conversion
Shares and the other “Registrable Securities” as defined in the Registration Rights Agreement, and in such proportions
as set forth therein with respect to all Note Conversion Shares deriving from the Note.

 

(c)
Anti-Dilution Protection.
Upon the issuance of New Securities (as hereinafter defined) by the Company at a pre-money valuation of less than ten million
U.S. dollars ($10,000,000) (collectively, the “Threshold Valuation”), the Company will issue to the Investor,
without further consideration, that number of additional shares of Common Stock necessary to ensure that the number of shares
issued to the Investor pursuant to Section 1(a) above and this Section 1(c) in the aggregate (the “Exchange Shares”),
multiplied by the effective price per share at which such New Securities were issued, is not less than the product of multiplying
the number of Exchange Shares as calculated immediately prior to the issuance of such New Securities by an effective price per
shares of the New Securities had the New Securities been issued at the Threshold Valuation. An example of the foregoing is illustrated
in Annex B hereof. The term “New Securities” shall mean any Common Stock or other equity securities
of the Company, whether now authorized or not, any rights, options or warrants to purchase Common Stock or other equity securities
and any indebtedness or preferred stock of the Company which is convertible into Common Stock or other equity securities (or which
is convertible into a security which is, in turn, convertible into Common Stock or other equity securities); but shall specifically
exclude (i) Common Stock issued to any employee, consultant or director of the Company, and approved by the Board of Directors,
in an amount not to exceed 1,128,333 shares of Common Stock (subject to stock split and other structural adjustments), plus an
additional 1.5% of the Company’s equity securities on a fully diluted basis, (ii) the issuance of Common Stock pursuant
to the CLAs and (iii) the issuance of Common Stock to shareholders of Duke, in the second stage of its acquisition agreement with
the Company, as accounted for and contemplated in the Duke Share Exchange Agreement, in an amount not to exceed 63,856 shares
of Common Stock (subject to stock split and other structural adjustments). The term “Fully Diluted Basis”,
as used above, means, at the relevant time, the sum of all of the Company’s equity or any type, class or series thereof
then issuable upon the exercise or conversion of all then outstanding and exercisable warrants, options or convertible securities
pursuant to which the Company is then obligated to issue such equity or type, class or series thereof, assuming such conversion
or exchange took place at such time of calculation, without taking into consideration the shares of stock of the Company issuable
to the Lenders under the CLAs solely pursuant thereto. The provisions of this Section 1(c) shall no longer apply to the issuance
of New Securities once the Company has raised at least three million U.S. dollars ($3,000,000) at a weighted average pre-money
valuation of ten million U.S. dollars ($10,000,000).

 

 

1 Pro rata
of $35,000 amount.

 

    2

     

    

 

(d)
 Debenture Anti-Dilution. Upon any conversion of the debentures, as amended, dated March 9, 2020, between the Company and
Alpha Capital Anstalt and GreenBlock Capital, copies of which are enclosed herewith as Exhibit C (the “Debentures”),
the Company will  issue to the Investor, without further consideration, that number of additional shares of Common Stock
necessary to ensure that the number of shares issued to the Investor pursuant to Section 1(a and this Section 1(d) is equal to
not less than [__]2% of the issued and outstanding share capital of the Company on a Fully Diluted Basis, without
taking into consideration the outstanding and unconverted portion of the Debentures and
any other New Securities, unless such New Securities were issued to the holders of the Debentures in lieu of the Debentures (other
than a conversion in accordance with their terms as attached hereto) or issued to the holders of the Debentures for no consideration.

 

(e)
Notice of Adjustment. Whenever the Anti-Dilution Protection set forth in Section 1(c) or the Debenture Anti-Dilution set
forth in Section 1(d) is triggered, the Company shall promptly deliver to the Investor by facsimile or email a notice setting
forth a brief statement of the facts requiring such adjustment and a calculation of the number of shares to be issued to the Investor
upon such adjusted.

 

2.
Representations and Warranties.  Each Party hereto hereby represents and warrants to the other Party as follows:

 

(a)
 Authorization.  Such Party has the full right, power and authority to enter into this Agreement and to
perform the terms and provisions hereof.  The execution, delivery and performance of this Agreement by such Party have
been duly authorized by all necessary action on the part of such party, and this Agreement constitutes the valid and binding obligation
of such Party, enforceable against such Party in accordance with its terms.

 

(b)
 No Conflicts.  Neither the execution and delivery of this Agreement nor compliance with the terms and
provisions hereof on the part of such Party shall breach any statutes or regulations of any governmental authority, domestic or
foreign, or shall conflict with or result in a breach of such Party’s organizational document(s) (if applicable) or of any
of the terms, conditions or provisions of any judgment, order, injunction, decree, agreement or instrument to which such Party
is a party or by which it or its assets are or may be bound, or constitute a default thereunder or an event which with the giving
of notice or passage of time or both would constitute a default thereunder, or require the consent of any person or entity.

 

(c)
 Consents and Approvals.  No consent, waiver, approval, order, permit or authorization of, or declaration
or filing with, or notification to, any person or entity is required on the part of such Party in connection with the execution
and delivery of this Agreement or the consummation of the transactions contemplated hereby.

 

 

2 Pro
rata amount of 24%

 

    3

     

    

 

3.
Representations, Warranties and Covenants of Investors.

 

Each
of the Investors hereby, severally and not jointly, represents, warrants and agrees with, the Company with respect to itself only,
and not as to any other Investor, that:

 

(a) This
Agreement has been duly executed and delivered by the Investor and constitutes a valid and binding obligation of the Investor
enforceable in accordance with its terms.

 

(b)
The Investor acknowledges its understanding that the transactions contemplated by this Agreement are intended to be exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”).

 

(c) The
Investor has the financial ability to bear the economic risk of his investment, has adequate means for providing for its current
financial needs and contingencies and has no need for liquidity with respect to its investment in the Company.

 

(d) At
the time such Investor made its loan under the Note, it was, and as of the date hereof it is a “non-US person” as
defined in 902(k)(1) of Regulation S as promulgated under the Securities Act and/or the Investor is an “accredited investor”
as that term is defined in Rule 501(a) of Regulation D under the Securities Act (17 C.F.R. 230.501(a)).

 
   

(e) The
Investor is not subject to or obligated under any provisions of any law, regulation, order, judgment or decree which would be
breached or violated by the execution, delivery and performance of this Agreement by the Investor and the consummation of the
transactions contemplated hereby.

 

(f) The
Investor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of investment in UAS and has had full access to all the information it considers necessary or appropriate to make an informed
investment decision with respect to the UAS Stock, including, but not limited to the UAS SEC Reports and the Form 8-K Current
Report to be filed with the SEC reflecting the post-Closing combination of UAS and Duke.

 

    4

     

    

 

(g) Neither
the Investor nor, in the case of any non-individual investor, any of its predecessors, directors, executive officers, partners,
or any beneficial owner of 10% or more of such Investor’s outstanding voting equity securities, calculated on the basis
of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Investor in
any capacity at the time of sale (each, an “Investor Covered Person” and, together, “Investor Covered
Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule
506(d)(2) or (d)(3). Investor has exercised reasonable care to determine whether any Investor Covered Person is subject to a Disqualification
Event.

 

4. Miscellaneous.

 

(a)
Notices.    All notices or other communications required or permitted by this Agreement or by law to
be served on or given to either Party to this Agreement by the other Party shall be in writing and shall be deemed duly served
when personally delivered to the Party at an address agreed upon by both Parties.

 

(b)
Assignment.  This Agreement and all the provisions hereof will be binding upon and inure to the benefit of the
Parties hereto and their respective successors and permitted assigns.

 

(c)
Governing Law.    Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

(d)
Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision will be ineffective only to the extent of such provision or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.

 

    5

     

    

 

(e)
Amendment; Waiver.    In the event either Party wishes to amend this Agreement, the Agreement may only be
amended or waived in a writing executed by both Parties.

 

(f)
Complete Agreement.  This Agreement contains the complete agreement between the Parties hereto and supersedes
any prior understandings, agreements or representations by or between the Parties, written or oral, which may have related to
the subject matter hereof in any way.

 

(g)
Further Assurances. The Parties shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party hereto may
reasonably request in order to carry out the intent an accomplish the purposes of this Agreement, if requested.

 

(h)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other
Party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the Party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(i)
Effective Date. The “Effective Date” of this Agreement shall be the date of the Closings of the Duke Share
Exchange Agreement and the Duke Funding, and absent such Closings, this Agreement and the matters covered hereby shall have no
effect whatsoever between the parties hereto, and the respective rights, obligations and duties of the parties under the Purchase
Agreement and the Original Debentures shall continue, unchanged.

 

[SIGNATURE
PAGE FOLLOWS]

 

    6

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Securities Exchange Agreement as of the date first written above.

 

	 	UAS DRONE CORP.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

  

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SECURITIES
EXCHANGE AGREEMENT

COUNTERPART
SIGNATURE PAGE

 

This
Counterpart Signature Page for that certain Securities Exchange Agreement (the “Agreement”) effective as of
the earlier of the signature date hereof or delivery of this Agreement (the Effective Date”), among UAS Drone Corp.,
a Nevada corporation (the “Company”); and the undersigned Investor, by which the Investor, through execution
and delivery of this Counterpart Signature Page, intends to be legally bound by the terms of the Agreement.

  

	 	INVESTOR
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

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Annex
A

 

Schedule
of Investors 

 

	Name	 	Loan	 	 	Already advanced	 	 	%	 	 	No. of Shares	 	 	% of holdings	 	 	Balance	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ansbacher	 	$	250,000	 	 	$	8,750	 	 	 	25.00	%	 	 	2,405,906	 	 	 	6.00	%	 	$	241,250	 	 	 	25.00	%
	Benitez	 	$	250,000	 	 	$	8,750	 	 	 	25.00	%	 	 	2,405,906	 	 	 	6.00	%	 	$	241,250	 	 	 	25.00	%
	Danenberg	 	$	134,715	 	 	$	4,715	 	 	 	13.47	%	 	 	1,296,447	 	 	 	3.23	%	 	$	130,000	 	 	 	13.47	%
	Zuk Marble	 	$	198,618	 	 	$	6,952	 	 	 	19.86	%	 	 	1,911,425	 	 	 	4.77	%	 	$	191,666	 	 	 	19.86	%
	Meytal -Alonim ltd.	 	$	166,667	 	 	$	5,833	 	 	 	16.67	%	 	 	1,603,937	 	 	 	4.00	%	 	$	160,834	 	 	 	16.67	%
	 	 	$	1,000,000	 	 	$	35,000	 	 	 	100.00	%	 	 	9,623,621	 	 	 	24.00	%	 	$	965,000	 	 	 	100	%

 

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Annex
B

Illustration
of Application of Section 1(c)

 

In
each event of issuance of New Securities at a pre-money valuation of less than the Threshold Valuation (a “Trigger
Event”), the Company will calculate and issue additional shares of Common Stock to the Investor (“Additional
Shares”), for no consideration, the number of which shall be calculated as follows

 

		Y-	NUMBER
                                         OF SHARES OF COMMON STOCK PREVIOUSLY ISSUED TO INVESTOR UNDER SECTIONS 1(A) AND 1(C),
                                         IN THE AGGREGATE, PRIOR TO APPLICABLE TRIGGET EVENT.

 

TVPPS
- AT THE FIRST ISSUANCE OF NEW SECURITIES BELOW THE THRESHOLD AMOUNT, FOLLOWING THE CLOSING - $0.24939144. FOR SUBSEQUENT ISSUANCES
- THE PREVIOUS PRICE PER SHARE AT WHICH NEW SECURITIES WERE ISSUED.

 

		PPS1-	EFFECTIVE
                                         PRICE PER SHARE AT WHICH THE COMPANY ISSUED NEW SECURITIES COMPRISING THE TRIGGER EVENT.

 

		X-	NUMBER
                                         OF ADDITIONAL SHARES TO BE ISSUED TO INVESTOR

 

		X=	(Y*TVPPS/PPS1)-Y

 

    10

     

    

 

Exhibit
A

 

Form
of Convertible Loan Agreement 

 

    11

     

    

 

Exhibit
B 

 

Form
of Registration Rights Agreement 

 

    12

     

    

 

Exhibit
C 

 

Alpha
Capital Anstalt and GreenBlock Capital Debentures, as amended 

 

 

 13

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