Document:

Exhibit 10.1

 

AMENDMENT
#___ TO NONQUALIFIED STOCK OPTION AGREEMENT

 

THIS
AMENDMENT TO NONQUALIFIED STOCK OPTION AGREEMENT (the “Amendment”) is made effective as of November ___, 2019 (the
“Effective Date”) by and between Drone Aviation Holding Corp., a Nevada corporation (the “Corporation”)
and __________________ (the “Holder”) (collectively the “Parties”).

 

BACKGROUND

 

A.
The Corporation and Holder are the parties to that certain Nonqualified Stock Option Agreement for _______ shares of
the Corporation’s Common Stock, par value $0.0001 per share that was granted by the Corporation to the Holder on __________
(the “Option Agreement”); and

 

B.
The Parties desire to amend the Option Agreement, as set forth below.

 

NOW
THEREFORE, in consideration of the execution and delivery of the Amendment and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.
Section 8 (b) – Termination of Employment – is hereby amended as follows: The first two sentences of Section 8(b)
are hereby amended and restated in their entirety to provide as follows: “In the event that Optionee is removed as a
director, officer or employee by the Company at any time other than for “Cause” or resigns as a director, officer
or employee for “Good Reason”, the Option granted to Optionee may be exercised by the Optionee, to the extent the
Option was exercisable on the date Optionee ceases to be a director, officer or employee, at any time before the date on
which the Option otherwise expires by its terms, at which time the Option shall terminate; provided, however, if the Optionee
dies before the Option terminates and is no longer exercisable, the terms and provisions of Section 11 shall
control.”

 

2.
Section 10 – Retirement – is hereby amended and restated in its entirety to provide as follows: “If
Optionee retires at age 60 or older from the Company and has at least four (4) years of service with the Company, such Option
may be exercisable at any time on or before the date on which the Option otherwise expires by its terms. If Optionee retires
but does not meet this requirement, the Option may thereafter be exercised to the extent it was exercisable at the time of
such Retirement, but may not be exercised after ninety (90) days from the retirement date or the expiration of the stated
term in the Option, whichever date is earlier; provided, however, if the Optionee dies before the Option terminates and is no
longer exercisable, the terms of Section 11 shall control.”

 

3.
This Amendment shall be deemed part of, but shall take precedence over and supersede any provisions to the contrary contained
in the Option Agreement and previous Amendment(s). All initial capitalized terms used in this Amendment shall have the same
meaning as set forth in the Option Agreement unless otherwise provided. Except as specifically modified hereby, all of the
provisions of the Option Agreement, which are not in conflict with the terms of this Amendment, shall remain in full force
and effect.

 

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

 

	DRONE AVIATION HOLDING CORP.	 	ACCEPTED AND ACKNOWLEDGED:
	 	 	 	 	 
	By:	            	 	By:	          
	 	 	 	 	Name:
	 	CEOExhibit 10.2

 

FORM

 

DRONE AVIATION HOLDING CORP.

RESTRICTED STOCK AGREEMENT

(Non-Assignable)

________

____ Shares of Restricted Stock of

Drone Aviation Holding Corp.

THIS CERTIFIES that
on ____, 20__, _____ (“Holder”) was granted _____ (___) shares of fully paid and non-assessable shares (“Restricted
Shares”) of the Common Stock (par value $0.0001 per share) of Drone Aviation Holding Corp. (the “Corporation”),
a Nevada corporation. A determination of the Board of Directors of the Corporation (the “Committee”) as to any questions
which may arise with respect to the interpretation of the provisions of this award shall be final.

TERMS AND CONDITIONS.
It is understood and agreed that the award evidenced by this agreement is subject to the following terms and conditions:

1.       Award
and Vesting.

(a)       Award.
The shares of Restricted Stock awarded hereunder shall be issued and held by the Corporation’s transfer agent in book entry
form, and the Holder’s name shall be entered as the stockholder of record on the books of the Corporation. Thereupon, the
Holder shall have all the rights of a stockholder with respect to such shares, including voting and dividend rights, subject, however,
to the restrictions and conditions specified in Paragraph 1(b) below. The Holder shall (i) sign and deliver to the Corporation
a copy of this Restricted Stock Agreement and (ii) deliver to the Corporation a stock power endorsed in blank if requested by the
Corporation.

(b)       Vesting
of Restricted Stock. The restrictions and conditions in Paragraphs 7(b) and (c) of this Agreement shall lapse upon the earlier
of (i) the Vesting Date or Dates specified in the following schedule or (ii) upon the occurrence of a Change of Control (as hereinafter
defined) so long as the Holder in the case of either (i) or (ii) remains a director, officer or employee of, or consultant or advisor
to, the Corporation from the date hereof through the applicable Vesting Date. If a series of Vesting Dates is specified, then the
restrictions and conditions in Paragraphs 7(b) and (c) shall lapse only with respect to the number of shares of Restricted
Stock specified as vested on such date.

 

	 	 	 
	
        Incremental
        Number of

        Shares Vested
	 	
        Vesting Date

	 	 
	[__]  (100 %)	 	
           Upon
        the occurrence of a Change of Control

	 	 
	 	 

 

A "Change
of Control" shall be deemed to have occurred if, after the Effective Date, (i) the beneficial ownership (as defined in Rule
13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of securities representing more than
30% of the combined voting power of the Corporation is acquired by any "person" as defined in sections 13(d) and 14(d)
of the Exchange Act (other than the Corporation, any subsidiary of the Corporation, or any trustee or other fiduciary holding securities
under an employee benefit plan of the Corporation), (ii) the merger or consolidation of the Corporation with or into another corporation
where the shareholders of the Corporation, immediately prior to the consolidation or merger, would not, immediately after the consolidation
or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing
in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the
consolidation or merger (or of its ultimate parent corporation, if any) in substantially the same proportion as their ownership
of the Corporation immediately prior to such merger or consolidation, (iii) the sale or other disposition of all or substantially
all of the Corporation's assets to an entity, other than a sale or disposition by the Corporation of all or substantially all of
the Corporation's assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned directly
or indirectly by shareholders of the Corporation, immediately prior to the sale or disposition, in substantially the same proportion
as their ownership of the Corporation immediately prior to such sale or disposition, or (iv) during any period of two consecutive
years, individuals who at the beginning of such period were members of the Corporation’s Board of Directors ("Incumbent
Directors") cease for any reason (other than death) to constitute at least a majority thereof; provided that each new director
whose election, or nomination for election by the Corporation's shareholders, was approved by a vote of at least a majority of
the directors then still in office who were directors at the beginning of such period shall be deemed an Incumbent Director unless
such approval was made directly or indirectly in connection with an actual or threatened election contest with respect to directors
or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the
Board.

 

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     2.     Regulatory
Compliance and Listing. The issuance or delivery of any stock certificates representing Restricted Shares may be postponed
by the Corporation for such period as may be required to comply with any applicable requirements under the federal securities
laws, any applicable listing requirements of any national securities exchange, any rules, regulations or other requirements under
any other law, or any rules or regulations applicable to the issuance or delivery of such Restricted Shares, and the Corporation
shall not be obligated to deliver any such Restricted Shares to the Holder if delivery thereof would constitute a violation of
any provision of any law or of any regulation of any governmental authority or any national securities exchange.

 

3.       Investment
Representations and Related Matters. The Holder hereby represents that the Restricted Shares awarded pursuant to this agreement
are being acquired for investment purposes and not for resale or with a view towards distribution thereof. The Holder acknowledges
and agrees that any sale or distribution of Restricted Shares may be made only pursuant to either (a) a registration statement
on an appropriate form under the Securities Act of 1933, as amended (“Securities Act”), which registration statement
has become effective and is current with regard to the Restricted Shares being sold, or (b) a specific exemption from the registration
requirements of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory
to counsel for the Corporation, prior to any such sale or distribution. The Holder hereby consents to such action as the Corporation
deems necessary or appropriate from time-to-time to prevent a violation of, or to perfect an exemption from, the registration
requirements of the Securities Act or to implement the provisions of this agreement, including but not limited to placing restrictive
legends on certificates evidencing Restricted Shares and delivering stop transfer instructions to the Corporation’s stock
transfer agent.

    2 

     

    

 

4.       No
Right To Continued Employment; Forfeiture. This agreement does not confer upon the Holder any right to continued employment
by the Corporation or any of its subsidiaries or affiliated companies, nor shall it interfere in any way with the right to the
Holder’s employer to terminate employment at any time for any reason or no reason.

5.       Construction.
This agreement will be construed by and administered under the supervision of the Committee, and all determinations will be final
and binding on the Holder.

6.       Dilution.
Nothing in this agreement will restrict or limit in any way the right of the Committee to issue or sell stock of the Corporation
(or securities convertible into stock of the Corporation) on such terms and conditions as it deems to be in the best interests
of the Corporation, including, without limitation, stock and securities issued or sold in connection with mergers and acquisitions,
stock issued or sold in connection with any stock option or similar plan, and stock issued or contributed to any stock bonus or
employee stock ownership plan.

7.       Legends
and Restrictions.

(a)       The
Restricted Shares shall bear a legend in substantially the following form:

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION
OR COUNSEL, IN A REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS,
OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

(b) Shares of Restricted
Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Holder prior
to vesting.

 

(c) If the Holder’s
employment with the Corporation or its subsidiaries is voluntarily terminated for any reason not deemed “For Good Reason”
as defined by the Holder’s employment agreement prior to vesting of shares of Restricted Stock granted herein, all shares
of Restricted Stock which have not vested shall immediately and automatically be forfeited and returned to the Corporation.

 

    8.        Tax
Withholding. The Holder shall, not later than the date as of which the receipt of this award becomes a taxable event for Federal
income tax purposes, pay to the Corporation any Federal, state, and local taxes required by law to be withheld on account of such
taxable event. Except in the case where an election is made pursuant to Paragraph 9 below, the Corporation shall have the authority
to cause the required minimum tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock
to be issued or released by the transfer agent a number of shares of Stock with an aggregate fair market value that would satisfy
the minimum withholding amount due.

 

    3 

     

    

 

       9.        Election
Under Section 83(b). The Holder and the Corporation hereby agree that the Holder may, within 30 days following the date
of this Agreement, file with the Internal Revenue Service and the Corporation an election under Section 83(b) of the Internal
Revenue Code. In the event the Holder makes such an election, he or she agrees to provide a copy of the election to the Corporation.
The Holder acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b)
election and that he or she is relying solely on such advisors and not on any statements or representations of the Corporation
or any of its agents with regard to such election.

 

10.       Notices.
Any notice hereunder to the Corporation shall be addressed to it at Drone Aviation Holding Corp., 11651 Central Parkway #118, Jacksonville,
FL 32224, Attention: CEO, and any notice hereunder to the Holder shall be addressed to the Holder at the last known home address
shown in the records of the Corporation, subject to the right of any party hereto to designate another address at any time hereafter
in writing.

11.       Counterparts.
This agreement may be executed in counterparts each of which taken together shall constitute one and the same instrument.

 

12.       Governing
Law. This agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of
Florida without reference to principles of conflicts of laws.

 

IN WITNESS WHEREOF,
the Corporation caused this agreement to be executed by a duly authorized officer.

 

	Dated: ______, 20__	
        DRONE AVIATION
        HOLDING CORP.

        

        By:  ______________________________

        Name:

        Title:

         

         

	 	 

 

	 	 
	ACCEPTED AND ACKNOWLEDGED:	 
	 	 
	 	 
	By:	 	 
	
         

         

        Dated:
	
         

         

        ______, 20__
	 

 

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