Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

LEIDOS, INC. 

$1,000,000,000 2.300% Notes due 2031 

EXCHANGE AND REGISTRATION RIGHTS AGREEMENT 

October 8, 2020 
 BofA Securities, Inc. 

Citigroup Global Markets Inc. 
 MUFG Securities Americas Inc. 

As Representatives of the Initial Purchasers 
  

	c/o	 BofA Securities, Inc. 

One Bryant Park 
 New York, NY
10036 
  

	c/o	 Citigroup Global Markets Inc. 

388 Greenwich Street 
 New York,
New York 10013 
  

	c/o	 MUFG Securities Americas Inc. 

1221 Avenue of the Americas, 6th Floor 

New York, New York 10020 
 Ladies and Gentlemen:

 Leidos, Inc., a Delaware corporation (the “Issuer”), proposes to issue and sell to the Initial Purchasers listed in
Schedule I of the Purchase Agreement (as defined below) (the “Initial Purchasers”), for whom BofA Securities, Inc., Citigroup Global Markets Inc. and MUFG Securities Americas Inc. are acting as representatives (the
“Representatives”), upon the terms and subject to the conditions set forth in the Purchase Agreement, dated October 5, 2020 (the “Purchase Agreement”), $1,000,000,000 aggregate principal amount of its 2.300%
Notes due 2031 (the “Notes”). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Leidos Holdings, Inc., a Delaware corporation (the “Guarantor”), pursuant to its guarantee (the
“Guarantee”) provided for in the Indenture. The Notes and the Guarantee are herein collectively referred to as the “Securities.” Capitalized terms used but not defined herein shall have the meanings given to such
terms in the Purchase Agreement. 

 As an inducement to the Initial Purchasers to enter into the Purchase Agreement and in
satisfaction of a condition to the obligations of the Initial Purchasers thereunder, each of the Issuer and the Guarantor agrees with the Initial Purchasers, for the benefit of the holders (including the Initial Purchasers) of the Securities, the
Exchange Securities (as defined herein) and the Private Exchange Securities (as defined herein) (collectively, the “Holders”), as follows: 

1. Registered Exchange Offer. The Issuer and the Guarantor shall (i) prepare and file with the Securities and Exchange Commission
(the “Commission”) a registration statement for the Notes that constitute Transfer-Restricted Securities (as defined below) (the “Exchange Offer Registration Statement”) on an appropriate form under the Act with
respect to a proposed offer to the Holders of the Transfer-Restricted Securities (the “Registered Exchange Offer”) to issue and deliver to Holders of the Transfer-Restricted Securities, in exchange for their Transfer-Restricted
Securities, a like aggregate principal amount of debt securities of the Issuer (the “Exchange Securities”) that are similarly guaranteed by the Guarantor and are identical in all material respects to the Transfer-Restricted
Securities, except for provisions relating to additional interest and the transfer restrictions relating to the Transfer-Restricted Securities, and use their reasonable best efforts to cause the Exchange Offer Registration Statement (A) to be
filed with the Commission no later than 420 days after the date of original issuance of the Securities (the “Issue Date”) and (B) the Registered Exchange Offer to be consummated no later than 420 days after the Issue
Date and (ii) keep the Exchange Offer Registration Statement effective for not less than 20 business days (or longer, if required by applicable law) after the date on which notice of the Registered Exchange Offer is mailed to the Holders (such
period being called the “Exchange Offer Registration Period”). The Exchange Securities will be issued under the Indenture. 

Upon the effectiveness of the Exchange Offer Registration Statement, the Issuer shall promptly commence the Registered Exchange Offer, it
being the objective of such Registered Exchange Offer to enable each Holder electing to exchange Transfer-Restricted Securities for the Exchange Securities (assuming that such Holder (a) is not an affiliate of the Issuer and the Guarantor,
(b) is not an Exchanging Dealer (as defined herein) not complying with the requirements of the next sentence, (c) is not an Initial Purchaser holding Securities that have, or that are reasonably likely to have, the status of an unsold
allotment in an initial distribution, (d) acquires the Exchange Securities in the ordinary course of such Holder’s business and (e) has no arrangements or understandings with any person to participate in the distribution of the
Exchange Securities) and to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Act. The Issuer, the Guarantor, the Initial Purchasers and each Exchanging Dealer acknowledge that, pursuant to
current interpretations by the Commission’s staff of Section 5 of the Act, each Holder that is a broker-dealer electing to exchange Securities, acquired for its own account as a result of market-making activities or other trading
activities, for the Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing substantially the information set forth in Annex A hereto on the cover, in Annex B hereto in the
“Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any such Exchange
Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer. 
 If, prior to the consummation of the Registered
Exchange Offer, any Holder holds any Transfer-Restricted Securities acquired by it that have, or that are reasonably likely to be determined to have, the status of an unsold allotment in an initial distribution, or any Holder of Transfer-Restricted
Securities is not entitled to participate in the Registered Exchange Offer, the Issuer and the Guarantor shall, upon the request of any such Holder, simultaneously with the 

  
 2 

 
delivery of the Exchange Securities in the Registered Exchange Offer, issue and deliver to any such Holder, in exchange for the Transfer-Restricted Securities held by such Holder, a like
aggregate principal amount of debt securities of the Issuer (the “Private Exchange Securities”) that are similarly guaranteed by the Guarantor and identical in all material respects to the Exchange Securities, except for provisions
relating to additional interest and the transfer restrictions relating to the Private Exchange Securities (the “Private Exchange”). The Private Exchange Securities will be issued under the Indenture, and the Issuer and the Guarantor
shall use their reasonable best efforts to cause the Private Exchange Securities to bear the same CUSIP number as the Exchange Securities to the extent permitted by law or Commission policy (in the opinion of counsel to the Issuer). 

In connection with the Registered Exchange Offer, the Issuer and the Guarantor shall: 

(a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter
of transmittal and related documents; 
 (b) keep the Registered Exchange Offer open for not less than 20 business days (or longer, if
required by applicable law) after the date on which notice of the Registered Exchange Offer is mailed to the Holders; 
 (c) utilize the
services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of New York; 
 (d) permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York City time, on the last business day on which the Registered Exchange Offer shall remain open; and 

(e) otherwise comply in all respects with all laws that are applicable to the Registered Exchange Offer. 

As soon as practicable after the close of the Registered Exchange Offer and any Private Exchange, the Issuer and the Guarantor shall: 

(f) accept for exchange all Transfer-Restricted Securities tendered and not validly withdrawn pursuant to the Registered Exchange Offer and
the Private Exchange; 
 (g) deliver to the Trustee for cancellation all Transfer-Restricted Securities so accepted for exchange; and 

(h) cause the Trustee promptly to authenticate and deliver to each Holder, the Exchange Securities or Private Exchange Securities, as the case
may be, equal in principal amount and maturity to the Transfer-Restricted Securities of such Holder so accepted for exchange. 

  
 3 

 The Issuer and the Guarantor shall use their reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the prospectus contained therein in order to permit such prospectus to be used by all persons subject to the prospectus delivery requirements of the Act for such period of time as
such persons must comply with such requirements in order to resell the Exchange Securities; provided, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer, such period
shall be the lesser of 90 days and the date on which all Exchanging Dealers have sold all Exchange Securities held by them and (ii) the Issuer shall make such prospectus and any amendment or supplement thereto available to any broker-dealer for
use in connection with any resale of any Exchange Securities for a period of not less than 90 days after the consummation of the Registered Exchange Offer. 

Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private Exchange
will accrue from the last interest payment date on which interest was paid on the Securities surrendered in exchange therefor or, if no interest has been paid on the Securities, from the Issue Date. 

Each Holder participating in the Registered Exchange Offer shall be required to represent to the Issuer that at the time of the consummation
of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of the Act and (iii) such Holder is not an affiliate of the Issuer or the Guarantor or, if it is such an affiliate, such Holder will comply with the registration and
prospectus delivery requirements of the Act to the extent applicable. 
 2. Shelf Registration. If (i) because of any change in
law or applicable interpretations thereof by the Commission’s staff, the Issuer and the Guarantor are not permitted to effect the Registered Exchange Offer as contemplated by Section 1 hereof, or (ii) for any other reason the
Registered Exchange Offer is not consummated within 420 days after the Issue Date, or (iii) any Initial Purchaser so requests within 90 days after consummation of the Registered Exchange Offer with respect to Transfer-Restricted
Securities or Private Exchange Securities not eligible to be exchanged for the Exchange Securities in the Registered Exchange Offer and held by it following the consummation of the Registered Exchange Offer, or (iv) any applicable law or
interpretations do not permit any Holder of Transfer-Restricted Securities to participate in the Registered Exchange Offer, or (v) any Holder of Transfer-Restricted Securities that participates in the Registered Exchange Offer does not receive
freely transferable Exchange Securities in exchange for tendered Transfer-Restricted Securities, or (vi) any Transfer-Restricted Securities validly tendered pursuant to the Registered Exchange Offer are not exchanged for the Exchange Securities
promptly after being accepted for exchange: 
 (a) The Issuer and the Guarantor shall use their reasonable best efforts to prepare and file,
if as required or requested pursuant to this Section 2, with the Commission and shall use their reasonable best efforts to cause to be declared effective no later than the later of (x) 420 days after the Issue Date and (y) 90 days after so
required or requested pursuant to this Section 2, a shelf registration statement on an appropriate form under the Act relating to the offer and sale of the Transfer-Restricted Securities by the Holders thereof from time to time in accordance
with the methods of distribution set forth in such registration statement (hereafter, the “Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”).

  
 4 

 (b) The Issuer and the Guarantor shall use their reasonable best efforts to keep the Shelf
Registration Statement continuously effective in order to permit the prospectus forming a part thereof to be used by Holders of Transfer-Restricted Securities for a period of (i) six months from the first day that the Shelf Registration
Statement becomes effective or (ii) such shorter period that will terminate upon the earlier to occur of (x) all of the Transfer-Restricted Securities covered by such Shelf Registration Statement having been sold pursuant thereto or
(y) all of such Securities ceasing to be Transfer-Restricted Securities (the period from the effective date of such Shelf Registration Statement until the earlier of the events described in clauses (i) and (ii) above, the “Shelf
Registration Period”). 
 (c) In the absence of events described in clauses (i) through (vi) of the first paragraph of this
Section 2, the Issuer and the Guarantor shall not be permitted to discharge their obligations under Section 1 hereof by means of the filing of the Shelf Registration Statement. 

(d) The Issuer will have the ability to suspend the Shelf Registration Statement, as limited below (a “Suspension Period”),
if the Issuer determines, in its reasonable judgment, that the continued effectiveness and/or use of the Shelf Registration Statement would require the disclosure of confidential information or interfere with any financing, acquisition,
reorganization or other material transaction involving the Issuer. A Suspension Period shall commence on and include the date that the Issuer gives written notice to all Holders of Transfer-Restricted Securities that the Shelf Registration Statement
is no longer effective or the prospectus included therein is no longer usable for offers and sales of Transfer-Restricted Securities covered by such Shelf Registration Statement and continue until holders of such Transfer-Restricted Securities (as
defined below) either receive the copies of the supplemented or amended prospectus contemplated by Section 4(j) hereof or receive an Advice (as defined below) that use of the prospectus may be resumed. No Suspension Period shall be for more
than 30 consecutive days and any such Suspension Periods may not exceed 60 days in the aggregate during any twelve month period. 
 3.
Additional Interest. 
 (a) The parties hereto agree that the Holders of Transfer-Restricted Securities will suffer damages if the
Issuer and the Guarantor fail to fulfill their obligations under Section 1 or Section 2, as applicable, and that it would not be feasible to ascertain the extent of such damages. Accordingly, if required, (i) the Shelf Registration
Statement is required pursuant to Section 2 hereof but is not declared effective within 420 days after the Issue Date (or such later date as required by Section 2(a)), (ii) the Registered Exchange Offer is not consummated on or prior to
420 days after the Issue Date, or (iii) the Shelf Registration Statement required pursuant to Section 2 hereof is filed and declared effective but shall thereafter cease to be effective (at any time that the Issuer is obligated to
maintain the effectiveness thereof) without being succeeded within 30 days by an additional Registration Statement filed and declared effective (each such event referred to in clauses (i) through (iii), an “Additional Interest
Trigger”), the Issuer and the Guarantor will be jointly and severally obligated to pay additional interest (“Additional Interest”) to each Holder of Transfer-Restricted Securities, in an amount equal to 0.25% per annum on
the principal amount of Transfer-Restricted Securities held by such Holder immediately following the occurrence of one or more such Additional Interest Triggers. In no event, however, shall the Issuer and the Guarantor be required to pay Additional
Interest in excess of 0.25% per annum. 

  
 5 

 
Additional Interest shall cease to accrue and the interest rate will revert to the original rate when (w) the Exchange Offer Registration Statement is filed with the Commission in the case
of clause (i) above, (x) the Registration Statement is declared effective in the case of clause (ii) above, (y) the Registered Exchange Offer is consummated in the case of clause (iii) above, or (z) the Shelf Registration
Statement again becomes effective in the case of clause (iv) above; provided, however, that, if after any such reduction in interest rate, a different Additional Interest Trigger occurs, then the interest rate borne by the
Transfer-Restricted Securities shall again be increased pursuant to the foregoing provisions. As used herein, the term “Transfer-Restricted Securities” means each Security until the earlier to occur of (i) the date on which
such Security has been exchanged for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) the date on which it has been effectively registered under the Act and disposed of in accordance with the Shelf Registration
Statement or (iii) the date on which it is distributed to the public pursuant to Rule 144 under the Act. Notwithstanding anything to the contrary in this Section 3(a), neither the Issuer nor the Guarantor shall be required to pay
Additional Interest to a Holder of Transfer-Restricted Securities if such Holder failed to comply with its obligations to make the representations set forth in the last paragraph of Section 1 or failed to provide the information required to be
provided by it, if any, pursuant to Section 4(n). 
 (b) The Issuer and the Guarantor shall notify the Trustee and the Paying Agent
under the Indenture promptly upon the happening of each and every Additional Interest Trigger. The Issuer and the Guarantor shall pay the Additional Interest due on the Transfer-Restricted Securities by depositing with the Paying Agent, in trust,
for the benefit of the Holders thereof, prior to 10:00 a.m., New York City time, on the next interest payment date specified by the Indenture and the Securities, sums sufficient to pay the Additional Interest then due. The Additional Interest due
shall be payable on each interest payment date specified by the Indenture and the Securities to the record holder entitled to receive the interest payment to be made on such date. Each obligation to pay Additional Interest shall be deemed to accrue
from and include the date of the applicable Additional Interest Trigger to but excluding the date on which it is cured. 
 (c) The parties
hereto agree that the Additional Interest provided for in this Section 3 constitutes a reasonable estimate of and is intended to constitute the sole damages that will be suffered by Holders of Transfer-Restricted Securities by reason of the
failure of (i) the Shelf Registration Statement or the Exchange Offer Registration Statement to be filed or declared effective, (ii) the Shelf Registration Statement to remain effective or (iii) the Registered Exchange Offer to be
consummated, in each case to the extent required by this Agreement. The existence of an Additional Interest Trigger shall not be deemed to be a breach of the provisions of this Agreement. 

4. Registration Procedures. In connection with any Registration Statement, the following provisions shall apply: 

(a) The Issuer and the Guarantor shall (i) furnish to counsel for the Initial Purchasers, prior to the filing thereof with the
Commission, a copy of the Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto
in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange

  
 6 

 
Offer Registration Statement, and include the information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; and (iii) if
requested by any Initial Purchaser, include the information required by Items 507 or 508 of Regulation S-K, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement. 

(b) The Issuer and the Guarantor shall advise counsel for the Initial Purchasers, each Exchanging Dealer and the Holders of
Transfer-Restricted Securities (in the case of the Shelf Registration Statement) and, if requested by any such person, confirm such advice in writing (which advice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend
the use of the prospectus until the requisite changes have been made): 
 (i) when any Registration Statement and any amendment thereto has
been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of
any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information; 

(iii) of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any
proceedings for that purpose; 
 (iv) of the receipt, between the effective date of a Registration Statement and the closing of any sale of
Transfer-Restricted Securities covered thereby, by the Issuer or the Guarantor of any notification with respect to the suspension of the qualification of any Transfer-Restricted Securities, the Exchange Securities or the Private Exchange Securities
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event
that requires the making of any changes in any Registration Statement or the prospectus included therein in order that the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading. 
 (c) The Issuer and the Guarantor will make every reasonable best effort to obtain the
withdrawal at the earliest possible time of any order suspending the effectiveness of any Registration Statement. 
 (d) The Issuer and the
Guarantor will furnish to each Holder of Transfer-Restricted Securities included within the coverage of the Shelf Registration Statement, without charge, at least one conformed copy of such Shelf Registration Statement and any post-effective
amendment thereto, including financial statements and schedules and, if any such Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). 

(e) The Issuer and the Guarantor will, during the Shelf Registration Period, promptly deliver to each Holder of Transfer-Restricted Securities
included within the coverage of the Shelf Registration Statement, without charge, as many copies of the prospectus (including each preliminary prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such
Holder may reasonably request; and the Issuer and the Guarantor consent, subject to the limitations set forth herein, to the use of such prospectus or any amendment or supplement thereto by each of the selling Holders of Transfer-Restricted
Securities in connection with the offer and sale of the Transfer-Restricted Securities covered by such prospectus or any amendment or supplement thereto. 

  
 7 

 (f) The Issuer and the Guarantor will furnish to each Initial Purchaser and each Exchanging
Dealer, and to any other Holder of Transfer-Restricted Securities who so requests, without charge, at least one conformed copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and
schedules and, if any Initial Purchaser or Exchanging Dealer or any such Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). 

(g) The Issuer and the Guarantor will, during the Exchange Offer Registration Period or the Shelf Registration Period, as applicable, promptly
deliver to each Initial Purchaser, each Exchanging Dealer and such other persons that have notified the Issuer that they are required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final
prospectus included in the Exchange Offer Registration Statement or the Shelf Registration Statement and any amendment or supplement thereto as such Initial Purchaser, Exchanging Dealer or other persons may reasonably request; and the Issuer and the
Guarantor consent to the use of such prospectus or any amendment or supplement thereto by any such Initial Purchaser, Exchanging Dealer or other persons, as applicable, as aforesaid. 

(h) Prior to the effective date of any Registration Statement, the Issuer and the Guarantor will use their reasonable best efforts to register
or qualify, or cooperate with the Holders of Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities included therein and their respective counsel in connection with the registration or qualification of, such
Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities for offer and sale under the securities or blue sky laws of such jurisdictions as any such Holder reasonably requests in writing and do any and all other acts or
things necessary or advisable to enable the offer and sale in such jurisdictions of the Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities covered by such Registration Statement; provided that, neither the
Issuer nor the Guarantor will be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process or to taxation in any such jurisdiction
where it is not then so subject. 
 (i) The Issuer and the Guarantor will cooperate with the Holders of Transfer-Restricted Securities,
Exchange Securities or Private Exchange Securities to facilitate the timely preparation and delivery of certificates representing Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities to be sold pursuant to any
Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders thereof may request in writing at least one business day prior to the closing of any sales of Transfer-Restricted
Securities, Exchange Securities or Private Exchange Securities pursuant to such Registration Statement. 
 (j) If any event contemplated by
Section 4(b)(ii) or (v) occurs during the period for which the Issuer and the Guarantor are required to maintain an effective Registration Statement, the Issuer and the Guarantor will, subject to Section 2(d), promptly prepare and
file with the Commission a post-effective amendment to the Registration Statement or a supplement to the 

  
 8 

 
related prospectus or file any other required document so that, as thereafter delivered to purchasers of the Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities
from a Holder, the prospectus will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 (k) Not later than the effective date of the Registration Statement, the Issuer and the Guarantor will provide a CUSIP number for the
Transfer-Restricted Securities, the Exchange Securities and the Private Exchange Securities (if any), as the case may be, and provide the trustee with printed certificates for the Transfer-Restricted Securities, the Exchange Securities or the
Private Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company. 
 (l) The Issuer and the
Guarantor will comply with all applicable rules and regulations of the Commission and will make generally available to its security holders as soon as practicable after the effective date of the Shelf Registration Statement an earning statement
satisfying the provisions of Section 11(a) of the Act; provided that in no event shall such earning statement be delivered later than 45 days after the end of a 12-month period (or 90 days, if such period
is a fiscal year) beginning with the first month of the Issuer’s first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period.

 (m) The Issuer and the Guarantor will cause the Indenture to be qualified under the Trust Indenture Act as required by applicable law in
a timely manner. 
 (n) The Issuer and the Guarantor may require each Holder of Transfer-Restricted Securities to be registered pursuant to
the Shelf Registration Statement to furnish to the Issuer such information concerning the Holder and the distribution of such Transfer-Restricted Securities as the Issuer and the Guarantor may from time to time reasonably require for inclusion in
such Shelf Registration Statement, and the Issuer and the Guarantor may exclude from such registration the Transfer-Restricted Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request.

 (o) In the case of the Shelf Registration Statement, each Holder of Transfer-Restricted Securities to be registered pursuant thereto
agrees by acquisition of such Transfer-Restricted Securities that, upon receipt of any notice from the Issuer or the Guarantor pursuant to Section 2(d) or Sections 4(b)(ii) through (v), such Holder will discontinue disposition of such
Transfer-Restricted Securities until such Holder’s receipt of copies of the supplemental or amended prospectus contemplated by Section 4(j) or until advised in writing (the “Advice”) by the Issuer or the Guarantor that the
use of the prospectus may be resumed. If the Issuer or the Guarantor shall give any notice under Section 2(d) or Sections 4(b)(ii) through (v) during the period that the Issuer and the Guarantor are required to maintain an effective
Registration Statement (the “Effectiveness Period”), such Effectiveness Period shall be extended by the number of days during such period from and including the date of the giving of such notice to and including the date when each
seller of Transfer-Restricted Securities covered by such Registration Statement shall have received (x) the copies of the supplemental or amended prospectus contemplated by Section 4(j) (if an amended or supplemental prospectus is
required) or (y) the Advice (if no amended or supplemental prospectus is required). 

  
 9 

 (p) In the case of the Shelf Registration Statement, the Issuer and the Guarantor shall
enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take all such other action, if any, as Holders of a majority in aggregate principal amount of the Transfer-Restricted Securities,
Exchange Securities and Private Exchange Securities being sold or the managing underwriters (if any) shall reasonably request in order to facilitate any disposition of Transfer-Restricted Securities, Exchange Securities or Private Exchange
Securities pursuant to such Shelf Registration Statement. 
 (q) In the case of the Shelf Registration Statement, the Issuer and the
Guarantor shall (i) make reasonably available for inspection by a representative of, and Special Counsel (as defined below) acting for, Holders of a majority in aggregate principal amount of the Transfer-Restricted Securities, Exchange
Securities and Private Exchange Securities being sold and any underwriter participating in any disposition of Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities pursuant to such Shelf Registration Statement, all
relevant financial and other records, pertinent corporate documents and properties of the Issuer and the Issuer’s subsidiaries to the same extent the Issuer and the Guarantor would customarily make such information available in the context of
due diligence for an underwritten public offering and (ii) use its reasonable best efforts to have its officers, directors, employees, accountants and counsel supply all relevant information reasonably requested by such representative, Special
Counsel or any such underwriter (an “Inspector”) in connection with the preparation of such Shelf Registration Statement; provided that, such representative, Special Counsel or underwriter executes a customary confidentiality
agreement. 
 (r) In the case of the Shelf Registration Statement, the Issuer and the Guarantor shall, if requested by Holders of a majority
in aggregate principal amount of the Transfer-Restricted Securities, Exchange Securities and Private Exchange Securities being sold, their Special Counsel or the managing underwriters (if any) in connection with such Shelf Registration Statement,
use its reasonable best efforts to cause (i) its counsel to deliver an opinion relating to the Shelf Registration Statement and the Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities, as applicable, in customary
form, (ii) its officers to execute and deliver all customary documents and certificates requested by Holders of a majority in aggregate principal amount of the Transfer-Restricted Securities, Exchange Securities and Private Exchange Securities
being sold, their Special Counsel or the managing underwriters (if any) and (iii) its independent public accountants to provide a comfort letter or letters in customary form, subject to receipt of appropriate documentation as contemplated, and
only if permitted, by Statement of Auditing Standards No. 72. 
 5. Registration Expenses. Each of the Issuer and the Guarantor
will, jointly and severally, bear all expenses incurred in connection with the performance of its obligations under Sections 1, 2, 3 and 4, and each of the Issuer and the Guarantor will, jointly and severally, reimburse the Initial Purchasers and
the Holders of Transfer-Restricted Securities for the reasonable fees and disbursements of one firm of attorneys chosen by the Holders of a majority in aggregate principal amount of the Transfer-Restricted Securities, the Exchange Securities and the
Private Exchange Securities, as the case may be, to be sold pursuant to the Registration Statement (the “Special Counsel”) acting for the Initial Purchasers or Holders in connection therewith. Holders shall bear all of their other
costs, including any underwriting discounts, brokerage commissions or transfer taxes. 

  
 10 

 6. Indemnification. 

(a) In connection with the Shelf Registration Statement or in connection with any prospectus delivery pursuant to the Exchange Offer
Registration Statement by an Initial Purchaser or Exchanging Dealer, as applicable, each of the Issuer and the Guarantor, jointly and severally, will indemnify and hold harmless each Holder of Transfer-Restricted Securities (including, without
limitation, any such Initial Purchaser or Exchanging Dealer), its affiliates, their respective officers, directors, employees, representatives and agents, and each person, if any, who controls such Holder of Transfer-Restricted Securities within the
meaning of the Act or the Exchange Act (collectively referred to for purposes of this Section 6 and Section 7 as a Holder of Transfer-Restricted Securities) against any losses, claims, damages or liabilities (“Losses”),
joint or several, to which such Holder of Transfer-Restricted Securities may become subject, insofar as such Losses (or actions in respect thereof including, without limitation, any loss or claim relating to purchases and sales of Securities,
Exchange Securities or Private Exchange Securities) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any prospectus forming part thereof or in any amendment
or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Holder of
Transfer-Restricted Securities for any reasonable legal or other expenses reasonably incurred by such Holder of Transfer-Restricted Securities in connection with investigating or defending any such action or claim as such expenses are incurred;
provided, however, that the Issuer and the Guarantor shall not be liable in any such case to the extent that any such Losses arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission
made in any Registration Statement or any prospectus forming part thereof or in any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Issuer by any Holder of Transfer-Restricted Securities
or Initial Purchaser expressly for use therein. 
 (b) In connection with the Shelf Registration Statement, each Holder of
Transfer-Restricted Securities, Initial Purchaser or Exchanging Dealer will indemnify and hold harmless the Issuer and the Guarantor, each of the Issuer’s and Guarantor’s respective officers and directors and any person controlling either
of the Issuer or the Guarantor within the meaning of the Act or the Exchange Act against any Losses to which such persons may become subject insofar as such Losses (or actions in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in the Shelf Registration Statement or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement or any prospectus forming part
thereof or in any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Issuer by such Holder of Transfer-Restricted Securities, Initial Purchaser or Exchanging Dealer expressly for use therein;

  
 11 

 
and such Holder of Transfer-Restricted Securities, Initial Purchaser or Exchanging Dealer will reimburse the Issuer and the Guarantor for any reasonable legal or other expenses reasonably
incurred by them in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Holder shall be liable for any indemnity claims hereunder in excess of the amount of
net proceeds received by such Holder of Transfer-Restricted Securities from the sale of Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities pursuant to such Shelf Registration Statement. 

(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) If the indemnification provided for in
this Section 6 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any Losses (or actions in respect thereof) referred to therein, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of such Losses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Issuer and the Guarantor from the
offering and sale of the Securities, on the one hand, and the Holders of Transfer-Restricted Securities, on the other hand, with respect to the sale by such Holders of Transfer-Restricted Securities, Exchange Securities or Private Exchange
Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party
shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Issuer and the Guarantor, on the one hand, and the Holders
of Transfer-Restricted Securities, on the other hand, in connection with the 

  
 12 

 
statements or omissions which resulted in such Losses (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Issuer and the
Guarantor, on the one hand, and the Holders of Transfer-Restricted Securities, on the other hand, shall be deemed to be in the same proportion as the total net proceeds from the offering of the Securities (before deducting expenses) received by or
on behalf of the Issuer and the Guarantor, on the one hand, bear to the total proceeds received by such Holder of Transfer-Restricted Securities with respect to its sale of Transfer-Restricted Securities, Exchange Securities or Private Exchange
Securities, on the other. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Issuer or the Guarantor, on the one hand, or the Holders of Transfer-Restricted Securities, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Issuer, the Guarantor and the Holders of Transfer-Restricted Securities agree that it would not be just and equitable if contributions pursuant to this subsection (d) were determined by pro rata allocation (even
if the Holders of Transfer-Restricted Securities were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid
or payable by an indemnified party as a result of the Losses (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), an indemnifying party that is a Holder of Transfer-Restricted Securities, Exchange
Securities or Private Exchange Securities shall not be required to contribute any amount in excess of the amount by which the total price at which the Transfer-Restricted Securities, Exchange Securities or Private Exchange Securities sold by such
indemnifying party to any purchaser exceeds the amount of any damages which such indemnifying party has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

(e) The obligations of the Issuer and the Guarantor under this Section 6 shall be in addition to any liability which the Issuer and the
Guarantor may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Holder of Transfer-Restricted Securities within the meaning of the Act; and the obligations of the Holders of
Transfer-Restricted Securities under this Section 6 shall be in addition to any liability which the respective Holders of Transfer-Restricted Securities may otherwise have and shall extend, upon the same terms and conditions, to each officer
and director of the Issuer and the Guarantor and to each person, if any, who controls the Issuer or the Guarantor within the meaning of the Act. 

7. Rules 144 and 144A. The Issuer and the Guarantor shall, upon the request of any Holder of Transfer-Restricted Securities, make
available such information as is required so long as necessary to permit sales of such Holder’s securities pursuant to Rule 144A. Upon the written request of any Holder of Transfer-Restricted Securities, the Issuer and the Guarantor shall
deliver to such Holder a written statement as to whether they have complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Issuer or the Guarantor to register any of their
securities pursuant to the Exchange Act, or file reports thereunder, except as may be required by law. 

  
 13 

 8. Underwritten Registrations. If any of the Transfer-Restricted Securities covered
by the Shelf Registration Statement are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority in aggregate
principal amount of such Transfer-Restricted Securities included in such offering, subject to the consent of the Issuer (which shall not be unreasonably withheld or delayed), and such Holders shall be responsible for all underwriting commissions and
discounts in connection therewith. 
 No person may participate in any underwritten registration hereunder unless such person
(i) agrees to sell such person’s Transfer-Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

9. Miscellaneous. 
 (a)
Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in any case as to the Notes, the Exchange Securities or the
Private Exchange Securities, unless the Issuer and the Guarantor have obtained the written consent of Holders of a majority in aggregate principal amount of the Notes, the Exchange Securities and the Private Exchange Securities that constitute
Transfer-Restricted Securities affected, taken as a single class. In addition, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Transfer-Restricted Securities,
Exchange Securities or Private Exchange Securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by Holders of a majority in aggregate principal amount of
the Transfer-Restricted Securities, the Exchange Securities and the Private Exchange Securities being sold by such Holders pursuant to such Registration Statement. 

(b) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telecopier, facsimile, or air courier guaranteeing next-day delivery: 
 (1) if to
a Holder, at the most current address given by such Holder to the Issuer in accordance with the provisions of this Section 9(b), which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar
under the Indenture, with a copy in like manner to the Initial Purchasers; 
 (2) if to an Initial Purchaser, initially at, for BofA
Securities, Inc. at 1540 Broadway, NY8-540-26-02, New York, New York 10036, Facsimile: (646)
855-5958, Attention: High Grade Transaction Management/Legal, for Citigroup Global Markets Inc. at 388 Greenwich Street, New York, New York 10013, Fax: (646) 291-1469,
Attention: General Counsel and for MUFG Securities Americas Inc. at 1221 Avenue of the Americas, 6th Floor, New York, New York, Facsimile: (646) 434-3455, Attention: Capital Markets Group; and 

  
 14 

 (3) if to the Issuer or the Guarantor, Leidos, Inc., 1750 Presidents Street, Reston,
Virginia, 20190, Attention: Legal Department. 
 All such notices and communications shall be deemed to have been duly given: when delivered
by hand, if personally delivered; one business day after being delivered to a next-day air courier; five business days after being deposited in the mail; and when receipt is acknowledged by the
recipient’s telecopier or facsimile machine, if sent by telecopier or facsimile. 
 (c) Successors And Assigns. This Agreement shall be
binding upon the Issuer, the Guarantor and their respective successors and assigns. 
 (d) Counterparts. This Agreement may be executed in
any number of counterparts (which may be delivered in original form or by telecopier) and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
 (e) Definition of Terms. For purposes of this Agreement, (a) the term “business
day” means any day on which the New York Stock Exchange, Inc. is open for trading, (b) the term “subsidiary” has the meaning set forth in Rule 405 under the Act and (c) except where otherwise expressly provided,
the term “affiliate” has the meaning set forth in Rule 405 under the Act. 
 (f) Headings. The headings in this Agreement
are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (g) Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of New York. 
 (h) Remedies. In the event of a breach by the Issuer,
the Guarantor or by any Holder of any of their respective obligations under this Agreement, each Holder, the Issuer or the Guarantor, as the case may be, in addition to being entitled to exercise all rights granted by law, including recovery of
damages (other than the recovery of damages for a breach by the Issuer and the Guarantor of their obligations under Sections 1 or 2 hereof for which Additional Interest has been paid pursuant to Section 3 hereof), will be entitled, to the
fullest extent permitted by law, to specific performance of its rights under this Agreement. The Issuer, the Guarantor and each Holder agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it
of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach, it shall, to the fullest extent permitted by law, waive the defense that a remedy at law would
be adequate. 

  
 15 

 (i) No Inconsistent Agreements. Each of the Issuer and the Guarantor represents, warrants
and agrees that (i) it has not entered into, and shall not, on or after the date of this Agreement, enter into any agreement that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof and (ii) without limiting the generality of the foregoing, without the written consent of the Holders of a majority in aggregate principal amount of the then outstanding Transfer-Restricted Securities, it shall not grant to
any person the right to request the Issuer or the Guarantor to register any debt securities of the Issuer or the Guarantor under the Act unless the rights so granted are not in conflict with the provisions of this Agreement. 

(j) Severability. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable. 
 [Signature page follows] 

  
 16 

 Please confirm that the foregoing correctly sets forth the agreement among the Issuer, the
Guarantor and the Initial Purchasers. 
  

			
	Very truly yours,
	
	LEIDOS, INC.
		
	By:	 	/s/ James C. Reagan
	Name:	 	James C. Reagan
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	
	LEIDOS HOLDINGS, INC.
		
	By:	 	/s/ James C. Reagan
	Name:	 	James C. Reagan
	Title:	 	Executive Vice President and
		 	Chief Financial Officer

 [Signature Page Registration Rights Agreement] 

 Accepted: 

BofA Securities, Inc. 
 Citigroup Global Markets Inc. 

MUFG Securities Americas Inc. 
 on behalf of themselves and as

 Representatives of the several Initial Purchasers 
 named in
Schedule I to the Purchase Agreement 

			
	By:	 	BOFA SECURITIES, INC.
		
	By:	 	/s/ Happy Hazelton
	Name:	 	Happy Hazelton
	Title:	 	Managing Director

 [Signature Page Registration Rights Agreement] 

			
	By:	 	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	/s/ Brian D. Bednarski
	Name:	 	Brian D. Bednarski
	Title:	 	Managing Director

 [Signature Page Registration Rights Agreement] 

			
	By:	 	MUFG SECURITIES AMERICAS INC.
		
	By:	 	/s/ Brian Cogliandro
	Name:	 	Brian Cogliandro
	Title:	 	Managing Director

 [Signature Page Registration Rights Agreement] 

 ANNEX A 

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Registered Exchange Offer must acknowledge that it
will deliver a prospectus in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Securities
where such Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Issuer and the Guarantor have agreed that, for a period of 90 days after the Expiration Date (as defined herein), they
will make this Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 

  
 A-1 

 ANNEX B 

Each broker-dealer that receives Exchange Securities for its own account in exchange for Securities, where such Securities were acquired by
such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.” 

  
 B-1 

 ANNEX C 

PLAN OF DISTRIBUTION 
 Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be
amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Securities where such Securities were acquired as a result of market-making activities or other
trading activities. The Issuer and the Guarantor have agreed that, for a period of 90 days after the Expiration Date, they will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such
resale. In addition, until ________________, all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus. 

The Issuer and the Guarantor will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities
received by broker-dealers for their own account pursuant to the Registered Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market
prices prevailing at the time of resale, at prices related to such prevailing market prices or at negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of
commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Registered Exchange Offer and
any broker or dealer that participates in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Act and any profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting compensation under the Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to
admit that it is an “underwriter” within the meaning of the Act. 
 For a period of 90 days after the Expiration Date the Issuer
and the Guarantor will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Issuer and the Guarantor have agreed to
pay all expenses incident to the Registered Exchange Offer (including the expenses of one counsel for the Holders of the Securities) other than commissions or concessions of any broker-dealers and will indemnify the Holders of the Securities
(including any broker-dealers) against certain liabilities, including liabilities under the Act. 

  
 C-1 

 ANNEX D 

☐ CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO. 
 Name: 
 Address:

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a
distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
“underwriter” within the meaning of the Act.Exhibit 10.14

 

 

SECURITIES PURCHASE AGREEMENT

This SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as                                                , 2020, by and between Red Cat Holdings, Inc.,
a Nevada corporation, with offices at 1607 Ponce De Leon Avenue, Suite 407, San Juan, Puerto Rico 00909 (the “Company”),
and                                (the “Buyer”), with offices at 8220 Sullivan Hill Rd. Atlanta
GA 30350.

 

WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “Securities Act”); and

 

B.
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement,
(i) a 12% convertible note (the “Note”) of the Company, in the form attached hereto as Exhibit A in the
principal amount of $                      , convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common
Stock”), and (ii) a Common Stock Purchase Warrant (the “Warrant”), in the form attached hereto as
Exhibit B, with an exercise price of $1.50 per share, upon the terms and subject to the limitations and conditions set forth
in such Note and Warrant; and

 

C.
The Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, the Note and the Warrant as set forth
immediately below its name on the signature pages hereto.

 

NOW THEREFORE,
in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and the Buyer hereby agree
as follows:

1.
Purchase and Sale of Note and Warrant.

 

a.
Purchase of Note and Warrant. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer
and the Buyer agrees to purchase from the Company the Note and Warrant.

 

b.
Form of Payment. On the Closing Date, (i) the Buyer shall fund the principal amount for the Note and Warrant to be
issued and sold to it at the Closing (as defined below) by wire transfer of immediately available funds to the Company, in accordance
with the Company’s written wiring instructions, against delivery of the Note and Warrant, and (ii) the Company shall
deliver such duly executed Note and Warrant on behalf of the Company, to the Buyer, against delivery of the purchase price thereof.

 

c.
Closing Date. The date and time of the issuance and sale of the Note and Warrant pursuant to this Agreement (the
“Closing Date”) shall be on or about simultaneous with the execution and delivery of this Agreement, or such
other mutually agreed upon time. The closing of the transactions contemplated by this Agreement (the “Closing”)
shall occur on the Closing Date at such location as may be agreed to by the parties.

 

d.
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to
sell, and the Buyer agrees to purchase, the Note and Warrant as set forth on each Buyer’s signature page hereto. At any closing
hereunder, the Company shall deliver to each Buyer its respective Note and Warrant.

 

2.
Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.
Investment Purpose. As of the date hereof, the Buyer is purchasing the Note and the Warrant, and the shares of Common
Stock issuable upon conversion of the Note pursuant to the terms thereof and exercise of the Warrant pursuant to the terms thereof
(such shares of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively
with the Note and Warrant, the “Securities”) for its own account and not with a present view towards the public
sale or distribution thereof, except pursuant to sales registered or exempted from registration under the Securities Act.

 

b.
Accredited Investor Status. The Buyer is, as of the date hereof, and on each date on which it exercises the Warrants
or converts the Note, an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under
the Securities Act.

 

c.
Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon
specific exemptions from the registration requirements of United States federal and state securities laws and that the Company
is relying upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and
the eligibility of the Buyer to acquire the Securities.

 

d.
Information. The Buyer and the Buyer’s attorney, accountant, purchaser representative and/or tax advisor, if
any (collectively, the “Advisors”), as the case may be, if any, have been, and for so long as the Note remain
outstanding will continue to be, furnished with all materials relating to the business, finances and operations of the Company
and materials relating to the offer and sale of the Securities which have been requested by the Buyer or its advisors. The Buyer
and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, afforded the opportunity
to ask questions of the Company. Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material nonpublic
information and will not disclose such information unless such information is disclosed to the public prior to or promptly following
such disclosure to the Buyer. Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its
advisors or representatives shall modify, amend or affect Buyer’s right to rely on the Company’s representations and
warranties contained in Section 3 below. The Buyer understands that its investment in the Securities involves a significant degree
of risk. The Buyer is not aware of any facts that may constitute a breach of any of the Company's representations and warranties
made herein.

 

e.
Governmental Review. The Buyer understands that no United States federal or state agency or any other government
or governmental agency has passed upon or made any recommendation or endorsement of the Securities.

 

f.
Transfer or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not
being registered under the Securities Act or any applicable state securities laws, and the Securities may not be transferred unless
(a) the Securities are sold pursuant to an effective registration statement under the Securities Act, (b) the Buyer shall
have delivered to the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary
for opinions of counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration, which opinion shall be accepted by the Company, (c) the Securities are sold
or transferred to an “affiliate” (as defined in Rule 144 promulgated under the Securities Act (or a successor rule)
(“Rule 144”)) of the Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this
Section 2(f) and who is an Accredited Investor, (d) the Securities are sold pursuant to Rule 144, or the Securities are
sold pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation S”), and the Buyer
shall have delivered to the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope
customary for opinions of counsel in corporate transactions, which opinion shall be accepted by the Company; (ii) any sale of such
Securities made in reliance on Rule 144 may be made only in accordance with the terms of said Rule and further, if said Rule is
not applicable, any re-sale of such Securities under circumstances in which the seller (or the person through whom the sale is
made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other
exemption under the Securities Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other
person is under any obligation to register such Securities under the Securities Act or any state securities laws or to comply with
the terms and conditions of any exemption thereunder (in each case). Notwithstanding the foregoing or anything else contained herein
to the contrary, the Securities may be pledged as collateral in connection with a bona fide margin account or other lending
arrangement.

 

g.
Legends. The Buyer understands that the Note and Warrant, and, until such time as the Conversion Shares have been
registered under the Securities Act or may be sold pursuant to Rule 144 without any restriction as to the number of securities
as of a particular date that can then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially
the following form (and a stop-transfer order may be placed against transfer of the certificates for such Securities):

 

“NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE 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 (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.”

 

The legend set forth
above shall be removed and the Company shall issue a certificate without such legend to the holder of any shares upon which it
is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an
effective registration statement filed under the Securities Act without any restriction as to the number of securities as of a
particular date that can then be immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form,
substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer
of such Security may be made without registration under the Securities Act, which opinion shall be accepted by the Company so that
the sale or transfer is effected. The Buyer agrees to sell all Securities, including those represented by a certificate(s) from
which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any.

h.
Residency. The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the
signature pages hereto.

 

i.
No Solicitation. The Buyer is unaware of, is in no way relying on, and did not become aware of the offering of the
Securities through or as a result of, any form of general solicitation or general advertising including, without limitation, any
article, notice, advertisement or other communication published in any newspaper, magazine or similar media or broadcast over television
or radio, in connection with the offering and sale of the Securities and is not subscribing for the Securities and did not become
aware of the offering of the Securities through or as a result of any seminar or meeting to which the Buyer was invited by, or
any solicitation of a subscription by, a person not previously known to the Buyer in connection with investments in securities
generally.

j.
Brokerage Fees. The Buyer has taken no action that would give rise to any claim by any person for brokerage commissions,
finders’ fees or the like relating to this Agreement or the transaction contemplated hereby.

k.
Buyer’s Advisors. The Buyer and its Advisors, as the case may be, have such knowledge and experience in financial,
tax, and business matters, and, in particular, investments in securities, so as to enable it to utilize the information made available
to it in connection with the Notes to evaluate the merits and risks of an investment in the Notes and the Company and to make an
informed investment decision with respect thereto.

l.
Buyer Liquidity. The Buyer has adequate means of providing for Buyer’s current financial needs and foreseeable
contingencies and has no need for liquidity of its investment in the Securities for an indefinite period of time, and after purchasing
the Securities the Buyer will be able to provide for any foreseeable current needs and possible personal contingencies. The Buyer
must bear and acknowledges the substantial economic risks of the investment in the Securities including the risk of illiquidity
and the risk of a complete loss of this investment.

 

m.
No Other Representations or Information. In evaluating the suitability of an investment in the Securities, the Buyer
has not relied upon any representation or information (oral or written) with respect to the Company or its subsidiaries, or otherwise,
other than as stated in this Agreement. No oral or written representations have been made, or oral or written information furnished,
to the Buyer or its Advisors, if any, in connection with the offering of the Notes.

 

n.
Authorization; Enforcement. The Buyer has the requisite power and authority to enter into and perform this Agreement
and to purchase the Securities. The execution, delivery and performance of this Agreement and the Securities by the Buyer and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate or
partnership action, and no further consent or authorization of the Buyer or its Board of Directors, stockholders, partners, members,
as the case may be, is required. This Agreement has been duly authorized, executed and delivered by the Buyer and upon execution
of this Agreement by the Company, constitute, or shall constitute when executed and delivered, a valid and binding obligation of
the Buyer enforceable against the Buyer in accordance with the terms hereof and thereof, except as such enforceability may be limited
by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

o.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Buyer of
the transactions contemplated hereby and thereby or relating hereto do not and will not (i) if the Buyer is not an individual,
result in a violation of the Buyer’s charter documents or bylaws or other organizational documents or (ii) conflict with,
or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of any agreement, indenture or instrument or obligation to which
the Buyer is a party or by which its properties or assets are bound, or result in a violation of any law, rule, or regulation,
or any order, judgment or decree of any court or governmental agency applicable to the Buyer or its properties (except for such
conflicts, defaults and violations as would not, individually or in the aggregate, have a material adverse effect on the Buyer).
The Buyer is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court
or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or to purchase
the Securities in accordance with the terms hereof.

p.
SEC Filings.The Buyer has reviewed, or had an opportunity to review, all of the SEC Filings and “Forward
Looking Statements” disclaimers contained therein.  In addition, the Buyer has reviewed and acknowledges it has
such knowledge, sophistication, and experience in securities matters, and understands the risks related to the Company, including
without limitation to, the “Risk Factors’ in the 10K form filed on April 30, 2020, which the Company has made available
through the EDGAR system.

q.
Restricted Securities.   Buyer understands that the Securities have not been registered under the
1933 Act and such Buyer will not sell, offer to sell, assign, pledge, hypothecate or otherwise transfer any of the Securities unless
pursuant to an effective registration statement under the 1933 Act, or unless an exemption from registration is available.  Notwithstanding
anything to the contrary contained in this Agreement, such Buyer may transfer (with an opinion of counsel satisfactory to the Company
and its counsel) the Securities to its Affiliates (as defined below), provided that each such Affiliate is an “accredited
investor” under Regulation D and such Affiliate agrees to be bound by the terms and conditions of this Agreement. For the
purposes of this Agreement, an “Affiliate” of any person or entity means any other person or entity directly or indirectly
controlling, controlled by or under direct or indirect common control with such person or entity.  Affiliate includes
each subsidiary of the Company.  For purposes of this definition, “control” means the power to direct the
management and policies of such person or firm, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise.

3.
Representations and Warranties of the Company. The Company represents and warrants to the Buyer that, except as otherwise
disclosed in the Company’s public filings and reports with the SEC:

 

a.
Organization and Qualification. The Company and each of its subsidiaries, if any, is a corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority
(corporate and other) to own, lease, use and operate its properties and to carry on its business, such that the failure to so qualify
would not have a material adverse effect on the assets or business of the Company, its subsidiaries, or the ability of the Company
to perform its obligations hereunder.

 

b. Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, and
to consummate the transactions contemplated hereby and to issue the Securities, in accordance with the terms hereof and thereof,
(ii) the execution and delivery of this Agreement, by the Company and the consummation by it of the transactions contemplated
hereby (including without limitation, the issuance of the Note and the Warrant and the issuance and reservation for issuance of
the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of
Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii)
this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative
is the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith
and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Buyer, will constitute,
a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms except as such
enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights
and remedies.

c.
Issuance of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the
Note and the Warrant in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from
all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

 

d.
Acknowledgment of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common
Stock upon the issuance of the Conversion Shares upon conversion of the Note and exercise of the Warrant. The Company further acknowledges
that its obligation to issue Conversion Shares upon conversion of the Note and exercise of the Warrant in accordance with the respective
terms thereof, is absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests
of other shareholders of the Company.

 

e.
No Conflicts. The execution, delivery and performance of this Agreement, the Note and the Warrant by the Company
and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance
and reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of
the Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute
a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which
the Company or any of its subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to
which the Company or its securities are subject) applicable to the Company or any of its subsidiaries or by which any property
or asset of the Company or any of its subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a material adverse effect). All
consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence
have been obtained or effected on or prior to the date hereof.

 

f.
Absence of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court,
public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its
subsidiaries, threatened against or affecting the Company or any of its subsidiaries, or their officers or directors in their capacity
as such, that could have a material adverse effect.

 

g.
Acknowledgment Regarding Buyer’ Purchase of Securities. The Company acknowledges and agrees that the Buyer
is acting solely in the capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated
hereby. The Company further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer
or any of its respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is
not advice or a recommendation and is merely incidental to the Buyer’ purchase of the Securities. The Company further represents
to the Buyer that the Company’s decision to enter into this Agreement has been based solely on the independent evaluation
by the Company and its representatives.

 

h.
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf,
has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances
that would require registration under the Securities Act of the issuance of the Securities to the Buyer. The issuance of the Securities
to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

4.
Expenses. Each of the parties hereto shall pay its own fees and expenses (including the fees of any attorneys, accountants,
appraises or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby whether or
not the transactions contemplated hereby are consummated.

5.
Miscellaneous.

 

a.
Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Nevada
without regard to the principles of conflict of laws. The parties further agree that any action between them shall be heard exclusively
in federal or state court sitting in Clark County, Nevada, and expressly consent to the jurisdiction and venue of the Supreme Court
of Nevada, sitting in Douglas County and the United States District Court for the District of Nevada for the adjudication of any
civil action asserted pursuant to this paragraph. The Company and Buyer waive trial by jury. The prevailing party shall be entitled
to recover from the other party its reasonable attorney's fees and costs. Each party hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or proceeding in connection with this Agreement 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.

b.
Counterparts; Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party. This Agreement, once executed by a party, may be delivered to
the other party hereto by facsimile or other electronic transmission of a copy of this Agreement bearing the signature of the party
so delivering this Agreement.

 

c.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect
the interpretation of, this Agreement.

 

d.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision hereof.

 

e. Entire Agreement;
Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect
to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the
Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer and by the Company.

 

f.
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in this Agreement, whenever Buyer
exercises a right, election, demand or option under this Agreement and the Company does not timely perform its related obligations
within the periods therein provided, then Buyer may rescind or withdraw, in its sole discretion from time to time upon written
notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and
rights; provided, however, that, in the case of a rescission of a conversion of a Note or exercise of a Warrant,
the applicable Buyer shall be required to return any shares of Common Stock subject to any such rescinded conversion or exercise
notice concurrently with the return to such Buyer of the aggregate exercise price paid to the Company for such shares and the restoration
of such Buyer’s right to acquire such shares pursuant to such Buyer’s Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

g. Notices. All
notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice
is to be received), or the first business day following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be:

 

If to the Company, to:

 

Red Cat Holdings, Inc.

1607 Ponce De Leon Avenue

Suite 407

San Juan, Puerto Rico 00909

Attn: Jeffrey M. Thompson,
Chief Executive Officer 

 

With a copy to (which copy should not constitute a notice hereunder):

 

The Crone
Law Group P.C.

500 Fifth Avenue

Suite 938

New York, NY 10110

Attn: Mark Crone  

 

If
to the Buyer:

 

________________

________________

________________

 

 

Each party shall provide
notice to the other party of any change in address.

 

h.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior
written consent of the other.

 

i.
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

j.
Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement
shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. Each
party agrees to indemnify and hold harmless the other party and all their officers, directors, employees and agents for loss or
damage arising as a result of or related to any breach or alleged breach by such party of any of its representations, warranties
and covenants set forth in this Agreement.

 

k.
Further Assurances. Each party 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 may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

l.
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

[Remainder of Page Intentionally Omitted;
Signature Page to Follow]

    	 

    	 

    

 

 

IN WITNESS WHEREOF, the
undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

 

RED CAT HOLDINGS, INC.

 

 

 

By: _______________________________

Jeffrey M. Thompson

President and Chief Executive Officer 

 

 

 

 

By:_________________________________

Name:

Title:

 

SUBSCRIPTION AMOUNT:

 

	Aggregate Principal Amount of Note:	$

 

    	 

    	 

    

 

 

 

RED
CAT HOLDINGS, INC.

 

ACCREDITED INVESTOR CERTIFICATION

 

For Individual Investors Only

(all Individual Investors must
INITIAL where appropriate):

 

	Initial _______ 	I have a net worth of at least US$1 million either individually or through aggregating my individual holdings and those in which I have a joint, community property or other similar shared ownership interest with my spouse. (For purposes of calculating your net worth under this paragraph, (a) your primary residence shall not be included as an asset; (b) indebtedness secured by your primary residence, up to the estimated fair market value of your primary residence at the time of your purchase of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of your purchase of the securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of your primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by your primary residence in excess of the estimated fair market value of your primary residence at the time of your purchase of the securities shall be included as a liability.)
	Initial _______	I have had an annual gross income for the past two years of at least US$200,000 (or US$300,000 jointly with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.
	Initial _______	I am a director or executive officer of Red Cat Holdings, Inc.
	 	 
	For Non-Individual Investors
	(all Non-Individual Investors must INITIAL where appropriate):
	 	 
	Initial _______	The investor certifies that it is a partnership, corporation, limited liability company or business trust that is 100% owned by persons who meet at least one of the criteria for Individual Investors set forth above. 
	Initial _______	The investor certifies that it is a partnership, corporation, limited liability company or business trust that has total assets of at least US$5 million and was not formed for the purpose of investing the Company.
	Initial _______	The investor certifies that it is an employee benefit plan whose investment decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan association, insurance company or registered investment advisor.
	Initial _______	The investor certifies that it is an employee benefit plan whose total assets exceed US$5,000,000 as of the date of this Agreement.
	Initial _______	The undersigned certifies that it is a self-directed employee benefit plan whose investment decisions are made solely by persons who meet at least one of the criteria for Individual Investors.
	Initial _______	The investor certifies that it is a U.S. bank, U.S. savings and loan association or other similar U.S. institution acting in its individual or fiduciary capacity.
	Initial _______	The undersigned certifies that it is a broker-dealer registered pursuant to §15 of the Securities Exchange Act of 1934.
	Initial _______	The investor certifies that it is an organization described in §501(c)(3) of the Internal Revenue Code with total assets exceeding US$5,000,000 and not formed for the specific purpose of investing in the Company.
	Initial _______	The investor certifies that it is a trust with total assets of at least US$5,000,000, not formed for the specific purpose of investing in the Company, and whose purchase is directed by a person with such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment.
	Initial _______	The investor certifies that it is a plan established and maintained by a state or its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, and which has total assets in excess of US$5,000,000.
	Initial _______	The investor certifies that it is an insurance company as defined in §2(13) of the Securities Act of 1933, or a registered investment company.

    	 

    	 

    

RED CAT HOLDINGS,
INC.

 

For
Non-U.S. Person Investors

(all Investors
who are not a U.S. Person must INITIAL this section): 

 

	Initial _______	The investor is not a “U.S. Person” as defined in Regulation S; and specifically, the investor is not:
	A.	a natural person resident in the United States of America, including its territories and possessions (“United States”);
	B.	a partnership or corporation organized or incorporated under the laws of the United States;
	C.	an estate of which any executor or administrator is a U.S. Person;
	D.	a trust of which any trustee is a U.S. Person;
	E.	an agency or branch of a foreign entity located in the United States;
	F.	a non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;
	G.	a discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; or
	H.	a partnership or corporation: (i) organized or incorporated under the laws of any foreign jurisdiction; and (ii) formed by a U.S. Person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts.
	And, in addition:
	I.	the investor was not offered the securities in the United States;
	J.	at the time the buy-order for the securities was originated, the investor was outside the United States; and
	K.	the investor is purchasing the securities for its own account and not on behalf of any U.S. Person (as defined in Regulation S) and a sale of the securities has not been pre-arranged with a purchaser in the United States.

 

    	 

    	 

    

RED
CAT HOLDINGS, INC.

 

Investor
Profile

(Must be completed by Investor)

Section
A - Personal Investor Information

Investor Name(s):                                                                                                                                                                     

Individual executing
Profile or Trustee:                                                                                                                                    

Social Security Numbers
/ Federal I.D. Number:                                                                                                                      

 

	Date
    of Birth:	                                     	 	Marital
    Status:                                                        
	Joint Party Date
    of Birth:	                                     	 	Investment Experience
    (Years):                              
	Annual Income:	                                     	 	Liquid Net Worth:
                                                      
	Net Worth*:	                                     	 	 

Tax Bracket:                    _____
15% or below                    _____
25% - 27.5%                    _____
Over 27.5%

Home Street Address:                                                                                                                                                               

Home City, State
& Zip Code:                                                                                                                                                

Home Phone:                                                 Home
Fax:                                               Home
Email:                                    

Employer:                                                                                                                                                                                  

Employer Street Address:
                                                                                                                                                        

Employer City, State
& Zip Code:                                                                                                                                           

Bus. Phone:                                                   Bus.
Fax:                                                  Bus.
Email:                                       

Type of Business:
                                                                                                                                                                    

Outside Broker/Dealer:
                                                                                                                                                             

 

Section
B – Certificate Delivery Instructions

____ Please deliver
Note to the Employer Address listed in Section A.

____ Please deliver
Note to the Home Address listed in Section A.

____ Please deliver
Note to the following address:                                                                                                                    

 

 

Please
check if you are a FINRA member or affiliate of a FINRA member firm: ____

		 	
	Investor
    Signature	 	Date 

 

 

*       For
purposes of calculating your net worth in this form, (a) your primary residence shall not be included as an asset; (b)
indebtedness secured by your primary residence, up to the estimated fair market value of your primary residence at the time of
your purchase of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding
at the time of your purchase of the securities exceeds the amount outstanding 60 days before such time, other than as a result
of the acquisition of your primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness
that is secured by your primary residence in excess of the estimated fair market value of your primary residence at the time of
your purchase of the securities shall be included as a liability

    	 	 	 

     

    

ANTI MONEY LAUNDERING REQUIREMENTS

The USA PATRIOT Act

The USA PATRIOT Act is designed to detect,
deter, and punish terrorists in the United States and abroad. The Act imposes new anti-money laundering requirements on brokerage
firms and financial institutions. Since April 24, 2002 all brokerage firms have been required to have new, comprehensive anti-money
laundering programs.

To help you understand these efforts,
we want to provide you with some information about money laundering and our steps to implement the USA PATRIOT Act.

What is money laundering?

Money laundering is the process of disguising
illegally obtained money so that the funds appear to come from legitimate sources or activities. Money laundering occurs in connection
with a wide variety of crimes, including illegal arms sales, drug trafficking, robbery, fraud, racketeering, and terrorism.

How big is the problem and why is
it important?

The use of the U.S. financial system
by criminals to facilitate terrorism or other crimes could well taint our financial markets. According to the U.S. State Department,
one recent estimate puts the amount of worldwide money laundering activity at $1 trillion a year.

What are we required to do to eliminate
money laundering?

Under rules required by the USA PATRIOT
Act, our anti-money laundering program must designate a special compliance officer, set up employee training, conduct independent
audits, and establish policies and procedures to detect and report suspicious transaction and ensure compliance with such laws.
As part of our required program, we may ask you to provide various identification documents or other information. We will ask you
for your name, address, date of birth and other information that will allow us to identify you. We will ask to see a non-expired
valid issued government identification, such as your driver’s license or other identifying documents. Until you provide the
information or documents we need, we may not be able to effect any transactions for you.

    	 

    	 

    

ANTI-MONEY LAUNDERING INFORMATION FORM

The following is required in accordance with
the AML provision of the USA PATRIOT ACT.

(Please fill out and return with requested
documentation.)

INVESTOR NAME:______________________________________________

LEGAL ADDRESS:______________________________________________

______________________________________________       

SSN# or TAX ID#

OF INVESTOR:_________________________________________________

FOR INVESTORS WHO ARE INDIVIDUALS:

YEARLY INCOME:  _________________________           AGE:  ________

NET WORTH (excluding value of primary
residence):  _____________________________________________________

OCCUPATION:  ________________________________________________

ADDRESS OF EMPLOYER:_______________________________________

 _______________________________________

INVESTMENT OBJECTIVE(S): ____________________________________

IDENTIFICATION & DOCUMENTATION
AND SOURCE OF FUNDS:

		1.	Please submit a copy of non-expired identification for the authorized signatory(ies) on the investment
documents, showing name, date of birth, address and signature. The address shown on the identification document MUST match the
Investor’s address shown on the Investor Signature Page.

	Current Driver’s License	or	Valid Passport	or	Identity Card

(Circle one or more)

		2.	If the Investor is a corporation, limited liability company, trust or other type of entity, please
submit the following requisite documents: (i) Articles of Incorporation, By-Laws, Certificate of Incorporation, Bylaws, Trust or
other similar documents for the type of entity; and (ii) Corporate Resolution or power of attorney or other similar document granting
authority to signatory(ies) and designating that they are permitted to make the proposed investment.

		3.	Please advise where the funds were derived from to make the proposed investment:

	Investments	Savings	Proceeds of Sale	Other ____________

(Circle one or more)

Signature:  ___________________________________

Print Name:  __________________________________

Title (if applicable):  ____________________________

Date:  _______________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]