Document:

Exhibit 10.1

RED
CAT HOLDINGS, INC.

2022
INDEMNIFICATION AGREEMENT 

THIS
2022 INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of September ____, 2022, between Red Cat Holdings,
Inc., a Nevada corporation (the “Company”), and the individual signatory hereto (the “Indemnitee”). If the Indemnitee
and the Company have previously entered into a Indemnification Agreement dated September 13, 2021, the terms of this Agreement shall supersede,
in its entirety, the prior Indemnification Agreement between the Company and the Indemnitee.

RECITALS

A. Highly
competent persons have become more reluctant to serve corporations as directors and officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of the corporation; 

B. The
Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice
among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and
trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. Chapter 78 of the Nevada Revised Statutes (the “NRS”), the Amended and Restated Articles of Incorporation of the Company
(the “Articles”) and the Amended and Restated Bylaws of the Company (the “Bylaws”) authorize indemnification of
the directors and officers of the Company who were or are a party to, or are threatened to be made a party to, or are otherwise involved
in, any Proceeding (as hereinafter defined), by reason of the fact that he or she is or was a director or officer of the Company or member,
manager or managing member of a predecessor limited liability company or affiliate of such limited liability company or is or was serving
in any capacity at the request of the Company as a director, officer, employee, agent, partner, member, manager, managing partner or fiduciary
of, or in any other capacity for, another corporation or any partnership, joint venture, trust, or other enterprise. The NRS expressly
provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and persons acting on behalf of the Company with respect to indemnification. 

C. The
uncertainties relating to such insurance and to indemnification may increase the difficulty of attracting and retaining such persons.

D. The
Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection
in the future. 

E. It
is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified. 

F. This
Agreement is a supplement to and in furtherance of any indemnification provisions in the Articles and/or the Bylaws of the Company and
any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder.

G. Indemnitee
does not regard the protection available under the NRS, the Bylaws and insurance as adequate in the present circumstances, and may not
be willing to serve as an officer or a director without adequate protection, and the Company desires Indemnitee to serve in such capacity.
Indemnitee is willing to serve, continue to serve and to take on additional services for or on behalf of the Company on the condition
that he or she be so indemnified. 

NOW,
THEREFORE, in consideration of Indemnitee’s agreement to serve as an officer or director from and after the date of this Agreement,
the parties hereto agree as follows: 

AGREEMENT

1. Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the
fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without
limiting the generality thereof: 

(a) Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this
Section l(a) if, by reason of his or her Corporate Status (as hereinafter defined), Indemnitee was or is a party, or is threatened to
be made a party, to any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this
Section 1(a), the Company shall indemnify Indemnitee against all Expenses (as hereinafter defined), judgments, fines and amounts paid
in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee either (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no
reasonable cause to believe Indemnitee’s conduct was unlawful. 

(b) Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by
reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought
by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 1(b), the Company shall indemnify Indemnitee
against all Expenses and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in
connection with such Proceeding or any claim, issue or matters therein, if Indemnitee either (i) is not liable pursuant to NRS 78.138,
or (ii) acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company;
provided, however, if applicable law so provides, no indemnification against such Expenses or other amounts shall be made in respect
of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction, after exhaustion of
all appeals therefrom, to be liable to the Company or for amounts paid in settlement to the Company, unless and only to the extent that
the court in which the Proceeding was brought or other court of competent jurisdiction shall determine that in view of all the circumstances
in the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses as the court deems proper. 

(c) Termination
of Proceeding. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the person is liable pursuant to NRS 78.138 or did not act in good faith and in a manner
which he or she reasonably believed to be in or not opposed to the best interests of the corporation, or that, with respect to any criminal
action or proceeding, he or she had reasonable cause to believe that the conduct was unlawful. 

(d) Indemnification
for Expenses of a Successful Party. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Company shall indemnify
Indemnitee to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably
incurred by him or her in connection with the defense of the Proceeding. If Indemnitee is not wholly successful in such Proceeding but
is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection
with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim,
issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter. 

2. Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification
provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee, to the fullest
extent permitted by law, as may be amended from time to time, against all Expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by him or her, or on his or her behalf, if, by reason of his or her Corporate Status, he or she was or is a party,
or is threatened to be made a party, to any Proceeding (including a Proceeding by or in the right of the Company), including, without
limitation, all liability arising out of the simple or gross negligence, recklessness, or active or passive wrongdoing of Indemnitee.
The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not
be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set
forth in Section 6 and Section 7 hereof) to be unlawful. 

3. Contribution.

(a) So
long as Indemnitee either (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, in respect of any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding), the Company shall pay the entire amount of any judgment or settlement of such
Proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution
it may have against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims
asserted against Indemnitee. 

(b) Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall
elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and
amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received
by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee
(or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such Proceeding
arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform
to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company
other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee,
on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any
other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers,
directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding),
on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and
the degree to which their conduct is active or passive. 

(c) The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

(d) To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for judgments, fines, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable
event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding
in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s)
giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and
Indemnitee in connection with such event(s) and/or transaction(s). 

(e) The
Company hereby acknowledges that Indemnitee may have rights to indemnification for payment of the judgment or settlement amount provided
by another entity (“Other Indemnitor(s)”). The Company agrees with Indemnitee that the Company is the indemnitor of first
resort of Indemnitee with respect to matters for which indemnification is provided under this Agreement and that the Company will be obligated
to make all payments due to or for the benefit of Indemnitee under this agreement without regard to any rights that Indemnitee may have
against the Other Indemnitor(s). The Company hereby waives any equitable rights to contribution or indemnification from the Other Indemnitor
in respect of any amounts paid to Indemnitee hereunder. The Company further agrees that no payment of Expenses or losses by the Other
Indemnitor(s) to or for the benefit of Indemnitee shall affect the obligations of the Company hereunder, and that the Company shall be
obligated to repay the Other Indemnitor(s) for all amounts so paid or reimbursed to the extent that the Company has an obligation to indemnify
Indemnitee for such Expenses or losses hereunder. 

4. Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the
extent that Indemnitee, by reason of his or her Corporate Status, is a witness, or is made (or asked) to respond to discovery requests
or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, the Company shall indemnify Indemnitee against
all Expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection therewith. 

5. Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance
all Expenses incurred by or on behalf of Indemnitee in connection with defending any Proceeding within thirty (30) days after the receipt
by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or
after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee
and, if required by law at the time of such advance. Indemnitee shall also submit an undertaking by or on behalf of Indemnitee to repay
any Expenses advanced if it shall ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled to be
indemnified by the Company against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured
and interest free. In furtherance of the foregoing, Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent
that, it shall ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified by the
Company as authorized by this Agreement. 

6. Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of
this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the NRS and public policy
of the State of Nevada. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any
question as to whether Indemnitee is entitled to indemnification under this Agreement: 

(a) To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification. The Chief Executive Officer of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure
of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company
of any liability that it may have to Indemnitee unless, and to the extent that, the Company is actually and materially prejudiced as a
direct result of such failure.

(b) Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect
to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods, which shall be at
the election of the Board: (i) by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), (ii) if
a majority vote of a quorum consisting of Disinterested Directors so orders, or if a quorum of Disinterested Directors cannot be obtained,
by Independent Counsel (as hereinafter defined) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or
(iii) by the stockholders of the Company. 

(c) Notwithstanding
anything to the contrary set forth in this Agreement, if a request for indemnification is made after a Change in Control, at the election
of Indemnitee made in writing to the Company, and if the Board by a majority vote of a quorum consisting of Disinterested Directors orders
the determination of Indemnitee’s entitlement to indemnification to be made by an Independent Counsel, or if a quorum of Disinterested
Directors cannot be obtained, any determination required to be made pursuant to Section 6(b) above as to whether Indemnitee is entitled
to indemnification shall be made by Independent Counsel selected as provided in this Section 6(c). The Independent Counsel shall be selected
by Indemnitee, unless Indemnitee shall request that such selection be made by the Board. The party making the selection shall give written
notice to the other party advising it of the identity of the Independent Counsel so selected. The party receiving such notice may, within
seven (7) days after such written notice of selection shall have been given, deliver to the other party a written objection to such selection.
Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 13 hereof, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made, the Independent
Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without merit.
If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no
Independent Counsel shall have been selected (or, if selected, such selection shall have been objected to) in accordance with this paragraph,
then either the Company or Indemnitee may petition the courts of the State of Nevada or other court of competent jurisdiction for resolution
of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or
for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and
the person with respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel under Section
6(c) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel
in connection with acting pursuant to Section 6(b) hereof. The Company shall pay any and all reasonable and necessary fees and expenses
incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

(d) If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent
Counsel shall be selected as provided in this Section 6(d). The Independent Counsel shall be selected by the Board. Indemnitee may, within
ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet
the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection shall set forth with
particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent
Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless
and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after
submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been
selected (or, if selected, such selection shall have been objected to) in accordance with this paragraph, then either the Company or Indemnitee
may petition the appropriate courts of the State of Nevada or other court of competent jurisdiction for resolution of any objection which
shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection
is favorably resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any
and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to
Section 6(b) hereof, and the Company shall pay any and all reasonable fees and expenses incident to the procedures of this Section 6(d),
regardless of the manner in which such Independent Counsel was selected or appointed. 

(e) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its
directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct,
shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(f) Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in
the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to
the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.
In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions
of this Section 6(f) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. The Company promptly will advise Indemnitee
in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any
reason or basis for which indemnification has been denied. 

(g) Notwithstanding
anything to the contrary set forth in this Agreement, if the person, persons or entity empowered or selected under Section 6 to determine
whether Indemnitee is entitled to indemnification shall not have been appointed or shall not have made a determination within sixty (60)
days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed
to have been made and Indemnitee shall be entitled to such indemnification, unless the Company establishes by written opinion of Independent
Counsel that (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith
requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the
foregoing provisions of this Section 6(g) shall not apply if the determination of entitlement to indemnification is to be made by the
stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request
for such determination, the Disinterested Directors resolve as required by Section 6(b)(iii) of this Agreement to submit such determination
to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and
such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for
the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and
such determination is made thereat. 

(h) Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any Independent Counsel or member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination
regarding Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees
and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne
by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom. 

(i) The
Company acknowledges that a settlement or other disposition, including a conviction or a plea of nolo contendere, short of final judgment
may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding
to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation,
settlement of such Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful
on the merits or otherwise in such Proceeding nor will it create a presumption that Indemnitee did not act in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the Company or that, with respect to any criminal Proceeding, Indemnitee
had reasonable cause to believe that his or her conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden
of proof and the burden of persuasion by clear and convincing evidence. 

(j) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not of itself adversely affect the right of Indemnitee to indemnification or create a presumption
that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests
of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was
unlawful. 

7. Remedies
of Indemnitee. 

(a) In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination
of entitlement to indemnification is made pursuant to Section 6(b) or Section 6(c) of this Agreement within sixty (60) days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10)
days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after
a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant
to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication of Indemnitee’s entitlement to such indemnification
or advancement of expenses either, at Indemnitee’s sole option, in (1) an appropriate court of the State of Nevada, or any other
court of competent jurisdiction, or (2) an arbitration to be conducted by a single arbitrator, selected by mutual agreement of the Company
and Indemnitee, pursuant to the rules of the American Arbitration Association. The Company shall not oppose Indemnitee’s right to
seek any such adjudication. 

(b) In
the event that a determination shall have been made pursuant to Section 6(b) or Section 6(c) of this Agreement that Indemnitee is not
entitled to indemnification, (i) any judicial proceeding or arbitration commenced pursuant to this Section 7 shall be conducted in all
respects de novo on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b) or Section
6(c); and (ii) in any such judicial proceeding or arbitration, the Company shall have the burden of proving that Indemnitee is not entitled
to indemnification under this Agreement. 

(c) If
a determination shall have been made pursuant to Section 6(b) or Section 6(c), or shall have been deemed to have been made pursuant to
Section 6(g), of this Agreement that Indemnitee is entitled to indemnification, the Company shall be obligated to pay the amounts constituting
such indemnification within five (5) days after such determination has been made or has been deemed to have been made and shall be conclusively
bound by such determination in any judicial proceeding commenced pursuant to this Section 7, unless the Company establishes by written
opinion of Independent Counsel that (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to
make Indemnitee’s misstatement not materially misleading in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law. 

(d) In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of, or an award in arbitration to enforce, his or
her rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability
insurance policies maintained by the Company, the Company shall pay to him or her, or on his or her behalf, in advance, and shall indemnify
him or her against, any and all expenses (of the types described in the definition of Expenses in Section 13 of this Agreement) actually
and reasonably incurred by him or her in such judicial adjudication or arbitration, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, advancement of expenses or insurance recovery. 

(e) The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses
and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to
the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought
by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may be. 

8. Non-Exclusivity;
Survival of Rights; Insurance; Subrogation. 

(a) The
rights of indemnification and advancement of expenses as provided by this Agreement shall not be deemed exclusive of, and shall be in
addition to, any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles or the Bylaws of the
Company, any agreement, a vote of stockholders, a resolution of directors or otherwise, and nothing in this Agreement shall diminish or
otherwise restrict Indemnitee’s rights to indemnification or advancement of expenses under any of the foregoing. No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect
of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the
extent that a change in the NRS, whether by statute or judicial decision, permits greater indemnification than would be afforded currently
under the Articles, the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement
the greater benefits so afforded by such change and Indemnitee shall be deemed to have such greater benefits hereunder. No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right
or remedy. The Company shall not adopt any amendments to its Articles or Bylaws, the effect of which would be to deny, diminish or encumber
Indemnitee’s right to indemnification or advancement of expenses under this Agreement, any other agreement or otherwise. 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action
to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms
of such policies. 

(c) In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights (with all of Indemnitee’s reasonable expenses,
including, without limitation, attorneys’ fees and charges, related thereto to be reimbursed by or, at the option of Indemnitee,
advanced by the Company). 

(d) The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent
that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

(e) The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 

9. Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company
shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 

(a) for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or 

(b) for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of
state statutory law or common law; 

(c) for
any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized
by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements
that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section
306 of the Sarbanes-Oxley Act); 

(d) for
any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted
by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange
listing requirements implementing Section 10D of the Exchange Act; or 

(e) in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board of the Company
authorized the Proceeding (or such part of the Proceeding) prior to its initiation or (ii) the Company indemnifies Indemnitee, in its
sole discretion, independently of this Agreement pursuant to the powers vested in the Company under applicable law. 

10. Retroactive
Effect; Duration of Agreement; Successors and Binding Agreement. All agreements and obligations
of the Company contained herein shall be deemed to have become effective upon the date Indemnitee first had Corporate Status; shall continue
during the period Indemnitee has Corporate Status; and shall continue thereafter so long as Indemnitee may be subject to any Proceeding
(or any action commenced under Section 7 hereof) by reason of his or her Corporate Status, whether or not he or she is acting or serving
in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors
(including any direct or indirect successor by purchase, merger, consolidation, reorganization or otherwise to all or substantially all
of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. The Company shall
require any such successor to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory
to Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
the Company would be required to perform if no such succession had taken place. Except as otherwise set forth in this Section 10, this
Agreement shall not be assignable or delegable by the Company. 

11. Security.
To the extent requested by Indemnitee and approved by the Board of the Company, the Company may at any time and from time to time provide
security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other
collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

12. Enforcement.

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order
to induce Indemnitee to serve, or continue to serve, as an officer or a director of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving or continuing to serve as an officer or a director of the Company. 

(b) This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

13. Definitions.
For purposes of this Agreement: 

(a) “Change
in Control” means the occurrence of any one of the following events: 

(i) any
“person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of
the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities
eligible to vote for the election of the Board (the “Company Voting Securities”), other than any Permitted Class C Owner (as
such term is defined in the Articles); provided, however, that the event described in this paragraph (i) shall not be deemed to
be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any subsidiary; (B) by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any subsidiary; (C) by any underwriter temporarily holding securities
pursuant to an offering of such securities; (D) pursuant to a Non-Control Transaction (as defined in paragraph (iii) below); or (E) a
transaction (other than one described in paragraph (iii) below) in which Company Voting Securities are acquired from the Company, if a
majority of the Incumbent Board (as defined in paragraph (ii) below) approves a resolution providing expressly that the acquisition pursuant
to this clause (E) does not constitute a Change in Control under this paragraph (i); 

(ii) individuals
who, as of the date of this Agreement, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at
least a majority thereof, provided that any person becoming a director subsequent to the date of this Agreement, whose election or nomination
for election was approved by a vote of at least two-thirds of the directors comprising the Incumbent Board (either by a specific vote
or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such
nomination) shall be considered a member of the Incumbent Board (other than any individual designated by a person who has entered into
an agreement with the Company to effect a transaction described in Sections 13(a)(i), (iii), (iv) or (v)); 

(iii) the
consummation of a merger, consolidation, share exchange or similar form of corporate transaction involving the Company or any of its subsidiaries
that requires the approval of the Company’s stockholders (whether for such transaction or the issuance of securities in the transaction
or otherwise) (a “Reorganization”), unless immediately following such Reorganization more than 50% of the total combined voting
power of the entity that controls, directly or indirectly, the entity resulting from such Reorganization (the “Surviving Company”)
is represented by Company Voting Securities that were outstanding immediately prior to such Reorganization (or, if applicable, is represented
by shares into which such Company Voting Securities were converted pursuant to such Reorganization), and with the power to elect at least
a majority of the board of directors or other governing body of such Surviving Company (a “Non-Control Transaction”); 

(iv) the
stockholders of the Company approve a plan of complete liquidation or dissolution; or 

(v) the
consummation of a sale (or series of sales) of all or substantially all of the assets of the Company and its subsidiaries to an entity
that is not an affiliate of the Company. 

 

Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of 30% or more
of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of
Company Voting Securities outstanding; provided that, if after such acquisition by the Company such person becomes the beneficial owner
of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such
person, a Change in Control shall then occur. 

(b) “Corporate
Status” means the fact that a person is or was a director, officer, employee or fiduciary of the Company or is or was serving at
the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise. 

(c) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is
sought by Indemnitee. 

(d) “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee
is or was serving at the express written request of the Company as a director, officer, trustee, partner, manager, managing member, employee,
agent or fiduciary. 

(e) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, ERISA
excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred or actually incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in
a Proceeding, or responding to, or objecting to, a request to provide discovery in a Proceeding. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium, security for, and other
costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Should any payments by the Company to or for
the account of Indemnitee under this Agreement be determined to be subject to any federal, state or local income or excise tax, Expenses
shall also include such amounts as are necessary to place Indemnitee in the same after-tax position (after giving effect to all applicable
taxes) Indemnitee would have been in had no such tax been determined to apply to those payments. The parties agree that for the purposes
of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses
included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of
such counsel shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee. 

(f) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is,
nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto. 

(g) “Proceeding”
includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether
brought by or in the right of the Company or otherwise and whether civil, criminal, administrative, legislative or investigative (formal
or informal); in each case whether or not Indemnitee’s Corporate Status existed at the time any liability or expense is incurred
for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding
one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights under this Agreement. 

14. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest
extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed
modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 

15. Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed
or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

16. Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served
with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding
or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company
of any obligation which it may have to Indemnitee under this Agreement unless, and only to the extent that, the Company is actually and
materially prejudiced as a direct result of such delay or failure. 

17. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal
business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent: 

(a) To
Indemnitee at the address set forth below Indemnitee’s signature hereto.

(b) To
the Company at:

Red Cat Holdings, Inc.

15 Ave. Munoz Rivera, Ste.
2200

San Juan, PR 00901

Attention: Jeffrey
Thompson, CEO

Email: jeff@redcat.red

or to
such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

18. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement. Executed counterparts may be delivered by facsimile and shall be deemed an original, but all of
such counterparts together shall constitute one and the same instrument. 

19. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof. 

20. Successors
and Assigns. The terms of this Agreement shall be binding upon the Company and its successors
and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors, administrators
and other legal representatives. 

21. Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict of
laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or
in connection with this Agreement (other than an arbitration pursuant to Section 7 hereof) shall be brought only in the appropriate court
of the State of Nevada (the “Nevada Court”), and not in any other state or federal court in the United States of America or
any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Nevada Court for purposes of such action or
proceeding, (iii) waive any objection to the laying of venue of any such action or proceeding in the Nevada Court, and (iv) waive, and
agree not to plead or to make, any claim that any such action or proceeding brought in the Nevada Court has been brought in an improper
or inconvenient forum. 

(Signature
page follows) 

    	 

    	 

    

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on and as of the day and year first above written. 

	 	 	 
	COMPANY: 
	 
	RED CAT HOLDINGS, INC.
	 	 
	By:	 	
    _________________________________________

     

	Name:	 	
    _________________________________________

     

	Title:	 	
    _________________________________________

     

	 
	INDEMNITEE: 
	 	 
	By:	 	
    _________________________________________

     

	Name:	 	
    _________________________________________

     

	 
	Address: _____________________________________________
	_____________________________________________________Exhibit 10.7

 

 

	PRIVATE & CONFIDENTIAL	Relationship Manager: Ms Janet Koh
	 	Contact No: 6878 4537

9 Apr 2020

 

TOPSHEEN SHIPPING SINGAPORE PTE. LTD.

60 Paya Lebar Road

#06-17

Paya Lebar Square

Singapore 409051

 

Attn: Mr Zhang Dong

 

Dear Sirs

 

BANKING FACILITY(IES)

 

We are pleased to offer you the banking facility(ies) described below
(the “Facility(ies)”) upon the terms and conditions set out in this facility letter.

 

		1.1	FACILITY(IES)

 

	(a)	COMMITTED FACILITIES	LIMITS (S$)
	 	 	 
	(i)	Enterprise Financing Scheme (EFS)	5,000,000/- or any lower limit which
	 	Temporary Bridging Loan I (TBL I)	Enterprise Singapore may approve

 

We will notify you in the event the
final facility limit granted/approved by Enterprise

Singapore is lower than the limit stated
above.

 

		2.1	PRICING AND TERMS

 

	EFS TBL I	Purpose: For working capital purposes. You are solely responsible for the application of moneys for the purposes aforesaid
	 	Interest Rate: 3% per annum on monthly rests
	 	Tenor: 5 years

 

 

     

    

    

 

TOPSHEEN SHIPPING SINGAPORE PTE. LTD.

BANKING FACILITY(IES)

9 Apr 2020

 

	 	Availability Period: Available for drawdown within 6 months from the date of this facility letter unless otherwise extended by us
	 	Disbursement: Lumpsum directly to your current account maintained with us
	 	Repayment: You are required:
	 	(i)	to service interest monthly for 12 months (“Interest Servicing Period”); and
	 	(ii)	upon the expiry of the Interest Servicing Period, to pay monthly instalments comprising principal and interest up to the expiry of the remaining tenor. We will notify you of the monthly interest payment and instalment amount and each change thereof (including any change in the applicable interest rate) as well as the commencement date(s).
	 	Prepayment: Allowed in whole or in part in integral multiples of St10,000/- each or such other amount as we may determine from time to time, subject to 1 month’s prior written notice or payment of I month’s interest in lieu of notice. Any partial prepayment shall not affect the amount of monthly instalments payable.
	 	Cancellation: Any portion which remains undrawn at the expiry of the Availability Period shall be treated as cancelled.

 

		●	We shall be entitled to vary the interest rate /Discount Rate /commission (where applicable) from time
to time by notification to you.

 

		3.1	SECURITIES

 

The Facility(ies) together with all
other moneys, obligations and liabilities which may be due, owing or payable by you to us from time to time shall be secured by the following
securities:

 

		●	Guarantee: The existing personal guarantee dated 5 Dec 2019 from Zhang Dong (the “Guarantor”).
In this connection, the Guarantor shall confirm his agreement to continue to stand as guarantor by signing and returning to us the confirmation
in this facility letter.

 

 

    2

    

    

 

TOPSHEEN SHIPPING SINGAPORE PTE. LTD.

BANKING FACILITY(IES)

9 Apr 2020

 

		4.1	CONDITIONS PRECEDENT

 

		(a)	Unless otherwise determined by us, the Facility(ies) will be available for your utilisation only after
we have received and found satisfactory:-

 

		●	this facility letter duly accepted by your authorised signatories and the Guarantor;

 

		●	certified true extract by a Director and Company Secretary of your board of directors’ resolutions
or such other equivalent document(s) accepting this facility letter;

 

		●	written confirmation of approval from the insurers / Enterprise Singapore (where applicable);

 

		●	all legal and security documents duly executed together with notices of assignment, where required; and

 

		●	insurance policies, cover notes and insurance premium receipts and such other documentation (whether legal,
security or otherwise), confirmation of the fulfilment of such other requirements (including stamping, registration and other conditions
precedent) as may be required by us.

 

		(b)	Our obligation to advance any moneys or to incur any liabilities pursuant to this facility letter is subject
to the further condition that on the date of the relevant drawdown notice and on each relevant drawdown or transaction date, there being
no event or circumstances which could affect our decision or willingness to advance any moneys or to incur any liabilities pursuant to
this facility letter.

 

		5.1	OTHER CONDITIONS

 

		●	EFS: You shall at all times during the tenor of the EFS Facility(ies) meet the eligibility criteria
(including those on shareholdings and ownership) applicable for the Enteiprise Financing Scheme as stipulated from time to time by Enterprise
Singapore, unless Enterprise Singapore’s prior written approval for any deviation therefrom is obtained.

 

 

    3

    

    

 

TOPSHEEN SHIPPING SINGAPORE PTE. LTD.

BANKING FACILITY(IES)

9 Apr 2020

 

You acknowledge and agree that we shall
have full recourse against you, your security providers) and any collateral provided for the full repayment of the Facility(ies) and all
sums outstanding thereunder.

 

		●	The Facility(ies) shall also be subject to such other terms and conditions customary for financing of
this nature and legal documentation required by and acceptable to us.

 

		6.1	STANDARD TERMS AND CONDITIONS

 

The enclosed Standard Terms And Conditions
Governing Facilities And Transactions and all addendums / supplements thereto (“Standard Conditions”) shall apply to
the Facility(ies) provided that all references in the Standard Conditions to “Local Enterprise Finance Scheme Facilities (“LEFS
Facilities”)” and “LEFS Facilities” shall be deleted and replaced with “Enterprise Financing Scheme Facilities
(“EFS Facilities”) and “EFS Facilities” respectively. In the event of inconsistency, this facility letter shall
prevail. Terms used in this facility letter shall have the meaning as defined in the Standard Conditions.

 

Should the above offer meet with your acceptance,
please return the duplicate of this facility letter duly signed and all required documents to us. This offer shall lapse if it is not
accepted within 14 days from the date of this letter unless otherwise extended by us.

 

We are pleased to be of service to you.

 

Yours faithfully

 

QUEK HUAY MIN

SENIOR VICE PRESIDENT

INSTITUTIONAL BANKING GROUP

 

 

    4

    

    

 

TOPSHEEN SHIPPING SINGAPORE PTE. LTD.

BANKING FACILITY(IES)

9 Apr 2020

 

ACCEPTANCE

 

I/We hereby confirm acceptance of the offer of
the Facility(ies) on the terms and conditions as stated in the facility letter. I/We also confirm that I/we have obtained independent
legal advice in respect of the transactions contemplated under or in connection with the facility letter and the security documents specified
in the facility letter.

 

Additionally, by signing and accepting this
facility letter, I/we confirm that I/we have read, fully understood and accept the Standard Conditions (in particular, the provisions
relating to the collection, processing, use and disclosure of personal data).

 

I/We enclose a certified true extract of my/our
board resolutions or (in the case of an entity other than a company) certified true copies of equivalent documents evidencing my/our acceptance
of the above offer.

 

	Please disburse the Facility(ies) into my/our DBS current account no: ____________________

 

	I/We authorise you to debit my/our DBS Current account no(s): ________________________ for the monthly instalments payable as well as interest, fees, insurance premiums, expenses or such other sums that may be payable in connection with the Facility(ies) as stated in the facility letter

 

For and on behalf of

TOPSHEEN SHIPPING SINGAPORE PTE. LTD.

 

 

	Name(s)	:          	 
	Designation(s) 	:	 
	Date	:	 

 

 

    5

    

    

 

TOPSHEEN SHIPPING SINGAPORE PTE. LTD.

BANKING FACILITY(IES)

9 Apr 2020

 

CONFIRMATION BY EXISTING GUARANTOR

 

l/We confirm that the guarantee dated 5 Dec 2019
(the “Guarantee”) executed by me/us in your favour shall extend to cover and secure the Facility(ies) in accordance
with the above terms and conditions and continue to apply in full force and effect.

 

I/We authorise and give you consent to conduct
credit checks on me/us (including but not limited to checks with any credit bureau) and to obtain and verify and/or disclose or release
any information relating to me/us, the Guarantee, my/our personal data and/or any of my/our account(s) with you from or to any party or
source as you may from time to time deem fit at your own discretion and without any liability or notice to me/us for the purposes specified
in the Guarantee and for any and all the purposes stated in the DBS Privacy Policy, available at www.dbs.com/privacy
and as may be amended, supplemented and/or substituted from time to time. I/We confirm that I/we have read, fully understood and accept
the DBS Privacy Policy relating to the collection, processing, use and collection of personal data and further agree as follows:

 

		1.	The DBS Privacy Policy is incorporated by reference into and forms part of this confirmation. The DBS
Privacy Policy shall apply to all personal data (as defined by the Personal Data Protection Act 2012) provided by me/us or otherwise collected
by you from any other sources or in the course of my/our relationship with you or any of your affiliates and I/we hereby consent to the
collection, processing, use and disclosure of personal data in accordance therewith.

 

		2.	If I/we provide you with personal data of any individual (including, where applicable, my/our directors,
partners, office holders, officers, employees, agents, shareholders and beneficial owners), I/we undertake, represent and warrant to you
that I/we have obtained such individual’s consent for, and hereby consent on behalf of such individual to, the collection, processing,
use and disclosure of his/her personal data by me/us in accordance with the DBS Privacy Policy.

 

		3.	In the event of any conflict or inconsistency between confirmation and the DBS Privacy Policy, the former
shall prevail.

 

		4.	Any consent given pursuant to this confirmation in relation to personal data shall survive death, incapacity,
bankruptcy or insolvency of any such individual and the termination or expiration of the Guarantee.

 

 

	Name(s)	: Zhang Dong	 
	NRIC No 	:	 
	Date	:	 

 

 

    6

     

    

 

Certified True Extract of Resolutions Passed
By the Board of Directors of

 

TOPSHEEN SHIPPING SINGAPORE PTE. LTD. (“the
Company”)

 

on ________________

(Date)

	 

 

ACCEPTANCE OF BANKING FACILITY(IES)

 

RESOLVED THAT:

 

		(1)	The Company accepts the offer of banking facility(ies) (the “Facility(ies)”) from DBS Bank
Ltd. (the “Bank”) on the terms and conditions of the Bank’s facility letter dated 9 Apr 2020 (the “Facility
Letter”) (as may be amended, varied, supplemented and/or replaced from time to time).

 

		(2)	Any ___________ of the following persons (collectively, the “Authorised Signatories”) be

(insert number)

 authorised to do the following things
in the Company’s name and for and on behalf of the Company (which persons are and will be so authorised until the Bank receives
a certified copy of the board resolution of the Company providing otherwise):

 

	Name of Authorised Signatories	Designation	Specimen Signature*
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

[specimen signatures not required
where Authorised Signatories named are existing authorised signatories to the company’s accounts maintained with DBS]

 

		(i)	to negotiate, accept, sign, and deliver to the Bank the Facility Letter and any letter, agreement, form,
notice or other documents required by the Bank or expedient in relation to the Facility(ies) (collectively “Documents”);

 

    7

     

    

 

		(ii)	to negotiate and accept any future revision or variation of the Facility(ies) and any future amendment,
supplement or replacement of the Facility Letter and/or any of the Documents (which acceptance shall be conclusively evidenced by the
signature(s) of the Authorised Signatory(ies)); and

 

		(iii)	without prejudice to any of the Company’s existing mandate to the Bank, to instruct and authorise
the Bank to debit the Company’s DBS Current account specified in the Facility Letter for the monthly instalments as well as interests,
fees, insurance premiums, expenses and such other sums that may be payable in connection with the Facility(ies) as contemplated in the
Facility Letter and any Documents,

 

		(3)	The Common Seal of the Company be affixed to any deed, instrument or document as may be required in connection
with the Facility(ies), the collateral and/or supports in accordance with the Articles of Association/Constitution of the Company. Further,
and in the alternative, any Director and the Company Secretary or any two Directors of the Company be authorised on behalf of the Company
to execute any such documents in accordance with the Companies Act.

 

CERTIFIED AS TRUE EXTRACT AND CONFIRMED THAT
THE RESOLUTIONS HAVE BEEN ADOPTED AND HAVE NOT BEEN RESCINDED, MODIFIED OR SUPERSEDED

 

	 	Please Sign à	 
	 		Signature & Name of *Chairman / Director
	 	 	 
	 	Please Sign à	 
	 	 	Signature & Name of *Director / Secretary

 

	*	Delete where inapplicable

 

 

 

 

8

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