Document:

ex10_5-2.htm

 Exhibit 10.5(2) 

 EXTENSION AND WAIVER AGREEMENT 

 

 THIS EXTENSION AND WAIVER AGREEMENT (the “Agreement”), dated as of March 3, 2016, is entered into by and among AgEagle Aerial Systems, Inc., a Nevada corporation (the “Company”), and the person identified as the “Holder” on the signature page hereto (the “Holder”). 

 WHEREAS, on or about May 11, 2015, the Company and the Holder closed a Securities Purchase Agreement, dated as of May 6, 2015 (the “SPA”), pursuant to which the Holder purchased from the Company an 8% Convertible Debenture having a principal amount of $50,000 (the “Debenture”); 

 WHEREAS, the Maturity Date of the Debenture is currently November 6, 2016; 

 WHEREAS, Paragraph 4.3(a) of the SPA requires that the Company make a primary offering of its common stock on an effective registration statement on Form S-I on or before September 30, 2015 (such date, or such earlier date that such S-1 registration statement is declared effective by the Securities and Exchange Commission, the “Public Offering Date”); 

 WHEREAS, Paragraph 4.3(b) of the SPA requires that the Company cause its common stock to be registered under Section 12(g) of the Securities Exchange Act of 1934 on or before the Public Offering Date (the date of effectiveness of such registration, the “Going Public Date”); 

 WHEREAS, Paragraph 2(a) of the Debenture requires that the Company pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of the Debenture at the rate of 8% per annum, payable quarterly on January 1, April 1, July 1, and October 1, beginning on the first such date after the May 6, 2015, original issue date of the Debenture; 

 WHEREAS, the Company is currently in default of each of its above-referenced obligations under the SPA and the Debenture; 

 

 WHEREAS, so long as the Debenture is outstanding, Section 4.I2(a) of the SPA grants to the Holder the right to participate in up to 100% of any Subsequent Financing as such term is defined therein; 

 WHEREAS, the Company has negotiated the terms of a Stock Purchase Agreement with Raven Industries, Inc. (“Raven”) by which the Company is to sell to Raven 400,000 “unregistered” and “restricted” shares of its common stock at an aggregate purchase price of $500,000 (the “Raven Agreement”); 

 WHEREAS, Paragraph 1.2(b)(i) of the Raven Agreement requires as conditions to closing thereof that the Holder shall have entered into an amendment to the SPA and the Debenture pursuant to which: (a) the existing defaults under the Debentures are irrevocably waived and the maturity date thereof is extended to November 6, 2017; and (b) Section 4.12 of the SPA shall be amended to provide that (i) the Holder shall have a right to initially purchase only up to 50% of any New Securities issued in a Subsequent Financing and, if and only if Raven has exercised its right to purchase less than 50% of any New Securities in a Subsequent Financing, then the Holder shall have a secondary right of first refusal to purchase any New Securities not purchased by Raven in a Subsequent Financing; and (ii) if the Holder purchases less than 50% of such New Securities, then Raven shall have a right to purchase such New Securities not purchased by the Holder; 

 WHEREAS, Paragraph 1.2(b)(ii) of the Raven Agreement further requires as a condition to closing thereof that the Holder shall have waived any rights to participate in the issuance and sale of the 400,000 shares of the Company’s common stock to Raven as contemplated thereunder; 

 WHEREAS, Paragraph 5.5 of the SPA provides that no provision thereof may be waived, modified, supplemented or amended except in a written instrument signed by the Company and the Holder; 

     

    

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 NOW THEREFORE, in consideration of ten dollars ($10) and the mutual covenants and other agreements contained in this Agreement, the Company and the Holder hereby agree as follows: 

 1.   The  Maturity Date of the Debenture is hereby extended to November 6, 2017. 

 2.   The Holder hereby permanently waives all rights and remedies, of whatever nature, that it may have with respect to the Company’s failure to meet the Public Offering Date deadline and the Going Public Date deadline set forth in the SPA. 

 3.   The Holder hereby permanently waives all rights and remedies, of whatever nature, that it may have with respect to the Company’s failure to pay interest on the Debenture through the date hereof. 

 4.   Section 4.12 of the SPA shall be amended to provide that (i) the Holder shall have a right to initially purchase only up to 50% of any New Securities issued in a Subsequent Financing and, if and only if Raven has exercised its right to purchase less than 50% of any New Securities in a Subsequent Financing, then the Holder shall have a secondary right of first refusal to purchase any New Securities not purchased by Raven in a Subsequent Financing; and (ii) if the Holder purchases less than 50% of such New Securities, then Raven shall have a right to purchase such New Securities not purchased by the Holder. 

 5.   The  Holder hereby waives any and all any rights to participate in the issuance and sale of the 400,000 shares of the Company’s common stock to Raven as contemplated under the terms of the Raven Agreement. 

 6.   Subject to the modifications and amendments provided herein, the SPA and the Debenture (collectively, the “Transaction Documents”) shall remain in full force and effect.  Except as expressly set forth herein, this Agreement shall not be deemed to be a waiver, amendment or modification of any provisions of the Transaction Documents or of any right, power or remedy of the Holder, or constitute a waiver of any provision of the Transaction Documents (except to the extent herein set forth), or any other document, instrument and/or agreement executed or delivered in connection therewith, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder.  Except as set forth herein, the Holder reserves all rights, remedies, powers, or privileges available under the Transaction Documents, at law or otherwise.  This Agreement shall not constitute a novation or satisfaction and accord of the Transaction Documents or any other document, instrument and/or agreement executed or delivered in connection therewith. 

 7.   This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that all parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were an original thereof. 

      

    

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 IN WITNESS WHEREOF, the undersigned have executed and delivered this Agreement as of the date first written above. 

	    	
 “The Company” 

	    	    
	    	
 AGEAGLE AERIAL SYSTEMS, INC. 

	    	    
	    	
 /s/ Bret Chilcott 

	    	
 By: Bret Chilcott 

	    	
 Its: President 

	    	    
	    	    
	    	
 “Holder” 

	    	    
	    	
 LANE VENTURES INC. 

	    	    
	    	
 /s/ Joseph Hammer 

	    	
 By: Joseph Hammer 

	    	
 Its: President 

  

 3ex10_7.htm

 Exhibit 10.7 

 AGREEMENT 

 THIS AGREEMENT is entered into this 13th day of May, 2016, by and between AgEagle Aerial Systems Inc., a Nevada corporation (“AgEagle”), and Botlink, LLC, a North Dakota limited liability company (“Botlink”). 

 RECITALS 

 WHEREAS, AgEagle is a leading FAA 333 exempt provider of state-of-the-art unmanned aerial vehicle (“UAV”) data acquisition drones for precision agriculture; 

 WHEREAS, Botlink provides a cloud-based drone operations platform providing data processing and delivery, automated drone control, airspace awareness, manned aircraft locations, weather overlays and the redundancy of radio and cellular connections; 

 WHEREAS, AgEagle wishes to make use of Botlink’s electronic modules and related software for use in its commercially-available drones and Botlink wishes to provide such modules and software on the terms set forth below. 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

 1.  Hardware and software availability.  Botlink will make available for use in AgEagle’s commercially-available drones electronic modules and the necessary software/firmware that are capable of programming the autopilot from data through a cellular data connection and/or telemetry, receiving and uploading flight management data to the autopilot, integration of various cameras, acquiring images from the camera, uploading images through a cellular connection, as well as uploading images through a ground based Internet connection post flight at least until December 30, 2020. 

 2.  Aerial map processing and hosting.  Botlink will provide aerial map processing (“photo stitching”) to AgEagle customers who maintain a subscription for at least until December 30, 2020 at a reasonable price.  This will include previous maps processed on a website where customers can download GEO TIFF’s and SHAPE files of the NIR stitched maps. 

 3.  Private labeling.  Botlink agrees to private label all customer touch points with the AgEagle and Botlink logo to include but not limited to web sites which hosts processed maps and billing statements. Botlink will bill the customers through an AgEagle labeled website. 

    

    

    

 

 4.  Third party API portal.  Botlink will grant AgEagle access to necessary application programming interfaces (“API’s”) that will allow AgEagle to access processed maps and necessary data to add value to AgEagle customers which would consist of an API.   

 5.  Billing and subscriber information.  Botlink will bill the customers through an AgEagle labeled web site.  AgEagle will have access to all customer data excluding credit card billing details to include but not limited to, name, address, email, telephone numbers, billing cycle, subscription duration. 

 6.  Customer subscription costs:  The cost for customer subscriptions shall be billed directly by Botlink and will be negotiated at a discounted rate from standard Botlink pricing. 

 7.  API integration:  Botlink will allow users to define a relationship and transfer stitched images from a Mission in the Botlink platform to pre-defined third party systems. 

 9.  Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of each of their parties and their respective successors and assigns. 

 10.  Amendments.  This Agreement may be amended only by a writing signed by each of the parties, and any such amendment shall be effective only to the extent specifically set forth in such writing. 

 11.  Counterparts: Facsimile Execution. This Agreement may be executed in any number of counterparts, and by each of the parties on separate counterparts, each of which, when so executed, shall be deemed an original, but all of which shall constitute but one and the same instrument. Delivery of an executed counterpart of this Agreement by facsimile also shall deliver a manually executed counterpart of this Agreement, but the failure to deliver a manually executed counterpart shall not affect the validity, enforceability or binding effect of this Agreement. 

 12.  Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the transactions contemplated hereby and supersedes all prior written and oral agreements, and all contemporaneous oral agreements, relating to such transactions. 

 13.  Expenses. Each party shall be responsible for such expenses as it may incur in connection with the negotiation, preparation, execution, delivery, performance and enforcement of this Agreement. 

 14.  Governing Law. This Agreement shall be a contract under the laws of the State of Kansas and for all purposes shall be governed by the construed and enforced in accordance with the laws of said State. 

 

    

    

    

 

 15.  Notices. Unless otherwise specifically provided herein, all notices, consents, requests, demands and other communications required or permitted hereunder: (a) shall be in writing;  (b) shall be sent by messenger, certified or registered US mail, a reliable express delivery service, charges prepaid as applicable, to the appropriate address(es) set forth below the parties signatures hereto; and (c) shall be deemed to have been given on the date of receipt by the addressee (or, if the date of receipt is not a business day, on the first business day after the date of receipt), as evidenced by a receipt executed by a responsible person in the office of the addressee, the records of the person delivering such communication or a notice to the effect that such addresses refused to claim or accept such communication, if sent by messenger, U.S. mail or express delivery service. 

 

 16.  Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

 17.  Time of the Essence.   Time is of the essence of this Agreement. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date set forth above. 

	    	
 AGEAGLE AERIAL SYSTEMS INC., a 

 Nevada corporation 

	    	    
	    	    
	    	    
	    	
 By: /s/ Bret Chilcott 

	    	
 Bret Chilcott, President 

	    	    
	    	    
	    	
 BOTLINK, LLC, a North Dakota limited 

 liability company 

	    	    
	    	    
	    	    
	    	
 By: /s/ Terri F. Gunn Zimmerman 

	    	
 Terri F. Gunn Zimmerman, CEO

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