Document:

Exhibit 10.1

 

 

 

11651 Central Parkway,
Ste. 118

Jacksonville, FLorida
32224

 

Date

 

Dear _________________,

 

We are pleased to offer
you a seat on the Board of Directors of Drone Aviation Holding Corp., a Nevada corporation (the “Company”) for a term
of ______ (___) years. Upon your execution of this letter agreement, you will have consented to your appointment, which will be
contingent and dependent upon approval of the Director Agreement by the Board of Directors (such date, the “Appointment Date”).

 

For and in consideration of the services to be performed by
you, the Company agrees to pay for your services as follows:

 

	Fee:	An annual fee equal to $______ (“Annual Fee”), payable in equal monthly installments
	 	 
	Annual bonus:	As determined by the Compensation Committee
	 	 
	Restricted stock:	_________ options to purchase the Company’s unregistered common stock at an exercise price based on the closing price of the Company’s common stock on the Appointment Date (the “Options”). The Options shall vest 50% one year from the Appointment Date and the other 50% two years from the Appointment Date so long as you are a member of the Company’s Board of Directors. The Options will be exercisable at any time after they vest and prior to the four year anniversary of the Appointment Date. The Option shall be issued in compliance with all rules and regulations of the United States Securities and Exchange Commission pursuant to the terms of a Stock Option Agreement to be provided by the Company. The Options granted to you shall be in effect subject to your continuous service as a member of the Board. In the event that your service is terminated prior to the ____ (___) year anniversary of the Appointment Date for any reason, all unvested options shall be forfeited. 

 

You hereby also consent
to the use of your name and biographical information in documentation prepared by the Company as it relates to your becoming a
member of the Company’s Board

 

Kindly indicate your
consent to the matters discussed herein by signing and returning a copy of this letter to us as soon as possible.

 

	 	 	Sincerely,
	 	 	 
	 	 	Jay H. Nussbuam,
	 	 	CEO and Chairman

 

Accepted: __________________________________    Date:
_______________

 

	 	
        main: 904•834•4400

        fax:    904•834•4360

        info@droneaviationcorp.com

        www.DRONEAVIATIONCORP.COMExhibit 10.2

 

FORM OF

 

DIRECTOR AGREEMENT

 

DIRECTOR AGREEMENT
(this “Agreement”) made as of the ___ day of [__] by and between Drone Aviation Holding Corp.,
a Nevada corporation (the “Company”) and _________ (“Nominee”).

 

WHEREAS,
the Company desires to attract and retain a director who will consent to serve a member of the Board of Directors of the Company
(the “Board”); and

 

WHEREAS,
the Company believes that Nominee possesses valuable qualifications and abilities to serve on the Company’s Board.

 

NOW, THEREFORE,
the parties agree as follows:

 

1. Service
to the Board. 

 

(a) Service
as a Director. Nominee consents to serve as a Director of the Company for a term of up to [__] years if elected or appointed
and, upon re-appointment or election to the Board of the Company, to serve as a member of the Board of the Company.

 

Nominee agrees
that upon appointment or election he will dutifully perform his responsibilities as a director in good faith, in accordance with
applicable law, and in accordance with the Articles of Incorporation, bylaws and other policy and procedures applicable to such
service. Upon appointment to the Board, Nominee shall resign from the Board of Directors of the Company, upon the request of the
Chief Executive.

 

Nominee understands
that this Agreement does not constitute an offer to serve as a director of the Company, or as an employee, or in any other capacity
and that appointment shall only occur by vote of the Board or shareholders of the Company. Nominee understands and agrees that
if the Company offers Nominee employment, the Company may request a background check consisting of a criminal history and other
background checks to be used solely for employment-related purposes and understands an offer and any position will be contingent
on the receipt and evaluation of the background check report.

 

2. Compensation
and Expenses. 

 

(a) Compensation.
The Company agrees to adopt or has adopted compensation plans for directors applicable to Nominee, in the event Nominee becomes
a director, as follows:

 

		●	Annual fee of $[__], payable in monthly
installments in accordance with the Company’s past accounting practices; and

 

		●	[__] options to purchase the Company’s
unregistered common stock at an exercise price based on the closing price of the Company’s common stock on the Appointment
Date (the “Options”). The Options shall vest [__]% one year from the Appointment Date and [__] 50% two years from the
Appointment Date so long as Nominee is a member of the Company’s Board of Directors. The Options will be exercisable at any
time after they vest and prior to the four year anniversary of the Appointment Date. The Option shall be issued in compliance with
all rules and regulations of the United States Securities and Exchange Commission pursuant to the terms of a Stock Option Agreement
to be provided by the Company. The Options granted to Nominee shall be in effect subject to Nominee’s continuous service
as a member of the Board. In the event that Nominee’s service is terminated prior to the two (2) year anniversary of the
Appointment Date for any reason, all unvested options shall be forfeited. 

 

    	 	 	 

    

    

 

(b) Expenses.
The Company shall reimburse Nominee for all reasonable and necessary out-of-pocket expenses, including travel, incurred in connection
with the performance of Nominee’s duties as a director on behalf of the Company (“Expenses”), upon
submission of adequate documentation therefor.

 

(c) Insurance.
The Company presently maintains a policy of directors’ and officers’ insurance coverage with a liability limit of $2,000,000
(“D&O Insurance”). In the event any notice of termination or significant change in coverage or terms
of D&O Insurance are received by the Company, prompt written notice shall be provided Nominee for so long as he serves as a
director of the Company and during any subsequent period during which Nominee may be entitled to the benefit of such D&O Insurance.

 

3. Confidentiality.
Nominee acknowledges that he shall be obtaining access to certain confidential information concerning the Company and its plans
and affairs, including, but not limited to, business methods, systems, scheduling, financial data, intellectual property and strategic
plans which are unique assets (“Confidential Information”). Nominee covenants and agrees to not, directly
or indirectly, in any manner, utilize or disclose to any person, firm or entity, such Confidential Information.

 

4. Termination.
This Agreement shall terminate upon resignation, removal or failure of Nominee to be appointed or re-appointed by the Company’s
shareholders as a director of the Company as provided for in the Company’s bylaws or as provided for under Nevada law, provided
that any provision of this Agreement not capable of performance prior to termination shall survive, shall survive such termination
for the period necessary for performance.

 

5. Assignment.
The duties and obligations of Nominee under this Agreement are personal and therefore Nominee may not assign any right or duty
under this Agreement without the prior written consent of the Company.

 

6. Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile
execution and delivery of this Agreement is legal, valid and binding for all purposes.

 

[Signature Page Follows]

 

    	 	 	 

    

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and signed as of the day and year first above written.

 

	 	DRONE AVIATION HOLDING CORP.
	 	 	 
	 	By:	
	 	Name:	Jay N. Nussbaum
	 	Title:	Chief Executive Officer

 

	 	NOMINEE:
	 	 
	 	 
	 	Name:     [__] 
	 	
        Business Address:Exhibit 10.4

 

AMENDMENT TO NONQUALIFIED STOCK OPTION AGREEMENT

 

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

 

BACKGROUND

 

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

 

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

 

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

 

1.         Section 8 – Termination of the Option Agreement shall be deleted in its entirety and replaced with the following:

 

8. Termination of Employment.
If the Optionee’s employment with or service to the Company and all Related Corporations is terminated by the Optionee for
any reason other than death, Disability, Normal or Early Retirement or Good Reason (as defined below), the Option shall thereupon
terminate, except that the portion of any Option that was exercisable on the date of such termination of employment or service
may be exercised at any time up to and including the Expiration Date.

 

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

 

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

 

	DRONE AVIATION HOLDING CORP.	 	ACCEPTED AND ACKNOWLEDGED:
	 	 	 	 	 
	By:	 	 	By:	           
	 	Jay H. Nussbaum	 	Name:	 
	 	Chief Executive Officer

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