Document:

Exhibit 10.3

 

RESTRICTED STOCK UNIT AGREEMENT

This
Restricted Stock Unit Agreement (this “Agreement”), entered into as of May 15, 2019, sets forth the terms and conditions
of an award (this “Award”) of restricted stock units (“Units”) granted by TimefireVR Inc., a Nevada corporation
(the “Company”), to Jonathan Read (the “Recipient”).

BACKGROUND

The Company owes the
Recipient compensation for performing services for the Company in the amount of $35,000 (the “Compensation”). The Company
and the Recipient agree that in exchange for the Compensation owed to Recipient, the Company will grant the Recipient Units pursuant
to this Agreement.

Now, therefore, In consideration
of the promises contained in this Agreement, the parties agree as follows:

 

1.
Award.The Recipient has been granted as of the date of this Agreement (the “Grant Date”) the right
to receive 50,000,000 shares of common stock (the “RSUs”) subject to adjustment under Section 10. Any certificates
issued following vesting of the Units shall contain an appropriate restrictive legend.

 

2. Delivery.
The Units are fully vested. The Units shall be paid in the form of shares of the Company’s common stock (“Common
Stock”) with delivery of the Common Stock to take place on the second anniversary of the Grant Date (the
“Delivery Date”).

 

3.
Rights. Except as provided in Section 10, the Recipient will receive no benefit with respect to any cash or stock
dividend, or other distributions. Further, the Recipient will have no voting rights with respect to the Units until the shares
of Common Stock are issued on the Delivery Date.

 

4.
Forfeiture. Notwithstanding any other provision of this Agreement, at the option of the Board of Directors or the
Compensation Committee, the Units shall be immediately forfeited in the event of:

 

(a)
Purchasing or selling securities of the Company in violation of the Company’s inside information guidelines then in
effect;

 

(b)
Breaching any duty of confidentiality including that required by the Company’s inside information guidelines then
in effect;

 

(c)
Competing with the Company;

 

(d)
Being unavailable for consultation after ceasing to perform services for the Company employ if such availability is a condition
of any agreement between the Company and the Recipient; or

 

(e)
Recruitment of Company personnel after termination of the Recipient’s relationship with the Company, whether such
termination is voluntary or for cause;

 

5.
Restriction on Transfer. The Recipient shall not sell, transfer, pledge, hypothecate or otherwise dispose of any Units
prior to the Delivery Date. 

 

6.
Securities. In order to enable the Company to comply with the Securities Act of 1933 (the “Securities Act”)
and relevant state law, the Recipient acknowledges that the Units are being acquired
for his own account, for investment only, with no view to the distribution of same, and that any subsequent resale of the Units
either shall be made pursuant to a registration statement under the Securities Act of 1933 and applicable state law, or pursuant
to an exemption from registration thereunder.

 

7.
Tax Withholding. The Recipient acknowledges and agrees that the Company
may require the Recipient to pay, or may withhold from sums owed by the Company to the Recipient, any amount necessary to comply
with the minimum applicable withholding requirements that the Company deems necessary to comply with any federal, state or local
withholding requirements for income and employment tax purposes.

 

8.
No Obligation to Minimize Taxes. The Company has no duty or obligation to minimize the tax consequences of this Award
to the Recipient and will not be liable to the Recipient for any adverse tax consequences arising in connection with the delivery
of the common stock.  The Recipient has been advised to consult with his own personal tax, financial and/or legal advisors
regarding the tax consequences of this award.

 

9.
409A Compliance. The provisions of this Agreement and the issuance of the shares of Common Stock underlying the Units
is intended to comply Internal Revenue Code Section 409A. In the event that the Recipient is a "specified employee" (as
described in Section 409A), and any payment or benefit payable pursuant to this Agreement constitutes deferred compensation subject
to the six-month delay requirement described in Code Section 409A(2)(b), then no such payment or benefit shall be made before six
months after the Recipient's "separation from service" (as described in Section 409A) (or, if earlier, the date of the
Recipient's death). Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump
sum at the end of such required delay period.

 

10.
Adjustments. The number of shares of Common Stock deliverable under this Agreement are subject to adjustment from
time to time upon the occurrence of any of the events specified in this Section 10. For the purpose of this Section 10, “Common
Stock” means shares now or hereafter authorized of any class of common stock of the Company, however designated, that has
the right to participate in any distribution of the assets or earnings of the Company without limit as to per share amount (excluding,
and subject to any prior rights of, any class or series of preferred stock).

 

(a)
In case the Company shall (i) pay a dividend or make a distribution in shares of Common Stock to holders of shares of Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares, (iii) combine its outstanding shares
of Common Stock into a smaller number of shares, or (iv) issue by reclassification of its shares of Common Stock other securities
of the Company, then the number and kind of securities issuable on such date, shall be proportionately adjusted so that the Recipient
hereafter shall be entitled to receive the aggregate number and kind of shares of Common Stock (or such other securities other
than Common Stock) of the Company, the Recipient would have been entitled to receive by virtue of such dividend, distribution,
subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed above shall
occur.

 

(b)
In case the Company shall fix a record date for the making of a distribution to all holders of Common Stock of cash, evidences
of indebtedness or assets, or subscription rights or warrant (including any such distribution made in connection with a consolidation
or merger in which the Company is the surviving corporation), the Recipient shall be entitled to receive such distribution as if
he owned shares of Common Stock as of such record date.

 

(c)
In the event that at any time, as a result of an adjustment made pursuant to Section 10(c) above, the Recipient shall become
entitled to receive any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such
other shares shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the shares of Common Stock contained in this Section 10.

 

(d)
If the Company merges or consolidates into or with another corporation or entity, or if another corporation or entity merges
into or with the Company (excluding such a merger in which the Company is the surviving or continuing corporation and which does
not result in any reclassification, conversion, exchange, or cancellation of the outstanding shares of Common Stock), or if all
or substantially all of the assets or business of the Company are sold or transferred to another corporation, entity, or person,
then, as a condition to such consolidation, merger, or sale (any a “Transaction”), the Company shall require the surviving
entity to assume this Agreement and provide the Recipient with the equivalent number of shares on the same terms and conditions.

 

(e)
In case any event shall occur as to which the other provisions of this Section 10 are not strictly applicable but the failure
to make any adjustment would not fairly protect the purchase rights represented by this Agreement in accordance with the essential
intent and principles hereof, then, in each such case, the Company shall effect such adjustment, on a basis consistent with the
essential intent and principles established in this Section 10, as may be necessary to preserve, without dilution, the rights represented
by this Agreement.

 

(f)
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 10, the Company at its expense
will promptly compute such adjustment in accordance with the terms of this Agreement and prepare a certificate setting forth such
adjustment, including a statement of the adjusted number or type of capital stock or other securities deliverable under this Agreement,
describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based.
Upon written request, the Company will promptly deliver a copy of each such certificate to the Recipient and to the Company’s
Transfer Agent.

 

11.
Notices and Addresses. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall
be in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery,
or by email as follows:

 

	The Recipient:	To the Recipient at the address on the signature page of this Agreement
	 	 
	The Company:	Red Cat Propware, Inc.
	 	Cobian Plaza Office Building
	 	1607 Ponce de Leon Ave, Suite 407
	 	San Juan, PR 00909
	 	Attn: Jeffrey Thompson, CEO

 

or to
such other address as either of them, by notice to the other may designate from time to time. 

 

12.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile
or email (PDF) signature. 

 

13.
Attorney’s Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement,
or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of
this Agreement, the prevailing party shall be entitled to a reasonable attorney’s fee, costs and expenses.

 

14.
Severability. If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any
application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall
not be affected hereby and each and every term and condition of this Agreement shall be valid and enforced to the fullest extent
and in the broadest application permitted by law.

 

15.
Entire Agreement. This Agreement represents the entire agreement and understanding between the parties solely with
respect to the award and supersedes all prior negotiations, understandings, representations (if any), and agreements made by and
between the parties. Each party specifically acknowledges, represents and warrants that they have not been induced to sign this
Agreement.

 

16.
Governing Law. This Agreement and any dispute, disagreement, or issue
of construction or interpretation arising hereunder whether relating to its execution, its validity, the obligations provided therein
or performance shall be governed or interpreted according to the internal laws of the State of Nevada without regard to choice
of law considerations.

 

17.
Headings. The headings in this Agreement are for the purpose of convenience only and are not intended to define or
limit the construction of the provisions hereof.

 

18.
Arbitration. Any controversy, dispute or claim arising out of or relating to this Agreement, or its interpretation,
application, implementation, breach or enforcement which the parties are unable to resolve by mutual agreement, except to the extent
a party is seeking equitable relief, shall be settled by submission by either party of the controversy, claim or dispute to binding
arbitration in Las Vegas, Nevada (unless the parties agree in writing to a different location), before a single arbitrator in accordance
with the rules of the American Arbitration Association then in effect. The decision and award made by the arbitrator shall be final,
binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction
thereof.

 

 

 

[Signature Page Attached]

 

    	 

    	 

    

 IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and delivered as of the date aforesaid.

	WITNESSES:	TIMEFIREVR INC.
	 	 
	 	 
	 	 
	________________________________	By: /s/ Gary Smith
	 	Gary Smith, Director
	 	 
	 	 
	 	RECIPIENT
	 	 
	_____________________________	/s/ Jonathan
    Read
	 	Jonathan Read
	 	 
	 	 
	 	Address:
	 	7960 E. Camelback Rd      
	 	#511                               
	 	Scottsdale, AZ 85251     
	 	 
	 	

 

 

 

 

 

 

 

[Signature Page to the RSU Agreement]Exhibit 10.4

 

SECURITIES EXCHANGE AGREEMENT 

 

This SECURITIES EXCHANGE AGREEMENT (the
“Agreement”) is entered into as of this 13th day of May, 2019 (the “Effective Date”) by and between the
party on the signature page to this Agreement (the “Investor”), and TimefireVR, Inc., a Nevada corporation (“Timefire”
or the “Company”) (collectively, the Investor and Timefire are the “Parties”).

 

Background

 

This Agreement contemplates a transaction
in which the Investor will exchange all of its derivative securities of the Company including, Series E Convertible Preferred Stock,
if any, Notes, if any, Options, if any and Warrants, if any (collectively the “Securities”) for shares of the Company’s
Series B Convertible Preferred Stock (the “Series B”) pursuant to the terms contained below;

 

NOW, THEREFORE,
in consideration of the mutual promises contained herein, and for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties hereto agree as follows:

 

1.
Exchange; Convertible Restriction and Proxy. 

 

1.1 Exchange.
Timefire agrees to exchange the Securities held by the Investor for shares of the Company’s Series B in the amounts as designated
opposite the name of such Investor on Exhibit A attached hereto and incorporated by reference, and the Investor agrees to
exchange its Securities for Series B. The Investor hereby agrees to accept from the Company, and the Company hereby agrees to issue
to the Investor, at the closing, the Series B in full satisfaction of any obligations due the Investor as set out in Exhibit
A. The exchange contemplated by this transaction shall occur immediately prior to the closing of the Share Exchange Agreement
by and among the Company, Red Cat Propware, Inc. (“Red Cat”) and shareholders of Red Cat dated the Effective Date (the
“Red Cat Agreement”).

 

1.2 Convertible
Restriction. The Series B shares may not be converted into shares of the Company’s common stock until the Company has
taken the action to authorize the increase shares of common stock whether by way of a reverse stock split or otherwise.

 

1.3 Proxy.
Upon receipt of the Series B shares and as consideration for the Series B shares, the Investor hereby irrevocably appoints Jeffrey
Thompson, or if unavailable, the Chief Executive Officer of the Company to vote the Investor’s Series B shares in favor of
the Company’s action to authorize the increase of shares of common stock by way of a reverse stock split or other proposal
to increase the Company’s capital. This proxy is irrevocable and expires upon the earlier of (i) the filing of articles of
amendment permitting the conversion of all the Series B shares or (ii) December 31, 2019.

 

2.
Representations and Warranties of the Company. As an inducement to the Investor
to enter into this Agreement and consummate the transaction contemplated hereby, the Company, subject to beneficial ownership limits,
hereby makes the following representations and warranties, each of which is true and correct in all material respects on the date
hereof and will be true and correct in all material respects on the closing date:

 

2.1.
Organization, Standing and Power. The Company is duly organized, validly existing and
in good standing under the laws of the State of Nevada and has full corporate power and authority and approvals necessary to conduct
its businesses as presently conducted, other than such franchises, licenses, permits, authorizations and approvals the lack of
which, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect on
the Company. “Material Adverse Effect” means any effect which, individually or in the aggregate with all other effects,
reasonably would be expected to be materially adverse to the business, operations, properties, financial condition, or operating
results of the Company.

 

2.2.
Authority. The Company has full power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. This Agreement constitutes the valid and legally binding obligation of the Company, enforceable
in accordance with its terms. The execution, delivery, and performance of this Agreement and all other agreements contemplated
hereby have been duly authorized by the Company.

 

2.3.
Non-Contravention. The execution and delivery of this Agreement by the Company and
the observance and performance of the terms and provisions contained herein do not constitute a violation or breach of any applicable
law, or any provision of any other contract or instrument to which the Company is a party or by which it is bound, or any order,
writ, injunction, decree, statute, rule, by-law or regulation applicable to the Company.

 

2.4.
Litigation. There are no actions, suits, or proceedings pending or, to the best of
the Company’s knowledge, threatened, which could in any manner restrain or prevent the Company from effectually and legally
exchanging the Securities pursuant to the terms and provisions of this Agreement.

 

2.5.
Brokers’ Fees. The Company has no liability or obligation to pay fees or commissions
to any broker, finder, or agent with respect to the transactions contemplated by this Agreement.

 

3.
Representations and Warranties of the Investor. As an inducement to Timefire
to enter into this Agreement and to consummate the transactions contemplated hereby, the Investor hereby makes the following representations
and warranties, each of which is true and correct in all material respects on the date hereof and will be true and correct in all
material respects on the closing date:

 

3.1.
Authority. The Investor has full power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. This Agreement constitutes the valid and legally binding obligation of the Investor,
enforceable in accordance with its terms. The execution, delivery, and performance of this Agreement and all other agreements contemplated
hereby have been duly authorized by the Investor.

 

3.2.
Non-Contravention. The execution and delivery of this Agreement by the Investor and
the observance and performance of the terms and provisions of this Agreement on the part of the Investor to be observed and performed
will not constitute a violation of applicable law or any provision of any contract or other instrument to which the Investor is
a party or by which it is bound, or any order, writ, injunction, decree statute, rule or regulation applicable to it.

 

3.3.
Litigation There are no actions, suits, or proceedings pending or, to the best of the
Investor’s knowledge, threatened, which could in any manner restrain or prevent the Investor from effectually and legally
exchanging the Securities pursuant to the terms and provisions of this Agreement.

 

3.4.
Brokers’ Fees. The Investor has no liability or obligation to pay fees or commissions
to any broker, finder, or agent with respect to the transactions contemplated by this Agreement.

 

3.5.
Acquired for Own Account. The Securities to be acquired by the Investor hereunder will
be acquired for investment for its own account, and not with a view to the resale or distribution of any part thereof, and the
Investor has no present intention of selling or otherwise distributing the Securities, except in compliance with applicable securities
laws. 

 

3.6.
Available Information. The Investor has such knowledge and experience in financial
and business matters that it can evaluate the merits and risks of an investment in the Company. The Investor understands that its
investment in the Securities involves a high degree of risk. The Investor has sought such accounting, legal and tax advice as it
has considered necessary to make an informed investment decision with respect to its acquisition of the Interim Preferred Stock.
The Investor has had the opportunity to review the reports the Company has filed with the Securities and Exchange Commission at
www.SEC.gov/EDGAR.

 

3.7.
Non-Registration. The Investor understands that the Securities has not been registered
under the Securities Act of 1933, as amended (the “Securities Act”) and, if issued in accordance with the provisions
of this Agreement, will be issued by reason of a specific exemption from the registration provisions of the Securities Act which
depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Investor’s representations
as expressed herein.

 

3.8.
Restricted Securities. The Investor understands that the Securities are characterized
as “restricted securities” under the Securities Act. The Investor further acknowledges that the Securities may not
be resold without registration under the Securities Act or the existence of an exemption therefrom. The Investor represents that
it is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations
imposed thereby and by the Securities Act.

 

3.9.
Legends. It is understood that the certificates for the Securities will bear the following
legend or another legend that is similar to the following:

 

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

 

and any legend required by the “blue
sky” laws of any state to the extent such laws are applicable to the securities represented by the certificate so legended.

 

3.10.
Accredited Investor. The Investor is an “accredited investor” within the
meaning of Rule 501 under the Securities Act and the Investor was not organized for the specific purpose of acquiring the Securities.

 

4.
Survival of Representations and Warranties and Agreements. All representations
and warranties of the Parties contained in this Agreement shall survive the execution and delivery of this Agreement.

 

5.
Indemnification.

 

5.1.
Indemnification Provisions for Benefit of the Investor. In
the event Timefire breaches any of its representations, warranties, and/or covenants contained herein, and provided that the Investor
makes a written claim for indemnification against Timefire, then Timefire agrees to indemnify the Investor from and against the
entirety of any losses, damages, amounts paid in settlement of any claim or action, expenses, or fees including court costs and
reasonable attorneys' fees and expenses.

 

5.2.
Indemnification Provisions for Benefit of Timefire. In the
event the Investor breaches any of its representations, warranties, and/or covenants contained herein, and provided that Timefire
makes a written claim for indemnification against the Investor, then the Investor agrees to indemnify Timefire from and against
the entirety of any losses, damages, amounts paid in settlement of any claim or action, expenses, or fees including court costs
and reasonable attorneys' fees and expenses.

 

6.
Post-Closing Covenants. The
Parties agree as follows with respect to the period following the closing:

 

6.1.
General. In case at any time after the closing any further action is necessary or desirable
to carry out the purposes of this Agreement, each of the Parties will take such further action (including the execution and delivery
of such further instruments and documents) as the other Party may request, all at the sole cost and expense of the requesting Party
(unless the requesting Party is entitled to indemnification therefore under Section 5).

 

6.2.
Company. Timefire hereby covenants that, after the closing, Timefire will, at the request
of Investor, execute, acknowledge and deliver to the Investor without further consideration, all such further assignments, conveyances,
consents and other documents, and take such other action, as the Investor may reasonably request (a) to transfer to, vest and protect
in the Investor and its right, title and interest in the preferred stock, and (b) otherwise to consummate or effectuate the transactions
contemplated by this Agreement.

 

7.
Expenses. Except as otherwise provided in this Agreement, all Parties hereto
shall pay their own expenses, including legal and accounting fees, in connection with the transactions contemplated herein.

 

8.
Severability. In the event any parts of this Agreement are found to be void,
the remaining provisions of this Agreement shall nevertheless be binding with the same effect as though the void parts were deleted.

 

9.
Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original but all of which together shall constitute one and the same instrument. The execution of this
Agreement may be by actual or facsimile signature.

 

10.
Benefit. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their legal representatives, successors and assigns. Nothing in this Agreement, expressed or implied, is intended
to confer on any person other than the Parties or their respective heirs, successors and assigns any rights, remedies, obligations,
or other liabilities under or by reason of this Agreement.

 

11.
Notices and Addresses. All notices, offers,
acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently given if delivered
to the addressees in person, by FedEx or similar overnight next business day delivery, or by email followed by overnight next business
day delivery, as follows:

 

	If to the Company:	TimefireVR, Inc.
	 	7150 E. Camelback Road, Suite 444
	 	Scottsdale, AZ 85251
	 	Telephone: (602) 617-8888
	 	Attention: Mr. Jonathan Read
	 	Email: jread@QUADRATUM1.COM
	 	 
	With a copy (for informational purposes only) to:
	 	 
	 	Nason Yeager Gerson White & Lioce, P.A.,
	 	3001 PGA Boulevard, Suite 305
	 	Palm Beach Gardens, FL 33410
	 	Telephone: (561) 471-3507
	 	Attention: Michael D. Harris, Esq.
	 	E-Mail: mharris@nasonyeager.com
	 	 
	If to the Investor:	The address set forth on the signature page attached hereto. 

 

or
to such other address as any of them, by notice to the other may designate from time to time.

 

12.
Attorney's Fees. In the event that there is any controversy or claim arising
out of or relating to this Agreement, or to the interpretation, breach or enforcement thereof, and any action or arbitration proceeding
is commenced to enforce the provisions of this Agreement, the prevailing party shall be entitled to a reasonable attorney's fee,
including the fees on appeal, costs and expenses.

 

13.
Governing Law. This Agreement and any dispute, disagreement, or issue of construction
or interpretation arising hereunder whether relating to its execution, its validity, the obligations provided therein or performance
shall be governed or interpreted according to the laws of the State of Nevada.

 

14.
Oral Evidence. This Agreement constitutes the entire Agreement between the parties
and supersedes all prior oral and written agreements between the parties hereto with respect to the subject matter hereof. Neither
this Agreement nor any provision hereof may be changed, waived, discharged or terminated orally, except by a statement in writing
signed by the party or parties against whom enforcement or the change, waiver discharge or termination is sought.

 

15.
Assignment. No Party hereto shall assign its rights or obligations under
this Agreement without the prior written consent of the other Party.

 

16.
Section Headings. Section headings herein have been inserted for reference only
and shall not be deemed to limit or otherwise affect, in any matter, or be deemed to interpret in whole or in part any of the terms
or provisions of this Agreement.

 

17.
Effectiveness of this Agreement. This Agreement and the Exchange contemplated
by Section 1 shall only occur immediately prior to the closing of the Red Cat Agreement. Counsel for the Company shall hold the
signature pages in escrow until all Investors provide written consent to release the signature pages to this Agreement. If the
Red Cat Agreement does not close within three business days after such release, the Company shall immediately take action to file
a Certificate of Designation for Series E Convertible Preferred Stock, issue new certificates to the Investors which exchanged
Series E Convertible Preferred Stock and reissue certificates, a Stock Option Agreement and Notes for the other Securities exchanged
under this Agreement so that the Investors have the same Securities they exchanged with all rights and preferences. The Series
B shall in that event be null and void.

 

18.
Waiver of Registration Rights. To the extent that any Investors have rights
to cause the Company to register any Securities whether under the Registration Rights Agreements or otherwise, such rights are
waived effective with the closing of the Red Cat Agreement.

 

[Signature Pages Attached]

    	 	 	 

     

    

IN WITNESS WHEREOF
the parties hereto have set their hand and seals as of the above date.

 

	 	TIMEFIREVR, INC.:
	 	
         

         

	 	
         

        By: /s/ Jonathan Read

        Name: Jonathan
        Read

        Title:
Chief Executive Officer

		

 

 

 

 

 

 

 

[Signature Page to the Securities Exchange
Agreement]

    	 

    	 

    

 

 

	 	
        INVESTOR:

         

         

	 	Cavalry
    Fund I, LP
	 	 
	 	
         

        By: /s/ Thomas Walsh

        (Print Name and Title)

	 	Thomas
    Walsh - Manager
	 	 
		Address:
                                         61 Kinderkamack Road

        Woodcliff Lake, NJ 07677

        

        

        

         

        Email: thomas@cavalryfund.com 

         

	 	 
	 	
        Tax ID of Investor: 46-4484680

         

        Share Certificate Delivery

        Instructions___________________________

        _____________________________________

 

 

 

 

 

 

 

[Signature Page to the Securities Exchange
Agreement]

    	 

    	 

    

EXHIBIT A

Preferred Series B Share Exchange
Amounts

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