Document:

Exhibit 10.2

 

AMENDMENT NO. 1 

TO AGREEMENT OF MERGER

 

THIS AMENDMENT NO. 1
TO AGREEMENT OF MERGER (this “Amendment”) is made as of January 14, 2020, by and among Red Cat Holdings,
Inc. f/k/a TimefireVR, Inc., a Nevada corporation (the “Purchaser”), Rotor Riot Acquisition Corp., an Ohio corporation
and wholly owned subsidiary of the Purchaser (“Sub”), Rotor Riot, LLC, an Ohio limited liability company (“Company”),
and the selling holder signatories hereto (the “Selling Holders”). Each of the Purchaser, the Sub, the Company
and the Selling Holders are referred to herein as a “Party” and collectively as the “Parties”.

 

W I T N E S S E T H

WHEREAS,
the Parties entered into an Agreement of Merger, dated December 31, 2019 (the “Agreement”), pursuant to which
the Sub will merge with and into the Company (the Merger”), with the Company continuing as the surviving entity and
a wholly-owned subsidiary of the Purchaser; and

 

WHEREAS,
the Closing of the Merger has not yet occurred; and

 

WHEREAS,
the Parties wish to amend the Agreement on the terms set forth herein.

 

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

 

1.Definitions;
References; Continuation of Agreement. Unless otherwise specified herein, each term used herein that is defined in the
Agreement shall have the meaning assigned to such term in the Agreement. Each reference to “hereof,” “hereto,”
“hereunder,” “herein” and “hereby” and each other similar reference, and each reference to
“this Agreement” and each other similar reference, contained in the Agreement shall from and after the date hereof
refer to the Agreement as amended hereby. Except as amended hereby, all terms and provisions of the Agreement shall continue unmodified
and remain in full force and effect.

2.Amendment.
The Parties hereby agree that Section 2.14 of the Agreement shall be deleted and replaced in its entirety by the following:

“Section
2.14Termination for Failure to Close. This Agreement shall automatically terminate if the Closing shall not have occurred
prior to 11:59 p.m. Eastern time on January 17, 2020, as such date may be extended by mutual consent of the Parties. In the event
of termination of this Agreement pursuant to this Section 2.14, this Agreement shall forthwith become void and there shall be no
liability on the part of any Party; provided, however, that Section 8.7 shall survive such termination”

 

3. Miscellaneous.

 

4.1 Except
as specifically amended or modified as set forth herein, all other terms of the Agreement are ratified and confirmed and remain
in full force and effect, to the extent they are in full force and effect as of the date of this Amendment.

 

4.2 This
Amendment 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 both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

4.3 This
Agreement shall be construed, interpreted and the rights of the Parties determined in accordance with the laws of the State of
Ohio (without reference to any choice of law rules that would require the application of the laws of any other jurisdiction).

 

(Signature page
to follow)

    	 

    	 

    

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be duly executed on the date first above written.

 

PURCHASER:

 

RED CAT HOLDINGS, INC.

 

By: /s/ Jeffrey Thompson                 

Name: Jeffrey Thompson               

Title: President and CEO               

 

 

SUB:

 

ROTOR RIOT ACQUISITION CORP. 

 

By: /s/ Jeffrey
Thompson                     

Name: Jeffrey Thompson               

Title: President                               

 

 

SELLING HOLDERS:

 

BRAINS RIDING IN TANKS, LLC

 

By: /s/ Chad
Kapper                       

Name: Chad Kapper                     

Title: CEO                                     

Address:                                       

                                                    

E-Mail:                                          

 

 

/s/ Tyler
Brennan                            

Tyler Brennan

Address:                                        

                                                    

E-Mail:                                           

 

 

/s/ Andrew
Camden                       

Andrew Camden

Address:                                         

                                                     

E-Mail:                                           

 

 

COMPANY:

 

ROTOR RIOT, LLC

 

By: /s/ Chad
Kapper                      

Name: Chad Kapper                     

Title: CEOExhibit 10.3

 

AMENDMENT NO. 2 

TO AGREEMENT OF MERGER

 

THIS AMENDMENT NO. 2
TO AGREEMENT OF MERGER (this “Second Amendment”) is made as of January 22, 2020, by and among Red Cat Holdings,
Inc. f/k/a TimefireVR, Inc., a Nevada corporation (the “Purchaser”), Rotor Riot Acquisition Corp., an Ohio corporation
and wholly owned subsidiary of the Purchaser (“Ohio Sub”), Rotor Riot, LLC, an Ohio limited liability company
(“Company”), and the selling holder signatories hereto (the “Selling Holders”), and joined
in by Rotor Riot Acquisition Corp., a Delaware corporation and wholly owned subsidiary of the Purchaser (“Delaware Sub”).
Each of the Purchaser, the Ohio Sub, the Company, the Selling Holders and the Delaware Sub are referred to herein as a “Party”
and collectively as the “Parties”.

 

W I T N E S S E T H

WHEREAS,
the Purchaser, the Ohio Sub, the Company, and the Selling Holders entered into an Agreement of Merger, dated December 31, 2019
(the “Agreement”), pursuant to which it was anticipated that Ohio Sub would merge with and into the Company
(the “Merger”) on or before January 14, 2020, with the Company continuing as the Surviving Company and a wholly-owned
subsidiary of the Purchaser; and

 

WHEREAS,
on January 14, 2020, the Purchaser, the Ohio Sub, the Company, and the Selling Holders entered into Amendment No. 1 to Agreement
of Merger (the “First Amendment”), pursuant to which the termination date for the Merger was extended to January
17, 2020; and

 

WHEREAS,
the Closing of the Merger has not yet occurred; and

 

WHEREAS,
the Purchaser, the Ohio Sub, the Company, and the Selling Holders, and joined in by the Delaware Sub, wish to further amend the
Agreement, as previously amended by the First Amendment, on the terms set forth herein.

 

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

 

1.Definitions;
References; Continuation of Agreement. Unless otherwise specified herein, each term used herein that is defined in the
Agreement shall have the meaning assigned to such term in the Agreement. Each reference to “hereof,” “hereto,”
“hereunder,” “herein” and “hereby” and each other similar reference, and each reference to
“this Agreement” and each other similar reference, contained in the Agreement shall from and after the date hereof
refer to the Agreement, as previously amended by the First Amendment, and as further amended hereby. Except as previously amended
by the First Amendment, and as further amended hereby, all terms and provisions of the Agreement shall continue unmodified and
remain in full force and effect.

2.Replacement
of Acquisition Subsidiary. The Parties hereby agree that the Ohio Sub shall be replaced by the Delaware Sub as the acquisition
subsidiary to be used in connection with the Merger. All references to “Sub” in the Agreement, as previously
amended by the First Amendment, and as further amendment hereby, shall hereafter refer to the Delaware Sub.

3. Definition
of Delaware Law. For the purposes of the Agreement, as previously amended by the First Amendment, and as further amended
hereby, “Delaware Law” means the Delaware General Corporation Law.

4. Amendments.

4.1 The
Parties hereby agree that Section 2.1 of the Agreement shall be deleted and replaced in its entirety by the following:

“Section
2.1 The Merger. At the Effective Time, on the terms and subject to the conditions set forth in this Agreement, the Certificate
of Merger to be filed in the State of Delaware, in substantially the form attached hereto as Exhibit B (the “Delaware
Certificate of Merger”), and the applicable provisions of Delaware Law, the Certificate of Merger to be filed in the
State of Ohio, in substantially the form attached hereto as Exhibit C (the “Ohio Certificate of Merger”),
and the applicable provisions of Ohio Law, shall merge with and into the Company, the separate corporate existence of Sub shall
cease and the Company shall continue as the surviving company and shall become a wholly owned subsidiary of Purchaser. The Company,
as the surviving company after the Merger, is hereinafter sometimes referred to herein as the “Surviving Company.””

4.2 The
Parties hereby agree that Section 2.4 (b) and (c) of the Agreement shall be deleted and replaced in its entirety by the following:

“(b)a
Membership Interest Assignment from each of the Selling Holders, substantially in the form attached hereto as Exhibit D
(the “Assignment”), duly executed by such Selling Holder;”

“(c)an
agreement (the “Make Whole Agreement”) pursuant to which the Purchaser will agree that, in connection with the
Merger, the Purchaser will agree to pay the obligations comprising the Payables, substantially in the form attached hereto as Exhibit
E, duly executed on behalf of the Company, BRIT and CK;”

4.3 The
Parties hereby agree that Section 2.6 of the Agreement shall be deleted and replaced in its entirety by the following:

“Section
2.6 Effective Time. At the Closing, Sub and the Company shall cause the Delaware Certificate of Merger to be filed with
the Secretary of State of the State of Delaware, in accordance with the relevant provisions of Delaware Law, and the Ohio Certificate
of Merger to be filed with the Secretary of State of the State of Ohio, in accordance with the relevant provisions of Ohio Law
(the latest to occur of the time of acceptance of the Delaware Certificate of Merger by the Secretary of State of the State of
Delaware and the time of acceptance of the Ohio Certificate of Merger by the Secretary of State of the State of Ohio being referred
to herein as the “Effective Time”)).”

4.4 The
Parties hereby agree that Section 2.7 of the Agreement shall be deleted and replaced in its entirety by the following:

“Section
2.7 Effect of the Merger. At the Effective Time, the effect of the Merger shall be as provided in this Agreement, the Delaware
Certificate of Merger and the applicable provisions of Delaware Law, and the Ohio Certificate of Merger and the applicable provisions
of Ohio Law. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all the property, rights,
privileges, powers and franchises of the Company and Sub shall vest in the Surviving Company, and all debts, liabilities and duties
of the Company and Sub shall become debts, liabilities and duties of the Surviving Company.”

4.5 The
Parties hereby agree that Section 2.14 of the Agreement shall be deleted and replaced in its entirety by the following:

“Section
2.14Termination for Failure to Close. This Agreement shall automatically terminate if the Closing shall not have occurred
prior to 11:59 p.m. Eastern time on January 24, 2020, as such date may be extended by mutual consent of the Parties. In the event
of termination of this Agreement pursuant to this Section 2.14, this Agreement shall forthwith become void and there shall be no
liability on the part of any Party; provided, however, that Section 8.7 shall survive such termination.”

4.6 The
Parties hereby agree that Section 5.1 of the Agreement shall be deleted and replaced in its entirety by the following:

“Section
5.1 Organization. Purchaser is a corporation duly formed and validly existing and in good standing under the laws of the
State of Nevada with full power and authority to conduct its business as it is presently being conducted, to own or lease, as applicable,
and operate its assets and properties. Purchaser is duly qualified or licensed to do business as a foreign entity in each state
of the United States in which it is required to be so qualified or licensed, except as would not result in a material Liability
to Purchaser. Sub is a corporation duly formed and validly existing and in good standing under the laws of the State of Delaware.”

 

5. Miscellaneous.

 

5.1 Except
as specifically amended or modified as set forth herein, all other terms of the Agreement, as previously amended by the First Amendment,
are ratified and confirmed and remain in full force and effect, to the extent they are in full force and effect as of the date
of this Second Amendment.

 

5.2 This
Second Amendment 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 both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.3 This
Agreement shall be construed, interpreted and the rights of the Parties determined in accordance with the laws of the State of
Ohio (without reference to any choice of law rules that would require the application of the laws of any other jurisdiction).

 

(Signature page
to follow)

    	 

    	 

    

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be duly executed on the date first above written.

 

PURCHASER:

 

RED CAT HOLDINGS, INC.

a Nevada corporation

 

 

By: /s/ Jeffrey
Thompson                 

Name: Jeffrey Thompson               

Title: President and CEO               

 

 

OHIO SUB:

 

ROTOR RIOT ACQUISITION CORP.

an Ohio corporation 

 

 

By: /s/ Jeffrey
Thompson                

Name: Jeffrey Thompson               

Title: President                               

 

 

SELLING HOLDERS:

 

BRAINS RIDING IN TANKS, LLC

an Ohio limited liability company

 

 

By: /s/ Chad
Kapper                       

Name: Chad Kapper                     

Title: CEO                                     

Address:                                         

                                                     

E-Mail:                                           

 

 

 

/s/ Tyler
Brennan                            

Tyler Brennan

Address:                                                    

                                                     

E-Mail:                                           

 

 

/s/ Andrew
Camden                       

Andrew Camden

Address:                                        

                                                    

E-Mail:                                           

 

 

COMPANY:

 

ROTOR RIOT, LLC

an Ohio corporation

 

 

By: /s/ Chad
Kapper                       

Name: Chad Kapper                     

Title: CEO                                     

 

 

JOINDER BY DELAWARE SUB:

 

ROTOR RIOT ACQUISITION CORP. 

a Delaware corporation

 

 

By: /s/ Jeffrey
Thompson                

Name: Jeffrey Thompson               

Title: President

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