Document:

EXHIBIT 10.14

 

 

PLAN
OF MERGER

 

 

This
Plan of Merger (“Agreement”), is made and entered into as of March 26, 2015, by and between Drone Aviation Holding
Corp., a Nevada corporation (“Parent” or “Surviving Corporation”) and Drone Aviation Corp., a Nevada corporation
(“Subsidiary”).

 

WHEREAS
Parent is a corporation organized and existing under the laws of the State of Nevada.

 

WHEREAS
Subsidiary is a corporation organized and existing under the laws of the State of Nevada, and is a wholly owned subsidiary of
Parent.

 

WHEREAS
the Board of Directors of Subsidiary deems it advisable for Subsidiary to merge with and into Parent.

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements contained herein, Drone Aviation Holding Corp. and Drone Aviation Corp.
hereby agree to the following Plan of Merger:

 

		1.	Names
                                         of Constituent Corporations. Drone Aviation Corp. will merge with and into Drone
                                         Aviation Holding Corp. Drone Aviation Holding Corp. will be the surviving corporation.

 

		2.	Terms
                                         and Conditions of the Merger. The effective date of merger will be the date upon
                                         which the Articles of Merger are filed with the Nevada Secretary of State. Upon the effective
                                         date of the merger, the merger shall have the effects specified in the NRS and this Agreement,
                                         including but not limited to: the separate corporate existence of Subsidiary will cease;
                                         title to all real estate and other property owned by Subsidiary will be vested in the
                                         Surviving Corporation without reversion or impairment; and the Surviving Corporation
                                         will have all liabilities of Subsidiary. Any proceeding pending by or against Subsidiary
                                         may be continued as if such merger did not occur, or the Surviving Corporation may be
                                         substituted in the proceeding for Subsidiary.

 

		3.	Governing
                                         Law. The laws of the State of Nevada will govern the Surviving Corporation.

 

		4.	Name.
                                         The name of the Surviving Corporation will be Drone Aviation Holding Corp.

 

		5.	Accounting.
                                         The assets and liabilities of Surviving Corporation and Subsidiary (collectively the
                                         “Constituent Corporations”) as of the effective date of the merger will be
                                         taken up on the books of the Surviving Corporation at the amounts at which they are carried
                                         at that time on the respective books of the Constituent Corporations.

 

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		6.	Bylaws.
                                         The Bylaws of Surviving Corporation as of the effective date of the merger will be the
                                         Bylaws of the Surviving Corporation until the same will be altered or amended in accordance
                                         with the provisions thereof.

 

		7.	Directors
                                         and Officers. The directors and officers of Surviving Corporation as of the effective
                                         date of the merger will be the directors and officers of the Surviving Corporation until
                                         their respective successors are duly elected and qualified.

 

		8.	Manner
                                         and Basis of Converting Shares. As of the effective date of the merger:

 

		(a)	Each
                                         share of Subsidiary common stock issued and outstanding immediately before the effective
                                         date of the merger shall by virtue of the merger and without any action on the part of
                                         the holder thereof, be converted, on a one for one basis, into and become shares of common
                                         stock of Surviving Corporation.

		(b)	After
                                         the effective date of the merger, each certificate theretofore representing common stock
                                         of Subsidiary will thereafter be deemed to represent the same number of shares of common
                                         stock of the Surviving Corporation. The holders of outstanding certificates thretofore
                                         representing common stock of Subsidiary will not be required to surrender such certificate
                                         to the Surviving Corporation.

		(c)	Each
                                         share of stock of Subsidiary issued and outstanding immediately before the effective
                                         date of the merger and held by Parent shall be cancelled without any consideration being
                                         issued or paid therefor.

 

9.Approval.
This Plan of Merger has been approved by the Boards of Directors of the Subsidiary and Parent in the manner provided by law.

 

10.Termination
of Merger. This merger may be abandoned at any time prior to the filing of Articles of Merger with the Secretary of State
of the State of Nevada, upon a vote of a majority of the Board of Directors of both Parent and Subsidiary. If the merger is terminated,
there will be no liability on the part of either Constituent Corporation, their respective Boards of Directors or stockholders.

 

11.Counterparts.
This Plan of Merger may be executed in any number of counterparts, and all such counterparts and copies will be and constitute
an original instrument.

 

12.Entire
Agreement. This Agreement and the other documents delivered pursuant hereto, contain the entire agreement between the parties
concerning the transactions contemplated herein and supersede all prior agreements or understandings between the parties hereto
relating to the subject matter hereof.

 

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

 

14.Governing
Law. This Agreement shall be construed in accordance with the laws of the State of Nevada.

 

15.No Third
Party Beneficiaries. This Agreement is not intended to confer upon any person other than the parties hereto any rights or
remedies hereunder.

 

[Signature
Page Follows]

 

 

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IN
WITNESS WHEREOF, this Plan of Merger has been adopted and signed by the undersigned as of the 30th  day of March,
2015.

 

 

 

Parent:

Drone Aviation Holding
Corp.

 

 

By: ______________________________

Name: Felicia Hess

Title: President

 

 

 

Subsidiary:

Drone Aviation Corp.

 

 

 

By: ______________________________

Name: Felicia Hess

Title: President

 

3Exhibit 10.1

 

AMENDMENT NO. 3 TO OPTION AGREEMENT

 

This AMENDMENT NO. 3 TO OPTION AGREEMENT
(the “Third Amendment”), dated March 27, 2015,(the “Third Amendment Effective Date”), amends that certain
Option Agreement dated October 27, 2014 (the “Original Agreement”) as amended by the First Amendment to the Option
Agreement dated January 5, 2015 (the “First Amendment”) and by the Second Amendment to the Option Agreement dated February
6th, 2015 (the “Second Amendment” and together with the Original Agreement and First Amendment, and the
Second Amendment the “Option Agreement”) between Amarantus Bioscience Holdings, Inc., a Nevada corporation (“Amarantus”)
and Lonza Walkersville, Inc., a Delaware corporation (“Lonza”). The parties identified above are sometimes hereinafter
individually referred to as a “Party” and collectively as the “Parties.” Capitalized terms not defined
herein shall have the meanings assigned to them in the Option Agreement.

 

RECITALS

 

WHEREAS, upon the terms and subject to the
conditions contain herein, Lonza and Amarantus have agreed to further amend the Option Agreement;

 

NOW THEREFORE, in consideration for the
mutual covenants, agreements and

representations and warranties contained herein and the Option
Agreement, the Parties, intending to be legally bound hereby, agree as follows:

 

ARTICLE I -- Amendment

 

 

		1.	The second to last sentence of Paragraph (c) of the First Amendment, as amended by the Second Amendment, shall be deleted in
its entirety.

 

		2.	Paragraph (d) of the First Amendment, as amended by Paragraph 2 of the Second Amendment shall be amended to read, in its entirety,
as follows:

 

 

“(d) Extension of Option
Period.The Option Period as defined in Section 1.1 of the Option Agreement is extended, upon payment of $400,000 of the
additional consideration set forth in (c) above, through February 28, 2015 and may be further extended, upon payment of an additional
$300,000 of the additional consideration set forth in (c) above, through March 31, 2015. The Option Period may be further extended
on a month-by-month basis until August 31, 2015, upon payment of additional consideration, payable as follows: $350,000 on March
31st, 2015, $400,000 on April 30th, 2015, $600,000 on May 31st, 2015, $600,000 on June 30, 2015,
and $600,000 on July 31, 2015. If Amarantus exercises the Option prior to any payment becoming due, then that payment shall not
be required to be paid.”

 

		3.	In addition to the consideration already paid under the Original Agreement, the First Amendment and the Second Amendment, Amarantus
shall assist with the project management of the Engineered Skin Substitute Walkersville (“ESS-W”) program and Lonza
shall provide access to certain documents related to obtaining approval of an Institutional Review Board (“IRB”) at
the clinical site(s).

 

    	 

    	 

    

 

		4.	If (i) for any reason or no reason Amarantus does not exercise the Option by August 31, 2015, or (ii) Lonza has terminated
the Option Agreement because of Amarantus’s failure to make any payment due under paragraph 2 of this Third Amendment within
five (5) business days of any such payment becoming due or (iii) Lonza has terminated the Option Agreement under Section 6 below,
then, in any such instance, Amarantus will pay to Lonza a break-up fee of one million dollars ($1,000,000) (the “Break-up
Fee”) payable within thirty (30) days after such termination is effective.

 

 

		5.	Prior to any and all communications, oral or written, to third parties including, but not limited to, those parties listed
on Exhibit A or to any potential sublicensees or government agencies, in each case with respect to or otherwise relating to the
Company, Lonza, and/or the ESS-W program, made by or on behalf of Amarantus relating to the Company, Lonza, and/or ESS-W, Amarantus
shall request Lonza’s written approval of each such communication, which approval may be withheld in Lonza’s sole discretion.
Neither Amarantus nor any of its representatives shall make any such communications without Lonza’s prior written approval.
For clarity, the restrictions in the previous sentence shall not apply to communications made by Amarantus with (i) Amarantus’
current and potential investors (provided such investors are not potential sublicensees), or (ii) any investment bankers or investment
banking analysts; provided, however, in each case such disclosures are either (A) subject to written confidentiality obligations
at least as stringent as those set forth in the LOI or (B) limited in scope to information approved in writing for communication
by Lonza. With respect to subsection (B) in the previous sentence, Amarantus will prepare a frequently asked questions document
(including answers) (the “FAQ”) for communication with current or potential investors, which once approved in writing
by Lonza can be communicated and discussed with such investors. If Amarantus desires to communicate with such investors information
not specifically approved in the FAQ, Amarantus will request Lonza’s written approval before such communication or refer
the investor to David Smith at Lonza. If Amarantus breaches the obligations set forth herein, Lonza may immediately terminate the
Option Agreement upon written notice to Amarantus. In addition to the foregoing, Amarantus shall indemnify Lonza and its affiliates,
and their respective directors, officers, employees and agents, and defend and hold each of them harmless, from and against any
and all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) in connection
with any and all liability suits, investigations, claims or demands (collectively, “Losses”) to the extent such Losses
arise out of or result from any claim, lawsuit or other action or threat by a third party arising out of any breach of the obligations
set forth in this Section 5.

   

    	 

    	 

    

  

All other terms not identified herein shall remain unchanged.

 

 

IN WITNESS WHEREOF, each of the Parties
hereto has executed this Second Amendment as of the day and year first above written.

 

	 	AMARANTUS BIOSCIENCE HOLDINGS, INC.	 
	 	 	 	 
	 	By: 	/s/ Robert E. Farrell	 
	 	 	Name: Robert E. Farrell	 
	 	 	Title:   Chief
Financial Officer	 
	 	 	 	 
	 	LONZA WALKERSVILLE, INC.	 
	 	 	 	 
	 	By:	 /s/ David W. Smith	 
	 	 	Name: David W. Smith	 
	 	 	Title:   VP Global
Business Development

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