Document:

EX-10.12 3 rcat1025forms1exh10_12.htm Amended and Restated Promissory
Note, dated October 26, 2020, issued to Brains Riding in Tanks, LLC

Exhibit 10.12

 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND HAS
BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR AN
OPINION OF COUNSEL SATISFACTORY TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

AMENDED AND RESTATED PROMISSORY NOTE

 

October
26, 2020

 

In consideration for loans
and advances made by Brains Riding in Tanks, LLC, an Ohio limited liability company and its affiliates (“Payee”)
to Rotor Riot, LLC, an Ohio limited liability (“Rotor Riot”), aggregating a total of One Hundred Seventy-Five
Thousand and 00/100 Dollars ($175,000) (the “Principal Amount”), Red Cat Holdings, Inc., a Nevada corporation
(the “Maker”), which is the parent company of Rotor Riot, promises to pay the Payee the Principal Amount and
all interest accrued thereon as provided herein.

 

This Amended and Restated
Promissory Note shall amend and restate in its entirety the Promissory Note dated January 23, 2020 between the parties hereto.
Any and all payments of Principal Amount and accrued interest thereon owed by Maker prior to the date hereof shall be forgiven
and the terms and provisions contained herein shall govern the payment of the Principal Amount.

 

The Maker shall pay to
the Payee an amount equal to Three Thousand Five Hundred and 00/100 Dollars ($3,500) on September 1, 2020 and on the first day
of each month thereafter, with any remaining Principal Amount, and all interest accrued thereon, to be paid by the Maker to the
Payee on the Maturity Date. For the purposes hereof, “Maturity Date” shall be defined as the earlier of (i)
the consummation by the Maker of an equity offering with gross proceeds to the Maker of no less than $3,000,000 and (ii) the date
which is twelve (12) months from the date hereof.

 

Interest shall accrue on
the unpaid balance of the Principal Amount at a rate of 4.75% per annum. All interest payable hereunder shall be computed on the
basis of actual days elapsed and shall be due and payable on the Maturity Date.

 

Maker shall have the right
to prepay all or any portion of the outstanding Principal Amount and accrued interest thereon at any time without penalty or premium.
All payments hereunder when paid shall be applied first to the payment of all accrued interest and the balance shall be applied
to principal.

 

Notwithstanding any provision
contained herein, the total liability of Maker for payment of interest pursuant hereto, including late charges, shall not exceed
the maximum amount of such interest permitted by law to be charged, collected, or received from Maker, and if any payments by Maker
include interest in excess of such a maximum amount, Payee shall apply such excess to the reduction of the unpaid principal amount
due pursuant hereto, or if none is due, such excess shall be refunded.

 

This Note is being issued
by Maker to Payee as contemplated by the Membership Interest Purchase Agreement dated the date hereof among Maker, Payee and the
other signatories thereto. Maker shall be entitled to offset any Losses (as defined in said Membership Interest Purchase Agreement)
incurred by Maker or any Purchaser Indemnitees (as defined therein) against the Principal Amount due and payable hereunder.

 

In case one or more of
the following events (each, an “Event of Default”) (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing:

 

a.       Default
in the payment, when due or declared due, of the Principal Amount and accrued interest on the Maturity Date; or

 

b.       Maker
makes a general assignment for the benefit of creditors; or, in the absence of such application, consent, acquiescence or action,
a trustee, receiver or other custodian is appointed for Maker; or for a substantial part of the property of Maker; or any bankruptcy,
reorganization, debt arrangement or other proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation
proceeding, is authorized or instituted by, or instituted against, Maker; or any warrant of attachment or similar legal process
is issued against any substantial part of the property of Maker, then, in each case where an Event of Default occurs, Payee, by
notice in writing to Maker shall inform Maker of such Event of Default and if such default is not cured within ten business days
from the date such notice is received by Maker, then Payee, may, at its option, declare the outstanding Principal Amount to be
due and payable immediately, and upon any such declaration the same shall become immediately due and payable.

 

This Note shall be binding
upon and inure to the benefit of and be enforceable by the respective successors and assigns of the Maker and Payee.

 

All notices, requests,
demands and other communications under this Note will be in writing and will be deemed to have been duly given (a) on the
date of service if served personally on the party to whom notice is to be given, (b) on the date sent by email (with confirmation
of transmission) or (c) one business day after delivery to a reputable overnight delivery service for next business day delivery.
If the day on which a notice or other communication is deemed given hereunder is not a business day, then such notice or other
communication will instead be deemed given on the next business day. Such notices, requests, demands and other communications will
be addressed to the parties as follows:

If to Maker:

 

Red Cat Holdings,
Inc.

Cobian’s
Plaza

1607 Avenida
Juan Ponce de Leon

San Juan, PR
00909

Email: jeff@redcatpropware.com

 

With copy (which shall
not constitute notice) to:

 

The Crone Law Group, P.C.

500 Fifth Avenue, Suite
938

New York, New York 10110

Attn: Eric Mendelson,
Esq.

Email: emendelson@cronelawgroup.com

 

If to Payee:

 

Brains Riding in Tanks, LLC

____________________

____________________

Attn: Chad Kapper

Email: chad.kapper@britllc.com

 

With a copy (which shall not constitute
notice) to:

 

Holland & Hart LLP

222 Main St #2200, Salt Lake City,
UT 84101

Attention: Jeffrey P. Steele, Esq.

Email: jpsteele@hollandhart.com

 

Any party may, from time to time, designate
any other address to which any such notice to such party shall be sent. Any such notice shall be deemed to have been delivered
upon receipt.

 

Each of Maker and
Payee irrevocably agrees that any legal action or proceeding with respect to this Note or for recognition and enforcement of any
judgment in respect hereof brought by another party or its successors or assigns shall be brought exclusively in the state and
federal courts of the State of Ohio and each of Maker and Payee hereby (x) irrevocably submits with regard to any such action
or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive personal jurisdiction
of the aforesaid courts in the event any dispute arises out of this Note or any transaction contemplated hereby, (y) agrees
that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court
and (z) agrees that it will not bring any action relating to this Note or any transaction contemplated hereby in any court
other than the aforesaid courts. Any service of process to be made in such action or proceeding may be made by delivery of process
in accordance with the notice provisions contained herein. Each of the parties hereby irrevocably waives, and agrees not to assert,
by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Note, (a) the
defense of sovereign immunity, (b) any claim that it is not personally subject to the jurisdiction of the above-named courts
for any reason other than the failure to serve process in accordance with these provisions, (c) that it or its property is
exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service
of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and (d) to
the fullest extent permitted by applicable laws and regulations that (i) the action or proceeding in any such court is brought
in an inconvenient forum, (ii) the venue of such action or proceeding is improper and (iii) this Note, or the subject
matter hereof, may not be enforced in or by such courts.

 

 

RED CAT HOLDINGS, INC.

 

 

By: /s/ Jeff Thompson

Name: Jeff Thompson

Title: CEO

 

 

 

BRAINS RIDING IN TANKS,
LLC

 

 

By: /s/ Chad Kapper

Name: Chad Kapper

Title: presidentEX-10.15 4 rcat1025forms1exh10_15.htm First Amendment dated October
29, 2020 to Share Purchase Agreement dated September 30, 2020 among the Company, Fat Shark Holdings, Ltd., Fat Shark Tech, Ltd.,
Fat Shark Technology SEZC, Greg French and FS Acquisition Corp. 

Exhibit 10.15

 

FIRST AMENDMENT TO SHARE PURCHASE AGREEMENT

 

 

THIS FIRST AMENDMENT
(“Amendment”) to the Share Purchase Agreement (“Agreement”) dated as of September 30, 2020,
by and among Fat Shark Holdings, LTD., a Cayman Islands Exempted Company (“Holdings” or the “Company”),
Fat Shark Tech. LTD., a Cayman Islands Exempted Company (“Trading”), and Fat Shark Technology SEZC, a Cayman
Island Special Economic Zone Company (“Tech”), and together with Holdings and Trading, the “Companies”),
Greg French, the sole shareholder of Holdings (“Seller”), and Red Cat Holdings, Inc., a Nevada corporation (“Parent”),
and FS Acquisition, Corp., a Nevada corporation and wholly-owned subsidiary of Parent (the “Buyer”) is entered
into as of October 29, 2020.

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

ARTICLE I

AMENDMENTS

		1.	The preamble to the Agreement is deleted in its entirety and replaced with the following:

This Share
Purchase Agreement (“Agreement”) is entered into as of September 30, 2020 by and among Fat Shark Holdings, LTD.,
a Cayman Islands Exempted Company (“Holdings” or the “Company”), Fat Shark Tech. LTD., a
Cayman Islands Exempted Company (“Trading”), and Fat Shark Technology SEZC, a Cayman Island Special Economic
Zone Company (“Tech”), and together with Holdings and Trading, the “Companies”), Greg French,
the sole shareholder of Holdings (“Seller”), Red Cat Holdings, Inc., a Nevada corporation (“Parent”),
and FS Acquisition, Corp., a Nevada corporation and wholly-owned subsidiary of Parent (the “Buyer”).

		2.	Section 8.9 of the Agreement is deleted in its entirety and replaced with the following:

Delivery of Un-Audited Financial
Statements; Closing Trial Balance. On or prior to the Closing Date, unless waived by the Parties, the Companies shall have
prepared and delivered to Parent US GAAP financial statements (unaudited) for the Companies (the “Unaudited Closing Financial
Statements”). Delivery of Audited Financial Statements; Closing Trial Balance. On or prior to the 30th
day following the Closing Date, unless waived by the Parties, the Companies shall have prepared and delivered to Parent US GAAP
audited financial statements for the Companies prepared by a PCAOB (Public Company Accounting Oversight Board) firm in such form
and for such periods as is required to be filed in a Current Report on Form 8-K by Parent to be filed with the SEC following Closing
(the “Audited Financial Statements”).

		3.	Section 9.1(i) of the Agreement is deleted in its entirety and replaced with the following:

Delivery of Unaudited Closing
Financial Statements; Closing Trial Balance. The Sellers shall have delivered the Unaudited Closing Financial Statements and
the Closing Trial Balance, which shall not reflect any debt.

 

ARTICLE II

MISCELLANEOUS PROVISIONS

The following provisions shall survive
the termination of this Amendment and the Agreements:

Section 2.1Confirmation.
Except as modified herein, all terms and provisions of the Agreement (including the exhibits and schedules thereto) are unchanged
and remain in full force and effect.

Section 2.2Entire
Agreement. This Amendment and the Agreement (as amended hereby) constitute the entire agreement between the Parties with respect
to the subject matter of this Amendment and the Agreement and supersede all prior agreements and understandings, both oral and
written, between the Parties with respect to the subject matter of hereof.

Section 2.3Amendments
and Waivers. No amendment of any provision of this Amendment shall be valid unless the same shall be in writing and signed
by each Party. No failure on the part of any Party to exercise any power, right, privilege or remedy under this Amendment, and
no delay on the part of any Party in exercising any power, right, privilege or remedy under this Amendment, shall operate as a
waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy
shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy.

Section 2.4Counterparts.
This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. Signatures received as a “.pdf” attachment to electronic
mail shall be treated as original signatures for all purposes of this Amendment. This Amendment shall become effective when each
party hereto shall have received a counterpart hereof signed by all of the other Parties hereto. Until and unless each party has
received a counterpart hereof signed by the other party hereto, this Amendment shall have no effect and no party shall have any
right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

Section 2.5Governing
Law. The parties hereby agree that any dispute which may arise between them arising out of or in connection with this Amendment
shall be adjudicated only before a federal court located in the State of Delaware and they hereby submit to the exclusive jurisdiction
of the federal and state courts of the State of Delaware, New Castle County with respect to any action or legal proceeding commenced
by any party, and irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding
brought in such a court or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Amendment,
and consent to the service of process in any such action or legal proceeding by means of registered or certified mail, return receipt
requested, in care of the address set forth below or such other address as the undersigned shall furnish in writing to the other.

[Signatures follow on next page]

    	 

    	 

    

IN WITNESS WHEREOF,
the Parties have caused this Amendment to be executed and delivered as of the date and year first above written.

	
        Buyer:

        FS ACQUISITION CORP.

         

         

        By:                                                    

        Name: Jeffrey Thompson

        Title: Chief Executive Officer

        Address:

         

        PARENT:

        RED CAT HOLDINGS, INC.

         

         

        By:                                                    

        Name: Jeffrey Thompson

        Title: Chief Executive Officer

        Address:

         
	
        Companies:

        FAT
        SHARK HOLDINGS, LTD.

         

         

        By:                                                        

        Name: Allan Evans

        Title: Chief Executive Officer

        Address:

         

        FAT
        SHARK Trading LTD.

         

         

        By:                                                        

        Name: Allan Evans

        Title: Chief Executive Officer

        Address:

         

        FAT SHARK TECHNOLOGY SEZC, LTD

         

         

        By:                                                        

        Name: Allan Evans

        Title: Chief Executive Officer

        Address:

         

         

        Seller:

        GREG
        FRENCH, individually

         

         

        _______________________________

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