Document:

ex10_4.htm

 Exhibit 10.4 

 AGEAGLE ARIAL SYSTEMS, INC. 

 2016 EMPLOYEES STOCK OPTION PLAN 

	
    

	
 1. 

	
 Purpose 

 

 The purpose of the AgEagle Aerial Systems, Inc. 2016 Employees Stock Option Plan (the "Plan") is to reward and provide an incentive to the officers, directors and employees of AgEagle Aerial Systems, Inc., a Nevada corporation (the "Company"), and any of its subsidiaries in which it holds at least fifty percent of the total equity (“Subsidiaries”), by granting to such individuals: (i) incentive stock options ("ISOs") within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), and (ii) options not constituting ISOs ("NQSOs"), in either case to acquire common stock, ($.0001) par value of the Company ("Stock"). Non-employee consultants may also be granted NQSOs.  Options granted under this Plan may be either ISO's or NQSO's, as determined at the discretion of the Committee (as defined below) and as reflected in the terms of the written option agreements. 

 

	
    

	
 2. 

	
 Effective Date and Term of the Plan. 

 

	
    

	
 (a) 

	
 The Plan is effective as of June 6, 2016 (the "Effective Date"), subject to subsequent approval within 12 months of its adoption by the Board of Directors of the Company (the "Board") by shareholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of Code Sections 162(m) (if applicable) and 422, Rule 16b-3 under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or automated quotation system on which the Stock may be listed or quoted, and other laws, regulations, and obligations of the Company applicable to the Plan. ISO Options may be granted under the Plan subject to shareholder approval, but, in the event the shareholder approval is not obtained, may not be exercised. NQSOs shall not require shareholder approval and may be granted and exercised after the Effective Date of this Plan. 

 

	
    

	
 (b) 

	
 Unless sooner terminated, the Plan shall continue in effect from the Effective Date until the day before the tenth anniversary of the Effective Date (the "Termination Date"). In no event shall an ISO or NQSO (collectively "Options") be granted after the Termination Date. Options granted prior to the Termination Date shall remain in effect until their exercise, surrender, cancellation or expiration in accordance with the terms of the written option agreement. 

 

	
    

	
 3. 

	
 Stock Subject to the Plan. 

 

	
    

	
 (a) 

	
 Subject to adjustment as provided for in Section 10 below, the aggregate number of shares of Stock ("Shares") reserved and available for delivery under the Plan shall be Two Million (2,000,000). 

 

	
    

	
 (b) 

	
 If any Option granted under the Plan expires, terminates or is canceled without having been exercised in full, the number of Shares as to which the Option has not been exercised shall become available for future grants under the Plan. 

 

    

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 (c) 

	
 Upon exercise of an Option, the Company may issue authorized but unissued Shares, Shares held in its treasury, or both. 

 

	
    

	
 (d) 

	
 Shares issued upon the exercise of an Option shall be fully paid and non-assessable. 

 

	
    

	
 (e) 

	
 Unless otherwise determined by the Committee, no fractional Share shall be issued or transferred upon exercise of an Option under the Plan. 

 

	
    

	
 4. 

	
 Administration of the Plan. 

 

	
    

	
 (a) 

	
 Committee. The Plan shall be administered by a Committee of the Board (the "Committee"). The Committee shall initially consist of the entire Board. However, the Board may elect at any time to provide that the Committee shall consist of not less than two members, each of whom shall be a Director who is (i) a "Non-Employee Director" within the meaning of Rule 16b-3 under the Exchange Act, and (ii) "Independent" within the meaning of the rules of the Nasdaq Stock Market or any other national securities exchange on which the Stock is listed for trading, is applicable. The Committee shall be appointed by and serve at the pleasure of the Board. 

 

	
    

	
 (b) 

	
 Authority. Subject to the specific limitations and restrictions set forth in the Plan, the Committee shall have the authority: (i) to grant ISOs to employees whom the Committee determines are key to the success of the Company or its Subsidiaries ("Key Employees"); (ii) to grant NQSOs to such employees, consultants or directors as the Committee shall select (the grantee of an ISO or NQSO being hereinafter referred to as an "Optionee"); (iii) to make all determinations necessary or desirable for the administration of the Plan including, within any applicable limits specifically set out in the Plan, the number of Shares that may be purchased under an Option, the price at which an Option may be exercisable, and the period during which an Optionee must remain in the employ of the Company or a subsidiary of the Company prior to the exercise of an Option; (iv) to construe the respective Option agreements and the Plan; (v) to prescribe, amend and rescind rules and regulations relating to the Plan; (vi) to determine the terms and provisions of the respective Option agreements, which need not be identical, (vii) to correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Option granted under the Plan, in a manner that the Committee deems necessary or desirable; (viii) to amend any Option granted under the Plan, subject to the provisions of the Plan; (ix) to grant to Optionees in exchange for their surrender of Options, new Options containing such other terms and conditions as the Committee shall determine; and (x) to make other determinations that, in the judgment of the Committee, are necessary or desirable for the administration of the Plan. Any interpretation or decision of the Committee shall be final and conclusive. Nothing in this Section 4(b) shall give the Committee the right to increase the total number of Shares that may be purchased on exercise of Options (except as provided in Section 10 below), to extend the term of the Plan, or to extend the period during which an ISO is exercisable beyond ten years from the date of grant thereof. The Committee may delegate to officers of the Company and its subsidiaries, or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions, including administrative functions as the Committee may determine to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3(d)(1) for Options granted to Optionees subject to Section 16 of the Exchange Act in respect of the Company and will not cause Options intended to qualify as "performance-based compensation" under Code Section 162(m) to fail to so qualify. The Committee may appoint agents to assist it in administering the Plan. 

 

    

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 (c) 

	
  Liability/Protection. The Committee, and each member thereof, shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee, the Company's independent auditors or any other consultants or agents assisting in the administration of the Plan. No member of the Committee shall be liable, in the absence of bad faith, for any act or omission with respect to serving as a member of the Committee. Service as a member of the Committee shall constitute service as a member of the Board of Directors, so that members of the Committee shall be entitled to indemnification for their service on the Committee to the full extent provided for service as members of the Board of Directors. 

 

	
    

	
 5. 

	
 Option Grants 

 

	
    

	
 (a) 

	
 Option Agreement. The Committee shall have sole authority to grant Options under this Plan. Each Option granted under the Plan shall be evidenced by a stock option agreement (the "Option Agreement"). The Option Agreement shall be subject to the terms and conditions of the Plan and may contain additional terms and conditions (which may vary from Optionee to Optionee) not inconsistent with the Plan, as the Committee may deem necessary or desirable. Each Option shall be designated by the Committee in the Option Agreement as either an ISO or a NQSO.  However, notwithstanding such designations, to the extent that the aggregate Fair Market Value (as defined below) of Stock subject to a ISO and other incentive stock options granted by the Company, any parent or Subsidiary, which become exercisable for the first time during any calendar year (under all plans of the Company or any parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such excess Options or other options shall be treated as NQSOs.  For purposes of this Section, ISOs shall be taken into account in the order in which they were granted, and the Fair Market Value of the shares of Stock shall be determined as of the time of grant of each Option.  Notwithstanding the foregoing, in the event that the Optionee shall dispose of any of the shares acquired pursuant to an ISO within one (1) year after the date of exercise of all or part of the Option or within two (2) years after the date of grant of the Option, such ISO shall automatically cease to be treated as an ISO and shall be treated for federal income tax purposes as a NQSO from and after such day consistent with the requirements of Code Section 422. 

 

	
    

	
 (b) 

	
 Appropriate officers of the Company are hereby authorized to execute and deliver Option Agreements, and amendments thereto, in the name of the Company, but only to the extent consistent with this Plan 

 

    

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 6. 

	
 Exercise Price. The Exercise Price of each Share subject to an Option granted under the Plan shall be specified in the Option Agreement. The Exercise Price shall not be less than (i) in the case of a grant of any NQSO or an ISO to a Key Employee who at the time of the grant is not a Ten Percent Shareholder, as defined below, one hundred percent (100%) of the fair market value of a Share as determined on the date the Option is granted; (ii) in the case of a grant of an ISO to a Key Employee who, at the time of grant, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any subsidiary (a "Ten Percent Shareholder"), one hundred ten percent (110%) of the fair market value of a Share, as determined on the date the Option is granted. The fair market value of the Stock for purposes of determining the Exercise Price shall be determined by the Committee in accordance with any reasonable method of valuation consistent with applicable requirements of Federal tax law, including, as applicable, the provisions of Code Section 422(c)(8) and 409A as applicable. The Exercise Price shall be subject to adjustment in accordance with Section 13 hereof. 

 

	
    

	
 7. 

	
 Number of Shares. Each Option Agreement shall specify the number of Shares which the Optionee may purchase. The aggregate fair market value (determined at the time the Option is granted) of Shares with respect to which ISOs granted to any Key Employee are to become exercisable for the first time during any calendar year (under the Plan and any other plan of the Company and its subsidiaries) shall not exceed One Hundred Thousand Dollars ($100,000). The application of the limitation set forth in the preceding sentence to any individual Option shall be determined by the Committee subject to applicable rules and regulations under Code Section 422. 

 

	
    

	
 8. 

	
  Option Term. The Options shall have a term of ten (10) years (five (5) in the case of ISO awards to a Ten Percent Shareholder) from the date of grant, unless the Option Agreements provide a shorter period. 

 

	
    

	
 9. 

	
 Exercise of Options 

 

 Subject to applicable law and the terms and conditions of the Plan, an Option granted under the Plan shall be exercisable at such time, or times, upon the occurrence of such event or events, for such period or periods, in such amount or amounts, and upon the satisfaction of such terms and conditions including, without limitation, terms and conditions relating to notice of exercise, date the Option is deemed exercised, delivery and transferability of Shares and withholding of taxes, as the Committee shall determine and specify in the Option Agreement. The Committee shall have the authority to allow a form of payment other than cash (such as Stock or the withholding of Shares otherwise deliverable pursuant to an Option) to the extent consistent with applicable requirements of Federal tax law. 

 

	
    

	
 10 

	
 Expiration of Options. 

 

 The unexercised portion of any Option granted under the Plan shall automatically and without notice expire at the earlier to occur of the following:        

 

 (a)   the expiration of ten (10) years (five (5) in the case of ISO awards to a Ten Percent Shareholder from the date on which the Option is granted, or such shorter term as may be specified in the Option Agreement; or 

 

    

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 (b)  the expiration of the period specified in the Option Agreement following the termination of the Optionee's employment (or consulting agreement or Directorship, as the case may be) with the Company.  Anything to the contrary notwithstanding, in the case of an ISO such Option shall by its terms not be exercisable after the expiration of ten (10) years (or in the case of an Option granted to a Ten Percent Stockholder, five (5) years) from the date such Option is granted. 

 

	 	
 11. 

	
 Non-Transferability of Options 

 

 (a)   No Option granted under the Plan shall be transferable by an Optionee other than by will or the laws of descent or distribution. During the lifetime of an Optionee, an Option shall be exercisable only by the Optionee.  Except as otherwise determined by the Committee, any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of, or to subject to execution, attachment or similar process, any Option other than as permitted above shall be null and void and of no effect, and shall result in the forfeiture of all rights as to such Option. 

 

 (b)   The Company may require any person to whom an Option is granted, as a condition of exercising such Option, to give written assurances in substance and form satisfactory to the Company to the effect that such person is acquiring the Stock subject to the Option for his or her own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with applicable Federal and state securities laws. 

 

 (c)   Notwithstanding any provision of the Plan or the terms of any Option granted pursuant to the Plan, the Company shall not be required to issue any Shares if such issue or transfer would, in the judgment of the Committee, constitute a violation of any state or Federal law or the rules or regulations of any governmental regulatory body or any securities exchange. Each Option may be subject to the requirement that if, at any time, counsel to the Company shall determine that the listing, registration, or qualification of the Shares subject to such Option upon any securities exchange or under any state or Federal law, or the consent, or approval of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of Shares thereunder, such Option may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration, or qualification. 

 

	 	
 12.  

	
 No Special Rights 

 

 Until an Optionee has made payment of the Exercise Price, has paid or has had satisfied any applicable withholding taxes, and has had issued to him a certificate or certificates for the Shares so acquired, the Optionee shall have no rights as a stockholder of the Company with respect to the Stock. No Option granted under the Plan shall confer upon an Optionee any right to continued employment with the Company or its subsidiaries, nor shall it interfere in any way with the right of the Company or its subsidiaries to terminate an Optionee's employment at any time. 

 

    

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 13. 

	
 Adjustments for Change in Capital Structure and Special Transactions 

 

 (a)   Recapitalization, etc. In the event of a stock dividend, stock split, or recapitalization, or a corporate reorganization in which the Company is a surviving corporation (and the shareholders of the Company prior to such transaction continue to own at least 50% of the capital stock of the Company after such transaction), including without limitation a merger, consolidation, split-up or spin-off, or a liquidation, or distribution of securities or assets other than cash dividends (a "Restructuring Event"), the number or kinds of Shares subject to the Plan or to any Option previously granted, and the Exercise Price, shall be adjusted proportionately by the Committee to reflect such Restructuring Event. For example, in the case of a two for one stock split, the number of Shares issuable upon exercise of an option would be doubled and the exercise price of such option would be decreased by one half. 

 

 (b)   Special Transactions. In the event of a merger, consolidation, or other form of reorganization of the Company with or into another corporation (other than a merger, consolidation, or other form of reorganization in which the Company is the surviving corporation and the shareholders of the Company prior to such transaction continue to own at least 50% of the capital stock of the Company after such transaction), a sale or transfer of all or substantially all of the assets of the Company or a tender or exchange offer made by any corporation, person or entity (other than an offer made by the Company), all Options held by any Optionee shall be fully vested and exercisable by the Optionee. 

 

 Furthermore, the Committee, either before or after the merger, consolidation or other form of reorganization, may take such action as it determines in its sole discretion with respect to the number or kinds of Shares subject to the Plan or any Option under the Plan. Such action by the Committee may include (but shall not be limited to) the following: 

 

 (i)  permitting an Optionee at any time during such period as the Committee shall prescribe in connection with such merger, consolidation, other form of reorganization, sale or transfer of assets, or tender or exchange offer, to surrender his Option (or any portion thereof), to the Company in exchange for a cash payment in an amount and in a manner determined by the Committee; or 

 

 (ii)   requiring an Optionee, at any time in connection with such merger, consolidation, other form of reorganization, sale or transfer of assets, or tender or exchange offer, to surrender his Option (or any portion thereof) to the Company (A) in exchange for a cash payment as described in clause (i) above, or (B) in exchange for, and subject to shareholder approval of, a substitute Option or other award issued by the corporation surviving such merger, consolidation or other form of reorganization (or an affiliate of such corporation), or the corporation acquiring such assets (or an affiliate of such corporation), which the Committee, in its sole discretion, determines to have a value substantially equivalent to the value of the Option surrendered.) 

 

    

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 14.     Amendment, Suspension, or Termination of the Plan 

 

 The Committee may at any time amend, suspend, or terminate any and all parts of the Plan, any Option granted under the Plan, or both in such respects as the Committee shall deem necessary or desirable, except that no such action may be taken which would impair the rights of any Optionee with respect to any Option previously granted under the Plan without the Optionee's consent. 

 

 15.     Governing Law 

 

 The Plan shall be governed by the laws of the State of Florida without regard to the principles of conflict of laws. In case any one or more of the provisions contained herein are for any reason deemed to be invalid, illegal or unenforceable in any respect by a judicial body, such illegality, invalidity or unenforceability shall not affect any other provision of this Plan, and this Plan shall be construed as if such invalid, unenforceable or illegal provision had never been contained herein. 

 

 13.     References. 

 

 In the event of an Optionee's death or a judicial determination of his physical or mental incompetence, reference in the Plan to the Optionee shall be deemed, where appropriate, to refer to his beneficiary or his legal representative. 

 

 15.     Exemptions from Section 16(b) Liability. 

 

 It is the intent of the Company that the grant of Options to an Optionee who is subject to Section 16 of the Exchange Act may be exempt from Section 16 pursuant to an applicable exemption (except for transactions acknowledged in writing to be non-exempt by such Optionee).  Accordingly, if any provision of this Plan or any Option Agreement does not comply with the requirements of Rule 16b-3 then applicable to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Optionee shall avoid liability under Section 16(b). 

 

 16.     Code Section 409A. 

 

 If and to the extent that the Committee believes that any Option grants may constitute a "nonqualified deferred compensation plan" under Code Section 409A, the terms and conditions set forth in the Option Agreement for that Option shall be drafted in a manner that is intended to comply with, and those provisions (and /or the provisions of the Plan applicable thereto) shall be interpreted in a manner consistent with, the applicable requirements of Code Section 409A, and the Committee, in its sole discretion and without the consent of any Optionee, may amend any Option Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines necessary or appropriate to comply with the applicable requirements of Section 409A of the Code. 

 

 

 7ex10_5-1.htm

 Exhibit 10.5(1) 

 EXTENSION AND WAIVER AGREEMENT 

 THIS EXTENSION AND WAIVER AGREEMENT (the "Agreement"), dated as of March 4, 2016, is entered into by and among AgEagle Aerial Systems, Inc., a Nevada corporation (the "Company"), and the person identified as the "Holder" on the signature page hereto (the "Holder"). 

 WHEREAS, on or about May 11, 2015, the Company and the Holder closed a Securities Purchase Agreement, dated as of May 6, 2015 (the "SPA"), pursuant to which the Holder purchased from the Company an 8% Convertible Debenture having a principal amount of $450,000 (the "Debenture"); 

 WHEREAS, the Maturity Date of the Debenture is currently November 6, 2016; 

 WHEREAS, Paragraph 4.3(a) of the SPA requires that the Company make a primary offering of its common stock on an effective registration statement on Form S-1 on or before September 30, 2015 (such date, or such earlier date that such S-I registration statement is declared effective by the Securities and Exchange Commission, the "Public Offering Date"); 

 WHEREAS, Paragraph 4.3(b) of the SPA requires that the Company cause its common stock to be registered under Section I2(g) of the Securities Exchange Act of 1934 on or before the Public Offering Date (the date of effectiveness of such registration, the "Going Public Date"); 

 WHEREAS, Paragraph 2(a) of the Debenture requires that the Company pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of the Debenture at the rate of 8% per annum, payable quarterly on January 1, April 1, July 1, and October 1, beginning on the first such date after the May 6, 2015, original issue date of the Debenture; 

 WHEREAS, the Company is currently in default of each of its above-referenced obligations under the SPA and the Debenture; 

 WHEREAS, so long as the Debenture is outstanding, Section 4.12(a) of the SPA grants to the Holder the right to participate in up to 100% of any Subsequent Financing as such term is defined therein; 

 WHEREAS, the Company has negotiated the terms of a Stock Purchase Agreement with Raven Industries, Inc. ("Raven") by which the Company is to sell to Raven 400,000 "unregistered" and "restricted" shares of its common stock at an aggregate purchase price of $500,000 (the "Raven Agreement"); 

 WHEREAS, Paragraph 1.2(b)(i) of the Raven Agreement requires as conditions to closing thereof that the Holder shall have entered into an amendment to the SPA and the Debenture pursuant to which: (a) the existing defaults under the Debentures are irrevocably waived and the maturity date thereof is extended to November 6, 2017; and (b) Section 4.12 of the SPA shall be amended to provide that (i) the Holder shall have a right to initially purchase only up to 50% of any New Securities issued in a Subsequent Financing and, i f  and only i f  Raven has exercised its right to purchase less than 50% of any New Securities in a Subsequent Financing, then the Holder shall have a secondary right of first refusal to purchase any New Securities not purchased by Raven in a Subsequent Financing; and (ii) if the Holder purchases less than 50% of such New Securities, then Raven shall have a right to purchase such New Securities not purchased by the Holder; 

 WHEREAS, Paragraph I .2(b)(ii) of the Raven Agreement further requires as a condition to closing thereof that the Holder shall have waived any rights to participate in the issuance and sale of the 400,000 shares of the Company's common stock to Raven as contemplated thereunder; 

 WHEREAS, Paragraph 5.5 of the SPA provides that no provision thereof may be waived, modified, supplemented or amended except in a written instrument signed by the Company and the Holder; 

 

    

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 NOW THEREFORE, in consideration of ten dollars ($10) and the mutual covenants and other agreements contained in this Agreement, the Company and the Holder hereby agree as follows: 

 1. The Maturity Date of the Debenture is hereby extended to November 6, 2017. 

 2. The Holder hereby permanently waives all rights and remedies, of whatever nature, that it may have with respect to the Company's failure to meet the Public Offering Date deadline and the Going Public Date deadline set forth in the SPA. 

 3. The Holder hereby permanently waives all rights and remedies, of whatever nature, that it may have with respect to the Company's failure to pay interest on the Debenture through the date hereof. 

 4. Section  4.12 of the SPA shall be amended to provide that (i) the Holder shall have a right to initially purchase only up to 50% of any New Securities issued in a Subsequent Financing and, if and only if Raven has exercised its right to purchase less than 50% of any New Securities in a Subsequent Financing, then the Holder shall have a secondary right of first refusal to purchase any New Securities not purchased by Raven in a Subsequent Financing; and (ii) if the Holder purchases less than 50% of such New Securities, then Raven shall have a right to purchase such New Securities not purchased by the Holder. 

 5. The Holder hereby waives any and all any rights to participate in the issuance and sale of the 400,000 shares of the Company's common stock to Raven as contemplated under the terms of the Raven Agreement. 

 6. Subject to the modifications and amendments provided herein, the SPA and the Debenture (collectively, the "Transaction Documents") shall remain in full force and effect. Except as expressly set forth herein, this Agreement shall not be deemed to be a waiver, amendment or modification of any provisions of the Transaction Documents or of any right, power or remedy of the Holder, or constitute a waiver of any provision of the Transaction Documents (except to the extent herein set forth), or any other document, instrument and/or agreement executed or delivered in connection therewith, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder. Except as set forth herein, the Holder reserves all rights, remedies, powers, or privileges available under the Transaction Documents, at law or otherwise. This Agreement shall not constitute a novation or satisfaction and accord of the Transaction Documents or any other document, instrument and/or agreement executed or delivered in connection therewith. 

 7. This Agreement 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 all parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were an original thereof. 

 

    

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 IN WITNESS WHEREOF, the undersigned have executed and delivered this Agreement as of the date first written above. 

	    	
 “The Company” 

	    	    
	    	
 AGEAGLE AERIAL SYSTEMS, INC. 

	    	    
	    	    
	    	
 /s/ Bret Chilcott 

	    	
 By: Bret Chilcott 

	    	
 Its: President 

	    	    
	    	    
	    	
 “Holder” 

	    	    
	    	
 ALPHA CAPITAL ANSTALT 

	    	    
	    	    
	    	
 /s/ Konrad Ackermann 

	    	
 By: Konrad Ackermann 

	    	
 Its: Director 

 

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