Document:

Exhibit
4.3

 

American
Utilicraft Corporation

 

Private
Placement Loan December 2004

 

Memorandum
of Understanding

 

THIS MEMORANDUM OF UNDERSTANDING (“MOU”) IS
ENTERED INTO ON THIS DATE DECEMBER 15, 2004, FOR THE PURPOSE OF DEFINING
AND FORMALIZING THE BUSINESS RELATIONSHIP OF AMERICAN UTILICRAFT CORPORATION (“AUC”)
AND MARION NICASTRO (“THE INVESTOR”) WITH RESPECT TO THE DEVELOPMENT BY
AUC OF A FREIGHT FEEDER AIRCRAFT DESIGNATED THE FF-1080.

 

THIS TRANSACTION IS SUBJECT TO
UNITED STATES SECURITIES LAWS GOVERNING THE SALE OF UNREGISTERED SECURITIES.

 

SUMMARY
OF TERMS

 

Issuer:                                                                                                                                                         American
Utilicraft Corporation (the “Company” or “AUC”).

 

Securities Offered:                                                                                      Common Stock at
$0.25 per share. The investor (a current shareholder) will receive 1 (one)
share for each $0.25 Loaned.

 

Warrants:                                                                                                                                      N/A

 

Registration Rights:                                                                               The Company
agrees to use its best efforts to register the Common Stock purchased under
this investment within 6 months. This offering will also have piggy-back
registration rights.

 

Loan Repayment:                                                                                                  Loan repayment
is scheduled for the week of December 27, 2004.

 

                1.             The Investor (a current
shareholder) will loan $15,000 in
AUC upon signing of this MOU. Wiring instructions are attached as “Attachment I”
to this MOU.

 

                2.             AUC will issue to the Investor 60,000 shares of common stock in
AUC, as per the terms of the Private Placement described above.

 

                3.             The Investor understands that the investment
contemplated by this MOU may not be transferred, assigned, or sold to a third
party without the written approval of the AUC board of directors.

 

1

 

                4.             (a) At the request of the Investor,
AUC will include the Investor’s shares of common stock in any future
registration of AUC stock intended for public offering.

 

                                (b)
AUC is anticipating a spin-off with Utilicraft Aerospace Industries, Inc. (“Utilicraft”)
within the next 180 days. As a condition of this MOU, and in addition to the
AUC shares issued to the investor as called out in this MOU, the Investor will
also receive Utilicraft shares on a 1-to-1 basis by February 17, 2005
regardless of AUC having effected its anticipated Utilicraft spin-off by that
time. Upon AUC successfully effecting the Utilicraft spin-off, all such issued
Utilicraft shares will stand to represent that the shareholder has already
received any entitled distribution.

 

                5.             The Investor represents that he/she
is acquiring the shares of common stock acquired under this MOU for
himself/herself and agrees that the shares of common stock issued to him/her under
the terms of this MOU are not transferable except under the following
conditions:

a)             The
Investor must offer a 30 day first right of refusal to the other existing
shareholders for an amount equivalent to the transfer offer.

b)            After
such a first right of refusal is offered to and/or exercised by the other
existing shareholders, the remaining portion of the stock may be transferred to
a third party, which transaction is subject to approval by the AUC board of
directors.

c)             The
shares of common stock acquired hereunder cannot be resold without registration
under the Securities and Exchange Act (a United States law) or an exemption
there from.

d)            A
legend will be placed on the stock certificate stating that the shares of
common stock have not been registered under the Securities and Exchange Act and
setting forth the restrictions on transferability and sale of the shares of
common stock set forth in this paragraph.

 

                6.             The loan to AUC contemplated by
this MOU will be used by AUC, at its discretion, for daily operations, for its
benefit and profit.

 

                7.             The Investor represents that he/she
is a sophisticated investor and that he/she fully understands the risk involved
in this transaction and that his/her equity, as well as the other current
shareholders’ equity, may effectively dilute as much as 50% or more, or
depending upon the financing requirements for the $75 million Phase I and Phase
II development loans required by AUC to develop and FAA certify the FF-1080
aircraft. Such substantial dilution may occur as the result of the sale of a
major portion of AUC, merger, acquisition, international joint-venture, or a
combination thereof, which may also possibly cause the division of a
substantially increased profit amount between AUC and a joint venture partner/merger
partner.

 

                8.             Any return on investment of AUC
stock is dependent upon the ability of AUC to secure the above mentioned major
financing loans (Phase I $30 million and Phase II $45 million) needed to
complete the design, to build the prototype and conformity aircraft, to
complete the development of the FF-1080 aircraft and obtain an FAA aircraft
type certificate on it, to successfully produce the aircraft or to have the
aircraft produced under subcontract, and to sell the aircraft in the commercial
marketplace, which all of the above may or may not occur.

 

                9.             As part of its full disclosure
effort, AUC has provided a full disclosure briefing to the Investor on AUC. The
Investor has also been provided a Business Plan, and a disclosure of AUC’s
management in previous aircraft development programs. The Investor acknowledges
that he/she has reviewed the contents of the above documents and acknowledges
that he/she has had the opportunity to obtain any additional information which
AUC possesses or can acquire 

 

 

2

 

without unreasonable effort or expense that
is necessary to verify the accuracy of information furnished by AUC.

 

                10.           The Investor fully understands the
risk involved in this investment and also understands that the figures and
estimates in the business plan provided by AUC, are only AUC’s best current
projections and that there are no orders for aircraft to date and that there
are no pending or imminent orders for aircraft at this time and that there are
no assurances by AUC that such sales of aircraft, if any, will be obtained by
AUC at any time in the future.

 

                11.           Employment agreements with present
management, and two multiple year facility leases, are in force with AUC and
are the only significant contracts outstanding.

 

                12.           *

 

IN WITNESS WHEREOF the parties to this MOU
have affixed their signatures hereto on the dates indicated.

 

	
  THE INVESTOR

  	
   

  
	
   

  	
   

  
	
  12-14-04

  	
   

  	
  /s/ Marian Nicastro

  
	
  Date

  	
   

  
	
   

  	
   

  
	
  For AMERICAN UTILICRAFT
  CORPORATION

  	
   

  
	
   

  	
   

  
	
  12-15-04

  	
   

  	
  /s/ Thomas A. Dapogny

  
	
  Date

  	
  Thomas A. Dapogny, VP -
  Operations

  
	
   

  	
   

  

 

* AUC Must receive notification of wire
transfer by COB Wed., 12-17-2004

 

MARIAN & DAVE NICASTRO

3Exhibit
4.4

 

American
Utilicraft Corporation

 

Private
Placement Loan December 2004

 

Memorandum
of Understanding

 

THIS MEMORANDUM OF UNDERSTANDING (“MOU”) IS
ENTERED INTO ON THIS DATE DECEMBER 14, 2004, FOR THE PURPOSE OF DEFINING
AND FORMALIZING THE BUSINESS RELATIONSHIP OF AMERICAN UTILICRAFT CORPORATION (“AUC”)
AND JAMES P. McGOWEN (“THE INVESTOR”) WITH RESPECT TO THE DEVELOPMENT BY
AUC OF A FREIGHT FEEDER AIRCRAFT DESIGNATED THE FF-1080.

 

THIS TRANSACTION IS SUBJECT TO
UNITED STATES SECURITIES LAWS GOVERNING THE SALE OF UNREGISTERED SECURITIES.

 

SUMMARY
OF TERMS

 

Issuer:                                                                                                                                                         American
Utilicraft Corporation (the “Company” or “AUC”).

 

Securities Offered:                                                                                      Common Stock at
$0.25 per share. The investor (a current shareholder) will receive 1 (one)
share for each $0.25 Loaned.

 

Warrants:                                                                                                                                      N/A

 

Registration Rights:                                                                               The Company
agrees to use its best efforts to register the Common Stock purchased under
this investment within 6 months. This offering will also have piggy-back
registration rights.

 

Loan Repayment:                                                                                                  Loan repayment
is scheduled for the week of December 27, 2004.

 

                1.             The Investor (a current
shareholder) will loan $25,000 in
AUC upon signing of this MOU. Wiring instructions are attached as “Attachment I”
to this MOU.

 

                2.             AUC will issue to the Investor 100,000 shares of common stock in
AUC, as per the terms of the Private Placement described above.

 

                3.             The Investor understands that the investment
contemplated by this MOU may not be transferred, assigned, or sold to a third
party without the written approval of the AUC board of directors.

 

1

 

                4.             (a) At the request of the Investor,
AUC will include the Investor’s shares of common stock in any future
registration of AUC stock intended for public offering.

 

                                (b)
AUC is anticipating a spin-off with Utilicraft Aerospace Industries, Inc. (“Utilicraft”)
within the next 180 days. As a condition of this MOU, and in addition to the
AUC shares issued to the investor as called out in this MOU, the Investor will
also receive Utilicraft shares on a 1-to-1 basis by February 17, 2005
regardless of AUC having effected its anticipated Utilicraft spin-off by that
time. Upon AUC successfully effecting the Utilicraft spin-off, all such issued
Utilicraft shares will stand to represent that the shareholder has already
received any entitled distribution.

 

                5.             The Investor represents that he/she
is acquiring the shares of common stock acquired under this MOU for
himself/herself and agrees that the shares of common stock issued to him/her under
the terms of this MOU are not transferable except under the following
conditions:

a)             The
Investor must offer a 30 day first right of refusal to the other existing
shareholders for an amount equivalent to the transfer offer.

b)            After
such a first right of refusal is offered to and/or exercised by the other
existing shareholders, the remaining portion of the stock may be transferred to
a third party, which transaction is subject to approval by the AUC board of
directors.

c)             The
shares of common stock acquired hereunder cannot be resold without registration
under the Securities and Exchange Act (a United States law) or an exemption
there from.

d)            A
legend will be placed on the stock certificate stating that the shares of
common stock have not been registered under the Securities and Exchange Act and
setting forth the restrictions on transferability and sale of the shares of
common stock set forth in this paragraph.

 

                6.             The loan to AUC contemplated by
this MOU will be used by AUC, at its discretion, for daily operations, for its
benefit and profit.

 

                7.             The Investor represents that he/she
is a sophisticated investor and that he/she fully understands the risk involved
in this transaction and that his/her equity, as well as the other current
shareholders’ equity, may effectively dilute as much as 50% or more, or
depending upon the financing requirements for the $75 million Phase I and Phase
II development loans required by AUC to develop and FAA certify the FF-1080
aircraft. Such substantial dilution may occur as the result of the sale of a
major portion of AUC, merger, acquisition, international joint-venture, or a
combination thereof, which may also possibly cause the division of a
substantially increased profit amount between AUC and a joint venture partner/merger
partner.

 

                8.             Any return on investment of AUC
stock is dependent upon the ability of AUC to secure the above mentioned major
financing loans (Phase I $30 million and Phase II $45 million) needed to
complete the design, to build the prototype and conformity aircraft, to
complete the development of the FF-1080 aircraft and obtain an FAA aircraft
type certificate on it, to successfully produce the aircraft or to have the
aircraft produced under subcontract, and to sell the aircraft in the commercial
marketplace, which all of the above may or may not occur.

 

                9.             As part of its full disclosure
effort, AUC has provided a full disclosure briefing to the Investor on AUC. The
Investor has also been provided a Business Plan, and a disclosure of AUC’s
management in previous aircraft development programs. The Investor acknowledges
that he/she has reviewed the contents of the above documents and acknowledges
that he/she has had the opportunity to obtain any additional information which
AUC possesses or can acquire 

 

 

2

 

without unreasonable effort or expense that
is necessary to verify the accuracy of information furnished by AUC.

 

                10.           The Investor fully understands the
risk involved in this investment and also understands that the figures and
estimates in the business plan provided by AUC, are only AUC’s best current
projections and that there are no orders for aircraft to date and that there
are no pending or imminent orders for aircraft at this time and that there are
no assurances by AUC that such sales of aircraft, if any, will be obtained by
AUC at any time in the future.

 

                11.           Employment agreements with present
management, and two multiple year facility leases, are in force with AUC and
are the only significant contracts outstanding.

 

 

IN WITNESS WHEREOF the parties to this MOU
have affixed their signatures hereto on the dates indicated.

 

	
  THE INVESTOR

  	
   

  
	
   

  	
   

  
	
  12-14-04

  	
   

  	
  /s/ James P. McGowen

  
	
  Date

  	
   

  
	
   

  	
   

  
	
  For AMERICAN UTILICRAFT
  CORPORATION

  	
   

  
	
   

  	
   

  
	
  12-15-04

  	
   

  	
  /s/ Thomas A. Dapogny

  
	
  Date

  	
  Thomas A. Dapogny, VP -
  Operations

  
	
   

  	
   

  

 

 

 

3

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