SEC Contract Filing

Filing Date: 2024-11-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>rcat1127form8kexh10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This First Amendment, dated as
of November 26, 2024 (this &ldquo;<B>Amendment</B>&rdquo;) to that certain Securities Purchase Agreement, dated as of September 23, 2024
(as amended and in effect from time to time, including by this Amendment, the &ldquo;<B>Purchase Agreement</B>&rdquo;), by and between
Red Cat Holdings, Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;) and Lind Global Asset Management X LLC, a Delaware limited
liability company (the <B>&ldquo;Investor&rdquo;</B>). Capitalized terms used but not defined herein shall have the meanings given to
them in the Purchase Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the parties desire
to amend the Purchase Agreement to, among other things, provide for the issuance and sale by the Company of an additional Note (the &ldquo;<B>Second
Note</B>&rdquo;) and Warrant (the &ldquo;<B>Second Warrant</B>&rdquo;) to the Investor;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the parties desire
to conduct the closing of the purchase and sale of the Second Note and Second Warrant simultaneously with the execution of this Amendment;
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant to Section
11.9 of the Purchase Agreement, each of the Company and the Investor may amend the Purchase Agreement in a written instrument signed by
the Company and the Investor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE</B>, in consideration
of the premises and covenants set forth herein and in the Purchase Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree, pursuant to Section 11.9 of the Purchase Agreement, to
amend the Purchase Agreement as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.5pt"><FONT STYLE="font-size: 11pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><U>Definition of &ldquo;Note&rdquo; in the Purchase Agreement and Addition of new Exhibit E</U>.
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The definition of &ldquo;Note&rdquo; in
the Purchase Agreement is hereby restated to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.75in 0 1in; text-align: justify">&ldquo;<B>Note</B>&rdquo; means (i) the
convertible promissory note, in the form attached hereto as <B>Exhibit B</B> (the &ldquo;<B>Original Note</B>&rdquo;), in the principal
amount of Nine Million Six Hundred Thousand Dollars ($9,600,000), and (ii) the convertible promissory note, in the form attached hereto
as <B>Exhibit E</B> (the &ldquo;<B>Second Note</B>&rdquo;), in the principal amount of Seven Million Two Hundred Thousand Dollars ($7,200,000).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.75in 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.75in 0 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement
is hereby amended to include a new Exhibit E, in the form attached hereto as Exhibit E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.75in 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.5pt"><FONT STYLE="font-size: 11pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><U>Definition of &ldquo;Warrant&rdquo; in the Purchase Agreement and Addition of new Exhibit F</U>.
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The definition of &ldquo;Warrant&rdquo;
in the Purchase Agreement is hereby restated to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.