<SEC-DOCUMENT>0001554795-21-000124.txt : 20210406
<SEC-HEADER>0001554795-21-000124.hdr.sgml : 20210406
<ACCEPTANCE-DATETIME>20210406161114
ACCESSION NUMBER:		0001554795-21-000124
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210331
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210406
DATE AS OF CHANGE:		20210406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				860490034
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40202
		FILM NUMBER:		21809305

	BUSINESS ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		1607 PONCE DE LEON AVE
		STREET 2:		SUITE 407
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TimefireVR Inc.
		DATE OF NAME CHANGE:	20161121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EnergyTEK Corp.
		DATE OF NAME CHANGE:	20140723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rcat0406form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</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: center"><B>FORM&nbsp;8-K</B></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: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of</B>
t<B>he Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of Report (Date of earliest event reported): <B><U>March 31, 2021</U></B></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: center"><B><U>RED CAT HOLDINGS</U>, <U>INC.</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Nevada</U></B><BR>
(State or other<BR>
jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>814-00175</U></B><BR>
(Commission<BR>
File Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>86-0490034</U></B><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">
    <P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>370 Harbour Drive, Palmas del Mar</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Humacao, PR</U></B><BR>
    (Address of principal executive offices)</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>00791</U></B><BR>
(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code: <B><U>(833) 373-3228</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">Check the appropriate box below
if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see</I>&nbsp;General Instruction A.2. below):</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities registered pursuant to Section 12(b) of the Act:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title of each class</FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 53%; border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of each exchange on which registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD></TR>
  </TABLE>
<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">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2 of
the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 1.5in 0 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.5in 0 3in; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 1 &ndash; Registrant&rsquo;s Business
and Operations</B><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/107% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31 2021, Red Cat Holdings, Inc., a Nevada
corporation (the&nbsp;&ldquo;Company&rdquo;), entered into a written employment agreement (the &ldquo;Employment Agreement&rdquo;) with
Jeffrey M. Thompson, the Company&rsquo;s Chief Executive Officer. The Employment Agreement provides for an initial term of one year and
will renew for successive one-year terms unless either party provides written notice of their intent not to renew the agreement at least
three months prior to expiration. The Employment Agreement provides for a base salary of $248,000 per year, payable in in periodic installments
in accordance with the Company&rsquo;s regular payroll practices. At the option of Mr. Thompson, in any fiscal in which: A) at any time
market capitalization is at least $500,000,000; and B) the Company&rsquo; traded price per share is at least $6.00 on a national securities
exchange for 60 consecutive days, Mr. Thompson may elect to receive all or any portion of the base salary for a subsequent period in shares
of Company common stock valued at the thirty-day VWAP for each pay period for which the election is applicable.</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">The Employment Agreement also provides certain Incentive
Criteria for Mr. Thompson tied to the Company&rsquo;s share price and market capitalization, Mr. Thompson may earn an annual bonus in
an amount up to 200% of his base salary upon meeting certain Company goals and objectives to be defined by the Company&rsquo;s Compensation
Committee, in consultation with Mr. Thompson, including the full annual bonus amount in any fiscal in which: A) at any time market capitalization
is at least $500,000,000; and B) the Company&rsquo; traded price per share is at least $6.00 on a national securities exchange for 60
consecutive days. Mr. Thompson may also elect to receive all or any portion of bonus in common stock of the Company, valued at the thirty-day
VWAP on the date set for payment of the bonus.</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">The Employment Agreement contains certain &ldquo;clawback&rdquo;
provisions, which are triggered if there is a restatement of any Company financial results which were the basis for payment of compensation
to Mr. Thompson. Under the clawback provisions, Mr. Thompson will be required to repay any annual bonus and stock-based compensation determined
by reference to any Company financial results which were later restated, to the extent the amounts paid exceeded the amounts that would
have been paid, based on the restatement of the Company&rsquo;s financial information.</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">Upon termination of the Employment Agreement for any
reason, Mr. Thompson will be entitled to all base salary earned through the termination date, as well pro-rated annual bonuses, if any,
and payment of all accrued but unused vacation time and reimbursement of all reimbursable expenses. Upon termination of the Agreement
by the Company for any reason other than &ldquo;Cause&rdquo; as defined in the agreement, or upon termination by Mr. Thompson for &ldquo;Good
Reason&rdquo; as defined in the Agreement, Mr. Thompson will also be entitled to: (i) the greater of his continued base salary through
the balance of the employment period, as renewed, or twenty-four (24) months of his then Base Salary; (ii) continued participation in
Company welfare benefit plans (including health benefits) on the same terms as immediately prior to termination and to be paid in full
by the Company for a period of not less than twelve (12) months; and (iii) immediate vesting of all stock options/equity awards.</P>

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">In connection with the Employment Agreement,
the Company granted Mr. Thompson fully-vested 10-year stock options to purchase 500,000 shares of the Company's common stock (the &ldquo;Options&rdquo;)
pursuant to the Company&rsquo;s 2019 Equity Incentive Plan (the &ldquo;2019 Plan&rdquo;). The Options are exercisable at a per share exercise
price of $3.95, which represents the fair market value of the Company&rsquo;s common stock (&ldquo;Common Stock&rdquo;) as determined
by the Board in a manner consistent with the Internal Revenue Code of 1986, (the &ldquo;Code&rdquo;). The Options can be exercised for
cash, in the form of shares of Common Stock on a cashless basis or a combination thereof.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">This description of the Employment Agreement
does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement annexed hereto as Exhibit 10.1.
All statements made herein concerning the Employment Agreement are qualified by reference to said Exhibit.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 3 &ndash; Securities and Trading Markets</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 3.02</B></TD><TD STYLE="text-align: justify"><B>Unregistered Sales of Equity Securities.</B></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The disclosure set forth above under Item
1.01 is hereby incorporated by reference to this Item 3.02. The issuance of the Options in connection with the Employment Agreement was
exempt from registration under Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 5 &ndash; Corporate Governance and
Management</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election Directors; Appointment of Certain officers; Compensatory
Arrangements of Certain Officers.</B></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The disclosure set forth above under Item
1.01 is hereby incorporated by reference to this Item 5.02.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.03</B></TD><TD STYLE="text-align: justify"><B>Amendments to the Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On March 31, 2021, the Board of the Directors
of the Company approved an amendment to its bylaws in order to conform to the requirements of The NASDAQ Capital Market that a quorum
of the shareholders for the purpose of any action require a minimum of 1/3rd (increased from 1/4th) of the outstanding shares of common
stock of the Company, as follows:</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0.5in 8pt; text-align: justify">&ldquo;SECTION 8. Quorum. Thirty-three
and 33/100 (33 1/3%) percent of the outstanding shares of the Corporation entitled to vote, represented in person of by proxy, shall constitute
a quorum at a meeting of stockholders. If less than thirty-three and 33/100 (33 1/3%) percent of the outstanding shares are represented
at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. As such adjourned
meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting
as originally noticed. The stockholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding
the withdrawal of enough stockholder to leave less than a quorum.&rdquo;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">A complete copy of the Company&rsquo;s
current bylaws, including the language added by the amendment appearing in Article I and Article II, Section 8, is attached in this report
as Exhibit 3.1 and incorporated herein by reference.</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"><B>Item. 9.01. &nbsp;Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>(d) Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>


<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 107%"><U>Exhibit
    No.</U></FONT></TD>
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 107%"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 107%">3.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 107%">Bylaws
    of Red Cat Holdings, Inc., as amended.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Employment
    Agreement by and between Red Cat Holdings, Inc. and Jeffrey Thompson dated as of March 31, 2021.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>




<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></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">Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Date: April 6, 2021</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RED CAT HOLDINGS, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 42%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;/s/ Jeffrey M. Thompson</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Jeffrey M. Thompson</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;President and Chief Executive Officer </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<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: center">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>rcat0406form8kexh3_1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Red Cat Holdings, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(a Nevada Corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BYLAWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As Amended March 31, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Principal Executive Office</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal executive office of Red Cat Holdings, Inc. (the &ldquo;Corporation&rdquo;) shall be at 370 Harbour Drive, Palmas del Mar, Humacao,
Puerto Rico 00791, or such other place or places within or without the State of Nevada as the board of directors shall from time to time
determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place of Meetings.&nbsp;&nbsp;All annual and special meetings of stockholders shall be held at the principal
executive office of the Corporation or at such other place within or without the State of Nevada as the board of directors may determine
and as designated in the notice of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Meeting.&nbsp;&nbsp;A meetings of the stockholders of the Corporation for the election of directors
and for the transaction of any other business of the Corporation shall be held annually at such date and time as the board of directors
may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings. Special meeting of the stockholders of the Corporation for any purpose or purposes may
be called at any time by the board of directors of the Corporation, or by a committee of the board of directors which has been duly designated
by the board of directors and whose powers and authorities, as provided in a resolution of the board of directors or in the By Laws of
the Corporation, include the power and authority to call such meetings but such special meetings may not be called by another person or
persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conduct of Meetings.&nbsp;&nbsp;Annual and special meetings shall be conducted in accordance with these
By Laws or as otherwise prescribed by the board of directors.&nbsp;&nbsp;The chairman or the chief executive officer of the Corporation
shall preside at such meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meeting.&nbsp;&nbsp;Written notice stating the place, day and hour of the meeting and the purpose
or purposes for which the meeting is called shall be mailed by the secretary or the officer performing his duties, not less than ten days
nor more than sixty days before the meeting to each stockholder of record entitled to vote at such meeting.&nbsp;&nbsp;If mailed, such
notice shall be deemed to be delivered when deposited in the United States mail, addressed to the stockholder at his address as it appears
on the stock transfer books or records of the Corporation as of the record date prescribed in Section 6, with postage thereon prepaid.&nbsp;&nbsp;If
a stockholder be present at a meeting, or in writing waive notice thereof before or after the meeting, notice of the meeting to such stockholder
shall be unnecessary.&nbsp;&nbsp;When any stockholders' meeting, either annual or special, is adjourned for thirty days or more, notice
of the adjourned meeting shall be given as in the case of an original meeting.&nbsp;&nbsp;It shall not be necessary to give any notice
of the time and place of any meeting adjourned for less than thirty days or of the business to be transacted at such adjourned meeting,
other than an announcement at the meeting at which such adjournment is taken.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixing of Record Date.&nbsp;&nbsp;For the purpose of determining stockholders entitled to notice of or
to vote at any meeting of stockholders, or any adjournment thereof, or stockholders entitled to receive payment of any dividend, or in
order to make a determination of stockholders for any other proper purpose, the board of directors shall fix in advance a date as the
record date for any such determination of stockholders.&nbsp;&nbsp;Such date in any case shall be not more than sixty days, and in case
of a meeting of stockholders, not less than ten days prior to the date on which the particular action, requiring such determination of
stockholders, is to be taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
a determination of stockholders entitled to vote at any meeting of stockholders has been made as provided in this section, such determination
shall apply to any adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Lists.&nbsp;&nbsp;The officer or agent having charge of the stock transfer books for shares of
the Corporation shall make, at least ten days before each meeting of stockholders, a complete record of the stockholders entitled to vote
at such meeting or any adjournment thereof, with the address of and the number of shares held by each.&nbsp;&nbsp;The record, for a period
of ten days before such meeting, shall be kept on file at the principal executive office of the Corporation, whether within or outside
the State of Nevada, and shall be subject to inspection by any stockholder for any purpose germane to the meeting at any time during usual
business hours.&nbsp;&nbsp;Such record shall also be produced and kept open at the time and place of the meeting and shall be subject
to the inspection of any stockholder for any purpose germane to the meeting during the whole time of the meeting.&nbsp;&nbsp;The original
stock transfer books shall be prima facie evidence as to who are the stockholders entitled to examine such record or transfer books or
to vote at any meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum.&nbsp; Thirty-three and 33/100 (33 1/3%) percent of the outstanding shares of the Corporation entitled
to vote, represented in person of by proxy, shall constitute a quorum at a meeting of stockholders. If less than thirty-three and 33/100
(33 1/3%) percent of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting
from time to time without further notice. As such adjourned meeting at which a quorum shall be present or represented, any business may
be transacted which might have been transacted at the meeting as originally noticed. The stockholders present at a duly organized meeting
may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholder to leave less than a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies.&nbsp;&nbsp;At all meetings of stockholders, a stockholder may vote by proxy executed in writing
by the stockholder or by his duly authorized attorney in fact.&nbsp;&nbsp;Proxies solicited on behalf of the management shall be voted
as directed by the stockholder or, in the absence of such direction, as determined by a majority of the board of directors.&nbsp;&nbsp;No
proxy shall be valid after eleven months from the date of its execution unless otherwise provided in the proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.&nbsp;&nbsp;&nbsp;&nbsp;Voting.&nbsp;&nbsp;At each election for directors every stockholder entitled to vote at such election shall
be entitled to one vote for each share of stock held.&nbsp;&nbsp;Unless otherwise provided by the Articles of Incorporation, by statute,
or by these By Laws, a majority of those votes cast by stockholders at a lawful meeting shall be sufficient to pass on a transaction or
matter, except in the election of directors, which election shall be determined by a plurality of the votes of the shares present in person
or by proxy at the meeting and entitled to vote on the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.&nbsp;&nbsp;&nbsp;&nbsp;Voting of Shares in the Name of Two or More Persons.&nbsp;&nbsp;When ownership of stock stands in the name
of two or more persons, in the absence of written directions to the Corporation to the contrary, at any meeting of the stockholders of
the Corporation any one or more of such stockholders may cast, in person or by proxy, all votes to which such ownership is entitled.&nbsp;&nbsp;In
the event an attempt is made to cast conflicting votes, in person or by proxy, by the several persons in whose name shares of stock stand,
the vote or votes to which these persons are entitled shall be cast as directed by a majority of those holding such stock and present
in person or by proxy at such meeting, but no votes shall be cast for such stock if a majority cannot agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.&nbsp;&nbsp;&nbsp;&nbsp;Voting of Shares by Certain Holders.&nbsp;&nbsp;Shares standing in the name of another corporation may be voted
by any officer, agent or proxy as the By Laws of such corporation may prescribe, or, in the absence of such provision, as the board of
directors of such corporation may determine.&nbsp;&nbsp;Shares held by an administrator, executor, guardian or conservator may be voted
by him, either in person or by proxy, without a transfer of such shares into his name.&nbsp;&nbsp;Shares standing in the name of a trustee
may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such
shares into his name.&nbsp;&nbsp;Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under
the control of a receiver may be voted by such receiver without the transfer thereof into his name if authority to do so is contained
in an appropriate order of the court or other public authority by which such receiver was appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
stockholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the
pledgee and thereafter the pledgee shall be entitled to vote the shares so transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
treasury shares of its own stock held by the Corporation, nor shares held by another corporation, if a majority of the shares entitled
to vote for the election of directors of such other corporation are held by the Corporation, shall be voted at any meeting or counted
in determining the total number of outstanding shares at any given time for purposes of any meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.&nbsp;&nbsp;&nbsp;&nbsp;Inspectors of Election.&nbsp;&nbsp;In advance of any meeting of stockholders, the chairman of the board or
the board of directors may appoint any persons, other than nominees for office, as inspectors of election to act at such meeting or any
adjournment thereof.&nbsp;&nbsp;The number of inspectors shall be either one or three.&nbsp;&nbsp;If the board of directors so appoints
either one or three inspectors, that appointment shall not be altered at the meeting.&nbsp;&nbsp;If inspectors of election are not so
appointed, the chairman of the board may make such appointment at the meeting. In case any person appointed as inspector fails to appear
or fails or refuses to act, the vacancy may be filled by appointment in advance of the meeting or at the meeting by the chairman of the
board or the president.</FONT><FONT STYLE="font-size: 8pt">&nbsp; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise prescribed by applicable law, the duties of such inspectors shall include: determining the number of shares of stock and the
voting power of each share, the shares of stock represented at the&nbsp;&nbsp;meeting, the existence of a quorum, the authenticity, validity
and effect of proxies; receiving votes, ballots or consents; hearing and determining all challenges and questions in any way arising in
connection with the right to vote; counting and tabulating all votes or consents; determining the result; and such acts as may be proper
to conduct the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">election or vote with fairness to all stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
14.&nbsp;&nbsp;&nbsp;&nbsp;Nominating Committee.&nbsp;&nbsp;The board of directors or a committee appointed by the board of directors
shall act as nominating committee for selecting the management nominees for election as directors.&nbsp;&nbsp;Except in the case of a
nominee substituted as a result of the death or other incapacity of a management nominee, the nominating committee shall deliver written
nominations to the secretary at least twenty days prior to the date of the annual meeting.&nbsp;&nbsp;Provided such committee makes such
nominations, no nominations for directors except those made by the nominating committee shall be voted upon at the annual meeting unless
other nominations by stockholders are made in writing and delivered to the secretary of the Corporation in accordance with the provisions
of the Corporation's Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
15.&nbsp;&nbsp;&nbsp;&nbsp;New Business.&nbsp;&nbsp;Any new business to be taken up at the annual meeting shall be stated in writing and
filed with the secretary of the Corporation in accordance with the provisions of the Corporation's Articles of Incorporation. This provision
shall not prevent the consideration and approval or disapproval at the annual meeting of reports of officers, directors and committees,
but in connection with such reports no new business shall be acted upon at such annual meeting unless stated and filed as provided in
the Corporation's Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Powers.&nbsp;&nbsp;The business and affairs of the Corporation shall be under the direction of
its board of directors.&nbsp;&nbsp;The chairman shall preside at all meetings of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number, Term and Election.&nbsp;&nbsp;The number of directors of the Corporation shall be such number,
not less than one nor more than 15 (exclusive of directors, if any, to be elected by holders of preferred stock of the Corporation), as
shall be provided from time to time in a resolution adopted by the board of directors, provided that no decrease in the number of directors
shall have the effect of shortening the term of any incumbent director, and provided further that no action shall be taken to decrease
or increase the number of directors from time to time unless at least two-thirds of the directors then in office shall concur in said
action.&nbsp;&nbsp;Exclusive of directors, if any, elected by holders of preferred stock, vacancies in the board of directors of the Corporation,
however caused, and newly created directorships shall be filled by a vote of two-thirds of the directors then in office, whether or not
a quorum, and any director so chosen shall hold office for a term expiring at the annual meeting of stockholders at which the term of
the class to which the director has been chosen expires and when the director's successor is elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Meetings.&nbsp;&nbsp;A regular meeting of the board of directors shall be held at such time and
place as shall be determined by resolution of the board of directors without other notice than such resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings.&nbsp;&nbsp;Special meetings of the board of directors may be called by or at the request
of the chairman, the chief executive officer or one-third of the directors.&nbsp;&nbsp;The person calling the special meetings of the
board of directors may fix any place as the place for holding any special meeting of the board of directors called by such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members
of the board of the directors may participate in special meetings by means of telephone conference or similar communications equipment
by which all persons participating in the meeting can hear each other.&nbsp;&nbsp;Such participation shall constitute presence in person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice.&nbsp;&nbsp;Written notice of any special meeting shall be given to each director at least two
days previous thereto delivered personally or by telegram or at least seven days previous thereto delivered by mail at the address at
which the director is most likely to be reached.&nbsp;&nbsp;Such notice shall be deemed to be delivered when deposited in the United States
mail so addressed, with postage thereon prepaid if mailed or when delivered to the telegraph company if sent by telegram. Any director
may waive notice of any meeting by a writing filed with the secretary.&nbsp;&nbsp;The attendance of a director at a meeting shall constitute
a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction
of any business because the meeting is not lawfully called or convened.&nbsp;&nbsp;Neither the business to be transacted at, nor the purpose
of, any meeting of the board of directors need be specified in the notice or waiver of notice of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum.&nbsp;&nbsp;A majority of the number of directors fixed by Section 2 shall constitute a quorum
for the transaction of business at any meeting of the board of directors, but if less than such majority is present at a meeting, a majority
of the directors present may adjourn the meeting from time to time.&nbsp;&nbsp;Notice of any adjourned meeting shall be given in the same
manner as prescribed by Section 5 of this Article III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manner of Acting.&nbsp;&nbsp;The act of the majority of the directors present at a meeting at which a
quorum is present shall be the act of the board of directors, unless a greater number is prescribed by these By Laws, the Articles of
incorporation, or the Nevada Revised Statutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action Without a Meeting.&nbsp;&nbsp;Any action required or permitted to be taken by the board of directors
at a meeting may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.&nbsp;&nbsp;&nbsp;&nbsp;Resignation.&nbsp;&nbsp;Any director may resign at any time by sending a written notice of such resignation
to the home office of the Corporation addressed to the chairman.&nbsp;&nbsp;Unless otherwise specified therein such resignation shall
take effect upon receipt thereof by the chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.&nbsp;&nbsp;&nbsp;&nbsp;Vacancies.&nbsp;&nbsp;Any vacancy occurring on the board of directors shall be filled in accordance with the
provisions of the Corporation's Articles of Incorporation.&nbsp;&nbsp;Any directorship to be filled by reason of an increase in the number
of directors may be filled by the affirmative vote of two-thirds of the directors then in office or by election at an annual meeting or
at a special meeting of the stockholders held for that purpose.&nbsp;&nbsp;The term of such director shall be in accordance with the provisions
of the Corporation's Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.&nbsp;&nbsp;&nbsp;&nbsp;Removal of Directors.&nbsp;&nbsp;Any director or the entire board of directors may be removed only in accordance
with the provisions of the Corporation's Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12.&nbsp;&nbsp;&nbsp;&nbsp;Compensation.&nbsp;&nbsp;Directors, as such, may receive compensation for service on the board of directors.
Members of either standing or special committees may be allowed such compensation as the board of directors may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Committees of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors may, by resolution passed by a majority of the whole board, designate one or more committees, as they may determine
to be necessary or appropriate for the conduct of the business of the Corporation, and may prescribe the duties, constitution and procedures
thereof.&nbsp;&nbsp;Each committee shall consist of one or more directors of the Corporation appointed by the chairman.&nbsp;&nbsp;The
chairman may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member
at any meeting of the committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
chairman shall have power at any time to change the members of, to fill vacancies in, and to discharge any committee of the board.&nbsp;&nbsp;Any
member of any such committee may resign at any time by giving notice to the Corporation; provided, however, that notice to the board,
the chairman of the board, the chief executive officer, the chairman of such committee, or the secretary shall be deemed to constitute
notice to the Corporation.&nbsp;&nbsp;Such resignation shall take effect upon receipt of such notice or at any later time specified therein;
and, unless otherwise specified therein, acceptance of such resignation shall not be necessary to make it effective.&nbsp;&nbsp;Any member
of any such committee may be removed at any time, either with or without cause, by the affirmative vote of a majority of the authorized
number of directors at any meeting of the board called for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positions.&nbsp;&nbsp;The officers of the Corporation shall be a chairman, a president, one or more vice
presidents, a secretary and a treasurer, each of whom shall be elected by the board of directors.&nbsp;&nbsp;The board of directors may
designate one or more vice presidents as executive vice president or senior vice president.&nbsp;&nbsp;The board of directors may also
elect or authorize the appointment of such other officers as the business of the Corporation may require.&nbsp;&nbsp;The officers shall
have such authority and perform such duties as the board of directors may from time to time authorize or determine.&nbsp;&nbsp;In the
absence of action by the board of directors, the officers shall have such powers and duties as generally pertain to their respective offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election and Term of Office.&nbsp;&nbsp;The officers of the Corporation shall be elected annually by the
board of directors at the first meeting of the board of directors held after each annual meeting of the stockholders.&nbsp;&nbsp;If the
election of officers is not held at such meeting, such election shall be held as soon thereafter as possible.&nbsp;&nbsp;Each officer
shall hold office until his successor shall have been duly elected and qualified or until his death or until he shall resign or shall
have been removed in the manner hereinafter provided.&nbsp;&nbsp;Election or appointment of an officer, employee or agent shall not of
itself create contract rights.&nbsp;&nbsp;The board of directors may authorize the Corporation to enter into an employment contract with
any officer in accordance with state law; but no such contract shall impair the right of the board of directors to remove any officer
at any time in accordance with Section 3 of this Article V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removal.&nbsp;&nbsp;Any officer may be removed by vote of two-thirds of the board of directors whenever,
in its judgment, the best interests of the Corporation will be served thereby, but such removal, other than for cause, shall be without
prejudice to the contract rights, if any, of the person so removed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacancies.&nbsp;&nbsp;A vacancy in any office because of death, resignation, removal, disqualification
or otherwise, may be filled by the board of directors for the unexpired portion of the term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remuneration.&nbsp;&nbsp;The remuneration of the officers shall be fixed from time to time by the board
of directors, and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contracts, Loans, Checks and Deposits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts.&nbsp;&nbsp;To the extent permitted by applicable law, and except as otherwise prescribed by
the Corporation's Articles of Incorporation or these By Laws with respect to certificates for shares, the board of directors or the executive
committee may authorize any officer, employee, or agent of the Corporation to enter into any contract or execute and deliver any instrument
in the name of and on behalf of the Corporation.&nbsp;&nbsp;Such authority may be general or confined to specific instances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans.&nbsp;&nbsp;No loans shall be contracted on behalf of the Corporation and no evidence of indebtedness
shall be issued in its name unless authorized by the board of directors.&nbsp;&nbsp;Such authority may be general or confined to specific
instances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Checks, Drafts, Etc.&nbsp;&nbsp;All checks, drafts or other orders for the payment of money, notes or
other evidences of indebtedness issued in the name of the Corporation shall be signed by one or more officers, employees or agents of
the Corporation in such manner,&nbsp;&nbsp;including in facsimile form, as shall from time to time be determined by resolution of the
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits.&nbsp;&nbsp;All funds of the Corporation not otherwise employed shall be deposited from time
to time to the credit of the Corporation in any of its duly authorized depositories as the board of directors may select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Certificates for Shares and Their Transfer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates for Shares.&nbsp;&nbsp;The shares of the Corporation shall be represented by certificates
signed by the chairman of the board of directors or the president or a vice president and by the treasurer or an assistant treasurer or
the secretary or an assistant secretary of the Corporation, and may be sealed with the seal of the Corporation or a facsimile thereof.&nbsp;&nbsp;Any
or all of the signatures upon a certificate may be facsimiles if the certificate is countersigned by a transfer agent, or registered by
a registrar, other than the Corporation itself or an employee of the Corporation.&nbsp;&nbsp;If any officer who has signed or whose facsimile
signature has been placed upon such certificate shall have ceased to be such officer before the certificate is issued, it may be issued
by the Corporation with the same effect as if he were such officer at the date of its issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Share Certificates.&nbsp;&nbsp;All certificates representing shares issued by the Corporation
shall set forth upon the face or back that the Corporation will furnish to any stockholder upon request and without charge a full statement
of the designations, preferences, limitations, and relative rights of the shares of each class authorized to be issued, the variations
in the relative rights and preferences between the shares of each such series so far as the same have been fixed and determined, and the
authority of the board of directors to fix and determine the relative rights and preferences of subsequent series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
certificate representing shares shall state upon the face thereof:&nbsp;&nbsp;that the Corporation is organized under the laws of the
State of Nevada; the name of the person to whom issued; the number and class of shares, the designation of the series, if any, which such
certificate represents; the par value of each share represented by such certificate, or a statement that the shares are without par value.&nbsp;&nbsp;Other
matters in regard to the form of the certificates shall be determined by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for Shares.&nbsp;&nbsp;No certificate shall be issued for any share until such share is fully
paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Payment for Shares.&nbsp;&nbsp;The consideration for the issuance of shares shall be paid in accordance
with the provisions of the Corporation's Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Shares.&nbsp;&nbsp;Transfer of shares of capital stock of the Corporation shall be made only
on its stock transfer books.&nbsp;&nbsp;Authority for such transfer shall be given only to the holder of record thereof or by his legal
representative, who shall furnish proper evidence of such authority, or by his attorney thereunto authorized by power of attorney duly
executed and filed with the Corporation.&nbsp;&nbsp;Such transfer shall be made only on surrender for cancellation of the certificate
for such shares. The person in whose name shares of capital stock stand on the books of the Corporation shall be deemed by the Corporation
to be the owner thereof for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lost Certificates.&nbsp;&nbsp;The board of directors may direct a new certificate to be issued in place
of any certificate theretofore issued by the Corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit
of that fact by the person claiming the certificate of stock to be lost, stolen, or destroyed.&nbsp;&nbsp;When authorizing such issue
of a new certificate, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the
owner of such lost, stolen, or destroyed certificate, or his legal representative, to give the Corporation a bond in such sum as it may
direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost,
stolen, or destroyed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7. Book-entry of Shares.&nbsp;&nbsp;The
Corporation through its Transfer Agent is authorized to issue shares of its common or preferred stock through Book-entry on the records
of the Transfer Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fiscal Year; Annual Audit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal year of the Corporation shall end on the last day of December of each year.&nbsp;&nbsp;The Corporation shall be subject to an annual
audit as of the end of its fiscal year by independent public accountants appointed by and responsible to the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
upon the stock of the Corporation, subject to the provisions of the Articles of Incorporation, if any, may be declared by the board of
directors at any regular or special meeting, pursuant to law.&nbsp;&nbsp;Dividends may be paid in cash, in property or in the Corporation's
own stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE X</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Corporation Seal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;The corporate seal of the Corporation
shall be in such form as&nbsp;&nbsp;&nbsp;the board of directors shall prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amendments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These By Laws may be repealed, altered, amended or
rescinded by the stockholders of the Corporation only by vote of not less than 75% of the voting power of the outstanding shares of capital
stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) cast at a
meeting of the stockholders called for that purpose (provided that notice of such proposed repeal, alteration, amendment or rescission
is included in the notice of such meeting).&nbsp;&nbsp;In addition, the board of directors may repeal, alter, amend or rescind these By
Laws by a majority vote of the board of directors at a legal meeting held in accordance with the provisions of these By Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Certification</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">I, Joseph Hernon, Secretary of Red Cat Holdings, Inc.,
a Nevada corporation, hereby certify that the foregoing is a true and correct copy of Bylaws which were duly amended by the Board of Directors
of Red Cat Holdings, Inc. on March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Dated:&nbsp;&nbsp;March 31, 2021&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><U>/s/ Joseph Hernon</U><FONT STYLE="letter-spacing: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Joseph Hernon, Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>rcat0406form8kexh10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 137.1pt 0 145.9pt; text-align: center">EXECUTIVE EMPLOYMENT AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 15pt; text-align: justify">This EXECUTIVE EMPLOYMENT AGREEMENT (&ldquo;<U>Agreement</U>&rdquo;)
is made and entered into as of March 31, 2021, by and between Red Cat Holdings, Inc., a Nevada corporation (&ldquo;<U>Company</U>&rdquo;)
and Jeffrey Thompson, an individual (&ldquo;<U>Executive</U>&rdquo;). As used herein, the &ldquo;<U>Effec<FONT STYLE="letter-spacing: -0.05pt">ti</FONT><FONT STYLE="letter-spacing: 0.05pt">v</FONT>e
Da<FONT STYLE="letter-spacing: -0.05pt">t</FONT>e</U>&rdquo; <FONT STYLE="letter-spacing: 0.05pt">o</FONT>f <FONT STYLE="letter-spacing: -0.15pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT><FONT STYLE="letter-spacing: -0.05pt">i</FONT>s
A<FONT STYLE="letter-spacing: 0.05pt">g</FONT>re<FONT STYLE="letter-spacing: -0.15pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">m</FONT>e<FONT STYLE="letter-spacing: 0.05pt">n</FONT>t
<FONT STYLE="letter-spacing: -0.05pt">s</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>a<FONT STYLE="letter-spacing: -0.05pt">l</FONT>l
<FONT STYLE="letter-spacing: 0.05pt">m</FONT>ean <FONT STYLE="letter-spacing: -0.05pt">April 1, 2021.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 15pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 136.9pt 0 145.9pt; text-align: center">W I T N E S S E T H<FONT STYLE="font-weight: normal">:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><B>WHEREAS</B>, the
Executive desires to be employed by the Company as Chief Executive Officer and the Company wishes to employ the Executive in such capacity;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><B>NOW, THEREFORE</B>,
in consideration of the foregoing and their respective covenants and agreements contained in this document the Company and the Executive
hereby agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 44.05pt"><FONT STYLE="font-size: 10pt">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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Employment and Duties</U>. The Company agrees to employ and the Executive agrees to serve as the
Company&rsquo;s Chief Executive Officer. The duties and responsibilities of the Executive shall include the duties and responsibilities
as the Company&rsquo;s Board of Directors (&ldquo;<U>Board</U>&rdquo;) may from time to time assign to the Executive and reasonably commensurate
with those duties and responsibilities normally associated with and appropriate for someone in the position of Chief Executive Officer.
As used herein, &ldquo;Board&rdquo; and &ldquo;Compensation Committee&rdquo; shall include the Board of Directors and Compensation Committee
of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 59pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 0.5in">The Executive
shall devote all of his business time and best efforts to the performance of his duties under this Agreement and shall be subject to,
and shall comply with the Company policies, practices and procedures and all codes of ethics or business conduct applicable to his position,
as in effect from time to time. Notwithstanding the foregoing, the Executive shall be entitled to (i) serve as a member of the board of
directors of a reasonable number of companies, subject to the advance approval of the Board, which approval shall not be unreasonably
withheld, conditioned or delayed; (ii) serve on civic, charitable, educational, religious, public interest or public service boards, subject
to the advance approval of the Board, which approval shall not be unreasonably withheld, and (iii) manage the Executive&rsquo;s personal
and family investments, in each case, to the extent such activities do not materially interfere, as determined by the Board in good faith,
with the performance of the Executive&rsquo;s duties and responsibilities hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 14.95pt; text-align: justify; text-indent: 44.05pt"><FONT STYLE="font-size: 10pt">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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Term</U>. The term of this Agreement shall commence on the Effective Date and shall continue for
a period of one (1) year following the Effective Date and shall be automatically renewed for successive one (1) year periods thereafter
unless either party provides the other party with written notice of his or its intention not to renew this Agreement at least three (3)
months prior to the expiration of the initial term or any renewal term of this Agreement. &ldquo;<U>Employment Period</U>&rdquo; shall
mean the initial one (1) year term plus renewals, if any.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 44.05pt"><FONT STYLE="font-size: 10pt">3.</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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Place of Employment</U>. The Executive&rsquo;s services shall be performed at the Company&rsquo;s
offices located at <FONT STYLE="letter-spacing: -0.5pt">370 Harbour Drive, Palmas del Mar, Humacao, Puerto Rico 00791</FONT> or such other
location(s) as mutually agreed upon in writing between the Company and the Executive.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">4.</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: 12pt"><U>Base Salary</U>. The Company agrees to pay the Executive a base salary (&ldquo;<U>Base Salary</U>&rdquo;)
equal to $248,000 per annum. The Base Salary shall be paid in periodic installments in accordance with the Company&rsquo;s regular payroll
practices. The Base Salary may only be increased, but not decreased without the written consent of the Executive. At the option of Executive
in any fiscal year of the Company in which: A) at any time market cap is at least $500,000,000; and B) traded price per share is at least
$6.00 per share stock price on a national securities exchange for 60 consecutive days (the &ldquo;<U>Incentive Criteria</U>&rdquo;), Executive
may elect to receive all or any portion of Base Salary for a subsequent period in shares of Common Stock valued at the thirty-day VWAP
for each pay period for which the election is applicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 59pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">5.</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: 12pt"><U>Annual Bonus</U>/<U>Target Incentive Bonuses</U>. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 59pt; text-align: justify; text-indent: 0in">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">(a) <U>Bonuses</U>. The Executive shall
be eligible to receive an annual bonus the (&ldquo;<U>Annual Bonus</U>&rdquo;) of up to two-hundred (200%) percent of the Base Salary,
to be paid in cash, as reasonably determined by the Compensation Committee and/or the Board of Directors of the Company (the &ldquo;<U>Compensation
Committee</U>&rdquo;). Executive and the Compensation Committee will work to define a set of goals and objectives for the term of the
Agreement as a basis for determining a bonus award(s). Such goals will be quantitative as well as qualitative in nature. The Annual Bonus
<FONT STYLE="font-size: 12pt">shall be paid by the Company to the Executive promptly after determination that the relevant targets</FONT>,
if any, <FONT STYLE="font-size: 12pt">have been met, it being understood that the attainment of any financial targets associated with
any bonus shall not be determined until following the completion of the Company&rsquo;s annual audit and public announcement of such
results and shall be paid promptly following the Company&rsquo;s announcement of earnings, subject to cash availability. Notwithstanding
the foregoing, the Executive shall be entitled to receive the full Annual Bonus upon achieving the Incentive Criteria during the prior
fiscal year and thereupon Executive may elect to receive all or any portion of Annual Bonus for a prior period in shares of Common Stock
valued at the thirty-day VWAP on the date set for payment of the Annual Bonus by the Board of Directors or the Compensation Committee
for which the election is applicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 12pt">In the event that the Compensation Committee
is unable to act or if there shall be no such Compensation Committee, then all references herein to the Compensation Committee (except
in the proviso to this sentence) shall be deemed to be references to the Board. Upon termination from employment, the Executive shall
be entitled to receive a pro-rata portion of the Annual Bonus calculated based upon the last day of the fiscal quarter in which his employment
is terminated, regardless of whether he is employed by the Company through the conclusion of the fiscal quarter or year, as the case may
be, on which the Annual Bonus is based.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 12pt">(b) <U>Equity
Awards</U>. Executive shall receive an initial award (the &ldquo;<U>Initial Award</U>&rdquo;) and be eligible for such grants of awards
under the Company&rsquo;s 2019 Equity Incentive Plan (or any successor or replacement plan adopted by the Board and approved by the stockholders
of the Company) (the &ldquo;<U>Plan</U>&rdquo;) as the Compensation Committee or Board may from time to time determine (the &ldquo;<U>Share
Awards</U>&rdquo;). The Initial Award shall be as set forth on <U>Exhibit A</U> annexed hereto vesting as set forth (the &ldquo;<U>Executive
Vesting Schedule</U>&rdquo;). Share Awards shall be subject to the applicable Plan terms and conditions, provided, however, that Share
Awards shall be subject to any additional terms and conditions as are provided herein or in any award, Board resolution or certificate(s),
which shall supersede any conflicting provisions governing Share Awards provided under the Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.95pt"></TD><TD STYLE="width: 32.7pt">6.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Severance Compensation</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><IMG SRC="image_001.gif" ALT="" STYLE="height: 1px; width: 3px"><FONT STYLE="font-size: 12pt">Upon termination of employment for
any reason, the Executive shall be entitled to: (A) all Base Salary earned through the date of termination to be paid according to Section
4; (B) any Annual Bonuses, pro-rated, to be paid in accordance with Section 5(a) and Section 5(b) above (unless termination is for Cause,
as defined below) ; (C) all accrued but unused vacation time, and (d) reimbursement of all reasonable expenses as set forth in Section
8.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Upon termination of employment by Company for any reason other than for cause (&ldquo;<U>Cause</U>&rdquo;)
as defined in Section 11(c), or upon termination of employment by Executive for good reason (&ldquo;<U>Good Reason</U>&rdquo;) as defined
in Section 11(d)(1), Executive shall be entitled to receipt of all vested and unvested shares contemplated in the Executive Award in accord
with the any vesting schedule as if no termination occurred.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">In the event of a termination by the Company without Cause, by the Executive for Good Reason or by
the Executive within one hundred eighty days (180) days of the occurrence of a Change of Control (as defined below) and subject to the
additional provisions of Section 11(d)(3), then in addition to the severance compensation set forth in Section 6(a) and 6(b), Executive
shall also be entitled to the following enhanced separation benefits (&ldquo;<U>Enhanced Separation Benefits</U>&rdquo;): (i) the greater
of Executive&rsquo;s continued Base Salary through the balance of the Employment Period, as renewed, or twenty-four (24) months of Executive&rsquo;s
then Base Salary; (ii) continued participation in Company welfare benefit plans (including health benefits) on the same terms as immediately
prior to termination and to be paid in full by the Company for the period of time set forth in this Section 6(c) (not to be less than
twelve (12) months of continuation of benefits) and (iii) immediate vesting of all stock options/equity awards.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 45pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Upon termination of Executive&rsquo;s continued benefits (either pursuant to Section 6(a), 6(b) or
6(c) as the case may be), the Executive may continue coverage with respect to the Company&rsquo;s group health plans as permitted by the
Consolidated Omnibus Budget Reconciliation Act of 1985 (&ldquo;COBRA&rdquo;) for himself and each of his &ldquo;<U>Qualified Beneficiaries</U>&rdquo;
as defined by COBRA (&ldquo;<U>COBRA Coverage</U>&rdquo;). The Company shall reimburse the amount of any COBRA premium paid for COBRA
Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed, during
the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to be eligible
for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive&rsquo;s termination
of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group health plan.
To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA premium payment within
ninety (90) days of its payment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">7.<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;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Clawback Rights</U>. The Annual Bonus, and any and all stock based compensation (such as options
and equity awards) (collectively, the &ldquo;<U>Clawback Benefits</U>&rdquo;) shall be subject to &ldquo;<U>Clawback Rights</U>&rdquo;
as follows: during the period that the Executive is employed by the Company and upon the termination of the Executive&rsquo;s employment
and for a period of three (3) years thereafter, if there is a restatement of any financial results from which any metrics were determined
to be achieved which were the basis of the granting and calculation of such Clawback Benefits to the Executive, the Executive agrees to
repay any amounts which were determined by reference to any Company financial results which were later restated (as defined below), to
the extent the Clawback Benefits amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the restatement
of the Company&rsquo;s financial information. All Clawback Benefits amounts resulting from such restated financial results shall be retroactively
adjusted by the Compensation Committee to take into account the restated results, and any excess portion of the Clawback Benefits resulting
from such restated results shall be immediately surrendered to the Company and if not so surrendered within ninety (90) days of the revised
calculation being provided to the Executive by the Compensation Committee following a publicly announced restatement, the Company shall
have the right to take any and all action to effectuate such adjustment. The calculation of the revised Clawback Benefits amount shall
be determined by the Compensation Committee in good faith and in accordance with applicable law, rules and regulations. All determinations
by the Compensation Committee with respect to the Clawback Rights shall be final and binding on the Company and the Executive. The Clawback
Rights shall terminate following a Change of Control as defined in Section 11(f), subject to applicable law, rules and regulations. For
purposes of this Section 7, a restatement of financial results that requires a repayment of a portion of the Clawback Benefits amounts
shall mean a restatement resulting from material non-compliance of the Company with any financial reporting requirement under the federal
securities laws and shall not include a restatement of financial results resulting from subsequent changes in accounting pronouncements
or requirements which were not in effect on the date the financial statements were originally prepared (&ldquo;<U>Restatements</U>&rdquo;).
The parties acknowledge it is their intention that the foregoing Clawback Rights as relates to Restatements conform in all respects to
the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (&ldquo;<U>Dodd-Frank Act</U>&rdquo;) and require
recovery of all &ldquo;incentive-based&rdquo; compensation, pursuant to the provisions of the Dodd-Frank Act and any and all rules and
regulations promulgated thereunder from time to time in effect. Accordingly, the terms and provisions of this Agreement shall be deemed
automatically amended from time to time to assure compliance with the Dodd-Frank Act and such rules and regulations as hereafter may be
adopted and in effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 15pt; text-align: justify; text-indent: 44pt">8.<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Expenses</U>. The Executive shall be entitled to prompt reimbursement by the Company for all reasonable
ordinary and necessary travel, entertainment, and other expenses incurred by the Executive while employed (in accordance with the policies
and procedures established by the Company for its senior executive officers) in the performance of his duties and responsibilities under
this Agreement; provided, that the Executive shall properly account for such expenses in accordance with Company policies and procedures.
Reimbursement of such expenses shall be paid out even after Executive&rsquo;s termination for any reason, so long as the expenses were
incurred during Executive&rsquo;s employment with the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 44pt">9.<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Other Benefits</U>. During the term of this Agreement, the Executive shall be eligible to participate
in incentive, stock purchase, savings, retirement (401(k)), and welfare benefit plans, including, without limitation, health, medical,
dental, vision, life (including accidental death and dismemberment) and disability insurance plans (collectively, &ldquo;<U>Benefit Plans</U>&rdquo;),
in substantially the same manner and at substantially the same levels as the Company makes such opportunities available to the Company&rsquo;s
managerial or salaried executive employees and/or its senior executive officers.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 58.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt">10.<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;
</FONT><FONT STYLE="font-size: 12pt"><U>Vacation</U>. During the term of this Agreement, the Executive shall be entitled to accrue, on
a pro rata basis, thirty (30) paid vacation days per year. Vacation shall be taken at such times as are mutually convenient to the Executive
and the Company and no more than fifteen (15) consecutive days shall be taken at any one time without Company approval in advance.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 59pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.95pt"></TD><TD STYLE="width: 40.15pt">11.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Termination of Employment</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 15pt; text-align: justify; text-indent: 44pt">(a)<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Death</U>. If the Executive dies during the Employment Period, this Agreement and the Executive&rsquo;s
employment with the Company shall automatically terminate and the Company&rsquo;s obligations to the Executive&rsquo;s estate and to the
Executive&rsquo;s Qualified Beneficiaries shall be those set forth in Section 6(a) and 6(d) regarding severance compensation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">(b)<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Disability</U>. In the event that, during the term of this Agreement the Executive shall be prevented
from performing his essential functions hereunder to the full extent required by the Company by reason of Disability (as defined below),
this Agreement and the Executive&rsquo;s employment with the Company shall automatically terminate. The Company&rsquo;s obligation to
the Executive under such circumstances shall be those set forth in Section 6(a) and 6(d) regarding severance compensation. For purposes
of this Agreement, &ldquo;<U>Disability</U>&rdquo; shall mean a physical or mental disability that prevents the performance by the Executive,
with or without reasonable accommodation, of his essential functions hereunder for an aggregate of ninety (90) days or longer during any
twelve (12) consecutive months. The determination of the Executive&rsquo;s Disability shall be made by an independent physician who is
reasonably acceptable to the Company and the Executive (or his representative), be final and binding on the parties hereto and be made
taking into account such competent medical evidence as shall be presented to such independent physician by the Executive and/or the Company
or by any physician or group of physicians or other competent medical experts employed by the Executive and/or the Company to advise such
independent physician.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.95pt"></TD><TD STYLE="width: 38.8pt">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Cause</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 44.95pt"><FONT STYLE="font-size: 10pt">(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;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">At any time during the Employment Period, the Company may terminate this Agreement and the Executive&rsquo;s
employment hereunder for Cause. For purposes of this Agreement, &ldquo;<U>Cause</U>&rdquo; shall mean: (a) the willful and continued failure
of the Executive to perform substantially his material duties and responsibilities for the Company (other than any such failure resulting
from the Executive&rsquo;s death or Disability) after a written demand by the Board for substantial performance is delivered to the Executive,
which specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties and
responsibilities, which willful and continued failure is not cured by the Executive within thirty (30) days following his receipt of such
written demand; the conviction of, or plea of guilty or <I>nolo contendere </I>to, a felony, or (c) fraud, dishonesty or gross misconduct
which is materially and demonstratively injurious to the Company. Termination under clauses (b) or (c) of this Section 11(c)(1) shall
not be subject to cure.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 44.95pt"><FONT STYLE="font-size: 10pt">(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;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">For purposes of this Section 11(c), no act, or failure to act, on the part of the Executive shall
be considered &ldquo;willful&rdquo; unless done, or omitted to be done, by him in bad faith and without reasonable belief that his action
or omission was in, or not opposed to, the best interest of the Company. Between the time the Executive receives written demand regarding
substantial performance, as set forth in subparagraph (1) above, and prior to an actual termination for Cause, the Executive will be entitled
to appear (with counsel) before the full Board to present information regarding his views on the Cause event. Under no circumstances shall
Executive be terminated under Section 11(c)(1)(a) before the expiration of the 30 day cure period. After such hearing, termination for
Cause must be approved by a majority vote of the full Board (other than the Executive). For terminations pursuant to Sections 11(c)(1)(b)
and (c), the Board may suspend the Executive with full pay and benefits until a final determination by the full Board has been made.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 44.95pt"><FONT STYLE="font-size: 10pt">(3)</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;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Upon termination of this Agreement for Cause, the Company shall have no further obligations or liability
to the Executive or his heirs, administrators or executors with respect to compensation and benefits thereafter, except for the obligation
to pay the Executive pursuant to Section 6(a). The Company shall deduct, from all payments made hereunder, all applicable taxes, including
income tax, FICA and FUTA, and other appropriate deductions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.95pt"></TD><TD STYLE="width: 38.8pt">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>For Good Reason or a Change of Control or Without Cause</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.9pt; text-align: justify; text-indent: 44pt">(1)<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">At any time during the term of this Agreement and subject to the conditions set forth in Section
11(d)(2) below, the Executive may terminate this Agreement and the Executive&rsquo;s employment with the Company for &ldquo;Good Reason&rdquo;
or on account of a &ldquo;Change of Control&rdquo; (as defined in Section 11(f)). For purposes of this Agreement, &ldquo;<U>Good Reason</U>&rdquo;
shall mean the occurrence of any of the following events without Executive&rsquo;s consent: (A) the assignment to the Executive of duties
that are significantly different from, and/or that result in a substantial diminution of, the duties that he assumed on the Effective
Date (including reporting to anyone other than solely and directly to the Board); (B) the assignment to the Executive of a title that
is different from and subordinate to the Chief Executive Officer of the Company, provided, however, for the absence of doubt following
a Change of Control, should the Executive be required to serve in a diminished capacity in a division or unit of another entity (including
the acquiring entity), such event shall constitute Good Reason regardless of the title of the Executive in such acquiring company, division
or unit; (C) material breach by the Company of this Agreement, or (D) a required relocation of the Executive's place of employment (as
defined in Section 3) by more than a 50 mile radius.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt">(2)<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Executive shall not be entitled to terminate this Agreement for Good Reason unless and until
he shall have delivered written notice to the Company within ninety (90) days of the date upon which the facts giving rise to Good Reason
occurred of his intention to terminate this Agreement and his employment with the Company for Good Reason, which notice specifies in reasonable
detail the circumstances claimed to provide the basis for such termination for Good Reason, and the Company shall not have eliminated
the circumstances constituting Good Reason within thirty (30) days of its receipt from the Executive of such written notice. In the event
the Executive elects to terminate this Agreement for Good Reason in accordance with Section 11(d)(1), such election must be made within
the eighty (180) days following the initial existence of one or more of the conditions constituting Good Reason as provided in Section
11(d)(1). In the event the Executive elects to terminate this Agreement for a Change in Control in accordance with Section 11(d)(1), such
election must be made within one hundred eighty (180) days of the occurrence of the Change of Control.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt">(3)<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">In the event that the Executive terminates this Agreement and his employment with the Company for
Good Reason or within one hundred eighty (180) days of the occurrence of a Change of Control, or the Company terminates this Agreement
and the Executive&rsquo;s employment with the Company without Cause, the Company shall pay or provide to the Executive (or, following
his death, to the Executive&rsquo;s heirs, administrators or executors) the Enhanced Separation Benefits set forth in Sections 6(c) and
6(d); provided, that the Executive executes an agreement releasing Company and its affiliates from any liability associated with this
Agreement (excepting any payment obligations) and such release is irrevocable at the time the separation payment is first payable under
this Section 11 and the Executive complies with his other obligations under Sections 12 and 13 of this Agreement. Subject to the terms
hereof, one-half (1/2) of the compensation of the Enhanced Separation Benefits payment shall be paid within thirty (30) days of the Executive&rsquo;s
termination of employment (&ldquo;<U>Initial Payment</U>&rdquo;), provided that the Executive has executed a release (excepting payment
obligations) and that if the release execution period begins in one taxable year and ends in another taxable year, the Initial Payment
shall not be made until the beginning of the taxable year immediately following termination. The balance of the compensation of the Enhanced
Separation Benefits shall be paid in substantially equal installments on the Company&rsquo;s regular payroll dates beginning with the
first payroll date coincident with or immediately following the Initial Payment and ending on the payroll date coincident with or immediately
following the twelve (12) month anniversary of the Initial Payment. The Company shall deduct, from all payments made hereunder, all applicable
taxes, including income tax, FICA and FUTA, and other appropriate deductions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 15pt; text-align: justify; text-indent: 46.55pt">(4)<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Executive shall not be required to mitigate the amount of any payment provided for in this Section
11(d) by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 11(d) be reduced by any
compensation earned by the Executive as the result of employment by another employer or business or by profits earned by the Executive
from any other source at any time before and after the termination date. The Company&rsquo;s obligation to make any payment pursuant to,
and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the
Company may have against the Executive for any reason.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">(e)<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Without &ldquo;Good Reason&rdquo; by the Executive</U>. At any time during the term of this Agreement,
the Executive shall be entitled to terminate this Agreement and the Executive&rsquo;s employment with the Company without Good Reason
and other than for a Change of Control by providing prior written notice of at least thirty (30) days <FONT STYLE="letter-spacing: -0.15pt">to
</FONT>the Company. Upon termination by the Executive of this Agreement or the Executive&rsquo;s employment with the Company without Good
Reason and other than for a Change of Control, the Company shall have no further obligations or liability to the Executive or his heirs,
administrators or executors with respect to compensation and benefits thereafter, except for the obligations set forth in Sections 6(a).
The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate
deductions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 60pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 15pt; text-align: justify; text-indent: 45pt">(f)<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Change of Control</U>. For purposes of this Agreement, &ldquo;<U>Change of Control</U>&rdquo;
shall mean the occurrence of any one or more of the following: (i) the accumulation (if over time, in any consecutive twelve (12) month
period), whether directly, indirectly, beneficially or of record, by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of more than fifty (50%) percent or more of the shares of the outstanding
Common Stock of the Company, whether by merger, consolidation, sale or other transfer of shares of Common Stock (other than a merger or
consolidation where the stockholders of the Company prior to the merger or consolidation are the holders of a majority of the voting securities
of the entity that survives such merger or consolidation) for purposes of clarity the Company expects to sell a number of shares and/or
convert outstanding senior debt and/or preferred stock to either preferred or common stock not limited to the period of this contract
to raise funds and stabilize its balance sheet and any such sales shall not constitute a change of control for purposes of this section
or Agreement, (ii) a sale of all or substantially all of the assets of the Company or (iii) during any period of twelve (12) consecutive
months, the individuals who, at the beginning of such period, constitute the Company, and any new director whose election by the Board
or nomination for election by the Company&rsquo;s or Company&rsquo;s stockholders was approved by a vote of at least two-thirds (2/3)
of the directors then still in office who either were directors at the beginning of the twelve (12) month period or whose election or
nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 14.95pt; text-align: justify; text-indent: 44pt">(g)<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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Any termination of the Executive&rsquo;s employment by the Company or by the Executive (other than
termination by reason of the Executive&rsquo;s death) shall be communicated by written Notice of Termination to the other party of this
Agreement. For purposes of this Agreement, a &ldquo;<U>Notice of Termination</U>&rdquo; shall mean a written notice which shall indicate
the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive&rsquo;s employment under the provision so indicated, provided, however, failure
to provide timely notification shall not affect the employment status of the Executive.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.95pt"></TD><TD STYLE="width: 40.15pt">12.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Confidential Information</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 44.05pt"><FONT STYLE="font-size: 10pt">(a)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Disclosure of Confidential Information.</U> The Executive recognizes, acknowledges and agrees
that he has had and will continue to have access to secret and confidential information regarding the Company and Company, its subsidiaries
and their respective businesses (&ldquo;<U>Confidential Information</U>&rdquo;), including but not limited to, its products, methods,
formulas, software code, patents, sources of supply, customer dealings, data, know-how, trade secrets and business plans, provided such
information is not in or does not hereafter become part of the public domain, or become known to others through no fault of the Executive.
The Executive acknowledges that such information is of great value to the Company and Company, is the sole property of the Company and
Company, and has been and will be acquired by him in confidence. In consideration of the obligations undertaken by the Company herein,
the Executive will not, at any time, during or after his employment hereunder, reveal, divulge or make known to any person, any information
acquired by the Executive during the course of his employment, which is treated as confidential by the Company, and not otherwise in the
public domain. The provisions of this Section 12 shall survive the termination of the Executive&rsquo;s employment hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Executive affirms that he does not possess and will not rely upon the protected trade secrets
or confidential or proprietary information of any prior employer(s) in providing services to the Company or its subsidiaries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(c)</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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">In the event that the Executive&rsquo;s employment with the Company terminates for any reason, the
Executive shall deliver forthwith to the Company any and all originals and copies, including those in electronic or digital formats, of
Confidential Information; provided, however, the Executive shall be entitled to retain (i) papers and other materials of a personal nature,
including, but not limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books,
(ii) information showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may
be needed for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with
the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.95pt"></TD><TD STYLE="width: 40.15pt">13.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Section 409A</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 14.95pt; text-align: justify; text-indent: 44pt">The provisions
of this Agreement are intended to comply with or are exempt from Section 409A of the Code (&ldquo;<U>Section 409A</U>&rdquo;) and the
related Treasury Regulations and shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under
Section 409A. The Company and the Executive agree to work together in good faith to consider amendments to this Agreement and to take
such reasonable actions necessary, appropriate or desirable to avoid imposition of any additional tax under Section 409A or income recognition
prior to actual payment to the Executive under this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">It is intended
that any expense reimbursement made under this Agreement shall be exempt from Section 409A. Notwithstanding the foregoing, if any expense
reimbursement made under this Agreement shall be determined to be &ldquo;deferred compensation&rdquo; subject to Section 409A (&ldquo;<U>Deferred
Compensation</U>&rdquo;), then (a) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit, (b) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year (provided that this clause (b)
shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect) and (c) such payments shall be made on or before the
last day of the taxable year following the taxable year in which the expense was incurred.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">With respect
to the time of payments of any amount under this Agreement that is Deferred Compensation, references in the Agreement to &ldquo;termination
of employment&rdquo; and substantially similar phrases, including a termination of employment due to the Executive&rsquo;s Disability,
shall mean &ldquo;<U>Separation from Service</U>&rdquo; from the Company within the meaning of Section 409A (determined after applying
the presumptions set forth in Treasury Regulation Section 1.409A-1(h)(1)). Each installment payable hereunder shall constitute a separate
payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury Regulation Section 1.409A-2(b)(2)(iii). Each payment
that is made within the terms of the &ldquo;short-term deferral&rdquo; rule set forth in Treasury Regulation Section 1.409A-1(b)(4) is
intended to meet the &ldquo;short-term deferral&rdquo; rule. Each other payment is intended to be a payment upon an involuntary termination
from service and payable pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that
regulation, with any amount that is not exempt from Code Section 409A being subject to Code Section 409A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 14.95pt; text-align: justify; text-indent: 44pt">Notwithstanding
anything to the contrary in this Agreement, if the Executive is a &ldquo;specified employee&rdquo; within the meaning of Section 409A
at the time of the Executive&rsquo;s termination, then only that portion of the severance and benefits payable to the Executive pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered Deferred Compensation (together,
the &ldquo;<U>Deferred Separation Benefits</U>&rdquo;), which (when considered together) do not exceed the Section 409A Limit (as defined
herein) may be made within the first six (6) months following the Executive&rsquo;s termination of employment in accordance with the payment
schedule applicable to each payment or benefit. Any portion of the Deferred Separation Benefits in excess of the Section 409A Limit otherwise
due to the Executive on or within the six (6) month period following the Executive&rsquo;s termination will accrue during such six (6)
month period and will become payable in one lump sum cash payment on the date six (6) months and one (1) day following the date of the
Executive&rsquo;s termination of employment. All subsequent Deferred Separation Benefits, if any, will be payable in accordance with the
payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if the Executive dies following
termination but prior to the six (6) month anniversary of the Executive&rsquo;s termination date, then any payments delayed in accordance
with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of the Executive&rsquo;s death
and all other Deferred Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 14.95pt; text-align: justify; text-indent: 44.05pt">For purposes
of this Agreement, &ldquo;<U>Section 409A Limit</U>&rdquo; shall mean a sum equal to (x) the amounts payable within the terms of the &ldquo;short-term
deferral&rdquo; rule under Treasury Regulation Section 1.409A-1(b)(4) plus (y) the amount payable as &ldquo;separation pay due to involuntary
separation from service&rdquo; under Treasury Regulation Section 1.409A-1(b)(9)(iii) equal to the lesser of two (2) times: (i) the Executive&rsquo;s
annualized compensation from the Company based upon his annual rate of pay during the Executive&rsquo;s taxable year preceding his taxable
year when his employment terminated, as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1); and (ii) the maximum amount that
may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive&rsquo;s
employment is terminated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 104.15pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.95pt"></TD><TD STYLE="width: 45.2pt">14.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Miscellaneous.</U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 15pt; text-align: justify; text-indent: 46.55pt"><FONT STYLE="font-size: 10pt">(a)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Neither the Executive nor the Company may assign or delegate any of their rights or duties under
this Agreement without the express written consent of the other; provided, however, that the Company shall have the right to delegate
its obligation of payment of all sums due to the Executive hereunder, provided that such delegation shall not relieve the Company of any
of its obligations hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 14.95pt; text-align: justify; text-indent: 44.05pt"><FONT STYLE="font-size: 10pt">(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">During the term of this Agreement, the Company (i) shall indemnify and hold harmless the Executive
and his heirs and representatives to the maximum extent provided by the laws of the Cayman Islands and by the Company&rsquo;s bylaws and
(ii) shall cover the Executive under the Company&rsquo;s directors&rsquo; and officers&rsquo; liability insurance on the same basis as
it covers other senior executive officers and directors of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 14.95pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(c)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">This Agreement constitutes and embodies the full and complete understanding and agreement of the
parties with respect to the Executive&rsquo;s employment by the Company, supersedes all prior understandings and agreements, whether oral
or written, between the Executive and the Company, and shall not be amended, modified or changed except by an instrument in writing executed
by the party to be charged. The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any
other provision of this Agreement. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same time or any prior or subsequent time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 14.95pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(d)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">This Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties
hereto and their respective successors, heirs, beneficiaries and permitted assigns.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 14.95pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(e)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The headings contained in this Agreement are for convenience of reference only and shall not affect
in any way the meaning or interpretation of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 14.95pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(f)</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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">All notices, requests, demands and other communications required or permitted to be given hereunder
shall be in writing and shall be deemed to have been duly given when personally delivered, sent by registered or certified mail, return
receipt requested, postage prepaid, or by reputable national overnight delivery service (e.g., Federal Express) for overnight delivery
to the party at the address set forth in the preamble to this Agreement, or to such other address as either party may hereafter give the
other party notice of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received
or the third business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight
delivery.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(g)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Delaware, and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal and state courts located
in the State of Delaware for any disputes arising out of this Agreement, or the Executive&rsquo;s employment with the Company. The prevailing
party in any dispute arising out of this Agreement shall be entitled to his or its reasonable attorney&rsquo;s fees and costs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(h)</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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">This Agreement may be executed simultaneously in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one of the same instrument. The parties hereto have executed this Agreement
as of the date set forth above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(i)</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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Executive represents and warrants to the Company, that he has the full power and authority to
enter into this Agreement and to perform his obligations hereunder and that the execution and delivery of this Agreement and the performance
of his obligations hereunder will not conflict with any agreement to which the Executive is a party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 15pt; text-align: justify; text-indent: 44pt"><FONT STYLE="font-size: 10pt">(j)</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;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Company represents and warrants to the Executive that it has the full power and authority to
enter into this Agreement and to perform its obligations hereunder and that the execution and delivery of this Agreement and the performance
of its obligations hereunder will not conflict with any agreement to which the Company is a party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 137.1pt 0 143.75pt; text-align: center">[Signature page follows immediately]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">IN WITNESS WHEREOF, the Executive And the Company have caused this Executive
Employment Agreement to be executed as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt"><B>COMPANY:</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt"><B>RED CAT HOLDINGS, INC.</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt">By: <I><U>/s/ Joseph Freedman</U></I><BR>
    Name: Joseph Freedman<BR>
    Title: Director, Compensation Committee</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt"><B>EXECUTIVE:</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt"><I><U>/s/ Jeffrey Thompson</U></I></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.65pt">JEFFREY THOMPSON</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-left: 192.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 5.3pt; padding-left: 192.35pt; font: 11pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-left: 192.35pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 10.4pt; padding-left: 192.35pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-left: 192.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 10.35pt; padding-left: 192.35pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-left: 192.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-left: 203.65pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.6in">&nbsp;</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">500,000 fully-vested 10 year non-qualified stock options to purchase shares
of Common Stock at an exercise price of $3.95 per share (equal to the fair market value and closing price of Common Stock on March 30,
2021), with net exercise rights, which options and shares shall be issued under the Plan and applicable exemption from Section 16 of the
Securities Exchange Act of 1934 provided pursuant to Rule 16b-3 thereunder.</P>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.gif
M1TE&.#EA!0 ! '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
=! $     +      %  $ @         (#1 P% #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
