<SEC-DOCUMENT>0001554795-21-000338.txt : 20210917
<SEC-HEADER>0001554795-21-000338.hdr.sgml : 20210917
<ACCEPTANCE-DATETIME>20210917164049
ACCESSION NUMBER:		0001554795-21-000338
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210913
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210917
DATE AS OF CHANGE:		20210917

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:		211260944

	BUSINESS ADDRESS:	
		STREET 1:		370 HARBOUR DRIVE
		CITY:			HUMACAO
		STATE:			PR
		ZIP:			00791
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		370 HARBOUR DRIVE
		CITY:			HUMACAO
		STATE:			PR
		ZIP:			00791

	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>rcat0916form8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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>September
13, 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="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 49%; 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="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; 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; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="width: 33%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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="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">Common stock, par value $0.001</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">RCAT</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">Nasdaq Capital Market</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;</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>


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

<P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>Item
1.01 Entry into a Material Definitive Agreement.</B></FONT></P>

<P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.45pt">On <FONT STYLE="letter-spacing: 0.05pt">September
13</FONT>, 2021, the Board of Directors (the &ldquo;Board&rdquo;) of Red Cat Holdings, Inc. (the &ldquo;Company&rdquo;) adopted a revised
form of indemnification agreement (the &ldquo;Indemnification Agreement&rdquo;) and entered into indemnification agreements in substantially
the form of the Indemnification Agreement with each of its directors and officers (each, an &ldquo;Indemnitee&rdquo;)</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.45pt">The Indemnification
Agreement updates and supplements the indemnification rights and obligations of the Indemnitee and Company already included in the Company&rsquo;s
Amended and Restated Articles of Incorporation and Amended and Restated Bylaws (as defined below). Under the terms of the Indemnification
Agreement, subject to certain exceptions specified in the Indemnification Agreement, the Company will indemnify the Indemnitee to the
fullest extent permitted by Nevada law in the event the Indemnitee becomes subject to or a participant in certain claims or proceedings
as a result of the Indemnitee&rsquo;s service as a director or officer. The Company will also, subject to certain exceptions and repayment
conditions, advance to the Indemnitee specified indemnifiable expenses incurred in connection with such claims or proceedings.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.45pt">The foregoing description
of the Indemnification Agreement does not purport to be complete and is qualified in its entirety by reference to the full and complete
terms of the Form of Indemnification Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated
herein by reference.</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">&nbsp;</P>

<P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white; color: #333333"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>Amended
and Restated Bylaws</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt; background-color: white; color: #333333"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">On
September 13, 2021, the Company amended and restated its previous bylaws in their entirety. The Company&rsquo;s new amended and
restated bylaws (the &ldquo;Amended and Restated Bylaws&rdquo;) add provisions related to indemnification and insurance for
officers, directors and other specified indemnitees of the Company for claims and actions against them arising out of their service
to and on behalf of the Company.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt; background-color: white; color: #333333"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
foregoing description of the Amended and Restated Bylaws are qualified in their entirety by reference to the full text of the Amended
and Restated Bylaws, a copy of which is attached hereto as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein
by reference.</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><B>Section 9 &ndash;
Financial Statements and Exhibits</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="color: Black"><B>Item. 9.01. &nbsp;Financial
Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></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: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="text-align: justify; width: 77%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1*</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amended
    and Restated Bylaws of Red Cat Holdings, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1*</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of Indemnification Agreement of Red Cat Holdings, Inc.</FONT></TD></TR>
  </TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">* Filed herewith.</FONT></P>
<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></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: September 17, 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>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>rcat0916form8kexh3_1.htm
<DESCRIPTION>EXHIBIT 3.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>



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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Red Cat Holdings,
Inc. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">(a Nevada Corporation)</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">BYLAWS</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">As Amended September
13, 2021</FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE I</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Principal Executive
Office</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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.
</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE II</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Stockholders</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 1. Place
of Meetings. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 2. Annual
Meeting. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 3. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 4. Conduct
of Meetings. Annual and special meetings shall be conducted in accordance with these By Laws or as otherwise prescribed by the board of
directors. The chairman or the chief executive officer of the Corporation shall preside at such meetings. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 5. Notice
of Meeting. 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. 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. 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. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 6. Fixing
of Record Date. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 7. Voting
Lists. 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. 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. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 9. Proxies.
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. 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. No proxy shall be valid after eleven months from the date of its execution unless
otherwise provided in the proxy. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 10. Voting.
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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 11. Voting
of Shares in the Name of Two or More Persons. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 12. Voting
of Shares by Certain Holders. 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.
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. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 13. Inspectors
of Election. 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. The number of inspectors shall
be either one or three. If the board of directors so appoints either one or three inspectors, that appointment shall not be altered at
the meeting. 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></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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 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 election
or vote with fairness to all stockholders.</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 14. Nominating
Committee. 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. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 15. New
Business. 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.
</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE III</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Board of Directors</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 1. General
Powers. The business and affairs of the Corporation shall be under the direction of its board of directors. The chairman shall preside
at all meetings of the board of directors. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 2. Number,
Term and Election. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 3. Regular
Meetings. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 4. Special
Meetings. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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. Such participation shall constitute presence in person. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 5. Notice.
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. 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.
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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 6. Quorum.
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. Notice of any adjourned meeting shall be given in the same manner as prescribed by Section 5 of this Article III. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 7. Manner
of Acting. 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 (the
&ldquo;NRS&rdquo;). </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 8. Action
Without a Meeting. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 9. Resignation.
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. Unless otherwise specified therein such resignation shall take effect upon receipt thereof by the chairman. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 10. Vacancies.
Any vacancy occurring on the board of directors shall be filled in accordance with the provisions of the Corporation's Articles of Incorporation.
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.
The term of such director shall be in accordance with the provisions of the Corporation's Articles of Incorporation. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 11. Removal
of Directors. Any director or the entire board of directors may be removed only in accordance with the provisions of the Corporation's
Articles of Incorporation. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 12. Compensation.
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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE IV</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Committees of
the Board of Directors</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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.
Each committee shall consist of one or more directors of the Corporation appointed by the chairman. 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.
</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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. 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. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE V</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Officers</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 1. Positions.
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. The board of directors may designate one or more vice presidents as executive vice president
or senior vice president. The board of directors may also elect or authorize the appointment of such other officers as the business of
the Corporation may require. The officers shall have such authority and perform such duties as the board of directors may from time to
time authorize or determine. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 2. Election
and Term of Office. 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. If the election of officers is not held at such meeting, such election
shall be held as soon thereafter as possible. 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. Election or appointment of
an officer, employee or agent shall not of itself create contract rights. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 3. Removal.
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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 4. Vacancies.
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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 5. Remuneration.
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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE VI</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Contracts, Loans,
Checks and Deposits</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 1. Contracts.
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.
Such authority may be general or confined to specific instances. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 2. Loans.
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. Such authority may be general or confined to specific instances. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 3. Checks,
Drafts, Etc. 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, including in facsimile
form, as shall from time to time be determined by resolution of the board of directors. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 4. Deposits.
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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE VII</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Certificates for
Shares and Their Transfer</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 1. Certificates
for Shares. 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. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 2. Form
of Share Certificates. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Each certificate
representing shares shall state upon the face thereof: 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. Other matters in regard
to the form of the certificates shall be determined by the board of directors. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 3. Payment
for Shares. No certificate shall be issued for any share until such share is fully paid. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 4. Form
of Payment for Shares. The consideration for the issuance of shares shall be paid in accordance with the provisions of the Corporation's
Articles of Incorporation. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 5. Transfer
of Shares. Transfer of shares of capital stock of the Corporation shall be made only on its stock transfer books. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 6. Lost
Certificates. 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. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 7. Book-entry
of Shares. 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. </FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE VIII</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Fiscal Year; Annual
Audit</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">The fiscal year
of the Corporation shall end on the last day of December of each year. 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. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE IX</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Dividends</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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. Dividends may be paid in cash, in property or in the Corporation's own stock. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE X</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Corporation Seal</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">The corporate
seal of the Corporation shall be in such form as the board of directors shall prescribe. </FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE XI</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Indemnification
and Insurance</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 1. Indemnification
of Directors and Officers.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 33pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; background-color: white">For purposes of this Article XI, (A) &rdquo;Indemnitee&rdquo;
shall mean each director or officer who was or is a party to, or is threatened to be made a party to, or is otherwise involved in, any
Proceeding (as hereinafter defined), by reason of the fact that he or she is or was a director or officer of the Corporation or member,
manager or managing member of a predecessor limited liability company or affiliate of such limited liability company or is or was serving
in any capacity at the request of the Corporation as a director, officer, employee, agent, partner, member, manager, managing partner
or fiduciary of, or in any other capacity for, another corporation or any partnership, joint venture, trust, or other enterprise; and
(B) &rdquo;Proceeding&rdquo; shall mean any threatened, pending, or completed action, suit or proceeding (including, without limitation,
an action, suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative, or investigative. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 33pt; text-align: justify">&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: 33pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; background-color: white">Each Indemnitee of the Corporation shall be indemnified
and held harmless to the fullest extent permitted by the NRS or as may be provided for by the Corporation in the Articles of Incorporation,
these By Laws or by agreement, against all expense and loss (including, without limitation, attorneys&rsquo; fees, judgments, fines, taxes,
penalties, and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Indemnitee in connection with any Proceeding;
<I>provided that</I> such Indemnitee either is not liable pursuant to NRS 78.138 or acted in good faith and in a manner such Indemnitee
reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any Proceeding that is criminal
in nature, had no reasonable cause to believe that his or her conduct was unlawful. The termination of any Proceeding by judgment, order,
settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the Indemnitee
is liable pursuant to NRS 78.138 or did not act in good faith and in a manner in which he or she reasonably believed to be in or not opposed
to the best interests of the Corporation, or that, with respect to any criminal proceeding he or she had reasonable cause to believe that
his or her conduct was unlawful. The Corporation shall not indemnify an Indemnitee for any claim, issue or matter as to which the Indemnitee
has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Corporation or
for any amounts paid in settlement to the Corporation, unless and only to the extent that the court in which the Proceeding was brought
or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Indemnitee
is fairly and reasonably entitled to indemnity for such amounts as the court deems proper. Except as so ordered by a court and for advancement
of expenses pursuant to this Section 1 and the Articles of Incorporation, indemnification may not be made to or on behalf of an Indemnitee
if a final adjudication establishes that his or her acts or omissions involved intentional misconduct, fraud or a knowing violation of
law and was material to the cause of action. Notwithstanding anything to the contrary contained in the Articles of Incorporation or in
the By Laws, no director or officer may be indemnified for expenses incurred in defending any threatened, pending, or completed action,
suit or proceeding (including without limitation, an action, suit or proceeding by or in the right of the Corporation), whether civil,
criminal, administrative or investigative, that such director or officer incurred in his or her capacity as a stockholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 51pt; text-align: justify">&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: 33pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; background-color: white">Indemnification pursuant to this Article XI shall
continue as to an Indemnitee who has ceased to be a director or officer of the Corporation or member, manager or managing member of a
predecessor limited liability company or affiliate of such limited liability company or a director, officer, employee, agent, partner,
member, manager or fiduciary of, or to serve in any other capacity for, another corporation or any partnership, joint venture, trust,
or other enterprise and shall inure to the benefit of his or her heirs, executors and administrators.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 33pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; background-color: white">The expenses of Indemnitees must be paid by the
Corporation or through insurance purchased and maintained by the Corporation or through other financial arrangements made by the Corporation,
as they are incurred and in advance of the final disposition of the Proceeding, upon receipt of an undertaking by or on behalf of the
officer or director to repay the amount if it is ultimately determined by a court of competent jurisdiction that he or she is not entitled
to be indemnified by the Corporation. To the extent that a director or officer of the Corporation is successful on the merits or otherwise
in defense of any Proceeding, or in the defense of any claim, issue or matter therein, the Corporation shall indemnify him or her against
expenses, including attorneys&rsquo; fees, actually and reasonably incurred in by him or her in connection with the defense.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">[SECTION 2. Indemnification of Employees
and Other Persons. The Corporation may, by action of its board of directors and to the extent provided in such action, indemnify employees
and other persons as though they were Indemnitees.]<FONT STYLE="line-height: 107%"><SUP>[1]</SUP></FONT></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">SECTION 3. Non-Exclusivity of Rights
and Indemnification Agreements. The rights to indemnification provided in this Article XI shall not be exclusive of any other rights that
any person may have or hereafter acquire under any statute, provision of the Articles of Incorporation or these By Laws, agreement, vote
of stockholders or directors, or otherwise. The Corporation shall have the express authority to enter into such agreements as the board
of directors deems appropriate for the indemnification of present or future directors and officers of the Corporation in connection with
their service to, or status with, the Corporation or any other corporation or enterprise with whom such person is serving at the express
written request of the Corporation. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">SECTION 4. Insurance. The Corporation
may purchase and maintain insurance or make other financial arrangements on behalf of any Indemnitee for any liability asserted against
him or her and liability and expenses incurred by him or her in his or her capacity as a director, officer, employee, member, managing
member or agent, or arising out of his or her status as such[, whether or not the Corporation has the authority to indemnify him or her
against such liability and expenses.]<FONT STYLE="line-height: 107%"><SUP>[2]</SUP></FONT></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">[SECTION 5. Other Financial Arrangements.
The other financial arrangements which may be made by the Corporation may include the following: [(i) the creation of a trust fund; (ii)
the establishment of a program of self-insurance; (iii) the securing of its obligation of indemnification by granting a security interest
or other lien on any assets of the Corporation; or (iv) the establishment of a letter of credit, guarantee or surety.]<FONT STYLE="line-height: 107%"><SUP>[3]</SUP></FONT>
No financial arrangement made pursuant to this subsection may provide protection for a person adjudged by a court of competent jurisdiction,
after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud, or a knowing violation of law, except with
respect to advancement of expenses or indemnification ordered by a court.]</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">[SECTION 6. Other Matters Relating
to Insurance or Financial Arrangements. Any insurance or other financial arrangement made on behalf of a person pursuant to this Article
XI may be provided by the Corporation or any other person approved by the board of directors, even if all or part of the other person&rsquo;s
stock or other securities is owned by the Corporation. In the absence of fraud (i) the decision of the board of directors as to the propriety
of the terms and conditions of any insurance or other financial arrangement made pursuant to this Article XI and the choice of the person
to provide the insurance or other financial arrangement is conclusive; and (ii) the insurance or other financial arrangement is not void
or voidable and does not subject any director approving it to personal liability for his action; even if a director approving the insurance
or other financial arrangement is a beneficiary of the insurance or other financial arrangement.]</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.15in; text-align: justify"><FONT STYLE="background-color: white">SECTION
7. Repeal And Conflicts. Any repeal, amendment or modification of Sections 1 through 6 above and which is adverse to any director or officer
shall apply to such director or officer only on a prospective basis, and shall not adversely affect (i) the rights of an Indemnitee to
indemnification with respect to any action or failure to act occurring prior to the time of such repeal, amendment or modification or
(ii) any limitation on the liability of a director or officer of the Corporation existing as of the time of such repeal, amendment or
modification. In the event of any conflict between Sections 1 through 6 above and any other Article of these By Laws, the terms and provisions
of Sections 1 through 6 above shall control. In the event of any conflict between this Article XI and the Articles of Incorporation, the
Articles of Incorporation shall control. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">SECTION 8. Change
in Law. References in these By Laws to Nevada law or the NRS or to any provision thereof shall be to such law as it existed on the date
these By Laws were adopted or as such law thereafter may be changed; provided that (a) in the case of any change which expands the liability
of directors or officers or limits the indemnification rights or the rights to advancement of expenses which the Corporation may provide
in this Article XI hereof, the rights to limited liability, to indemnification and to the advancement of expenses provided in the Articles
of Incorporation and/or these By Laws shall continue as theretofore to the extent permitted by law; and (b) if such change permits the
Corporation, without the requirement of any further action by stockholders or directors, to further limit or eliminate the liability of
directors or officers or to provide broader indemnification rights or rights to the advancement of expenses than the Corporation was permitted
to provide prior to such change, then liability thereupon shall be so eliminated or limited and the rights to indemnification and the
advancement of expenses shall be so broadened to the fullest extent permitted by law, as so amended from time to time.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">ARTICLE XII</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Amendments</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">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). 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. </FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Certification
</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">I, Joseph Hernon, Secretary of Red
Cat Holdings, Inc., a Nevada corporation, hereby certify that the foregoing is a true and correct copy of By Laws which were duly amended
by the Board of Directors of Red Cat Holdings, Inc. September 13, 2021.</FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">Dated: _Sept. 13, 2021</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">/s/ Joseph Hernon </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">Joseph Hernon, Secretary</FONT></P>

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

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

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

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

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

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


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<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>[1]</SUP></FONT>
<U>Note to Draft</U>: Please consider whether the Corporation may want to expand the indemnification to key employees or others upon board
approval.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>[2]</SUP></FONT>
<U>Note to Draft</U>: Please consider whether the Corporation wishes to include this bracketed language. This language appears to be broader
than what was originally contemplated in the Corporation&rsquo;s existing charter but has recently been included in other Nevada precedents.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>[3]</SUP></FONT>
<U>Note to Draft</U>: Corporation to please consider what alternative financial arrangements, if any, it may wish to include here.</P>

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<FILENAME>rcat0916form8kexh10_1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="text-align: center; font: bold 9pt/151% Times New Roman, Times, Serif; margin-top: 4.6pt; margin-bottom: 0">RED CAT HOLDINGS,
INC.</P>

<P STYLE="font: bold 9pt/151% Times New Roman, Times, Serif; text-align: center; margin-top: 4.6pt; margin-bottom: 0">INDEMNIFICATION AGREEMENT</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 7pt 0 5.35pt">THIS INDEMNIFICATION AGREEMENT (the &ldquo;Agreement&rdquo;)
is made and entered into as of September __, 2021, between Red Cat Holdings, Inc., a Nevada corporation (the &ldquo;Company&rdquo;), and
(&ldquo;Indemnitee&rdquo;).</P>

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

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 191.5pt 0 191.45pt; text-align: center">RECITALS</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.35pt 7.1pt 0 5.35pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">A.</FONT>
Highly competent persons have become more reluctant to serve corporations as directors and officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against
them arising out of their service to and activities on behalf of the corporation;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.45pt 6.3pt 0 5.35pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">B.</FONT>
The Board of Directors of the Company (the &ldquo;Board&rdquo;) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice
among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and
trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. Chapter 78 of the Nevada Revised Statutes (the &ldquo;NRS&rdquo;), the Amended and Restated Articles of Incorporation of the Company
(the &ldquo;Articles&rdquo;) and the Amended and Restated Bylaws of the Company (the &ldquo;Bylaws&rdquo;) authorize indemnification of
the directors and officers of the Company who were or are a party to, or are threatened to be made a party to, or are otherwise involved
in, any Proceeding (as hereinafter defined), by reason of the fact that he or she is or was a director or officer of the Company or member,
manager or managing member of a predecessor limited liability company or affiliate of such limited liability company or is or was serving
in any capacity at the request of the Company as a director, officer, employee, agent, partner, member, manager, managing partner or fiduciary
of, or in any other capacity for, another corporation or any partnership, joint venture, trust, or other enterprise. The NRS expressly
provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and persons acting on behalf of the Company with respect to indemnification.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 10.85pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">C.</FONT></TD><TD><FONT STYLE="font-size: 9pt">The uncertainties relating to such insurance and to indemnification may increase the difficulty of attracting
and retaining such persons.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.35pt 9.75pt 0 5.35pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">D.</FONT>
The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of
the Company&rsquo;s stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.35pt 19.35pt 0 5.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">E.</FONT>
It is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.45pt 11.65pt 0 5.35pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">F.</FONT>
This Agreement is a supplement to and in furtherance of any indemnification provisions in the Articles and/or the Bylaws of the Company
and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.45pt 14.15pt 0 5.35pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">G.</FONT>
Indemnitee does not regard the protection available under the NRS, the Bylaws and insurance as adequate in the present circumstances,
and may not be willing to serve as an officer or a director without adequate protection, and the Company desires Indemnitee to serve in
such capacity. Indemnitee is willing to serve, continue to serve and to take on additional services for or on behalf of the Company on
the condition that he or she be so indemnified.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 26.55pt 0 5.35pt">NOW, THEREFORE, in consideration of Indemnitee&rsquo;s
agreement to serve as an officer or director from and after the date of this Agreement, the parties hereto agree as follows:</P>

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

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0.05pt 191.5pt 0; text-align: center">AGREEMENT</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.35pt 19.55pt 0 5.35pt; text-align: justify; text-indent: 0in">1. Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may
be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 5.3pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled
to the rights of indemnification provided in this Section l(a) if, by reason of his or her Corporate Status (as hereinafter defined),
Indemnitee was or is a party, or is threatened to be made a party, to any Proceeding (as hereinafter defined) other than a Proceeding
by or in the right of the Company. Pursuant to this Section 1(a), the Company shall indemnify Indemnitee against all Expenses (as hereinafter
defined), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in
connection with such Proceeding or any claim, issue or matter therein, if Indemnitee either (i) is not liable pursuant to NRS 78.138,
or (ii) acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company,
and with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee&rsquo;s conduct was unlawful.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 14.05pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification
provided in this Section 1(b) if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 1(b),
the Company shall indemnify Indemnitee against all Expenses and</FONT></P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.1pt 4.5pt 0 5.35pt">amounts paid in settlement actually and reasonably incurred
by Indemnitee, or on Indemnitee&rsquo;s behalf, in connection with such Proceeding or any claim, issue or matters therein, if Indemnitee
either (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company; <I>provided, however</I>, if applicable law so provides, no indemnification against
such Expenses or other amounts shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged
by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Company or for amounts paid in settlement
to the Company, unless and only to the extent that the court in which the Proceeding was brought or other court of competent jurisdiction
shall determine that in view of all the circumstances in the case, Indemnitee is fairly and reasonably entitled to indemnity for such
expenses as the court deems proper.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 8.5pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Termination of Proceeding. The termination of any Proceeding by judgment, order, settlement, conviction
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person is liable pursuant to
NRS 78.138 or did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests
of the corporation, or that, with respect to any criminal action or proceeding, he or she had reasonable cause to believe that the conduct
was unlawful.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 8.8pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Indemnification for Expenses of a Successful Party. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise,
in any Proceeding, the Company shall indemnify Indemnitee to the maximum extent permitted by law, as such may be amended from time to
time, against all Expenses actually and reasonably incurred by him or her in connection with the defense of the Proceeding. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by
him or her, or on his or her behalf, in connection with each successfully resolved claim, issue or matter. For purposes of this Section
and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall
be deemed to be a successful result as to such claim, issue or matter.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 5.95pt 0 5.35pt; text-indent: 0in">2. Additional Indemnity. In addition
to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby
does indemnify and hold harmless Indemnitee, to the fullest extent permitted by law, as may be amended from time to time, against all
Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, if,
by reason of his or her Corporate Status, he or she was or is a party, or is threatened to be made a party, to any Proceeding (including
a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the simple or gross negligence,
recklessness, or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company&rsquo;s obligations
pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined
(under the procedures, and subject to the presumptions, set forth in Section 6 and Section 7 hereof) to be unlawful.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 9.3pt"><FONT STYLE="font-size: 9pt">3.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Contribution.<SUP>1</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 12.65pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Whether or not the indemnification provided in Section 1 and Section 2 hereof is available, in respect
of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall
pay the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and
the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into
any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless
such settlement provides for a full and final release of all claims asserted against Indemnitee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.3pt 6.15pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph,
if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in
which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount
of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion
to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are
jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the
transaction from which such Proceeding arose; <I>provided, however, </I>that the proportion determined on the basis of relative benefit
may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers,
directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding),
on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or
settlement amounts, as well as any other equitable considerations which applicable law may require to be considered. The relative fault
of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee
(or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among
other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their
liability is primary or secondary and the degree to which their conduct is active or passive.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.5pt 13.65pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution
which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 6.3pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to
the amount incurred by Indemnitee, whether for judgments, fines, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of
all of the circumstances of such Proceeding in order to reflect (i) the relative</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_003.gif" ALT="" STYLE="width: 192px; height: 1px"></P>

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


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.1pt 7pt 0 5.35pt">benefits received by the Company and Indemnitee as a result
of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors,
officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 5.75pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The Company hereby acknowledges that Indemnitee may have rights to indemnification for payment of
the judgment or settlement amount provided by another entity (&ldquo;Other Indemnitor(s)&rdquo;). The Company agrees with Indemnitee that
the Company is the indemnitor of first resort of Indemnitee with respect to matters for which indemnification is provided under this Agreement
and that the Company will be obligated to make all payments due to or for the benefit of Indemnitee under this agreement without regard
to any rights that Indemnitee may have against the Other Indemnitor(s). The Company hereby waives any equitable rights to contribution
or indemnification from the Other Indemnitor in respect of any amounts paid to Indemnitee hereunder. The Company further agrees that no
payment of Expenses or losses by the Other Indemnitor(s) to or for the benefit of Indemnitee shall affect the obligations of the Company
hereunder, and that the Company shall be obligated to repay the Other Indemnitor(s) for all amounts so paid or reimbursed to the extent
that the Company has an obligation to indemnify Indemnitee for such Expenses or losses hereunder.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 13.75pt 0 5.35pt; text-indent: 0in">4. Indemnification for Expenses of
a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee, by reason of his or her Corporate Status,
is a witness, or is made (or asked) to respond to discovery requests or otherwise asked to participate in any Proceeding to which Indemnitee
is not a party, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her, or on his
or her behalf, in connection therewith.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 12.1pt 0 5.35pt; text-indent: 0in">5. Advancement of Expenses. Notwithstanding
any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with
defending any Proceeding within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting
such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee and, if required by law at the time of such advance. Indemnitee shall also
submit an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined by a court of
competent jurisdiction that Indemnitee is not entitled to be indemnified by the Company against such Expenses. Any advances and undertakings
to repay pursuant to this Section 5 shall be unsecured and interest free. In furtherance of the foregoing, Indemnitee hereby undertakes
to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined by a court of competent jurisdiction
that Indemnitee is not entitled to be indemnified by the Company as authorized by this Agreement.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.5pt 9.05pt 0 5.35pt; text-indent: 0in">6. Procedures and Presumptions for
Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that
are as favorable as may be permitted under the NRS and public policy of the State of Nevada. Accordingly, the parties agree that the following
procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this
Agreement:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 6.05pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request,
including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to indemnification. The [Secretary of the Company]<SUP>2</SUP> shall, promptly
upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding
the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall
not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, the Company is actually and materially
prejudiced as a direct result of such failure.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 12.6pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a)
hereof, a determination with respect to Indemnitee&rsquo;s entitlement thereto shall be made in the specific case by one of the following
three methods, which shall be at the election of the Board:</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 16.05pt 0 5.35pt">(i) by a majority vote of a quorum consisting of Disinterested
Directors (as hereinafter defined), (ii) if a majority vote of a quorum consisting of Disinterested Directors so orders, or if a quorum
of Disinterested Directors cannot be obtained, by Independent Counsel (as hereinafter defined) in a written opinion to the Board, a copy
of which shall be delivered to Indemnitee, or (iii) by the stockholders of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 7.5pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Notwithstanding anything to the contrary set forth in this Agreement, if a request for indemnification
is made after a Change in Control, at the election of Indemnitee made in writing to the Company, and if the Board by a majority vote of
a quorum consisting of Disinterested Directors orders the determination of Indemnitee&rsquo;s entitlement to indemnification to be made
by an Independent Counsel, or if a quorum of Disinterested Directors cannot be obtained, any determination required to be made pursuant
to Section 6(b) above as to whether Indemnitee is entitled to indemnification shall be made by Independent Counsel selected as provided
in this Section 6(c). <SUP>3</SUP>The Independent Counsel shall be selected by Indemnitee, unless Indemnitee shall request that such selection
be made by the Board. The party making the selection shall give written notice to the other party advising it of the identity of the Independent
Counsel so selected. The party receiving such notice may, within seven (7) days after such written notice of selection shall have been
given, deliver to the other party a written objection to such selection. Such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of &ldquo;Independent Counsel&rdquo; as defined in Section 13 hereof, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall
act as Independent Counsel. If a written objection is made, the Independent Counsel so selected may not serve as Independent Counsel unless
and until a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a
written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected (or, if selected,
such selection shall have been objected to) in accordance with this paragraph, then either the Company or Indemnitee may petition the
courts of the State of Nevada or other court of competent jurisdiction for resolution of any objection which shall have been made by the
Company or Indemnitee to the other&rsquo;s selection of Independent Counsel</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_004.gif" ALT="" STYLE="width: 192px; height: 1px"></P>

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


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.1pt 7.8pt 0 5.35pt">and/or for the appointment as Independent Counsel of
a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection
is favorably resolved or the person so appointed shall act as Independent Counsel under Section 6(c) hereof. The Company shall pay any
and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to
Section 6(b) hereof. The Company shall pay any and all reasonable and necessary fees and expenses incident to the procedures of this Section
6(c), regardless of the manner in which such Independent Counsel was selected or appointed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 6.2pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant
to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(d). The Independent Counsel shall be selected
by the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company
a written objection to such selection; <I>provided, however</I>, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of &ldquo;Independent Counsel&rdquo; as defined in Section 13 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.
If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no
Independent Counsel shall have been selected (or, if selected, such selection shall have been objected to) in accordance with this paragraph,
then either the Company or Indemnitee may petition the appropriate courts of the State of Nevada or other court of competent jurisdiction
for resolution of any objection which shall have been made by Indemnitee to the Company&rsquo;s selection of Independent Counsel and/or
for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and
the person with respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel under Section
6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel
in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay any and all reasonable fees and expenses incident
to the procedures of this Section 6(d), regardless of the manner in which such Independent Counsel was selected or appointed.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 6.65pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">In making a determination with respect to entitlement to indemnification hereunder, the person or
persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither
the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 6.4pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Indemnitee shall be deemed to have acted in good faith if Indemnitee&rsquo;s action is based on the
records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to
Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on
information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other
expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director,
officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. Whether or not the foregoing provisions of this Section 6(f) are satisfied, it shall in any event be presumed that
Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled
to indemnification, including a description of any reason or basis for which indemnification has been denied.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 8.6pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">Notwithstanding anything to the contrary set forth in this Agreement, if the person, persons or entity
empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification shall not have been appointed or
shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, unless the
Company establishes by written opinion of Independent Counsel that (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee&rsquo;s statement not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under applicable law; <I>provided, however</I>, that such 60- day period may be extended
for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such determination with respect
to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section 6(g) shall not apply if the determination of entitlement
to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after
receipt by the Company of the request for such determination, the Disinterested Directors resolve as required by Section 6(b)(iii) of
this Agreement to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within
seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within
fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty
(60) days after having been so called and such determination is made thereat.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 6.35pt 0 5.35pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">(h)</FONT>
Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee&rsquo;s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel or member of the Board or stockholder of the Company shall act reasonably and in good faith
in making a determination regarding Indemnitee&rsquo;s entitlement to indemnification under this Agreement. Any costs or expenses (including
attorneys&rsquo; fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee&rsquo;s entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.1pt 6.3pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The Company acknowledges that a settlement or other disposition, including a conviction or a plea
of nolo contendere, short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment
against Indemnitee (including, without limitation, settlement of such Proceeding with or without payment of money or other consideration)
it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding nor will it create a presumption
that Indemnitee did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company
or that, with respect to any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 10.3pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(j)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement
or conviction, or upon a plea of nolo contendere or its equivalent, shall not of itself adversely affect the right of Indemnitee to indemnification
or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe
that his or her conduct was unlawful.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 9.3pt"><FONT STYLE="font-size: 9pt">7.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Remedies of Indemnitee.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 6.95pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this
Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) or Section 6(c) of this Agreement
within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant
to this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification is
not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination
is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication of Indemnitee&rsquo;s
entitlement to such indemnification or advancement of expenses either, at Indemnitee&rsquo;s sole option, in (1) an appropriate court
of the State of Nevada, or any other court of competent jurisdiction, or (2) an arbitration to be conducted by a single arbitrator, selected
by mutual agreement of the Company and Indemnitee, pursuant to the rules of the American Arbitration Association. The Company shall not
oppose Indemnitee&rsquo;s right to seek any such adjudication.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 10.35pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">In the event that a determination shall have been made pursuant to Section 6(b) or Section 6(c) of
this Agreement that Indemnitee is not entitled to indemnification, (i) any judicial proceeding or arbitration commenced pursuant to this
Section 7 shall be conducted in all respects de novo on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination
under Section 6(b) or Section 6(c); and (ii) in any such judicial proceeding or arbitration, the Company shall have the burden of proving
that Indemnitee is not entitled to indemnification under this Agreement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 8.15pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">If a determination shall have been made pursuant to Section 6(b) or Section 6(c), or shall have been
deemed to have been made pursuant to Section 6(g), of this Agreement that Indemnitee is entitled to indemnification, the Company shall
be obligated to pay the amounts constituting such indemnification within five (5) days after such determination has been made or has been
deemed to have been made and shall be conclusively bound by such determination in any judicial proceeding commenced pursuant to this Section
7, unless the Company establishes by written opinion of Independent Counsel that (i) a misstatement by Indemnitee of a material fact,
or an omission of a material fact necessary to make Indemnitee&rsquo;s misstatement not materially misleading in connection with the request
for indemnification, or (ii) a prohibition of such indemnification under applicable law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.3pt 9.1pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of, or an
award in arbitration to enforce, his or her rights under, or to recover damages for breach of, this Agreement, or to recover under any
directors&rsquo; and officers&rsquo; liability insurance policies maintained by the Company, the Company shall pay to him or her, or on
his or her behalf, in advance, and shall indemnify him or her against, any and all expenses (of the types described in the definition
of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him or her in such judicial adjudication or arbitration,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance
recovery.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.5pt 9.3pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate
in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a
written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee
in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or
under any directors&rsquo; and officers&rsquo; liability insurance policies maintained by the Company, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 9.3pt"><FONT STYLE="font-size: 9pt">8.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Non-Exclusivity; Survival of Rights; Insurance; Subrogation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 10.65pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The rights of indemnification and advancement of expenses as provided by this Agreement shall not
be deemed exclusive of, and shall be in addition to, any other rights to which Indemnitee may at any time be entitled under applicable
law, the Articles or the Bylaws of the Company, any agreement, a vote of stockholders, a resolution of directors or otherwise, and nothing
in this Agreement shall diminish or otherwise restrict Indemnitee&rsquo;s rights to indemnification or advancement of expenses under any
of the foregoing. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such
amendment, alteration or repeal. To the extent that a change in the NRS, whether by statute or judicial decision, permits greater indemnification
than would be afforded currently under the Articles, the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee
shall enjoy by this Agreement the greater benefits so afforded by such change and Indemnitee shall be deemed to have such greater benefits
hereunder. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity</FONT></P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.1pt 5.05pt 0 5.35pt">or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. The Company
shall not adopt any amendments to its Articles or Bylaws, the effect of which would be to deny, diminish or encumber Indemnitee&rsquo;s
right to indemnification or advancement of expenses under this Agreement, any other agreement or otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 7.25pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">To the extent that the Company maintains an insurance policy or policies providing liability insurance
for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy
or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee,
agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding
to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance
with the terms of such policies.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 12.55pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">In the event of any payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights (with all
of Indemnitee&rsquo;s reasonable expenses, including, without limitation, attorneys&rsquo; fees and charges, related thereto to be reimbursed
by or, at the option of Indemnitee, advanced by the Company).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 20.3pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
or otherwise.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 17.75pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The Company&rsquo;s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or
was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or
advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 8.4pt 0 5.35pt; text-indent: 0in">9. Exception to Right of Indemnification.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection
with any claim made against Indemnitee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 0.35in 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">for which payment has actually been made to or on behalf of Indemnitee under any insurance policy
or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;
or</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 21.7pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee
of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), or similar provisions of state statutory law or common law;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 5.6pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange
Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the &ldquo;Sarbanes- Oxley Act&rdquo;), or the payment to the Company of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 306 of the Sarbanes-Oxley Act);</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 7.95pt 0 5.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">for any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation
recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy
adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; or</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 28.1pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including
any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other
indemnitees, unless (i) the Board of the Company authorized the Proceeding (or such part of the Proceeding) prior to its initiation or
(ii) the Company indemnifies Indemnitee, in its sole discretion, independently of this Agreement pursuant to the powers vested in the
Company under applicable law.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 5.7pt 0 5.35pt; text-indent: 0in">10. Retroactive Effect; Duration of
Agreement; Successors and Binding Agreement. All agreements and obligations of the Company contained herein shall be deemed to have become
effective upon the date Indemnitee first had Corporate Status; shall continue during the period Indemnitee has Corporate Status; and shall
continue thereafter so long as Indemnitee may be subject to any Proceeding (or any action commenced under Section 7 hereof) by reason
of his or her Corporate Status, whether or not he or she is acting or serving in any such capacity at the time any liability or expense
is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit
of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger,
consolidation, reorganization or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs,
executors and personal and legal representatives. The Company shall require any such successor to all or substantially all of the business
or assets of the Company, by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession
had taken place. Except as otherwise set forth in this Section 10, this Agreement shall not be assignable or delegable by the Company.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.3pt 10.6pt 0 5.35pt; text-indent: 0in">11. Security. To the extent requested
by Indemnitee and approved by the Board of the Company, the Company may at any time and from time to time provide security to Indemnitee
for the Company&rsquo;s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security,
once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.</P>

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<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 13.85pt"><FONT STYLE="font-size: 9pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Enforcement.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.1pt 6.25pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">The Company expressly confirms and agrees that it has entered into this Agreement and assumes the
obligations imposed on it hereby in order to induce Indemnitee to serve, or continue to serve, as an officer or a director of the Company,
and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as an officer or a director
of the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 32.25pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect
to the subject matter hereof.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 13.85pt"><FONT STYLE="font-size: 9pt">13.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Definitions. For purposes of this Agreement:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 9pt">&ldquo;Change in Control&rdquo; means the occurrence of any one of the following events:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.5pt 8.75pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">any &ldquo;person&rdquo; (as such term is defined in Section 3(a)(9) of the Exchange Act and as used
in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company&rsquo;s
then outstanding securities eligible to vote for the election of the Board (the &ldquo;Company Voting Securities&rdquo;), other than any
Permitted Class C Owner (as such term is defined in the Articles); <I>provided, however, </I>that the event described in this paragraph
(i) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any subsidiary;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.25pt 0 5.35pt">(B) by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any subsidiary; (C) by any underwriter temporarily holding securities pursuant to an offering of such
securities; (D) pursuant to a Non-Control Transaction (as defined in paragraph (iii) below); or (E) a transaction (other than one described
in paragraph (iii) below) in which Company Voting Securities are acquired from the Company, if a majority of the Incumbent Board (as defined
in paragraph (ii) below) approves a resolution providing expressly that the acquisition pursuant to this clause (E) does not constitute
a Change in Control under this paragraph (i);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 18.5pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">individuals who, as of the date of this Agreement, constitute the Board (the &ldquo;Incumbent Board&rdquo;)
cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date of
this Agreement, whose election or nomination for election was approved by a vote of at least two-thirds of the directors comprising the
Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee
for director, without objection to such nomination) shall be considered a member of the Incumbent Board (other than any individual designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 13(a)(i), (iii), (iv) or
(v));</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.45pt 7pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">the consummation of a merger, consolidation, share exchange or similar form of corporate transaction
involving the Company or any of its subsidiaries that requires the approval of the Company&rsquo;s stockholders (whether for such transaction
or the issuance of securities in the transaction or otherwise) (a &ldquo;Reorganization&rdquo;), unless immediately following such Reorganization
more than 50% of the total combined voting power of the entity that controls, directly or indirectly, the entity resulting from such Reorganization
(the &ldquo;Surviving Company&rdquo;) is represented by Company Voting Securities that were outstanding immediately prior to such Reorganization
(or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Reorganization),
and with the power to elect at least a majority of the board of directors or other governing body of such Surviving Company (a &ldquo;Non-Control
Transaction&rdquo;);</FONT></P>

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<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 15.5pt"><FONT STYLE="font-size: 9pt">(iv)</FONT></TD><TD><FONT STYLE="font-size: 9pt">the stockholders of the Company approve a plan of complete liquidation or dissolution; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.5pt 12.75pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">(v)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">the consummation of a sale (or series of sales) of all or substantially all of the assets of the Company
and its subsidiaries to an entity that is not an affiliate of the Company.</FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 12.55pt 0 5.35pt">Notwithstanding the foregoing, a Change in Control shall
not be deemed to occur solely because any person acquires beneficial ownership of 30% or more of the Company Voting Securities as a result
of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided
that, if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases
the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control shall then occur.<SUP>4</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 28.65pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">&ldquo;Corporate Status&rdquo; means the fact that a person is or was a director, officer, employee
or fiduciary of the Company or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.5pt 12.5pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">&ldquo;Disinterested Director&rdquo; means a director of the Company who is not and was not a party
to the Proceeding in respect of which indemnification is sought by Indemnitee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.35pt 21.8pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">&ldquo;Enterprise&rdquo; shall mean the Company and any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a
director, officer, trustee, partner, manager, managing member, employee, agent or fiduciary.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 6.1pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">&ldquo;Expenses&rdquo; shall include all reasonable attorneys&rsquo; fees, retainers, court costs,
transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, ERISA excise taxes and penalties, and all other disbursements or expenses of the types
customarily incurred or actually incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery
in a Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including,
without limitation, the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its
equivalent. Should any payments by the Company to or for the account of Indemnitee under this Agreement be determined to be subject to
any federal, state or local income or excise tax, Expenses shall also include such amounts as are necessary to place Indemnitee in the
same after-tax position (after</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_004.gif" ALT="" STYLE="width: 192px; height: 1px"></P>

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


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.1pt 19.55pt 0 5.35pt">giving effect to all applicable taxes) Indemnitee would
have been in had no such tax been determined to apply to those payments. The parties agree that for the purposes of any advancement of
Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such
demand that are certified by affidavit of Indemnitee&rsquo;s counsel as being reasonable in the good faith judgment of such counsel shall
be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount
of judgments or fines against Indemnitee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 6.65pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">&ldquo;Independent Counsel&rdquo; means a law firm, or a member of a law firm, that is experienced
in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company
or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement,
or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term &ldquo;Independent Counsel&rdquo; shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee&rsquo;s rights under this Agreement. The Company agrees to pay the reasonable fees
of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.4pt 7.35pt 0 5.35pt; text-indent: 0in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;
</FONT><FONT STYLE="font-size: 9pt">&ldquo;Proceeding&rdquo; includes any threatened, pending or completed action, suit, claim, counterclaim,
cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal,
administrative, legislative or investigative (formal or informal); in each case whether or not Indemnitee&rsquo;s Corporate Status existed
at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending
on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce
his or her rights under this Agreement.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.45pt 9pt 0 5.35pt; text-indent: 0in">14. Severability. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. Without limiting
the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted
by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent
with the aforementioned intent, to the extent necessary to resolve such conflict.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.4pt 7.05pt 0 5.35pt; text-indent: 0in">15. Modification and Waiver. No supplement,
modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether
or not similar) nor shall such waiver constitute a continuing waiver.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.3pt 5.1pt 0 5.35pt; text-indent: 0in">16. Notice by Indemnitee. Indemnitee
agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder.
The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement
unless, and only to the extent that, the Company is actually and materially prejudiced as a direct result of such delay or failure.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 13.85pt"><FONT STYLE="font-size: 9pt">17.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing
and shall be deemed effectively given:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.1pt 13.75pt 0 5.35pt">(a) upon personal delivery to the party to be notified,
(b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed,
then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 9pt">To Indemnitee at the address set forth below Indemnitee&rsquo;s signature hereto.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.3pt"></TD><TD STYLE="width: 13pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 9pt">To the Company at:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/10.35pt Times New Roman, Times, Serif; margin: 5.35pt 0 0 41.35pt">Red Cat Holdings, Inc.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 388.4pt 0 41.35pt">607 Ponce de Leon Ave, Suite 407 San Juan, PR 85251<SUP>5</SUP></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 463.45pt 0 41.35pt">Attention:  Email:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 5.35pt">or to such other address as may have been furnished to Indemnitee
by the Company or to the Company by Indemnitee, as the case may be.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.35pt 13.35pt 0 5.35pt; text-indent: 0in">18. Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same Agreement. Executed counterparts may be delivered by facsimile and shall be deemed an original, but all of such counterparts
together shall constitute one and the same instrument.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.45pt 18.75pt 0 5.35pt; text-indent: 0in">19. Headings. The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect
the construction thereof.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.45pt 0.35in 0 5.35pt; text-indent: 0in">20. Successors and Assigns. The terms
of this Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee&rsquo;s
spouse, assigns, heirs, devisees, executors, administrators and other legal representatives.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.35pt 21.95pt 0 5.35pt; text-indent: 0in">21. Governing Law and Consent to
Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Nevada, without regard to its conflict of laws rules. The Company and Indemnitee hereby</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_004.gif" ALT="" STYLE="width: 192px; height: 1px"></P>

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

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 4.7pt 24.3pt 0 5.35pt"><SUP>5</SUP> Note to Draft: This is pulled from
the cover of the Company&rsquo;s most recent 10-K, but please note that it does not match the current address listed in the bylaws. Company
to please confirm.</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 91.4pt">&nbsp;</P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.1pt 8.55pt 0 5.35pt">irrevocably and unconditionally (i) agree that any action
or proceeding arising out of or in connection with this Agreement (other than an arbitration pursuant to Section 7 hereof) shall be brought
only in the appropriate court of the State of Nevada (the &ldquo;Nevada Court&rdquo;), and not in any other state or federal court in
the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Nevada Court
for purposes of such action or proceeding, (iii) waive any objection to the laying of venue of any such action or proceeding in the Nevada
Court, and</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 33.55pt 0 5.35pt">(iv) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Nevada Court has been brought in an improper or inconvenient forum.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 191.5pt 0 191.4pt; text-align: center">(Signature page follows)</P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.1pt 0 0 8pt">IN WITNESS WHEREOF, the parties hereto have executed this Agreement
on and as of the day and year first above written.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 159.7pt 0 191.6pt; text-align: center"><U>COMPANY</U>:</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.65pt 0 0 269pt"><B>RED CAT HOLDINGS, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/245% Times New Roman, Times, Serif; margin: 0 262.25pt 0 269pt">By: <FONT STYLE="letter-spacing: -0.05pt">Name:</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 269pt">Title: CEO</P>

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

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

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 5.8pt 0 0 269pt"><U>INDEMNITEE</U>:</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 269pt">By:</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.1in 0 0 269pt">Name:</P>

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

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.6pt 191.5pt 0 191.6pt; text-align: center">[Signature Page to Indemnification
Agreement]</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin: 5.5pt 13.65pt 0 5.35pt; text-indent: 0in"></P></BODY>
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