<SEC-DOCUMENT>0001554795-23-000292.txt : 20230908
<SEC-HEADER>0001554795-23-000292.hdr.sgml : 20230908
<ACCEPTANCE-DATETIME>20230908170209
ACCESSION NUMBER:		0001554795-23-000292
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230908
FILED AS OF DATE:		20230908
DATE AS OF CHANGE:		20230908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				880490034
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40202
		FILM NUMBER:		231245998

	BUSINESS ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510

	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>DEF 14A
<SEQUENCE>1
<FILENAME>rcat0905def14a.htm
<DESCRIPTION>SCHEDULE 14A DEFINITIVE PROXY STATEMENT
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt; font-variant: small-caps"><B>SCHEDULE
14A</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exchange Act of 1934</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Filed by the Registrant</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9745;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9745;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RED CAT HOLDINGS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9745;</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><SUP>1.</SUP></FONT></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><SUP>2.</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><SUP>3.</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><SUP>4.</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><SUP>5.</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">September 8, 2023</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-right: 0; margin-left: 0">It is my
pleasure to invite you to attend the 2023 Annual Meeting of Stockholders (the &quot;Annual Meeting&quot;) of Red Cat Holdings, Inc. (&quot;Red
Cat&quot;).&nbsp; This year's Annual Meeting will be held on November 6, 2023.&nbsp; Similar to last year, the meeting will be held on-line
to allow for greater participation by all shareholders, regardless of location.&nbsp; The Annual Meeting will begin at 12 p.m. Eastern
Time and can be accessed by calling toll free at <FONT STYLE="background-color: white">877-407-3088</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt; background-color: white">The
matters expected to be acted upon at the Annual Meeting are listed in the Notice of Annual Meeting of Stockholders and more fully described
in the accompanying proxy statement. We have also made available or provided our Annual Report on Form 10-K for the fiscal year ended
April 30, 2023 which contains important business and financial information regarding Red Cat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt; background-color: white">Your
vote is important. Whether or not you plan to attend the Annual Meeting, to ensure that your shares will be represented, please cast your
vote as soon as possible via the internet, or, if you received a paper proxy card and voting instructions by mail, by completing and returning
the enclosed proxy card in the postage-prepaid envelope. Your vote by proxy will ensure your representation at the Annual Meeting regardless
of whether or not you attend virtually.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>/s/ Jeffrey M. Thompson</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Jeffrey M. Thompson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Your vote is important. As described in your electronic
proxy materials notice or on the enclosed paper proxy card and voting instructions, please vote by: (1)&nbsp;accessing the internet website
or (2)&nbsp;signing and dating the proxy card as promptly as possible and returning it in the enclosed envelope (to which no postage need
be affixed if mailed in the United States).&nbsp; Even if you plan to attend the virtual Annual Meeting, we recommend that you vote your
shares in advance so that your vote will be counted if you later decide not to attend online.</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS FOR THE ANNUAL MEETING TO BE HELD ON NOVEMBER 6, 2023: THE PROXY STATEMENT AND ANNUAL REPORT WILL BE AVAILABLE AT
WWW.REDCAT.VOTE ON OR ABOUT SEPTEMBER 15, 2023.</B></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>RED CAT HOLDINGS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center; background-color: white"><B>NOTICE OF ANNUAL
MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>NOVEMBER 6, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify; background-color: white">To the Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Time and Date:</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">November 6, 2023 at 9 a.m. Eastern Time</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Place:</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Audio-only conference call at 877-407-3088 (Toll Free)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 18%; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Items of Business:</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 79%; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Elect the four (4) directors listed in the accompanying proxy statement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ratify the appointment of BF Borgers, CPA, PC as the independent registered public accounting firm of Red Cat Holdings, Inc. for the fiscal year ending April 30, 2024.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Approve an amendment to the Company's 2019 Equity Incentive Stock Plan to increase the number of shares of common stock that can be issued thereunder by 3,000,000 to a total of 11,750,000.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Transact any other business as may properly come before the Annual Meeting or any adjournment or postponement of the Annual Meeting.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Record Date:</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Only stockholders of record at the close of business on September 8, 2023 are entitled to notice of, and to vote at, the Annual Meeting and any adjournments thereof.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Proxy Voting:</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each share of common stock represents one vote.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0"><B>Questions:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-right: 1pt; padding-bottom: 5pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">If you are a
    registered holder, contact our transfer agent, Equity Stock Transfer, LLC, through its website at www.equitystock.com or by phone at (212)
    575-5757.</P>
    <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">If you are a beneficial owner of record
    as of the Record Date (i.e., you held your shares in an account at a brokerage firm, bank or other similar agent), contact your broker,
    bank or other agent.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This notice of the Annual Meeting, proxy statement,
form of proxy and our 2023 Annual Report are being distributed or made available on or about September 15, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Whether or not you plan to attend the audio-only
conference call Annual Meeting, we encourage you to vote or submit your proxy via the internet, or request and submit your proxy card
as soon as possible, so that your shares may be represented at the meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ Joseph Hernon</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Joseph Hernon, Corporate Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">and Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt; background-color: white">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>RED CAT HOLDINGS,
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>15 AVE. MUNOZ
RIVERA, STE 2200</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>SAN JUAN,
PUERTO RICO 00901</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY STATEMENT FOR THE 2023 ANNUAL MEETING OF STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 8, 2023</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION ABOUT SOLICITATION AND VOTING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying proxy is solicited on behalf of the
board of directors of Red Cat Holdings, Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; the &ldquo;Company,&rdquo; &ldquo;our company&rdquo;
or &ldquo;Red Cat&rdquo;) for use at our 2023 Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;), to be held as an audio-only
conference call by calling 877-407-3088 (Toll Free)&nbsp;on November 6, 2023 at 12 p.m. Eastern Time, and any adjournment or postponement
thereof. Beginning on or about September 15, 2023, a Notice of Internet Availability of Proxy Materials (the &ldquo;Notice of Internet
Availability&rdquo;), which contains instructions on how to access this proxy statement for the Annual Meeting (this &ldquo;Proxy Statement&rdquo;)
and our Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (the &ldquo;Annual Report&rdquo;), is being mailed to our
stockholders. Our fiscal year ended April 30, 2023 is also referred to herein as &ldquo;Fiscal 2023.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTERNET AVAILABILITY OF PROXY MATERIALS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are using the internet as the primary means for
furnishing proxy materials to stockholders. Consequently, most stockholders will not receive paper copies of our proxy materials. We will
instead send these stockholders a Notice of Internet Availability with instructions for accessing the proxy materials online, including
this Proxy Statement and our Annual Report, and for voting via the internet or by mail. The Notice of Internet Availability also provides
information on how stockholders may obtain paper copies of our proxy materials if they so choose. We encourage stockholders to take advantage
of the online availability of proxy materials, as we believe it helps in conserving natural resources and reduces our printing and mailing
costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GENERAL INFORMATION ABOUT THE MEETING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What is the purpose of the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose is to have stockholders vote upon the
proposals described in this Proxy Statement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What proposals are scheduled to be voted on at
the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders will be asked to vote upon the following
three proposals:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. The election of each of the
four (4) directors set forth in Proposal One to serve for a term of one year or until such director&rsquo;s successor is duly elected
and qualified or until such director&rsquo;s earlier death, resignation, disqualification or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. The ratification of the appointment
of BF Borgers, CPA, PC as our independent registered public accounting firm for the fiscal year ending April 30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3. To approve an amendment to
the Company's 2019 Equity Incentive Stock Plan to increase the number of shares of common stock that can be issued thereunder by 3,000,000
to a total of 11,750,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What is the recommendation of our Board of Directors
on each of the proposals scheduled to be voted upon at the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board of Directors recommends that you vote your
shares:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10.5pt; line-height: 93%">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">FOR each of the nominees to the Board of Directors (Proposal One);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10.5pt; line-height: 93%">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">FOR the ratification of the appointment of BF Borgers, CPA, PC as our independent registered public accounting firm for the fiscal year ending April 30, 2024 (Proposal Two);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10.5pt; line-height: 93%">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">FOR the approval of an amendment to the Company&rsquo;s 2019 Equity Incentive Stock Plan to increase the number of shares of common stock that can be issued thereunder by 3,000,000 to a total of 11,750,000. (Proposal Three).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Why are we having a virtual only meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While the Covid 19 pandemic has substantially subsided,
variants continue to emerge and many individuals remain concerned about meeting in close settings with many people. As a result, we have
decided to continue to hold the Annual Meeting in a virtual format which will be conducted via an audio-only conference. We intend
to hold the virtual Annual Meeting in a manner that affords you the same rights and opportunities to participate as you would have at
an in-person meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who may attend and how do I attend?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.95pt 0 0; text-align: justify">All holders of our common stock as of the
Record Date, or their duly appointed proxies, may attend the Annual Meeting (via webinar or phone call). Set forth below is a summary
of the information you need to attend the Annual Meeting:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10.5pt; line-height: 93%">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">Access the audio-only conference call by calling 877-407-3088 (Toll Free) or +1-877-407-3088 (International);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">Instructions on how to attend and participate in the Annual Meeting, including how to demonstrate proof of stock ownership, are also available as follows:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%"><U>Stockholders of Record</U>: Stockholders of record as of the Record Date can attend the Annual Meeting by calling the live audio conference call at +1-877-407-3088 and presenting your unique control number on the proxy card.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%"><U>Beneficial Owners</U>: If you were a beneficial owner of record as of the Record Date (i.e., you held your shares in an account at a brokerage firm, bank or other similar agent), you will need to obtain a legal proxy from your broker, bank or other agent. Once you have received a legal proxy from your broker, bank or other agent, it should be emailed to our transfer agent, Equity Stock Transfer, at proxy@equitystock.com and should be labeled &ldquo;Legal Proxy&rdquo; in the subject line. Please include proof from your broker, bank or other agent of your legal proxy (e.g., a forwarded email from your broker, bank or other agent with your legal proxy attached, or an image of your valid proxy attached to your email). Requests for registration must be received by Equity Stock Transfer no later than 5:00 p.m. Eastern Time, on November 2nd. You will then receive a confirmation of your registration, with a control number, by email from Equity Stock Transfer. Access the live audio conference call at +1-877-407-3088 and present your unique control number.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">&#9679;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; line-height: 93%"><FONT STYLE="font-size: 10pt; line-height: 93%">Stockholders may submit live questions on the conference line while attending the Annual Meeting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/86% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What if I have technical difficulties or trouble
accessing the virtual Annual Meeting? </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will have technicians ready to assist you with
any technical difficulties you may have in accessing the virtual Annual Meeting. If you encounter any difficulties, please call: 877-804-2062
(Toll Free) or email proxy@equitystock.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A replay of the Annual Meeting will be posted as soon
as practical on www.redcat.vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who can vote at the Annual Meeting?</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Stockholders as of the
Record Date are entitled to vote at the Annual Meeting. At the close of business on the record date, September 8, 2023, there were
55,642,006 shares</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">of our common stock outstanding and
entitled to vote.&nbsp;&nbsp;Each share is entitled to one vote on each matter presented at the Annual Meeting. There is no cumulative
voting.</FONT></P>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>How do I vote my shares?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Whether you plan to attend the virtual Annual Meeting
or not, we urge you to vote by proxy. All shares represented by valid proxies that we receive through this solicitation, and that are
not revoked, will be voted in accordance with your instructions on the proxy card or as instructed via Internet or telephone. Except as
set forth below, if you properly submit a proxy without giving specific voting instructions, your shares will be voted in accordance with
the Board of Director&rsquo;s recommendations. Voting by proxy will not affect your right to attend the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If your shares are registered directly in your name
through our stock transfer agent, Equity Stock Transfer, or you have stock certificates, you may vote:</P>

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

<OL START="1" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0pt 31.5pt 10pt 0pt; line-height: 91%; text-align: justify; font-size: 10pt"><U>By Internet</U>. The website address for Internet
voting is www.redcat.vote. Please click &ldquo;Vote Your Proxy&rdquo; and enter your control number.</LI>

<LI STYLE="margin: 0pt 31.5pt 10pt 0pt; line-height: 87%; text-align: justify; font-size: 10pt"><U>By mail</U>. Mark, date, sign and mail the
Proxy Card, ATTN: Shareholder Services.</LI>

<LI STYLE="line-height: 93%; text-align: justify; margin: 0 31.5pt 0 0; font-size: 10pt"><U>At the Annual Meeting</U>. If you are a shareholder
of record, you can participate and vote your shares at the Annual Meeting by visiting www.redcat.vote and then clicking &ldquo;Vote Your
Proxy&rdquo;. You may then enter the control number included on your Proxy Card and view the proposals and cast your vote.</LI>

</OL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 0; text-align: justify">If your shares are held in &ldquo;street
name,&rdquo; then your bank, broker or other nominee should provide a request for voting instructions along with the Company&rsquo;s proxy
solicitation materials. By completing the voting instruction card, you may direct your nominee how to vote your shares. If you partially
complete the voting instruction but fail to complete one or more of the voting instructions, then your nominee may be unable to vote your
shares with respect to the proposal as to which you provided no voting instructions. Alternatively, if you want to vote your shares during
the Annual Meeting, you must contact your nominee directly in order to obtain a proxy issued to you by your nominee holder. Note that
a broker letter that identifies you as a stockholder is not the same as a nominee-issued proxy. If you fail to present a nominee-issued
proxy to proxy@equitystock.com by 5:00 p.m. Eastern Time on November 6, 2023, you will not be able to vote your nominee- held shares during
the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Can I change my vote or revoke my proxy?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A stockholder of record who has given a proxy may
revoke it at any time before it is exercised at the Annual Meeting by:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delivering to our Corporate Secretary a written notice stating that the proxy is revoked;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signing and delivering a proxy bearing a later date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Voting again via internet no later than 7:00 p.m. Eastern Time on November 5, 2023 or </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Voting again during the Annual Meeting when the Chairman opens the polls</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please note, however, that if your shares are held
of record by a broker, bank or other nominee and you wish to revoke a proxy, you must contact that firm to revoke any prior voting instructions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Will I be able to ask questions at the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders may submit live questions on the conference
line while attending the virtual Annual Meeting. Only questions pertinent to meeting matters or our Company will be answered during the
meeting, subject to time constraints. Questions that are substantially similar may be grouped and answered together to avoid repetition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What is the quorum requirement for the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of a majority of the voting power of the
shares of our common stock entitled to vote at the Annual Meeting as of the Record Date must be present at the Annual Meeting in order
to hold the Annual Meeting and conduct business. This presence is called a quorum. Your shares are counted as present at the Annual Meeting
if you are present and vote in person at the Annual Meeting, if you vote in advance of the Annual Meeting by mail or internet or by telephone
or if you have properly submitted a proxy.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What is the vote required for each proposal?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For Proposal One, each director will be elected by
a plurality of the votes cast, which means that the four (4) individuals nominated for election to our Board of Directors at the Annual
Meeting receiving the highest number of &ldquo;FOR&rdquo; votes will be elected. You may vote &ldquo;FOR ALL NOMINEES,&rdquo; to &ldquo;WITHHOLD
AUTHORITY FOR ALL NOMINEES&rdquo; or &ldquo;FOR ALL EXCEPT&rdquo; one or more of the nominees you specify. If any nominee is unable or
unwilling to serve for any reason, proxies may be voted for such substitute nominee as the proxy holder might determine. Proxies may not
be voted for more than five directors. Each nominee has consented to being named in this Proxy Statement and to serve if elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For Proposal Two, ratification of the appointment
of BF Borgers, CPA, PC as our independent registered public accounting firm for the fiscal year ending April 30, 2024 will be obtained
if the number of votes cast &ldquo;FOR&rdquo; the proposal at the Annual Meeting represents a majority of the votes cast by stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For Proposal Three, the approval, an amendment to
the company&rsquo;s 2019 Equity Incentive Stock Plan to increase the number of shares of common stock that can be issued thereunder by
3,000,000 to a total of 11,750,000 will be obtained if the number of votes cast &ldquo;FOR&rdquo; the proposal at the Annual Meeting represents
a majority of the votes cast by stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>How are abstentions and broker non-votes treated?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Abstentions (i.e. shares present at the Annual Meeting
and marked &ldquo;abstain&rdquo;) and &ldquo;broker&nbsp;non-votes&rdquo; are each included in the determination of the number of shares
present and entitled to vote at the meeting for purposes of determining the presence or absence of a quorum for the transaction of business
at the Annual Meeting. However, neither abstentions nor broker&nbsp;non-votes&nbsp;are counted as voted either for or against a proposal
and, as such, will not affect the outcome of the vote on any proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A &ldquo;broker non-vote&rdquo; occurs when your broker
submits a proxy for your shares but does not indicate a vote for a particular proposal because the broker has not received voting instructions
from you and is not authorized to vote on that proposal without instructions. A broker is authorized to vote shares held for a beneficial
owner on &ldquo;routine&rdquo; matters without instructions from the beneficial owner of those shares, but is not authorized to vote shares
held for a beneficial owner on &ldquo;non-routine&rdquo; matters without instructions from the beneficial owner of those shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proposals One and Three are each considered a &ldquo;non-routine&rdquo;
matter. If you do not provide your broker with specific instructions on how to vote your shares, the broker that holds your shares will
not be authorized to vote on Proposals One and Three. Accordingly, we encourage you to provide voting instructions to your broker, whether
or not you plan to attend the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proposal Two is considered a &ldquo;routine&rdquo;
matter. Brokers have discretionary authority to vote shares that are beneficially owned on Proposal Two.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What does it mean if I receive more than one proxy
card?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you receive more than one proxy card, your shares
are registered in more than one name or are registered in different accounts. To make certain all of your shares are voted, please follow
the instructions included on each proxy card and vote each proxy card via the internet or by mail. If you requested or received paper
proxy materials and you intend to vote by mail, please complete, sign and return each proxy card you received to ensure that all of your
shares are voted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who is paying for this proxy solicitation?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will pay the expenses of soliciting proxies, including
preparation, assembly, printing and mailing of this Proxy Statement, the proxy card and any other information furnished to stockholders.
Following the original mailing of the proxy materials, we and our agents, including directors, officers and other employees may solicit proxies by mail, email, telephone, facsimile, by other similar means or in person. Following the original mailing
of the proxy materials, we will request brokers, custodians, nominees and other record holders to forward copies of the proxy materials
to persons for whom they hold shares and to request authority for the exercise of proxies. In such cases, upon the request of the record
holders, we will reimburse such holders for their reasonable expenses. If you choose to access the proxy materials or vote via the internet,
you are responsible for any internet access charges you may incur.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Where can I find the voting results?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Voting results will be tabulated and certified by
the inspector of elections appointed for the Annual Meeting. The preliminary voting results will be announced at the Annual Meeting. The
final results will be tallied by the inspector of elections and filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
in a current report on Form 8-K within four business days of the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><BR>
BOARD OF DIRECTORS AND CORPORATE GOVERNANCE</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors currently consists of four
members. Our directors hold office until their successors have been elected and qualified or until the earlier of their death, resignation
or removal. There are no family relationships among any of our directors or executive officers.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Our Board has determined that all of our present
directors are independent, in accordance with standards under the Nasdaq Listing Rules, other than Mr. Thompson. Our Board determined
that, under the Nasdaq Listing Rules, Mr. Thompson is not an independent director because he is the Chief Executive Officer and President
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Our Board has determined that Christopher Moe, Nicholas
Liuzza, and Joseph Freedman are independent under the Nasdaq Listing Rules&rsquo; independence standards for Audit Committee members.
Our Board has also determined that Nicholas Liuzza, Christopher Moe and Joseph Freedman are independent under the Nasdaq Listing Rules
independence standards for Compensation Committee members and that Joseph Freedman and Nicholas Liuzza are independent under the Nasdaq
Listing Rules independence standards for Governance and Nominating committee members.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Audit Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Audit Committee is composed
of three independent directors: Christopher Moe, Nicholas Liuzza, and Joseph Freedman. Each member of the Audit Committee is an independent
director as defined by the rules of the SEC and Nasdaq. The Audit Committee has the sole authority and responsibility to select, evaluate
and engage independent auditors for the Company. The Audit Committee reviews with the auditors and with the Company&rsquo;s financial
management all matters relating to the annual audit of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Audit Committee
monitors (i) the integrity of our financial statements, (ii) the independent registered public accounting firm&rsquo;s
qualifications and independence, (iii) the performance of our internal audit function and the auditors, and (iv) our
compliance with legal and regulatory requirements. The Audit Committee also meets with our auditors to review the results of their
audit and review of our annual and interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Audit Committee meets
at least on a quarterly basis to discuss with management the annual audited financial statements and quarterly financial statements and
meets from time to time to discuss general corporate matters.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Audit Committee Financial
Expert</B></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; text-align: justify; background-color: white">Our Board determined that
Christopher Moe is qualified as an Audit Committee Financial Expert, as that term is defined by the rules of the SEC, in compliance with
the Sarbanes-Oxley Act of 2002.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Compensation Committee</B></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; text-align: justify; background-color: white">The Compensation Committee,
which currently consists of Nicholas Liuzza, Christopher Moe and Joseph Freedman, each of whom are independent directors. Among other things,
the Compensation Committee reviews, recommends, and approves salaries and other compensation of the Company&rsquo;s executive officers,
and administers the Company&rsquo;s equity incentive plans (including reviewing, recommending and approving stock option and other equity
incentive grants to executive officers).&nbsp;The Compensation Committee meets in executive session to determine the compensation of the
Chief Executive Officer of the Company. In determining the amount, form, and terms of such compensation, the Committee considers the annual
performance evaluation of the Chief Executive Officer conducted by the Board in light of company goals and objectives relevant to Chief
Executive Officer compensation, competitive market data pertaining to Chief Executive Officer compensation at comparable companies, and
such other factors as it deems relevant. The Compensation Committee is guided by, and seeks to promote, the best interests of the Company
and its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In addition, subject to existing
agreements, the Compensation Committee determines the salaries, bonuses, and other matters relating to compensation of the executive officers
of the Company using similar parameters. It sets performance targets for determining periodic bonuses payable to executive officers. It
also reviews and makes recommendations to the Board regarding executive and employee compensation, as well as benefit plans and programs,
including employee bonus and retirement plans and programs (except to the extent specifically delegated to a Board appointed committee
with authority to administer a particular plan). In addition, the Compensation Committee approves the compensation of non-employee directors
and reports it to the full Board.</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; text-align: justify; background-color: white">The Compensation Committee
also reviews and makes recommendations with respect to stockholder proposals related to compensation matters. The committee administers
the Company&rsquo;s equity incentive plans, including the review and grant of stock options and other equity incentive grants to executive
officers, as well as other employees and consultants.</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; text-align: justify; background-color: white">The Compensation Committee
may, in its sole discretion and at the Company&rsquo;s cost, retain or obtain the advice of a compensation consultant, legal counsel or
other adviser. The Compensation Committee is directly responsible for the appointment, compensation and oversight of the work of any compensation
consultant, legal counsel and other adviser retained by the committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></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; text-align: justify; background-color: white"><B>Governance and Nominating
Committee</B></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; text-align: justify; background-color: white">The Governance and Nominating
Committee consists of Joseph Freedman, Nicholas Liuzza, and Christopher Moe, each of whom meets the independence requirements of all other
applicable laws, rules and regulations governing director independence, as determined by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Governance and Nominating Committee (i)
identifies individuals qualified to become members of the Board consistent with criteria approved by the Board, (ii) recommends to
the Board the director nominees for the next annual meeting of stockholders or special meeting of stockholders at which directors
are to be elected, (iii) recommends to the Board candidates to fill any vacancies on the Board, (iv) develops and recommends to the
Board the corporate governance guidelines applicable to the Company, and (v) oversees the evaluation of the Board and
management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In recommending director
nominees for the next annual meeting of stockholders, the Governance and Nominating Committee ensures the Company complies with its contractual
obligations, if any, governing the nomination of directors. It considers and recruits candidates to fill positions on the Board, including
as a result of the removal, resignation or retirement of any director, an increase in the size of the Board or otherwise. The Committee
conducts, subject to applicable law, any and all inquiries into the background and qualifications of any candidate for the Board and such
candidate&rsquo;s compliance with the independence and other qualification requirements established by the Committee. The Committee also
recommends candidates to fill positions on committees of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In selecting and recommending
candidates for election to the Board or appointment to any committee of the Board, the Committee does not believe that it is appropriate
to select nominees through mechanical application of specified criteria. Rather, the Committee shall consider such factors that it deems
appropriate, including, without limitation, the following (i) personal and professional integrity, ethics and values, (ii) experience
in corporate management, such as serving as an officer or former officer of a publicly-held company (iii) experience in the Company&rsquo;s
industry, (iv) experience as a board member of another publicly-held company, (v) diversity of expertise and experience in substantive
matters pertaining to the Company&rsquo;s business relative to other directors of the Company, (vi) practical and mature business judgment,
(vii) and composition of the Board (including its size and structure).&nbsp;</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; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Committee develops and
recommends to the Board a policy regarding the consideration of director candidates recommended by the Company&rsquo;s stockholders and
procedures for submission by stockholders of director nominee recommendations.</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; text-align: justify; background-color: white">In appropriate
circumstances, the Committee, in its discretion, will consider and may recommend the removal of a director, in accordance with the
applicable provisions of the Company&rsquo;s certificate of incorporation and bylaws. If the Company is subject to a binding
obligation that requires the removal of a director in a manner inconsistent with the foregoing, then the removal of a director shall
be governed by such instrument.</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; text-align: justify; background-color: white">The Committee oversees the
evaluation of the Board and management. It also develops and recommends to the Board a set of corporate governance guidelines applicable
to the Company which the Committee shall periodically review and revise as appropriate. In discharging its oversight role, the Committee
is empowered to investigate any matter brought to its attention.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Special Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In September 2022, the Board of Directors established a Special Committee (&quot;SC&quot;) with a mandate to oversee and manage the negotiation, structure,
and terms of the anticipated UMAC transaction. Additionally, the committee is tasked with providing essential support for this transaction
and managing any other matters that may be assigned to them by the board. Joe Freedman and Chris Moe were chosen as Co-Chairs of the committee
and were authorized to receive a payment of $15,000 each.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Upon the execution or termination
of the UMAC transaction and the satisfactory resolution of all other assigned matters, the Special Committee will have fulfilled its purpose
and will be dissolved.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Board Diversity</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While we do not have a formal policy on diversity,
the Board considers diversity to include the skill set, background, reputation, type and length of business experience of the Board members
as well as a particular nominee&rsquo;s contributions to that mix. The Board believes that diversity brings a variety of ideas, judgments
and considerations that benefit the Company and its stockholders. Although there are many other factors, the Board seeks individuals with
experience in operating and growing businesses.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Board Leadership Structure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Jeffrey Thompson serves as
the Chairman of the Board and actively interfaces with management, the Board and counsel regularly.&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company&rsquo;s risk
management function is overseen by the Board. The Company&rsquo;s management keeps the Board apprised of material risks and provides the
directors with access to all information necessary for them to understand and evaluate how these risks interrelate, how they affect us,
and how management addresses those risks. Jeffrey Thompson, Chairman of the Board, works closely together with the other members of the
Board when material risks are identified on how to best address such risks. If the identified risk poses an actual or potential conflict
with management, the Company&rsquo;s independent directors may conduct the assessment. Presently, the primary risk affecting us is that
we have never been profitable and we have limited financial resources to support our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0; background-color: white"><B>Family
Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0; background-color: white">There
are no family relationships among any of our officers or directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0; background-color: white"><B>Involvement
in Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0; background-color: white">We
are not aware of any of our directors or officers being involved in any legal proceedings in the past ten years relating to any matters
in bankruptcy, insolvency, criminal proceedings (other than traffic and other minor offenses) or being subject to any of the items set
forth under Item 401(f) of Regulation S-K.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Code of Ethics</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Board has adopted a Code
of Business Conduct and Ethics (the &ldquo;Code of Ethics&rdquo;) that applies to all of the Company&rsquo;s employees, including the
Company&rsquo;s Chief Executive Officer and Chief Financial Officer. Although not required, the Code of Ethics also applies to the Company&rsquo;s
directors and its Chief Operating Officer. The Code of Ethics provides written standards that we believe are reasonably designed to deter
wrongdoing and promote honest and ethical conduct, including (i) the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships, (ii) full, fair, accurate, timely and understandable disclosure and compliance with laws, rules
and regulations, (iii) the prompt reporting of illegal or unethical behavior, and (iv) accountability for adherence to the Code of Ethics.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Changes in Nominating
Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">There are no material changes
to the procedures by which security holders may recommend nominees to our Board.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL ONE: ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the recommendation of our Nominating and Corporate
Governance Committee, our Board of Directors proposes that each of the four nominees named below be elected as a director to serve until
our next annual meeting of stockholders or until such director&rsquo;s successor is duly elected and qualified or until such director&rsquo;s
earlier death, resignation, disqualification or removal.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no family relationships among our directors
and executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOMINEES TO OUR BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The nominees, their
ages as of August 1, 2023, </FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">and biographical information
are set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>Jeffrey M. Thompson,&nbsp;</I></B><I>Director,
President and Chief Executive Officer, Age 59</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Jeffrey Thompson has been
President and Chief Executive Officer of the Company since May 15, 2019. In December 1999, Mr. Thompson founded Towerstream Corporation
(Nasdaq:TWER), a fixed-wireless fiber alternative company delivering high-speed internet access to businesses, and served as its president,
chief executive officer and a director from November 2005 to February 2016. In 1994, Mr. Thompson founded EdgeNet Inc., a privately held
Internet service provider (which was sold to Citadel Broadcasting Corporation in 1997) and became eFortress through 1999. Mr. Thompson
holds a B.S. degree from the University of Massachusetts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Mr. Thompson&rsquo;s management
and public company experience and his role as President and Chief Executive Officer of the Company, led to his appointment as a director.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Joseph Freedman</I></B><I>, Director, Age 57</I></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Joe Freedman is an entrepreneur with experience
in launching, growing, and successfully exiting businesses in executive search, title insurance, legal services, and hospitality. His
entrepreneurial journey includes turnarounds, mergers &amp; acquisitions, as well as winding down and liquidating the assets of an unprofitable
business. Prior to selling three businesses to NYSE-listed, private equity, and privately held companies, he successfully built them into
industry market leaders. Five companies led by Mr. Freedman were listed on the Inc. 500/5000 a total of 15 times, with one ranking in
the top 100.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2006, Mr. Freedman co-founded Peachtree Tents
&amp; Events Holdings, LLC, where he served as chief executive officer until 2021 and currently serves on the board. Previously, he co-founded
and served as chief executive officer of RFx Legal, LLC, Richmond Title, LLC, and AMICUS Legal Staffing, Inc. until their acquisitions.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to his entrepreneurial pursuits,
Mr. Freedman actively participates in various civic boards, including the Entrepreneurs&rsquo; Organization (Nashville Chapter), where
he has held multiple board positions, including that of president. Currently, he holds the position of Governance Chair. In 2022, Mr.
Freedman established the nonprofit organization, Drones For Good Worldwide, driven by his passion for making a positive impact. The organization
focuses on providing drones to support humanitarian efforts during disasters worldwide.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Freedman holds a B.S. degree in Finance from
Louisiana State University and a Juris Doctorate from Northwestern California University School of Law. His experience in recruiting,
business, and finance has provided the foundation for his appointment to the Board of the Company.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Nicholas Liuzza
Jr</I></B></FONT><B><I><FONT STYLE="font-size: 13pt">.</FONT></I></B><I><FONT STYLE="font-size: 13pt">,</FONT> <FONT STYLE="font-size: 10pt">Director,
Age 57</FONT></I></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Nicholas Liuzza Jr. has been a director of the
Company since June 1, 2019. Mr. Liuzza co-founded Beeline Loans, a Digital Mortgage Lender in 2019. Previously, Mr Liuzza founded Linear
Title &amp; Closing, Ltd, a highly automated, and one of the largest, private national title agencies in the U.S in 2005. In 2012, he
founded Nexgen Mortgage Services. Both companies merged with Real Matters and went public on the Toronto Stock Exchange (TSX) in 2018
at a $1 billion valuation. Nick served as Executive Vice President of Real Matters, Inc. and exited in 2020 to work for Beeline Loans.
Mr. Liuzza founded New Age Nurses, a healthcare staffing company which he grew into a national provider of healthcare personnel services
which became the platform for a reverse merger which listed on the OTC upon its acquisition in 2003 by Crdentia. Prior thereto, Mr. Liuzza
was Executive Vice President of AMICUS Legal Staffing, a national staffing services provider with a specialization in real estate transactions.
Mr. Liuzza started his career with Xerox Corporation in 1988. Mr. Liuzza&rsquo;s more than 20 years of experience as an entrepreneur in
the software industry and his sales and software development experience led to his appointment as a director.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Christopher R. Moe</I></B><I>, Director, Age 67</I></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; text-align: justify">Christopher R.&nbsp;Moe&nbsp;serves as the Chief Financial
Officer and Director of Yates Electrospace Corporation,&nbsp;a&nbsp;heavy payload autonomous cargo delivery&nbsp;drone&nbsp;developer
and producer. Earlier he was&nbsp;the&nbsp;Chairman,&nbsp;Chief Executive Officer&nbsp;and co-Founder of ProBrass&nbsp;Inc., a rifle brass
cartridge case manufacturing company.&nbsp;Previously he was&nbsp;the&nbsp;Chief Financial Officer of Vectrix Holdings Limited, a subsidiary
of GP Industries Ltd (G20:SGX), an international developer and manufacturer of&nbsp;electric motorcycles&nbsp;and&nbsp;Chief Financial
Officer and Director of Mission Motor Company, a company focused on advanced EV and hybrid powertrains for automobile and&nbsp;power sports&nbsp;applications.
Earlier he served as the Chief Financial Officer &amp; Director of Vectrix Corporation&nbsp;(LSE:VRX), Managing Director of GH Ventures,
Managing Director of Kirkland Investment Corporation, Chief Executive Officer of St. Louis Ship Industries, Vice President of Wasserstein,
Perella &amp; Co.&rsquo;s merchant banking fund and Vice President/Area Head with Citicorp&rsquo;s Leveraged Capital Group. He&nbsp;served
as a&nbsp;Captain of&nbsp;United States&nbsp;Marines&nbsp;and deployed&nbsp;with artillery and infantry units twice to the Western Pacific
and Indian Ocean.&nbsp;He is the&nbsp;Treasurer of The Pennfield School and the former Treasurer of&nbsp;the Zabriskie Memorial Church
of Saint John the Evangelist. He&nbsp;holds&nbsp;a BA degree in English from Brown University&nbsp;and an MBA from the Harvard Business
School.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Moe&rsquo;s experience in&nbsp;operational finance,&nbsp;and
with venture capital, private equity, M&amp;A, and corporate finance transactions, both as&nbsp;agent and principal, with&nbsp;a focus
on transportation, provide the basis upon which the Company appointed him to the Board.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Director Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the total compensation
for each person who served as a&nbsp;non-employee&nbsp;director during Fiscal 2023. Mr. Thompson is not included in the table below, as
he is employed as our Chief Executive Officer and receives no compensation for his service as director. The compensation received by Mr.
Thompson as an employee is included in the &ldquo;Executive Compensation&mdash;Summary Compensation Table.&rdquo;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 9pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Fees Earned or Paid in Cash</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Stock Awards(1)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Options Awards(2)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Non-Equity Incentive Plan Compensation</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Nonqualified Deferred Compensation Earnings</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 9pt">Joseph Freedman</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">56,983</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">64,652</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">121,635</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">Nicholas Liuzza</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">46,485</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">58,437</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">104,922</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 9pt">Jonathan Read (3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">21,220</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">14,999</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">36,219</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 9pt">Christopher Moe</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">48,770</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">64,652</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">113,422</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 9pt">Mary Beth Long (4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">18,554</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">25,589</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">44,143</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">We value stock awards based on their fair value on the date that awards vest. Fair value is calculated by multiplying the number of awards vesting times the Company&rsquo;s closing stock price on the date of vesting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">We value option awards in accordance with Accounting Standards Codification Topic 718, Compensation - Stock Compensation. Fair value is determined based on the Black-Scholes Model using inputs reflecting our estimates of expected volatility, term, discount rates and dividend expectations. Compensation expense is recognized based on the vesting terms of the award.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Read resigned on November 14, 2022.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ms. Long was appointed on November 14, 2022 and resigned July 25, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Non-Employee Director Compensation Arrangements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2022, the Board of Directors established
a formal compensation plan for Non-Employee Directors. Under the plan, Non-Employee Directors shall receive annual compensation of $100,000
consisting of:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$40,000 in cash compensation, payable in monthly installments beginning May 1, 2022</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">$60,000 in equity compensation, payable in the
form of shares of restricted common stock to be issued on May 1 annually, with 25% of the shares vesting immediately and the remaining
75% vesting in 24 monthly installments beginning on June 1</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Chairman of each Committee of the
Board shall receive additional annual cash compensation, payable in monthly installments, as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$10,000 - Audit Committee</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$6,000 - Compensation Committee</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$5,000 - Nominating and Governance Committee</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, in November 2022, the Board of Directors
established Lead Director compensation of $22,500 annually, payable monthly as well as a one-time payment of $15,000 to each member of
the Special Committee, payable in the form of fully vested restricted common stock. This resulted in total compensation to each Non-Employee
Director for the fiscal year ended April 30, 2023 as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$121,635 to Joseph Freedman, consisting of $40,000 for board service, $733 as Chairman of the Compensation Committee, $5,000 as Chairman of the Nominating and Governance Committee, $11,250 as Lead Director, and $64,652 representing the fair value of the 30,353 shares which vested in the fiscal year ended April 30, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$104,922 to Nicholas Liuzza, consisting of $40,000 for board service, $1,218 as Chairman of the Audit Committee. $5,267 as Chairman of the Compensation Committee and $58,437 representing the fair value of the 27,435 shares which vested in the fiscal year ended April 30, 2023. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$36,219 to Jonathan Read, consisting of $21,220 for board service and $14,999 representing the fair value of the 7,042 shares which vested in the fiscal year ended April 30, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$113,422 to Christopher Moe consisting of $40,000 for board service, $8,770 as Chairman of the Audit Committee and $64,652 representing the fair value of the 30,353 shares which vested in the fiscal year ended April 30, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">$44,143 to Mary Beth Long, consisting of $18,554 for board service and $25,589 representing the fair value of the 21,324 shares which vested in the fiscal year ended April 30, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2023, the Board of Directors established Board
compensation for the fiscal year ended&nbsp;April 30, 2024.&nbsp; Base compensation was established at $105,000, consisting of $45,000
in cash and $60,000 in restricted stock awards.&nbsp; In addition, Leadership compensation, payable in cash, was established at $25,000
for Joe Freedman, $20,000 for Christopher Moe, $10,000 for Nick Liuzza, and $10,000 for Mary Beth Long.&nbsp; Finally, Committee compensation,
payable in restricted stock awards, was established at $30,000 for each of Joe Freedman and Chris Moe.&nbsp; Total compensation for fiscal
2024 was established at $160,000 for Joe Freedman, $155,000 for Chris Moe, $115,000 for Nick Liuzza, and $115,000 for Mary Beth Long.&nbsp;
The number of shares of restricted stock to be awarded shall be based on the $1.06 closing price on&nbsp;May 15, 2026, the date these
actions were approved.&nbsp; Cash payments shall be made&nbsp;monthly&nbsp;in arrears and the restricted stock awards shall vest as follows:&nbsp;(i)&nbsp;25%
on&nbsp;May 16, 2023, (ii) 25% on November 16, 2023, (iii) 25% on February 16, 2024, and (iv) 25% on May 16, 2024.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OUR BOARD OF DIRECTORS RECOMMENDS A VOTE&nbsp;<I>&ldquo;</I>FOR
ALL NOMINEES&rdquo; FOR THE ELECTION OF THE FOUR DIRECTORS SET FORTH IN THIS PROPOSAL ONE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL TWO: RATIFICATION OF APPOINTMENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Audit Committee has selected BF Borgers, CPA,
PC as our independent registered public accounting firm to perform the audit of our consolidated financial statements for the fiscal year
ending April 30, 2024, and recommends that our stockholders vote for the ratification of such selection. The ratification of the selection
of BF Borgers, CPA, PC as our independent registered public accounting firm for the fiscal year ending April 30, 2024 requires the affirmative
vote of a majority of the votes cast by stockholders. In the event that BF Borgers, CPA, PC is not ratified by our stockholders, the Audit
Committee will review its future selection of BF Borgers, CPA, PC as our independent registered public accounting firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BF Borgers, CPA, PC audited our financial statements
for the fiscal year ended April 30, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Independent Registered Public Accounting Firm Fees
and Services</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We regularly review the services and fees from our
independent registered public accounting firm. These services and fees are also reviewed with our Audit Committee annually. In accordance
with standard policy, BF Borgers, CPA, PC periodically rotates the individuals who are responsible for our audit. During the years ended
April 30, 2023 and April 30, 2022, fees for services provided by BF Borgers, CPA, PC were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fiscal Year Ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt; vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><B>April 30, 2023</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt; vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><B>April 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 66%; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Audit fees&nbsp;(1)</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 1pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">187,000</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: black 1pt solid; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: black 1pt solid; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">163,500</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Audit-related fees&nbsp;(2)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">43,200</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Tax fees&nbsp;(3)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">43,251</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">56,139</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Other fees&nbsp;(4)</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt 1pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Total fees</FONT></TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-top: 1.5pt; padding-right: 1pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">230,251</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; padding-left: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-top: 1.5pt; padding-right: 1pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 10pt">262,839</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 1pt; padding-left: 1pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of fees rendered in connection with the audit of our consolidated financial statements included in our annual report on Form 10-K, review of the interim consolidated financial statements included in our quarterly reports and services normally provided in connection with regulatory filings.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under &ldquo;Audit Fees.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of fees billed for professional services for tax compliance, tax advice and tax planning. These services include assistance regarding federal, state and international tax compliance, as well as technical tax advice related to federal and state income tax matters, assistance with sales tax and assistance with tax audits.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of fees for professional services other than those reported in the categories above, including access to resource materials and portals.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Policy on Audit Committee Pre-Approval of Audit
and Permissible Non-Audit Services of Independent Registered Public Accounting Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Audit Committee&rsquo;s policy is to pre-approve
all audit and permissible non-audit services provided by our independent registered public accounting firm, the scope of services provided
by our independent registered public accounting firm and the fees for the services to be performed. These services may include audit services,
audit-related services, tax services and other services. Pre-approval is detailed as to the particular service or category of services
and is generally subject to a specific budget. Our independent registered public accounting firm and management are required to periodically
report to the Audit Committee regarding the extent of services provided by our independent registered public accounting firm in accordance
with this pre-approval, and the fees for the services performed to date. All of the services relating to the fees described in the table
above were approved by our Audit Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OUR BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo;
APPROVAL OF PROPOSAL TWO.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL THREE: AMENDMENT TO INCREASE THE NUMBER
OF SHARES AUTHORIZED FOR ISSUANCE UNDER THE 2019 EQUITY INCENTIVE STOCK PLAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;<B>AMENDMENT OF 2019 EQUITY
INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Stockholders of the Company
have previously approved our 2019 Equity Incentive Plan. The Board has adopted a resolution approving an increase in the number of shares
authorized under the 2019 Equity Incentive Plan (the &quot;Plan&quot;) subject to shareholder approval. This proposal would&nbsp;increase
the number of shares authorized for issuance under the Plan from 8,750,000 to 11,750,000, representing an increase of 3,000,000. A copy
of the Plan is attached as Exhibit 10.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Overview and purpose of the
shareholder approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Plan allows us to incentivize
the Company&rsquo;s key employees, consultants, officers and directors with long-term compensation awards, such as stock options, restricted
stock, and restricted stock units. Equity incentives may form an integral part of the compensation paid to the Company&rsquo;s employees,
particularly those in positions of key importance, and directors. All of the shares authorized for issuance under the Plan have been issued.
An increase in the authorized number of shares is important to the Company&rsquo;s ability to continue to attract, retain, engage and
focus highly motivated and qualified employees, particularly in the competitive labor market that exists today, and to attract independent
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>No appraisal rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders have no rights under the Nevada Revised
Statutes or under the Company&rsquo;s charter documents to exercise dissenters&rsquo; rights of appraisal with respect to the approval
of an increase in the number of shares authorized under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Plan is a broad-based equity incentive plan in
which all employees, consultants and directors of the Company and its affiliates and such other individuals designated by the Board or
committee administering the plan who are reasonably expected to become employees, consultants and directors are eligible to participate
(collectively the &ldquo;Eligible Parties&rdquo;). The purpose of the Plan is to further the growth and development of the Company by
providing, through ownership of stock of the Company and other equity-based awards, (i) an incentive to its Eligible Parties who are in
a position to contribute materially to the prosperity of the Company, (ii) to increase such persons&rsquo; interests in the Company&rsquo;s
welfare by encouraging them to continue their services to the Company, and (iii) by enabling the Company to attract individuals of outstanding
ability to become Eligible Parties of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Administration and eligibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Plan is to be administered by the Board, or by
the Compensation Committee if appointed by the Board to administer the Plan, which collectively we refer to as the &ldquo;Administrator.&rdquo;
The Board may delegate to officers of the Company the power to grant awards to the extent permitted by the laws of the State of Nevada.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Awards granted under the Plan may be Incentive Stock
Option (&ldquo;ISOs&rdquo;), Non-Qualified Stock Options, Stock Appreciation Rights (&ldquo;SARs&rdquo;), restricted stock, or restricted
stock units which are awarded to Eligible Parties, who, in the opinion of the Administrator, have contributed, or are expected to contribute,
materially to the Company&rsquo;s success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The identification of individuals entitled to receive
awards, the terms of the awards, and the number of shares subject to individual awards, are determined by the Administrator, in its sole
discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Share Limit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The maximum number of shares
of Common stock, or common stock underlying other securities such as options, that may be issued pursuant to the Plan is presently 8,750,000.
All such shares have been issued. Proposal Three would increase the number of shares issuable under the Plan to 11,750,000 representing
an increase of 3,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Administrator may
grant either qualified options, which are options that qualify as ISOs under Section 422(b) of the Internal Revenue Code, or
Non-Qualified Stock Options. A stock option entitles the recipient to purchase a specified number of shares of common stock at a
fixed price subject to terms and conditions set by the Administrator, including conditions for exercise that must be satisfied,
which typically will be based solely on the continued provision of services as an employee or consultant. The purchase price of
shares of common stock covered by an ISO cannot be less than 100% of the fair market value of the common stock on the last trading
day prior to the date the option is granted. Fair market value of the common stock is generally equal to the closing price for the
common stock on the trading date before the option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Stock appreciation rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">An SAR entitles the holder to
receive, as designated by the Administrator, cash or shares of common stock, having a value equal to the excess of the fair market value
of a specified number of shares of common stock at the time of exercise over the exercise price established by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The exercise price of each SAR
granted under the Plan shall be established by the Administrator or shall be determined by the method established by the Administrator
at the time the SAR is granted, provided the exercise price shall not be less than 100% of the fair market value of a share of common
stock on the date of the grant of the SAR, or such higher price as is established by the Administrator. Shares of common stock delivered
pursuant to the exercise of a SAR shall be subject to such conditions, restrictions and contingencies as the Administrator may establish
in the applicable SAR agreement or document, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">A restricted stock award gives
the recipient a stock award subject to restriction on sale. The Administrator determines the terms and conditions of restricted stock
awards, including the number of shares of restricted stock granted, and conditions for vesting that must be satisfied, which may be based
principally or solely on continued provision of services, and also may include a performance-based component. Unless otherwise provided
in the award agreement, the holder of a restricted stock award generally will have the rights of a shareholder from the date of grant
of the award, including the right to vote the shares of common stock and the right to receive cash dividends as well as share and property
distributions on the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Restricted stock units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">A restricted stock unit gives
the recipient the right to receive a number of shares of the Company&rsquo;s common stock on the applicable vesting or later delivery
dates. Delivery of the underlying restricted stock may be deferred beyond vesting as determined by the Administrator. The Administrator
determines the terms and conditions of restricted stock units, including the number of units granted, and conditions for vesting that
must be satisfied, which may be based principally or solely on continued provision of services, and also may include a performance-based
component. The holder of a restricted stock unit award will not have voting rights with respect to the award and possess no incidents
of ownership with respect to the underlying common stock until shares are delivered.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Term, termination and amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Board may terminate the
Plan at any time. Unless sooner terminated, the Plan shall terminate 10 years after the effective date of the Plan. No award may be granted
under the Plan once it is terminated. Termination of the Plan shall not impair rights or obligations under any award granted while the
Plan is in effect, except with the written consent of the grantee. The Board at any time, and from time to time, may amend the Plan;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder approval is necessary to
satisfy any applicable laws or required by the rules of the principal national securities exchange or trading market upon which the Company&rsquo;s
common stock trades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Board may amend the terms
of any award, however, the rights under the award shall not be impaired except with the written consent of the grantee. In addition,
any change in the purchase price or exercise price of any outstanding award will not be effective without shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">All vested or unvested awards
are immediately forfeited at the option of the Board in the event that the recipient performs certain acts against the interests of the
Company including (i) a termination of employment for cause, (ii) violating the Company&rsquo;s insider trading guidelines, (iii) breach
of a duty of confidentiality, (iv) competing with the Company, (v) soliciting Company personnel after employment is terminated, (vi)
failure to be available to the Company after termination of employment if such failure is a condition of any agreement, (vii) failure
to assign any invention or technology to the Company if such assignment is a condition of employment or any other agreements between the
Company and the participant, or (viii) other conduct by the participant that is detrimental to the business or reputation of the Company
or its affiliates as determined by the Board. Any award which is subject to recovery under any law, government regulation or stock exchange
listing requirement will be subject to such deductions and clawback as may be required pursuant to such law, government regulation or
stock exchange listing requirement (or any policy adopted by the Board).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Adjustments upon changes
in capitalization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The number of shares of common
stock covered by each outstanding stock right, and the number of shares of common stock which have been authorized for issuance under
the Plan as well as the price per share of common stock (or cash, as applicable) covered by each such outstanding option or SAR, shall
be proportionately adjusted for any increases or decrease in the number of issued shares of common stock resulting from a stock split,
reverse stock split, stock dividend, combination or reclassification, or any other increase or decrease in the number of issued shares
of common stock effected without receipt of consideration by the Company. Such adjustment shall be made by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Federal income tax consequences</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The following is a brief summary
of the principal U.S. federal income tax consequences with respect to awards granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 13pt"><B>Restricted stock awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The recipient of a restricted
stock award does not have taxable income upon receipt of the award except to the extent that award is vested or not subject to a substantial
risk of forfeiture. When all or a portion of the restricted stock award vests, the recipient will recognize ordinary income in an amount
equal to the difference of the fair market value of the shares on the date of vesting and the amount paid for such restricted stock award,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Upon the vesting of a restricted
stock award, the Company will be entitled to a corresponding income tax deduction in the tax year in which the restricted stock award
vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The recipient may, however,
elect under Section 83(b) of the Internal Revenue Code to include as ordinary income in the year the shares are granted an amount equal
to the excess of (i) the fair market value of the shares on the date of issuance, over (ii) the purchase price, if any, paid for the
shares. If the Section 83(b) election is made, the recipient will not realize any additional taxable income when the shares become vested.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 13pt"><B>Stock options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The recipient does not recognize
any taxable income as a result of a grant of a Non-Qualified Stock Option. Upon exercise of a Non-Qualified Stock Option, the recipient
will recognize ordinary income in an amount equal to the difference between the fair market value of the shares on the date of exercise
and the exercise price. When the shares are sold, any difference between the sale price and the fair market value of the shares on the
date of exercise will generally be treated as long term or short term capital gain or loss, depending on whether the stock was held for
more than one year. Upon the exercise of a Non-Qualified Stock Option, the Company will be entitled to a corresponding income tax deduction
in the tax year in which the option was exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Upon exercise of an ISO, the
excess of the fair market value of the shares of common stock acquired over the option exercise price will be an item of tax preference
to the participant, which may be subject to an alternative minimum tax for the year of exercise. If no disposition of the shares is made
within two years from the date of granting of the ISO or within one year after the transfer of the shares to the participant, the participant
does not realize taxable income as a result of exercising the ISO; the tax basis of the shares received for capital gain treatment is
the option exercise price; any gain or loss realized on the sale of the shares is long-term capital gain or loss. If the recipient disposes
of the shares within the two-year or one-year periods referred to above, the recipient will realize ordinary income at that time in an
amount equal to the excess of the fair market value of the shares at the time of exercise (or the net proceeds of disposition, if less)
over the option exercise price. For capital gains treatment on such a disposition, the tax basis of the shares will be their fair market
value at the time of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 13pt"><B>Stock appreciation rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">A recipient does not recognize
any taxable income upon the receipt of an SAR. Upon the exercise of an SAR, the recipient will recognize ordinary income in an amount
equal to cash received or the excess of the fair market value of the underlying shares of common stock on the exercise date over the exercise
price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Upon the exercise of a SAR,
the Company will be entitled to a corresponding income tax deduction in the tax year in which the SAR was exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 13pt"><B>Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except for ISOs, all awards are transferable subject
to compliance with the securities laws and the Plan. ISOs are only transferable by will or by the laws of descent and distribution.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table lists, as of August 10, 2023, the
number of shares of common stock beneficially owned by (i) each person, entity or group (as that term is used in Section 13(d)(3) of the
Securities Exchange Act of 1934) known to the Company to be the beneficial owner of more than 5% of the outstanding common stock; (ii)
each of our directors; (iii) each of our Named Executive Officers; and (iv) all executive officers and directors as a group. Information
relating to beneficial ownership of common stock by our principal stockholders and management is based upon information furnished by each
person using &quot;beneficial ownership&quot; concepts under the rules of the SEC. Under these rules, a person is deemed to be a beneficial
owner of a security if that person directly or indirectly has or shares voting power, which includes the power to vote or direct the voting
of the security, or investment power, which includes the power to dispose or direct the disposition of the security. The person is also
deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under
the SEC rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a
beneficial owner of securities as to which he or she may not have any pecuniary interest. Except as noted below, each person has sole
voting and investment power with respect to the shares beneficially owned and each stockholder's address is c/o Red Cat Holdings, Inc.,
15 Ave. Munoz Rivera, STE 2200, San Juan, PR 00901.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The percentages below are calculated based on 55,574,427
shares of common stock issued and outstanding as of August 10, 2023.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name and Address of Beneficial Owner</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Shares Beneficially Owned</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage of Beneficial Ownership</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Named Executive Officers and Directors:</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Jeffrey Thompson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.05pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 10pt">12,792,057</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">22.81%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Joseph Hernon</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.05pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,433,178</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.53%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Allan Evans</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.05pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,337,734</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.41%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Nicholas Liuzza</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,410,309</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.52%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Joseph Freedman</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.05pt; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 10pt">443,822</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.79%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Christopher Moe</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 4.5pt; text-align: right"><FONT STYLE="font-size: 10pt">73,317</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.13%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">All executive officers and directors as a group (6 persons)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; padding-top: 3.05pt; padding-left: 9pt; text-align: right"><FONT STYLE="font-size: 10pt">17,490,417</FONT></TD>
    <TD STYLE="padding-top: 3.05pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">31.19%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other 5% Holders</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gregory French</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right"><FONT STYLE="font-size: 10pt">4,815,533</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8.67%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 6pt 2.5pt; text-align: justify; text-indent: -0.25pt">(1) Includes
12,292,057 shares of common stock, and 500,000 shares issuable upon the exercise of options.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 6pt 2.5pt; text-align: justify; text-indent: -0.25pt">(2) Represents
361,177 shares of common stock, 1,000,000 shares issuable upon the exercise of options, and 2,990 shares of restricted stock vesting in
the next 60 days, and 69,011 options vesting in the next 60 days.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 6pt 2.5pt; text-align: justify; text-indent: -0.25pt">(3) Represents
1,337,734 shares of common stock.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 6pt 2.5pt; text-align: justify; text-indent: -0.25pt">(4) Consists
of 970,319 shares of common stock, 335,000 shares issuable upon the exercise of warrants, 100,000 shares issuable upon the exercise of
options, and 4,990 shares of restricted stock vesting in the next 60 days.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 8.15pt 6pt 2.5pt; text-align: justify; text-indent: -0.25pt">(5) Includes
191,474 shares of common stock, 250,00 shares issuable upon the exercise of options, and 2,348 shares of restricted stock vesting in the
next 60 days.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 6pt 2.5pt; text-align: justify; text-indent: -0.25pt">(6) Includes
70,969 shares of common stock, and 2,348 shares of restricted stock vesting in the next 60 days.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 0 2.5pt; text-align: justify; text-indent: -0.25pt">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Employment Agreements of the Company&rsquo;s Executive
Officers include standard change-in-control provisions under which an officer is entitled to terminate the agreement, and receive the
stated severance payments, if a third party acquires more than a 50% ownership interest in the Company or there are other significant
changes in the operating structure of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Potential Payments and Benefits Upon Termination
or a Change in Control</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our named executive officers
are entitled to certain benefits in the event their employment is terminated without cause by the Company or for good reason by the Executive,
as described in the Employment Agreements. The following table describes the potential payments and benefits to each of our named executive
officers, as if these obligations were payable on April 30, 2023. The actual amounts payable to each executive listed below upon termination
can only be determined definitively at the time of each executive&rsquo;s actual departure. In addition to the amounts shown in the table
below, each executive would receive payments for amounts of base salary and vacation time accrued through the date of termination and
payment for any reimbursable business expenses incurred. In the event of a named executive officer&rsquo;s death, the named executive
officer&rsquo;s beneficiary, legal representative or estate would receive the named executive officer&rsquo;s potential payments.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 9pt"><B>Potential Payments and Benefits</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Jeffrey Thompson</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Joseph Hernon</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Allan Evans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 51%"><FONT STYLE="font-size: 9pt">Base Salary (1)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; text-align: right"><FONT STYLE="font-size: 9pt">600,000&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right"><FONT STYLE="font-size: 9pt">230,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; text-align: right"><FONT STYLE="font-size: 9pt">230,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Healthcare Benefits (2)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">32,261&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">6,745</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">12,798</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Equity Awards Vesting on Termination (3)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">159,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">632,261&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">396,045</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">242,798</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 0 2.5pt; text-align: justify; text-indent: -0.25pt">(1) Represents
the named executive officer&rsquo;s base salary payable over twenty-four (24) months for Thompson and twelve (12) months for Hernon and
Evans.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 0 2.5pt; text-align: justify; text-indent: -0.25pt">(2) Represents
the cost of continued healthcare coverage for 18 months for Thompson and 12 months for Hernon and Evans. This value is based upon the
type of health insurance coverage and premiums in effect on April 30, 2023.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 0 2.5pt; text-align: justify; text-indent: -0.25pt">(3) Represents
the value attributable to the accelerated vesting of unvested shares of restricted stock and stock options. The value of accelerated options
is determined by multiplying the number of options accelerated by the difference between the closing price of our common stock and the
exercise price of the options. The value of accelerated stock is determined by multiplying the number of shares accelerated by the closing
price of our common stock on April 30, 2023 which was $0.885.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>EXECUTIVE
OFFICERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our executive officers and their ages, as of August
1, 2023, and biographical information are set forth below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Name</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Age</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Position</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Jeffrey M. Thompson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">59</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Allan Evans</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Operating Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Joseph Hernon</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer, Treasurer and Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<B>&nbsp;</B></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; text-align: justify; background-color: white"><B><I>Jeffrey M. Thompson,&nbsp;</I></B><I>President
and Chief Executive Officer</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Jeffrey Thompson has been
President and Chief Executive Officer of the Company since May 15, 2019. In December 1999, Mr. Thompson founded Towerstream Corporation
(Nasdaq:TWER), a fixed-wireless fiber alternative company delivering high-speed internet access to businesses, and served as its president,
chief executive officer and a director from November 2005 to February 2016. In 1994, Mr. Thompson founded EdgeNet Inc., a privately held
Internet service provider (which was sold to Citadel Broadcasting Corporation in 1997) and became eFortress through 1999. Mr. Thompson
holds a B.S. degree from the University of Massachusetts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Mr. Thompson&rsquo;s management
and public company experience and his role as President and Chief Executive Officer of the Company, led to his appointment as a director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B><I>Joseph Hernon</I></B><I>, Chief Financial
Officer and Secretary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Joseph Hernon has been Chief Financial Officer and
Secretary of the Company since January 23, 2020. Mr. Hernon has extensive experience as a Chief Financial Officer over the course of his
35-year career. Mr. Hernon was a financial consultant to various private companies from May 2016 until January 2020. Prior to that, Mr.
Hernon was the Chief Financial Officer for three public companies including most recently, Towerstream Corporation from May 2008 through
May 2016.&nbsp;Previously, Mr. Hernon was employed for almost 10 years by PricewaterhouseCoopers in its audit practice and was a Senior
Business Assurance Manager during his last five years with the firm.&nbsp;Mr. Hernon is a certified public accountant, but not presently
licensed to practice, and earned a Master&rsquo;s degree in Accountancy from Bentley University in 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B><I></I></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B><I>Dr. Allan Evans,&nbsp;</I></B><I>Chief
Operating Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dr. Allan Evans is a serial entrepreneur with a history
of founding and leading technology innovation. He has extensive experience in overseeing different emerging technologies. Prior to becoming
Chief Operating Officer of the Company, Dr. Evans was the Chief Executive Officer of our subsidiary, Fat Shark. From August 2017 to October
2020, Dr. Evans served as a board member for Ballast Technologies, a company that specialized in technology for location-based entertainment.
In November 2012, he co-founded Avegant, a technology company focused on developing next-generation display technology to enable previously
impossible augmented reality experiences. He led design, development, and initial production of the Glyph head mounted display and oversaw
technology research and patent strategy while serving as Chief Technology Officer of Avegant until 2016. Dr. Evans received a PhD and
M.S. degree in electrical engineering from the University of Michigan and has a B.S. degree from Michigan State University. Dr. Evans
has 45 pending or issued patents that cover a range of technologies from implantable medical devices to mixed reality headsets. Academically,
his work has an h-index of 15, an i-index of 27, and has been cited in more than 900 publications. He has extensive experience with new
technologies, engineering, business development, and corporate strategy, and his expertise in these areas strengthens the company&rsquo;s
collective knowledge and capabilities.</P>

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

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

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 5.25pt 0 2.5pt; text-align: justify; text-indent: -0.25pt">The following
table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to each Officer with compensation
exceeding $100,000 during the fiscal years ended April 30, 2023 and 2022 (each a &ldquo;Named Executive Officer&rdquo;).</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name and Principal Position</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Salary</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Bonus</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Option <BR>
Awards</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>Stock
                                            Awards</B></FONT></P>
                                   <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>(3)</B></FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>All Other <BR>
Compensation (4)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 8pt">Jeffrey Thompson</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">300,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">165,345</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font-size: 8pt">347,582</FONT></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">13,425</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">826,352</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Chief Executive Officer and President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">255,333</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">153,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">408,933</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Joseph Hernon (1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">230,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">126,304</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">451,988&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,226</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">819,518</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Chief Financial Officer and Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">191,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">128,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">185,400&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,050</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">508,950</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Allan Evans (2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">230,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">126,904</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">651,872&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,266</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,013,042</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Chief Operating Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">181,918</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">136,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">875,341&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash; &nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,193,259</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-size: 10pt"> &nbsp;Joseph Hernon joined the Company in January
    2020</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-size: 10pt">Allan Evans joined the Company in November 2020</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-size: 10pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-size: 10pt">Represents the fair value of restricted stock upon its vesting as follows: (i) Thompson &ndash; 153,120 shares in fiscal 2023; (ii) Hernon &ndash; 231,360 shares in fiscal 2023 and 75,000 shares in fiscal 2022; and (iii) Evans &ndash; 401,702 shares in fiscal 2023 and 369,318 shares in fiscal 2022.<B>&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-size: 10pt">(4)&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-size: 10pt">Represents health insurance premiums paid by Company.</FONT></TD></TR>
</TABLE>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Pay Versus Performance</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B><I><U>Disclosure Requirements</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective with this Proxy Statement, the Company
is providing the Pay Versus Performance (&ldquo;PVP&rdquo;) disclosures mandated by the SEC pursuant to Item 402(v) of Regulation
S-K promulgated under the Exchange Act. These rules introduce a new method for calculating total compensation called Compensation
Actually Paid (&ldquo;CAP&rdquo;). The rules also require us to provide a table reporting the total compensation of our principal
executive officer (&ldquo;PEO&rdquo;) as well as an average of the total compensation of our other named executive officers
(&ldquo;ONEO&rsquo;s&rdquo;). In summary, the table reports (i) the compensation for our PEO and ONEO&rsquo;s as historically reported in
the Summary Compensation Table (&ldquo;SCT&rdquo;) and on a CAP basis, (ii) the value of an initial $100 investment in the
Company&rsquo;s common stock during specified periods, and (iii) the Company&rsquo;s net loss for each applicable period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These disclosures have been prepared in accordance
with Item 402(v) and do not necessarily reflect values realized by our executive officers, especially related to any form of equity compensation.
These reported values also do not reflect how our Compensation Committee evaluates executive compensation decisions for our executives.
In particular, our Compensation Committee has not used CAP as a basis for making compensation decisions, nor does it use Net Loss, as
reported under GAAP, as a primary determinant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Valuation Methods</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Compensation related to equity awards is calculated
in accordance with generally accepted accounting principles (&ldquo;GAAP&rdquo;) and rules prescribed by the SEC. For both SCT and CAP,
the fair value of equity awards is calculated in accordance with ASC 718 &ndash; Stock Compensation. The Company uses the Black Scholes
valuation model to determine the fair value of option awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity based compensation under SCT compared to CAP are described below. The methodology for calculating compensation for stock options under CAP can result in permanent differences
in the amount of compensation compared to SCT. For restricted stock, there may be timing differences in the recognition of compensation.
However, the total amount recognized will be the same for both methods. All other forms of compensation such as salaries, cash bonuses,
and other compensation are calculated in the same manner.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt; text-align: justify">SCT &ndash; Fully valued on the date of grant with
compensation recognized ratably over the vesting period</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin: 0; text-align: justify">CAP &ndash; Initially valued on
the issuance date. Re-valued at the end of a fiscal year, if unvested. Final valuation on the vesting date.</P>

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

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

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

<P STYLE="text-indent: 20pt; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SCT &ndash; Shares are valued
only on their respective vesting dates. Unvested shares are never valued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt; text-align: justify">CAP &ndash; Unvested shares are
valued at the end of a fiscal year. Final valuation is completed on the respective vesting dates.</P>

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

<P STYLE="text-align: justify; margin: 0; font: 10pt Times New Roman, Times, Serif">Under CAP, changes in fair value are recognized as compensation, positive
or negative, in the fiscal year in which fair value is re-measured. Fluctuations in the Company&rsquo;s stock price will impact the fair
value re-measurements under CAP.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center">| ----------PEO (a)---------- |</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center">| --------ONEOs (b)-------- |</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Value of $100 investment in Company</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Reported</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fiscal Year</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">SCT</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">CAP</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">SCT</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">CAP</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"> stock</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Net Loss</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 29%; text-align: left">2023</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">826,352</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">826,352</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">916,280</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">296,903</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">27,087,737</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">408,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">408,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">851,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(82,983</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,689,127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="text-align: justify">(a) Jeffrey Thompson, Chief Executive Officer, was the PEO for both fiscal years.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="text-align: justify">(b) Allan Evans, Chief Operating Officer, and Joseph Hernon, Chief Financial Officer, were the ONEO's for both fiscal years.</TD></TR>
  </TABLE>

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

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

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

<P STYLE="text-align: justify">A reconciliation of Compensation reported per SCT to that reported for CAP is as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center">| ---PEO - Thompson--- |</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center">| ---------ONEO's--------- |</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Description</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2022</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 57%">Compensation per SCT</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">826,352</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">408,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">916,280</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">851,105</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Less: Equity awards reported in SCT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(347,582</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(551,930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(530,371</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fair value of Equity Awards Issued in indicated Fiscal Year, as of</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Date of vesting in indicated Fiscal Year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">347,582</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">End of indicated Fiscal Year, if unvested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in Fair Value of Equity Awards Issued in Prior Fiscal Years as of</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Date of vesting in current Fiscal Year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">824,047</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">End of current Fiscal Year, if unvested</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(822,803</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,624,964</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Compensation Actually Paid (CAP)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3pt double; text-align: right">826,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3pt double; text-align: right">408,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3pt double; text-align: right">296,903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3pt double; text-align: right">(82,983</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2019 Equity Incentive Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2019, shareholders approved the Company&rsquo;s
2019 Equity Incentive Plan (the &ldquo;Plan&rdquo;). The Plan provides for the award of stock options (incentive and non-qualified), stock
awards and stock appreciation rights to officers, directors, employees and consultants who provide services to the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms of awards under the Plan are made by the
Board or by a compensation committee appointed by the Board. The Company has reserved 8,750,000 shares for issuance under the Plan. The
Company has proposed an amendment to the Plan which would increase the number of shares reserved for issuance to 11,750,000.&nbsp; This
amendment is subject to shareholder approval. The Board may terminate the Plan at any time. Unless sooner terminated, the Plan will terminate
ten years after the effective date of the Plan. All vested or unvested awards are immediately forfeited at the option of the Board in
the event that the recipient performs certain acts against the interests of the Company as described in the Plan. The number of shares
of common stock covered by each outstanding stock right, and the number of shares of common stock which have been authorized for issuance
under the Plan as well as the price per share of common stock (or cash, as applicable) covered by each such outstanding option or SAR,
shall be proportionately adjusted for any increases or decrease in the number of issued shares of common stock resulting from a stock
split, reverse stock split, stock dividend, combination or reclassification, or any other increase or decrease in the number of issued
shares of common stock effected without receipt of consideration by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth information concerning
our equity compensation plans as of April 30, 2023.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Plan category</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of securities to be issued upon exercise of outstanding options  and vesting of restricted stock</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Weighted-average exercise price of outstanding options and warrants</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of securities remaining available for future issuance under equity compensation plans</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Equity compensation plans approved by security holders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,307,341</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.88</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,442,659</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Equity compensation plans not approved by security holders</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1)</P></TD>
    <TD COLSPAN="13" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Represents stock options issued and restricted stock
    units awarded under the Company&rsquo;s 2019 Equity Incentive Plan.</P></TD></TR>
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Employment Agreement with Jeffrey Thompson, Chief
Executive Officer</U></P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 31, 2021, the
Company entered into an employment agreement (the &ldquo;Employment Agreement&rdquo;) with Jeffrey M. Thompson, the Company&rsquo;s Chief
Executive Officer. The Employment Agreement provides for an initial term of one year and will renew for successive one-year terms unless
either party provides written notice of their intent not to renew the agreement at least three months prior to expiration. The Employment
Agreement provides for a base salary of $248,000 per year. On April 29th 2022, Mr. Thompson&rsquo;s base salary was increased to $300,000.
In any fiscal year in which the Company's (a) market capitalization is at least $500,000,000 and (b) its traded price per share is at
least $6.00 on a national securities exchange for 60 consecutive days (the &ldquo;Incentive Criteria&rdquo;), Mr. Thompson may elect to
receive all or any portion of the base salary for a subsequent period in shares of Company common stock valued at the thirty-day VWAP
for each pay period for which the election is applicable.</P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In connection with the
Employment Agreement, the Company granted Mr. Thompson fully-vested 10-year stock options to purchase 500,000 shares of the Company's
common stock (the &ldquo;Options&rdquo;) pursuant to the Company&rsquo;s 2019 Equity Incentive Plan (the &quot;Stock Plan&quot;). The
Options are exercisable at $3.95 per share which represents the fair market value of the Company&rsquo;s common stock on the date of grant.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Effective May 16, 2023,
the Company extended the Employment Agreement with Mr. Thompson to May 10, 2026. In addition, Mr. Thompson was granted an option to purchase
1,250,000 shares of common stock at an exercise price of $1.06. The options vest annually over 3 years and have a 10 year term.</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Mr. Thompson may earn
an annual bonus, in an amount up to 200% of his base salary, based upon attaining goals and objectives defined by the Compensation Committee.
If the Incentive Criteria is attained, then Mr. Thompson may elect to receive all or any portion of his bonus in common stock of the Company,
valued at the thirty-day VWAP on the date set for payment of the bonus.</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Employment Agreement contains certain &ldquo;clawback&rdquo;
provisions which are triggered upon a restatement of financial results of the Company which were the basis for payment of compensation
to Mr. Thompson. Under the clawback provisions, Mr. Thompson will be required to repay any annual bonus and stock-based compensation to
the extent the amounts paid exceeded the amounts that would have been paid, based on the restatement of the Company&rsquo;s financial
information.</P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Upon termination of
the Employment Agreement for any reason, Mr. Thompson will be entitled to all base salary earned through the termination date, as well
as pro-rated annual bonuses, if any, and payment of all accrued but unused vacation time and any reimbursable expenses. As defined in
the agreement, upon termination by (i) the Company for any reason other than &ldquo;Cause&rdquo;, or (ii) by Mr. Thompson for &ldquo;Good
Reason&rdquo;, then Mr. Thompson will also be entitled to: (i) twenty-four (24) months of his then Base Salary; (ii) continued participation
in the Company's health and welfare benefit plans to be paid in full by the Company for at least twelve (12) months; and (iii) immediate
vesting of all stock options/equity awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Employment Agreement with Joseph Hernon, Chief
Financial Officer</U></P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 1, 2021, the
Company entered into an Employment Agreement with Joseph Hernon to serve as chief financial officer of the Company. The Employment Agreement
will automatically renew for successive one-year terms unless either party notifies the other party at least three months prior to the
expiration of the then current term of its desire to terminate the Employment Agreement. The Employment Agreement provides for a base
salary equal to at least 75% percent of the salary of the Company&rsquo;s Chief Executive Officer. On April 29, 2022, Mr. Hernon's base
salary was increased to $230,000. Mr. Hernon is also eligible for an annual cash bonus of up to 150% percent of his base salary.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In connection with the
Employment Agreement, the Company granted Mr. Hernon 375,000 shares of the Company&rsquo;s common stock, of which 45,000 vested on November
1, 2021, with the remaining 330,000 shares vesting in 11 equal quarterly installments commencing on February 1, 2022, subject to his continued
employment by the Company. The shares will vest immediately upon a change of control, as defined in the Company&rsquo;s Stock Plan. Hernon
will also be eligible for additional awards under the Stock Plan.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 24, 2023, the Company granted an equity award
to Mr. Hernon comprised of (i) 15,625 shares of restricted stock and (ii) options to purchase 276,042 shares of common stock at an exercise
price of $1.12.&nbsp; Both the restricted stock and the options vest as follows: (i) 25% on September 30, 2023, (ii) 25% on December 31,
2023, (iii) 25% on March 31, 2024, and (iv) 25% on June 30, 2024.</P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Employment Agreement contains certain &ldquo;clawback&rdquo;
provisions which are triggered upon a restatement of financial results of the Company which were the basis for payment of compensation
to Mr. Hernon. Under the clawback provisions, Mr. Hernon will be required to repay any annual bonus and stock-based compensation to the
extent the amounts paid exceeded the amounts that would have been paid, based on the restatement of the Company&rsquo;s financial information.</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Upon termination of
the Employment Agreement for any reason, Mr. Hernon will be entitled to all base salary earned through the termination date, as well as
pro-rated annual bonuses, if any, and payment of all accrued but unused vacation time and any reimbursable expenses. As defined in the
agreement, upon termination by (i) the Company for any reason other than &ldquo;Cause&rdquo;, or (ii) by Mr. Hernon for &ldquo;Good Reason&rdquo;,
then Mr. Hernon will also be entitled to: (i) twelve (12) months of his then Base Salary; (ii) continued participation in the Company's
health and welfare benefit plans to be paid in full by the Company for at least twelve (12) months; and (iii) immediate vesting of all
stock options/equity awards.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Employment Agreement with Allan Evans, Chief Operating
Officer</U></P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On January 11, 2021,
the Company entered into an Employment Agreement with Allan Evans (&ldquo;Evans&rdquo;), to serve as chief executive officer of Fat Shark,
a wholly owned subsidiary of the Company. In June 2021, Mr. Evans was appointed Chief Operating Officer of the Company. The Employment
Agreement will automatically renew for successive one-year terms unless either party notifies the other party at least three months prior
to the expiration of the then current term of its desire to terminate the Employment Agreement. The Employment Agreement provides for
a base salary equal to at least 70% percent of the salary of the Company&rsquo;s Chief Executive Officer. On April 29, 2022, Mr. Evans'
base salary was increased to $230,000. Mr. Evans is also eligible to receive an annual cash bonus of up to 100% percent of his base salary.</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In connection with the
Employment Agreement, the Company granted 1,000,000 shares of common stock to Mr. Evans, of which 250,000 vested on January 11, 2021,
with the remaining 750,000 shares vesting in 36 equal monthly installments commencing on February 28, 2021, subject to his continued employment
with the Company. The shares will vest immediately upon a change of control, as defined in the Company&rsquo;s Stock Plan. On April 25th,
2022, the vesting of 125,000 shares accelerated when the Company received payment of $250,000 related to the sale of services at a net
profit margin higher than that realized from similar sales over the prior 12 months. Other acceleration provisions in the Employment Agreement
include (i) 250,000 shares shall vest immediately if the Company's stock price closes at or above $5.00 per share for 30 consecutive days;
and (ii) 125,000 shares shall vest immediately upon receipt of payment from any unrelated third-party purchaser of goods or services in
an amount of $1,000,000 (exclusive of any payments which previously resulted in an acceleration of vesting) at a net profit margin no
less than the average net profit margin for similar goods or services during the preceding 12 months. Evans will also be eligible for
additional awards under the Plan.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Effective May 16, 2023,
the Company extended the Employment Agreement with Mr. Evans to May 10, 2026. In addition, Mr. Evans was granted an option to purchase
875,000 shares of common stock at an exercise price of $1.06. The options vest annually over 3 years and have a 10 year term.&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Employment Agreement contains certain &ldquo;clawback&rdquo;
provisions which are triggered upon a restatement of financial results of the Company which were the basis for payment of compensation
to Mr. Evans. Under the clawback provisions, Mr. Evans will be required to repay any annual bonus and stock-based compensation to the
extent the amounts paid exceeded the amounts that would have been paid, based on the restatement of the Company&rsquo;s financial information.</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Upon termination of
the Employment Agreement for any reason, Mr. Evans will be entitled to all base salary earned through the termination date, as well as
pro-rated annual bonuses, if any, and payment of all accrued but unused vacation time and any reimbursable expenses. As defined in the
agreement, upon termination by (i) the Company for any reason other than &ldquo;Cause&rdquo;, or (ii) by Mr. Evans for &ldquo;Good Reason&rdquo;,
then Mr. Evans will also be entitled to: (i) twelve (12) months of his then Base Salary; (ii) continued participation in the Company's
health and welfare benefit plans to be paid in full by the Company for at least twelve (12) months; and (iii) immediate vesting of all
stock options/equity awards.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below reflects option awards made to each
Named Executive Officer that were outstanding on April 30, 2023.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number of Securities Underlying Unexercised Options Exercisable</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number of Securities Underlying Unexercised Options Unexercisable</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Option Exercise Price</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Expiration</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Date</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 37%"><FONT STYLE="font-size: 10pt">Jeffrey M. Thompson</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">3/31/2021</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">3.95</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt">3/31/2031</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Joseph Hernon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1/23/2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.82</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1/23/2030</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Allan Evans</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below reflects stock awards that were outstanding
and that had not vested as of April 30, 2023.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: #222222"><B>Number</B></FONT></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 27%; border-bottom: black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #222222"><B>Market value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Jeffrey M. Thompson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Joseph Hernon</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">180,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;158,400</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: #CCEEFF">Allan Evans</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no unearned equity incentive plan awards
outstanding at April 30, 2023.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since&nbsp;May 1, 2021, the Company was a party to
certain transactions in which the amount involved exceeded the lesser of $120,000 or 1% of the average of our total assets at year-end
for the last two completed fiscal years, and any of our directors, executive officers or holders of more than 5% of our outstanding capital
stock, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have
a direct or indirect material interest.&nbsp;In January 2022, the Company determined that a senior executive had relocated in 2021
but their compensation had not been subject to the income tax withholding required by the new jurisdiction.&nbsp;In March 2022, the Company
entered into a note agreement with the employee in the amount of $510,323, representing the estimated taxes owed by the employee related
to the compensation.&nbsp;The note agreement was repaid in full in August 2022.&nbsp;&nbsp;In 2020, the Company received advances totaling
$79,000&nbsp;from Aerocarve which was controlled by the Company's Chief Executive Officer. The parties agreed that the funds would bear
interest at&nbsp;5% annually until repaid. The balance was repaid in May 2021.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DELINQUENT SECTION 16(A) REPORTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the Securities Exchange Act of 1934
requires our executive officers and directors, and persons who beneficially own more than 10% percent of our equity securities (&quot;Reporting
Persons&quot;) to file reports of ownership and changes in ownership with the SEC. Based solely on our review of such filings and other
information available to us, as well as representations from the Reporting Persons, we believe that during the fiscal year ended April
30, 2023, the Reporting Persons timely filed all such reports, except that the following forms were filed late by the indicated individuals:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Allan Evans for four Form 4&rsquo;s related to shares
    of vested stock which were withheld by the Company to satisfy tax withholding obligations</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Joseph Hernon for one Form 4 reporting shares of restricted stock which vested, net of shares withheld by the Company to satisfy tax withholding obligations</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nick Liuzza for one Form 4 related to open market
    purchases and sales of shares of common stock</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #222222">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mary Beth Long for a Form 3 <FONT STYLE="background-color: white">reporting
    her equity holdings upon becoming a Director of the Company</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF THE AUDIT COMMITTEE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Audit Committee has reviewed and discussed with
our management and BF Borgers CPA PC our audited consolidated financial statements for the fiscal year ended April 30, 2023. Our Audit
Committee has also discussed with BF Borgers CPA PC the matters required to be discussed by applicable requirements of the Public Company
Accounting Oversight Board and the SEC.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Audit Committee has received and reviewed the
written disclosures and the letter from BF Borgers CPA PC required by applicable requirements of the Public Company Accounting Oversight
Board regarding the independent accountant&rsquo;s communications with our Audit Committee concerning independence, and has discussed
with BF Borgers CPA PC its independence from us.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the review and discussions referred to above,
our Audit Committee recommended to our Board of Directors that the audited consolidated financial statements be included in our Annual
Report on Form 10-K for the fiscal year ended April 30, 2023 for filing with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Submitted by the Audit Committee</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Electronic Delivery of Stockholder Communications</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We encourage you to help us conserve natural resources,
as well as significantly reduce printing and mailing costs, by signing up to receive your stockholder communications electronically via
email. With electronic delivery, you will be notified via email as soon as future annual reports and proxy statements are available via
the internet, and you can submit your stockholder votes online. Electronic delivery can also eliminate duplicate mailings and reduce the
amount of bulky paper documents you maintain in your personal files. To sign up for electronic delivery:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 10pt">&#9679;</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><I>Registered Owner</I></B>&nbsp;(you hold our common stock in your own name through our transfer
agent, Equity Stock Transfer, LLC, or you are in possession of stock certificates): visit www.equitystock.com and log into your account
to enroll.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 10pt">&#9679;</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><B><I>Beneficial Owner</I></B>&nbsp;(your shares are held by a brokerage firm, a bank, a trustee
or a nominee): If you hold shares beneficially, please follow the instructions provided by your broker, bank, trustee or nominee.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this Proxy Statement, our Board
of Directors does not intend to present, and has not been informed that any other person intends to present, any matter before the Annual
Meeting other than those matters specified in the Notice of Annual Meeting of Stockholders. If any other matters properly come before
the Annual Meeting, it is intended that the holders of the proxies will vote in respect thereof in accordance with their best judgment.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ Joseph Hernon</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Joseph Hernon, Corporate Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">and Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27</P>

























































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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>rcat0905def14aexh10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RED CAT HOLDINGS, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2019 EQUITY INCENTIVE PLAN</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>1.</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>PURPOSE OF PLAN</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>1.1</B> The purpose of
the 2019 Equity Incentive Plan (this &ldquo;<B>Plan</B>&rdquo;) of Red Cat Holdings, Inc., a Nevada corporation (the
&ldquo;<B>Corporation</B>&rdquo;), is to promote the success of the Corporation and to increase stockholder value by providing an
additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible
persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2.</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>ELIGIBILITY</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>2.1</B> The Administrator
(as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines
to be Eligible Persons. An &ldquo;<B>Eligible Person</B>&rdquo; is any person who is either: (a) an officer (whether or not a director)
or employee of the Corporation or one of its Subsidiaries; (b) a director of the Corporation or one of its Subsidiaries; or (c)
a consultant who renders bona fide services (other than services in connection with the offering or sale of securities of the Corporation
or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Corporation or
one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator;
<I>provided, however,</I> that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan
only if such participation would not adversely affect either the Corporation&rsquo;s eligibility to use Form S-8 to register under
the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), the offering and sale of shares issuable under
this Plan by the Corporation, or the Corporation&rsquo;s compliance with any other applicable laws. An Eligible Person who has
been granted an award (a &ldquo;<B>participant</B>&rdquo;) may, if otherwise eligible, be granted additional awards if the Administrator
shall so determine. As used herein, &ldquo;<B>Subsidiary</B>&rdquo; means any corporation or other entity a majority of whose outstanding
voting stock or voting power is beneficially owned, directly or indirectly, by the Corporation; and &ldquo;<B>Board</B>&rdquo; means
the Board of Directors of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>3.</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>PLAN ADMINISTRATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>3.1 <I>The Administrator</I></B>.
This Plan shall be administered by and all awards under this Plan shall be authorized by the Administrator. The &ldquo;<B>Administrator</B>&rdquo;
means the Board or one or more committees appointed by the Board or another committee (within its delegated authority) to administer
all or certain aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors
as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted.
The Board or a committee comprised solely of directors may also delegate, to the extent permitted by NRS 78.125 or any applicable
law, to one or more officers of the Corporation, its powers under this Plan (a) to designate Eligible Persons who will receive
grants of awards under this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions of,
such awards. The Board may delegate different levels of authority to different committees with administrative and grant authority
under this Plan. Unless otherwise provided in the bylaws of the Corporation or the applicable charter of any Administrator: (a)
a majority of the members of the acting Administrator shall constitute a quorum, and (b) the affirmative vote of a majority of
the members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall
constitute due authorization of an action by the acting Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">With respect to awards
intended to satisfy the requirements for performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986,
as amended (the &ldquo;<B>Code</B>&rdquo;) , this Plan shall be administered by a committee consisting solely of two or more outside
directors (as this requirement is applied under Section 162(m) of the Code); <I>provided, however,</I> that the failure to satisfy
such requirement shall not affect the validity of the action of any committee otherwise duly authorized and acting in the matter.
Award grants, and transactions in or involving awards, intended to be exempt under Rule 16b-3 under the Securities Exchange Act
of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;) , must be duly and timely authorized by the Board or a committee consisting
solely of two or more non-employee directors (as this requirement is applied under Rule 16b-3 promulgated under the Exchange Act).
To the extent required by any applicable stock exchange, this Plan shall be administered by a committee composed entirely of independent
directors (within the meaning of the applicable stock exchange). Awards granted to non-employee directors shall not be subject
to the discretion of any officer or employee of the Corporation and shall be administered exclusively by a committee consisting
solely of independent directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>3.2 <I>Powers of the
Administrator</I></B>. Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all
things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in the case of
a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including, without
limitation, the authority to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(a) determine eligibility
and, from among those persons determined to be eligible, the particular Eligible Persons who will receive awards under this Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(b) grant awards to Eligible
Persons, determine the price at which securities will be offered or awarded and the number of securities to be offered or awarded
to any of such persons, determine the other specific terms and conditions of such awards consistent with the express limits of
this Plan, establish the installments (if any) in which such awards shall become exercisable or shall vest (which may include,
without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required,
establish any applicable performance targets, and establish the events of termination or reversion of such awards;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(c) approve the forms
of award agreements (which need not be identical either as to type of award or among participants);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(d) construe and interpret
this Plan and any agreements defining the rights and obligations of the Corporation, its Subsidiaries, and participants under this
Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration
of this Plan or the awards granted under this Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(e) cancel, modify, or
waive the Corporation&rsquo;s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards,
subject to any required consent under Section 8.6.5;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(f) accelerate or extend
the vesting or exercisability or extend the term of any or all such outstanding awards (in the case of options or stock appreciation
rights, within the maximum ten-year term of such awards) in such circumstances as the Administrator may deem appropriate (including,
without limitation, in connection with a termination of employment or services or other events of a personal nature) subject to
any required consent under Section 8.6.5;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(g) adjust the number
of shares of Common Stock subject to any award, adjust the price of any or all outstanding awards or otherwise change previously
imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to compliance
with applicable stock exchange requirements, Sections 4 and 8.6 and the applicable requirements of Code Section 162(m) and treasury
regulations thereunder with respect to awards that are intended to satisfy the requirements for performance-based compensation
under Section 162(m), and provided that in no case (except due to an adjustment contemplated by Section 7 or any repricing that
may be approved by stockholders) shall such an adjustment constitute a repricing (by amendment, cancellation and regrant, exchange
or other means) of the per share exercise or base price of any stock option or stock appreciation right or other award granted
under this Plan, and further provided that any adjustment or change in terms made pursuant to this Section 3.2(g) shall be made
in a manner that, in the good faith determination of the Administrator will not likely result in the imposition of additional taxes
or interest under Section 409A of the Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(h) determine the date
of grant of an award which may be a designated date after but not before the date of the Administrator&rsquo;s action (unless
otherwise designated by the Administrator, the date of grant of an award shall be the date upon which the Administrator took the
action granting an award);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(i) determine whether,
and the extent to which, adjustments are required pursuant to Section 7 hereof and authorize the termination, conversion, substitution,
acceleration or succession of awards upon the occurrence of an event of the type described in Section 7;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(j) acquire or settle
(subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other consideration; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(k) determine the Fair
Market Value (as defined in Section 5.6) of the Common Stock or awards under this Plan from time to time and/or the manner in which
such value will be determined.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>3.3 <I>Binding Determinations.</I></B>
Any action taken by, or inaction of, the Corporation, any Subsidiary, or the Administrator relating or pursuant to this Plan and
within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall
be conclusive and binding upon all persons. Neither the Board, the Administrator, nor any Board committee, nor any member thereof
or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination
made in good faith in connection with this Plan (or any award made under this Plan), and all such persons shall be entitled to
indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including, without limitation,
legal fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability
insurance coverage that may be in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>3.4 <I>Reliance on
Experts.</I></B> In making any determination or in taking or not taking any action under this Plan, the Administrator may obtain
and may rely upon the advice of experts, including professional advisors to the Corporation. The Administrator shall not be liable
for any such action or determination taken or made or omitted in good faith based upon such advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>3.5 <I>Delegation of
Non-Discretionary Functions.</I></B> In addition to the ability to delegate certain grant authority to officers of the Corporation
as set forth in Section 3.1, the Administrator may also delegate ministerial, non-discretionary functions to individuals who are
officers or employees of the Corporation or any of its Subsidiaries or to third parties.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>4.</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMIT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>4.1 <I>Shares Available.</I></B>
Subject to the provisions of Section 7.1, the capital stock available for issuance under this Plan shall be shares of the Corporation&rsquo;s
authorized but unissued Common Stock. For purposes of this Plan, &ldquo;<B>Common Stock</B>&rdquo; shall mean the common stock
of the Corporation and such other securities or property as may become the subject of awards under this Plan, or may become subject
to such awards, pursuant to an adjustment made under Section 7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>4.2 <I>Share Limit.</I></B>
The maximum number of shares of Common Stock that may be delivered pursuant to awards granted to Eligible Persons under this Plan
may not exceed 10,500,000,000 shares (the &ldquo;Share Limit&rdquo;) The foregoing Share Limit is subject to adjustment as contemplated
by Section 4.3, Section 7.1, and Section 8.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>4.3 <I>Awards Settled
in Cash, Reissue of Awards and Shares.</I></B> The Administrator may adopt reasonable counting procedures to ensure appropriate
counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments in accordance
with this Section 4.3. Shares shall be counted against those reserved to the extent such shares have been delivered and are no
longer subject to a substantial risk of forfeiture. Accordingly, (i) to the extent that an award under the Plan, in whole or in
part, is canceled, expired, forfeited, settled in cash, settled by delivery of fewer shares than the number of shares underlying
the award, or otherwise terminated without delivery of shares to the participant, the shares retained by or returned to the Corporation
will not be deemed to have been delivered under the Plan and will be deemed to remain or to become available under this Plan; and
(ii) shares that are withheld from such an award or separately surrendered by the participant in payment of the exercise price
or taxes relating to such an award shall be deemed to constitute shares not delivered and will be deemed to remain or to become
available under the Plan. The foregoing adjustments to the Share Limit of this Plan are subject to any applicable limitations under
Section 162(m) of the Code with respect to awards intended as performance-based compensation thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>4.4 <I>Reservation
of Shares; No Fractional Shares.</I></B> The Corporation shall at all times reserve a number of shares of Common Stock sufficient
to cover the Corporation&rsquo;s obligations and contingent obligations to deliver shares with respect to awards then outstanding
under this Plan (exclusive of any dividend equivalent obligations to the extent the Corporation has the right to settle such rights
in cash). No fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares
in settlements of awards under this Plan.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>5.</B></FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>AWARDS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1 <I>Type and Form
of Awards.</I></B> The Administrator shall determine the type or types of award(s) to be made to each selected Eligible Person.
Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement
of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan of the Corporation
or one of its Subsidiaries. The types of awards that may be granted under this Plan are:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1.1&nbsp;&nbsp;&nbsp;<I>Stock
Options.</I></B> A stock option is the grant of a right to purchase a specified number of shares of Common Stock during a specified
period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning of Section
422 of the Code (an &ldquo;<B>ISO</B>&rdquo;) or a nonqualified stock option (an option not intended to be an ISO). The award agreement
for an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified stock option.
The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price for each ISO shall
be not less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of the option. When an option is
exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other method permitted by the
Administrator consistent with Section 5.5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1.2&nbsp;&nbsp;&nbsp;<I>Additional
Rules Applicable to ISOs.</I></B> To the extent that the aggregate Fair Market Value (determined at the time of grant of the applicable
option) of stock with respect to which ISOs first become exercisable by a participant in any calendar year exceeds $100,000, taking
into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans of the Corporation
or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the meaning of Section
422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified stock options. In reducing
the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be reduced first. To
the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the
manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant
to the exercise of an ISO. ISOs may only be granted to employees of the Corporation or one of its subsidiaries (for this purpose,
the term &ldquo;subsidiary&rdquo; is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain
of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning
with the Corporation and ending with the subsidiary in question). There shall be imposed in any award agreement relating to ISOs
such other terms and conditions as from time to time are required in order that the option be an &ldquo;incentive stock option&rdquo;
as that term is defined in Section 422 of the Code. No ISO may be granted to any person who, at the time the option is granted,
owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing more than 10% of the
total combined voting power of all classes of stock of the Corporation, unless the exercise price of such option is at least 110%
of the Fair Market Value of the stock subject to the option and such option by its terms is not exercisable after the expiration
of five years from the date such option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1.3&nbsp;&nbsp;&nbsp;<I>Stock
Appreciation Rights.</I></B> A stock appreciation right or &ldquo;<B>SAR</B>&rdquo; is a right to receive a payment, in cash and/or
Common Stock, equal to the number of shares of Common Stock being exercised multiplied by the excess of (i) the Fair Market Value
of a share of Common Stock on the date the SAR is exercised, over (ii) the Fair Market Value of a share of Common Stock on the
date the SAR was granted as specified in the applicable award agreement (the &ldquo;<B>base price</B>&rdquo;). The maximum term
of a SAR shall be ten (10) years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1.4 <I>Restricted
Shares</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(a) <I>Restrictions</I>.
Restricted shares are shares of Common Stock subject to such restrictions on transferability, risk of forfeiture and other restrictions,
if any, as the Administrator may impose, which restrictions may lapse separately or in combination at such times, under such circumstances
(including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as
the Administrator may determine at the date of grant or thereafter. Except to the extent restricted under the terms of this Plan
and the applicable award agreement relating to the restricted stock, a participant granted restricted stock shall have all of the
rights of a shareholder, including the right to vote the restricted stock and the right to receive dividends thereon (subject to
any mandatory reinvestment or other requirement imposed by the Administrator).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(b) <I>Certificates for
Shares</I>. Restricted shares granted under this Plan may be evidenced in such manner as the Administrator shall determine. If
certificates representing restricted stock are registered in the name of the participant, the Administrator may require that such
certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such restricted stock,
that the Corporation retain physical possession of the certificates, and that the participant deliver a stock power to the Corporation,
endorsed in blank, relating to the restricted stock. The Administrator may require that restricted shares are held in escrow until
all restrictions lapse</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(c) <I>Dividends and Splits</I>.
As a condition to the grant of an award of restricted stock, subject to applicable law, the Administrator may require or permit
a participant to elect that any cash dividends paid on a share of restricted stock be automatically reinvested in additional shares
of restricted stock or applied to the purchase of additional awards under this Plan. Unless otherwise determined by the Administrator,
stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject
to restrictions and a risk of forfeiture to the same extent as the restricted stock with respect to which such stock or other property
has been distributed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1.5 <I>Restricted
Share Units</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(a) <I>Grant of Restricted
Share Units</I>. A restricted share unit, or &ldquo;<B>RSU</B>&rdquo;, represents the right to receive from the Corporation on
the respective scheduled vesting or payment date for such RSU, one Common Share. An award of RSUs may be subject to the attainment
of specified performance goals or targets, forfeitability provisions and such other terms and conditions as the Administrator may
determine, subject to the provisions of this Plan. At the time an award of RSUs is made, the Administrator shall establish a period
of time during which the restricted share units shall vest and the timing for settlement of the RSU.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(b) <I>Dividend Equivalent
Accounts</I>. Subject to the terms and conditions of the Plan and the applicable award agreement, as well as any procedures established
by the Administrator, prior to the expiration of the applicable vesting period of an RSU, the Administrator may determine to pay
dividend equivalent rights with respect to RSUs, in which case, the Corporation shall establish an account for the participant
and reflect in that account any securities, cash or other property comprising any dividend or property distribution with respect
to the shares of Common Stock underlying each RSU. Each amount or other property credited to any such account shall be subject
to the same vesting conditions as the RSU to which it relates. The participant shall have the right to be paid the amounts or other
property credited to such account upon vesting of the subject RSU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(c) <I>Rights as a Shareholder</I>.
Subject to the restrictions imposed under the terms and conditions of this Plan and the applicable award agreement, each participant
receiving RSUs shall have no rights as a shareholder with respect to such RSUs until such time as shares of Common Stock are issued
to the participant. No shares of Common Stock shall be issued at the time a RSU is granted, and the Company will not be required
to set aside a fund for the payment of any such award. Except as otherwise provided in the applicable award agreement, shares of
Common Stock issuable under an RSU shall be treated as issued on the first date that the holder of the RSU is no longer subject
to a substantial risk of forfeiture as determined for purposes of Section 409A of the Code, and the holder shall be the owner of
such shares of Common Stock on such date. An award agreement may provide that issuance of shares of Common Stock under an RSU may
be deferred beyond the first date that the RSU is no longer subject to a substantial risk of forfeiture, provided that such deferral
is structured in a manner that is intended to comply with the requirements of Section 409A of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1.6 <I>Cash Awards</I>.</B>
The Administrator may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine,
grant cash bonuses (including without limitation, discretionary awards, awards based on objective or subjective performance criteria,
awards subject to other vesting criteria or awards granted consistent with Section 5.2 below). Cash awards shall be awarded in
such amount and at such times during the term of the Plan as the Administrator shall determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.1.7 <I>Other Awards.</I></B>
The other types of awards that may be granted under this Plan include: (a) stock bonuses, performance stock, performance units,
dividend equivalents, or similar rights to purchase or acquire shares, whether at a fixed or variable price or ratio related to
the Common Stock (subject to the requirements of Section 5.1.1 and in compliance with applicable laws), upon the passage of time,
the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any combination thereof;
or (b) any similar securities with a value derived from the value of or related to the Common Stock and/or returns thereon.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2 <I>Section 162(m)
Performance-Based Awards</I>.</B> Without limiting the generality of the foregoing, any of the types of awards listed in Sections
5.1.4 through 5.1.7 above may be, and options and SARs granted with an exercise or base price not less than the Fair Market Value
of a share of Common Stock at the date of grant (&ldquo;<B>Qualifying Options</B>&rdquo; and &ldquo;<B>Qualifying SARs</B> ,&rdquo;
respectively) typically will be, granted as awards intended to satisfy the requirements for &ldquo;performance-based compensation&rdquo;
within the meaning of Section 162(m) of the Code (&ldquo;<B>Performance-Based Awards</B>&rdquo;) . The grant, vesting, exercisability
or payment of Performance-Based Awards may depend (or, in the case of Qualifying Options or Qualifying SARs, may also depend) on
the degree of achievement of one or more performance goals relative to a pre-established targeted level or levels using the Business
Criteria provided for below for the Corporation on a consolidated basis or for one or more of the Corporation&rsquo;s subsidiaries,
segments, divisions or business units, or any combination of the foregoing. Such criteria may be evaluated on an absolute basis
or relative to prior periods, industry peers, or stock market indices. Any Qualifying Option or Qualifying SAR shall be subject
to the requirements of Section 5.2.1 and 5.2.3 in order for such award to satisfy the requirements for &ldquo;performance-based
compensation&rdquo; under Section 162(m) of the Code. Any other Performance-Based Award shall be subject to all of the following
provisions of this Section 5.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2.1 <I>Class; Administrator.</I></B>
The eligible class of persons for Performance-Based Awards under this Section 5.2 shall be officers and employees of the Corporation
or one of its Subsidiaries. The Administrator approving Performance-Based Awards or making any certification required pursuant
to Section 5.2.4 must be constituted as provided in Section 3.1 for awards that are intended as performance-based compensation
under Section 162(m) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2.2 <I>Performance
Goals.</I></B> The specific performance goals for Performance-Based Awards (other than Qualifying Options and Qualifying SARs)
shall be, on an absolute or relative basis, established based on such business criteria as selected by the Administrator in its
sole discretion (&ldquo;<B>Business Criteria</B>&rdquo;) , including the following: (1) earnings per share, (2) cash flow (which
means cash and cash equivalents derived from either (i) net cash flow from operations or (ii) net cash flow from operations, financing
and investing activities), (3) total stockholder return, (4) price per share of Common Stock, (5) gross revenue, (6) revenue growth,
(7) operating income (before or after taxes), (8) net earnings (before or after interest, taxes, depreciation and/or amortization),
(9) return on equity, (10) capital employed, or on assets or on net investment, (11) cost containment or reduction, (12) cash cost
per ounce of production, (13) operating margin, (14) debt reduction, (15) resource amounts, (16) production or production growth,
(17) resource replacement or resource growth, (18) successful completion of financings, or (19) any combination of the foregoing.
To qualify awards as performance-based under Section 162(m), the applicable Business Criterion (or Business Criteria, as the case
may be) and specific performance goal or goals (&ldquo;<B>targets</B>&rdquo;) must be established and approved by the Administrator
during the first 90 days of the performance period (and, in the case of performance periods of less than one year, in no event
after 25% or more of the performance period has elapsed) and while performance relating to such target(s) remains substantially
uncertain within the meaning of Section 162(m) of the Code. Performance targets shall be adjusted to mitigate the unbudgeted impact
of material, unusual or nonrecurring gains and losses, accounting changes or other extraordinary events not foreseen at the time
the targets were set unless the Administrator provides otherwise at the time of establishing the targets; provided that the Administrator
may not make any adjustment to the extent it would adversely affect the qualification of any compensation payable under such performance
targets as &ldquo;performance-based compensation&rdquo; under Section 162(m) of Code. The applicable performance measurement period
may not be less than 3 months nor more than 10 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2.3 <I>Form of Payment.</I></B>
Grants or awards intended to qualify under this Section 5.2 may be paid in cash or shares of Common Stock or any combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2.4 <I>Certification
of Payment.</I></B> Before any Performance-Based Award under this Section 5.2 (other than Qualifying Options and Qualifying SARs)
is paid and to the extent required to qualify the award as performance-based compensation within the meaning of Section 162(m)
of the Code, the Administrator must certify in writing that the performance target(s) and any other material terms of the Performance-Based
Award were in fact timely satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2.5 <I>Reservation
of Discretion</I>.</B> The Administrator will have the discretion to determine the restrictions or other limitations of the individual
awards granted under this Section 5.2 including the authority to reduce awards, payouts or vesting or to pay no awards, in its
sole discretion, if the Administrator preserves such authority at the time of grant by language to this effect in its authorizing
resolutions or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2.6 <I>Expiration
of Grant Authority</I>.</B> As required pursuant to Section 162(m) of the Code and the regulations promulgated thereunder, the
Administrator&rsquo;s authority to grant new awards that are intended to qualify as performance-based compensation within the meaning
of Section 162(m) of the Code (other than Qualifying Options and Qualifying SARs) shall terminate upon the first meeting of the
Corporation&rsquo;s stockholders that occurs in the fifth year following the year in which the Corporation&rsquo;s stockholders
first approve this Plan (the &ldquo;<B>162(m) Term</B>&rdquo;) .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.2.7 <I>Compensation
Limitations</I>.</B> The maximum aggregate number of shares of Common Stock that may be issued to any Eligible Person during the
term of this Plan pursuant to Qualifying Options and Qualifying SARs may not exceed the Share Limit. The maximum aggregate number
of shares of Common Stock that may be issued to any Eligible Person pursuant to Performance-Based Awards granted during the 162(m)
Term (other than cash awards granted pursuant to Section 5.1.6 and Qualifying Options or Qualifying SARs) may not exceed the Share
Limit. The maximum amount that may be paid to any Eligible Person pursuant to Performance-Based Awards granted pursuant to Sections
5.1.6 (cash awards) during the 162(m) Term may not exceed $1,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.3 <I>Award Agreements.</I></B>
Each award shall be evidenced by a written or electronic award agreement in the form approved by the Administrator and, if required
by the Administrator, executed by the recipient of the award. The Administrator may authorize any officer of the Corporation (other
than the particular award recipient) to execute any or all award agreements on behalf of the Corporation (electronically or otherwise).
The award agreement shall set forth the material terms and conditions of the award as established by the Administrator consistent
with the express limitations of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.4 <I>Deferrals and
Settlements.</I></B> Payment of awards may be in the form of cash, Common Stock, other awards or combinations thereof as the Administrator
shall determine, and with such restrictions as it may impose. The Administrator may also require or permit participants to elect
to defer the issuance of shares of Common Stock or the settlement of awards in cash under such rules and procedures as it may establish
under this Plan. The Administrator may also provide that deferred settlements include the payment or crediting of interest or other
earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated
in shares. All mandatory or elective deferrals of the issuance of shares of Common Stock or the settlement of cash awards shall
be structured in a manner that is intended to comply with the requirements of Section 409A of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.5 <I>Consideration
for Common Stock or Awards.</I></B> The purchase price for any award granted under this Plan or the Common Stock to be delivered
pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator and subject
to compliance with applicable laws, including, without limitation, one or a combination of the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 10pt; line-height: 115%">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 94%"><FONT STYLE="font-size: 10pt; line-height: 115%">services rendered by the recipient of such award;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">&#9679;</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">cash, check payable to the order of the Corporation, or electronic funds transfer;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt; line-height: 115%">&#9679;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 10pt; line-height: 115%">notice and third party payment in such manner as may be authorized by the Administrator;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt; line-height: 115%">&#9679;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 10pt; line-height: 115%">the delivery of previously owned shares of Common Stock that are fully vested and unencumbered;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt; line-height: 115%">&#9679;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 10pt; line-height: 115%">by a reduction in the number of shares otherwise deliverable pursuant to the award; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt; line-height: 115%">&#9679;</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">subject to such procedures as the Administrator may adopt, pursuant to a &ldquo;cashless exercise&rdquo; with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that the Administrator allows
a participant to exercise an award by delivering shares of Common Stock previously owned by such participant and unless otherwise
expressly provided by the Administrator, any shares delivered which were initially acquired by the participant from the Corporation
(upon exercise of a stock option or otherwise) must have been owned by the participant at least six months as of the date of delivery
(or such other period as may be required by the Administrator in order to avoid adverse accounting treatment). Shares of Common
Stock used to satisfy the exercise price of an option shall be valued at their Fair Market Value on the date of exercise. The Corporation
will not be obligated to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor
and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase, as established from
time to time by the Administrator, have been satisfied. Unless otherwise expressly provided in the applicable award agreement,
the Administrator may at any time eliminate or limit a participant&rsquo;s ability to pay the purchase or exercise price of any
award by any method other than cash payment to the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.6 <I>Definition of
Fair Market Value.</I></B> For purposes of this Plan &ldquo;<B>Fair Market Value</B>&rdquo; shall mean, unless otherwise determined
or provided by the Administrator in the circumstances, the closing price for a share of Common Stock on the trading day immediately
before the grant date, as furnished by the NASDAQ Stock Market or other principal stock exchange on which the Common Stock is then
listed for the date in question, or if the Common Stock is no longer listed on a principal stock exchange, then by the Over-the-Counter
Bulletin Board or OTC Markets. If the Common Stock is no longer listed on the NASDAQ Capital Market or listed on a principal stock
exchange or is no longer actively traded on the Over-the-Counter Bulletin Board or OTC Markets as of the applicable date, the Fair
Market Value of the Common Stock shall be the value as reasonably determined by the Administrator for purposes of the award in
the circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.7 <I>Transfer Restrictions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.7.1 <I>Limitations
on Exercise and Transfer.</I></B> Unless otherwise expressly provided in (or pursuant to) this Section 5.7, by applicable law and
by the award agreement, as the same may be amended, (a) all awards are non-transferable and shall not be subject in any manner
to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the
participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only to (or for the account of)
the participant.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.7.2 <I>Exceptions.</I></B>
The Administrator may permit awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant
to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion,
establish in writing (provided that any such transfers of ISOs shall be limited to the extent permitted under the federal tax laws
governing ISOs). Any permitted transfer shall be subject to compliance with applicable federal and state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.7.3 <I>Further Exceptions
to Limits on Transfer.</I></B> The exercise and transfer restrictions in Section 5.7.1 shall not apply to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(a) transfers to the Corporation,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(b) the designation of
a beneficiary to receive benefits in the event of the participant&rsquo;s death or, if the participant has died, transfers to or
exercise by the participant&rsquo;s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the
laws of descent and distribution,</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">(c)
subject to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations
order if approved or ratified by the Administrator,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(d) subject to any applicable
limitations on ISOs, if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant
by his or her legal representative, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(e) the authorization
by the Administrator of &ldquo;cashless exercise&rdquo; procedures with third parties who provide financing for the purpose of
(or who otherwise facilitate) the exercise of awards consistent with applicable laws and the express authorization of the Administrator.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.8 <I>International
Awards.</I></B> One or more awards may be granted to Eligible Persons who provide services to the Corporation or one of its Subsidiaries
outside of the United States. Any awards granted to such persons may, if deemed necessary or advisable by the Administrator, be
granted pursuant to the terms and conditions of any applicable sub-plans, if any, appended to this Plan and approved by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>5.9 <I>Vesting</I></B>.
Subject to Sections 5.1.2 and 5.10 hereof, awards shall vest at such time or times and subject to such terms and conditions as
shall be determined by the Administrator at the time of grant; <I>provided, however</I> , that in the absence of any award vesting
periods designated by the Administrator at the time of grant in the applicable award agreement, awards shall vest as to one-third
of the total number of shares subject to the award on each of the first, second and third anniversaries of the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>6.</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>EFFECT OF TERMINATION OF SERVICE ON AWARDS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>6.1 <I>Termination
of Employment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>6.1.1</B> The Administrator
shall establish the effect of a termination of employment or service on the rights and benefits under each award under this Plan
and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the participant is
not an employee of the Corporation or one of its Subsidiaries and provides other services to the Corporation or one of its Subsidiaries,
the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the award agreement otherwise provides)
of whether the participant continues to render services to the Corporation or one of its Subsidiaries and the date, if any, upon
which such services shall be deemed to have terminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>6.1.2 </B>For awards
of stock options or SARs, unless the award agreement provides otherwise, the exercise period of such options or SARs shall expire:
(1) three months after the last day that the participant is employed by or provides services to the Corporation or a Subsidiary
(provided; however, that in the event of the participant&rsquo;s death during this period, those persons entitled to exercise the
option or SAR pursuant to the laws of descent and distribution shall have one year following the date of death within which to
exercise such option or SAR); (2) in the case of a participant whose termination of employment is due to death or disability (as
defined in the applicable award agreement), 12 months after the last day that the participant is employed by or provides services
to the Corporation or a Subsidiary; and (3) immediately upon a participant&rsquo;s termination for &ldquo;cause&rdquo;. The Administrator
will, in its absolute discretion, determine the effect of all matters and questions relating to a termination of employment, including,
but not by way of limitation, the question of whether a leave of absence constitutes a termination of employment and whether a
participant&rsquo;s termination is for &ldquo;cause.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">If not defined in the applicable
award agreement, &ldquo;<B>Cause</B>&rdquo; shall mean:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(i) conviction of a felony
or a crime involving fraud or moral turpitude; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(ii) theft, material act
of dishonesty or fraud, intentional falsification of any employment or Company records, or commission of any criminal act which
impairs participant&rsquo;s ability to perform appropriate employment duties for the Corporation; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(iii) intentional or reckless
conduct or gross negligence materially harmful to the Company or the successor to the Corporation after a Change in Control, including
violation of a non-competition or confidentiality agreement; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(iv) willful failure to
follow lawful instructions of the person or body to which participant reports; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in">(v) gross negligence or
willful misconduct in the performance of participant&rsquo;s assigned duties. Cause shall <U>not</U> include mere unsatisfactory
performance in the achievement of participant&rsquo;s job objectives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>6.1.3</B> For awards
of restricted shares, unless the award agreement provides otherwise, restricted shares that are subject to restrictions at the
time that a participant whose employment or service is terminated shall be forfeited and reacquired by the Corporation; <I>provided
that,</I> the Administrator may provide, by rule or regulation or in any award agreement, or may determine in any individual case,
that restrictions or forfeiture conditions relating to restricted shares shall be waived in whole or in part in the event of terminations
resulting from specified causes, and the Administrator may in other cases waive in whole or in part the forfeiture of restricted
shares. Similar rules shall apply in respect of RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>6.2 <I>Events Not Deemed
Terminations of Service.</I></B> Unless the express policy of the Corporation or one of its Subsidiaries, or the Administrator,
otherwise provides, the employment relationship shall not be considered terminated in the case of (a) sick leave, (b) military
leave, or (c) any other leave of absence authorized by the Corporation or one of its Subsidiaries, or the Administrator; provided
that unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period of not
more than 3 months. In the case of any employee of the Corporation or one of its Subsidiaries on an approved leave of absence,
continued vesting of the award while on leave from the employ of the Corporation or one of its Subsidiaries may be suspended until
the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event
shall an award be exercised after the expiration of the term set forth in the award agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>6.3 <I>Effect of Change
of Subsidiary Status.</I></B> For purposes of this Plan and any award, if an entity ceases to be a Subsidiary of the Corporation,
a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such
Subsidiary who does not continue as an Eligible Person in respect of another entity within the Corporation or another Subsidiary
that continues as such after giving effect to the transaction or other event giving rise to the change in status.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>7.</B></FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>ADJUSTMENTS; ACCELERATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>7.1 <I>Adjustments</I></B>.
Upon or in contemplation of any of the following events described in this Section 7.1,: any reclassification, recapitalization,
stock split (including a stock split in the form of a stock dividend) or reverse stock split (&ldquo;<B>stock split</B>&rdquo;)
; any merger, arrangement, combination, consolidation, or other reorganization; any spin-off, split-up, or similar extraordinary
dividend distribution in respect of the Common Stock (whether in the form of securities or property); any exchange of Common Stock
or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Common
Stock; then the Administrator shall in such manner, to such extent and at such time as it deems appropriate and equitable in the
circumstances (but subject to compliance with applicable laws and stock exchange requirements) proportionately adjust any or all
of (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of awards (including
the number of shares provided for in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities
or property) subject to any or all outstanding awards, (3) the grant, purchase, or exercise price (which term includes the base
price of any SAR or similar right) of any or all outstanding awards, (4) the securities, cash or other property deliverable upon
exercise or payment of any outstanding awards, and (5) the 162(m) compensation limitations set forth in Section 5.2.7 and (subject
to Section 8.8.3(a)) the performance standards applicable to any outstanding awards (provided that no adjustment shall be allowed
to the extent inconsistent with the requirements of Code section 162(m)). Any adjustment made pursuant to this Section 7.1 shall
be made in a manner that, in the good faith determination of the Administrator, will not likely result in the imposition of additional
taxes or interest under Section 409A of the Code. With respect to any award of an ISO, the Administrator may make such an adjustment
that causes the option to cease to qualify as an ISO without the consent of the affected participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>7.2 <I>Change in Control</I></B>.
Upon a Change in Control, each then-outstanding option and SAR shall automatically become fully vested, all restricted shares then
outstanding shall automatically fully vest free of restrictions, and each other award granted under this Plan that is then outstanding
shall automatically become vested and payable to the holder of such award <B><U>unless</U></B> the Administrator has made appropriate
provision for the substitution, assumption, exchange or other continuation of the award pursuant to the Change in Control. Notwithstanding
the foregoing, the Administrator, in its sole and absolute discretion, may choose (in an award agreement or otherwise) to provide
for full or partial accelerated vesting of any award upon a Change In Control (or upon any other event or other circumstance related
to the Change in Control, such as an involuntary termination of employment occurring after such Change in Control, as the Administrator
may determine), irrespective of whether such any such award has been substituted, assumed, exchanged or otherwise continued pursuant
to the Change in Control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">For purposes of this Plan,
&ldquo;<B>Change in Control</B>&rdquo; shall be deemed to have occurred if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) a tender offer (or series of related offers)
shall be made and consummated for the ownership of 50% or more of the outstanding voting securities of the Corporation, unless
as a result of such tender offer more than 50% of the outstanding voting securities of the surviving or resulting corporation shall
be owned in the aggregate by the stockholders of the Corporation (as of the time immediately prior to the commencement of such
offer), any employee benefit plan of the Corporation or its Subsidiaries, and their affiliates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) the Corporation shall be merged or consolidated
with another entity, unless as a result of such merger or consolidation more than 50% of the outstanding voting securities of the
surviving or resulting entity shall be owned in the aggregate by the stockholders of the Corporation (as of the time immediately
prior to such transaction), any employee benefit plan of the Corporation or its Subsidiaries, and their affiliates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii) the Corporation shall sell substantially
all of its assets to another entity that is not wholly owned by the Corporation, unless as a result of such sale more than 50%
of such assets shall be owned in the aggregate by the stockholders of the Corporation (as of the time immediately prior to such
transaction), any employee benefit plan of the Corporation or its Subsidiaries and their affiliates; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iv) a Person (as defined below) shall acquire
50% or more of the outstanding voting securities of the Corporation (whether directly, indirectly, beneficially or of record),
unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving or resulting corporation
shall be owned in the aggregate by the stockholders of the Corporation (as of the time immediately prior to the first acquisition
of such securities by such Person), any employee benefit plan of the Corporation or its Subsidiaries, and their affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">For purposes of this Section
5(c), ownership of voting securities shall take into account and shall include ownership as determined by applying the provisions
of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange Act. In addition, for such purposes, &ldquo;Person&rdquo;
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof;
<U>provided</U> , <U>however</U> , that a Person shall not include (A) the Company or any of its Subsidiaries; (B) a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries; (C) an underwriter
temporarily holding securities pursuant to an offering of such securities; or (D) a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.</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; text-align: justify; text-indent: 0.55in">Notwithstanding the foregoing,
(1) the Administrator may waive the requirement described in paragraph (iv) above that a Person must acquire more than 50% of the
outstanding voting securities of the Corporation for a Change in Control to have occurred if the Administrator determines that
the percentage acquired by a person is significant (as determined by the Administrator in its discretion) and that waiving such
condition is appropriate in light of all facts and circumstances, and (2) no compensation that has been deferred for purposes of
Section 409A of the Code shall be payable as a result of a Change in Control unless the Change in Control qualifies as a change
in ownership or effective control of the Corporation within the meaning of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>7.3 <I>Early Termination
of Awards</I></B>. Any award that has been accelerated as required or permitted by Section 7.2 upon a Change in Control (or would
have been so accelerated but for Section 7.4 or 7.5) shall terminate upon such event, subject to any provision that has been expressly
made by the Administrator, through a plan of reorganization or otherwise, for the survival, substitution, assumption, exchange
or other continuation of such award and provided that, in the case of options and SARs that will not survive, be substituted for,
assumed, exchanged, or otherwise continued in the transaction, the holder of such award shall be given reasonable advance notice
of the impending termination and a reasonable opportunity to exercise his or her outstanding options and SARs in accordance with
their terms before the termination of such awards (except that in no case shall more than ten days&rsquo; notice of accelerated
vesting and the impending termination be required and any acceleration may be made contingent upon the actual occurrence of the
event).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">The Administrator may
make provision for payment in cash or property (or both) in respect of awards terminated pursuant to this section as a result of
the Change in Control and may adopt such valuation methodologies for outstanding awards as it deems reasonable and, in the case
of options, SARs or similar rights, and without limiting other methodologies, may base such settlement solely upon the excess if
any of the per share amount payable upon or in respect of such event over the exercise or base price of the award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>7.4 <I>Other Acceleration
Rules</I></B>. Any acceleration of awards pursuant to this Section 7 shall comply with applicable legal and stock exchange requirements
and, if necessary to accomplish the purposes of the acceleration or if the circumstances require, may be deemed by the Administrator
to occur a limited period of time not greater than 30 days before the event. Without limiting the generality of the foregoing,
the Administrator may deem an acceleration to occur immediately prior to the applicable event and/or reinstate the original terms
of an award if an event giving rise to the acceleration does not occur. Notwithstanding any other provision of the Plan to the
contrary, the Administrator may override the provisions of Section 7.2, 7.3, and/or 7.5 by express provision in the award agreement
or otherwise. The portion of any ISO accelerated pursuant to Section 7.2 or any other action permitted hereunder shall remain exercisable
as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated
portion of the option shall be exercisable as a nonqualified stock option under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>7.5 <I>Possible Rescission
of Acceleration</I></B>. If the vesting of an award has been accelerated expressly in anticipation of an event and the Administrator
later determines that the event will not occur, the Administrator may rescind the effect of the acceleration as to any then outstanding
and unexercised or otherwise unvested awards; <I>provided, that</I> , in the case of any compensation that has been deferred for
purposes of Section 409A of the Code, the Administrator determines that such rescission will not likely result in the imposition
of additional tax or interest under Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>8.</B></FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>OTHER PROVISIONS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.1 <I>Compliance with
Laws.</I></B> This Plan, the granting and vesting of awards under this Plan, the offer, issuance and delivery of shares of Common
Stock, the acceptance of promissory notes and/or the payment of money under this Plan or under awards are subject to compliance
with all applicable federal and state laws, rules and regulations (including but not limited to state and federal securities law,
federal margin requirements) and to such approvals by any applicable stock exchange listing, regulatory or governmental authority
as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith. The person acquiring
any securities under this Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances and representations
to the Corporation or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all
applicable legal and accounting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.2 <I>Future Awards/Other
Rights.</I></B> No person shall have any claim or rights to be granted an award (or additional awards, as the case may be) under
this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.3 <I>No Employment/Service
Contract.</I></B> Nothing contained in this Plan (or in any other documents under this Plan or in any award) shall confer upon
any Eligible Person or other participant any right to continue in the employ or other service of the Corporation or one of its
Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee&rsquo;s status as an employee
at will, nor shall interfere in any way with the right of the Corporation or one of its Subsidiaries to change a person&rsquo;s
compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this
Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment
or service contract other than an award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.4 <I>Plan Not Funded.</I></B>
Awards payable under this Plan shall be payable in shares or from the general assets of the Corporation, and no special or separate
reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have
any right, title or interest in any fund or in any specific asset (including shares of Common Stock, except as expressly otherwise
provided) of the Corporation or one of its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or
of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan
shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Corporation or one of its
Subsidiaries and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires
a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general
creditor of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.5 <I>Tax Withholding.</I></B>
Upon any exercise, vesting, or payment of any award, the Corporation or one of its Subsidiaries shall have the right at its option
to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(a) require the participant
(or the participant&rsquo;s personal representative or beneficiary, as the case may be) to pay or provide for payment of at least
the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to such
award event or payment; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(b) deduct from any amount
otherwise payable in cash to the participant (or the participant&rsquo;s personal representative or beneficiary, as the case may
be) the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to
such cash payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">In any case where a tax
is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in
its sole discretion (subject to Section 8.1) grant (either at the time of the award or thereafter) to the participant the right
to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to have the Corporation reduce
the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner
at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to
satisfy the minimum applicable withholding obligation on exercise, vesting or payment. In no event shall the shares withheld exceed
the minimum whole number of shares required for tax withholding under applicable law.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.6 <I>Effective Date,
Termination and Suspension, Amendments.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.6.1 <I>Effective
Date and Termination.</I></B> This Plan was approved by the Board and became effective on August 3, 2016. Unless earlier terminated
by the Board, this Plan shall terminate at the close of business on August 3, 2026. After the termination of this Plan either upon
such stated expiration date or its earlier termination by the Board, no additional awards may be granted under this Plan, but previously
granted awards (and the authority of the Administrator with respect thereto, including the authority to amend such awards) shall
remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.6.2 <I>Board Authorization.</I></B>
The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in whole or in part. No awards
may be granted during any period that the Board suspends this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.6.3 <I>Stockholder
Approval.</I></B> To the extent then required by applicable law or any applicable stock exchange or required under Sections 162,
422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, this
Plan and any amendment to this Plan shall be subject to stockholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.6.4 <I>Amendments
to Awards.</I></B> Without limiting any other express authority of the Administrator under (but subject to) the express limits
of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on awards to participants that
the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant, and (subject to the
requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards. Any amendment or other action
that would constitute a repricing of an award is subject to the limitations set forth in Section 3.2(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.6.5 <I>Limitations
on Amendments to Plan and Awards.</I></B> No amendment, suspension or termination of this Plan or change of or affecting any outstanding
award shall, without written consent of the participant, affect in any manner materially adverse to the participant any rights
or benefits of the participant or obligations of the Corporation under any award granted under this Plan prior to the effective
date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute changes
or amendments for purposes of this Section 8.6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.7 <I>Privileges of
Stock Ownership.</I></B> Except as otherwise expressly authorized by the Administrator or this Plan, a participant shall not be
entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the
participant. No adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such
date of delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.8 <I>Governing Law;
Construction; Severability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.8.1 <I>Choice of
Law.</I></B> This Plan, the awards, all documents evidencing awards and all other related documents shall be governed by, and construed
in accordance with the laws of the State of Nevada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.8.2 <I>Severability.</I></B>
If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall
continue in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.8.3 <I>Plan Construction.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(a) <I>Rule 16b-3.</I>
It is the intent of the Corporation that the awards and transactions permitted by awards be interpreted in a manner that, in the
case of participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible with
the express terms of the award, for exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act. Notwithstanding
the foregoing, the Corporation shall have no liability to any participant for Section 16 consequences of awards or events under
awards if an award or event does not so qualify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(b) <I>Section 162(m).</I>
Awards under Sections 5.1.4 through 5.1.7 to persons described in Section 5.2 that are either granted or become vested, exercisable
or payable based on attainment of one or more performance goals related to the Business Criteria, as well as Qualifying Options
and Qualifying SARs granted to persons described in Section 5.2, that are approved by a committee composed solely of two or more
outside directors (as this requirement is applied under Section 162(m) of the Code) shall be deemed to be intended as performance-based
compensation within the meaning of Section 162(m) of the Code unless such committee provides otherwise at the time of grant of
the award. It is the further intent of the Corporation that (to the extent the Corporation or one of its Subsidiaries or awards
under this Plan may be or become subject to limitations on deductibility under Section 162(m) of the Code) any such awards and
any other Performance-Based Awards under Section 5.2 that are granted to or held by a person subject to Section 162(m) will qualify
as performance-based compensation or otherwise be exempt from deductibility limitations under Section 162(m).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(c) <I>Code Section 409A
Compliance.</I> The Board intends that, except as may be otherwise determined by the Administrator, any awards under the Plan are
either exempt from or satisfy the requirements of Section 409A of the Code and related regulations and Treasury pronouncements
(&ldquo;<B>Section 409A</B>&rdquo;) to avoid the imposition of any taxes, including additional income or penalty taxes, thereunder.
If the Administrator determines that an award, award agreement, acceleration, adjustment to the terms of an award, payment, distribution,
deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would, if undertaken,
cause a participant&rsquo;s award to become subject to Section 409A, unless the Administrator expressly determines otherwise, such
award, award agreement, payment, acceleration, adjustment, distribution, deferral election, transaction or other action or arrangement
shall not be undertaken and the related provisions of the Plan and/or award agreement will be deemed modified or, if necessary,
rescinded in order to comply with the requirements of Section 409A to the extent determined by the Administrator without the content
or notice to the participant. Notwithstanding the foregoing, neither the Company nor the Administrator shall have any obligation
to take any action to prevent the assessment of any excise tax or penalty on any participant under Section 409A and neither the
Company nor the Administrator will have any liability to any participant for such tax or penalty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">(d) <I>No Guarantee of
Favorable Tax Treatment.</I> Although the Company intends that awards under the Plan will be exempt from, or will comply with,
the requirements of Section 409A of the Code, the Company does not warrant that any award under the Plan will qualify for favorable
tax treatment under Section 409A of the Code or any other provision of federal, state, local or foreign law. The Company shall
not be liable to any participant for any tax, interest or penalties the participant might owe as a result of the grant, holding,
vesting, exercise or payment of any award under the Plan</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.9 <I>Captions.</I></B>
Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such
headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.10 <I>Stock-Based
Awards in Substitution for Stock Options or Awards Granted by Other Corporation.</I></B> Awards may be granted to Eligible Persons
in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based
awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Corporation or one of
its Subsidiaries, in connection with a distribution, arrangement, business combination, merger or other reorganization by or with
the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries, directly or indirectly,
of all or a substantial part of the stock or assets of the employing entity. The awards so granted need not comply with other specific
terms of this Plan, provided the awards reflect only adjustments giving effect to the assumption or substitution consistent with
the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security. Any shares that
are delivered and any awards that are granted by, or become obligations of, the Corporation, as a result of the assumption by the
Corporation of, or in substitution for, outstanding awards previously granted by an acquired company (or previously granted by
a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or
one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against
the Share Limit or other limits on the number of shares available for issuance under this Plan, except as may otherwise be provided
by the Administrator at the time of such assumption or substitution or as may be required to comply with the requirements of any
applicable stock exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.11 <I>Non-Exclusivity
of Plan.</I></B> Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator to grant
awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.12 <I>No Corporate
Action Restriction.</I></B> The existence of this Plan, the award agreements and the awards granted hereunder shall not limit,
affect or restrict in any way the right or power of the Board or the stockholders of the Corporation to make or authorize: (a)
any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Corporation or any
Subsidiary, (b) any merger, arrangement, business combination, amalgamation, consolidation or change in the ownership of the Corporation
or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital
stock (or the rights thereof) of the Corporation or any Subsidiary, (d) any dissolution or liquidation of the Corporation or any
Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the Corporation or any Subsidiary, or (f)
any other corporate act or proceeding by the Corporation or any Subsidiary. No participant, beneficiary or any other person shall
have any claim under any award or award agreement against any member of the Board or the Administrator, or the Corporation or any
employees, officers or agents of the Corporation or any Subsidiary, as a result of any such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.13 <I>Other Corporation
Benefit and Compensation Programs.</I></B> Payments and other benefits received by a participant under an award made pursuant to
this Plan shall not be deemed a part of a participant&rsquo;s compensation for purposes of the determination of benefits under
any other employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any Subsidiary, except where
the Administrator expressly otherwise provides or authorizes in writing or except as otherwise specifically set forth in the terms
and conditions of such other employee welfare or benefit plan or arrangement. Awards under this Plan may be made in addition to,
in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans or arrangements of
the Corporation or its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><B>8.14 <I>Prohibition
on Repricing</I>.</B> Subject to Section 4, the Administrator shall not, without the approval of the stockholders of the Corporation
(i) reduce the exercise price, or cancel and reissue options so as to in effect reduce the exercise price or (ii) change the manner
of determining the exercise price so that the exercise price is less than the fair market value per share of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">As adopted by the Board
of Directors of Red Cat Holdings, Inc. in May  2019 and amended in August 2023.</P>


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