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AGEAGLE AERIAL SYSTEMS INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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11/28/2018 | 04:41pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

On November 21, 2018, AgEagle Aerial Systems Inc. (the "Company"), received notification from Mr. Scott Burell that effective immediately he was resigning as a director of the Company. Mr. Burell was Chair of the Audit Committee, and also served on the Compensation Committee and the Nominating and Corporate Governance Committee. Mr. Burell's resignation was not due to a disagreement with the Company on any matter relating to the Company's operations, policies or practices.

On November 27, 2018, the Company appointed Luisa Ingargiola as an independent director to serve on the Company's board of directors (the "Board"). Ms. Ingargiola's appointment fills the vacancy on the Board due to Mr. Burrell's departure. Ms. Ingargiola will serve as Chair of the Audit Committee, and will also serve on the Compensation Committee and the Nominating and Corporate Governance Committee.

In 1990, Ms. Ingargiola joined Boston Capital Partners as an Investment Advisor in their Limited Partnership Division. In this capacity, she worked with investors and partners to report investment results, file tax forms, and recommend investments. In 1992, Ms. Ingargiola joined MetLife Insurance Company as a Budget and Expense Manager. In this capacity she managed a $30 million annual budget. Her responsibilities included budget implementation, expense and variance analysis and financial reporting. From 2007 through 2016, Ms. Ingargiola served as the Chief Financial Officer at MagneGas Corporation (Nasdaq: MNGA) and continues to serve as a director. Ms. Ingargiola currently serves as C.F.O. of Avalon-Globocare (NASDAQ:AVCO) and ass the Audit Committee Chair of FTE Networks, Inc. (NYSE:FTNW) and Electra Meccanica (NASDAQ:SOLO) where she has helped manage over $200 Million in equity and debt financing. Ms. Ingargiola also serves as a Director of The JBF Foundation Worldwide, a 501(c)(3) non-profit. Ms. Ingargiola graduated in 1989 from Boston University with a Bachelor's degree in Business Administration and a concentration in Finance. In 1996, she received her MBA in Health Administration from the University of South Florida.

Ms. Ingargiola does not have any family relationships with any of the Company's directors or executive officers, or any person nominated or chosen by the Company to become a director or executive officer. Ms. Ingargiola is not a party to any transactions listed in Item 404(a) of Regulation S-K.

As compensation for services as an independent director, Ms. Ingargiola shall receive:

· An initial grant of 41,250 stock options at an exercise price of $.77 per share

   (the "Initial Grant"). The Initial Grant is exercisable for a period of five
   years and vests in equal quarterly installments over a one year period from the
   date of grant.

· A quarterly grant of 16,500 with an exercise price at the current market price

   of the Company's common stock at the time of issuance (the "Quarterly
   Options"). The Quarterly Options are exercisable for a period of five years
   from the date of grant and vest in equal quarterly installments over a period
   of two years from the date of grant.

Item 9.01 Financial Statements and Exhibits.



(d)    Exhibits



Exhibit No.   Description
10.1            Director Offer letter, dated November 23, 2018


                                       2

© Edgar Online, source Glimpses

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Managers
NameTitle
Barrett Mooney Chief Executive Officer
Bret Chilcott Chairman, President & Secretary
Nicole Fernandez-McGovern Chief Financial Officer
Kent A. Roach Executive Vice President-Engineering
Grant A. Begley Independent Director
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