Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed on the Current Report on Form 8-K filed by AgEagle
Aerial Systems Inc.(the "Company") on April 8, 2020, the Company entered into a
Leak-Out Agreement (the "Leak Out Agreement") with Mr. Bret Chilcott, who at
such time was a director and the President of the Company, with respect to the
shares he beneficially owns. The restrictions on the disposition of the shares
under the Leak Out Agreement was for a period of seven months commencing on
April 7, 2020 until November 7, 2020. Thereafter, for a period of an additional
six months, Mr. Chilcott was permitted to sell no more than $25,000 per calendar
month of shares of Common Stock.
On August 26, 2020, the Company, together with Mr, Chilcott and Alpha Captial
Anstalt, who was a party to the Leak Out Agreement, agreed to amend the Leak Out
Agreement to change the restrictions on the disposition of Mr. Chilcott's shares
that are subject to the Leak Out Agreement (the "Amended Leak Out Agreement").
The Amended Leak Out Agreement provides that Mr. Chilcott (together with his
affiliates) may sell or otherwise dispose of his shares for a period of twelve
(12) months commencing on September 7, 2020 (the "Restricted Period") in an
amount representing no more than 50,000 shares per calendar month during the
Restricted Period. After the Restricted Period, the restrictions set forth in
the Amended Leak Out Agreement cease.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Amended Leak Out Agreement, dated August 26, 2020
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