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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