144 0001397565 XXXXXXXX LIVE 0000748268 Red Cat Holdings, Inc. 001-40202 15 Ave. Munoz Rivera, Ste. 2200 San Juan, PR 00901-2510 800-466-9152 Jeffrey M. Thompson Director and CEO Common stock Morgan Stanley

1585 Broadway New York, NY 10036

1500000 13770000.00 119371139 12/29/2025 Nasdaq Common Stock 05/15/2019 Share exchange agreement Issuer N 1500000 05/15/2019 Shares exchanged Y On the date hereof, Jeffrey M. Thompson entered into a variable prepaid forward contract with Morgan Stanley Bank, N.A, an affiliate of the broker named on Side 1, Item 3(b), secured by up to 1,500,000 shares of common stock of Red Cat Holding, Inc. (the "Issuer"). The actual number shares of common stock in the Issuer to be delivered by Mr. Thompson under the variable prepaid forward contract will be determined based on the volume weighted average price of the Issuer's common stock at settlement relative to an agreed forward floor price and forward cap price, with the aggregate number not to exceed 1,500,000 shares of common stock. Subject to certain conditions, Mr. Thompson can also elect to settle the variable prepaid forward contract in cash and thereby retain ownership of the pledged shares of common stock of the Issuer. Any initial hedging activity in connection with the variable prepaid forward contract will be conducted by the broker named on Side 1, Item 3(b). 12/29/2025 /s/ Jeffrey M. Thompson