On March 15, 2024, Red Cat Holdings, Inc. entered into an Addendum #2 to Executive Employment Agreement with Joseph Hernon, the company's Chief Financial Officer, in order to terminate his employment agreement, dated July 1, 2021, as amended, enter into a Consulting Services Agreement between Mr. Hernon and the Company, effective as of March 15, 2024 and extend the vesting and exercisability of previously issued equity compensation awards. Under the Addendum, effective as of March 15, 2024, Mr. Hernon shall resign without Good Reason as the Chief Financial Officer of the Company, and shall instead provide consulting services to the Company pursuant to the terms of the Hernon Consulting Agreement. In connection with Mr. Hernon's transition to a consulting role, effective as of March 15, 2024, the company appointed Leah Lunger as its Interim Chief Financial Officer, interim principal financial officer and interim principal accounting officer.

Ms. Lunger, age 33, has extensive finance, accounting and public company reporting experience. Since January 2023, Ms. Lunger has served as the Company's Vice President of Finance, providing oversight of the Company's financial, accounting and human resources functions. From November 2020 to December 2022, Ms. Lunger served as the Corporate Controller of the Company.

From November 2017 to November 2020, Ms. Lunger served as the Controller of Fat Shark Holdings. Ms. Lunger is a Certified Public Accountant and has a degree in Accounting from Calvin College.