Exhibit 10.3


 





EXECUTION VERSION


 


REGISTRATION
RIGHTS AGREEMENT


 


THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of April 7, 2020, is made and entered into by and among American Virtual
Cloud Technologies, Inc., a Delaware corporation formerly known as Pensare Acquisition Corp. (the “Company”),
and the undersigned parties listed under Holder on the signature page hereto (each such party, together with the Sponsor and any
person or entity who hereafter becomes a party to this Agreement pursuant to Section 6.2 of this Agreement, a “Holder”
and collectively the “Holders”).


 


WHEREAS, the Company
and certain of the Holders (the “Original Holders”) are parties to that certain Registration Rights Agreement,
dated as of July 27, 2017 (the “Prior Agreement”);


 


WHEREAS, the Original
Holders hold an aggregate of 7,762,500 shares (the “Founder Shares”) of the Company’s common stock, par
value $0.001 per share (the “Common Stock”), issued prior to the Company’s initial public offering;


 


WHEREAS, certain of
the Original Holders hold an aggregate of 10,512,500 warrants (the “Private Placement Warrants”) to purchase
shares of the Common Stock, at an exercise price of $11.50 per whole share, issued in a private placement transaction simultaneously
with the closing of the Company’s initial public offering;


 


WHEREAS, in connection
with the business combination contemplated by that certain Business Combination Agreement, dated as of July 25, 2019, as amended
on December 20, 2019 and April 3, 2020 (as so amended, the “BCA”), by and among the Company, Stratos Management
Systems, Inc., a Delaware corporation, Tango Merger Sub Corp., a Delaware corporation, and Stratos Management Systems Holdings,
LLC, a Delaware limited liability company, pursuant to that certain Securities Purchase Agreement, dated April 3, 2020, among the
Company and certain of the Holders, such Holders are purchasing from the Company on the date hereof, or may purchase from the Company
within 120 days after the date hereof, units of the Company’s securities consisting of (i) the Company’s Series A convertible
debentures (the “Debentures”) and (ii) warrants (the “PIPE Warrants”) to purchase shares
of the Common Stock, at an exercise price of $0.01 per whole share; and


 


WHEREAS, the parties
to the Prior Agreement desire to terminate the Prior Agreement and to provide for the terms and conditions included herein and
to include the other Holders identified herein, as set forth in this Agreement.


 


NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:


 


1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:


 


“Adverse Disclosure”
is defined in Section 3.6.


 


“Agreement”
is defined in the preamble hereto.


 






     


     


    

 


“Commission”
means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange
Act.


 


“Common Stock”
is defined in the recitals to this Agreement.


 


“Company”
is defined in the preamble to this Agreement.


 


“Debentures”
is defined in the recitals to this Agreement.


 


“Demand Registration”
is defined in Section 2.1.1.


 


“Demanding
Holder” is defined in Section 2.1.1.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.


 


“Form S-3”
is defined in Section 2.3.


 


“Founder Shares”
is defined in the recitals to this Agreement.


 


“Holders”
is defined in the preamble to this Agreement.


 


“Indemnified
Party” is defined in Section 4.3.


 


“Indemnifying
Party” is defined in Section 4.3.


 


“Investor
Indemnified Party” is defined in Section 4.1.


 


“MasTec”
means MasTec, Inc., a Florida corporation.


 


“Maximum Number
of Shares” is defined in Section 2.1.4.


 


“Misstatement”
is defined in Section 3.1.13.


 


“Notices”
is defined in Section 6.3.


 


“Option Securities”
is defined in Section 2.1.4.


 


“Piggy-Back
Registration” is defined in Section 2.2.1.


 


“PIPE Shares”
means, collectively, the shares of Common Stock underlying the Debentures and the PIPE Warrants.


 


“PIPE Warrants”
is defined in the recitals to this Agreement.


 


“Prior Agreement”
is defined in the recitals to this Agreement.


 


“Private Placement
Warrants” is defined in the recitals to this Agreement.


 






    2 


     


    

 


“Pro Rata”
is defined in Section 2.1.4.


 


“Purchasers”
is defined in the recitals to this Agreement.


 


“Register,”
“Registered” and “Registration” mean a registration effected by preparing and filing a Registration
Statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations
promulgated thereunder, and such Registration Statement becoming effective.


 


“Registrable
Securities” means (i) Private Placement Warrants (or underlying securities), (ii) all of the Working Capital
Warrants (or underlying securities), (iii) all of the Founder Shares and (iv) all of the PIPE Shares. Registrable Securities
include any warrants, shares of capital stock or other securities of the Company issued as a dividend or other distribution with
respect to or in exchange for or in replacement of such securities. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall
have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates
for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding;
or (d) such securities are freely saleable under Rule 144 without volume or manner of sale limitations.


 


“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of Common Stock (other than a registration
statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued
in exchange for securities or assets of another entity).


 


“Release Date”
means the date on which shares of Common Stock are disbursed from escrow pursuant to Section 3 of that certain Stock Escrow
Agreement dated as of July 27, 2017 by and among the Company, certain of the Holders and Continental Stock Transfer & Trust
Company.


 


“Rule 144”
means Rule 144 promulgated under the Securities Act.


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.


 


“Sponsor”
means Pensare Sponsor Group, LLC, a Delaware limited liability company.


 


“Stratos”
means Stratos Management Systems Holdings, LLC, a Delaware limited liability company


 


“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.


 






    3 


     


    

 


“Unit Purchase
Option” is defined in Section 2.1.4.


 


“Working Capital
Warrants” means any warrants (including the shares of Common Stock issued or issuable upon the exercise of any such warrant)
of the Company issuable upon conversion of any working capital loans in an amount up to $1,500,000 made to the Company by a Holder.


 


2. REGISTRATION
RIGHTS.


 


2.1 Demand Registration.


 


2.1.1 Request for
Registration. At any time and from time to time on or after (i) the date hereof with respect to the Private Placement Warrants
(or underlying securities), Working Capital Warrants (or underlying securities) and the PIPE Shares or (ii) three months prior
to the Release Date with respect to the Founder Shares, (a) the holders of a majority-in-interest of such Founder Shares, Working
Capital Warrants (or underlying securities), Private Placement Warrants (or underlying securities) or PIPE Shares, as the case
may be, held by such Holders, (b) MasTec or (C) Stratos (as applicable, the “Demanding Holder”) may make a written
demand for Registration under the Securities Act of all or part of their Founder Shares, Working Capital Warrants (or underlying
securities), Private Placement Warrants (or underlying securities) or PIPE Shares, as the case may be (a “Demand Registration”).
Any demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. The Company will within 10 days of the Company’s receipt of the Demand Registration notify
all holders of Registrable Securities of the demand, and each holder of Registrable Securities who wishes to include all or a portion
of such holder’s Registrable Securities in the Demand Registration shall so notify the Company within ten (10) days
after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled
to have their Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth
in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of (i) two (2) Demand Registrations
under this Section 2.1.1 for Demanding Holders other than MasTec and Stratos and (ii) three (3) Demand Registrations under
this Section 2.1.1 for each of MasTec and Stratos. Notwithstanding anything to the contrary, EarlyBirdCapital, Inc. and its designees
may only make a demand on one occasion and only in the five-year period beginning on the effective date of the registration statement
on Form S-1 filed with the Commission in connection with the Company’s initial public offering.


 


2.1.2 Effective Registration.
A Registration will not count as a Demand Registration until the Registration Statement filed with the Commission with respect
to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement
with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of
Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or
any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not
to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated,
and (ii) a majority-in-interest of the Demanding Holders who initiated such Demand Registration thereafter affirmatively elect
to continue the offering and notify the Company in writing, but in no event later than five (5) days of such election; provided,
further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has
been filed is counted as a Demand Registration or is terminated.


 






    4 


     


    

 


2.1.3 Underwritten
Offering. If MasTec or Stratos (in the case of a Demand Registration initiated by MasTec or Stratos as applicable) or a majority-in-interest
of the other Demanding Holders who initiate a Demand Registration so elect and such holders so advise the Company as part of their
written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall
be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such
Registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s
Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities
through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected
for such underwriting by a majority-in-interest of the holders initiating the Demand Registration.


 


2.1.4 Reduction of
Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering, in good
faith, advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities which the
Company desires to sell and the shares of Common Stock, if any, as to which Registration has been requested pursuant to written
contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar
amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the
timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of
shares, as applicable, the “Maximum Number of Shares”), then the Company shall include in such Registration:
(i) the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance
with the number of shares that each such Demanding Holder has requested be included in such Registration, regardless of the number
of shares held by each such Demanding Holder (such proportion is referred to herein as “Pro Rata”)) that can
be sold without exceeding the Maximum Number of Shares; (ii) to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (i), the Registrable Securities of holders exercising their rights to Register their Registrable
Securities pursuant to Section 2.2; (iii) to the extent that the Maximum Number of Shares has not been reached under
the foregoing clauses (i) and (ii), the shares of Common Stock or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Number of Shares; (iv) to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i), (ii) and (iii), the shares of Common Stock or other securities registrable pursuant
to the terms of the Unit Purchase Option issued to EarlyBirdCapital, Inc. or its designees in connection with the Company’s
initial public offering (the “Unit Purchase Option” and such registrable securities, the “Option Securities”)
as to which Piggy-Back Registration has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the
Maximum Number of Shares and (v) to the extent that the Maximum Number of Shares have not been reached under the foregoing
clauses (i), (ii), (iii) and (iv), the shares of Common Stock or other securities for the account of other persons that the
Company is obligated to Register pursuant to written contractual arrangements with such persons and that can be sold without exceeding
the Maximum Number of Shares.


 






    5 


     


    

 


2.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from
such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to
the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such Registration shall not
count as a Demand Registration provided for in this Section 2.1.


 


2.2 Piggy-Back Registration.


 


2.2.1 Piggy-Back Rights.
If at any time on or after the date hereof the Company proposes to file a Registration Statement under the Securities Act with
respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by the Company for its own account or for stockholders of the Company for their account (or by the Company
and by stockholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement
(i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering
of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into
equity securities of the Company, (iv) for a dividend reinvestment plan or (v) filed pursuant to the terms of the BCA (if
the offering is not an underwritten offering), then the Company shall (x) give written notice of such proposed filing to the
holders of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing
date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to
the holders of Registrable Securities in such notice the opportunity to Register the sale of such number of shares of Registrable
Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Registration
and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit
the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar
securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended
method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back
Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the
Underwriter or Underwriters selected for such Piggy-Back Registration. Notwithstanding anything to the contrary, EarlyBirdCapital,
Inc. and its designees may exercise its rights under this section only in the seven-year period beginning on the effective date
of the registration statement on Form S-1 filed with the Commission in connection with the Company’s initial public offering.


 






    6 


     


    

 


2.2.2 Reduction of
Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock which
the Company desires to sell, taken together with shares of Common Stock, if any, as to which Registration has been demanded pursuant
to separate written contractual arrangements with persons or entities other than the holders of Registrable Securities hereunder,
the Registrable Securities as to which Registration has been requested under this Section 2.2, and the shares of Common Stock,
if any, as to which Registration has been requested pursuant to the written contractual Piggy-Back Registration rights of other
stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such Registration:


 


(a) If the Registration is undertaken
for the Company’s account: (A) the shares of Common Stock or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised of Registrable Securities
and Option Securities, as to which Registration has been requested pursuant to the applicable written contractual Piggy-Back Registration
rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to the
extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common
Stock or other securities for the account of other persons that the Company is obligated to Register pursuant to written contractual
Piggy-Back Registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and


 


(b) If the Registration is a “demand”
registration undertaken at the demand of holders of Option Securities, (A) the shares of Common Stock or other securities
for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other
securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock
or other securities comprised of Registrable Securities, Pro Rata, as to which Registration has been requested pursuant to the
terms hereof that can be sold without exceeding the Maximum Number of Shares; and (D) to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities
for the account of other persons that the Company is obligated to Register pursuant to written contractual arrangements with such
persons, that can be sold without exceeding the Maximum Number of Shares.


 






    7 


     


    

 


(c) If the Registration is a “demand”
registration undertaken at the demand of persons or entities, which for purposes of this section includes the Registration filed
pursuant to the terms of the BCA for the benefit of Stratos (and the unitholders of Stratos), other than the holders of Registrable
Securities or Option Securities, (A) the shares of Common Stock or other securities for the account of the demanding persons,
which for purposes of this section includes the shares of Common Stock held by Stratos (and the unitholders of Stratos to which
Stratos transfers such securities) for the Registration filed pursuant to the terms of the BCA, that can be sold without exceeding
the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the shares of Common Stock or other securities comprised of Registrable Securities and Option Securities,
Pro Rata, as to which Registration has been requested pursuant to the terms hereof and the Unit Purchase Option, as applicable,
that can be sold without exceeding the Maximum Number of Shares; and (D) to the extent that the Maximum Number of Shares has
not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the account
of other persons that the Company is obligated to Register pursuant to written contractual arrangements with such persons, that
can be sold without exceeding the Maximum Number of Shares.


 


2.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a
demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of the Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3.


 


2.2.4 Unlimited Piggy-Back
Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted
as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.


 


2.3 Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that the Company
Register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which
may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice
of the proposed Registration to all other holders of Registrable Securities, and each holder of Registrable Securities who thereafter
wishes to include all or a portion of such holder’s Registrable Securities in such Registration shall so notify the Company,
in writing, within ten (10) days after the receipt by the holder of the notice from the Company, and, as soon as practicable
thereafter but not more than twelve (12) days after the Company’s initial receipt of such written request for a Registration,
effect the Registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified
in such request, together with all or such portion of the Registrable Securities or other securities of the Company, if any, of
any other holder or holders joining in such request; provided, however, that the Company shall not be obligated to effect any such
Registration pursuant to this Section 2.3 if: (i) Form S-3 is not available for such offering; or (ii) the holders
of the Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such Registration,
propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of less than $500,000.
Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.


 






    8 


     


    

 


3. REGISTRATION
PROCEDURES.


 


3.1 Filings; Information.
Whenever the Company is required to effect the Registration of any Registrable Securities pursuant to Section 2, the Company
shall use its best efforts to effect the Registration and sale of such Registrable Securities in accordance with the intended method(s)
of distribution thereof as expeditiously as practicable, and in connection with any such request:


 


3.1.1 Filing Registration
Statement. The Company shall, as expeditiously as possible and in any event within sixty (60) days after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form
for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available
for the sale of all Registrable Securities to be Registered thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration Statement to become and remain effective for the period required
by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration for up to thirty
(30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any Demand Registration to
which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by the
Chairman of the Board of Directors or President of the Company stating that Adverse Disclosure would be required to be set forth
in such Registration Statement; provided further, however, that the Company shall not have the right to exercise the right set
forth in the immediately preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder.


 


3.1.2 Copies. The
Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable Securities included in such Registration, and such holders’ legal counsel, copies of
such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement
(including each preliminary prospectus), and such other documents as the holders of Registrable Securities included in such Registration
or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by
such holders.


 


3.1.3 Amendments and
Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth
in such Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during
which any such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or court)
or such securities have been withdrawn.


 






    9 


     


    

 


3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days
after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall
further notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the
occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of
any stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating
thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to
such prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such
prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and promptly make available to the holders of Registrable Securities
included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration
Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall
furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such
holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration
Statement or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders
or their legal counsel shall reasonably object.


 


3.1.5 Securities Laws
Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered by the
Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders
of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be Registered
with or approved by such other governmental authorities or securities exchanges, including the Nasdaq Capital Market, as may be
necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary
or advisable to enable the holders of Registrable Securities included in such Registration Statement to consummate the disposition
of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or subject itself
to taxation in any such jurisdiction.


 






    10 


     


    

 


3.1.6 Agreements for
Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable
Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for
the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable
Securities included in such Registration Statement. No holder of Registrable Securities included in such Registration Statement
shall be required to make any representations or warranties in the underwriting agreement except as reasonably requested by the
Underwriters and, if applicable, with respect to such holder’s organization, good standing, authority, title to Registrable
Securities, lack of conflict of such sale with such holder’s material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in writing expressly for inclusion in such Registration
Statement.


 


3.1.7 Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors.


 


3.1.8 Records.
The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested
by any of them in connection with such Registration Statement.


 


3.1.9 Opinions and
Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration Statement a
signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and
(ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. In the event
no legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in
such Registration Statement, at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the
effect that the Registration Statement containing such prospectus has been declared effective and that no stop order is in effect.


 


3.1.10 Earnings Statement.
The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available
to its stockholders, as soon as reasonably practicable, an earnings statement covering a period of twelve (12) months, beginning
within three (3) months after the effective date of the Registration Statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.


 






    11 


     


    

 


3.1.11 Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any Registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable
Securities included in such Registration.


 


3.1.12 Transfer Agent.
The Company shall provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no
later than the effective date of the Registration Statement.


 


3.1.13 Misstatements.
The Company shall notify the holders at any time when a prospectus relating to such Registration Statement is required to be delivered
under the Securities Act, of the happening of any event as a result of which the prospectus included in such Registration Statement,
as then in effect, includes an untrue statement of a material fact or an omission to state a material fact required to be stated
in a Registration Statement or prospectus, or necessary to make the statements therein in the light of the circumstances under
which they were made not misleading (a “Misstatement”), and then to correct such Misstatement.


 


3.2 Obligation to
Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1.4(iv),
or, in the case of a resale Registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders”
covered by such program to transact in the Company’s securities because of the existence of material non-public information,
each holder of Registrable Securities included in any Registration shall immediately discontinue disposition of such Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented
or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact
in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver
to the Company all copies, other than permanent file copies then in such holder’s possession, of the most recent prospectus
covering such Registrable Securities at the time of receipt of such notice.


 


3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1,
any Piggy-Back Registration pursuant to Section 2.2, and any Registration on Form S-3 effected pursuant to Section 2.3,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all Registration and filing fees and fees of any securities
exchange on which the Common Stock is then listed; (ii) fees and expenses of compliance with securities or “blue sky”
laws (including fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of the Registrable
Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection
with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority
fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants
retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters requested
pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts retained by the Company in connection
with such Registration; and (ix) the fees and expenses of one legal counsel selected by the holders of a majority-in-interest
of the Registrable Securities included in such Registration; provided that if any such Registrable Securities are held by MasTec
or Stratos, then such counsel shall be reasonably acceptable to MasTec and/or Stratos, as applicable. The Company shall have no
obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the
holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an underwritten
offering, all selling stockholders and the Company shall bear the expenses of the underwriter pro rata in proportion to the respective
amount of shares each is selling in such offering.


 






    12 


     


    

 


3.4 Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto,
in order to effect the Registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection
with the Company’s obligation to comply with federal and applicable state securities laws.


 


3.5 Requirements
for Participation in Underwritten Offerings. No person may participate in any underwritten offering for equity securities of
the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s
securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes
all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements.


 


3.6 Suspension of
Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies
of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare
and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing
by the Company that the use of the prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure (as defined below)
or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons
beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the holders, delay the
filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event
more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company
exercises its rights under the preceding sentence, the holders agree to suspend, immediately upon their receipt of the notice referred
to above, their use of the prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities.
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this
Section 3.6. “Adverse Disclosure” shall mean any public disclosure of material non-public information,
which disclosure, in the good faith judgment of the principal executive officer or principal financial officer of the Company,
after consultation with counsel to the Company, (i) would be required to be made in any Registration statement or prospectus
in order for the applicable Registration statement or prospectus not to contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary
prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be
made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose
for not making such information public.


 






    13 


     


    

 


3.7 Reporting Obligations.
As long as any holder shall own Registrable Securities, the Company, at all times while it shall be reporting under the Exchange
Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly
furnish the holders with true and complete copies of all such filings. The Company further covenants that it shall take such further
action as any holder may reasonably request, all to the extent required from time to time to enable such holder to sell shares
of the Common Stock held by such holder without Registration under the Securities Act within the limitation of the exemptions provided
by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request of any holder, the Company
shall deliver to such holder a written certification of a duly authorized officer as to whether it has complied with such requirements.


 


4. INDEMNIFICATION
AND CONTRIBUTION.


 


4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless the Sponsor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls the Sponsor and each other holder of Registrable Securities (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against
any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was Registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based
upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder
applicable to the Company and relating to action or inaction required of the Company in connection with any such Registration;
and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred
by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such expense,
loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission
or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any
such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such
selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their
officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section 4.1.


 






    14 


     


    

 


4.2 Indemnification
by Holders of Registrable Securities.  Each selling holder of Registrable Securities will, in the event that any Registration
is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder,
indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any), and each other selling
holder and each other person, if any, who controls another selling holder or such underwriter within the meaning of the Securities
Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was Registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission
to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder
expressly for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling
person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such
loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several and
not joint and shall be limited to the amount of any net proceeds actually received by such selling holder. Each selling holder
of Registrable Securities shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors,
partners, members and agents and each person who controls such Underwriter to the same extent as provided in the foregoing with
respect to indemnification of the Company.


 


4.3 Conduct of Indemnification
Proceedings.  Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any action in respect
of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”)
shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify such other person
(the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however,
that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability
which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party
is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action
brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and,
to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel
satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume
control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal
or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs
of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named
as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such separate counsel)
to represent the Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect
of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel
to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement
of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release
of such Indemnified Party from all liability arising out of such claim or proceeding.


 






    15 


     


    

 


4.4 Contribution.


 


4.4.1 If the indemnification
provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss, claim,
damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or
action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties
in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other
relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.


 


4.4.2 The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation
or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately
preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability
or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above,
any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute
any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or
taxes) actually received by such holder from the sale of Registrable Securities which gave rise to such contribution obligation.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation.


 






    16 


     


    

 


4.5 Survival.
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Party or any officer, director or controlling person of such Indemnified Party and shall survive
the transfer of securities.


 


5. UNDERWRITING
AND DISTRIBUTION.


 


5.1 Rule 144.
The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and
shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holders to sell Registrable Securities without Registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 under the Securities Act, as such rules may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission.


 


6. MISCELLANEOUS.


 


6.1 Other Registration
Rights.  The Company represents and warrants that no person, other than a holder of the Registrable Securities, the representative
of the underwriters of the Company’s initial public offering and as set forth in the BCA, has any right to require the Company
to Register any shares of the Company’s capital stock for sale or to include shares of the Company’s capital stock
in any Registration filed by the Company for the sale of shares of capital stock for its own account or for the account of any
other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement
or agreement with similar terms and conditions (including the Prior Agreement) and in the event of a conflict between any such
agreement or agreements and this Agreement, the terms of this Agreement shall prevail.


 


6.2 Assignment;
No Third Party Beneficiaries.  This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable
Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the
extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties and the permitted assigns of the Sponsor or holder of Registrable Securities
or of any assignee of the Sponsor or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits
on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2. No assignment
by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment and (ii) the written agreement
of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which
may be accomplished by an addendum or certificate of joinder to this Agreement).


 






    17 


     


    

 


6.3 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally
served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice
shall be deemed given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile;
provided, that if such service or transmission is not on a business day or is after normal business hours, then such notice shall
be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day
following timely delivery of such notice to a reputable air courier service with an order for next-day delivery.


 


To the Company:


 


American Virtual Cloud Technologies, Inc.

1720 Peachtree Street

Suite 629

Atlanta, GA 30309

Attn: Chief Executive Officer


 


with a copy to:


 


Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn: Jason Simon, Esq.


 


To EarlyBirdCapital, Inc.:


 


EarlyBirdCapital, Inc.

One Huntington Quadrangle, Suite 4C18

Melville, New York 11747

Attn: Eileen Moore


 


with a copy to:


 


Graubard Miller

The Chrysler Building

405 Lexington Avenue, 11th Floor

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881


 






    18 


     


    

 


To MasTec:


 


MasTec, Inc.

800 S. Douglas Road, 12th Floor

Coral Gables, FL 33134

Attn: Chief Financial Officer


General Counsel


 


with a copy to:


 


Holland & Knight LLP

701 Brickell Avenue

Miami, FL 33131

Attn: Ira N. Rosner, Esq.

Email: ira.rosner@hklaw.com


 


To all other Holders (or to such other address as
such party shall have specified most recently by written notice):


 


as set forth on such Holder’s
signature page hereto


 


6.4 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.


 


6.5 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument.


 


6.6 Entire Agreement.
This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto
and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or
written, including the Prior Agreement.


 


6.7 Modifications
and Amendments.  Upon the written consent of the Company and the holders of at least sixty-six and two-thirds percent (66-2/3%)
of the Registrable Securities (including MasTec or Stratos if it then holds Registrable Securities) at the time in question, compliance
with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants
or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver
hereof that adversely affects one holder of Registrable Securities, solely in its capacity as a holder of the shares of Common
Stock of the Company, in a manner that is materially different from the other holders of Registrable Securities (in such capacity)
shall require the consent of the holder so affected. No course of dealing between any holders of Registrable Securities or the
Company and any other party hereto or any failure or delay on the part of a holder of Registrable Securities or the Company in
exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any holder of Registrable
Securities or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate
as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.


 






    19 


     


    

 


6.8 Titles and Headings.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision
of this Agreement.


 


6.9 Waivers and
Extensions.  Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided
that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically
refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has
occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed
a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension
of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other
obligations or acts.


 


6.10 Remedies Cumulative.
In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement,
the Sponsor or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity or action
at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any
such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or
to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred
under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any
other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or
otherwise.


 


6.11 Governing Law.
This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction.


 


6.12 Waiver of Trial
by Jury.  Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim
or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement,
the transactions contemplated hereby, or the actions of the Sponsor in the negotiation, administration, performance or enforcement
hereof.


 


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


 






    20 


     


    

 


IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.


 


	 	COMPANY:
	 	 
	 	
        AMERICAN VIRTUAL CLOUD TECHNOLOGIES,
        INC.,

        a Delaware corporation

	 	 
	 	By:	 /s/ Darrell J. Mays
	 	 	Name: Darrell J. Mays
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOLDERS:
	 	 
	 	MASTEC, INC.,
	 	a Florida corporation
	 	 
	 	By:	 /s/ Paul DiMarco
	 	 	Name: Paul DiMarco
	 	 	Title: Senior Vice President and Treasurer
	 	 	 
	 	EARLYBIRDCAPITAL, INC.
	 	a Delaware corporation
	 	 
	 	By:	 /s/ Steve Levine
	 	 	Name: Steven Levine
	 	 	Title: Chief Executive Officer


 


[Signature Page
to Registration Rights Agreement]


 




    21 


     


    

 


 


	 	HOLDERS:
	 	 
	 	PENSARE SPONSOR GROUP, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	 /s/ Darrell J. Mays
	 	 	Name: Darrell J. Mays
	 	 	Title: Manager
	 	 	 
	 	Address:
	 	3500 Cold Springs Road
	 	Greensboro, GA 30642
	 	 
	 	/s/ Klaas Baks
	 	Klaas Baks
	 	 
	 	Address:
	 	2771 Carmon on Wesley NW
	 	Atlanta, GA 30327
	 	 
	 	/s/ Suzanne Shank
	 	Suzanne Shank
	 	 
	 	Address:
	 	55 Martell Drive
	 	Bloomfield Hills, MI 48304
	 	 
	 	/s/ Dennis Lockhart
	 	Dennis Lockhart
	 	 
	 	Address:
	 	2724 Peachtree Rd #1001
	 	Atlanta, GA 30305
	 	 
	 	/s/ U. Bertram Ellis, Jr.
	 	
        U. Bertram Ellis, Jr. 

	 	 
	 	Address:
	 	1372 Peachtree St NE
	 	Atlanta, GA 30309


 


[Signature Page to Registration Rights Agreement]


 




    22 


     


    

 


	 	HOLDERS:
	 	 
	 	/s/ Karl Krapek
	 	Karl Krapek
	 	 
	 	Address:
	 	11 Pembroke Dr
	 	Avon, CT 06001-3970
	 	 
	 	/s/ Rayford Wilkins, Jr.
	 	
        Rayford Wilkins, Jr. 

	 	 
	 	Address:
	 	5112 Palomar Lane
	 	Dallas, Texas 75229


 


[Signature Page
to Registration Rights Agreement]


 




    23 


     


    

 


	 	HOLDERS:
	 	 
	 	Greenberg Traurig, P.A.
	 	 	 
	 	By:	 /s/ Alan I. Annex
	 	 	Name:	Alan I. Annex
	 	 	Title:	Shareholder
	 	 	    
	 	Address:
	 	Greenberg Traurig, P.A.
	 	333 SE 2nd Avenue Suite 4400
	 	Miami, FL 33131
	 	Attn: Cesar Alvarez
	 	Email: cadirect@gtlaw.com
	 	 
	 	STRATOS MANAGEMENT SYSTEMS HOLDINGS, LLC
	 	 	 
	 	By:	 /s/ Lawrence E. Mock, Jr.
	 	 	Name: 	Lawrence E. Mock, Jr.    
	 	 	Title:	President and Chief Executive Officer
	 	 	     
	 	Address:
	 	Stratos Management Systems Holdings, LLC
	 	5355 W. Sam Houston Pkwy N, Suite 390
	 	Houston, Texas 77041-5235
	 	Attention: Sam Haffar
	 	Email: shaffar@computex-inc.com
	 	 
	 	With a copy to:
	 	 
	 	Haynes and Boone, LLP
	 	1221 McKinney Street, Suite 2100
	 	Houston, Texas 77010
	 	Attention: Ricardo Garcia-Moreno, Esq.
	 	Email: Richardo.Garcia-Moreno@haynesboone.com


 


[Signature Page to Registration Rights Agreement]


 


 


24