Document:

src-ex102_45.htm

Exhibit 10.2

 

EXECUTION VERSION

GUARANTY

THIS GUARANTY dated as of April 2, 2020 (this “Guaranty”) executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (subject to Section 33(b) hereunder, all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Term Loan Agreement dated as of the date hereof, by and among Spirit Realty, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their permitted assignees under Section 13.5 thereof (the “Lenders”), the Administrative Agent, and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), for its benefit and the benefit of the Lenders and the Specified Derivatives Providers (the Administrative Agent, the Lenders and the Specified Derivatives Providers, each individually a “Guarantied Party” and collectively, the “Guarantied Parties”).

WHEREAS, pursuant to the Term Loan Agreement, the Administrative Agent and the other Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Term Loan Agreement;

WHEREAS, the Specified Derivatives Providers may from time to time enter into Specified Derivatives Contracts with the Borrower and/or its Subsidiaries;

WHEREAS, each Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower;

WHEREAS, the Borrower and the Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financial accommodations from the Guarantied Parties through their collective efforts;

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Guarantied Parties making such financial accommodations; and

WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a condition to the Guarantied Parties’ making, and continuing to make, such financial accommodations.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows:

Section 1.Guaranty.  Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness and obligations owing by the Borrower or any other Loan Party to any Lender, or the Administrative Agent under or in connection with the Term Loan Agreement or any other Loan Document, including the repayment of all principal of the 

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Loans, and the payment of all interest, fees, charges, attorneys’ fees and other amounts payable to any Lender or the Administrative Agent thereunder or in connection therewith; (b) all existing or future payment and other obligations owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation); (c) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (d) all expenses, including attorneys’ fees and disbursements, that are incurred by the Administrative Agent or any other Guarantied Party in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder; and (e) all other Guaranteed Obligations.

Section 2.Guaranty of Payment and Not of Collection.  This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account.  Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties which may secure any of the Guarantied Obligations.

Section 3.Guaranty Absolute.  Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto.  The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect until a Discharge of Guarantied Obligations without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever including the following (whether or not such Guarantor consents thereto or has notice thereof):

(a)(i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Term Loan Agreement, any other Loan Document, any Specified Derivatives Contract or any other document, instrument or agreement evidencing or relating to any Guarantied Obligations (the “Guarantied Documents”), or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, any Guarantied Document or any assignment or transfer of any Guarantied Document;

(b)any lack of validity or enforceability of any Guarantied Document or any assignment or transfer of any Guarantied Document;

(c)any furnishing to any of the Guarantied Parties of any security for any of the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Guarantied Obligations;

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(d)any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to any of the Guarantied Obligations, or any subordination of the payment of any of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party;

(e)any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Guarantor, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding;

(f)any act or failure to act by any Loan Party or any other Person which may adversely affect such Guarantor’s subrogation rights, if any, against any other Loan Party or any other Person to recover payments made under this Guaranty;

(g)any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Guarantied Obligations;

(h)any application of sums paid by any Loan Party or any other Person with respect to the liabilities of any Loan Party to any of the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid;

(i)any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof;

(j)any defense, set off, claim or counterclaim (other than indefeasible payment and performance in full) which may at any time be available to or be asserted by any Loan Party or any other Person against any Guarantied Party;

(k)any change in the corporate existence, structure or ownership of any Loan Party;

(l)any statement, representation or warranty made or deemed made by or on behalf of any Loan Party under any Guarantied Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or

(m)any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full).

Section 4.Action with Respect to Guarantied Obligations.  The Guaranteed Parties may, in accordance with the applicable provisions of the Guarantied Documents, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement any Guarantied Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Guarantied Obligations; (d) release any Loan Party or other Person liable in any manner for the payment or collection of any of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against any 

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Loan Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Guarantied Parties shall elect.

Section 5.Representations and Warranties.  Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Term Loan Agreement and the other Guarantied Documents, as if the same were set forth herein in full; provided, that each reference in each such representation and warranty to any Borrower’s knowledge shall, for the purposes of this Section 5, be deemed to be a reference to such Guarantor’s knowledge.

Section 6.Covenants.  Each Guarantor will comply with all covenants with which the Borrower is to cause such Guarantor to comply under the terms of the Term Loan Agreement or any of the other Guarantied Documents.

Section 7.Waiver.  Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder.

Section 8.Inability to Accelerate.  If the Guarantied Parties or any of them are prevented under Applicable Law or otherwise, from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, to the extent permitted by Applicable Law, the Administrative Agent and/or the other Guarantied Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred.

Section 9.Reinstatement of Guarantied Obligations.  If claim is ever made on the Administrative Agent or any other Guarantied Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of any of the Guarantied Documents and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such other Guarantied Party.

Section 10.Subrogation.  Upon the making by any Guarantor of any payment hereunder for the account of another Loan Party, such Guarantor shall be subrogated to the rights of the payee against such Loan Party; provided that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against such Loan Party arising by reason of any payment or 

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performance by such Guarantor pursuant to this Guaranty, unless and until a Discharge of the Guarantied Obligations.  If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Guarantied Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Term Loan Agreement or to be held by the Administrative Agent to cash collateralize any Guarantied Obligations, as applicable, in accordance with the terms of the Term Loan Agreement.

Section 11.Payments Free and Clear.  All sums payable by each Guarantor hereunder, whether of principal, interest, fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), subject to the provisions of Section 3.10 of the Term Loan Agreement.

Section 12.Set-off.  In addition to any rights now or hereafter granted under any of the other Guarantied Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Guarantied Party (other than the Administrative Agent), subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set-off and to appropriate and to apply any and all deposits (general or special, including indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by a Guarantied Party to or for the credit or the account of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured.  Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of setoff or counterclaim and other rights with respect to its participation as fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation.

Section 13.Subordination.  Each Guarantor hereby expressly covenants and agrees for the benefit of the Guarantied Parties that all obligations and liabilities of any other Loan Party to such Guarantor of whatever description, including all intercompany receivables of such Guarantor from any other Loan Party (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations.  If an Event of Default shall exist, no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from or any other Loan Party on account of or in any manner in respect of any Junior Claim until a Discharge of the Guarantied Obligations.

Section 14.Avoidance Provisions.  It is the intent of each Guarantor and the Guarantied Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including (a) Section 548 of the Bankruptcy Code and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise.  The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of 

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such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”.  Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance Provisions.  This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions.

Section 15.Information.  Each Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither of the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks.

Section 16.Governing Law.  THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 17.WAIVER OF JURY TRIAL.

(a)EACH GUARANTOR, AND EACH OF THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG SUCH GUARANTOR AND ANY OF THE GUARANTIED PARTIES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES.  ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE GUARANTORS, AND THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR IN CONNECTION WITH OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG EACH OF THE GUARANTORS AND THE GUARANTIED PARTIES OF ANY KIND OR NATURE RELATING TO THIS GUARANTY.

(b)EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, 

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ANY OTHER GUARANTIED PARTY, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN NEW YORK COUNTY, BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.  EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME.  THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY GUARANTIED PARTY OR THE ENFORCEMENT BY ANY GUARANTIED PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

(c)EACH GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO EACH GUARANTOR AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN.  SHOULD EACH GUARANTOR FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY (30) DAYS AFTER THE MAILING THEREOF, SUCH GUARANTOR SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS.

(d)THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE 

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OTHER GUARANTIED DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY.

Section 18.Loan Accounts.  The Administrative Agent and each other Guarantied Party may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations arising under or in connection with the Loan Documents, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of such Guarantied Obligations or otherwise, the entries in such books and accounts shall be binding on the Guarantors absent manifest error.  The failure of the Administrative Agent or any other Guarantied Party to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder.

Section 19.Waiver of Remedies.  No delay or failure on the part of the Administrative Agent or any other Guarantied Party in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any other Guarantied Party of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy.

Section 20.Termination.

(a)Except as provided in Section 20(b) below, this Guaranty shall remain in full force and effect with respect to each Guarantor until the Discharge of Guarantied Obligations.  Upon the Discharge of Guarantied Obligations, this Guaranty and all obligations hereunder shall be terminated automatically without further action by any Person.

(b)If (i) all of the Equity Interests of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of in accordance with the terms and conditions of Section 10.4 of the Term Loan Agreement to a Person that is not a Loan Party or (ii) a Guarantor that is no longer required to be a party to this Guaranty pursuant to Section 8.14(b) or (c) of the Term Loan Agreement, then in the case of each of clauses (i) and (ii) of this Section 20(b), the guaranty of such Guarantor or such successor in interest hereunder shall automatically be discharged and released without further action by any Person, effective upon satisfaction of the conditions set forth in the Term Loan Agreement.

(c)Upon the Discharge of Guarantied Obligations or a release of any Guarantor from this Guaranty in accordance with Section 20(b), the Administrative Agent shall deliver to the Borrower or such Guarantor a letter or other release confirming such discharge or release, as applicable.

Section 21.Successors and Assigns.  Each reference herein to the Administrative Agent or any other Guarantied Party shall be deemed to include such Person’s respective successors and permitted assigns (including any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding.  The Guarantied Parties may, in accordance with the applicable provisions of the Guarantied Documents, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, 

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any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder.  Each Guarantor hereby consents to the delivery by the Administrative Agent and any other Guarantied Party to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor.  No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void.

Section 22.Joint and Several Obligations.  the obligations of the Guarantors HEREUNDER SHALL BE joint and several, and ACCORDINGLY, each Guarantor CONFIRMS THAT IT is liable for the full amount of the “GUARANTEED Obligations” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER.

Section 23.Amendments.  This Guaranty may not be amended except in writing signed by the Administrative Agent and each Guarantor, subject to Section 13.6 of the Term Loan Agreement.

Section 24.Payments.  All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. on the date one Business Day after demand therefor.

Section 25.Notices.  All notices, requests and other communications hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its address for notices provided for in the Guarantied Documents, as applicable, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties.  Each such notice, request or other communication shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of 3 days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of a Guarantor or Guarantied Party at the addresses specified; (ii) if telecopied, when transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered; provided that in the case of the immediately preceding clauses (i) through (iii), non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.

Section 26.Severability.  In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 27.Headings.  Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty.

Section 28.Limitation of Liability.  None of the Administrative Agent, any other Guarantied Party or any of their respective Related Parties shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in 

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connection with, arising out of, or in any way related to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by this Guaranty or any of the other Guarantied Documents.  Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent, any other Guarantied Party or any of their respective Related Parties for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by thereby.

Section 29.Electronic Delivery of Certain Information.  Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5 of the Term Loan Agreement.

Section 30.Right of Contribution.  The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess Payment, such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share of such Excess Payment.  The payment obligations of any Guarantor under this Section shall be subordinate and subject in right of payment to the Guarantied Obligations until the Discharge of Guarantied Obligations, and none of the Guarantors shall exercise any right or remedy under this Section against any other Guarantor until the Discharge of Guarantied Obligations.  Subject to Section 10 of this Guaranty, this Section shall not be deemed to affect any right of subrogation, indemnity, reimbursement or contribution that any Guarantor may have under Applicable Law against any other Loan Party in respect of any payment of Guarantied Obligations.  Notwithstanding the foregoing, all rights of contribution against any Guarantor shall terminate after such time, if ever, that such Guarantor shall cease to be a Guarantor for any reason in accordance with the applicable provisions of the Loan Documents.

Section 31.Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section, or otherwise under this Guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until termination of this Guaranty in accordance with Section 20 hereof.  Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

Section 32.Continuing Guaranty.  This Guaranty is a continuing guaranty of payment and not of collection.

Section 33.Definitions.  (a) For the purposes of this Guaranty:

“Contribution Share” means, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio (expressed as a percentage) as of the date of such Excess Payment 

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of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of the Loan Parties other than the maker of such Excess Payment exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties) of the Loan Parties other than the maker of such Excess Payment; provided that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor subsequent to the date of any such Excess Payment shall be deemed to have been a Guarantor on the date of such Excess Payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such Excess Payment.

“Discharge of Guarantied Obligations” shall have occurred when (a) all Commitments have been terminated, and (b) all Guarantied Obligations shall have been paid and satisfied in full (other than (i) those expressly stated to survive termination, (ii) contingent obligations as to which no claim, notice of a claim, action or other proceeding which could give rise to such obligations has been asserted, made, filed, commenced or threatened in writing, and (iii) obligations and liabilities under any Specified Derivatives Contract as to which arrangements satisfactory to the applicable Specified Derivatives Provider shall have been made).

“Excess Payment” means the amount paid by any Guarantor in excess of its Ratable Share of any Guarantied Obligations.

“Proceeding” means any of the following:  (i) a voluntary or involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding‐up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing.

“Ratable Share” means, for any Guarantor in respect of any payment of Guarantied Obligations, the ratio (expressed as a percentage) as of the date of such payment of Guarantied Obligations of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of 

11

DB1/ 113221191.2

 
 

 

all assets and other properties of all of the Loan Parties exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Loan Parties hereunder) of the Loan Parties; provided that, for purposes of calculating the Ratable Shares of the Guarantors in respect of any payment of Guarantied Obligations, any Guarantor that became a Guarantor subsequent to the date of any such payment shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such payment.

“Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the Borrower or its Subsidiaries under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written confirmation.

(b)As used herein, “Guarantors” shall mean, as the context requires, collectively, (a) each Subsidiary identified as a “Guarantor” on the signature pages hereto, (b) each Person that joins this Guaranty as a Guarantor pursuant to Section 8.14 of the Term Loan Agreement, (c) with respect to any Specified Derivatives Obligations between any Loan Party (other than the Borrower) and any Specified Derivatives Provider, the Borrower, and (d) the successors and permitted assigns of the foregoing.

(c)Terms not otherwise defined herein are used herein with the respective meanings given them in the Term Loan Agreement.

[Signatures on Following Page]

 

12

DB1/ 113221191.2

 
 

 

IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the date and year first written above.

GUARANTOR:

 

SPIRIT REALTY CAPITAL, INC.

By: /s/ Michael Hughes

Name: Michael Hughes

Title:  Executive Vice President and 

Chief Financial Officer

Address for Notices for all Guarantors:

c/o Spirit Realty, L.P.
2727 North Harwood Street, Suite 300
Dallas, Texas 75201
Attention:  Carl Wade

with a copy to:

c/o Spirit Realty, L.P.

2727 North Harwood Street, Suite 300

Dallas, Texas 75201

Attention:  Rochelle Thomas

 

BORROWER:

SPIRIT REALTY, L.P.,
a Delaware limited partnership

By:Spirit General OP Holdings, LLC,

	
 
	

	
a Delaware limited liability company, its general partner

By: /s/ Michael Hughes

Name: Michael Hughes

Title:  Executive Vice President and 

Chief Financial Officer

 

DB1/ 113221191.2

 
 

 

ANNEX I
FORM OF ACCESSION AGREEMENT

THIS ACCESSION AGREEMENT dated as of ____________, ____, executed and delivered by ______________________, a _____________ (the “New Guarantor”) in favor of JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent (the “Administrative Agent”) under that certain Term Loan Agreement, dated as of April 2, 2020, by and among Spirit Realty, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their permitted assignees under Section 13.5 thereof (the “Lenders”), the Administrative Agent, and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), for its benefit and the benefit of the other Guarantied Parties.

WHEREAS, pursuant to the Term Loan Agreement, the Administrative Agent and the other Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Term Loan Agreement;

WHEREAS, the Specified Derivatives Providers may from time to time enter into Specified Derivatives Contracts with the Borrower and/or its Subsidiaries;

WHEREAS, the New Guarantor is owned or controlled by the Borrower;

WHEREAS, the Borrower, the New Guarantor and the other Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financial accommodations from the Guarantied Parties through their collective efforts;

WHEREAS, the New Guarantor acknowledges that it will receive direct and indirect benefits from the Guarantied Parties making such financial accommodations available ; and

WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Guarantied Parties continuing to make such financial accommodations.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor, the New Guarantor agrees as follows:

Section 1.Accession to Guaranty.  The New Guarantor hereby agrees that it is a “Guarantor” under the Guaranty, dated as of April 2, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by the Guarantors party thereto in favor of the Administrative Agent, for its benefit and the benefit of the other Guarantied Parties, and assumes all obligations of a “Guarantor” thereunder, all as if the New Guarantor had been an original signatory to the Guaranty.  Without limiting the generality of the foregoing, the New Guarantor hereby:

(a)irrevocably and unconditionally guarantees the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty);

Annex - 1

DB1/ 113221191.2

 
 

 

(b)makes to the Administrative Agent and the other Guarantied Parties as of the date hereof each of the representations and warranties contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and

(c)consents and agrees to each provision set forth in the Guaranty.

Section 2.GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 3.Definitions.  Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Term Loan Agreement.

[Signatures on Following Page]

Annex - 2

DB1/ 113221191.2

 
 

 

IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly executed and delivered by its duly authorized officers as of the date first written above.

[NEW GUARANTOR]

By:

Name:

Title:

 

Address for Notices:

 

c/o Spirit Realty, L.P.

2727 North Harwood Street, Suite 300
Dallas, Texas 75201
Attention:  Carl Wade

with a copy to:

c/o Spirit Realty, L.P.

2727 North Harwood Street, Suite 300

Dallas, Texas 75201

Attention:  Rochelle Thomas

 

 

ACCEPTED:

JPMORGAN CHASE BANK, N.A., as Administrative Agent

By:

Name:

Title:

Annex - 3

DB1/ 113221191.2Exhibit 10.1

 

SECURITIES PURCHASE
AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (this “Agreement”) is made as of April 3, 2020 by and among American Virtual Cloud Technologies,
Inc., a Delaware corporation (the “Company”), and the other parties set forth on the signature pages affixed
hereto (the “Initial Investors”), as may be amended from time to time to include additional parties (the “Additional
Investors”) (each Initial Investor and Additional Investor, an “Investor” and collectively, the “Investor”).

 

RECITALS

 

A.         The Company and the Investors are executing and delivering this Agreement in reliance upon the exemption from securities
registration afforded by the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities
and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”);

 

B.          In connection with the business combination (the “Transaction”) contemplated by that certain Business
Combination Agreement, dated as of July 25, 2019, as amended on December 20, 2019 and April 3, 2020 (the “Business Combination
Agreement”), by and among the Company, Stratos Management Systems, Inc., a Delaware corporation (together with its subsidiaries,
 “Computex”), Tango Merger Sub Corp., a Delaware corporation, and Stratos Management Systems Holdings, LLC, a
Delaware limited liability company (“Holdings”), the Investors wish to purchase from the Company, and the Company
wishes to sell and issue to the Investors, upon the terms and conditions stated in this Agreement, an aggregate of up to 100,000
units of securities (the “Units”), each Unit consisting of (i) $1,000 in principal amount of the Company’s
Series A convertible debentures in the form attached hereto as Exhibit A (the “Debentures”) and (ii)
a warrant to purchase 100 shares of the Company’s common stock, par value $.001 per share (the “Common Stock”),
at an exercise price of $0.01 per whole share in the form attached hereto as Exhibit B (the “Warrants”);

 

		C.	The purchase price per Unit is $1,000; and

 

D.        
Contemporaneously with the sale of the Units, the parties hereto will execute and deliver a Registration Rights Agreement,
in the form attached hereto as Exhibit C (the “Registration Rights Agreement”), pursuant to which the
Company will agree to provide certain registration rights under the Securities Act and applicable state securities laws.

 

NOW, THEREFORE,
in consideration of the mutual promises made in this Agreement and for other good and valuable consideration, the receipt and sufficiency
of which are acknowledged, the parties to this Agreement agree as follows:

 

     

     

    

 

1.           Definitions. In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement,
the following terms shall have the meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is
controlled by, or is under common control with, such Person.

 

“BCA
Closing” means the closing of the transactions contemplated by the Business Combination Agreement.

 

“Board” means the board of directors
of the Company.

 

“Business
Day” means a day, other than a Saturday or Sunday, on which banks in Atlanta, Georgia are open for the general transaction
of business.

 

“Certificate
of Incorporation” means the Second Amended and Restated Certificate of Incorporation of the Company as filed with the
Delaware Secretary of State on April 1, 2020, as it may be amended from time to time.

 

“Company’s
Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the Securities Act) of
the Company (determined after giving effect to the consummation of the Transaction).

 

“Control”
(including the terms “controlling”, “controlled by” or “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

 

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of the Debentures pursuant to the terms thereof.

 

“Converting
Investors” means the Initial Investors named on Schedule A attached to this Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“Governmental
Authority” means any United States federal, state or local government or any foreign government, or political subdivision
thereof, or any multinational organization or authority or any authority, agency or commission entitled to exercise any administrative,
executive, judicial, legislative, police, regulatory or taxing authority or power, including any court or tribunal (or any department,
bureau or division thereof), or any arbitrator or arbitral body

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, ruling, determination or award entered by or
with any Governmental Authority in a judicial or administrative proceeding.

 

“Guaranty”
means the Guaranty of Computex and each of its Subsidiaries required to be delivered to the Investors in accordance with the terms
of the Debentures.

 

    2

     

    

 

“Intellectual
Property” will mean algorithms, databases, data collections, diagrams, inventions (whether or not patentable), know-how,
logos, marks (including brand names, product names, logos, and slogans), methods, network configurations and architectures, processes,
proprietary information, protocols, schematics, specifications, software, techniques, URLs, web sites, works of authorship and
other forms of technology (whether or not embodied in any tangible form and including all tangible embodiments of the foregoing,
such as instruction manuals, prototypes, samples, studies and summaries).

 

“Intellectual
Property Rights” will mean all past, present, and future rights of the following types, which may exist or be created
under the laws of any jurisdiction in the world: (i) rights associated with works of authorship, including exclusive exploitation
rights, copyrights and moral rights; (ii) trademark and trade name rights and similar rights; (iii) trade secret rights;

(iv) patent and industrial property
rights; (v) other proprietary rights in Intellectual Property; and

(vi) rights in or relating
to registrations, renewals, extensions, combinations, divisions and reissues of, and applications for, any of the rights referred
to in clauses “(i)” through “(v)” above.

 

“Law”
means any United States federal, state, local or similar statute, law, standard, resolution, promulgation, ordinance, regulation,
rule, code, order, requirement or rule of law (including common law), or any similar provision having the force or effect of law.

 

“Legal Requirement” means any Law,
Governmental Order or License.

 

“Material
Adverse Effect” means with respect to the Company, an event, violation, inaccuracy, circumstance, condition or other
matter, individually or in the aggregate, that has had or could reasonably be expected to have a material adverse effect on the
consolidated business, financial condition, assets, liabilities, prospects or results of operations of the Company and its Subsidiaries,
taken as a whole (determined after giving effect to the consummation of the Transaction), or (ii) the ability of the Company to
perform its obligations under the Transaction Documents.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Proxy
Statement” means the definitive proxy statement on Schedule 14A filed by the Company on February 13, 2020 as it may be
amended or supplemented to the date hereof.

 

“Purchase
Price” means the aggregate amount set forth opposite the Investors’ names on the signature pages attached hereto,
which shall represent the amount which is $1,000 multiplied by the aggregate number of Units set forth opposite the Investors’
names on the signature pages attached to this Agreement.

 

“Registration Statement”
has the meaning set forth in the Registration Rights Agreement.

 

“Required
Consent” means the written consent of the holders of a majority of the aggregate principal amount of the Debentures
outstanding at the time of such consent.

 

    3

     

    

 

“SEC
Reports” means the forms, reports, schedules, statements and other documents, including any exhibits thereto, filed by
the Company with the SEC since July 5, 2017, together with any amendments, restatements or supplements thereto.

 

“Securities” means the Debentures,
the Conversion Shares the Warrants and the Warrant Shares.

 

“Subsidiary” of any Person
means another Person, an amount of the voting securities, other voting ownership or voting partnership interests of which is
sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting
interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person. For purposes
of this Agreement, Computex and its Subsidiaries shall be deemed Subsidiaries of the Company as if the Transaction shall have
been completed.

 

“Transaction Documents”
means this Agreement, the Debentures, the Guaranties, the Warrants and the Registration Rights Agreement.

 

“Warrant Shares”
means the shares of Common Stock issuable upon the exercise of the Warrants.

 

2.          Purchase and Sale of the Units. Subject to the terms and conditions of this Agreement, on the Closing Date (as defined
below), each of the Initial Investors shall severally, and not jointly, purchase, and the Company shall sell and issue to the Initial
Investors, the Units in the respective amounts set forth opposite the Investors’ names on the signature pages attached to
this Agreement in exchange for the Purchase Price as specified in Section 3 below.

 

		3.	Closings.

 

3.1   
Initial Closing. The closing of the sale of the Units contemplated hereby to the Initial Investors (the “Initial
Closing”) is contingent upon the substantially concurrent consummation of the Transaction. The Initial Closing shall
occur on the date of, and immediately prior to, the consummation of the Transaction. Following written notice from (or on behalf
of) the Company to the Initial Investors (the “Closing Notice”) that the Company reasonably expects all conditions
to the closing of the Transaction to be satisfied or waived, each Initial Investor shall deliver to the Company, not later than
12:00 noon Eastern Time on the Business Day immediately preceding the Closing date specified in the Closing Notice (the “Initial
Closing Date”), the Purchase Price for such Initial Investor’s Units by wire transfer of United States dollars
in immediately available funds to the account specified by the Company in the Closing Notice against delivery to the undersigned
at the Initial Closing of the Debentures and Warrants included in such Initial Investor’s Units. Notwithstanding the foregoing,
Converting Investors shall pay the Purchase Price payable by them by means of the conversion of indebtedness or other outstanding
payment obligations of the Company to such Converting Investors (in the applicable amounts set forth on Schedule A attached to
this Agreement). Pending consummation of the Transaction, the Company shall hold the Purchase Price of each Investor in trust for
such Investor subject to return as set forth in Section 6.3 of this Agreement.

 

    4

     

    

 

3.2   
Additional Closings; Use of Proceeds Therefrom. The Company may issue and sell additional Units to Additional Investors
on the terms and conditions of this Agreement; provided that the aggregate number of Units issued pursuant to this Agreement and
the Business Combination Agreement shall not exceed 100,000 Units. Each Additional Investor shall execute this Agreement in the
capacity of an Investor and Exhibit A shall be supplemented to reflect the sale of such additional Units. The closing(s)
of the purchase and sale of any additional Units to be acquired by the Additional Investors from the Company under this Agreement
(the “Additional Closing(s)”) shall take place on such dates as agreed to by the Company and such Additional
Investors but in no event later than 120 days following the Initial Closing Date. At the Additional Closing each applicable Additional
Investor shall deliver to the Company the Purchase Price for such Additional Investor’s Units by wire transfer of United
States dollars in immediately available funds to the account specified by the Company against delivery to the undersigned at the
Additional Closing of) the Debentures and Warrants included in such Additional Investor’s Units. The Company shall use fifty
percent (50%) of the net proceeds of each Additional Closing to repay in full the principal amount of and accrued but unpaid interest
on the Debentures issued to Holdings at the BCA Closing (and any Debentures issued as payment in kind of accrued interest thereon)
until all of such Debentures have been paid in full, and not withstanding anything to the contrary set forth in this Agreement
or any of the Debentures and each Investor hereby consents to such payment. The balance of the net proceeds from each Additional
Closing shall be used in accordance with Section 7.4 of this Agreement.

 

4.          Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors that,
except as set forth in the schedules delivered herewith (collectively, the “Disclosure Schedules”) and except
as set forth in the SEC Reports (to the extent the qualifying nature of such disclosure is readily apparent from the content of
such SEC Reports, but excluding disclosures referred to in “Forward-Looking Statements”, “Risk Factors”
and any other disclosures therein to the extent they are of a predictive or cautionary nature or related to forward-looking statements):

 

4.1   
Organization, Good Standing and Qualification. Each of the Company and its Subsidiaries is a corporation or other
business entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and
has all requisite corporate power and authority to carry on its business as now conducted and to own its properties. Each of the
Company and its Subsidiaries is duly qualified to do business as a foreign corporation or other business entity and is in good
standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification
or leasing necessary unless the failure to so qualify has not had and would not reasonably be expected to have a Material Adverse
Effect.

 

4.2    Authorization.
The Company and each of its Subsidiaries has full power and authority and has taken all requisite action on the part of the
Company, its officers, directors and stockholders necessary for (i) the authorization, execution and delivery of the
Transaction Documents, (ii) subject to receipt of the Stockholder Approval, the authorization of the performance of all
obligations of the Company hereunder or thereunder, and (iii) subject to receipt of the Stockholder Approval, the
authorization, issuance (or reservation for issuance) and delivery of the Securities. The Transaction Documents constitute
the legal, valid and binding obligations of the Company and the Subsidiaries party thereto, enforceable against the Company
and such Subsidiaries in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally and to
general equitable principles.

 

    5

     

    

 

4.3   
Capitalization. The Company’s authorized and issued capital stock as of the date hereof is as set forth in
the Proxy Statement. All of the issued and outstanding shares of the Company’s capital stock have been duly authorized and
validly issued and are fully paid, nonassessable and free of preemptive rights and were issued in compliance with applicable state
and federal securities law and any rights of third parties. No Person is entitled to preemptive or similar statutory or contractual
rights with respect to any securities of the Company. Except as set forth in the Proxy Statement, there are no outstanding warrants,
options, convertible securities or other rights, agreements or arrangements of any character under which the Company or any of
its Subsidiaries is or may be obligated to issue any equity securities of any kind, other than the Securities. Except as set forth
in the Proxy Statement and the Business Combination Agreement, there are no voting agreements, buy sell agreements, or option or
right of first purchase agreements among the Company and any of the security holders of the Company relating to the securities
of the Company held by them. The issuance and sale of the Securities hereunder will not obligate the Company to issue shares of
Common Stock or other securities to any other Person (other than the Investors) and will not result in the adjustment of the exercise,
conversion, exchange or reset price of any outstanding security. The Company does not have outstanding stockholder purchase rights
or “poison pill” or any similar arrangement in effect giving any Person the right to purchase any equity interest in
the Company upon the occurrence of certain events.

 

4.4   
Valid Issuance. The Debentures, the Conversion Shares, the Warrants, the Warrant Shares and the Guaranties have been
duly and validly authorized and issued. Upon the conversion of the Debentures in accordance with the terms thereof and the due
exercise of the Warrants in accordance with the terms thereof, the Conversion Shares and Warrant Shares, respectively, will be
validly issued, fully paid and nonassessable and free and clear of all encumbrances and restrictions, except for restrictions on
transfer set forth in the Transaction Documents or imposed by applicable securities laws and except for those created by the Investors.
The Company has reserved a sufficient number of shares of Common Stock for issuance of the Conversion Shares upon conversion of
the Debentures and for issuance of the Warrant Shares upon the exercise of the Warrants, free and clear of all encumbrances and
restrictions, except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws
and except for those created by the Investors.

 

4.5    Consents.
The execution, delivery and, subject to receipt of the Stockholder Approval (other than with respect to this Agreement),
performance by the Company and its Subsidiaries of the Transaction Documents and the offer, issuance and sale of the
Securities require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or
official other than filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant
to applicable state and federal securities laws which the Company undertakes to file within the applicable time periods.
Subject to the accuracy of the representations and warranties of each Investor set forth in Section 5 hereof, the Company has
taken all action necessary to exempt (i) the issuance and sale of the Securities, (ii) the issuance of the Conversion Shares
upon conversion of the Debentures,

(iii) the issuance of the
Warrant Shares upon due exercise of the Warrants, and (iv) the other transactions contemplated by the Transaction Documents from
the provisions of any stockholder rights plan or other “poison pill” arrangement, any antitakeover, business combination
or control share law or statute binding on the Company or to which the Company or any of its assets and properties may be subject
and any provision of the Company’s Certificate of Incorporation or Bylaws that is or could reasonably be expected to become
applicable to the Investors as a result of the transactions contemplated hereby, including without limitation, the issuance of
the Securities and the ownership, disposition or voting of the Securities by the Investors or the exercise of any right granted
to the Investors pursuant to this Agreement or the other Transaction Documents.

 

    6

     

    

 

4.6   
SEC Reports. The SEC Reports constitute all of the forms, reports, schedules, statements and other documents required
to be filed by the Company with the SEC since July 5, 2017. The SEC Reports (i) were prepared in all material respects in accordance
with either the requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations promulgated
thereunder, and (ii) did not, at the time they were filed, or, if amended, as of the date of such amendment, contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. As used in this Section 4.6, the term
 “file” shall be broadly construed to include any manner in which a document or information is furnished, supplied or
otherwise made available to the SEC.

 

4.7   
Absence of Certain Changes. Since December 31, 2019, except as expressly contemplated by this Agreement, or specifically
disclosed in any SEC Report filed since December 31, 2019 and prior to the date of this Agreement, the Company has conducted its
business in the ordinary course and in a manner consistent with past practice, and there has not been any Material Adverse Effect
with respect to the Company.

 

4.8   
Computex Representations. Each of the representations and warranties set forth in Article IV and Article V of the
Business Combination Agreement are hereby incorporated by reference and, subject to all exceptions and qualifications set forth
therein and the Company Disclosure Schedule (as defined in the Business Combination Agreement), the Company hereby makes to the
Investors each of such representations and warranties as if they were set forth in this Article IV, provided that to the extent
that any such representation and warranty speaks as of an earlier date, the Company hereby makes to the Investors such representations
and warranties only as of such earlier date. The Company has made a diligent investigation of Computex and Holdings and each of
their respective Subsidiaries and has no reason to believe that as of the date of the Business Combination Agreement, the date
of this Agreement or the date of any Closing that any such representations was or is untrue in any material respect, provided that
in the case of any such representation and warranty that speaks as of an earlier date, the Company makes no such representation
or warranty to the Investors as to any subsequent date.

 

    7

     

    

 

4.9    No Conflict, Breach,
Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company and its
Subsidiaries party thereto and the issuance and sale of the Securities will not conflict with or result in a breach or
violation of any of the terms and provisions of, or constitute a default under (i) the Company’s Certificate of
Incorporation or the Company’s Bylaws, each as to be in effect on the Closing Date, (ii) the equivalent instruments of
any Subsidiary or (iii) (a) subject, in the case of conversion of the Debentures or exercise of the Warrants, to receipt of
the Stockholder Approval, any Legal Requirement applicable to the Company, any Subsidiary or any of their respective assets
or properties, or (b) any material agreement or material instrument to which the Company or any Subsidiary is a party or by
which the Company or a Subsidiary is bound or to which any of their respective assets or properties is subject.

 

4.10  
Tax Matters. The Company and each Subsidiary have timely filed all tax returns required to have been filed by the
Company or such Subsidiary with all appropriate governmental agencies and timely paid all taxes shown thereon or otherwise owed
by it. The charges, accruals and reserves on the books of the Company in respect of taxes for all fiscal periods are adequate in
all material respects, and there are no material unpaid assessments against the Company or any Subsidiary nor, to the Company’s
Knowledge, any basis for the assessment of any additional taxes, penalties or interest for any fiscal period or audits by any federal,
state or local taxing authority except for any assessment which is not material to the Company and its Subsidiaries, taken as a
whole. All material taxes and other material assessments and levies that the Company or any Subsidiary is required to withhold
or to collect for payment have been duly withheld and collected and paid to the proper governmental entity or third party when
due.

 

4.11  
Title to Properties. The Company and each Subsidiary have good and marketable title to all real properties and all
other properties and assets owned by it, in each case free from liens, encumbrances and defects that would materially interfere
with the use made or currently planned to be made thereof by them; and the Company and each Subsidiary hold any leased real or
personal property under valid and enforceable leases with no exceptions that would materially interfere with the use made or currently
planned to be made thereof by them.

 

4.12  
Certificates, Authorities and Permits. The Company and each Subsidiary possess adequate certificates, authorities,
licenses, authorizations, qualifications, registrations or permits (collectively, “Licenses”) issued by appropriate
governmental agencies or bodies necessary to conduct the business now operated by it, and neither the Company nor any Subsidiary
has received any notice of proceedings or violations relating to the revocation or modification or fines or penalties in respect
of any such Licenses that, individually or in the aggregate, if determined adversely to the Company or such Subsidiary, would reasonably
be expected to have a material effect on results of operations or financial condition of the Company and its Subsidiaries, taken
as a whole.

 

4.13  
Labor Matters. Other than as described in the SEC Reports, the Company has never had any employees. Other than reimbursement
of any out-of-pocket expenses incurred by the Company’s officers and directors in connection with activities on the Company’s
behalf in an aggregate amount not in excess of the amount of cash held by Pensare outside of the Trust Account, Pensare has no
unsatisfied material liability with respect to any employee. Pensare does not currently maintain or have any direct liability under
any benefit plan.

 

    8

     

    

 

4.14  
Litigation. There are no pending actions, suits or proceedings against or affecting the Company, its Subsidiaries
or any of its or their properties which are required to be disclosed in the SEC Filings and are not so disclosed or are otherwise
material to the Company and its Subsidiaries, taken as a whole; and to the Company’s Knowledge, no such actions, suits or
proceedings are threatened nor is there any basis therefor. Neither the Company nor any Subsidiary, nor to the Company’s
Knowledge any director or officer thereof, is or since December 31, 2018 has been the subject of any action involving a claim of
violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and
to the Company’s Knowledge, there is not pending or contemplated, any investigation by the SEC involving the Company or to
the Company’s Knowledge any current or former director or officer of the Company. The SEC has not issued any stop order or
other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Securities
Act or the Exchange Act. No director or officer of the Company or any of its Subsidiaries has committed or alleged to have committed
any act of sexual harassment or other misconduct, or has been alleged to have created a hostile work place or engaged in workplace
discrimination.

 

4.15  
Financial Statements. The financial statements included in each SEC Report present fairly, in all material respects,
the consolidated financial position of the Company or Computex, as applicable, as of the dates shown and its consolidated results
of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with United
States generally accepted accounting principles applied on a consistent basis (“GAAP”) (except as may be disclosed
therein or in the notes thereto, and, in the case of quarterly financial statements, as permitted by Form 10−Q under the
Exchange Act) and comply as to form in all material respects with all applicable accounting requirements and the published rules
and regulations of the SEC. Except as set forth in the financial statements of the Company or Computex included in the SEC Reports
filed prior to the date hereof, neither the Company, Computex nor any of their respective Subsidiaries has incurred any liabilities,
contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount and nature) with past
practices since the date of such financial statements, none of which, individually or in the aggregate, have had or could reasonably
be expected to have (i) with respect to the Company and its Subsidiaries (other than Computex and its Subsidiaries) a Material
Adverse Effect and (ii) with respect to Computex and its Subsidiaries a Company Material Adverse Effect (as such term is defined
in the Business Combination Agreement) or resulted from a violation of any Legal Requirement or any License, or any breach of any
material contract or agreement, written or otherwise.

 

4.16   Listing.
The issued and outstanding units of the Company are registered pursuant to Section 12(b) of the Exchange Act and are listed
for trading on the Nasdaq Capital Market under the symbol “WRLSU.” The issued and outstanding shares of Common
Stock are registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on the Nasdaq Capital Market
under the symbol “WRLS”. The Company’s issued and outstanding warrants are registered pursuant to Section
12(b) of the Exchange Act and are listed for trading on the Nasdaq Capital Market under the symbol “WRLSW”. The
issued and outstanding rights of the Company are registered pursuant to Section 12(b) of the Exchange Act and are listed for
trading on the Nasdaq Capital Market under the symbol “WRLSR”. As of the date of this Agreement, except as
disclosed in the SEC Reports, there is no action or proceeding pending or, to the Company’s Knowledge, threatened in
writing against the Company by the Nasdaq Capital Market or the SEC with respect to any intention by such entity to
deregister the Company’s units, Common Stock, warrants or rights or terminate the listing of the Company on the Nasdaq
Capital Market.

 

    9

     

    

 

4.17  
Brokers and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents,
any valid right, interest or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other
compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company.

 

4.18  
No Directed Selling Efforts or General Solicitation. Neither the Company nor to the Company’s Knowledge any
Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation
D) in connection with the offer or sale of the Units.

 

4.19  
No Integrated Offering. Neither the Company nor any of its Affiliates, nor to the Company’s Knowledge any Person
acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers
to buy any security, under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) for the exemption
from registration for the transactions contemplated hereby or would require registration of the Securities under the Securities
Act.

 

4.20  
Private Placement. Assuming the accuracy of representations and warranties of the Investors contained in this Agreement,
the offer and sale of the Securities to the Investors as contemplated hereby is exempt from the registration requirements of the
Securities Act.

 

4.21  
Questionable Payments. Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any
of their respective current or former directors, officers, employees, agents or other Persons acting on behalf of the Company or
any Subsidiary, has on behalf of the Company or any Subsidiary or in connection with their respective businesses: (a) used any
corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b)
made any direct or indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established
or maintained any unlawful or unrecorded fund of corporate monies or other assets; (d) made any false or fictitious entries on
the books and records of the Company or any Subsidiary; or (e) made any unlawful bribe, rebate, payoff, influence payment, kickback
or other unlawful payment of any nature.

 

4.22   Transactions
with Affiliates. Except as disclosed in the SEC Reports (or would not be required to be disclosed therein), none of the
officers or directors of the Company or its Subsidiaries and, to the Company’s Knowledge, none of the employees of the
Company or its Subsidiaries is presently a party to any transaction with the Company or any Subsidiary (other than as holders
of stock options and/or warrants, for services as employees, officers and directors, and/or for the purchase of Units
pursuant to this Agreement, including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any
officer, director or such employee or, to the Company’s Knowledge, any entity in which any officer, director, or any
such employee has a substantial interest or is an officer, director, trustee or partner.

 

    10

     

    

 

4.23  
Sarbanes Oxley. The Company is in material compliance with the provisions of the Sarbanes Oxley Act of 2002 currently
applicable to the Company. The Company has established (a) disclosure controls and procedures (as defined in Exchange Act Rules
13a−15(e) and 15d−15(e)) and designed such disclosure controls and procedures to ensure that material information relating
to the Company, including the Subsidiaries, is made known to the certifying officers by others within those entities, particularly
during the period in which the Company’s most recently filed periodic report under the Exchange Act, as the case may be,
is being prepared and (b) internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) (clauses
(a) and (b) being collectively referred to as “Controls and Procedures”). The Company’s certifying officers
have evaluated the effectiveness of the Company’s Controls and Procedures as of the end of the period covered by the most
recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented
in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness
of the Controls and Procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been
no significant changes in the Company’s internal controls over financial reporting, nor or to the Company’s Knowledge,
in other factors that could significantly affect the Company’s internal controls. The Company has disclosed in the SEC Reports
all material weaknesses or significant deficiencies in its internal control over financial reporting. Following completion of the
Transaction, the Controls and Procedures of the Company and its Subsidiaries will be effective to enable the Company timely to
file with or to furnish to the SEC all required periodic and current reports required following such date in conformity in all
material respects with the applicable rules and regulations of the SEC.

 

5.             
Representations and Warranties of the Investors. Each of the Investors hereby severally, and not jointly, represents
and warrants to the Company that:

 

5.1   
Organization and Existence. Such Investor, if other than an individual, is a validly existing corporation, limited
partnership or limited liability company and has all requisite corporate, partnership or limited liability company power and authority
to invest in the Securities pursuant to this Agreement.

 

5.2   
Authorization. The execution, delivery and performance by such Investor of the Transaction Documents to which such
Investor is or will be a party have been duly authorized and each is, or upon execution and delivery by such Investor will, constitute
the valid and legally binding obligation of such Investor, enforceable against such Investor in accordance with their respective
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability,
relating to or affecting creditors’ rights generally. No consent, approval, authorization, order, filing, registration or
qualification of or with any court, government authority or third person is required to be obtained by such Investor in connection
with the execution and delivery of the Transaction Documents to which such Investor is or will be a party or the performance of
such Investor’s obligations hereunder or thereunder.

 

    11

     

    

 

5.3   
Purchase Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for
such Investor’s own account and not for the account of others or as nominee or agent, and not with a view to, or for, resale,
distribution, syndication, or fractionalization thereof, and such Investor has no present intention of selling, granting any participation
in, or otherwise distributing the same in violation of the Securities Act without prejudice, however, to such Investor’s
right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and
state securities laws. Nothing contained herein shall be deemed a representation or warranty by such Investor to hold the Securities
for any period of time. Such Investor is not a broker dealer registered with the SEC under the Exchange Act or an entity engaged
in a business that would require it to be so registered.

 

5.4   
Investment Experience. Each Investor understands that such Investor’s investment in the Securities being purchased
by such Investor from the Company involves a high degree of risk. Such Investor understands that no United States federal or state
agency or any other government or governmental agency has passed or made any recommendation or endorsement of the Securities being
purchased by the Investor from the Company. Such Investor acknowledges that it can bear the economic risk and complete loss of
its investment in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating
the merits and risks of the investment contemplated hereby.

 

5.5   
Disclosure of Information. Such Investor has had an opportunity to receive all information related to the Company
requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms
and conditions of the offering of the Securities. Such Investor acknowledges receipt of copies of the SEC Reports. Neither such
inquiries nor any other due diligence investigation conducted by such Investor shall modify, limit or otherwise affect such Investor’s
right to rely on the Company’s representations and warranties contained in this Agreement.

 

5.6   
Restricted Securities. Such Investor understands that the Securities are characterized as “restricted securities”
under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities
Act only in certain limited circumstances.

 

5.7   
No Public Market. Such Investor understands that no public market exists for the Debentures or Warrants, and that
the Company has made no assurances that a public market will ever exist for the Debentures or Warrants.

 

5.8   
Legends. It is understood that, except as provided below, certificates evidencing the Securities may bear the following
or any similar legend:

 

    12

     

    

 

(a)               “NEITHER
THIS DEBENTURE NOR THE SHARES OF COMMON STOCK INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED BY THE ISSUER WITH THE U.S.
SECURITIES AND EXCHANGE COMMISSION COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY TO
THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED, EXCEPT AS SET FORTH IN SECTION 7.2(D) OF THIS DEBENTURE.”

 

(b)              
If required by the authorities of any state in connection with the issuance of sale of the Securities, the legend required
by such state authority.

 

5.9   
Accredited Investor. Such Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended,
under the Securities Act.

 

5.10  
No General Solicitation. Such Investor did not learn of the investment in the Securities as a result of any general
solicitation or general advertising.

 

5.11  
Brokers and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents,
any valid right, interest or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other
compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Investor.

 

5.12   Prohibited
Transactions. Since the earlier of (a) such time as such Investor was first contacted by the Company or any other Person
acting on behalf of the Company regarding the transactions contemplated hereby or (b) thirty (30) days prior to the date
hereof, neither such Investor nor any Affiliate of such Investor which (x) had knowledge of the transactions contemplated
hereby, (y) has or shares discretion relating to such Investor’s investments or trading or information concerning such
Investor’s investments, including in respect of the Securities, or (z) is subject to such Investor’s review or
input concerning such Affiliate’s investments or trading (collectively, “Trading Affiliates”) has,
directly or indirectly, effected or agreed to effect any short sale, whether or not against the box, established any
 “put equivalent position” (as defined in Rule 16a−1(h) under the 1934 Act) with respect to the Common
Stock, granted any other right (including, without limitation, any put or call option) with respect to the Common Stock or
with respect to any security that includes, relates to or derived any significant part of its value from the Common Stock or
otherwise sought to hedge its position in the Securities (each, a “Prohibited Transaction”).
Notwithstanding the foregoing, in the case of an Investor that is a multimanager investment vehicle whereby separate
portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no direct
knowledge of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets,
the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager
that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to
this Agreement, such Investor has maintained the confidentiality of all disclosures made to it in connection with the
Contemplated Transactions (including the existence and terms of the Contemplated Transaction). Notwithstanding the foregoing,
for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with
respect to the identification of the availability of, or securing of, available shares to borrow in order to effect any short
sales or similar transactions in the future. Such Investor acknowledges that the representations, warranties and covenants
contained in this Section 5.12 are being made for the benefit of the Investors as well as the Company and that each of the
other Investors shall have an independent right to assert any claims against such Investor arising out of any breach or
violation of the provisions of this Section 5.12.

 

    13

     

    

 

		6.	Conditions to Closing; Termination.

 

6.1   
Conditions to the Investors’ Obligations. The obligation of each Investor to purchase the Units at the applicable
Closing is subject to the fulfillment, on or prior to the applicable Closing Date, of the following conditions, any of which may
be waived by such Investor (as to itself only):

 

(a)              
The representations and warranties made by the Company in Section 4 hereof qualified as to materiality shall be true and
correct at all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks
as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date, and, the
representations and warranties made by the Company in Section 4 hereof not qualified as to materiality shall be true and correct
in all material respects at all times prior to and on the Closing Date, except to the extent any such representation or warranty
expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material
respects as of such earlier date. The Company shall have performed in all material respects all obligations and covenants herein
required to be performed by it on or prior to such Closing Date.

 

(b)              
Since the date of this Subscription Agreement, there shall have not occurred any (i) Material Adverse Effect with respect
to the Company and its Subsidiaries (other than Computex and its Subsidiaries) or (ii) Company Material Adverse Effect (as such
term is defined in the Business Combination Agreement) with respect to Computex and its Subsidiaries.

 

(c)              
The Common Stock shall remain listed on the Nasdaq Capital Market or, if not so listed, shall be quoted on the OTC Bulletin
Board.

 

(d)              
No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any
bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding
shall have been instituted by any governmental authority or third party, in each case enjoining or preventing, or seeking to enjoin
or prevent, the consummation of the transactions contemplated hereby or in the other Transaction Documents, or which would otherwise
result in a Material Adverse Effect.

 

(e)              
All conditions precedent to the Company’s obligation to consummate closing of the Transaction, including the approval
of the Company’s stockholders, shall have been satisfied or, with the prior written consent of such Investor, waived (other
than those conditions which, by their nature, are to be satisfied at the closing of the Transaction).

 

    14

     

    

 

(f)                The Company shall have executed and delivered the
Registration Rights Agreement.

 

(g)               The Company shall have delivered
a Certificate, executed on behalf of the Company by an executive officer, dated as of the applicable Closing Date, certifying
(i) to the fulfillment of the conditions specified in subsections (a), (b), (c), (d) and (e) of this Section 6.1 and (ii)
that immediately following receipt of the proceeds from the issuance and sale of the Units pursuant to this Agreement the
Transaction is capable of being, and shall be, consummated in accordance with the terms and conditions of, and without any
waiver of any obligations, breaches or defaults arising under, the Business Combination Agreement.

 

(h)              
The Investors shall have received an opinion from counsel to the Company, dated as of the Closing Date, in form and substance
reasonably acceptable to the Investors and addressing such legal matters as the Investors may reasonably request.

 

(i)                
No stop order or suspension of trading shall have been imposed by the SEC or any other governmental or regulatory body with
respect to public trading in the Common Stock.

 

(j)                
Pensare shall have delivered a written consent of the stockholders (the “Written Consent”) in substantially
the form attached hereto as Exhibit D.

 

6.2   
Conditions to Obligations of the Company. The Company’s obligation to sell and issue the Units at the applicable
Closing is subject to the fulfillment on or prior to the applicable Closing Date of the following conditions, any of which may
be waived by the Company other than the condition set forth in Section 6.2(e):

 

(a)              
The representations and warranties made by the Investors in Section 5 hereof, other than the representations and warranties
contained in Sections 5.3 through 5.10, Section 5.12 and Section 5.13 (the “Investment Representations”), shall
be true and correct in all material respects when made, and shall be true and correct in all material respects on the Closing Date
with the same force and effect as if they had been made on and as of said date. The Investment Representations shall be true and
correct in all respects when made, and shall be true and correct in all respects on the Closing Date with the same force and effect
as if they had been made on and as of said date. The Investors shall have performed in all material respects all obligations and
covenants herein required to be performed by them on or prior to the Closing Date.

 

(b)              
The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate
for consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the
Transaction Documents, all of which shall be in full force and effect.

 

(c)             
No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any
bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding
shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated
hereby or in the other Transaction Documents.

 

    15

     

    

 

 

 (d)
            The Investors shall have executed and
delivered the Registration

 

 (e)
             Each Investor shall have delivered the
applicable Purchase Price

 

 (f)
              Comerica Bank shall have approved
the transactions contemplated hereby, on terms acceptable to the Company.

 

6.3   
Termination of Obligations to Effect Closing; Effects. The obligations of the Company, on the one hand, and each
Investor, on the other hand, to effect the Closing shall terminate as follows:

 

 (a)
             Upon the mutual written consent of the Company
and such Investor;

 

(b)             By the Company if any of the conditions
set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have been waived by the Company;

 

(c)            
By an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have become incapable
of fulfillment, and shall not have been waived by the Investor;

 

(d)            
If the Business Combination Agreement terminates, without the consummation of the Transaction having occurred, for any reason;
or

 

(e)            
In the case of the Initial Closing only, by either the Company or any Investor (with respect to itself only) if the Initial
Closing has not occurred on or prior to April 15, 2020;

 

provided, however,
that, except in the case of clauses (b) or (c) above, the party seeking to terminate its obligation to effect the Closing shall
not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other
Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its
obligation to effect the Closing. If this Agreement terminates following the delivery by any Initial Investor of the Purchase Price
for the Units, the Company shall promptly return the applicable Purchase Price to such Initial Investor.

 

		7.	Other Covenants and Agreements.

 

7.1   
Reservation of Common Stock. The Company shall at all times reserve and keep available out of its authorized but
unissued shares of Common Stock a sufficient number of shares of Common Stock for issuance of the Conversion Shares upon conversion
of the Debentures and for issuance of the Warrant Shares upon the exercise of the Warrants, free and clear of all encumbrances
and restrictions, except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities
laws and except for those created by the Investors.

 

    16 

     

    

 

7.2   
No Conflicting Agreements. The Company will not take any action, enter into any agreement or make any commitment
that would conflict or interfere in any material respect with the Company’s obligations to the Investors under the Transaction
Documents.

 

7.3   
Listing. So long as Debentures and Warrants remain outstanding, the Company shall use commercially reasonable efforts
to maintain in good standing the listing of the Common Stock for trading on the Nasdaq Stock Market or other national securities
exchange.

 

7.4   
Use of Proceeds. The Company shall use the net proceeds from the sale of the Units solely (i) to fund the consummation
of the Transaction and the fees and expenses incurred in respect thereof (ii) as set forth in Section 3.2 of this Agreement and
(iii) for working capital and general corporate purposes of the Company and its Subsidiaries following the consummation of the
Transaction.

 

7.5   
Stockholder Approval. Provided that the Common Stock remains listed for trading on the Nasdaq Stock Market or other
national securities exchange, as promptly as practicable following the Initial Closing and within any event not less than 15 days
thereafter, the Company shall prepare and file with the SEC an information statement meeting the requirements of Section 14 of
the Exchange Act (the “Information Statement”) with respect to the matters approved by the Written Consent,
which Information Statement shall comply with applicable law, the rules and regulations of the Nasdaq Stock Market (or any other
applicable market on which the Common Stock is then traded), the Company’s amended and restated certificate of incorporation
and bylaws and the Delaware General Corporation Law. The Company shall use its commercially reasonable best efforts to prepare
and file with the SEC the Information Statement (including any required preliminary information statement), to address all comments
of the staff of the SEC with respect thereto, to mail the definitive Information Statement as soon as practicable after the Initial
Closing and to take all other actions necessary or desirable so that the resolutions approving the Company’s issuance of
the Conversion Shares and the Warrant Shares (the “Stockholder Approval”) set forth in the Written Consent shall
be fully effective so as to permit the conversion or exercise, as applicable, of the Debentures and Warrants to the full extent
thereof without limitation resulting from the rules of the Nasdaq Stock Market.

 

7.6   
Observer Rights. Until MasTec, Inc., a Florida corporation (“MasTec”) ceases directly or indirectly
through one or more of its Subsidiaries to beneficially own (as such term is defined for purposes of Section 13(d) under the Exchange
Act) an amount of shares of Common Stock equal to at least 50.0% of the Conversion Shares issuable to the MasTec immediately following
the Initial Closing or Debentures convertible in the aggregate into such amount:

 

    17 

     

    

 

(a)   
MasTec shall have the right to designate from time to time and at any time one (1) representative (the “Observer”)
to attend all meetings of the Board of Directors (and all committees thereof) of the Company (such board and committees, collectively,
the “Board”) as a non-voting observer (it being understood that the failure to appoint an Observer shall not
be deemed or claimed to be waiver of any such right).

 

(b)   
the Company shall (i) give the Observer notice, at the same time as furnished to the directors, of all meetings of the Board,
(ii) provide to the Observer all notices, documents and information furnished to the members of the Board (the “Directors”)
whether at or in anticipation of a meeting, an action by written consents or otherwise, at the same time as furnished to the Directors,
(iii) notify the Observer by telephone or email of, and permit the Observer to attend in person, or by telephone or other electronic
means, any and all meetings (including virtual and emergency meetings) of the Board, and (iv) provide the Observer copies of the
minutes of all such meetings at the time such minutes are furnished to the Directors; provided, however, that the
Company shall not be obligated hereunder to provide information (i) that the Company reasonably determines in good faith to be
a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form reasonably acceptable
to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its
counsel; and

 

(c)   
the Observer will be reimbursed for his or her reasonable out of pocket expenses incurred in connection with the exercise
of his or her rights under this Section 7.6.

 

		8.	Survival and Indemnification.

 

8.1   
Survival. The representations and warranties of the Company and the Investors contained in this Agreement shall survive
for a period of twelve (12) months after the Initial Closing Date; provided, however, that the representations and warranties
contained in Sections 4.1 through 4.5 and 5.2 through 5.10 of this Agreement shall survive the Closing Date indefinitely. The indemnified
parties (as defined below) shall not be entitled to make any claim for indemnification with respect to such representations or
warranties after the expiration of the applicable survival period; except that each claim initiated by an indemnified party prior
to the expiration of the applicable survival period shall survive until it is settled or resolved.

 

8.2   
Indemnification. The Company agrees to indemnify, reimburse and hold harmless each Investor and its Affiliates and
their respective directors, officers, employees and agents from and against any and all losses, claims, damages, liabilities and
expenses (including without limitation reasonable attorney fees and disbursements and other expenses incurred in connection with
investigating, preparing or defending any action, claim or proceeding, pending or threatened and the costs of enforcement thereof)
(collectively, “Losses”) to which such Person may become subject as a result of any breach of representation,
warranty, covenant or agreement made by or to be performed on the part of the Company under the Transaction Documents, and will
reimburse any such Person for all such amounts as they are incurred by such Person; provided, however, that such indemnifiable
Losses shall not exceed the amount representing such Investor’s pro rata portion of the Purchase Price as set forth on the
signature pages to this Agreement.

 

    18 

     

    

 

8.3    Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (a) give prompt notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (b) in the case of a third party claim
giving rise to such claim for indemnification, permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification hereunder
shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of
such counsel shall be at the expense of such person unless (i) the indemnifying party has agreed to pay such fees or
expenses, or (ii) the indemnifying party shall have failed promptly to assume the defense of such claim and employ counsel
reasonably satisfactory to such person or (iii) in the reasonable judgment of any such person, based upon written advice of
its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in
which case, if the person notifies the indemnifying party in writing that such person elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on
behalf of such person); and provided, further, that the failure of any indemnified party to give notice as provided herein
shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to give notice
shall materially adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood
that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or
expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party
will, except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect of such claim or litigation.

 

		9.	Miscellaneous.

 

9.1   
Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of
the Company or the Required Consent of the Investors, as applicable; provided, however, that an Investor may assign its rights
and delegate its duties hereunder in whole or in part to (a) an Affiliate, (b) a third party acquiring some or all of the Securities
in a transaction complying with applicable securities laws or (c) if the Investor making the assignment is Holdings, its unitholders
in connection with an assignment of Holdings’ Debentures in accordance with the terms thereof, in each case without the prior
written consent of the Company or the other Investors. The provisions of this Agreement shall inure to the benefit of and be binding
upon the respective permitted successors and assigns of the parties and each Investor, before selling, assigning, pledging or otherwise
disposing of any Debenture, shall require the recipient thereof to execute a joinder to this Agreement as set forth in such Debenture.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.

 

9.2   
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic
mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

    19 

     

    

 

9.3   
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement.

 

9.4    Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be
deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given
upon such delivery, (ii) if given by electronic mail, then such notice shall be deemed given upon transmittal thereof, if
sent during the recipient’s normal business hours, and if not sent during normal business hours, then on the next
Business Day, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice
by the recipient or (B) three (3) days after such notice is deposited in first class mail, postage prepaid, and (iv) if given
by an internationally recognized overnight air courier, then such notice shall be deemed given one Business Day after
delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such
other address as such party may designate by ten days’ advance written notice to the other party:

 

If
to the Company:

 

American
Virtual Cloud Technologies, Inc.

1720 Peachtree Street, Suite 629

Atlanta,
GA 30309

Attention: Dr. Robert Willis

Email: rw@pensaregrp.com

 

with
a copy to:

 

Greenberg
Traurig, LLP

1750
Tysons Boulevard, Suite 1000

McLean,
VA 22102

Attention:
Jason Simon

Email: simonj@gtlaw.com

 

 

If
to the Investors:

 

to
the addresses set forth on the signature pages hereto.

 

9.5   
Expenses. The parties to this Agreement shall pay their own costs and expenses in connection herewith.

 

9.6   
Amendments and Waivers. Prior to the Initial Closing, any term of this Agreement may be amended and the observance
of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and each Investor against which such amendment or waiver is to be applied or, following
the Initial Closing, the Required Consent of the Investors. Any amendment or waiver effected in accordance with this paragraph
shall be binding in accordance herewith upon the applicable holder of any Securities purchased under this Agreement at the time
outstanding, each future holder of all such Securities, and the Company.

 

    20 

     

    

 

9.7   
Publicity. Each Investor, severally and not jointly with the other Investors, covenants that until such time as the
Contemplated Transactions are publicly disclosed by the Company, such Investor will maintain the confidentiality of the existence
and terms of this transaction except to the extent disclosure is, in the reasonable judgment of an Investor that has a class of
securities registered under Section 12 of the Exchange Act required to be disclosed under applicable securities laws and regulations.

 

9.8   
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders
any provision hereof prohibited or unenforceable in any respect.

 

9.9   
Entire Agreement. This Agreement, including the Annexes, Exhibits and the Disclosure Schedules, and the other Transaction
Documents constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede
all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and
thereof.

 

9.10  
Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all
such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment
of the agreements herein contained.

 

9.11  
Governing Law; Waiver of Jury Trial. This Agreement shall be governed by the internal law of the State of Delaware,
without regard to conflict of law principles that would result in the application of any law other than the law of the State of
Delaware. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT
AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

    21 

     

    

 

9.12   Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are
several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the
performance of the obligations of any other Investor under any Transaction Document. The decision of each Investor to
purchase Securities pursuant to the Transaction Documents has been made by such Investor independently of any other Investor.
Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be
deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has acted as agent
for such Investor in connection with making its investment hereunder and that no Investor will be acting as agent of such
Investor in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction
Documents. Each Investor shall be entitled to independently protect and enforce its rights, including, without limitation,
the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any
other Investor to be joined as an additional party in any proceeding for such purpose. The Company acknowledges that each of
the Investors has been provided with the same Transaction Documents for the purpose of closing a transaction with multiple
Investors and not because it was required or requested to do so by any Investor.

 

[Remainder of page
intentionally left blank; signature page follows.]

 

IN WITNESS WHEREOF, the parties
have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

The Company:

 

	AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.
	 
	By:	/s/ Darrell J. Mays	 
	Name:	Darrell J. Mays	 
	Title:	CEO	 

 

Signature Page to Securities
Purchase Agreement

 

    22 

     

    

 

 

 

	The Investors:
	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

	Aggregate
	Purchase Price:	$	 	 
	Number of

 Units:	 	 	 
	
	Address for 

Notice:	 	 	 
	 	 	 	 
	 	 	 	 
	

 

Signature Page to Securities
Purchase Agreement

 

     

     

    

 

EXHIBIT A FORM OF DEBENTURE

 

     

     

    

 

THIS DEBENTURE AND THE
RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN SECTION 3 OF THIS DEBENTURE
TO THE SENIOR INDEBTEDNESS (AS DEFINED HEREIN), AND EACH HOLDER OF THIS DEBENTURE, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES
TO BE BOUND BY THE PROVISIONS OF SECTIONS 3 AND 12 OF THIS DEBENTURE.

 

THIS DEBENTURE AND ITS
HOLDER ARE ALSO SUBJECT TO THE TERMS AND CONDITIONS OF THE PURCHASE AGREEMENT (AS DEFINED BELOW). THIS DEBENTURE MAY NOT BE SOLD,
DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE TRANSFEREE, PLEDGEE OR OTHER APPLICABLE PARTY EXECUTES A
JOINDER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT B HERETO.

 

NEITHER THIS DEBENTURE NOR
THE SHARES OF COMMON STOCK INTO WHICH THIS DEBENTURE ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED
FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED BY THE COMPANY (AS DEFINED HEREIN) WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION
COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED, EXCEPT AS SET FORTH IN SECTION 7.2(D) OF THIS DEBENTURE.

 

CONVERTIBLE DEBENTURE

 

April , 2020

 

$           

 

Atlanta, GA

 

No. A-1

 

AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.,
a Delaware corporation (the“Company”), for value received, hereby promises to pay to                           
or its registered assigns (“Holder”), the principal sum of                            
Dollars ($              ), together with interest thereon
as provided herein.

 

This
Convertible Debenture (this “Debenture”) is being issued pursuant to that certain Securities Purchase
Agreement, dated as of April 3, 2020, to which the Company and the Holder are parties (the “Purchase
Agreement”). Capitalized terms used but not defined herein shall have the meanings given to them in the Purchase
Agreement. This Debenture is one of a series of Debentures in substantially the same form being issued in accordance with the
provisions of the

 

    1 

     

    

 

Purchase Agreement (the “Other Debentures”).
This Debenture and the Other Debentures are sometimes referred to collectively as the “Debentures”.

 

1.             
Definitions. For purposes of this Debenture, the capitalized terms set forth below shall have the following meanings:

 

“Board” means the board of directors
of the Company.

 

“Business
Day” means each day, other than a Saturday or Sunday, on which banking institutions are not authorized or obligated by
law, regulation or executive order to close in Atlanta, Georgia.

 

“Change
in Control” means any one of the following after the Original Issuance Date and the consummation of the Initial Business
Combination (as such term is defined in the Purchase Agreement):

 

(a)   
The acquisition by any individual, entity or group (within the meaning of Section 13(d) or 14(d) of the Exchange Act) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the then
outstanding shares of Common Stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the
 “Outstanding Company Voting Securities”);

 

(b)   
Individuals who, as of the Original Issuance Date, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director
subsequent to the Original Issuance Date whose election, or nomination for election by the Company’s stockholders, was approved
by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs
as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual
or threatened solicitation of proxies or consents by or on behalf of an individual, entity or group other than the Board;

 

(c)   
Consummation by the Company of a reorganization, merger, consolidation or other business combination (any of the foregoing,
a “Business Combination”) of the Company or any subsidiary of the Company with any other corporation or other
entity, in any case with respect to which the Outstanding Company Voting Securities outstanding immediately prior to such Business
Combination do not, immediately following such Business Combination, continue to represent (either by remaining outstanding or
being converted into voting securities of the resulting or surviving entity or any ultimate parent thereof) more than 55% of the
outstanding common stock and of the then outstanding voting securities entitled to vote generally in the election of directors
of the resulting or surviving entity (or any ultimate parent thereof); or

 

    2 

     

    

 

(d)   
(i) Consummation of a sale or other disposition of all or substantially all of the assets of the Company, other than to
a corporation or other person or entity with respect to which, following such sale or other disposition, more than 55% of, respectively,
the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities
of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,
by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the
same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock
and Outstanding Company Voting Securities as the case may be; or (ii) stockholder approval of a complete liquidation or dissolution
of the Company.

 

“Common Stock”
means the Company’s common stock, par value $0.001 per share.

 

“Conversion Price” means $3.45, as may
be adjusted from time to time as set forth in this Debenture.

 

“Original Issuance Date”
means April 7, 2020.

 

“Senior
Credit Agreement” means that certain Credit Agreement dated as of December 18, 2017, by and among Stratos Management
Systems, Inc., a Delaware corporation, as the prior borrower, Stratos Management Systems Holdings, LLC, as parent of such prior
borrower, and Senior Lender, as assigned and assumed by Stratos Management Systems, Inc. (formerly known as Tango Merger Sub Corp.),
a Delaware corporation, and the Company, collectively, as the new co-borrowers thereunder, pursuant to that certain Third Amendment
to Loan Documents dated as of the date hereof, or any credit agreement entered into by the Company and/or one or more of its subsidiaries
in replacement of such Credit Agreement, including all amendments, modifications or supplements to any of the foregoing.

 

“Senior
Credit Default” means any “Event of Default” as such term is defined in the Senior Credit Agreement.

 

“Senior
Credit Facility” means collectively, all financial accommodations extended by Senior Lender to Company and the other
 “Borrowers” under the Senior Credit Agreement, including in each case, all deferrals, renewals, extensions, replacements
or refundings of such facility.

 

“Senior
Credit Termination” means the date upon which (a) the Senior Indebtedness (other than contingent obligations with respect
thereto) are satisfied in full and (b) all commitments of Senior Lender to extend financial accommodations with respect to the
Senior Credit Facility have been terminated.

 

“Senior
Lender” means Comerica Bank (together with its successors and assigns) or any other lender under any credit agreement
entered into by the Maker and/or one or more of its subsidiaries in replacement of the Senior Credit Agreement.

 

    3 

     

    

 

“Senior
Loan Documents” means the “Loan Documents” as such term is defined in the Senior Credit Agreement, including
all amendments, modifications or supplements thereto.

 

“Stratos” means Stratos Management
Systems Holdings, LLC.

 

“Trading
Day” means any day on which the Common Stock is traded for any period on the over-the-counter bulletin board or on the
principal securities exchange or other securities market on which the Common Stock is then being traded.

 

“Triggering
Event” means the occurrence, at any time after the Original Issuance Date, of the closing price of the Common Stock on
the principal trading market for the Common Stock for any 40 Trading Days within a consecutive 60 Trading Day-period exceeding
$6.00, as adjusted for stock splits, stock dividends, reorganizations and recapitalizations affecting the Common Stock and the
Original Issuance Date.

 

		2.	Payments.

 

(a)   
Beginning on the issuance date of this Debenture (the “Issuance Date”), the outstanding principal balance
of this Debenture shall bear interest, in arrears, at a rate per annum equal to ten percent (10%) (the “Base Rate”).
Accrued interest hereunder shall be payable quarterly on March 31, June 30, September 30 and December 31 of each calendar year,
with the first such payment to be made on June 30, 2020. Such first payment shall include interest only from the Issuance Date
until the date of payment. Interest shall be paid in additional debentures, substantially identical in the form of this Debenture
except upon maturity in which case accrued and unpaid interest shall be paid in cash. Interest shall be computed on the basis of
a 360-day year of twelve (12) 30-day months and shall accrue commencing on the Issuance Date. Notwithstanding the foregoing, upon
and following the occurrence of an Event of Default (as defined below), from the date of the Event of Default until such Event
of Default is cured, the Base Rate shall be increased to the lower of (i) fourteen percent (14%) and (ii) the maximum applicable
legal rate per annum (such lower rate, the “Default Rate”) and interest shall be payable in cash.

 

(b)   
Subject to the provisions of Section 4 hereof relating to the conversion of this Debenture, the entire principal sum hereof,
together with accrued and unpaid interest thereon, shall be due and payable in cash on the earlier to occur of (i) such date, commencing
on or after October 7, 2022, as the Holder, at its sole option, upon not less than thirty (30) days’ prior written notice
to the Company, demands payment hereof and (ii) the occurrence of a Change in Control.

 

(c)   
If any day on which any amount is payable pursuant under this Debenture is not a Business Day, then the amount otherwise
payable on that date will be made on the next succeeding day that is a Business Day (without any interest or other payment in respect
of such delay) (each such day on which principal or interest is payable pursuant hereto, a “Payment Date”).

 

(d)    In
the event of any partial payment of principal or accrued interest, for whatever reason, any such partial payment of principal
and/or interest on the Debentures shall be allocated among the respective Debentures and holders thereof so that the amount
of such payments to each holder shall bear as nearly as practicable the same ratio to the aggregate amount then to be paid as
the principal amount of the Debentures then held by such holder bears to the aggregate principal amount of Debentures then
outstanding.

 

    4 

     

    

 

3.           
Ranking and Subordination. Except as set forth in this Section 3, the indebtedness evidenced by this Debenture
shall rank equal in right of payment with all existing and future unsubordinated indebtedness of the Company. The indebtedness
evidenced by this Debenture and the guaranty described in Section 14 and the other indebtedness, obligations and liabilities of
the Company, Computex and its subsidiaries under the Purchase Agreement owing to Holder (collectively, the “Subordinated
Indebtedness”) are subordinate and junior to the prior payment in full of all Senior Indebtedness (as defined below)
to the extent and in the manner hereinafter set forth. The Holder agrees, from time to time as reasonably requested by the Company,
to execute any documents reasonably required by the Company’s lenders reaffirming the subordination provisions contained
in this Debenture; provided, however, that the existing rights of the Holder shall not be adversely affected thereby. For purposes
of this Debenture and the guaranty described in Section 14, the term “Senior Indebtedness” shall mean
all senior indebtedness, obligations and liabilities of the Company, Computex and Computex’s subsidiaries, whether outstanding
on the date hereafter or thereafter created, incurred, assumed, guaranteed or in effect under the Senior Credit Facility, together
with all other sums due thereon and all costs of collecting the same (including, without limit, reasonable attorney fees) for which
such Person is or at any time may be liable.

 

For
the avoidance of doubt, Company shall have the right to pay (or cause to be paid) to Holder, and Holder shall have the right to
receive and accept from Company, Computex and Computex’s subsidiaries, any and all regularly scheduled payments of the Subordinate
Indebtedness (or any portion thereof) due to Holder pursuant to the terms and provisions of this Debenture, the guaranty described
in Section 14, and/or the Purchase Agreement as and when such payments become due and payable; provided, that (x)
no Senior Credit Default (I) has occurred and is continuing as of the date of the proposed payment to Holder, or (II) would otherwise
result from such proposed payment being made to Holder and (y) no Insolvency Proceeding (as defined below) has occurred.

 

In the
event of any Insolvency Proceeding, the Senior Lender shall be entitled to receive payment in full of all Senior Indebtedness before
Holder is entitled to receive any subsequent payment on account of any Subordinated Indebtedness; provided, however,
that (x) in no event shall any such subordination impair the ability of the Company to issue or the rights of the Holder
to receive additional Debentures in respect of accrued and unpaid interest in accordance with Section 2 hereof and (y)
the foregoing shall not be deemed to require the repayment or reimbursement by Holder to Senior Lender of any amounts permitted
to be received by Holder with respect to the Subordinated Indebtedness in compliance with this Section 3 prior to the occurrence
of such Insolvency Proceeding.

 

During
the continuance of any Senior Credit Default, no cash payment shall be made with respect to the Subordinated Indebtedness (or
any renewals or extensions thereof) if written or telegraphic notice of such event of default has been given to the Company
by the Senior Lender. Should any payment, distribution or security or proceeds from these be received by Holder upon or with
respect to the Subordinated Indebtedness that is not otherwise permitted under this Section 3 prior to the Senior
Credit Termination, Holder shall immediately deliver same to the Senior Lender in the form received (except for endorsement
or assignment by Holder where required by the Senior Lender), for application on the Senior Indebtedness (whether or not then
due and in such order of maturity as the Senior Lender elects) and, until so delivered, the same shall be held in trust by
Holder as the property of the Senior Lender.

 

    5 

     

    

 

Until
the Senior Credit Termination, upon the occurrence and during the continuance of any Senior Credit Default and/or any Insolvency
Proceeding, Holder will not (without the prior consent of Senior Lender) ask for, demand, sue for, take or receive (by way of voluntary
payment, acceleration, set-off or counterclaim, foreclosure or other realization on security, dividends in bankruptcy or otherwise),
or offer to make any discharge or release of, any of the Subordinated Indebtedness, and Holder waives any such rights with respect
to the Subordinated Indebtedness. Holder shall not exercise any rights of subrogation or other similar rights with respect to the
Senior Indebtedness. This Section 3 constitutes a continuing agreement of subordination, as of any date prior to the Senior
Credit Termination, even though the outstanding balance of the Senior Indebtedness may, from time to time, be zero.

 

As
of the date hereof, the Subordinated Indebtedness is unsecured. To the extent the Subordinated Indebtedness is ever secured by
collateral also securing the Senior Indebtedness (referenced herein as “Shared Collateral”) and until the Senior
Credit Termination, Holder agrees it will not (without the prior consent of Senior Lender) exercise any of Holder’s rights
in any such Shared Collateral now or later securing the Subordinated Indebtedness. As of any date prior to the Senior Credit Termination,
all rights of Holder in any Shared Collateral now or later securing the Subordinated Indebtedness are subordinated to all rights
of the Senior Lender now or later existing in any of the same Shared Collateral. The relative priorities of the Senior Lender and
Holder in the any Shared Collateral as set forth in this Section 3 control irrespective of the time, method or order of
attachment or perfection of the liens and security interests acquired by the parties in the Shared Collateral and irrespective
of the priorities as would otherwise be determined by reference to the Uniform Commercial Code or other applicable laws. As of
any date prior to the Senior Credit Termination, Holder shall not contest the validity, priority or perfection of the security
interest in or other lien upon the Shared Collateral (regardless of whether the Senior Lender’s security interest in or lien
upon the Shared Collateral is valid or perfected). The priorities of any liens or security interests of the parties in any property
of the Company, Computex or any of its subsidiaries other than the Shared Collateral are not affected by this Section 3
and shall be determined by reference to applicable law. The Senior Lender’s rights under this Section 3 are in addition
to, and not in substitution of, its rights under any other subordination agreement with Holder.

 

To the
extent the Subordinated Indebtedness is ever secured by any Shared Collateral as of any date prior to the Senior Credit Termination,
the relative rights of the Senior Lender and the Holder in or to any distributions from or in respect of any such Shared Collateral
or proceeds of such Shared Collateral, including without limitation, with respect to any rights acquired by Holder under Sections
363 and 364 of the Bankruptcy Code (as defined herein) shall continue after the filing of such petition on the same basis as prior
to the date of such filing. If any Insolvency Proceeding shall occur, the Holder shall file appropriate claims or proofs of claim
in respect of this Debenture at least 30 days prior to the expiration of the period during which such claims or proofs of claims
may be filed without the approval of the court or any third party.

 

    6 

     

    

 

Upon the failure of the
Holder to take such action, the Senior Lender is hereby irrevocably authorized and empowered (in its own name or otherwise), but
shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in respect of the Subordinated
Indebtedness and to file claims and proofs of claim and take such other action as it may deem necessary or advisable for the exercise
of enforcement of any of the rights or interests of Holder with respect to the Subordinated Indebtedness. If any of the Company,
Computex or its subsidiaries shall become subject to an Insolvency Proceeding, (i) the Holder will not oppose the Senior Lender’s
requests for adequate protection payments, post-petition interest, or for additional collateral or replacement liens or security
interests in connection with any use of cash collateral or financing for a debtor-in-possession and (ii) the Holder will not seek
or request adequate protection or adequate protection payments in any such proceeding. The Holder agrees that it will not object
to or oppose a sale or other disposition of any assets included in the Shared Collateral securing the Senior Indebtedness (or any
portion thereof) free and clear of liens, security interests or other claims under Section 363 of the Bankruptcy Code or any other
provision of the Bankruptcy Code if the Senior Lender has consented to such sale or disposition of such assets and the Holder will
be deemed to have (a) consented under Section 363 of the Bankruptcy Code (and otherwise) to any such sale or disposition supported
by the Senior Lender and (b) concurrently with the closing of such sale, the Holder shall release its liens and security interests,
if any, in such assets, property or interests consisting of Shared Collateral. The Holder shall not support or vote in favor of
any plan of reorganization (and each shall be deemed to have voted to reject any plan of reorganization) unless such plan either
(a) results in the Senior Indebtedness being paid in full, (b) is accepted by the Senior Lender or (c) incorporates this Section
3 by reference and continues the rights and priorities of the Senior Lender and the Holder in such Shared Collateral subsequent
to the effective date of such plan. To the extent that the Holder has or acquires rights under Section 363 or Section 364 of the
Bankruptcy Code with respect to any of the Shared Collateral, the Holder agrees not to assert any of such rights without the prior
written consent of the Senior Lender; provided that if requested by the Senior Lender, the Holder shall timely exercise such rights
in the manner reasonably requested by the Senior Lender, including any rights to payments in respect of such rights. The Holder
acknowledges and agrees that the Senior Indebtedness and the Subordinated Indebtedness should be separately classified in any plan
of reorganization proposed or adopted in any case under the Bankruptcy Code or any other proceeding (including, without limitation,
for purposes of Section 1122 of the Bankruptcy Code). If any of the Company, Computex or its subsidiaries shall become subject
to a case under the Bankruptcy Code, all proceeds of Shared Collateral shall be applied to the Senior Indebtedness until such Senior
Indebtedness is paid in full before any distribution shall be made to the Holder; if any such distribution is received by the Holder,
it shall be paid or delivered directly to the Senior Lender. Except as otherwise provided herein, in any case or proceeding under
the Bankruptcy Code or any other insolvency, bankruptcy, receivership, liquidation (voluntary or involuntary), reorganization or
other similar proceeding involving the Company, Computex, any of its subsidiaries or their respective properties (such case or
proceeding referred to as an “Insolvency Proceeding”), the Holder may exercise its respective rights and remedies
as an unsecured creditor only against the Senior Lender in accordance with applicable law; provided that the Holder shall not take
any action that is, or would reasonably be expected to be, otherwise inconsistent with the terms of this Section 3. As used
herein, the term “Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11 U.S.C.§§101
et seq, as amended, and any successor statute.

 

    7 

     

    

Holder
waives any duty on the part of the Senior Lender, and agrees that Holder is not relying upon nor expecting the Senior Lender, to
disclose to Holder any fact now or later known by the Senior Lender, whether relating to the operations or condition of the Company,
Computex or any of its subsidiaries, the existence, liabilities or financial condition of any guarantor of the Senior Indebtedness,
the occurrence of any default with respect to the Senior Indebtedness or otherwise, notwithstanding any effect this fact may have
upon Holder’s risk or Holder’s rights against such Person.

 

The
Senior Lender, in its sole discretion, without notice to Holder, may release, exchange, enforce and otherwise deal with any security
now or later held by the Senior Lender for payment of the Senior Indebtedness or release any party now or later liable for payment
of the Senior Indebtedness without affecting in any manner the Senior Lender’s rights under this Section 3. Holder
acknowledges and agrees that the Senior Lender has no obligation to acquire or perfect any lien on or security interest in any
asset(s), whether realty or personalty, to secure payment of the Senior Indebtedness, and Holder is not relying upon assets in
which the Senior Lender has or may have a lien or security interest for payment of the Senior Indebtedness.

 

Notwithstanding
any prior revocation, termination, surrender, or discharge of the Senior Indebtedness in whole or in part, the effectiveness of
this Section 3 shall automatically continue or be reinstated in the event that any payment received or credit given by the
Senior Lender in respect of the Senior Indebtedness is returned, disgorged, or rescinded under any applicable state or federal
law, including, without limitation, laws pertaining to bankruptcy or insolvency, in which case the subordination provisions in
this Section 3 shall be enforceable against Holder as if the returned, disgorged, or rescinded payment or credit had not
been received or given by the Senior Lender, and whether or not the Senior Lender relied upon this payment or credit or changed
its position as a consequence of it. In the event of continuation or reinstatement of the subordination provisions in this Section
3, Holder agrees upon demand by the Senior Lender to execute and deliver to the Senior Lender those documents which the Senior
Lender reasonably determines are appropriate to further evidence (in the public records or otherwise) this continuation or reinstatement,
although the failure of Holder to do so shall not affect in any way the reinstatement or continuation.

 

Holder
waives, to the extent not expressly prohibited by applicable law, any right to require the Senior Lender to: (a) proceed against
any person or property; (b) give notice of the terms, time and place of any public or private sale of personal property security
held from Company or any other Person, or otherwise comply with the provisions of Section 9.611 or 9.621 of the Texas or other
applicable Uniform Commercial Code; or (c) pursue any other remedy in the Senior Lender’s power. Holder waives notice of
acceptance of this Debenture and presentment, demand, protest, notice of protest, dishonor, notice of dishonor, notice of default,
notice of intent to accelerate or demand payment or notice of acceleration of any Senior Indebtedness, any and all other notices
to which Holder might otherwise be entitled, and diligence in collecting any Senior Indebtedness, and agrees that Senior Lender
may, once or any number of times, modify the terms of any Senior Indebtedness, compromise, extend, increase, accelerate, renew
or forbear to enforce payment of any or all Senior Indebtedness, or permit the Company, Computex and its subsidiaries to incur
additional Senior Indebtedness, all without notice to Holder and without affecting in any manner the unconditional obligations
of Holder under this Section 3.

 

    8 

     

    

 

		4.	Conversion.

 

		4.1.	Conversion Rights.

 

(a)   
Optional Conversion. The unpaid principal amount of this Debenture (together with all accrued but unpaid interest
thereon) shall be convertible, in whole or in part, at the option of the Holder at any time prior to the payment in full of the
principal amount of this Debenture (together with all accrued but unpaid interest thereon), into such number of shares of fully
paid and non-assessable shares of Common Stock as is determined by dividing the principal amount of the Debenture so converted
(together with all accrued but unpaid interest thereon) by the Conversion Price (the “Holder Conversion Right”).

 

(b)   
Mandatory Conversion. If a Triggering Event occurs and provided that (i) the Company is not in breach of its obligations
under the Registration Rights Agreement and (ii) the shares of Common Stock into which this Debenture and the Other Debentures
are then convertible may be freely resold by each Holder without restriction under applicable securities laws whether pursuant
to an effective registration statement or otherwise, then the unpaid principal amount of this Debenture (together with all accrued
but unpaid interest thereon) shall automatically be converted as of the 5:00 p.m. Atlanta time on the sixth (6th) Trading Day (the
 “Mandatory Conversion Date”) following the delivery to the Holders of written notice of such Triggering Event
accompanied by a reasonably detailed calculation substantiating the occurrence of such Triggering Event into such number of shares
of fully paid and non-assessable shares of Common Stock as is determined by dividing the principal amount of the Debenture (together
with all accrued but unpaid interest thereon) by the Conversion Price (a “Mandatory Conversion”).

 

4.2.             Issuance
of Certificates. The Holder Conversion Right may be exercised by the Holder by the surrender of this Debenture (or of any
replacement Debenture issued hereunder) with the conversion notice attached hereto duly executed, at the principal office of
the Company or the transfer agent of the Company. Conversion shall be deemed to have been effected on (a) in the case of the
Holder Conversion Right, the date that such delivery of the Debenture and conversion notice is actually made, or (b) in the
case of Mandatory Conversion, the Mandatory Conversion Date (as applicable, the “Conversion Date”). As
promptly as practicable, and in any event within three (3) Trading Days, after a Conversion Date and the Company’s
receipt of the Debenture being converted (and the conversion notice, if applicable) (such fifth Trading Day thereafter, the
 “Share Delivery Date”), the Company shall issue and deliver to the Holder a certificate or certificates
for the number of full shares of Common Stock to which the Holder is entitled (or evidence of the issuance of such shares in
book entry form) and a check or cash with respect to any fractional interest in a share of Common Stock as provided in
Section 4.4. The Company shall not be obligated to issue Common Stock certificates in the name of any party other than the
Holders of the respective Debentures, absent full compliance with the provisions of Section 7 hereof. The person in whose
name the certificate or certificates for Common Stock are to be issued shall be deemed to have become a stockholder of record
on the next succeeding day on which the transfer books are open, but the Conversion Price shall be that in effect on the
Conversion Date. All rights with respect to the Debentures (or any portion thereof) that are converted pursuant to this
Section 4, including the rights to receive interest and notices, shall terminate upon conversion pursuant to this Section
4.2. Upon conversion of only a portion of this Debenture, the Company shall issue and deliver to the Holder hereof, at the
expense of the Company, a new Debenture covering the principal amount of this Debenture not converted, which new Debenture
shall entitle the holder thereof to interest on the principal amount thereof to the same extent as if the unconverted portion
of this Debenture had not been surrendered for conversion.

 

    9 

     

    

 

4.3.            
Reservation of Stock Issuable Upon Conversion. The Company covenants that, for so long as any Debentures remain outstanding,
the Company will at all times have authorized and reserved for the purpose of issue upon exercise of the Holder Conversion Right
or upon Mandatory Conversion, a sufficient number of shares of Common Stock to provide for the full exercise of the Holder Conversion
Right or the conversion pursuant to Mandatory Conversion.

 

4.4.            
Fractional Shares. No fractional shares of Common Stock shall be issued upon conversion of this Debenture. In lieu
of any fractional shares to which the Holder would otherwise be entitled, the Company shall pay cash equal to the product of such
fraction multiplied by the fair value of one share of the Company’s Common Stock on the Conversion Date, which shall be the
closing price of the Common Stock on the Conversion Date as reported on the principal trading market therefor or in the absence
of any such closing price, as determined in good faith by the Board.

 

4.5.            
Adjustment of Conversion Price. The Conversion Price and the number and kind of securities which may be received
upon the exercise of the Holder Conversion Right or the Company Conversion Right shall be subject to the adjustment from time to
time upon the happening of certain events, as follows:

 

(a)   
Adjustment for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date
hereof effect a subdivision of the outstanding Common Stock, the Conversion Price then in effect immediately before that subdivision
shall be proportionately decreased, and conversely, if the Company shall at any time or from time to time after the date hereof
combine the outstanding shares of Common Stock, the Conversion Price then in effect immediately before the combination shall be
proportionately increased. Any adjustment under this Section 4.5(a) shall become effective at the close of business on the date
the subdivision or combination becomes effective.

 

(b)   
Adjustment for Certain Dividends and Distributions. In the event the Company shall at any time or from time to time
after the date hereof make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive,
a dividend or other distribution payable in additional shares of Common Stock, then and in each such event the Conversion Price
then in effect shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as
of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction:

 

(i)                
the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the
time of such issuance or the close of business on such record date; and

 

(ii)              
the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to
the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment
of such dividend or distribution; provided, however, if such record date shall have been fixed and such dividend is not
fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly
as of the close of business on such record date and thereafter such Conversion Price shall be adjusted pursuant to this Section
4.5(b) as of the time of actual payment of such dividends or distributions.

 

    10 

     

    

 

(c)   
Adjustments for Other Dividends and Distributions. In the event the Company at any time or from time to time after
the date hereof shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive,
a dividend or other distribution payable in securities of the Company other than shares of Common Stock, then and in each such
event provisions shall be made so that the holders of Debentures shall receive upon conversion thereof in addition to the number
of shares of Common Stock receivable thereupon, the amount of securities of the Company which they would have received had their
Debentures been converted into Common Stock on such record date and had thereafter, during the period from the date of such event
to and including the Conversion Date, retained such securities (together with any distributions payable thereon during such period)
receivable by them as aforesaid during such period, giving application to all adjustments called for during such period under this
Section 4.5 with respect to the rights of the holders of the Debentures.

 

(d)   
Adjustment for Reclassification, Exchange or Substitution. If the Common Stock issuable upon the conversion of the
Debentures shall be changed into the same or different number of shares of any class or classes of stock, whether by capital reorganization,
reclassification or otherwise (other than a subdivision or combination of shares or stock dividend provided for above, or a reorganization,
merger, consolidation or sale of assets provided for in Section 4.5(e) below), then and in each such event the holder of each Debenture
shall have the right thereafter to convert each Debenture into the kind and amount of shares of stock and other securities and
property receivable upon such reorganization, reclassification or other change, as holders of the number of shares of Common Stock
into which such Debenture might have been converted immediately prior to such reorganization, reclassification or change, all subject
to further adjustment as provided herein.

 

(e)    Reorganization,
Merger, Consolidation or Sale of Assets. If at any time or from time to time there shall be a capital reorganization of
the Common Stock (other than a subdivision, combination, reclassification or exchange of shares provided for elsewhere in
this Section 4.5) or a merger or consolidation of the Company with or into another corporation or entity, or the sale of all
or substantially all of the Company’s properties and assets to any other person, then, as a part of such
reorganization, merger, consolidation or sale, provision shall be made so that the holders of the Debentures shall thereafter
be entitled to receive upon conversion of the Debentures, the number of shares of stock or other securities or property of
the Company, or of the successor corporation resulting from such merger or consolidation or sale, to which a holder of Common
Stock deliverable upon conversion would have been entitled on such capital reorganization, merger, consolidation, or sale. In
any such case, appropriate adjustment shall be made in the application of the provisions of this Section 4.5 with respect to
the rights of the holders of the Debentures after the reorganization, merger, consolidation or sale to the end that the
provisions of this Section 4.5 (including adjustment of the Conversion Price then in effect and the number of shares
receivable upon conversion of the Debentures) shall be applicable after that event as nearly equivalent as may be
practicable.

 

    11 

     

    

 

		(f)	Adjustments for Dilutive Issuances.

 

(i)                
Special Definitions. For purposes of this Section 4.5(f), the following definitions shall apply:

 

(1)   
“Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to Section
4.5(f)(ii), deemed to be issued) by the Company after the Original Issuance Date, other than (I) the following shares of Common
Stock and (II) shares of Common Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (I) and
(II), collectively, “Exempted Securities”):

 

(I)                
securities issued pursuant to the conversion or exercise of Options or Convertible Securities issued or outstanding on or
prior to the Original Issuance Date (so long as the conversion or exercise prices of such securities are not amended to lower such
price and/or adversely affect the Holder);

 

(II)                
the Other Debentures, the Warrants (as such term is defined in the Purchase Agreement) and any additional debentures or
other securities issued as payment of interest on the Debentures;

 

(III)              
shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other
distribution on shares of Common Stock that is covered by Section 4.5(a) through Section 4.5(e);

 

(IV)             
shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Company or any
of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board and the holders of the Common Stock;

 

(V)               
shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock
actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the
terms of such Option or Convertible Security;

 

(VI)              
shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions,
or to real property lessors, as a customary “equity sweetener” pursuant to a bona fide debt financing, equipment leasing
or real property leasing transaction approved by the Board; and

 

(VII)              shares
of Common Stock, Options or Convertible Securities issued pursuant to the acquisition of another corporation or other
business by the Company or any of its subsidiaries by merger, purchase of substantially all of the assets or other
reorganization or to a joint venture agreement, contribution agreement or similar arrangement, provided that such issuances
are approved by the Board.

 

    12 

     

    

 

(2)   
“Common Stock Deemed Outstanding” means, at any given time, the number of shares of Common Stock actually
outstanding at such time, plus the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any Options
or Convertible Securities then outstanding, regardless of whether the Options or Convertible Securities are actually exercisable,
convertible or exchangeable at such time.

 

(3)   
“Convertible Securities” shall mean any evidences of indebtedness, shares or other securities directly
or indirectly convertible into or exchangeable for Common Stock, but excluding Options.

 

(4)   
“Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common
Stock or Convertible Securities.

 

		(ii)	Deemed Issue of Additional Shares of Common Stock.

 

(A)   
If the Company at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities
(excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination
of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of
shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability,
convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number)
issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange
of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or,
in case such a record date shall have been fixed, as of the close of business on such record date.

 

(B)    If
the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price
pursuant to the terms of Section 4.5(f)(iii), are revised as a result of an amendment to such terms or any other adjustment
pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant
to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or
decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any such Option or
Convertible Security or (2) any increase or decrease in the consideration payable to the Company upon such exercise,
conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed
upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto)
shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original
date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this
Section 4.5(f)(ii)(B) shall have the effect of increasing the Conversion Price to an amount which exceeds the lower of (i)
the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option
or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Shares of
Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or
Convertible Security) between the original adjustment date and such readjustment date.

 

    13 

     

    

 

(C)   
If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted
Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of Section 4.5(f)(iii)
(either because the consideration per share (determined pursuant to Section 4.5(f)(iv)) of the Additional Shares of Common Stock
subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security
was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms
or any other adjustment pursuant to the provisions of such Option or Convertible Security to provide for either (1) any increase
in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security
or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option
or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the
manner provided in Section 4.5(f)(ii)(1) shall be deemed to have been issued effective upon such increase or decrease becoming
effective.

 

(D)   
Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion
thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion
Price pursuant to the terms of Section 4.5(f)(iii), the Conversion Price shall be readjusted to such Conversion Price as would
have obtained had such Option or Convertible Security (or portion thereof) never been issued.

 

(E)    If
the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible
Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at
the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events,
any adjustment to the Conversion Price provided for in this Section 4.5(f)(ii) shall be effected at the time of such issuance
or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent
adjustments (and any subsequent adjustments shall be treated as provided in clauses (B) and (C) of this Section 4.5(f)(ii)).
If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible
Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be
calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion
Price that would result under the terms of this Section 4.5(f)(ii) at the time of such issuance or amendment shall instead be
effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent
adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment
took place at the time such calculation can first be made.

 

    14 

     

    

 

(iii)            
Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the Company shall,
at any time after the Original Issuance Date and for so long as this Debenture remains outstanding, issue Additional Shares of
Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to Section 4.5(f)(ii)), without consideration
or for a consideration per share (the “New Issuance Price”) less than the applicable Conversion Price (the “Applicable
Price”) in effect immediately prior to such issue (each, a “Dilutive Issuance”), then the Conversion
Price shall be reduced, concurrently with such issue, to an amount equal to the lowest price per share at which such share of Common
Stock has been issued or sold (or is deemed to have been issued or sold, in the case of Additional Shares of Common Stock deemed
to be issued pursuant to Section 4.5(f)(ii)) pursuant to the Dilutive Issuance; provided, that if such issuance or sale (or deemed
issuance or sale) was without consideration, then the Company shall be deemed to have received an aggregate of $0.001 of consideration
for all such shares so issued or deemed to be issued.

 

(iv)            
Determination of Consideration. For purposes of this Section 4.5(f)(iv), the consideration received by the Company
for the issue of any Additional Shares of Common Stock shall be computed as follows:

 

		(A)	Cash and Property. Such consideration shall:

 

(I)                
insofar as it consists of cash, be computed at the aggregate amount of cash received by the Company, excluding amounts paid
or payable for accrued interest;

 

(II)               
insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue,
as determined in good faith by the Board; and

 

(III)              
in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the
Company for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses
(I) and (II) above, as determined in good faith by the Board and the Holders of a majority in outstanding principal amount of the
Debentures.

 

(B)             
Options and Convertible Securities. The consideration per share received by the Company for Additional Shares of
Common Stock deemed to have been issued pursuant to Section 4.5(f)(ii), relating to Options and Convertible Securities, shall be
determined by dividing:

 

(I)                 the
total amount, if any, received or receivable by the Company as consideration for the issue of such Options or Convertible
Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto,
without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Company
upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for
Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such
Convertible Securities, by

 

(II)               
the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision
contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange
of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities.

 

    15 

     

    

 

(v)               
Multiple Closing Dates. In the event the Company shall issue on more than one date Additional Shares of Common Stock
that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion
Price pursuant to the terms of Section 4.5(f)(iii), then, upon the final such issuance, the Conversion Price shall be readjusted
to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any
additional adjustments as a result of any such subsequent issuances within such period).

 

(g)   
Minimum Adjustment. No adjustment of the Conversion Price, however, shall be made in an amount less than one cent,
but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment
which together with any adjustments so carried forward shall amount to one cent or more.

 

(h)   
Certificate of Adjustment. Upon the occurrence of each adjustment or readjustment of the applicable Conversion Price
pursuant to this Section 4.5, the Company shall promptly compute such adjustment or readjustment in accordance with the terms hereof
and prepare and furnish to each holder of Debentures a certificate, signed by an officer of the Company, setting forth such adjustment
or readjustment and showing in reasonable detail the facts upon which such adjustment or readjustment is based.

 

		(i)	Notices of Record Date. If:

 

(i)                
the Company shall set a record date for the purpose of entitling the holders of its shares of Common Stock to receive a
dividend, or any other distribution, payable otherwise than in cash;

 

(ii)              
the Company shall set a record date for the purpose of entitling the holders of its shares of Common Stock to subscribe
for or purchase any shares of any class or to receive any other rights;

 

(iii)            
there shall occur any capital reorganization of the Company, reclassification of the shares of the Company (other than a
subdivision or combination of its outstanding Common Stock), consolidation or merger of the Company with or into another corporation,
or conveyance of all or substantially all of the assets of the Company to another corporation; or

 

(iv)             there
shall occur a voluntary or involuntary dissolution, liquidation, or winding up of the Company;

 

    16 

     

    

 

then, and in any such case,
the Company shall cause to be sent to the holders of record of the outstanding Debentures, at least ten Trading Days prior to the
dates hereinafter specified, a written notice stating the date (x) which has been set as the record date for the purpose of such
dividend, distribution, or rights, or (y) on which such reclassification, reorganization, consolidation, merger, conveyance, dissolution,
liquidation, or winding up is to take place and the record date as of which holders of Common Stock of record shall be entitled
to exchange their shares of Common Stock for securities or other property deliverable upon such reclassification, reorganization,
consolidation, merger, conveyance, dissolution, liquidation, or winding up.

 

4.6    Limitations
on Number of Shares Issuable. Notwithstanding anything herein to the contrary herein, provided that the Common Stock
remains listed for trading on the Nasdaq Stock Market or other national securities exchange, the aggregate number of shares
of Common Stock issued upon conversion of the Debentures, together with the aggregate number of shares of Common Stock issued
upon exercise of the Warrants, shall not exceed 19.9% of either (a) the total number of shares of Common Stock outstanding on
the date hereof or (b) the total voting power of the Company’s securities outstanding on the date hereof that are
entitled to vote on a matter being voted on by holders of the Common Stock, until the 21st day after the date (the
 “Mailing Date”) that the Information Statement was sent or given to the Company’s stockholders in
accordance with Regulation 14C under the Exchange Act. The Company shall provide prompt notice of the Mailing Date to each of
the Holders immediately following its occurrence.

 

4.7   
Registration, Exchange and Transfer. The Company will keep a register in which, subject to such reasonable regulations
as it may prescribe, it will register all Debentures. No transfer of this Debenture shall be valid as against the Company unless
made upon such register. This Debenture is subject to the restrictions on transfer set forth on the face hereof. Upon surrender
for transfer of this Debenture and compliance with said restrictions on transfer, the Company shall execute and deliver in the
name of the transferee or transferees a new Debenture or Debentures for a like principal amount.

 

This Debenture,
if presented for transfer, exchange, redemption or payment, shall (if so required by the Company) be duly endorsed by, or be accompanied
by instruments of transfer in form satisfactory to the Company duly executed by, the registered Holder or by his duly authorized
attorney.

 

Any exchange
or transfer shall be without charge, except that the Company may require payment of the sum sufficient to cover any processing
cost, tax or governmental charge that may be imposed in relation thereto.

 

The
Company may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Debenture shall be
overdue and notwithstanding any notation of ownership or other writing hereon by anyone other than the Company), for the
purpose of receiving payment of or on account of the principal hereof and interest hereon, for the conversion hereof and for
all other purposes, and the Company shall not be affected by any notice to the contrary.

 

    17 

     

    

 

		5.	Events of Default.

 

5.1.            
Definitions and Effect. In case one or more of the following “Events of Default” shall have occurred
and be continuing:

 

 (i)                  default in the payment of any amount due under this Debenture;

 

(ii)                
default in the performance of any covenant or agreement contained in this Debenture (other than as set forth in clause (i)
of this Section 5.1), the Purchase Agreement, the Warrants or the Registration Rights Agreement (as such term is defined in the
Purchase Agreement) and such default is not fully cured within 15 days after the Holder delivers written notice to the Company
of the occurrence thereof;

 

(iii)                
any material representation or warranty made by the Company in the Purchase Agreement shall prove to have been false or
incorrect or breached in a material respect on the date as of which made and the Holder delivers written notice to the Company
of the occurrence thereof;

 

(iv)                
the Company shall have admitted in writing its inability to pay its debts as they mature, or shall have made an assignment
for the benefit of creditors, or shall have been adjudicated bankrupt;

 

(v)                 
a trustee or receiver of the Company, or of any substantial part of the assets of the Company, shall have been appointed
and, if appointed in a proceeding brought against the Company, the Company by any action or failure to act shall have indicated
its approval of, consent to or acquiescence in such appointment, or, within 60 days after such appointment, such appointment shall
not have been vacated, or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect;

 

(vi)              
proceedings involving the Company shall have been commenced by or against the Company under any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation law or statute of the federal government, or any state
government, and, if such proceedings shall have been instituted against the Company, or the Company by any action or failure to
act shall have indicated its approval of, consent to, or acquiescence therein, or an order shall have been entered approving the
petition in such proceedings, and within 60 days after the entry thereof, such order shall not have been vacated or stayed on appeal
or otherwise, or shall not otherwise have ceased to continue in effect; or

 

(vii)               one
or more judgments for the payment of money in an aggregate amount in excess of $1,000,000 shall be rendered against the
Company and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be
effectively stayed, which judgments are not stayed on appeal or otherwise being appropriately contested in good faith by
proper proceedings diligently pursued; then and in each and every such case, the holders of a majority in aggregate principal
amount of then-outstanding Debentures may declare the principal and accrued but unpaid interest of all the Debentures to be
due and payable immediately, by written notice to the Company, and upon any such declaration the same shall become and shall
be immediately due and payable, subject to the subordination provisions of Section 3 hereof. At any time after such
declaration of acceleration has been made, and before a judgment or decree for payment of money due has been obtained, the
holders of a majority in aggregate principal amount of the then-outstanding Debentures may, by written notice to the Company,
rescind and annul such declaration. From and after the occurrence, and during the continuance, of the any Event of Default,
irrespective of any declaration of maturity or default, all amounts remaining unpaid or thereafter accruing under this
Debenture shall bear interest at a rate equal to the Default Rate. Such Default Rate shall also be charged on the amounts
owed by the Company to Holder pursuant to any judgments entered in favor of Holder with respect to this Debenture.

 

    18 

     

    

 

5.2.            
Waiver. At any time before the date of any declaration accelerating the maturity of this Debenture, the holders of
a majority in aggregate principal amount of then-outstanding Debentures may waive any Event of Default hereunder. Such waivers
shall be evidenced by written notice or other document specifying the Event(s) of Default being waived and shall be binding on
all existing or subsequent holders of outstanding Debentures.

 

6.           
Prepayment. The Company shall have the right to prepay the then-outstanding principal amount of the Debentures in
whole but not in part (unless as to prepayment in part the Holders of a majority in principal amount of the Debentures consents
otherwise), together with any accrued but unpaid interest thereon. To exercise such right, the Company shall give notice in writing
of its election to prepay the Debentures to the holders of record of the Debentures to be prepaid, addressed to them at their respective
addresses appearing on the books of the Company. In such notice, the Company shall designate a date for the prepayment not less
than 30 days following the date of the notice. Prior to the date of prepayment specified in the notice, a Holder may elect to exercise
the Holder Conversion Right.

 

		7.	Restrictions on Transfer.

 

7.1.                          
Restricted Securities. By acceptance hereof, the Holder understands and agrees that this Debenture and the Common
Stock receivable upon conversion hereof are characterized as “restricted securities” under the federal securities laws
inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws
and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited
circumstances. In this connection, the Holder represents that it is familiar with Rule 144 promulgated by the Securities and Exchange
Commission, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. In addition,
the Holder understands and agrees that this Debenture is subject to the additional restrictions on transfer set forth in the legend
appearing at the top of the first page of this Debenture.

 

7.2.                          
Further Limitations on Disposition. Without in any way limiting the representations set forth above, the Holder further
agrees not to make any disposition of all or any portion of this Debenture (or of Common Stock issuable upon conversion thereof)
except in compliance with applicable state securities laws and unless and until:

 

    19 

     

    

 

(a)         
there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement;

 

		(b)	such disposition is made in accordance with Rule 144 under the Securities Act;

 

(c)
           the Holder shall have notified the Company of the proposed
disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed
disposition, and, if requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, which
opinion and counsel shall be reasonably satisfactory to the Company, that such disposition will not require registration
under the Securities Act and will be in compliance with applicable state securities laws; or

 

(d)           if the Holder is Stratos making a disposition of all or any portion of this Debenture to its unitholders, Stratos shall
notify the Company of such proposed date of the disposition and shall have furnished the Company (i) a copy of the form of acknowledgement
that such securities are “restricted securities” under the federal securities laws to be executed by Stratos and its
unitholders and (ii) a representation letter, executed by Stratos and in form and substance reasonably satisfactory to the Company,
to the effect that the disposition is being effected by means of a distribution to Stratos’ unitholders consistent with the
distribution provisions set forth in Article X of that certain Amended and Restated Limited Liability Company Agreement of Stratos
dated effective October 3, 2012 (as amended), for no consideration, in which case no opinion of counsel shall be required.

 

7.3.                          
Legends. It is understood that each Debenture and each certificate evidencing Common Stock acquired upon conversion
thereof (or evidencing any other securities issued with respect thereto pursuant to any stock split, stock dividend, merger or
other form of reorganization or recapitalization) shall bear the following legend (in addition to any legends which may be required
in the opinion of the Company’s counsel by applicable state or federal laws):

 

[THIS DEBENTURE / THE
SECURITIES REPRESENTED BY THIS CERTIFICATE] HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE
OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FILED BY THE COMPANY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION COVERING SUCH SECURITIES UNDER THE SECURITIES ACT
OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED, EXCEPT AS SET FORTH IN SECTION 7.2(D)
OF THE DEBENTURE.

 

    20 

     

    

 

		8.	Notices.

 

8.1.                            
Notices to Holder of Debentures. Any notice required by the provisions of this Debenture to be given to the holders
of Debentures shall be in writing and may be delivered by any means (including personal delivery, expedited courier, messenger
service, ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication will be deemed to
have been duly given unless and until it actually is received by the intended recipient.

 

8.2.                            
Notices to the Company. Whenever any provision of this Debenture requires a notice to be given to the Company by
the holder of any Debenture, the holder of Common Stock obtained upon the conversion of a Debenture or the holder of any other
security of the Company obtained in connection with a recapitalization, merger, dividend or other event affecting a Debenture,
then and in each such case, such notice shall be in writing and may be delivered by any means (including personal delivery, expedited
courier, messenger service, ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication
will be deemed to have been duly given unless and until it actually is received by the Company.

 

No notice under this Section
8.2 shall be valid unless signed by the holder of the Debenture, Common Stock or other security giving the notice or in the case
of a notice by holders of a specified percent in aggregate principal amount of outstanding Debentures unless signed by each holder
of a Debenture whose Debenture has been counted in constituting the requisite percentage of Debentures required to give such notice.

 

9.             
No Rights as Stockholder. This Debenture, as such, shall not entitle the Holder to any voting rights or other rights
as a stockholder of the Company.

 

10.            
Headings and Governing Law. The descriptive headings in this Debenture are inserted for convenience only and do not
constitute a part of this Debenture. The validity, meaning and effect of this Debenture shall be determined in accordance with
the laws of the State of Delaware without giving effect to principles of conflict of laws that would cause the laws of another
jurisdiction to apply.

 

11.           
Severability. Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid
under applicable law, but if any provision hereof is held to be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the
remaining provisions hereof. If a court of competent jurisdiction should determine that a provision hereof would be valid or enforceable
if a period of time were extended or shortened or a particular percentage were increased or decreased, then such court may make
such change as shall be necessary to render the provision in question effective and valid under application law.

 

12.          
Amendment. With the consent of the holders of a majority in aggregate principal amount of the then-outstanding Debentures,
the Company may amend the Debentures for the purpose of adding any provisions to, or changing in any manner or eliminating any
of the provisions of, the Debentures; provided, however, that no such amendment shall, without the consent of the holder
of each outstanding Debenture affected thereby:

 

    21 

     

    

 

 

		(a)	change: (i) the maturity of the principal of, or any
installment of interest on, any Debenture; or (ii) the coin or currency in which the principal of or interest on any Debenture
is payable;

 

		(b)	reduce the principal amount thereof or the interest rate thereon;

 

		(c)	increase the Conversion Price thereof; or

 

		(d)	reduce the percentage in principal amount of the outstanding
Debentures the consent of whose holders is required for any amendment or waiver as provided for in the Debentures.

 

Prompt
written notice that this Debenture has been amended or interpreted in accordance with the terms of this Section shall be given
to each holder of a Debenture. Upon such amendment or interpretation, the Debentures shall be deemed modified in accordance therewith,
such amendment or interpretation shall form a part of this Debenture for all purposes, and every subsequent holder of Debentures
shall be bound thereby.

 

Notwithstanding
anything to the contrary contained herein, each of the Company and the Holder agrees, confirms and acknowledges that (i) the Senior
Lender is an obligee and third- party beneficiary under Section 3 of this Debenture and has the right to enforce such provisions
as if the Senior Lender were an original party hereto and (ii) until the Senior Credit Termination, no amendments, modifications,
supplements, waivers or consents to the subordination provisions in Section 3 in favor of the Senior Lender will be effective without
the consent of the Senior Lender.

 

13.                              
Remedies. Holder shall have, in addition to the rights and remedies contained in this Debenture, all of the rights
and remedies of a creditor, now or hereafter available at law or in equity. Holder may, at its option, exercise any one or more
of such rights and remedies individually, partially, or in any combination from time to time, including, to the extent applicable,
before the occurrence of an Event of Default. No right, power, or remedy conferred upon Holder shall be exclusive of any other
right, power, or remedy referred to herein or now or hereafter available at law or in equity. In addition to all other amounts
payable upon and Event of Default, the Company shall reimburse Holder for all of its out of pocket expenses, including reasonable
legal fees) incurred in the enforcement of Holder’s rights and remedies in respect of this Debenture.

 

14.                              
Guarantee. Immediately following consummation of the Transaction, the Company shall cause Computex and each of its
subsidiaries to execute a guaranty of this Debenture substantially in the form attached as Exhibit A hereto.

 

[Remainder of page
intentionally left blank; signature page follows.]

 

    22

     

    

 

IN WITNESS WHEREOF, AMERICAN VIRTUAL CLOUD
TECHNOLOGIES, INC. has duly caused this Debenture to be signed in its name and on its behalf by its duly authorized officer
as of the date first above written.

 

	 	AMERICAN VIRTUAL CLOUD

    TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 

 

	Agreed to and accepted as of the date first written above:	 
	 	 
	HOLDER	 
	 	 
		 
	 	 
	By:		 
	Name:		 
	Title:		 

 

    23

     

    

 

NOTICE OF CONVERSION

 

(to be signed upon conversion
of the Debenture)

 

TO AMERICAN VIRTUAL CLOUD TECHNOLOGIES,
INC.:

 

The undersigned,
the holder of the foregoing Debenture, hereby surrenders such Debenture for conversion into             
shares of the common stock of American Virtual Cloud Technologies, Inc., and requests that the certificates for such shares be
issued in the name of, and delivered to,              ,
whose address is                                 .

 

 

	Dated:	                                          	 
	 	
	 	(signature)
	 	 
	 	
	 	(address)

 

    24

     

    

 

EXHIBIT
A

 

 FORM OF GUARANTY

 

TO BE DELIVERED BY COMPUTEX AND SUBSIDIARIES

 

THIS GUARANTY AND THE RIGHTS
AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN SECTION 3 OF THE DEBENTURES (AS DEFINED
HEREIN) TO THE SENIOR INDEBTEDNESS (AS DEFINED IN THE DEBENTURES), AND EACH HOLDER OF THIS GUARANTY, BY ITS ACCEPTANCE HEREOF,
IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS OF SECTIONS 3 AND 12 OF THE DEBENTURES.

 

THIS GUARANTY (this
 “Guaranty”), dated as of                ,
2020, between entities named as guarantors on the signature pages this Guaranty        (the
 “Guarantors” and each a “Guarantor”), each of which Guarantors is a subsidiary of
American Virtual Cloud Technologies, Inc., a Delaware corporation (the “Company”).

 

W I T N E S S E T H

 

WHEREAS,
the Company and has heretofore executed and delivered to the Holders one or more Convertible Debentures dated the date hereof
in an aggregate principal amount of $            and may thereafter
execute and deliver additional Convertible Debentures in an additional aggregate principal amount not to exceed $                (the
 “Debentures”);

 

WHEREAS,
Section 14 of the Debentures provides that the Guarantors shall execute and deliver to each Holder a Guaranty pursuant to which
the Guarantors shall unconditionally guarantee all of the Company’s obligations under the Debentures on the terms and conditions
set forth herein (the “Debenture Guarantee”); and

 

WHEREAS, the Guarantors are authorized to execute
and deliver this Guaranty.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, including the benefits to be received
by the Guarantors from the financing provided by the issuance of the Debentures and the other securities issued contemporaneously
therewith, the receipt of which is hereby acknowledged, each Guarantors and the Company mutually covenant and agree for the equal
and ratable benefit of the Holders of the Debentures as follows:

 

1.            
DEFINED TERMS. Capitalized terms used but not defined herein shall have the meanings given to them in the Debentures
or the Purchase Agreement, as applicable.

 

    25

     

    

 

		2.	AGREEMENT TO GUARANTEE.

 

(a)      
Each Guarantor hereby agrees, jointly and severally with all other Guarantors hereby, guarantees, to each Holder of a Debenture,
irrespective of the validity and enforceability of the Debentures or the obligations of the Company hereunder or thereunder, that:

 

(1)       the
principal of, premium, if any, and interest on, the Debentures will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Debentures, if any, if
lawful, and all other obligations of the Company to the Holders thereunder will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and

 

(2)      
in case of any extension of time of payment or renewal of any Debentures or any of such other obligations, that same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing payment when due
of any amount so guaranteed or any performance so guaranteed for whatever reason, Guarantors shall be jointly and severally obligated
to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)       The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or
enforceability of the Debentures, the absence of any action to enforce the same, any waiver or consent by any Holder of the
Debentures with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and
all demands whatsoever and covenant that this Guarantee will not be discharged except by complete performance of the
obligations contained in the Debentures.

 

(c)      
If any Holder is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to such
Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

(d)       Each
Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that,
as between the Guarantors, on the one hand, and the Holders, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in the Debentures for the purposes of this Guarantee, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2)
in the event of any such declaration of acceleration of such obligations, such obligations (whether or not due and payable)
will forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors will have the right
to seek contribution from any other Guarantor, or the Company, as the case may be, so long as the exercise of such right does
not impair the rights of the Holders under the Debenture Guarantee.

 

    26

     

    

 

(e)     
Each Guarantor, and by its acceptance of Debentures, each Holder, hereby confirms that it is the intention of all such parties
that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of bankruptcy law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Guarantee. To effectuate the foregoing intention, the Holders and the Guarantors hereby irrevocably agree that the obligations
of such Guarantor shall be limited to the maximum amount that shall, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights
to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Guaranty, result in the obligations of such Guarantor under its Guaranty not constituting a fraudulent transfer
or conveyance.

 

3.                 
NOTICES. All notices or other communications to each Guarantor shall be given as provided in Section 8.2 of the Debentures.

 

4.                 
RATIFICATION OF DEBENTURES; GUARANTIES PART OF DEBENTURES. Except as expressly amended hereby, the Debentures are
in all respects ratified and confirmed and all the terms, conditions and provisions thereof (including, without limitation, the
terms and provisions of Section 3 of the Debentures in favor of the Senior Lender as defined therein) shall remain in full force
and effect. This Guaranty shall form a part of the Debentures for all purposes, and every holder of Debentures heretofore or hereafter
authenticated and delivered shall be bound hereby.

 

5.                 
GOVERNING LAW. THIS GUARANTY AND THE DEBENTURES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD CAUSE
THE LAWS OF ANOTHER JURISDICTION TO APPLY.

 

6.                 
COUNTERPARTS. The parties may sign any number of copies of this Guaranty. Each signed copy shall be an original,
but all of them together represent the same agreement.

 

7.                 
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Guaranty to be duly executed and attested, all as of the date first above written.

 

Dated:           , 20

 

[GUARANTOR]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    27

     

    

 

EXHIBIT
B

 

FORM OF JOINDER

 

THIS JOINDER to the
Convertible Debenture, dated as of                    ,
2020 (the “Debenture”), issued by American Virtual Cloud Technologies, Inc., a Delaware corporation (the “Company”),
to                        ( “Original
Holder”), is executed and delivered as of the date below by                    
( “New Holder”). Capitalized terms used herein but not otherwise defined shall have the meanings set forth
in the Debenture.

 

WHEREAS, on the date hereof,
Original Holder has assigned to New Holder all of the Original Holder’s rights under the Debenture, and the Debenture requires
New Holder, as a transferee of the Debenture, to execute a joinder to the Debenture.

 

NOW, THEREFORE, in consideration
of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, New Holder
hereby agrees as follows:

 

1.                  
Agreement to be Bound. New Holder hereby (a) acknowledges that New Holder has received and reviewed a complete copy
of the Debenture and (b) agrees that upon execution of this Joinder, New Holder shall be fully bound by, and subject to, all of
the covenants, terms and conditions of the Debenture applicable to the Holder thereof (including, without limitation, the provisions
of Sections 3 and 12 thereof), as though an original party thereto.

 

2.                  
Successors and Assigns. Except as otherwise provided herein, this Joinder shall bind and inure to the benefit of
and be enforceable by the Company and its successors, heirs and assigns.

 

3.                  
Headings and Governing Law. The descriptive headings in this Joinder are inserted for convenience only and do
not constitute a part of this Joinder. The validity, meaning and effect of this Joinder shall be determined in accordance with
the laws of the State of Delaware without giving effect to principles of conflict of laws that would cause the laws of another
jurisdiction to apply.

 

IN WITNESS WHEREOF, the undersigned
has executed this Joinder as of the date set forth below.

 

 

	 	 
	 	 	 
	By:		 
	Name:		 
	Title:		 
	 	 
	Date:	                             	 

 

    28

     

    

 

EXHIBIT B

 

FORM OF WARRANT

 

     

     

    

 

NEITHER THIS WARRANT NOR THE
SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT
PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION COVERING SUCH SECURITIES
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

WARRANT TO PURCHASE
COMMON STOCK

OF

AMERICAN VIRTUAL CLOUD
TECHNOLOGIES, INC.

 

	    No. A-  _	           Shares
                                         of Common Stock      

 

This is
to Certify That, FOR VALUE RECEIVED,                 ,
or its assigns (“Holder”), is entitled to purchase, subject to the provisions of this Warrant, from
American Virtual Cloud Technologies, Inc., a Delaware corporation (the “Company”), ________shares of fully
paid, validly issued and nonassessable shares of the common stock of the Company (“Common Stock”) at an
exercise price of $0.01 per share. The number of shares of Common Stock to be received upon the exercise of this Warrant and
the price to be paid for each share of Common Stock may be adjusted from time to time as hereinafter set forth. The shares of
Common Stock deliverable upon such exercise, and as adjusted from time to time pursuant to Section (g) hereof or as otherwise
provided herein, are hereinafter sometimes referred to as “Warrant Shares” and the exercise price per
share of Common Stock acquirable upon exercise hereof as in effect at any time and as adjusted from time to time is
hereinafter sometimes referred to as the “Exercise Price.”

 

This
Warrant to Purchase Common Stock (this “Warrant”) is being issued pursuant to that certain Securities
Purchase Agreement, dated as of April 3, 2020, to which the Company and the Holder are parties (the “Purchase
Agreement”). Capitalized terms used but not defined herein shall have the meanings given to them in the Purchase
Agreement.

 

     

     

    

 

		(a)	EXERCISE OF WARRANT.

 

(1)               This
Warrant may be exercised in whole or in part at any time or from time to time from the date hereof up to and including ,
2025 [the 5-year anniversary of the date of issuance] (the “Exercise Period”); provided,
however, that (A) if either such day is a day on which banking institutions in the State of Georgia are authorized by law
to close, then on the next succeeding day which shall not be such a day, and (B) in the event of any merger, consolidation or
sale of all or substantially all the assets of the Company as an entirety, resulting in any distribution to the
Company’s stockholders, prior to termination of the Exercise Period, or any reclassification or recapitalization or
similar transaction (each of the foregoing, a “Major Transaction”), the Holder shall have the right to
exercise this Warrant commencing at such time through the termination of the Exercise Period into the kind and amount of
shares of stock and other securities and property (including cash) receivable had the Holder exercised this Warrant
immediately prior to such Major Transaction or any record date established to determine the receipt of any payment or
distribution in respect thereof. This Warrant may be exercised by presentation and surrender hereof to the Company at its
principal office with the Purchase Form annexed hereto duly executed and accompanied by payment of the Exercise Price for the
number of Warrant Shares specified in such form. As soon as practicable after each such exercise of this Warrant, but not
later than three (3) business days following the receipt of good and available funds, the Company shall issue and deliver to
the Holder a certificate or certificates for the Warrant Shares issuable upon such exercise, registered in the name of the
Holder or its designee. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant
for cancellation, execute and deliver a new Warrant evidencing the rights of the Holder thereof to purchase the balance of
the Warrant Shares purchasable hereunder. As of the end of business on the date of receipt by the Company of this Warrant at
its office in proper form for exercise, the Holder shall be deemed to be the holder of record of the shares of Common Stock
or other property issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be
closed or that certificates representing such shares or other property shall not then be physically delivered to the
Holder.

 

(2)               At
any time during the Exercise Period, the Holder may, at its option, exercise this Warrant on a cashless basis by exchanging
this Warrant, in whole or in part (a “Warrant Exchange”), into the number of Warrant Shares determined in
accordance with this Section (a)(2), by surrendering this Warrant at the principal office of the Company or at the office of
its stock transfer agent, accompanied by a notice stating such Holder’s intent to effect such exchange, the number of
Warrant Shares to be exchanged and the date on which the Holder requests that such Warrant Exchange occur (the
 “Notice of Exchange”). The Warrant Exchange shall take place on the date specified in the Notice of
Exchange or, if later, the date the Notice of Exchange is received by the Company (the “Exchange Date”).
Certificates for the shares issuable upon such Warrant Exchange and, if this Warrant should be exercised in part only, a new
Warrant evidencing the rights of the Holder thereof to purchase the balance of the Warrant Shares purchasable hereunder,
shall be issued as of the Exchange Date and delivered to the Holder within seven (7) days following the Exchange Date. In
connection with any Warrant Exchange, this Warrant shall represent the right to subscribe for and acquire the number of
Warrant Shares equal to (i) the number of Warrant Shares specified by the Holder in its Notice of Exchange (the
 “Total Number”) less (ii) the number of Warrant Shares equal to the quotient obtained by dividing (A) the
product of the Total Number and the existing Exercise Price by (B) Fair Market Value of a share of Common Stock.
 “Fair Market Value” shall equal the average closing trading price of the Common Stock as reported on the
relevant market or exchange (or, if not then traded on a market or exchange but listed for quotation on the over-the-counter
bulletin board, on the over-the-counter bulletin board) for the five (5) trading days immediately preceding the date of the
Notice of Exchange or, if the Common Stock is not listed or admitted to trading on any market or exchange or listed for
quotation on the over-the-counter bulletin board, and the average price cannot be determined as contemplated above, the Fair
Market Value of the Common Stock shall be as reasonably determined in good faith by the Company’s Board of Directors
with the concurrence of the Holder.

 

    -2-

     

    

 

(b)              
REPRESENTATIONS OF HOLDER. The Holder (i) is an “accredited investor,” as defined in Rule 501 promulgated
under the Securities Act of 1933, as amended (the “1933 Act”), (ii) understands the risks of, and other considerations
relating to, a purchase of this Warrant, (iii) understands that the Warrants and/or the Warrant Shares may not be sold, transferred,
hypothecated or pledged, except pursuant to an effective registration statement under the 1933 Act and under any applicable state
securities law, or pursuant to an available exemption from the registration requirements of the 1933 Act and any applicable state
securities laws, in all cases established to the satisfaction of the Company, and (v) the Holder has been given the opportunity
to obtain such additional information that it believes is necessary.

 

(c)              
RESERVATION OF SHARES. The Company shall at all times reserve for issuance and/or delivery upon exercise of the this
Warrant such number of shares of Common Stock as shall be required for issuance and delivery upon exercise of this Warrant.

 

(d)              
LIMITATIONS ON NUMBER OF SHARES ISSUABLE. Notwithstanding anything herein to the contrary herein, the aggregate number
of shares of Common Stock issued upon conversion of the Warrants, together with the aggregate number of shares of Common Stock
issued upon exercise of the Indentures, shall not exceed 19.9% of either (i) the total number of shares of Common Stock outstanding
on the date hereof or (ii) the total voting power of the Company’s securities outstanding on the date hereof that are entitled
to vote on a matter being voted on by holders of the Common Stock, unless and until the Company has obtained the Stockholder Approval.

 

(e)              
FRACTIONAL SHARES. No fractional shares or strips representing fractional shares shall be issued upon the exercise
of this Warrant. With respect to any fraction of a share called for upon any exercise hereof, the Company shall pay to the Holder
an amount in cash equal to such fraction multiplied by the Fair Market Value of a share of Common Stock.

 

(f)               
LOSS OR DESTRUCTION OF WARRANT. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction
or mutilation of this Warrant, and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and
upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like tenor
and date. Any such new Warrant executed and delivered shall constitute an additional contractual obligation on the part of the
Company, whether or not this Warrant so lost, stolen, destroyed, or mutilated shall be at any time enforceable by anyone.

 

    -3-

     

    

 

(g)              
RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company,
either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable against
the Company except to the extent set forth herein.

 

		(h)	ANTI-DILUTION PROVISIONS. In case the Company shall hereafter

(i)  
declare a dividend or make a distribution on its outstanding Common Stock in shares of Common Stock, (ii) subdivide or reclassify
its outstanding Common Stock into a greater number of shares, or (iii) combine or reclassify its outstanding Common Stock into
a smaller number of shares, the Exercise Price in effect at the time of the record date for such dividend or distribution or of
the effective date of such subdivision, combination or reclassification shall be adjusted so that it shall equal the price determined
by multiplying the Exercise Price by a fraction, the denominator of which shall be the number of shares of Common Stock outstanding
after giving effect to such action, and the numerator of which shall be the number of shares of Common Stock outstanding immediately
prior to such action. The number of shares of Common Stock that the Holder shall thereafter, on the exercise hereof, be entitled
to receive shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would otherwise (but
for the provisions of this Section (h)) be issuable on such exercise by a fraction of which (i) the numerator is the Exercise Price
that would otherwise (but for the provisions of this Section (h)) be in effect, and (ii) the denominator is the Exercise Price
in effect on the date of such exercise (taking into account the provisions of this Section (h)). Notwithstanding the foregoing,
in no event shall the Exercise Price be less than the par value of the Common Stock. Adjustment pursuant to this Section shall
be made successively whenever any event listed above shall occur.

 

(i)                
NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be outstanding, (i) if the Company shall pay any dividend
or make any distribution upon the Common Stock or (ii) if the Company shall offer to the holders of Common Stock for subscription
or purchase by them any share of any class or any other rights or (iii) if any capital reorganization of the Company, reclassification
of the capital stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or transfer
of all or substantially all of the property and assets of the Company to another corporation, or voluntary or involuntary dissolution,
liquidation or winding up of the Company shall be effected, then in any such case, the Company shall cause to be mailed to the
Holder, at least twenty days prior the earlier of the dates specified in (x) and (y) below, as the case may be, a notice containing
a brief description of the proposed action and stating the date on which (x) a record is to be taken for the purpose of such dividend,
distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation
or winding up is to take place and the date, if any is to be fixed, as of which the holders of Common Stock or other securities
shall receive cash or other property deliverable upon such reclassification, reorganization, consolidation, merger, conveyance,
dissolution, liquidation or winding up.

 

    -4-

     

    

 

(j)                
RECLASSIFICATION, REORGANIZATION OR MERGER. In case of any reclassification, capital reorganization or other change
of outstanding Common Stock of the Company, or in case of any consolidation or merger of the Company with or into another corporation
(other than a merger with a subsidiary in which merger the Company is the continuing corporation or a merger in which the Common
Stock of the Company outstanding immediately prior thereto represents immediately thereafter (either by remaining outstanding or
by being converted into voting securities of the surviving or acquiring entity) 50% or more of the combined voting power and economic
interests in the Company or such surviving or acquiring entity outstanding immediately after such transaction and economic interests
in the Company or such surviving or acquiring entity outstanding immediately after such transaction and which does not result in
any reclassification, capital reorganization or other change of outstanding Common Stock of the class issuable upon exercise of
this Warrant) or in case of any sale, lease or conveyance to another corporation of the property of the Company in the entirety
(a “Reorganization”), the Company shall, as a condition precedent to such transaction, cause effective provisions
to be made so that the Holder shall have the right thereafter by exercising this Warrant at any time prior to the expiration of
the Warrant, to purchase the kind and amount of shares of stock and other securities and property receivable upon such reclassification,
capital reorganization and other change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common
Stock that might have been purchased upon exercise of this Warrant immediately prior to such Reorganization. Any such provision
shall include provision for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for
in this Warrant. The foregoing provisions of this Section (i) shall similarly apply to successive reclassifications, capital reorganizations
and changes of Common Stock and to successive consolidations, mergers, sales or conveyances. In the event that in connection with
any such capital reorganization or reclassification, consolidation, merger, sale or conveyance, additional shares of Common Stock
shall be issued in exchange, conversion, substitution or payment, in whole or in part, for a security of the Company other than
Common Stock, any such issue shall be treated as an issue of Common Stock covered by the provisions of Section (h) hereof.

 

(k)              
NO NET-CASH SETTLEMENT. Except as expressly provided herein, in no event will the Holder be entitled to receive a
net-cash settlement or other consideration in lieu of physical settlement in securities.

 

(l)                
MODIFICATION OF AGREEMENT. The provisions of this Warrant may from time to time be amended, modified or waived, by
the Company and the holder of this Warrant.

 

(m)            TRANSFER
OF WARRANT. This Warrant shall inure to the benefit of the successors to and assigns of the Holder; provided, however,
this Warrant may not be pledged, sold, assigned or otherwise transferred, directly or indirectly, by operation of law, change
of control, or otherwise, except in compliance with applicable registration requirements of securities laws or an available
exemption therefrom.. This Warrant and all rights hereunder are registrable at the office or agency of the Company referred
to below by the Holder in person or by its duly authorized attorney, upon surrender of this Warrant properly endorsed
accompanied by an assignment form in a form approved by the Company, duly executed by the transferring Holder and the
transferee.

 

    -5-

     

    

 

(n)              
REGISTER OF WARRANTS. The Company shall maintain, at the principal office of the Company (or such other office as
it may designate by notice to the Holder), a register in which the Company shall record the name and address of the person in whose
name this Warrant has been issued, as well as the name and address of each successor and prior owner of such Warrant. The Company
shall be entitled to treat the Person in whose name this Warrant is so registered as the sole and absolute owner of this Warrant
for all purposes.

 

(o)              
WARRANT AGENT. The Company may, by written notice to the Holder, appoint the transfer agent and registrar for the
Common Stock as the Company’s agent for the purpose of issuing Common Stock (or other securities) on the exercise of this
Warrant pursuant to paragraph(a), and the Company may, by written notice to the Holder, appoint an agent having an office in the
United States of America for the purpose of replacing this Warrant pursuant to paragraph (e), or any of the foregoing, and thereafter
any such replacement shall be made at such office by such agent.

 

(p)              
NOTICES, ETC. All notices and other communications from the Company to the Holder shall be mailed by first class
certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by the Holder or at the address
shown for the Holder on the register of Warrants referred to in paragraph (m).

 

[Signatures appear
on the following page.]

 

    -6-

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have executed
this Warrant on _____________  ___ , 2020.

 

	 	 
	 	HOLDER:
	 	 
	 	 	 
	 	By:	              
	 	Name:  	 
	 	Title:	 

 

	 	COMPANY:
	 	 
	 	AMERICAN
                                        VIRTUAL CLOUD TECHNOLOGIES, INC.
	 	 
	 	By:	                      
	 	Name:  	 
	 	Title:	 

 

     

     

    

 

PURCHASE FORM / EXCHANGE
NOTICE [circle one]

 

		(1)	The undersigned hereby irrevocably elects to exercise the within Warrant
to the extent of purchasing shares of Common Stock of American Virtual Cloud Technologies, Inc. (or such number of shares of Common
Stock or other securities or property to which the undersigned is entitled in lieu thereof or in addition thereto under the provisions
of the Warrant).

 

		(2)	The undersigned hereby elects to make payment (Please check one):

 

		 	___	on a cashless basis pursuant to the provisions of Section (a)(2) of the Warrant.

 

		 	___	with
the enclosed bank draft, certified check or money order payable to the Company in payment of the exercise price determined under,
and on the terms specified in, the Warrant.

 

		(3)	The undersigned hereby irrevocably directs that the said shares be issued
and delivered as follows:

 

	Name(s) in Full	Address(es)	Number of Shares	S.S. or IRS #

 

 

		(4)	If the Warrant was not exercised in full, please check the following:

 

The undersigned hereby irrevocably directs that any
remaining portion of the warrant be issued and delivered as follows:

 

	Name(s) in Full	Address(es)	Number of Shares	S.S. or IRS #

 

 

	 	 
	 	Signature of Holder
	 	 
	 	 
	 	Print Name

 

     

     

    

 

EXHIBIT C

 

FORM OF REGISTRATION RIGHTS
AGREEMENT

 

     

     

    

 

REGISTRATION RIGHTS
AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of April, 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 , 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 , 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 2.1.3.

 

“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.

 

“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.

 

    3

     

    

 

		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.

 

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:

 

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(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.

 

(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.

 

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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.

 

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		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.

 

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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.

 

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.

 

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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.

 

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.

 

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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.

 

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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.

 

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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.

 

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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.

 

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		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.

 

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.

 

    16

     

    

 

		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).

 

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.

 

    17

     

    

 

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

 

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

 

    18

     

    

 

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.

 

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.

 

    19

     

    

 

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

 

[Signature Page to
Registration Rights Agreement]

 

     

     

    

 

	 	  HOLDERS:

	 	 
	 	PENSARE SPONSOR GROUP, LLC
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	 	Name:	Darrell J. Mays
	 	 	Title:	 Manager 
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	Klaas Baks
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	Suzanne Shank
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	Dennis Lockhart
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	U. Bertram Ellis, Jr.
	 	 
	 	Address:
	 	 
	 	 

 

    22 

     

    

 

	 	HOLDERS:

	 	 
	 	Karl Krapeck
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	Rayford Wilkins, Jr.
	 	 
	 	Address:
	 	 
	 	 

 

    23 

     

    

 

	 	HOLDERS:
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	Print
    Name:
	 	 
	 	Address:
	 	 
	 	 

 

    24 

     

    

 

EXHIBIT
D

 

FORM
OF

 

WRITTEN
CONSENT

 

     

     

    

 

FORM OF WRITTEN
CONSENT OF

THE STOCKHOLDERS

OF

AMERICAN VIRTUAL CLOUD
TECHNOLOGIES, INC.

 

The undersigned,
being the holders of not less than a majority of the outstanding shares of (i) Common Stock, par value $0.001 per share (the “Common
Stock”), of American Virtual Cloud Technologies, Inc., a Delaware corporation (the “Company”), as
of April 2, 2020, pursuant to Section 228 of the Delaware General Corporation Law (the “DGCL”), hereby consent
that the resolutions set forth below shall be deemed to have been adopted to the same extent and to have the same force and effect
as though adopted at a meeting of the stockholders of the Company duly called and held for the purpose of acting upon proposals
to adopt such resolutions. Capitalized terms used but not defined herein shall have the respective means set forth in the Purchase
Agreement (as defined below).

 

		1.	Purchase Agreement and Issuances of Units, Conversion Shares and Warrant Shares.

 

WHEREAS,
the Company desires to consummate the transactions contemplated by that certain Securities Purchase Agreement, dated on or about
the date hereof, by and among the Company and the Investors named therein, in substantially the form previously provided to such
stockholders (the “Purchase Agreement” which term shall include the other agreements with the Company contemplated
thereby) pursuant to which the Company shall issue and sell to the Investors Units, which Units consist of Debentures and Warrants
that are convertible or exercisable for Conversion Shares and Warrant Shares, respectively;

 

WHEREAS,
Rule 5635 of the NASDAQ Stock Market requires stockholder approval of issuances of Conversion Shares and/or Warrant Shares in an
amount equal to 20% or more of the number of outstanding shares of Common Stock prior to the sale of the Units or if such issuances
could constitute a change in control of the Company, and the Company desires to obtain such stockholder approval to facilitate
the consummation of the issuance of the Units for the purposes set forth in the Purchase Agreement (the “Stockholder Approval”);

 

WHEREAS,
the Company’s board of directors (the “Board”) has approved the Purchase Agreement and the issuance of
the Units, the Conversion Shares and the Warrant Shares and has recommended that the Company’s Stockholders vote to approve,
for purposes of such Rule 5635, such issuances by means of this written consent;

 

WHEREAS,
the undersigned stockholders of the Company have carefully reviewed the Purchase Agreement and the Units, taking into account the
factors that the stockholders deem relevant;

 

     

     

    

 

WHEREAS,
the undersigned stockholders have reviewed and considered a variety of factors related to the Board’s determination that
it is in the best interests of the Company and its stockholders to approve the Purchase Agreement and the issuance of the Units,
the Conversion Shares and the Warrant Shares, including for purposes of such NASDAQ Rule; and

 

WHEREAS,
the undersigned stockholders desire that the Company consummate the Purchase Agreement and issue the Units, the Conversion Shares
and the Warrant Shares, in all cases upon the terms set forth therein.

 

NOW,
THEREFORE, BE IT RESOLVED, that the Purchase Agreement and the issuance of the Units, Conversion Shares and the Warrant Shares,
and the other agreements and transactions contemplated thereby be, and hereby are, adopted and approved in all respects, including,
without limitation, for purposes of the Stockholder Approval and the other purposes set forth herein, and the Company is hereby
authorized to take such actions as are necessary to consummate the transactions contemplated under the Purchase Agreement;

 

RESOLVED
FURTHER, that the Purchase Agreement and the Company’s issuance of the Units, the Conversion Shares and the Warrant Shares,
and each of them, is fair as to the Company; and

 

RESOLVED
FURTHER, that each of the authorized officers of the Company (the “Officers”), be, and hereby is, authorized
to perform all actions, including the execution and delivery of all other agreements, instruments, certificates, consents and other
documents in the name of, and on behalf of, the Company deemed necessary and/or advisable by the Officers or any of them in connection
with the implementation and/or consummation of the transactions contemplated by the foregoing resolutions and, for the purpose,
intent and implementation of this resolution and the foregoing resolutions, the taking of any action, including the execution of
any documents by the Officers or any of them shall be deemed conclusive evidence of the exercise of the authority so conferred
by these resolutions.

 

		2.	General.

 

RESOLVED,
that the proper Officers of this Company be, and each of them hereby is, authorized and directed in the name of and on behalf of
this Company, to prepare or cause to be prepared and to execute, deliver, verify, acknowledge, file or record any applications,
documents, instruments, certificates, statements, papers or any amendment or supplement thereto, as in their sole judgment may
be necessary, appropriate or advisable in order to effect the transactions contemplated in the foregoing resolutions, and to take
such further steps and do all such further acts or things as in their sole judgment may be necessary, appropriate or advisable
to carry out the transactions contemplated by the foregoing resolution;

 

     

     

    

 

RESOLVED
FURTHER, that all actions previously taken by any Officer or director of the Company in furtherance of the Support Agreement and
the issuance of the Units and the transactions contemplated thereby and these resolutions are hereby ratified, affirmed, approved
and adopted;

 

RESOLVED
FURTHER, that this Written Consent shall serve in lieu of a special meeting of the stockholders of the Company and the undersigned
hereby waive all requirements as to notice of such meeting.

 

This
Written Consent may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same written consent.

 

This Written Consent shall
be effective upon its execution by the stockholders named below and its delivery to the Company, subject solely to any limitations
on such effectiveness imposed by Rule 14c-2(b) under the Exchange Act, and such limitations shall be automatically inapplicable
upon satisfaction of the requirements of such Rule.

 

IN
WITNESS WHEREOF, the undersigned stockholders have executed this Written Consent as of the date first set forth above.

 

	STOCKHOLDERS:	Number of Shares/% of O/S

 

	By:	 	 
	Name:	 
	Title:	 
	 	 
	By:	 	 
	Name:	 
	Title:

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