Document:

Exhibit
10.2

 

FINAL
FORM

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of [●], 2015, by and among Tempus Applied
Solutions Holdings, Inc., a Delaware corporation (the “Company”), each Person listed on Schedule I attached
hereto (the “Initial Investors” and, together with any Additional Investors, the “Investors”).

 

WHEREAS,
the Company is a party to that certain Agreement and Plan of Merger, dated as of January 5, 2015 (as the same may be amended from
time to time, the “Merger Agreement”), by and among Tempus Applied Solutions, LLC, a Delaware limited liability
company (“TAS”), the members of TAS identified therein (the “Members”), the Members’
Representative named therein, Chart Acquisition Corp., a Delaware corporation (“Parent”), the Company, Chart
Merger Sub Inc., a Delaware corporation (“Parent Merger Sub”), TAS Merger Sub LLC, a Delaware limited liability
company (“TAS Merger Sub”), the Chart Representative named therein (the “Chart Representative”)
and the Warrant Offerors named therein, pursuant to which, (i) Parent Merger Sub will merge with and into Parent, with Parent
being the surviving entity and a wholly-owned subsidiary of the Company, and with former Parent shareholders receiving newly issued
shares of common stock of the Company, (ii) TAS Merger Sub will merge with and into TAS, with TAS being the surviving entity and
a wholly owned-subsidiary of the Company, and with the Members receiving newly issued shares of common stock of the Company and
(iii) the Company will become a publicly traded company; and

 

WHEREAS,
it is a condition to the consummation of the transactions contemplated by the Merger Agreement that the parties hereto enter into
this Agreement.

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Section
1.Definitions. Any capitalized term used but not defined in this Agreement shall have the meaning ascribed to such
term in the Merger Agreement. For purposes of this Agreement, the following capitalized terms shall have the meanings set forth
below.

 

“Additional
Investor” has the meaning set forth in Section 9.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company.

 

“Company”
has the meaning set forth in the Preamble.

 

“Demand
Registrations” means a registration requested pursuant to Section 2.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder.

 

    	 

    	 

    

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Free
Writing Prospectus” means a free-writing prospectus, as defined in Rule 405.

 

“Holdback
Period” has the meaning set forth in Section 4(a)(i).

 

“Indemnified
Parties” has the meaning set forth in Section 7(a). 

 

“Initial
Investors” has the meaning set forth in the Preamble.

 

“Investors”
has the meaning set forth in the Preamble.

 

“Joinder”
means a joinder to this Agreement in the form of Exhibit A attached hereto.

 

“Lock-Up
Liquidity Amount” means 250,000 shares of Common Stock.

 

“Lock-Up
Period” has the meaning set forth in Section 4(a).

 

“Long-Form
Registration” means a registration on Form S-1 or any similar long-form registration statement; provided, however, that
a registration on Form S-1 or any similar long-form registration statement filed during the Lock-Up Period in order to effect
the rights of holders to transfer Registrable Securities up to the Lock-Up Liquidity Amount, shall not be deemed a Long-Form Registration
for purposes of the limitations thereon in Section 2(a) hereof. 

 

“Members”
has the meaning set forth in the Recitals.

 

“Merger
Agreement” has the meaning set forth in the Recitals.

 

“Parent”
has the meaning set forth in the Recitals.

 

“Parent
Merger Sub” has the meaning set forth in the Recitals.

 

“Permitted
Transferee” means, with respect to an Investor, such Investor’s spouse, any lineal ascendants or descendants or
trusts or other entities in which such Investor or such Investor’s spouse, lineal ascendants or descendants hold (and continue
to hold while such trusts or other entities hold Common Stock) 75% or more of such entity’s beneficial interests.

 

“Piggyback
Registrations” has the meaning set forth in Section 3(a).

 

“Public
Offering” means any sale or distribution by the Company and/or holders of Registrable Securities to the public of Common
Stock pursuant to an offering registered under the Securities Act.

 

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“Registrable
Securities” means (i) any Common Stock issued to the Initial Investors (or their Permitted Transferees) pursuant to
the Merger Agreement, including the for avoidance of doubt, any Earnout Shares and (ii) any Specified Common. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when they have been (a) sold or distributed pursuant
to a Public Offering, (b) sold in compliance with Rule 144, or (c) repurchased by the Company or a Subsidiary of the Company.
For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities, and the Registrable Securities
shall be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities
(upon conversion, exercise or exchange in connection with a transfer of securities or otherwise, but disregarding any restrictions
or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall
be entitled to exercise the rights of a holder of Registrable Securities hereunder; provided, that a holder of Registrable
Securities may only request that Registrable Securities in the form of Common Stock be registered pursuant to this Agreement.

 

“Registration
Expenses” has the meaning set forth in Section 6(a).

 

“Rule
144,” “Rule 158,” “Rule 405” and “Rule 415” mean, in each case,
such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the
same shall be amended from time to time, or any successor rule then in force.

 

“Sale
Transaction” has the meaning set forth in Section 4(b)(i)(A). 

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together
with all rules and regulations promulgated thereunder.

 

“Shelf
Registration” has the meaning set forth in Section 2(b).

 

“Short-Form
Registration” means a registration on Form S-3 (including pursuant to Rule 415) or any similar short-form registration
statement.

 

“Specified
Common” has the meaning set forth in Section 9.

 

“Suspension
Period” has the meaning set forth in Section 5(a)(vi).

 

“TAS”
has the meaning set forth in the Recitals.

 

“TAS
Merger Sub” has the meaning set forth in the Recitals.

 

“Violation”
has the meaning set forth in Section 7(a).

 

Section
2.Demand Registrations.

 

(a)Requests
for Registration. Subject to the terms and conditions of this Agreement, the holders of Registrable Securities shall be entitled
to direct that the Company register the sale of all or any portion of their Registrable Securities under the Securities Act. Short-Form
Registrations shall be unlimited in number, but the Company shall not be obligated to effect more than two (2) Long-Form Registrations
in any eighteen (18) month period.

 

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(b)Short-Form
Registrations. Demand Registrations shall be Short-Form Registrations whenever the Company is permitted to use any applicable
short form and if the managing underwriters (if any) agree to the use of a Short-Form Registration. The Company shall use its
reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities. If the holders of a
majority of the Registrable Securities request that a Short-Form Registration be filed pursuant to Rule 415 (a “Shelf
Registration”) and the Company is qualified to do so, the Company shall use its reasonable best efforts to cause the
Shelf Registration to be declared effective under the Securities Act as soon as practicable after filing, and once effective,
the Company shall cause the Shelf Registration to remain effective for a period ending on the earlier of (i) the date on which
all Registrable Securities included in such registration have been sold or distributed pursuant to the Shelf Registration or (ii)
the date as of which all of the Registrable Securities included in such registration are able to be sold without limitation or
restriction within a three (3) month period in compliance with Rule 144. If thereafter for any reason the Company becomes ineligible
to utilize Form S-3, the Company shall prepare and file with the Securities and Exchange Commission a registration statement or
registration statements on such form that is available for the sale of Registrable Securities.

 

(c)Long-Form
Registrations. A registration shall not count as a Long-Form Registration for purposes of the last sentence of Section 2(a)
unless (i) at least 75% of the Registrable Securities requested to be included in such registration by the requesting holders
have been registered and (ii) such registration has become effective in accordance with the Securities Act; provided, that
if a Long-Form Registration is withdrawn by the holders of Registrable Securities who requested such registration prior to the
time it has become effective for reasons other than the disclosure of information concerning the Company that is materially adverse
to the Company or the trading price of the Common Stock (which disclosure is made by the Company after the date that such registration
is requested pursuant to Section 2(a)), such Long-Form Registration shall count as a Long-Form Registration for purposes of the
last sentence of Section 2(a) unless the holders of Registrable Securities who requested such registration reimburse the Company
for all of the Registration Expenses incurred by the Company prior to such withdrawal.

 

(d)Priority
on Demand Registrations. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company
in writing that in their opinion the number of Registrable Securities and other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities, if any, which can be sold therein without adversely affecting
the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such
registration prior to the inclusion of any securities which are not Registrable Securities the number of Registrable Securities
requested to be included which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among
the respective holders thereof on the basis of the amount of Registrable Securities owned by each such holder.

 

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(e)Procedures
and Restrictions on Demand Registrations. Each request for a Demand Registration shall specify the approximate number of Registrable
Securities requested to be registered and the intended method of distribution. Within ten (10) days after receipt of any such
request, the Company shall give written notice of the Demand Registration to all other holders of Registrable Securities and,
subject to the terms of Section 2(d), shall include in such Demand Registration (and in all related registrations and qualifications
under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received
written requests for inclusion therein within fifteen (15) days after the receipt of the Company’s notice. The Company shall
not be obligated to effect any Demand Registration, including any Shelf Registration, if (i) the holders of 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 an aggregate price to the public (net of any underwriters’ discounts or
commissions) of less than $5,000,000; provided, that the foregoing limitation shall not be applicable to a Demand Registration
during the Lock-Up Period to effect the rights of holders to register the sale of Registrable Securities up to the Lock-Up Liquidity
Amount, or (ii) within one hundred eighty (180) days after the effective date of a previous Demand Registration or a previous
registration in which Registrable Securities were included pursuant to Section 3 in which, in either case, there was no
reduction in the number of Registrable Securities requested to be included. The Company may postpone, for up to ninety (90) days
from the date of the request, the filing or the effectiveness of a registration statement for a Demand Registration, if the Company’s
board of directors determines in its reasonable good faith judgment that not postponing such Demand Registration (i) would interfere
with a material corporate transaction or (ii) would require the disclosure of material non-public information concerning the Company
that at the time is not, in the reasonable good faith judgment of the Company’s board of directors, in the best interest
of the Company to disclose and is not, in the opinion of the Company’s legal counsel, otherwise required to be disclosed.

 

(f)Other
Registration Rights. The Company represents and warrants that it is not a party to, or otherwise subject to, any other agreement,
except for the Registration Rights Agreement, dated as of December 13, 2012, by and among the Company, Chart Acquisition Group
LLC, Cowen Overseas Investment LP and certain other security holders, all rights and obligations of which have been assigned and
delegated in full by Parent to the Company as of the Effective Time in accordance with the terms and conditions of the Merger
Agreement, granting registration rights to any other Person with respect to any Common Stock. Except as provided in this Agreement,
the Company shall not grant to any Persons the right to request the Company to register any Common Stock, or any securities convertible
or exchangeable into or exercisable for Common Stock, without the prior written consent of the holders of a majority of the Registrable
Securities; provided, that the Company may grant rights to other Persons to participate in Piggyback Registrations so long
as such rights are subordinate in all respects to the rights of the holders of Registrable Securities with respect to such Piggyback
Registrations as set forth in Section 3(c) and Section 3(d).

 

Section
3.Piggyback Registrations.

 

(a)Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (other than (i) pursuant
to a Demand Registration, or (ii) in connection with registrations on Form S-4 or S-8 promulgated by the Securities and Exchange
Commission or any successor or similar forms) and the registration form to be used may be used for the registration of Registrable
Securities (a “Piggyback Registration”), the Company shall give prompt written notice to all holders of Registrable
Securities of its intention to effect such Piggyback Registration and, subject to the terms of Section 3(c) and Section
3(d), shall include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws
and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for
inclusion therein within fifteen (15) days after delivery of the Company’s notice.

 

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(b)Piggyback
Expenses. The Registration Expenses of the holders of Registrable Securities shall be paid by the Company in all Piggyback
Registrations, whether or not any such registration became effective.

 

(c)Priority
on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and
the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed
offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the
securities the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration
which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the holders of such Registrable
Securities on the basis of the number of shares owned by each such holder, and (iii) third, other securities requested to be included
in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

 

(d)Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of
the Company’s Securities (who have registration rights with respect thereto permitted under the terms of this Agreement),
and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed
offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the
securities requested to be included therein by the holders requesting such registration which, in the opinion of the underwriters,
can be sold without any such adverse effect, (ii) second, the Registrable Securities requested to be included in such registration,
pro rata among the holders of such Registrable Securities on the basis of the number of shares owned by each such holder which,
in the opinion of the underwriters, can be sold without any such adverse effect and (iii) third, other securities requested to
be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

 

Section
4.Lock-Up and Holdback Agreements.

 

(a)Lock-Up.
Each of the Investors and their Permitted Transferees agrees to comply with the following provisions with respect to their Common
Stock:

 

(i)Until
the earlier of (1) one year after the date hereof or earlier if, subsequent to the date hereof, the last sales price of Common
Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the date hereof, or (2)
the date on which the Company consummates a liquidation, merger, stock exchange or other similar transaction that results in all
of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property
(such applicable period being the “Lock-Up Period”), the holders of Registrable Securities shall not (x) sell,
offer to sell, contract or agree to sell, hypothecate, pledge, encumber, grant any option to purchase or otherwise dispose of
or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a
call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to Registrable Securities, (y) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any Registrable Securities, whether any such transaction is to be settled by delivery of Common Stock or other securities,
in cash or otherwise, or (z) agree or publicly announce any intention to effect any transaction specified in the foregoing (x)
or (y).

 

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(ii)Notwithstanding
the foregoing paragraph (a), (w) each holder may transfer shares of Registrable Securities to a Permitted Transferee thereof prior
to the expiration of the Lock-Up Period if such Permitted Transferee agrees in writing for the benefit of the Company to be bound
by the transfer restrictions set forth in this Section 4(a), (w) each holder may, to the extent permitted by applicable law, hypothecate,
pledge or encumber Registrable Securities on or after the 6-month anniversary hereof and prior to the expiration of the Lock-Up
Period, to secure borrowings used to pay taxes payable by such holder by reason of the receipt of the Per Company Unit Consideration
in connection with the consummation of the Transactions, (x) each holder may, to the extent permitted by applicable law, hypothecate,
pledge or encumber Registrable Securities prior to the expiration of the Lock-Up Period, to secure borrowings used to make cash
indemnification payments pursuant to the Merger Agreement, (y) each holder may transfer Registratible Securities to the Company
in accordance with Sections 1.15(e) and 9.2(e) of the Merger Agreement and (z) each holder may transfer prior to the expiration
of the Lock-Up Period up to a number of Registrable Securities (in the form of Common Stock), in aggregate, as is equal to such
holder’s pro rata portion of the Lock-Up Liquidity Amount on the basis of the amount of Registrable Securities owned by
each such holder on the date hereof.

 

(b)Holdback
Agreements.

 

(i)Holders
of Registrable Securities. If requested by the Company, each holder of Registrable Securities participating in an underwritten
Public Offering shall enter into lock-up agreements or arrangements with the managing underwriter(s) of such Public Offering (in
addition to the arrangement set forth in Section 4(a) hereof, in such form as is reasonably requested by such managing underwriter(s).
In addition to any such lock-up agreement or arrangement with the managing underwriter(s), each holder of Registrable Securities
agrees as follows:

 

(A)In
connection with any underwritten Public Offering and without the prior written consent of the underwriters managing such Public
Offering, such holder shall not, for a period ending one hundred eighty (180) days following the date of the final prospectus
(the “Holdback Period”) relating to such Public Offering, (x) offer, hypothecate, pledge, encumber sell, contract,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or other securities of the Company
or (y) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of owning Common Stock or other securities of the Company, whether any such transaction described in clause (x) or (y) above is
to be settled by delivery of Common Stock or such other securities, in cash or otherwise (each such transaction, a “Sale
Transaction”).

 

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(B)The
foregoing clause (i)(A) shall not apply to (w) transactions relating to shares of Common Stock or other securities acquired in
open market transactions, provided, that no filing under Section 16(a) of the Exchange Act shall be required or shall be
voluntarily made in connection with transfers or dispositions of such shares of Common Stock or other securities acquired in such
open market transactions (other than a filing on Form 5 made after the expiration of the Holdback Period), or (x) transfers to
a Permitted Transferee of such holder, or (y) transfers that are bona fide gifts, or (z) distributions by a trust to its beneficiaries,
provided, that in the case of any transfer or distribution pursuant to clause (x), (y), or (z), (1) each transferee, donee
or distributee shall agree in writing to be bound by lock-up provisions substantially the same as the lock-up provisions agreed
to by such holder and (2) no such transfer or distribution in (x), (y), or (z) shall be permitted if it shall require a filing
under Section 16(a) or Section 13(d) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock,
and no such filing under Section 16(a) or Section 13(d) of the Exchange Act shall be voluntarily made during the Holdback Period.

 

The
Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the
restrictions set forth in this Section 4(a) until the end of the Holdback Period.

 

(ii)The
Company. In the event of any Holdback Period occurring in connection with the exercise by a party to this Agreement of its
registration rights with respect to Registrable Securities pursuant to Section 2, the Company (A) shall not file any registration
statement for a Public Offering or cause any such registration statement to become effective during any Holdback Period, and (B)
shall use its reasonable best efforts to cause (x) each holder of at least 5% of its Common Stock, or any securities convertible
into or exchangeable or exercisable for at least 5% of its Common Stock (on a fully-diluted basis), purchased from the Company
at any time after the date of this Agreement (other than in a Public Offering) and (y) each of its directors and executive officers,
to agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration, if otherwise
permitted, unless the underwriters managing the Public Offering otherwise agree in writing.

 

(iii)The
foregoing limitations of this Section 4 shall not apply to a registration in connection with an employee benefit plan or
in connection with any type of acquisition transaction of or exchange offer by the Company.

 

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Section
5.Registration Procedures.

 

(a)Whenever
the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement,
the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance
with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible:

 

(i)in
accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and file with the
Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses,
with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become
effective (provided, that before filing a registration statement or prospectus or any amendments or supplements thereto,
the Company shall furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such
counsel);

 

(ii)notify
each holder of Registrable Securities of (A) the issuance by the Securities and Exchange Commission of any stop order suspending
the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the
Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each
registration statement filed hereunder;

 

(iii)prepare
and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of
the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution
by the sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period
required under the Securities Act or, if such registration statement relates to an underwritten Public Offering, such longer period
as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable
Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of
all securities covered by such registration statement during such period in accordance with the intended methods of disposition
by the sellers thereof set forth in such registration statement;

 

(iv)furnish
to each seller of Registrable Securities thereunder such number of copies of such registration statement, each amendment and
supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free
Writing Prospectus and such other documents as such seller may reasonably request in order to facilitate the disposition of
the Registrable Securities owned by such seller;

 

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(v)use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary
or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such seller; provided, that the Company shall not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph or (B) consent to general service of process in
any such jurisdiction;

 

(vi)notify
each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such
registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any
prospectus relating to a registration statement has been filed and when any registration or qualification has become
effective under a state securities or blue sky law or any exemption thereunder has been obtained; (B) promptly after receipt
thereof, of any request by the Securities and Exchange Commission for the amendment or supplementing of such registration
statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto 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 contains an untrue statement of a material fact or omits any fact necessary to make the statements
therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not
contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein
not misleading; provided, that at any time, upon written notice to the participating holders of Registrable
Securities, the Company may delay the filing or effectiveness of any registration statement or suspend the use or
effectiveness of any registration statement (the “Suspension Period”) (and the holders of Registrable
Securities hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the
Suspension Period) if the Company determines in its reasonable good faith judgment that postponement of such registration
would be in the best interest of the Company including where the registration might require disclosure of any matter such as
a potential business transaction or other matter; provided, that the Company may only exercise its right to institute
a Suspension Period twice in any calendar year and for no more than one hundred twenty (120) days in the aggregate in any
calendar year;

 

(vii)use
reasonable best efforts to cause all such Registrable Securities to be listed on any securities exchange on which similar securities
issued by the Company are then listed;

 

(viii)use
reasonable best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective
date of such registration statement;

 

(ix)enter
into and perform a customary underwriting agreement, if applicable;

 

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(x)make
available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to
such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial
and other records, pertinent corporate and business 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, employees, agents, representatives
and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant
or agent in connection with such registration statement;

 

(xi)take
all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any registration hereunder complies
in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby,
is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus,
shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

 

(xii)otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission,
and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
least twelve (12) months beginning with the first day of the Company’s first full calendar quarter 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;

 

(xiii)permit
any holder of Registrable Securities to participate in the preparation of such registration or comparable statement and to allow
such holder to propose language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable
judgment of such holder and its counsel should be included;

 

(xiv)in
the event of the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order
suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included
in such registration statement for sale in any jurisdiction, use reasonable best efforts promptly to obtain the withdrawal of
such order;

 

(xv)use
its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate
the disposition of such Registrable Securities;

 

(xvi)cooperate
with the holders of Registrable Securities covered by the registration statement and the managing underwriter or agent, if any,
to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities
to be sold under the registration statement and enable such securities to be in such denominations and registered in such names
as the managing underwriter, or agent, if any, or such holders may request;

 

    	11

    	 

    

 

(xvii)cooperate
with each holder of Registrable Securities covered by the registration statement and each underwriter or agent, if any, participating
in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made
with FINRA;

 

(xviii)use
its reasonable best efforts to make available the executive officers of the Company to participate with the holders of Registrable
Securities and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the
holders in connection with the methods of distribution for the Registrable Securities;

 

(xix)use
its reasonable best efforts to obtain one or more cold comfort letters from the Company’s independent public accountants
in customary form and covering such matters of the type customarily covered by cold comfort letters; and

 

(xx)use
its reasonable best efforts to provide a legal opinion of the Company’s outside counsel in customary form and covering
such matters of the type customarily covered by such legal opinion, dated the effective date of such registration
statement.

 

(b)The
Company shall not undertake any voluntary act that could be reasonably expected to cause a Violation or result in delay or suspension
under Section 5(a)(vi). During any Suspension Period, and as may be extended hereunder, the Company shall use its reasonable
best efforts to correct or update any disclosure causing the Company to provide notice of the Suspension Period and to file and
cause to become effective or terminate the suspension of use or effectiveness, as the case may be, the subject registration statement.
In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration hereunder,
the applicable time period during which the registration statement is to remain effective shall be extended by a period of time
equal to the duration of the Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty
(60) days with the consent of the holders of a majority of the Registrable Securities registered under the applicable registration
statement, which consent shall not be unreasonably withheld. If so directed by the Company, all holders of Registrable Securities
registering shares under such registration statement shall (i) not offer to sell any Registrable Securities pursuant to the registration
statement during the period in which the delay or suspension is in effect after receiving notice of such delay or suspension and
(ii) use their reasonable best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent
file copies then in such holders’ possession, of the prospectus relating to such Registrable Securities current at the time
of receipt of such notice.

 

    	12

    	 

    

 

Section
6.Registration Expenses.

 

(a)The
Company’s Obligation. All expenses incident to the Company’s performance of or compliance with this Agreement
(including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities
or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements
of counsel for the Company and all independent certified public accountants, underwriters (excluding underwriting discounts and
commissions) and other Persons retained by the Company) (all such expenses being herein called “Registration Expenses”),
shall be borne by the Company except as otherwise expressly provided in this Agreement. Without limiting the generality of the
foregoing the Company shall, in any event, pay its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review and
the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued
by the Company are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback Registration
hereunder shall bear and pay all underwriting discounts and commissions, if any, applicable to the securities sold for such Person’s
account.

 

(b)Counsel
Fees and Disbursements. In connection with each Demand Registration and each Piggyback Registration, the Company shall reimburse
the holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one counsel chosen
by the holders of a majority of the Registrable Securities included in such registration.

 

(c)Security
Holders. To the extent any Registration Expenses are to be borne by the holders of Registrable Securities and not the Company
under the terms of this Agreement, each holder of securities included in any registration hereunder shall pay those Registration
Expenses allocable to the registration of such holder’s securities so included, and any Registration Expenses not so allocable
shall be borne by all sellers of securities included in such registration (including the Company, as applicable) in proportion
to the aggregate selling price of the securities to be so registered.

 

Section
7.Indemnification and Contribution.

 

(a)By
the Company. The Company shall indemnify and hold harmless, to the extent permitted by law, each holder of Registrable Securities,
such holder’s officers, directors employees, agents and representatives, and each Person who controls such holder (within
the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions, damages,
liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable
attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following statements,
omissions or violations (each a “Violation”) by the Company: (i) any untrue or alleged untrue statement of
material fact contained in (a) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any
amendment thereof or supplement thereto or (b) any application or other document or communication (in this Section 7, collectively
called an “application”) executed by or on behalf of the Company or based upon written information furnished
by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under
the securities laws thereof; (ii) any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Securities Act
or any other similar federal or state securities laws 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, qualification or compliance.
In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them
in connection with investigating or defending any such losses. Notwithstanding the foregoing, the Company shall not be liable
in any such case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue statement
or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary
prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in
conformity with, written information prepared and furnished in writing to the Company by an Indemnified Party expressly for use
therein or by an Indemnified Party’s failure to deliver a copy of the registration statement or prospectus or any amendments
or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same.

 

    	13

    	 

    

 

(b)By
Each Security Holder. In connection with any registration statement in which a holder of Registrable Securities is participating,
each such holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for
use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify the
Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged
untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by or on behalf of such holder; provided, that the obligation to indemnify
shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds (before taxes)
received by such holder from the sale of Registrable Securities pursuant to such registration statement.

 

(c)Claim
Procedure. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party
of any claim with respect to which it seeks indemnification (provided, that the failure to give prompt notice shall impair
any Person’s right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. An indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted
indemnified parties shall collectively have a right to retain one separate counsel, chosen by the holders of a majority of the
Registrable Securities of the conflicted indemnified parties, at the expense of the indemnifying party.

 

    	14

    	 

    

 

(d)Contribution.
If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable
to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any loss, claim, damage,
liability or action referred to herein, then the indemnifying party in lieu of indemnifying such indemnified party hereunder shall
contribute to the amounts 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 indemnifying party on the one hand and of the indemnified
party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or
action as well as any other relevant equitable considerations; provided, that the maximum amount of liability in respect
of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds
actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied
by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable
if the contribution pursuant to this Section 7(d) were to be determined by pro rata allocation or by any other method of
allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as
a result of the losses, claims, damages, liabilities or expenses referred to herein shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim
which is the subject hereof. 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 is not guilty of such fraudulent misrepresentation.

 

(e)Release.
No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation. Notwithstanding anything to the contrary in this
Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage, liability,
or action if such settlement is effected without the consent of the indemnifying party, such consent not to be unreasonably withheld,
conditioned or delayed.

 

(f)Non-exclusive
Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in addition to any other
rights to indemnification or contribution that any indemnified party may have pursuant to law or contract and 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 Registrable Securities and the termination or expiration
of this Agreement. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall control.

 

    	15

    	 

    

 

Section
8.Underwritten Registrations.

 

(a)Selection
of Underwriters. The Company shall determine whether the offering pursuant to any registration under this Agreement is underwritten.
In any Piggyback Registration, the Company shall have the right to select the investment banker(s) and manager(s) of the offering
in its sole discretion and, in any Demand Registration, the Company shall have the right to select the investment banker(s) and
manager(s) of the offering subject to the consent of the holders of a majority of the Registrable Securities to be included in
such offering, such consent not to be unreasonably withheld, conditioned or delayed. 

 

(b)Participation.
No Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve
such arrangements (including, without limitation, pursuant to any over-allotment or “green shoe” option requested
by the underwriters; provided, that no holder of Registrable Securities shall be required to sell more than the number
of Registrable Securities such holder has requested to include) and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.

 

(c)Suspended
Distributions. Each Person that is participating in any registration under this Agreement, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section 5(a)(vi)(C), shall immediately discontinue the
disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies
of a supplemented or amended prospectus as contemplated by Section 5(a)(vi)(C). In the event the Company has given any
such notice, the time period during which a Registration Statement is to remain effective shall be extended by the number of days
during the period from and including the date of the giving of such notice pursuant to this Section 8(c) to and including
the date when each seller of Registrable Securities covered by such registration statement shall have received the copies of the
supplemented or amended prospectus.

 

Section
9.Additional Investors. The Company may, with the prior written consent of the Chart Representative, require or permit
any Person who acquires Common Stock or rights to acquire Common Stock from the Company after the date hereof to become a party
to this Agreement by obtaining an executed Joinder from such Person (each, an “Additional Investor”). Upon
the execution and delivery of a Joinder by an Additional Investor, the Common Stock so acquired by or issuable to such Person
(the “Specified Common”) shall be Registrable Securities.

 

Section
10.Current Public Information. At all times after the Company has filed a registration statement with the Securities
and Exchange Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file
all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as any
holder or holders of Registrable Securities may reasonably request, all to the extent required to enable such holders to sell
Registrable Securities pursuant to Rule 144. Upon request, the Company shall deliver to any holder of Restricted Securities a
written statement as to whether it has complied with such requirements.

 

    	16

    	 

    

 

Section
11.Transfer of Registrable Securities.

 

(a)Restrictions
on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer to the Company,
(ii) a transfer by an Investor to one of its Permitted Transferees, (iii) a Public Offering, or (iv) a sale pursuant to Rule 144,
prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring
Investor shall cause the prospective transferee to execute and deliver to the Company a Joinder agreeing to be bound by the terms
of this Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement
shall be void, and the Company shall not record such transfer on its books or treat any purported transferee of such Registrable
Securities as the owner thereof for any purpose.

 

(b)Legend.
Each certificate evidencing any Registrable Securities and each certificate issued in exchange for or upon the transfer of
any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer)
shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION
RIGHTS AGREEMENT DATED AS OF _______________, 2015 BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”)
AND CERTAIN OF THE COMPANY’S STOCKHOLDERS, AS AMENDED. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

The
Company shall imprint such legend on certificates evidencing Registrable Securities outstanding prior to the date hereof. The
legend set forth above shall be removed from the certificates evidencing any securities that have ceased to be Registrable Securities.

 

Section
12.General Provisions.

 

(a)Termination.
Except with respect to the indemnification and contribution provisions contained in Section 7, the rights granted to
an Investor (or a Permitted Transferee) pursuant to this Agreement shall terminate and forthwith become null and void in full
on the earliest to occur of (i) the date on which such Investor (or Permitted Transferee) ceases to beneficially own any Registrable
Securities and (ii) the later of (x) the seventh (7th) anniversary of the date of this Agreement, and (y) the date
Rule 144 or another similar exemption under the Securities Act is available for the sale of all of the shares beneficially owned
by such Investor (or Permitted Transferee) without limitation and restriction during a three (3) month period without registration.

 

(b)Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only
with the prior written consent of the Company and holders of a majority of the Registrable Securities. The failure or delay of
any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and
shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with
its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its
obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance
by that Person of the same or any other obligations of that Person under this Agreement.

 

    	17

    	 

    

 

(c)Remedies.
The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without posting
a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise
all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause
irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights
and remedies existing hereunder, any party shall be entitled to specific performance and/or other injunctive relief from any court
of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation
of the provisions of this Agreement.

 

(d)Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect
under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability shall
not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other
jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid,
illegal or unenforceable provision had never been contained herein.

 

(e)Entire
Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the
parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations
by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

 

(f)Successors
and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit and be enforceable by
the Company and its successors and assigns and the holders of Registrable Securities and their respective successors and permitted
assigns (whether so expressed or not). In addition, whether or not any express assignment has been made, the provisions of this
Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable
by, any subsequent holder of Registrable Securities.

 

    	18

    	 

    

 

(g)Notices.
All notices, demands or other communications to be given under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given (i) when delivered personally to the recipient; (ii) when sent by confirmed electronic
mail or facsimile if sent during normal business hours of the recipient but, if not, then on the next business day; (iii) one
(1) business day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three (3)
days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications
shall be sent to the Company at the address specified below and to any holder of Registrable Securities or to any other party
subject to this Agreement at such address as indicated beneath such party’s signature hereto, or at such address or to the
attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may
change its address for receipt of notice by providing prior written notice of the change to the sending party. The Company’s
address is:

 

	 	Tempus Applied Solutions Holdings, Inc.
	 	c/o The Chart Group, L.P.
	 	75 Rockefeller Plaza, 14th Floor
	 	New York, NY 10019

	 	Attention:	Joseph
    Wright
	 	Telephone:	(212)
    350-8205
	 	Facsimile:	(212)
    350-8299
	 	E-mail:	jwright@chartgroup.com

 

with
a copy to:

 

	 	Ellenoff Grossman & Schole LLP
	 	1345 Avenue of the Americas, 11th Floor
	 	New York, NY 10105

	 	Attention:	Douglas
    S. Ellenoff, Esq.
	 	 	Richard
    Baumann, Esq.
	 	Telephone:	(212)
    370-1300
	 	Facsimile:	(212)
    370-7889
	 	E-mail:	ellenoff@egsllp.com
	 	 	rbaumann@egsllp.com

 

or
to such other address or to the attention of such other person as the recipient party has specified by prior written notice to
the sending party.

 

(h)Business
Days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal
holiday in the state in which the Company’s chief executive office is located, the time period shall automatically be extended
to the business day immediately following such Saturday, Sunday or legal holiday.

 

(i)Governing
Law. All issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and
the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without
giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

(j)MUTUAL
WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT
(AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT
OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

    	19

    	 

    

 

(k)CONSENT
TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS
AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES
THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET
FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS
SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO
THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER
IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(l)Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than
by limitation.

 

(m)No
Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party.

 

(n)Counterparts.
This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one
party, but all such counterparts taken together shall constitute one and the same agreement.

 

(o)Electronic
Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection
herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered
by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or
electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to
have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any
party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof
and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile
machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or
communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract
and each such party forever waives any such defense.

 

    	20

    	 

    

 

(p)Further
Assurances. In connection with this Agreement and the transactions contemplated hereby, each holder of Registrable Securities
shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate
to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

 

(q)No
Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement.

 

*
* * * *

 

    	21

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	TEMPUS
    APPLIED SOLUTIONS HOLDINGS, INC.
	 	 	 
	 	By:
    	 
	 		Name: 
	 		Title:

 

[Signature
Page to Registration Rights Agreement]Exhibit
10.3

 

FINAL
FORM

 

NON-COMPETITION
AND NON-SOLICITATION AGREEMENT

 

THIS
NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and delivered as
of [_____________], 2015 by each of John G. Gulbin, III, an individual residing in the State of South Carolina (“Gulbin”),
and Tempus Intermediate Holdings, LLC, a Delaware limited liability company (“Tempus Jets”, and
together with Gulbin, the “Subject Parties”), in favor of and for the benefit of Tempus Applied Solutions
Holdings, Inc., a Delaware corporation (“Pubco”), Tempus Applied Solutions, LLC, a Delaware
limited liability company (the “Company”), and each of their respective present and future successors
and direct and indirect Subsidiaries (collectively, the “Covered Parties”). Certain capitalized terms
used in this Agreement are defined in Section 7(l) below.

 

WHEREAS,
pursuant to that certain Agreement and Plan of Merger, dated as of January 5, 2015 (the “Merger Agreement”),
by and among the Company, the members of the Company identified therein prior to giving effect to the Transactions (as defined
below), including Gulbin (the “Members”), the Members’ Representative named therein, Chart Acquisition
Corp., a Delaware corporation (“Chart”), Pubco, Chart Merger Sub Inc., a Delaware corporation (“Chart
Merger Sub”), TAS Merger Sub LLC, a Delaware limited liability company (“Company Merger Sub”),
Chart Acquisition Group, LLC in its capacity as the representative for the equityholders of Chart and Pubco (other than the Members
and their successors and assigns) (the “Chart Representative”), and the Warrant Offerors named therein,
(i) Chart Merger Sub will merge with and into Chart, with Chart being the surviving entity and a wholly-owned subsidiary of Pubco,
and with former Chart shareholders receiving newly issued shares of common stock of Pubco, (ii) Company Merger Sub will merge
with and into the Company, with the Company being the surviving entity and a wholly owned-subsidiary of Pubco, and with the Members
receiving newly issued shares of common stock of Pubco, and (iii) Pubco will become a publicly traded company;

 

WHEREAS,
the Company is engaged in the business of providing, directly or indirectly, to or through the United States government and its
instrumentalities, foreign governments and their instrumentalities, heads of state, private businesses and others, turnkey and
customized aircraft design, engineering, modification and integration services and operations solutions that support aircraft
mission requirements, including without limitation any charter brokerage, crew, flight planning, fueling, regulatory, customs,
maintenance and insurance services provided in connection therewith (the “Business”);

 

WHEREAS,
Gulbin, along with the other Members, are also members of Tempus Jets, and the Company was formed by Gulbin and the other Members
in December 2014 as a new start-up sister company to Tempus Jets to focus on the Business, for which Tempus Jets was previously
prevented from competing, with Gulbin focusing on Tempus Jets’ business and other Members being actively involved in the
Business through the Company;

 

WHEREAS,
the Merger Agreement requires as a condition to Chart’s and Pubco’s obligations to consummate the mergers and the
other transactions contemplated by the Merger Agreement (the “Transactions”) that the Subject Parties
execute and deliver this Agreement;

 

WHEREAS,
Pubco, as a material inducement to consummate the Transactions, and to enable Pubco to secure more fully for itself, its Subsidiaries
and its shareholders the benefits of the Transactions, requires that the Subject Parties enter into this Agreement; and

 

WHEREAS,
Gulbin, as a Member, and the members of Tempus Jets will receive a material benefit from the Transactions.

 

    	 

    	 

    

 

NOW,
THEREFORE, in order to induce Pubco to consummate the Transactions, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Subject Parties hereby agree as follows:

 

1.Restriction
on Competition.

 

(a)Restriction.
Each Subject Party agrees that from the date of the consummation of the Transactions (the “Closing Date”)
until the four (4) year anniversary of the Closing Date (such period, the “Restricted Period”), such
Subject Party will not, without the prior written consent of Pubco (which may be withheld in its sole discretion), anywhere in
the United States or elsewhere in the world, directly or indirectly, engage in the Business (other than, with respect to Gulbin,
through the Covered Parties) or own, manage, finance or control, or become engaged or serve as an officer, director, employee,
member, partner, agent, consultant, advisor or representative of, an entity (other than a Covered Party) that engages in the Business
(a “Competitor”); provided, however, that such Subject Party may own, as a passive investment,
equity interests of any Competitor if (A) such equity interests are listed on a national securities exchange in the United States;
and (B) such Subject Party, together with any of such Subject Party’s Affiliates, owns beneficially (directly or indirectly)
less than three percent (3%) of the total issued and outstanding equity interests of such entity.

 

(b)Acknowledgment.
Each Subject Party acknowledges and agrees, based upon the advice of legal counsel and/or such Subject Party’s own education,
experience and training, that (i) such Subject Party possesses knowledge of confidential information of the Company and the Business,
(ii) such Subject Party’s execution of this Agreement is a material inducement to Pubco to consummate the Transactions and
to realize the Company’s goodwill, for which such Subject Party (or the members thereof) will receive a substantial direct
or indirect financial benefit, and that Pubco would not have entered into the Merger Agreement or consummated the Transactions
but for such Subject Party’s agreements set forth in this Agreement; (iii) it would impair the goodwill of the Company and
reduce the value of the assets of the Company and cause serious and irreparable injury if any Subject Party were to use such Subject
Party’s ability and knowledge by engaging in the Business in competition with a Covered Party, and/or to otherwise breach
the obligations contained herein and that the Covered Parties would not have an adequate remedy at law because of the unique nature
of the Business, (iv) such Subject Party has no intention of engaging in the Business during the Restricted Period, (v) the relevant
public policy aspects of restrictive covenants, covenants not to compete and non-solicitation provisions have been discussed,
and every effort has been made to limit the restrictions placed upon such Subject Party to those that are reasonable and necessary
to protect the Covered Parties’ legitimate interests, (vi) the Covered Parties conduct and intend to conduct the Business
everywhere in the world and compete with other businesses that are or could be located in any part of the world, (vii) the foregoing
restrictions on competition are fair and reasonable in type of prohibited activity, geographic area covered, scope and duration,
(viii) the consideration provided to the Subject Parties under this Agreement and the Merger Agreement is not illusory, and (ix)
such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the
Covered Parties.

 

2.No
Solicitation; No Disparagement.

 

(a)No
Solicitation of Employees and Consultants. Each Subject Party agrees that, during the Restricted Period, such Subject Party
will not, without the prior written consent of Pubco (which may be withheld in its sole discretion), either on its own behalf
or on behalf of any other Person, directly or indirectly: (i) hire or engage as an employee, independent contractor, consultant
or otherwise any Person who was an employee, consultant or independent contractor of the Covered Parties as of the Closing Date
or within the one (1) year period preceding the Closing Date (any such Persons, “Covered Party Personnel”);
(ii) solicit, induce, encourage or otherwise cause (or attempt to do any of the foregoing) any Covered Party Personnel to leave
the service (whether as an employee, consultant or independent contractor) of any Covered Party; or (iii) in any way interfere
with or attempt to interfere with the relationship between any Covered Party Personnel and any Covered Party; provided,
however, (i) no Subject Party will be deemed to have violated this Section 2(a) if any Covered Party Personnel voluntarily
and independently solicits an offer of employment from such Subject Party (or other Person whom such Subject Party is acting on
behalf of) by responding to a general advertisement or solicitation program conducted by or on behalf of such Subject Party (or
such other Person whom such Subject Party is acting on behalf of) that is not targeted at such Covered Party Personnel or Covered
Party Personnel generally, so long as such Covered Party Personnel is not hired; and (ii) the foregoing will not prohibit a Subject
Party from using the same professional advisors as the Covered Parties (unless such use would prevent a Covered Party from using
such professional advisor as a result of any ethical conflicts in accordance with such advisor’s professional standards).

 

    	2

    	 

    

 

(b)Non-Solicitation
of Customers and Suppliers. Each Subject Party agrees that, during the Restricted Period, such Subject Party will not, without
the prior written consent of Pubco (which may be withheld in its sole discretion), individually or on behalf of any other Person,
directly or indirectly: (i) solicit, induce, encourage or otherwise cause (or attempt to do any of the foregoing) any Person who
was an actual customer or client (or prospective customer or client with whom a Covered Party actively marketed or made or taken
specific action to make a proposal) of a Covered Party as of or within the one (1) year period preceding the Closing Date (a “Covered
Customer”) to (A) cease being, or not become, a client or customer of any Covered Party with respect to or relating
to the Business or (B) reduce the amount of business of such Covered Customer with any Covered Party, or otherwise alter such
business relationship in a manner adverse to any Covered Party, in either case, with respect to or relating to the Business; (ii)
interfere with or disrupt (or attempt to interfere with or disrupt) the contractual relationship between any Covered Party and
any Covered Customer; (iii) divert any business with any Covered Customer relating to the Business from a Covered Party; (iv)
solicit for business, provide services to, engage in or do business with, any Covered Customer for products or services that are
part of the Business; or (v) interfere with or disrupt (or attempt to interfere with or disrupt), any Person that was a vendor,
supplier, distributor, agent or other service provider of a Covered Party at the time of such interference or disruption, for
a purpose competitive with a Covered Party as it relates to the Business.

 

(c)Non-Disparagement.
Each Subject Party agrees that from and after the Closing Date such Subject Party will not directly or indirectly engage in any
conduct that involves the making or publishing (including through electronic mail distribution or online social media) of any
written or oral statements or remarks (including the repetition or distribution of derogatory rumors, allegations, negative reports
or comments) that are disparaging, deleterious or damaging to the integrity, reputation or good will of one or more Covered Parties
or their respective management, officers, employees, independent contractors or consultants. Notwithstanding the foregoing, subject
to Section 3 below, the provisions of this Section 2(c) shall not restrict any Subject Party from providing truthful
testimony or information in response to a subpoena or investigation by a governmental authority or in connection with any legal
action by such Subject Party against any Covered Party that is asserted by such Subject Party in good faith.

 

3.Confidentiality.
From and after the Closing Date, each Subject Party will, and will cause each of its Representatives to, keep confidential
and not directly or indirectly use, disclose, reveal, publish, transfer or provide access to, any and all Covered Party Information
without the prior written consent of Pubco (which may be withheld in its sole discretion). As used in this Agreement, “Covered
Party Information” means all material and information relating to the business, affairs and assets of any Covered
Party, including material and information that concerns or relates to such Covered Party’s bidding and proposal, technical,
computer hardware or software, administrative, management, operational, data processing, financial, marketing, sales, human resources,
business development, planning and/or other business activities, regardless of whether such material and information is maintained
in physical, electronic, or other form, that is: (A) gathered, compiled, generated, produced or maintained by such Covered Party
through its Representatives, or provided to such Covered Party by its suppliers, service providers or customers; and (B) intended
and maintained by such Covered Party or its Representatives, suppliers, service providers or customers to be kept in confidence.
The obligations set forth in this Section 3 will not apply to any Covered Party Information where any Subject Party can
prove that such material or information: (i) is known or available through other lawful sources not bound by a confidentiality
agreement with, or other confidentiality obligation to, any Covered Party; (ii) is or becomes publicly known through no fault
of, or other wrongdoing by, such Subject Party or any of its Representatives; (iii) is already in the possession of such Subject
Party at the time of disclosure through lawful sources not bound by a confidentiality agreement or other confidentiality obligation,
and through no fault of such Subject Party or any of its Representatives; or (iv) is required to be disclosed pursuant to an order
of any administrative body or court of competent jurisdiction (provided that (A) the applicable Covered Party is given reasonable
prior written notice, (B) such Subject Party cooperates (and causes its Representatives to cooperate) with any reasonable request
of any Covered Party to seek to prevent or narrow such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure
is still required, such Subject Party and its Representatives only disclose such portion of the Covered Party Information that
is expressly required by such order, as it may be subsequently narrowed).

 

    	3

    	 

    

 

4.Representations
and Warranties. Each Subject Party hereby represents and warrants, to and for the benefit of the Covered Parties as of the
date of this Agreement and as of the Closing Date, that: (a) such Subject Party has full power and capacity to execute and deliver,
and to perform all of such Subject Party’s obligations under, this Agreement; and (b) neither the execution and delivery
of this Agreement nor the performance of such Subject Party’s obligations hereunder will result directly or indirectly in
a violation or breach of any agreement or obligation by which such Subject Party is a party or otherwise bound. By entering into
this Agreement, each Subject Party certifies and acknowledges that such Subject Party has carefully read all of the provisions
of this Agreement, and that such Subject Party voluntarily and knowingly enters into this Agreement.

 

5.Remedies.
The covenants and undertakings of the Subject Parties contained in this Agreement relate to matters which are of a special,
unique and extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered
Parties, the amount of which may be impossible to estimate or determine and which cannot be adequately compensated. Each Subject
Party agrees that, in the event of any breach or threatened breach by such Subject Party of any covenant or obligation contained
in this Agreement, each applicable Covered Party will be entitled to seek and, if awarded by a court of competent jurisdiction
or as provided in Section 7(e) below, obtain the following remedies (in addition to, and not in lieu of, any other remedy
at law or in equity that may be available to the Covered Parties, including monetary damages), and a court of competent jurisdiction
may award: (i) an injunction, restraining order or other equitable relief restraining or preventing such breach or threatened
breach, without the necessity of proving actual damages or posting bond or security, which each Subject Party expressly waives;
and (ii) recovery of the Covered Party’s attorneys’ fees and costs incurred in enforcing the Covered Party’s
rights under this Agreement. Each Subject Party hereby acknowledges and agrees that in the event of any breach of this Agreement,
any value attributed or allocated to this Agreement under the Merger Agreement shall not be considered a measure of, or a limit
on, the damages of the Covered Parties.

 

6.Survival
of Obligations. The expiration of the Restricted Period will not relieve any Subject Party of any obligation or liability
arising from any breach by such Subject Party of this Agreement during the Restricted Period. Each Subject Party further agrees
that the time period during which the covenants contained in Section 1 and Section 2 of this Agreement will be effective
will be computed by excluding from such computation any time during which such Subject Party is in violation of any provision
of such Sections.

 

    	4

    	 

    

 

7.Miscellaneous.

 

(a)Notices.
Any notice, request, instruction or other document to be given hereunder by a party hereto shall be in writing and shall be deemed
to have been given, (i) when received if given in person or by courier or a courier service, (ii) on the date of transmission
if sent by facsimile or email (with affirmative confirmation of receipt, and provided, that the party providing notice shall within
two (2) Business Days provide notice by another method under this Section 7(a)) or (iii) three (3) Business Days after
being deposited in the U.S. mail, certified or registered mail, postage prepaid:

 

	If
                                         to Pubco (or any other Covered Party), to:

         

        Tempus
        Applied Solutions Holdings, Inc.

        c/o Chart Acquisition Corp.

        75 Rockefeller Plaza, 14th Floor

        New York, NY 10019

        Attention:Joseph Wright

        Telephone:(212) 350-8205

        Facsimile:(212) 350-8299

        E-mail:jwright@chartgroup.com
	with
                                         a copy (that will not constitute notice) to: 

         

        Ellenoff
        Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, NY 10105

        Attention:  Douglas S. Ellenoff, Esq.

                           Richard Baumann, Esq.

        Telephone:(212) 370-1300

        Facsimile:(212) 370-7889

        E-mail:   ellenoff@egsllp.com

                       rbaumann@egsllp.com

         

	If
                                         to Gublin, to:

         

        John
        G. Gulbin, III

        [ADDRESS]

        [ADDRESS]

        Telephone:     [                     ]

        Facsimile:       [                     ]

        E-mail:            [                     ]
	with
                                         a copy (that will not constitute notice) to: 

         

        Alston
        & Bird LLP

        101 S. Tryon St., Suite 4000

        Charlotte, NC 28280-4000

        Attention:  Gary C. Ivey, Esq.

                           T. Scott Kummer, Esq.

        Telephone:704-444-1090

        Facsimile:704-444-1690

        E-mail:  gary.ivey@alston.com

                      scott.kummer@alston.com

         

	If
                                         to Tempus Jets, to:

         

        Tempus
        Intermediate Holdings, LLC

        [ADDRESS]

        [ADDRESS]

        Attention:       [                     ]

        Telephone:     [                     ]

        Facsimile:       [                     ]

        E-mail:          [                     ]
	with
                                         a copy (that will not constitute notice) to: 

         

        Alston
        & Bird LLP

        101 S. Tryon St., Suite 4000

        Charlotte, NC 28280-4000

        Attention:  Gary C. Ivey, Esq.

                           T. Scott Kummer, Esq.

        Telephone:704-444-1090

        Facsimile:704-444-1690

        E-mail:gary.ivey@alston.com

                     scott.kummer@alston.com

         

 

or
to such other individual or address as a party hereto may designate for itself by notice given as herein provided.

 

    	5

    	 

    

 

(b)Integration
and Non-Exclusivity. This Agreement contains the entire agreement between the Subject Parties and the Covered Parties concerning
the subject matter hereof. Notwithstanding the foregoing, the rights and remedies of the Covered Parties under this Agreement
are not exclusive of or limited by any other rights or remedies which they may have, whether at law, in equity, by contract or
otherwise, all of which will be cumulative (and not alternative). Without limiting the generality of the foregoing, the rights
and remedies of the Covered Parties, and the obligations and liabilities of each Subject Party, under this Agreement, are in addition
to their respective rights, remedies, obligations and liabilities (i) under the laws of unfair competition, misappropriation of
trade secrets, or other requirements of statutory or common law, or any applicable rules and regulations and (ii) otherwise conferred
by contract, including written agreement between the Subject Parties and any of the Covered Parties. Nothing in the Merger Agreement
will limit any of the obligations, liabilities, rights or remedies of the Subject Parties or the Covered Parties under this Agreement,
nor will any breach of the Merger Agreement or any agreement between any Subject Party and any of the Covered Parties limit or
otherwise affect any right or remedy of the Covered Parties under this Agreement. If any term or condition of any other agreement
between any Subject Party and any of the Covered Parties conflicts or is inconsistent with the terms and conditions of this Agreement,
the more restrictive terms will control as to such Subject Party.

 

(c)Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision
of this Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction,
then (i) such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest
possible extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality
or enforceability of such provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality
or unenforceability of such provision will not affect the validity, legality or enforceability of the remainder of such provision
or the validity, legality or enforceability of any other provision of this Agreement. The Subject Parties and the Covered Parties
will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far
as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. Without limiting
the foregoing, if any court of competent jurisdiction determines that any part hereof is unenforceable because of the duration,
geographic area covered, scope of such provision, or otherwise, such court will have the power to reduce the duration, geographic
area covered or scope of such provision, as the case may be, and, in its reduced form, such provision will then be enforceable.
Each Subject Party will, at a Covered Party’s request, join the Covered Party in requesting that such court take such action.

 

(d)Amendment;
Waiver. This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Subject
Parties and Pubco and the Company (or their respective permitted successors or assigns). No waiver will be effective unless it
is expressly set forth in a written instrument executed by the waiving party and any such waiver will have no effect except in
the specific instance in which it is given. Any delay or omission by a party in exercising its rights under this Agreement, or
failure to insist upon strict compliance with any term, covenant, or condition of this Agreement will not be deemed a waiver of
such term, covenant, condition or right, nor will any waiver or relinquishment of any right or power under this Agreement at any
time or times be deemed a waiver or relinquishment of such right or power at any other time or times.

 

    	6

    	 

    

 

(e)Dispute
Resolution. Any dispute, difference, controversy or claim arising in connection with or related or incidental to, or question
occurring under, this Agreement or the subject matter hereof (other than applications for a temporary restraining order, preliminary
injunction, permanent injunction or other equitable relief or application for enforcement of a resolution under this Section
7(e)) (a “Dispute”) shall be finally settled under the Commercial Arbitration Rules (the “Rules”)
of the American Arbitration Association (“AAA”), unless otherwise agreed, by an arbitral tribunal composed
of three (3) arbitrators, at least one (1) of whom shall be an attorney experienced in corporate transactions, appointed by agreement
of the parties to such Dispute in accordance with said Rules. In the event such parties fail to agree upon a panel of arbitrators
from the first list of potential arbitrators proposed by the AAA, the AAA will submit a second list in accordance with such Rules.
In the event such parties shall have failed to agree upon a full panel of arbitrators from such second list, any remaining arbitrators
to be selected shall be appointed by the AAA in accordance with such Rules. If at the time of the arbitration the parties to such
Dispute agree in writing to submit the dispute to a single arbitrator, such single arbitrator shall be appointed by agreement
of such parties in connection with the foregoing procedure or failing such agreement by the AAA in accordance with such Rules.
All arbitrators shall be neutral arbitrators and subject to Rule 19 of the Rules. The arbitrators shall apply the laws of the
State of Delaware, shall not have the authority to add to, detract from, or modify any provision hereof. To the extent that the
Rules and this Agreement are in conflict, the terms of this Agreement shall control. A decision by a majority of the arbitrators
shall be final, conclusive and binding. The arbitrators shall deliver a written and reasoned award with respect to the dispute
to each of the parties to the dispute, difference, controversy or claim, who shall promptly act in accordance therewith. Any arbitration
proceeding shall be held in the State of Delaware. Time is of the essence and the proceedings shall be streamlined and efficient.
The arbitration proceedings conducted pursuant hereto shall be confidential. No party shall disclose any information about the
arbitration proceedings or the evidence adduced by the other parties in any arbitration proceeding or about documents provided
by the other parties in connection with the arbitration proceeding except in the course of a judicial, regulatory or arbitration
proceeding or as may be requested by a governmental authority or as required or advisable under law or exchange rules. Before
making any disclosure permitted by the preceding sentence, the party intending to make such disclosure shall give the other parties
reasonable written notice of the intended disclosure. The parties shall sign, and the arbitrator, expert witnesses and stenographic
reporters shall be asked to sign, appropriate non-disclosure agreements or orders in order to effectuate this Agreement of the
parties as to confidentiality. The parties hereby exclude any right of appeal to any court on the merits of the dispute. The provisions
of this Section 7(e) may be enforced in any court having jurisdiction over the award or any of the parties or any of their
respective assets, and judgment on the award (including equitable remedies) granted in any arbitration hereunder may be entered
in any such court. Nothing contained in this Section 7(e) shall prevent any Party from seeking injunctive or other equitable
relief from any court of competent jurisdiction, without the need to resort to arbitration.

 

(f)Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by,
and construed in accordance with, the laws of the State of Delaware (without giving effect to its choice of law principles). Subject
to Section 7(e), for purposes of any legal action, suit or proceeding (an “Proceeding”) arising
out of or in connection with this Agreement or any transaction contemplated hereby, each of the parties hereto (a) irrevocably
submits to the exclusive jurisdiction and venue of the Chancery Court of the State of Delaware (provided, that if, and only after,
such courts determine that they lack subject matter jurisdiction over any Proceeding, such Proceeding shall be brought in the
federal courts of the United States located in the State of Delaware (and in any court in which appeal from such courts may be
taken), (b) agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective
address set forth in Section 7(a) shall be effective service of process for any Proceeding with respect to any matters
to which it has submitted to jurisdiction in this Section 7(f), (c) waives and covenants not to assert or plead, by way
of motion, as a defense or otherwise, in any such Proceeding, any claim that it is not subject personally to the jurisdiction
of such court, that the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper or that this
Agreement or the subject matter hereof may not be enforced in or by such court, and hereby agrees not to challenge such jurisdiction
or venue by reason of any offsets or counterclaims in any such Proceeding, and (d) waives any bond, surety or other security that
might be required of any other party with respect thereto. Each party hereto agrees that a final judgment in any such Proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law
or in equity. The parties hereto hereby knowingly, voluntarily and intentionally waive
the right any may have to a trial by jury in respect to any litigation based hereon, or arising out of, under, or in connection
with this Agreement and any agreement contemplated to be executed in connection herewith, or any course of conduct, course of
dealing, statements (whether verbal or written) or actions of any party in connection with such agreements, in each case whether
now existing or hereafter arising and whether sounding in tort or contract or otherwise. Each party hereto acknowledges that it
has been informed by the other parties hereto that this Section 7(f) constitutes a material inducement upon which they
are relying and will rely in entering into this Agreement. Any party hereto may file an original counterpart or a copy of this
Section 7(f) with any court as written evidence of the consent of each such party to the waiver of its right to trial by
jury.

 

    	7

    	 

    

 

(g)Successors
and Assigns; Third Party Beneficiaries. This Agreement will be binding upon each Subject Party and each Subject Party’s
estate, successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns.
Each Covered Party may freely assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person
which purchases, in one or more transactions, at least a majority of the equity securities (whether by equity sale, merger or
otherwise) of such Covered Party or all or substantially all of the assets of such Covered Party and its Subsidiaries, taken as
a whole, without obtaining the consent or approval of the Subject Parties. Each Subject Party agrees that the obligations of such
Subject Party under this Agreement are personal and will not be assigned by such Subject Party. Each of the Covered Parties are
express third party beneficiaries of this Agreement and will be considered parties under and for purposes of this Agreement.

 

(h)Subject
Parties Not Authorized to Act on Behalf of Covered Parties. In the event that a Subject Party serves as a director, officer,
employee or other authorized agent of a Covered Party, such Subject Party shall have no authority, express or implied, to act
or make any determination on behalf of a Covered Party in connection with this Agreement or any dispute or Proceeding with respect
hereto.

 

(i)Construction.
Each Subject Party acknowledges that such Subject Party has been represented by counsel, or had the opportunity to be represented
by counsel of such Subject Party’s choice. Any rule of construction to the effect that ambiguities are to be resolved against
the drafting party will not be applied in the construction or interpretation of this Agreement. Neither the drafting history nor
the negotiating history of this Agreement will be used or referred to in connection with the construction or interpretation of
this Agreement. The headings and subheadings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. In this Agreement: (i) the words “include,” “includes”
and “including” when used herein shall be deemed in each case to be followed by the words “without limitation”;
(ii) the definitions contained herein are applicable to the singular as well as the plural forms of such terms; (iii) whenever
required by the context, any pronoun shall include the corresponding masculine, feminine or neuter forms, and the singular form
of nouns, pronouns and verbs shall include the plural and vice versa; (iv) the words “herein,” “hereto,”
and “hereby” and other words of similar import shall be deemed in each case to refer to this Agreement as a whole
and not to any particular Section or other subdivision of this Agreement; (v) the word “if” and other words of similar
import when used herein shall be deemed in each case to be followed by the phrase “and only if”; (vi) the term “or”
means “and/or”; and (vii) any agreement or instrument defined or referred to herein or in any agreement or instrument
that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including
by waiver or consent and references to all attachments thereto and instruments incorporated therein. Any reference herein to an
entity’s board of directors or any director shall include any governing body or governing Person equivalent to a board of
directors or director under the Delaware General Corporation Law, and any reference herein to an entity’s officers shall
include any Persons serving in a function equivalent to such function under the Delaware General Corporation Law.

 

    	8

    	 

    

 

(j)Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same
validity and enforceability as an originally signed copy.

 

(k)Effectiveness.
This Agreement shall be binding upon each Subject Party upon such Subject Party’s execution and delivery of this Agreement,
but this Agreement shall only become effective upon the consummation of the Transactions. In the event that the Merger Agreement
is validly terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically
terminate and become null and void, and the parties shall have no obligations hereunder.

 

(l)Definitions.
As used in the Agreement, the following terms shall have the following meanings:

 

“Affiliate”
means as to any Person, any other Person that directly or indirectly, is in control of, is controlled by, or is under common control
with, such first Person, including any Person who would be treated as a member of a controlled group under Section 414 of the
Internal Revenue Code of 1986, as amended, and any officer or director of such Person. For purposes of this definition, an entity
shall be deemed to be “controlled by” a Person if the Person possesses, directly or indirectly, power either to (a)
vote ten percent (10%) or more of the securities (including convertible securities) of such entity having ordinary voting power
or (b) direct or cause the direction of the management or policies of such entity whether by contract or otherwise; and, as to
a Person who is a natural person, such person’s Family members.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in the Commonwealth of Virginia
are closed.

 

“Family”
means, with respect to any Person, such Person, such Person’s spouse and each of their parents, children and siblings, including
adoptive relationships and relationships through marriage, or any other relative of such Person that resides with such Person.

 

“Person”
means any natural person, limited liability company, partnership, trust, unincorporated organization, corporation, association,
joint stock company, business, group, governmental authority or other entity.

 

“Representatives”
means, with respect to any Person, its Affiliates and its and its Affiliates’ respective managers, directors, officers,
employees, consultants, agents or other representatives (including legal counsel, accountants, financial advisors, investment
bankers and brokers).

 

    	9

    	 

    

 

“Subsidiary”
means, with respect to any specified Person, any other Person of which such specified Person, directly or indirectly through one
or more Subsidiaries, (a) owns at least fifty percent (50%) of the outstanding equity interests entitled to vote generally in
the election of the directors or similar governing body of such other Person, or (b) has the power to generally direct the business
and policies of such other Person, whether by Contract or as a general partner, managing member, manager, joint venturer, agent
or otherwise.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, each undersigned Subject Party has duly executed and delivered this Non-Competition and Non-Solicitation Agreement
as of the date first written above.

 

	 	Subject
    Parties:
	 	 	 
	 	 
	 	John
    G.  Gulbin, III
	 	 	 
	 	TEMPUS
    INTERMEDIATE HOLDINGS, LLC
	 	 	 
	 	By:	 
	 	Name:	
	 	Title:	

  

Acknowledged
and accepted as of the date first written above:

 

	TEMPUS
    APPLIED SOLUTIONS HOLDINGS, INC.	 
	 	 	 
	By:		 
	Name:	 	 
	Title:	 	 
	 	 	 
	TEMPUS
    APPLIED SOLUTIONS, LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Non-Competition Agreement]

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