Document:

EX-10.8.2

 Exhibit 10.8.2 

PAYROLL SUPPORT PROGRAM EXTENSION AGREEMENT 
  

			
	 Recipient: Air Wisconsin Airlines LLC

W6390 Challenger Drive, Suite 203
 Appleton, WI 54914
	  	 PSP Participant Number: PSAP-2101090099 

Employer Identification Number: 39-1767281

DUNS Number: 807197819

	
	Additional Recipients: N/A
	
	Amount of Initial Payroll Support Payment: $15,536,464.00

 The Department of the Treasury (Treasury) hereby provides Payroll Support (as defined herein) under Subtitle A of Title IV of
Division N of the Consolidated Appropriations Act, 2021. The Signatory Entity named above, on behalf of itself and its Affiliates (as defined herein), agrees to comply with this Agreement and applicable Federal law as a condition of receiving
Payroll Support. This Signatory Entity and its undersigned authorized representatives acknowledge that a materially false, fictitious, or fraudulent statement (or concealment or omission of a material fact) in connection with this Agreement may
result in administrative remedies as well as civil and/or criminal penalties. 
 The undersigned hereby agree to the attached Payroll Support Program
Extension Agreement. 
  

							
				
	/s/ David A. Lebryk	 		 	/s/ Robert Binns	  	3/22/21
	Department of the Treasury	 		 	Air Wisconsin Airlines LLC	  	
	Name: David A. Lebryk	 		 	Signature of First Authorized Representative	  	Date
	Title: Fiscal Assistant Secretary	 		 	ROBERT BINNS	  	CEO
	Date: 03/23/2021	 		 	Print Name of First Authorized Representative	  	Title
				
		 		 	/s/ Gregg Garvey	  	 
		 		 	Air Wisconsin Airlines LLC	  	
		 		 	Signature of Second Authorized Representative	  	Date
		 		 	Gregg Garvey	  	3/22/21
		 		 	Print Name of Second Authorized Representative	  	Title

 OMB Approved No. 1505-0263 

  
 1 

 PAYROLL SUPPORT PROGRAM EXTENSION AGREEMENT 

INTRODUCTION 
 Subtitle A of Title IV of
Division N of the Consolidated Appropriations Act, 2021 (PSP Extension Law) directs the Department of the Treasury (Treasury) to provide Payroll Support (as defined herein) to passenger air carriers and certain contractors that must be exclusively
used for the continuation of payment of Employee Salaries, Wages, and Benefits (as defined herein). The PSP Extension Law permits Treasury to provide Payroll Support in such form, and on such terms and conditions, as the Secretary of the Treasury
determines appropriate, and requires certain assurances from the Recipient (as defined herein). 
 This Payroll Support Program Extension Agreement,
including the application and all supporting documents submitted by the Recipient and the Payroll Support Program Extension Certification attached hereto (collectively, Agreement), memorializes the binding terms and conditions applicable to the
Recipient. 
 DEFINITIONS 
 As used in
this Agreement, the following terms shall have the following respective meanings, unless the context clearly requires otherwise. In addition, this Agreement shall be construed in a manner consistent with any public guidance Treasury may from time to
time issue regarding the implementation of the PSP Extension Law. 
 Additional Payroll Support Payment means any disbursement of Payroll Support
occurring after the first disbursement of Payroll Support under this Agreement. 
 Affiliate means any Person that directly or indirectly controls,
is controlled by, or is under common control with, the Recipient. For purposes of this definition, “control” of a Person shall mean having the power, directly or indirectly, to direct or cause the direction of the management and policies
of such Person, whether by ownership of voting equity, by contract, or otherwise. 
 Benefits means, without duplication of any amounts counted as
Salary or Wages, pension expenses in respect of Employees, all expenses for accident, sickness, hospital, and death benefits to Employees, and the cost of insurance to provide such benefits; any Severance Pay or Other Benefits payable to Employees
pursuant to a bona fide voluntary early retirement program or voluntary furlough; and any other similar expenses paid by the Recipient for the benefit of Employees, including any other fringe benefit expense described in lines 10 and 11 of Financial
Reporting Schedule P-6, Form 41, as published by the Department of Transportation, but excluding any Federal, state, or local payroll taxes paid by the Recipient. 

  
 2 

 Corporate Officer means, with respect to the Recipient, its president; any vice president in charge
of a principal business unit, division, or function (such as sales, administration or finance); any other officer who performs a policy-making function; or any other person who performs similar policy making functions for the Recipient. Executive
officers of subsidiaries or parents of the Recipient may be deemed Corporate Officers of the Recipient if they perform such policy-making functions for the Recipient. 

Employee means an individual who is employed by the Recipient and whose principal place of employment is in the United States (including its
territories and possessions), including salaried, hourly, full-time, part-time, temporary, and leased employees, but excluding any individual who is a Corporate Officer or independent contractor. 

Involuntary Termination or Furlough means the Recipient terminating the employment of one or more Employees or requiring one or more Employees to take
a temporary suspension or unpaid leave for any reason, including a shut-down or slow-down of business; provided, however, that an Involuntary Termination or Furlough does not include a Permitted Termination or Furlough. 

Maximum Awardable Amount means the amount determined by the Secretary with respect to the Recipient pursuant to section 403(a) of the PSP Extension
Law. 
 Payroll Support means funds disbursed by the Secretary to the Recipient under this Agreement, including the first disbursement of Payroll
Support and any Additional Payroll Support Payment. 
 PSP Extension Law means Subtitle A of Title IV of Division N of the Consolidated
Appropriations Act, 2021 
 Permitted Termination or Furlough means, with respect to an Employee, (1) a voluntary furlough, voluntary leave of
absence, voluntary resignation, or voluntary retirement, (2) termination of employment resulting from such Employee’s death or disability, or (3) the Recipient terminating the employment of such Employee for cause or placing such
Employee on a temporary suspension or unpaid leave of absence for disciplinary reasons, in either case, as reasonably determined by the Recipient acting in good faith. 

Person means any natural person, corporation, limited liability company, partnership, joint venture, trust, business association, governmental entity,
or other entity. 
 PSP1 means the Payroll Support Program established under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and
Economics Security Act (Pub. L. No. 116 -136). 

  
 3 

 Recall means the dispatch of a notice by the Recipient, via mail, courier, or electronic mail, to an
Employee who was subject to an Involuntary Termination or Furlough notifying the Employee that (1) the Employee must, within a specified period of time that is not less than 14 days or such other period for recall as is specified in an existing
collective bargaining agreement entered into before December 27, 2020, elect either (a) to return to employment or bypass return to employment, in accordance with an applicable collective bargaining agreement or, in the absence of a
collective bargaining agreement, the Recipient’s policy; or (b) to permanently separate from employment with the Recipient; and (2) failure to respond within such time period specified shall be considered an election under clause
(1)(b) of this definition. 
 Recipient means, collectively, the Signatory Entity; its Affiliates that are listed on the signature page hereto as
Additional Recipients; and their respective heirs, executors, administrators, successors, and assigns. 
 Returning Employee means an Employee of the
Recipient who was subject to an Involuntary Termination or Furlough and who has elected to return to employment pursuant to a Recall. 
 Salary
means, without duplication of any amounts counted as Benefits, a predetermined regular payment, typically paid on a weekly or less frequent basis but which may be expressed as an hourly, weekly, annual or other rate, as well as cost-of-living differentials, vacation time, paid time off, sick leave, and overtime pay, paid by the Recipient to its Employees, but excluding any Federal, state, or local
payroll taxes paid by the Recipient. 
 Secretary means the Secretary of the Treasury. 

Severance Pay or Other Benefits means any severance payment or other similar benefits, including cash payments, health care benefits, perquisites, the
enhancement or acceleration of the payment or vesting of any payment or benefit or any other in-kind benefit payable (whether in lump sum or over time, including after October 1, 2022) by the Recipient to
a Corporate Officer or Employee in connection with any termination of such Corporate Officer’s or Employee’s employment (including, without limitation, resignation, severance, retirement, or constructive termination), which shall be
determined and calculated in respect of any Employee or Corporate Officer of the Recipient in the manner prescribed in 17 CFR 229.402(j) (without regard to its limitation to the five most highly compensated executives and using the actual date of
termination of employment rather than the last business day of the Recipient’s last completed fiscal year as the trigger event). 
 Signatory
Entity means the passenger air carrier or contractor that has entered into this Agreement. 

  
 4 

 Taxpayer Protection Instruments means warrants, options, preferred stock, debt securities, notes, or
other financial instruments issued by the Recipient or an Affiliate to Treasury as compensation for the Payroll Support under this Agreement, if applicable. 

Total Compensation means compensation including salary, wages, bonuses, awards of stock, and any other financial benefits provided by the Recipient or
an Affiliate, as applicable, which shall be determined and calculated for the 2019 calendar year or any applicable 12-month period in respect of any Employee or Corporate Officer of the Recipient in the manner
prescribed under paragraph e.6 of the award term in 2 CFR part 170, App. A, but excluding any Severance Pay or Other Benefits in connection with a termination of employment. 

Wage means, without duplication of any amounts counted as Benefits, a payment, typically paid on an hourly, daily, or piecework basis, including cost-of-living differentials, vacation, paid time off, sick leave, and overtime pay, paid by the Recipient to its Employees, but excluding any Federal, state, or local payroll
taxes paid by the Recipient. 

  
 5 

 PAYROLL SUPPORT PAYMENTS 

 

	 	1.	 Upon the execution of this Agreement by Treasury and the Recipient, the Secretary shall approve the
Recipient’s application for Payroll Support. 

  

	 	2.	 The Recipient may receive Payroll Support in multiple payments up to the Maximum Awardable Amount, and the
amounts (individually and in the aggregate) and timing of such payments will be determined by the Secretary in his sole discretion. The Secretary may, in his sole discretion, increase or reduce the Maximum Awardable Amount (a) consistent with
section 403(a) of the PSP Extension Law and (b) on a pro rata basis in order to address any shortfall in available funds, pursuant to section 403(c) of the PSP Extension Law. 

 

	 	3.	 The Secretary may determine in his sole discretion that any Payroll Support shall be conditioned on, and
subject to, compliance by the Recipient with all applicable requirements under PSP1 if the Recipient received financial assistance in PSP1, and such additional terms and conditions (including the receipt of, and any terms regarding, Taxpayer
Protection Instruments) to which the parties may agree in writing. 

 TERMS AND CONDITIONS 

Retaining and Paying Employees 
  

	 	4.	 The Recipient shall use the Payroll Support exclusively for the continuation of payment of Wages, Salaries, and
Benefits to the Employees of the Recipient, including the payment of lost Wages, Salaries, and Benefits to Returning Employees. 

  

	 	a.	 Furloughs and Layoffs. The Recipient shall not conduct an Involuntary Termination or Furlough of any
Employee between the date of this Agreement and March 31, 2021. 

  

	 	b.	 Employee Salary, Wages, and Benefits 

 

	 	i.	 Salary and Wages. Except in the case of a Permitted Termination or Furlough, the Recipient shall not,
between the date of this Agreement and March 31, 2021, reduce, without the Employee’s consent, (A) the pay rate of any Employee earning a Salary, or (B) the pay rate of any Employee earning Wages. 

 

	 	ii.	 Benefits. Except in the case of a Permitted Termination or Furlough, the Recipient shall not, between
the date of this Agreement and March 31, 2021, reduce, without the Employee’s consent, the Benefits of any Employee; provided, however, that for purposes of this paragraph, personnel expenses associated with the performance of work duties,
including those described in line 10 of Financial Reporting Schedule P-6, Form 41, as published by the Department of Transportation, may be reduced to the extent the associated work duties are not performed. 

  
 6 

	 	4.1	 If the Recipient received financial assistance in PSP1, the Recipient shall: 

 

	 	a.	 Recall, not later than 72 hours after this Agreement has been executed by each party hereto, any Employees who
were subject to an Involuntary Termination or Furlough between October 1, 2020, and the effective date of this Agreement, and enable each Returning Employee to return to employment within 30 days after making the election to do so;

  

	 	b.	 compensate, not later than 30 days after a Returning Employee returns to employment, such Returning Employee
for lost Salary, Wages, and Benefits (offset by any amounts received by the Returning Employee from the Recipient or an Affiliate as a result of such Returning Employee’s Involuntary Termination or Furlough, including any Severance Pay or Other
Benefits or furlough pay) between December 1, 2020, and the effective date of this Agreement; and 

  

	 	c.	 restore the rights and protections for any Returning Employees as if such Returning Employees had not been
subject to an Involuntary Termination or Furlough. 

  

	 	4.2	 If the Recipient did not receive financial assistance in PSP1, the Recipient shall: 

 

	 	a.	 Recall, not later than 72 hours after this Agreement has been executed by each party hereto, any Employees who
were subject to an Involuntary Termination or Furlough between March 27, 2020, and the effective date of this Agreement, and enable each Returning Employee to return to employment within 30 days of making the election to do so;

  

	 	b.	 compensate, not later than 30 days after a Returning Employee returns to employment, such Returning Employee
for lost Salary, Wages, and Benefits (offset by any amounts received by the Returning Employee from the Recipient or an Affiliate as a result of such Returning Employee’s Involuntary Termination or Furlough, including any Severance Pay or Other
Benefits or furlough pay) between December 1, 2020, and the effective date of this Agreement; and 

  

	 	c.	 restore the rights and protections for any Returning Employees as if such Returning Employees had not been
subject to an Involuntary Termination or Furlough. 

  
 7 

 Dividends and Buybacks 
  

	 	5.	 Through March 31, 2022, neither the Recipient nor any Affiliate shall, in any transaction, purchase an
equity security of the Recipient or of any direct or indirect parent company of the Recipient that, in either case, is listed on a national securities exchange. 

 

	 	6.	 Through March 31, 2022, the Recipient shall not pay dividends, or make any other capital distributions,
with respect to the common stock (or equivalent equity interest) of the Recipient. 

 Limitations on Certain Compensation 

 

	 	7.	 Beginning October 1, 2020, and ending October 1, 2022, the Recipient and its Affiliates shall not pay
any of the Recipient’s Corporate Officers or Employees whose Total Compensation exceeded $425,000 in calendar year 2019 (other than an Employee whose compensation is determined through an existing collective bargaining agreement entered into
before December 27, 2020): 

  

	 	a.	 Total Compensation which exceeds, during any 12 consecutive months of such
two-year period, the Total Compensation the Corporate Officer or Employee received in calendar year 2019; or 

  

	 	b.	 Severance Pay or Other Benefits in connection with a termination of employment with the Recipient which exceed
twice the maximum Total Compensation received by such Corporate Officer or Employee in calendar year 2019. 

  

	 	8.	 Beginning October 1, 2020, and ending October 1, 2022, the Recipient and its Affiliates shall not
pay, during any 12 consecutive months of such two-year period, any of the Recipient’s Corporate Officers or Employees whose Total Compensation exceeded $3,000,000 in calendar year 2019 Total Compensation
in excess of the sum of: 

  

	 	a.	 $3,000,000; and 

  

	 	b.	 50 percent of the excess over $3,000,000 of the Total Compensation received by such Corporate Officer or
Employee in calendar year 2019. 

  

	 	9.	 For purposes of determining applicable amounts under paragraphs 7 and 8 with respect to any Corporate Officer
or Employee who was employed by the Recipient or an Affiliate for less than all of calendar year 2019, the amount of Total Compensation in calendar year 2019 shall mean such Corporate Officer’s or Employee’s Total Compensation on an
annualized basis. 

  
 8 

 Continuation of Service 
  

	 	10.	 If the Recipient is an air carrier, until March 1, 2022, the Recipient shall comply with any applicable
requirement issued by the Secretary of Transportation under section 407) of the PSP Extension Law to maintain scheduled air transportation service to any point served by the Recipient before March 1, 2020. 

Effective Date 
  

	 	11.	 This Agreement shall be effective as of the date of its execution by both parties. 

Reporting and Auditing 
  

	 	12.	 Until the calendar quarter that begins after the later of October 1, 2022, and the date on which no
Taxpayer Protection Instrument is outstanding, not later than 45 days after the end of each of the first three calendar quarters of each calendar year and 90 days after the end of each calendar year, the Signatory Entity, on behalf of itself and
each other Recipient, shall certify to Treasury that it is in compliance with the terms and conditions of this Agreement and provide a report containing the following: 

 

	 	a.	 the amount of Payroll Support funds expended during such quarter; 

 

	 	b.	 the Recipient’s financial statements (audited by an independent certified public accountant, in the case
of annual financial statements); and 

  

	 	c.	 a copy of the Recipient’s IRS Form 941 filed with respect to such quarter; and 

 

	 	d.	 a detailed summary describing, with respect to the Recipient, (a) any changes in Employee headcount during
such quarter and the reasons therefor, including any Involuntary Termination or Furlough, (b) any changes in the amounts spent by the Recipient on Employee Wages, Salary, and Benefits during such quarter, and (c) any changes in Total
Compensation for, and any Severance Pay or Other Benefits in connection with the termination of, Corporate Officers and Employees subject to limitation under this Agreement during such quarter; and the reasons for any such changes.

  

	 	13.	 If the Recipient or any Affiliate, or any Corporate Officer of the Recipient or any Affiliate, becomes aware of
facts, events, or circumstances that may materially affect the Recipient’s compliance with the terms and conditions of this Agreement, the Recipient or Affiliate shall promptly provide Treasury with a written description of the events or
circumstances and any action taken, or contemplated, to address the issue. 

  

	 	14.	 In the event the Recipient contemplates any action to commence a bankruptcy or insolvency proceeding in any
jurisdiction, the Recipient shall promptly notify Treasury. 

  

	 	15.	 The Recipient shall: 

  
 9 

	 	a.	 Promptly provide to Treasury and the Treasury Inspector General a copy of any Department of Transportation
Inspector General report, audit report, or report of any other oversight body, that is received by the Recipient relating to this Agreement. 

  

	 	b.	 Immediately notify Treasury and the Treasury Inspector General of any indication of fraud, waste, abuse, or
potentially criminal activity pertaining to the Payroll Support. 

  

	 	c.	 Promptly provide Treasury with any information Treasury may request relating to compliance by the Recipient and
its Affiliates with this Agreement. 

  

	 	16.	 The Recipient and Affiliates will provide Treasury, the Treasury Inspector General, and such other entities as
authorized by Treasury timely and unrestricted access to all documents, papers, or other records, including electronic records, of the Recipient related to the Payroll Support, to enable Treasury and the Treasury Inspector General to make audits,
examinations, and otherwise evaluate the Recipient’s compliance with the terms of this Agreement. This right also includes timely and reasonable access to the Recipient’s and its Affiliates’ personnel for the purpose of interview and
discussion related to such documents. This right of access shall continue as long as records are required to be retained. In addition, the Recipient will provide timely reports as reasonably required by Treasury, the Treasury Inspector General, and
such other entities as authorized by Treasury to comply with applicable law and to assess program effectiveness. 

 Recordkeeping and
Internal Controls 
  

	 	17.	 If the Recipient is a debtor as defined under 11 U.S.C. § 101(13), the Payroll Support funds, any claim or
account receivable arising under this Agreement, and any segregated account holding funds received under this Agreement shall not constitute or become property of the estate under 11 U.S.C. § 541. 

 

	 	18.	 The Recipient shall expend and account for Payroll Support funds in a manner sufficient to:

  

	 	a.	 Permit the preparation of accurate, current, and complete quarterly reports as required under this Agreement.

  

	 	b.	 Permit the tracing of funds to a level of expenditures adequate to establish that such funds have been used as
required under this Agreement. 

  

	 	19.	 The Recipient shall establish and maintain effective internal controls over the Payroll Support; comply with
all requirements related to the Payroll Support established under applicable Federal statutes and regulations; monitor compliance with Federal statutes, regulations, and the terms and conditions of this Agreement; and take prompt corrective actions
in accordance with audit recommendations. The Recipient shall promptly remedy any identified instances of noncompliance with this Agreement. 

  
 10 

	20.	 The Recipient and Affiliates shall retain all records pertinent to the receipt of Payroll Support and
compliance with the terms and conditions of this Agreement (including by suspending any automatic deletion functions for electronic records, including e-mails) for a period of three years following the period
of performance. Such records shall include all information necessary to substantiate factual representations made in the Recipient’s application for Payroll Support, including ledgers and sub-ledgers, and
the Recipient’s and Affiliates’ compliance with this Agreement. While electronic storage of records (backed up as appropriate) is preferable, the Recipient and Affiliates may store records in hardcopy (paper) format. The term
“records” includes all relevant financial and accounting records and all supporting documentation for the information reported on the Recipient’s quarterly reports. 

 

	21.	 If any litigation, claim, investigation, or audit relating to the Payroll Support is started before the
expiration of the three-year period, the Recipient and Affiliates shall retain all records described in paragraph 20 until all such litigation, claims, investigations, or audit findings have been completely resolved and final judgment entered or
final action taken. 

 Remedies 
  

	22.	 If Treasury believes that an instance of noncompliance by the Recipient or an Affiliate with (a) this
Agreement, (b) sections 404 or 406 of the PSP Extension Law, or (c) the Internal Revenue Code of 1986 as it applies to the receipt of Payroll Support has occurred, Treasury may notify the Recipient in writing of its proposed determination
of noncompliance, provide an explanation of the nature of the noncompliance, and specify a proposed remedy. Upon receipt of such notice, the Recipient shall, within seven days, accept Treasury’s proposed remedy, propose an alternative remedy,
or provide information and documentation contesting Treasury’s proposed determination. Treasury shall consider any such submission by the Recipient and make a final written determination, which will state Treasury’s findings regarding
noncompliance and the remedy to be imposed. 

  

	23.	 If Treasury makes a final determination under paragraph 22 that an instance of noncompliance has occurred,
Treasury may, in its sole discretion, withhold any Additional Payroll Support Payments; require the repayment of the amount of any previously disbursed Payroll Support, with appropriate interest; require additional reporting or monitoring; initiate
suspension or debarment proceedings as authorized under 2 CFR Part 180; terminate this Agreement; or take any such other action as Treasury, in its sole discretion, deems appropriate. 

 

	24.	 Treasury may make a final determination regarding noncompliance without regard to paragraph 22 if Treasury
determines, in its sole discretion, that such determination is necessary to protect a material interest of the Federal Government. In such event, Treasury shall notify the Recipient of the remedy that Treasury, in its sole discretion, shall impose,
after which the Recipient may contest Treasury’s final determination or propose an alternative remedy in writing to Treasury. Following the receipt of such a submission by the Recipient, Treasury may, in its sole discretion, maintain or alter
its final determination. 

  
 11 

	 	25.	 Any final determination of noncompliance and any final determination to take any remedial action described
herein shall not be subject to further review. To the extent permitted by law, the Recipient waives any right to judicial review of any such determinations and further agrees not to assert in any court any claim arising from or relating to any such
determination or remedial action. 

  

	 	26.	 Instead of, or in addition to, the remedies listed above, Treasury may refer any noncompliance or any
allegations of fraud, waste, or abuse to the Treasury Inspector General. 

  

	 	27.	 Treasury, in its sole discretion, may grant any request by the Recipient for termination of this Agreement,
which such request shall be in writing and shall include the reasons for such termination, the proposed effective date of the termination, and the amount of any unused Payroll Support funds the Recipient requests to return to Treasury. Treasury may,
in its sole discretion, determine the extent to which the requirements under this Agreement may cease to apply following any such termination. 

  

	 	28.	 If Treasury determines that any remaining portion of the Payroll Support will not accomplish the purpose of
this Agreement, Treasury may terminate this Agreement in its entirety to the extent permitted by law. 

 Debts 

 

	 	29.	 Any Payroll Support in excess of the amount which Treasury determines, at any time, the Recipient is authorized
to receive or retain under the terms of this Agreement constitutes a debt to the Federal Government. 

  

	 	30.	 Any debts determined to be owed by the Recipient to the Federal Government shall be paid promptly by the
Recipient. A debt is delinquent if it has not been paid by the date specified in Treasury’s initial written demand for payment, unless other satisfactory arrangements have been made. Interest, penalties, and administrative charges shall be
charged on delinquent debts in accordance with 31 U.S.C. § 3717, 31 CFR 901.9, and paragraphs 31 and 32. Treasury will refer any debt that is more than 180 days delinquent to Treasury’s Bureau of the Fiscal Service for debt collection
services. 

  

	 	31.	 Penalties on any debts shall accrue at a rate of not more than 6 percent per year or such other higher rate as
authorized by law. 

  

	 	32.	 Administrative charges relating to the costs of processing and handling a delinquent debt shall be determined
by Treasury. 

  

	 	33.	 The Recipient shall not use funds from other federally sponsored programs to pay a debt to the government
arising under this Agreement. 

	 	

  
 12 

 Protections for Whistleblowers 

 

	 	34.	 In addition to other applicable whistleblower protections, in accordance with 41 U.S.C. § 4712, the
Recipient shall not discharge, demote, or otherwise discriminate against an Employee as a reprisal for disclosing information to a Person listed below that the Employee reasonably believes is evidence of gross mismanagement of a Federal contract or
grant, a gross waste of Federal funds, an abuse of authority relating to a Federal contract or grant, a substantial and specific danger to public health or safety, or a violation of law, rule, or regulation related to a Federal contract (including
the competition for or negotiation of a contract) or grant: 

  

	 	a.	 A Member of Congress or a representative of a committee of Congress; 

 

	 	b.	 An Inspector General; 

 

	 	c.	 The Government Accountability Office; 

 

	 	d.	 A Treasury employee responsible for contract or grant oversight or management; 

 

	 	e.	 An authorized official of the Department of Justice or other law enforcement agency; 

 

	 	f.	 A court or grand jury; or 

 

	 	g.	 A management official or other Employee of the Recipient who has the responsibility to investigate, discover,
or address misconduct. 

 Lobbying 
  

	 	35.	 The Recipient shall comply with the provisions of 31 U.S.C. § 1352, as amended, and with the regulations
at 31 CFR Part 21. 

 Non-Discrimination 

 

	 	36.	 The Recipient shall comply with, and hereby assures that it will comply with, all applicable Federal statutes
and regulations relating to nondiscrimination including: 

  

	 	a.	 Title VI of the Civil Rights Act of 1964 (42 U.S.C. § 2000d et seq.), including Treasury’s
implementing regulations at 31 CFR Part 22; 

  

	 	b.	 Section 504 of the Rehabilitation Act of 1973, as amended (29 U.S.C. § 794); 

 

	 	c.	 The Age Discrimination Act of 1975, as amended (42 U.S.C. §§ 6101—6107), including
Treasury’s implementing regulations at 31 CFR Part 23 and the general age discrimination regulations at 45 CFR Part 90; and 

  

	 	d.	 The Air Carrier Access Act of 1986 (49 U.S.C. § 41705). 

  
 13 

 Additional Reporting 
  

	 	37.	 Within seven days after the date of this Agreement, the Recipient shall register in SAM.gov, and thereafter
maintain the currency of the information in SAM.gov until at least October 1, 2022. The Recipient shall review and update such information at least annually after the initial registration, and more frequently if required by changes in the
Recipient’s information. The Recipient agrees that this Agreement and information related thereto, including the Maximum Awardable Amount and any executive total compensation reported pursuant to paragraph 38, may be made available to the
public through a U.S. Government website, including SAM.gov. 

  

	 	38.	 For purposes of paragraph 37, the Recipient shall report total compensation as defined in paragraph e.6 of the
award term in 2 CFR part 170, App. A for each of the Recipient’s five most highly compensated executives for the preceding completed fiscal year, if: 

  

	 	a.	 the total Payroll Support is $25,000 or more; 

 

	 	b.	 in the preceding fiscal year, the Recipient received: 

 

	 	i.	 80 percent or more of its annual gross revenues from Federal procurement contracts (and subcontracts) and
Federal financial assistance, as defined at 2 CFR 170.320 (and subawards); and 

  

	 	ii.	 $25,000,000 or more in annual gross revenues from Federal procurement contracts (and subcontracts) and Federal
financial assistance, as defined at 2 CFR 170.320 (and subawards); and 

  

	 	c.	 the public does not have access to information about the compensation of the executives through periodic
reports filed under section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d)) or section 6104 of the Internal Revenue Code of 1986. To determine if the public has access to the compensation information, the Recipient
shall refer to U.S. Securities and Exchange Commission total compensation filings at http://www.sec.gov/answers/execomp.htm. 

  

	 	39.	 The Recipient shall report executive total compensation described in paragraph 38: 

 

	 	a.	 as part of its registration profile at https://www.sam.gov; and 

 

	 	b.	 within five business days after the end of each month following the month in which this Agreement becomes
effective, and annually thereafter. 

  
 14 

	 	40.	 The Recipient agrees that, from time to time, it will, at its own expense, promptly upon reasonable request by
Treasury, execute and deliver, or cause to be executed and delivered, or use its commercially reasonable efforts to procure, all instruments, documents and information, all in form and substance reasonably satisfactory to Treasury, to enable
Treasury to ensure compliance with, or effect the purposes of, this Agreement, which may include, among other documents or information, (a) certain audited financial statements of the Recipient, (b) documentation regarding the
Recipient’s revenues derived from its business as a passenger air carrier or regarding the passenger air carriers for which the Recipient provides services as a contractor (as the case may be), and (c) the Recipient’s most recent
quarterly Federal tax returns. The Recipient agrees to provide Treasury with such documents or information promptly. 

  

	 	41.	 If the total value of the Recipient’s currently active grants, cooperative agreements, and procurement
contracts from all Federal awarding agencies exceeds $10,000,000 for any period before termination of this Agreement, then the Recipient shall make such reports as required by 2 CFR part 200, Appendix XII. 

Other 
  

	 	42.	 The Recipient acknowledges that neither Treasury, nor any other actor, department, or agency of the Federal
Government, shall condition the provision of Payroll Support on the Recipient’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of the Recipient under the
Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment. 

 

	 	43.	 Notwithstanding any other provision of this Agreement, the Recipient has no right to, and shall not, transfer,
pledge, mortgage, encumber, or otherwise assign this Agreement or any Payroll Support provided under this Agreement, or any interest therein, or any claim, account receivable, or funds arising thereunder or accounts holding Payroll Support, to any
party, bank, trust company, or other Person without the express written approval of Treasury. 

  

	 	44.	 The Signatory Entity will cause its Affiliates to comply with all of their obligations under or relating to
this Agreement. 

  

	 	45.	 Unless otherwise provided in guidance issued by Treasury or the Internal Revenue Service, the form of any
Taxpayer Protection Instrument held by Treasury and any subsequent holder will be treated as such form for purposes of the Internal Revenue Code of 1986 (for example, a Taxpayer Protection Instrument in the form of a note will be treated as
indebtedness for purposes of the Internal Revenue Code of 1986). 

  

	 	46.	 This Agreement may not be amended or modified except pursuant to an agreement in writing entered into by the
Recipient and Treasury, except that Treasury may unilaterally amend this Agreement if required in order to comply with applicable Federal law or regulation. 

  
 15 

	 	47.	 Subject to applicable law, Treasury may, in its sole discretion, waive any term or condition under this
Agreement imposing a requirement on the Recipient or any Affiliate. 

  

	 	48.	 This Agreement shall bind and inure to the benefit of the parties and their respective heirs, executors,
administrators, successors, and assigns. 

  

	 	49.	 The Recipient represents and warrants to Treasury that this Agreement, and the issuance and delivery to
Treasury of the Taxpayer Protection Instruments, if applicable, have been duly authorized by all requisite corporate and, if required, stockholder action, and will not result in the violation by the Recipient of any provision of law, statute, or
regulation, or of the articles of incorporation or other constitutive documents or bylaws of the Recipient, or breach or constitute an event of default under any material contract to which the Recipient is a party. 

 

	 	50.	 The Recipient represents and warrants to Treasury that this Agreement has been duly executed and delivered by
the Recipient and constitutes a legal, valid, and binding obligation of the Recipient enforceable against the Recipient in accordance with its terms. 

  

	 	51.	 This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which
together shall constitute a single contract. 

  

	 	52.	 The words “execution,” “signed,” “signature,” and words of like import in any
assignment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding anything herein to the contrary, delivery of an executed counterpart of a signature page of this Agreement by electronic means, or confirmation of the
execution of this Agreement on behalf of a party by an email from an authorized signatory of such party, shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	 	53.	 The captions and paragraph headings appearing herein are included solely for convenience of reference and are
not intended to affect the interpretation of any provision of this Agreement. 

  

	 	54.	 This Agreement is governed by and shall be construed in accordance with Federal law. Insofar as there may be no
applicable Federal law, this Agreement shall be construed in accordance with the laws of the State of New York, without regard to any rule of conflicts of law (other than section 5-1401 of the New York General
Obligations Law) that would result in the application of the substantive law of any jurisdiction other than the State of New York. 

  

	 	55.	 Nothing in this Agreement shall require any unlawful action or inaction by either party. 

 

	 	56.	 The requirement pertaining to trafficking in persons at 2 CFR 175.15(b) is incorporated herein and made
applicable to the Recipient. 

  
 16 

	 	57.	 This Agreement, together with the attachments hereto, including the Payroll Support Program Extension
Certification and any attached terms regarding Taxpayer Protection Instruments, constitute the entire agreement of the parties relating to the subject matter hereof and supersede any previous agreements and understandings, oral or written, relating
to the subject matter hereof. There may exist other agreements between the parties as to other matters, which are not affected by this Agreement and are not included within this integration clause. 

 

	 	58.	 No failure by either party to insist upon the strict performance of any provision of this Agreement or to
exercise any right or remedy hereunder, and no acceptance of full or partial Payroll Support (if applicable) or other performance by either party during the continuance of any such breach, shall constitute a waiver of any such breach of such
provision. 

 ATTACHMENT 

Payroll Support Program Extension Certification of Corporate Officer of Recipient 

  
 17 

 PAYROLL SUPPORT PROGRAM EXTENSION 

CERTIFICATION OF CORPORATE OFFICER OF RECIPIENT 

In connection with the Payroll Support Program Extension Agreement (Agreement) between Air Wisconsin Airlines LLC and the Department of the Treasury (Treasury)
relating to Payroll Support being provided by Treasury to the Recipient under Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021, I hereby certify under penalty of perjury to the Treasury that all of the following are
true and correct. Capitalized terms used but not defined herein have the meanings set forth in the Agreement. 
 (1) I have
the authority to make the following representations on behalf of myself and the Recipient. I understand that these representations will be relied upon as material in the decision by Treasury to provide Payroll Support to the Recipient. 

(2) The information and certifications provided by the Recipient in an application for Payroll Support, and in any attachments
or other information provided by the Recipient to Treasury related to the application, are true and correct and do not contain any materially false, fictitious, or fraudulent statement, nor any concealment or omission of any material fact. 

(3) The Recipient has the legal authority to apply for the Payroll Support, and it has the institutional, managerial, and
financial capability to comply with all obligations, terms, and conditions set forth in the Agreement and any attachment thereto. 

(4) The Recipient and any Affiliate will give Treasury, Treasury’s designee or the Treasury Office of Inspector General
(as applicable) access to, and opportunity to examine, all documents, papers, or other records of the Recipient or Affiliate pertinent to the provision of Payroll Support made by Treasury based on the application, in order to make audits,
examinations, excerpts, and transcripts. 
 (5) No Federal appropriated funds, including Payroll Support, have been paid or
will be paid, by or on behalf of the Recipient, to any person for influencing or attempting to influence an officer or employee of an agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in
connection with the awarding of any Federal contract, the making of any Federal grant, the making of any Federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any
Federal contract, grant, loan, or cooperative agreement. 

  
 18 

 (6) If the Payroll Support exceeds $100,000, the Recipient shall comply with
the disclosure requirements in 31 CFR Part 21 regarding any amounts paid for influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of
Congress in connection with the Payroll Support. 
 I acknowledge that a materially false, fictitious, or fraudulent statement (or concealment or
omission of a material fact) in this certification, or in the application that it supports, may be the subject of criminal prosecution and also may subject me and the Recipient to civil penalties and/or administrative remedies for false claims or
otherwise. 
  

			
	 /s/ Robert Binns
	  	 /s/ Gregg Garvey

		
	Corporate Officer of Signatory Entity	  	Second Authorized Representative
		
	Name: ROBERT BINNS	  	Name: Gregg Garvey
		
	Title: PRESIDENT & CEO	  	Title: SVP, CAO & Treasurer
		
	Date: 3/22/21	  	Date: 3/22/21

  
 19Exhibit
10.1

 

[___],
2021

 

Quinzel
Acquisition Company

535
Madison Avenue, 30th Floor

New
York, NY 10022

 

		Re:	Initial
Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the
Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Quinzel Acquisition Company, a Delaware corporation (the “Company”), and Cantor Fitzgerald & Co.,
as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”),
of 23,000,000 of the Company’s units (including up to 3,000,000 units that may be purchased to cover over-allotments, if
any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value
$0.0001 per share (the “Common Stock”), and one-half of one redeemable warrant. Each
whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one share of Common Stock
at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration
statement on Form S-1 (File No. 333-254116) and prospectus (the “Prospectus”) filed by the Company with
the U.S. Securities and Exchange Commission (the “Commission”) and the Company has applied to have the
Units listed on The Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 12 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Quinzel Holdings
Sponsor LLC (the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s
board of directors and/or management team of the Company (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

1.
If the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business Combination,
it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor of any proposed Business Combination
and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder approval. If the Company
engages in a tender offer in connection with any proposed Business Combination, each of the undersigned agrees that it, he or
she will not seek to sell its, his or her shares of Capital Stock to the Company in connection with such tender offer.

 

2.
In the event that the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering,
or such later period approved by the Company’s stockholders in accordance with the Company’s amended and restated
certificate of incorporation (the “Charter”), it, he or she shall take all reasonable steps to cause
the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold as part
of the Units in the Public Offering (the “Offering Shares”), at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish
all Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each
case to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law. Each of the undersigned agrees not to propose any amendment to the Charter to modify (i) the substance or timing of the ability
of holders of Offering Shares to seek redemption in connection with a Business Combination, (ii) certain amendments to the Charter
prior to the completion of a Business Combination or (iii) (A) the Company obligation to redeem 100% of the Offering Shares if
the Company does not complete a Business Combination within such time set forth in the Charter or (B) any other provisions relating
to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides its public stockholders with
the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account
and not previously released to the Company to pay its taxes, divided by the number of then outstanding Offering Shares.

 

     

     

    

 

Each
of the undersigned acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held
in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder
Shares held by it, him or her. Each of the undersigned hereby further waives, with respect to any shares of Common Stock held
by it, him or her, if any, whether acquired now or hereafter, any redemption rights it, he or she may have in connection with
the consummation of a Business Combination, including, without limitation, any such rights available in the context of a stockholder
vote to approve such Business Combination or a stockholder vote to approve an amendment to the Charter to modify (i) the substance
or timing of the ability of holders of Offering Shares to seek redemption in connection with a Business Combination or (ii) (A)
the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within
such time set forth in the Charter or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination
activity, unless the Company provides its public stockholders with the opportunity to redeem their shares of Common Stock upon
approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its
taxes, divided by the number of then outstanding Offering Shares, or (iii) in the context of a tender offer made by the Company
to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption
and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination
within the time period set forth in the Charter).

 

3.
During the period commencing on the date of the Underwriting Agreement and ending 180 days after such date, each of the undersigned
shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, 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 Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission
promulgated thereunder, with respect to any Units, shares of Capital Stock, Warrants or any securities convertible into, or exercisable,
or exchangeable for, shares of Capital Stock owned by it, him or her, (ii) 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 Units, shares of Capital Stock, Warrants
or any securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention
to effect any transaction specified in clause (i) or (ii). Each of the undersigned acknowledges and agrees that, prior to the
effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall
announce the impending release or waiver by press release through a major news service at least two business days before the effective
date of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date
of such press release. The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a
transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter
Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

4.
In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business
Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees
to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or
defending against any litigation, whether pending or threatened) to which the Company may become subject as a result of any
claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business
with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business
Combination agreement (a “Target”); provided, however, that such indemnification of the
Company by the Indemnitor shall (x) apply only to the extent necessary to ensure that such claims by a third party or a
Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Offering Share and (ii)
the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if
less than $10.00 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets,
less interest earned on the Trust Account which may be withdrawn to pay taxes, (y) not apply to any claims by a third party
or a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver
is enforceable) and (z) not apply to any claims under the Company’s indemnity of the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to
defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following
written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall
undertake such defense.

 

    2

     

    

 

5.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,000,000 Units
in full within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit,
at no cost, a number of Founder Shares in the aggregate equal to 1,000,000 multiplied by a fraction, (i) the numerator of which
is 3,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii)
the denominator of which is 3,000,000. The Sponsor will be required to forfeit only that number of Founder Shares as is necessary
so that the Initial Stockholders will own an aggregate of 25% of the Company’s issued and outstanding shares of Capital
Stock after the Public Offering.

 

6.
Each of the undersigned agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a),
7(b), 9 and 10, as applicable, of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach
and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may
have in law or in equity, in the event of such breach.

 

7.
(a) The Founder Shares shall not be transferable or salable (x)(a) with respect to 25% of such shares, until consummation of a
Business Combination, (b) with respect to 25% of such shares, when the closing price of the Common Stock exceeds $12.00 for any
20 trading days within a 30-trading day period following the consummation of a Business Combination, (c) with respect to 25% of
such shares, when the closing price of the Common Stock exceeds $13.50 for any 20 trading days within a 30-trading day period
following the consummation of a Business Combination, and (d) with respect to 25% of such shares, when the closing price of the
Common Stock exceeds $17.00 for any 20 trading days within a 30-trading day period following the consummation of a Business Combination
or earlier, in any case, if, following a Business Combination (y) the Company completes 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 “Founder Lock-Up Period”).
During the Founder Lock-Up Period, the Sponsor and the Insiders shall not, except as described in the Prospectus, (I) sell, offer
to sell, contract or agree to sell, hypothecate, pledge, 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, and the rules and regulations of the Commission promulgated thereunder,
with respect to the Founder Shares then subject to the Founder Lock-Up Period, (II) 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 of the Founder Shares then subject
to the Founder Lock-Up Period, whether any such transaction is to be settled by delivery of the Common Stock or such other securities,
in cash or otherwise, or (III) publicly announce any intention to effect any transaction specified in clause (b)(I) or (b)(II).

 

(b)
Each of the undersigned shall not Transfer any Private Placement Warrants (or shares of Common Stock issued or issuable upon
the exercise of the Private Placement Warrants), until 30 days after the completion of a Business Combination (the
“Private Placement Warrants Lock-up Period”, together with the Founder Lock-up Period, the
“Lock-up Periods”).

 

(c)
Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants
and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder
Shares and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph
7(c)), are permitted (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s
officers or directors or any affiliate of the Sponsor or to any member(s) of the Sponsor or any of their affiliates; (b) in the
case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which
is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c)
in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of
an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the
consummation of an initial Business Combination at prices no greater than the price at which the shares or warrants were originally
purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial Business Combination; or
(g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution
of the Sponsor; provided, however, that in each case these permitted transferees must enter into a written
agreement with the Company agreeing to be bound by the transfer restrictions herein.

 

    3

     

    

 

8.
Each of the undersigned represents and warrants that it, he or she has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in
the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. Each Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents
and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order
or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;
it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial
transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is
not currently a defendant in any such criminal proceeding.

 

9.
Except as disclosed in the Prospectus, neither the Sponsor nor any officer, director, advisor or any affiliate of the
Sponsor, officer, director or advisor of the Company, shall receive from the Company any finder’s fee, reimbursement,
consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any
services rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless of
the type of transaction that it is). Commencing on the consummation of the Public Offering, until the consummation of
the Business Combination, the Sponsor shall provide the Company, free of charge, office space, utilities, and secretarial and
administrative support.

 

10.
Each Insider agrees that, until the consummation of the Business Combination and for one year thereafter, he or she will keep
confidential all confidential, proprietary and non-public information of the Company (whether written, oral or electronic communications),
including without limitation, the names of the targets identified by the Company for a potential Business Combination and any
and all information provided by the Company to the Insider regarding such targets.

 

11.
Each of the undersigned has full right and power, without violating any agreement to which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and,
as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents to being named
in the Prospectus as an officer and/or director of the Company.

 

12.
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital Stock”
shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean
(a) the 7,666,667 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to the Sponsor
(up to 1,000,000 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is
not exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.003 per share, prior to the consummation
of the Public Offering; (iv) “Initial Stockholders” shall mean the Sponsor and any Insider that holds
Founder Shares; (v) “Private Placement Warrants” shall mean the Warrants to purchase up to 6,500,000
shares (or up to 7,100,000 shares if the over-allotment option is exercised in full) of Common Stock of the Company that the Sponsor
has agreed to purchase for an aggregate purchase price of $6,500,000 (or up to $7,100,000 if the over-allotment option is exercised
in full) in the aggregate, or $1.00 per Warrant, in a private placement that shall occur simultaneously with the consummation
of the Public Offering; (vi) “Public Stockholders” shall mean the holders of securities issued in the
Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds
of the Public Offering shall be deposited; and (viii) “Transfer” shall mean the (a) sale of, offer to
sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement
to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to
or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is
to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any
transaction specified in clause (a) or (b).

 

    4

     

    

 

13.
The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance,
and each of the directors and officers of the Compnay shall be covered by such policy or policies, in accordance with its or their
terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

14.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

15.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on each of the undersigned and their respective successors, heirs and assigns and permitted transferees.

 

16.
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties
hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise
or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns
and permitted transferees.

 

17.
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

18.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable.

 

19.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

20.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

21.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the
Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by June 30, 2021; provided further that paragraphs 4 and 11 of this Letter Agreement shall survive such liquidation.

 

22.
The Company, the Sponsor and the Insiders hereby acknowledge and agree that the Representative on behalf of the Underwriters is
a third party beneficiary of this Letter Agreement.

 

 

[Signature
Page Follows]

 

    5

     

    

 

	 	Sincerely,
	 	 
	 	Quinzel
    Holdings Sponsor LLC
	 	 	 
	 	By:
	 
	 	 	Name: 	 Joel Greenblatt
	 	 	Title:	Managing Member
	 	 	 	 
	 	By:
	 
	 	 	Name: 	Robert Goldstein
	 	 	Title:	Managing Member

 

	 	 
	 	Name:  	Joel Greenblatt
	 	 
	 	
	 	Name:	 Robert Goldstein
	 	 
	 	 
	 	Name:	 Bernard Seibert
	 	 	 
	 	 
	 	Name: 	Eric Strutz
	 	 
	 	 
	 	Name: 	Nikola Duravcevic
	 	 
	 	
	 	Name: 	John Petry

 

	Acknowledged
    and Agreed:	 
	 	 
	QUINZEL
    ACQUISITION COMPANY	 
	 	 	 	 
	By:	 	 
	 	Name:	Robert Goldstein	 
	 	Title:	Co-Chief Executive
    Officer	 

 

 

[Signature
Page to Letter Agreement]

 

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]