Document:

Exhibit 10.2

 

EXECUTION VERSION

THIRD AMENDMENT TO LOAN DOCUMENTS

 

THIS THIRD AMENDMENT
TO LOAN DOCUMENTS (this “Amendment”), dated as of April 7, 2020, is among Stratos
Management Systems, Inc. (f/k/a Tango Merger Sub Corp.), a Delaware corporation (“Stratos”) and successor
by merger to Stratos Management Systems, Inc., a Delaware corporation (“Existing Borrower”), American
Virtual Cloud Technologies, Inc. (f/k/a Pensare Acquisition Corp.), a Delaware corporation (“Parent”
and together with Stratos, collectively and individually, “New Borrower”), COMPUTEX, INC., a Texas corporation
(“Computex”), FIRST BYTE COMPUTERS, INC., a Minnesota corporation (“First Byte”), ENETSOLUTIONS,
L.L.C., a Texas limited liability company (“eNET”, and together with Computex and First Byte, collectively,
“Guarantors”, and each, individually, a “Guarantor”), and COMERICA BANK (“Bank”).

 

RECITALS:

 

A. Existing
Borrower, Stratos Management Systems Holdings, LLC, a Delaware limited liability company (“SMSH”), and Bank
have entered into that certain Credit Agreement dated as of December 18, 2017 (as the same has been or may hereafter be amended,
restated or otherwise modified from time to time, the “Credit Agreement”).

 

B. In
connection with the Credit Agreement, (i) Existing Borrower, SMSH and the Guarantors (other than Parent) executed a Security
Agreement dated as of December 18, 2017 in favor of Bank and (ii) Parent executed and delivered in favor of Bank that certain
Security Agreement dated as of the date hereof in favor of Bank (collectively, as the same have been or may be amended, restated
or modified from time to time, the “Security Agreement”).

 

C. In
connection with the Credit Agreement, (i) SMSH, Computex, eNET, and First Byte executed and delivered in favor of Bank that certain
Guaranty dated as of December 18, 2017 and (ii) Parent executed and delivered in favor of Bank that certain Guaranty dated as of
the date hereof (collectively, as the same have been or may hereafter be amended, restated or otherwise modified from time to time,
the “Guaranties”).

 

D. In
connection with the Credit Agreement, the Existing Borrower, Computex, First Byte, and eNET executed and delivered in favor of
Bank that certain Advance Formula Agreement dated as of December 18, 2017 (as the same has been or may hereafter be amended, restated
or otherwise modified from time to time, the “Advance Formula Agreement”).

 

E. In
connection with this Amendment and the transactions contemplated herein, SMSH has executed that certain Pledge and Security Agreement
dated as of the date hereof (as the same may be amended, restated or modified from time to time, the “Pledge Agreement”)
granting Bank a security interest in a cash collateral account, as required under Section 4(t) of the Credit Agreement as amended
and further described herein.

 

F. The
Existing Borrower intends to assign the Indebtedness (as defined in the Credit Agreement) to New Borrower, and New Borrower agrees
to assume the Indebtedness from the Existing Borrower.

 

    Third Amendment to Loan Documents – Page 1

     

    

 

G. SMSH
intends to assign its obligations as “Parent” as defined in the Credit Agreement) to Parent, and Parent agrees to assume
such obligations from SMSH.

 

H.  Existing
Borrower has notified Bank of (a) the failure of Existing Borrower to comply with (i) the financial covenant Total Senior Funded
Debt to Adjusted EBITDA Ratio under Section 4(k) of the Credit Agreement for the fiscal quarter ending December 31, 2019 and (ii)
the financial covenant Fixed Charge Coverage Ratio under Section 4(l) of the Credit Agreement for the fiscal quarter ending December
31, 2019, each of which is an Event of Default under Section 6(d) of the Credit Agreement and (b) the occurrence of the Event of
Default specified in Section 6(m) of the Credit Agreement (such Events of Default collectively referred to herein as “Specified
Defaults”).

 

I. Existing
Borrower, New Borrower, SMSH, Guarantors, and Bank now desire to (i) amend the Credit Agreement, Advance Formula Agreement and
the other Loan Documents as provided herein and (ii) waive the Specified Defaults.

 

NOW, THEREFORE, in
consideration of the premises herein contained and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows (all provisions of this Amendment being effective as of the date hereof
unless otherwise stated herein):

 

ARTICLE I

Definitions

 

Section
1.1 Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have
the same meanings as in the Credit Agreement, as amended hereby.

 

ARTICLE II

Amendments to Loan Documents

 

Section
2.1 Amendments to Section 1(a) of the Credit Agreement. The following definitions in Section 1(a) of
the Credit Agreement are hereby amended and restated to read in their entirety as follows:

 

“Current
Maturities of Long Term Debt” shall mean, in respect of any applicable Person(s) and as of any applicable date of determination
thereof, that portion of the Long Term Debt of such Person(s) that should be classified as a current liability at such time in
accordance with GAAP, including, without limitation, that portion of finance lease obligations of such Person(s) that would be
so classified at such time.

 

    Third Amendment to Loan Documents – Page 2

     

    

 

“Funded
Debt” shall mean, with respect to any Person as of any date of determination, the sum of the following of such Person
and its Subsidiaries: (a) all obligations for borrowed money; (b) all obligations upon which interest charges are customarily paid
or accrued; (c) all obligations evidenced by bonds, notes or similar instruments; (d) all obligations under conditional sale or
other title retention agreements relating to property purchased by such Person; (e) all obligations issued or assumed as the deferred
and unpaid purchase price of property or services (excluding (x) trade accounts payable incurred in the ordinary course of business
that are not past due and which are classified as short term liabilities in accordance with GAAP and (y) amounts due from customers
that are pledged or assigned to a third-party in exchange for property or services provided, directly or indirectly to such third-party
as a purchase price for such property or services); (f) all obligations of others secured by (or having an existing right, contingent
or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby
have been assumed; (g) all guarantee obligations by such Person of Funded Debt of others; (h) all finance lease obligations; and
(i) all obligations as an account party in respect of letters of credit or similar facilities and bankers’ acceptances.

 

“Long
Term Debt” shall mean, in respect of any applicable Person(s) and as of any applicable date of determination thereof,
all Debt of such Person(s) which should be classified as Funded Debt or “long term indebtedness” on a balance sheet
of such Person(s) as of such date in accordance with GAAP, including, without limitation, to the extent not otherwise included,
finance lease obligations of such Person(s) to the extent classified as long term at such time.

 

“Revolving
Credit Note” shall mean the Third Amended and Restated Master Revolving Note dated the Third Amendment Effective Date
in the maximum original principal amount of $16,500,000 made by Borrower payable to the order of Bank, as the same has been or
may be renewed, extended, modified, increased, or restated from time to time.

 

“Term
Note” shall mean the Amended and Restated Term Note dated the Third Amendment Effective Date in the maximum original
principal amount of $6,428,571.40 made by Borrower payable to the order of Bank, as the same has been or may be amended, renewed,
extended, modified, increased or restated from time to time.

 

Section
2.2 Additions to Section 1(a) of the Credit Agreement. The following definitions are hereby added to Section 1(a)
of the Credit Agreement in alphabetical order to read in their entirety as follows:

 

“2020 Subordinated Debt”
shall mean the Debt owed by Parent, Borrower and Borrower’s Subsidiaries pursuant to the following documents: (a) the Securities
Purchase Agreement dated on or about the Third Amendment Effective Date, by and among Parent and the investors party thereto and
any and all convertible debentures in an amount not to exceed $100,000,000 (including any such debentures issued following the
Third Amendment Effective Date in accordance with the terms of such Securities Purchase Agreement) and warrants to purchase common
stock issued pursuant thereto; (b) the Registration Rights Agreement dated on or about the Third Amendment Effective Date, by and
among Parent and the holders party thereto; (c) the subordinated promissory notes dated on or about or within 60 days following,
the Third Amendment Effective Date in an amount not to exceed $7,000,000 in the aggregate, by Parent in favor of certain holders
party thereto and issued in settlement of certain obligations of Parent to the holders thereof as evidenced by letter agreement
(or other agreements evidencing such settlements) dated on or about or within 60 days following, the Third Amendment Effective
Date between Parent and each holder of such subordinated promissory notes, and (d) any other documents, agreement, and instruments
related thereto.

 

    Third Amendment to Loan Documents – Page 3

     

    

 

“Third Amendment Effective
Date” shall mean April 7, 2020.

 

Section
2.3 Amendment to Section 4(a)(vii) of the Credit Agreement. Section 4(a)(vii) of the Credit Agreement
is hereby amended and restated in its entirety to read as follows:

 

		(vii)	On or before each Tuesday, borrowing base reports of Borrower as of the last day of the calendar
week most recently ended, which borrowing base reports shall include a schedule identifying each Eligible Account at such time,
and such other matters and information relating to the Eligible Accounts as Bank may request (in each case, to the extent Eligible
Accounts are included under the applicable Advance Formula Agreement), reports as to the amount of Eligible Inventory, including,
without limitation, designations as to the types of Eligible Inventory, the additions and subtractions thereto, and such other
matters and information relating to the Eligible Inventory as Bank may request (in each case, to the extent Eligible Inventory
is included under the applicable Advance Formula Agreement), together with a certificate setting forth Borrower’s calculation
of the Advance Formula as of the date of such borrowing base report. In addition, if, pursuant to the terms of this Agreement or
any Advance Formula Agreement, Borrower is required to deliver to Bank accounts receivable agings, accounts payable agings or inventory
reports (each, a “Reporting Item”) on a date in which Borrower is not required to also deliver a borrowing base report,
on the date that Borrower delivers any such Reporting Item to Bank, Borrower shall also deliver to Bank a borrowing base report
as of such date. Each borrowing base report so delivered to Bank shall be certified by an Authorized Officer of Borrower.

 

Section
2.4 Additions to Section 4(a) of the Credit Agreement. The following new subsections (viii) and (ix) are
hereby added to the end of Section 4(a) of the Credit Agreement to read in their entirety as follows:

 

		(viii)	Any financial reports, statements, press releases, other material information or written notices
delivered to the holders of any Subordinated Debt pursuant to any applicable Subordinated Debt Documents (to the extent not otherwise
required hereunder), as and when delivered to such Persons.

 

    Third Amendment to Loan Documents – Page 4

     

    

 

		(ix)	Within 120 days after the end of each fiscal year, projections for the Loan Parties for the next
succeeding fiscal year, on a quarterly basis and for the following fiscal year on an annual basis, including statements of income,
cash flows and balance sheet, as at the end of each relevant period and for the period commencing at the beginning of the fiscal
year and ending on the last day of such relevant period, such projections certified by a Responsible Officer of the Borrower as
being based on reasonable estimates and assumptions taking into account all facts and information known (or reasonably available
to any Loan Party) by a Responsible Officer of the Borrower.

 

Section
2.5 Amendment to Section 4(c) of the Credit Agreement. Section 4(c) of the Credit Agreement is hereby
amended and restated to read in its entirety as follows:

 

(c) Keeping
of Books and Records; Inspections and Audits. Keep proper books of record and account in which full and correct entries
shall be made of all of its financial transactions and its assets and businesses so as to permit the presentation of financial
statements (including, without limitation, any financial statements required to be delivered to Bank pursuant to this Agreement)
prepared in accordance with GAAP; permit Bank, or its representatives, at reasonable times and intervals, and following reasonable
notice, to visit all of such Loan Party’s offices and to make inquiries as to such Loan Party’s respective financial
matters with its respective directors, officers, employees, and independent certified public accountants; and permit Bank, through
Bank’s authorized attorneys, accountants and representatives, to, following reasonable notice, inspect, audit and examine
such Loan Party’s books, accounts, records, ledgers and assets and properties of every kind and description, wherever located,
at all reasonable times during normal business hours including, without limit, audits of such Loan Party’s accounts receivable,
inventory and other Collateral to be conducted not less frequently than semi-annually. Borrower shall reimburse Bank for all reasonable
costs and expenses incurred by Bank in connection with such inspections, examinations and audits, and to pay to Bank such fees
as Bank may reasonably charge in respect of such inspections, examinations and audits, or as otherwise mutually agreed upon by
Borrower and Bank.

 

Section
2.6 Amendments to Section 4(h) of the Credit Agreement. Section 4(h) of the Credit Agreement is hereby
amended and restated to read in its entirety as follows:

 

(h) Maintain
Bank Accounts. As soon as possible, but in any event, within one hundred twenty (120) days of the Third Amendment Effective
Date (the “Transition Period”), maintain all of each Loan Party’s principal bank accounts with Bank and notify
Bank immediately in writing of the establishment or existence of any other bank account, deposit account or other account into
which money may be deposited (other than with Bank); provided, however, providing any such notice to Bank shall not waive the occurrence
or existence of any Default or Event of Default arising or existing as a result of the establishment or existence of any account(s)
in violation of this Section; and provided, further, that during the Transition period, the amounts maintained in any other bank
accounts outside of Bank shall not exceed $1,000,000 in the aggregate.

 

    Third Amendment to Loan Documents – Page 5

     

    

 

Section
2.7 Amendments to Sections 4(k), (l), and (m) of the Credit Agreement. Sections 4(k), (l), and (m) of
the Credit Agreement are hereby amended and restated to read in their entirety as follows:

 

(k) Dominion
of Funds and Lockbox. Within thirty (30) days of the Third Amendment Effective Date, Borrower shall at its sole expense
establish and maintain (and Bank, at Bank’s option, may establish and maintain at Borrower’s expense): (i) a
United States Post Office lockbox (the “Lockbox”) to which Bank shall have exclusive access and control; and (ii) a
deposit account maintained with Bank which shall be titled as designated by Bank (the “Cash Collateral Account”) to
which Bank shall have exclusive access and control. Borrower shall have taken such actions as are necessary to direct and to cause
all of each Loan Party’s collections and receipts to be deposited directly into the Lockbox and/or the Cash Collateral Account,
including, without limitation, giving notice to all of such Loan Party’s account debtors. All amounts deposited into the
Lockbox and Cash Collateral Account shall be applied daily against all amounts owing to Bank under the Revolving Credit Note and
in accordance with the Credit Agreement.

 

(l) [Reserved].

 

(m) Capital
Expenditures. Not make or incur consolidated unfinanced Capital Expenditures in excess of $1,250,000 in aggregate
during any fiscal year of the Borrower.

 

Section
2.8 Amendment to Section 4(q) of the Credit Agreement. Section 4(q) of the Credit Agreement is hereby
amended and restated to read in its entirety as follows:

 

(q) Landlord
Waivers. Within forty-five (45) days of the Third Amendment Effective Date, Borrower shall deliver to Bank
a written landlord waiver or subordination agreement for the benefit of Bank and executed by each landlord for leased premises
where Collateral may be located, in form and substance satisfactory to Bank, together with copies of all documents evidencing,
guarantying, securing or otherwise pertaining to the leases.

 

Section
2.9 Additions of Sections 4(s) and (t) to the Credit Agreement. The following new subsections (s) and (t)
are hereby added to the end of Section 4 of the Credit Agreement to read in their entirety as follows:

 

(s) Delivery
of Borrower Stock Certificate. Within thirty (30) days of the Third Amendment Effective Date, Borrower shall deliver to
Bank a stock certificate evidencing Parent’s Equity Interest in the Borrower, in form and substance satisfactory to the Bank.

 

(t) Escrow
Account. Beginning on the Third Amendment Effective Date, establish and maintain an escrow account with Bank (to which
Bank shall have exclusive access and control) of at least $1,000,000 in the aggregate in cash or deposited therein, the proceeds
of which, as hereby authorized by Bank shall be applied to scheduled interest payments when due and payable on the Revolving Credit
Note and Term Note to Bank. In the event such amounts in such escrow account are insufficient to pay any interest payment then
due and payable, Borrower shall immediately make such payment in accordance with the Revolving Credit Note and the Term Note, as
applicable. The owner of such escrow account shall grant to Bank a continuing security interest in such accounts and all proceeds
thereof.

 

    Third Amendment to Loan Documents – Page 6

     

    

 

Section
2.10 Amendment to Section 5(c)(iv) of the Credit Agreement. The reference to the term “Capital lease obligation”
in Section 5(c)(iv) of the Credit Agreement is hereby deleted and the reference to the term “finance lease obligation”
is inserted in lieu thereof.

 

Section
2.11 Amendment to Section 6(m) of the Credit Agreement. The following Subsection 6(m) of the Credit Agreement
is amended and restated to read in its entirety as follows:

 

(m) the
occurrence or existence of any default or event of default, as the case may be, set forth in any document, agreement or instrument
evidencing or related to the 2020 Subordinated Debt.

 

Section
2.12 Additions of Section 20 to the Credit Agreement. The following new Section 20 hereby added to the Credit
Agreement to read in its entirety as follows:

 

Section 20 Multiple
Borrowers. If there is more than one Borrower under this Agreement, unless otherwise expressly provided herein, each and
every reference to the term “Borrower” in this Agreement shall mean and refer to each such Borrower, and all undertakings,
agreements, warranties, covenants, liabilities and obligations of each Borrower, and all rights, powers and authorities given to
or conferred upon Bank hereunder, shall apply to each Borrower severally and to all of them jointly.

 

Section
2.13 Amendment to Second Introductory Paragraph of Advance Formula Agreement. The second introductory paragraph
of the Advance Formula Agreement is hereby amended and restated to read in its entirety as follows:

 

Borrower executed and delivered
unto Bank that certain Third Amended and Restated Master Revolving Note dated the Third Amendment Effective Date, made in the aggregate
principal amount of Sixteen Million Five Hundred Thousand Dollars ($16,500,000) (as the same has been and may be amended, modified,
extended, renewed, restated, substituted and/or replaced from time to time, and whether in a greater or lesser amount, the “Note”).
Borrower’s liabilities, obligations and indebtedness under or pursuant to the Note are secured pursuant to certain collateral
documents entered into from time to time between Debtor and Bank, including, without limit, (i) that certain Security Agreement
dated as of December 18, 2017, executed and delivered by Debtor (except for American Virtual Cloud Technologies, Inc.) unto
Bank and (ii) that certain Security Agreement dated as of the date hereof, executed and delivered by American Virtual Cloud Technologies,
Inc. unto Bank (collectively, as the same has been and may be amended, modified, extended, renewed, restated, substituted and/or
replaced from time to time, the “Security Agreement”).

 

    Third Amendment to Loan Documents – Page 7

     

    

 

Section
2.14 Amendment and Addition to Section 4 of the Advance Formula Agreement. (a) The reference to the term “and”
in Section 4(n) of the Advance Formula Agreement is hereby deleted, (b) the period at the end of Section 4(o) of the Advance Formula
Agreement is deleted and the term “; and” is inserted in lieu thereof, and (c) the following subsection (p) is hereby
added to the end of Section 5 of the Advance Formula Agreement to read in its entirety as follows:

 

(p) it
is not an Account adequately insured and covered by accounts receivable insurance to be in such amounts, contain such terms, be
in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be reasonably satisfactory
to Bank, and such insurance to be payable to Bank.

 

ARTICLE III

Assignment and Assumption

 

Section
3.1 Assignment and Assumption. The Existing Borrower has TRANSFERRED, ASSIGNED, GRANTED and CONVEYED and do by
these presents TRANSFERS, ASSIGNS, GRANTS and CONVEYS unto New Borrower the Indebtedness, together with, if any, rights, titles,
assignments and interests pertaining to or arising from the Indebtedness pursuant to the Loan Documents (collectively the “Assigned
Documents”). Each New Borrower, as successor by merger to the Existing Borrower, confirms its assumption of the Indebtedness
and the other obligations and liabilities under the Loan Documents, jointly and severally, as a borrower. New Borrower, jointly
and severally, agrees to be bound by all terms, provisions, agreements and conditions of the Loan Documents as borrower and debtor
thereunder.

 

Section
3.2 Acknowledgment and Ratification. New Borrower hereby consents and agrees to this Assignment and acknowledges
and agrees that (i) all references to “Borrower” in the Assigned Documents shall be deemed to refer collectively to
Stratos Management Systems, Inc. (f/k/a Tango Merger Sub Corp.), a Delaware corporation, and American Virtual Cloud Technologies,
Inc. (f/k/a Pensare Acquisition Corp.), a Delaware corporation, and (ii) any Assigned Document to which it is a party shall remain
in full force and effect and shall be the legal, valid and binding obligation of New Borrower and enforceable against New Borrower
in accordance with its terms. New Borrower hereby acknowledges and agrees that all references to (i) “Parent” in the
Assigned Documents shall be deemed to refer to American Virtual Cloud Technologies, Inc. (f/k/a Pensare Acquisition Corp.), a Delaware
corporation and (ii) “Loan Party” in the Assigned Documents shall be deemed to refer collectively to Stratos Management
Systems, Inc. (f/k/a Tango Merger Sub Corp.), a Delaware corporation and American Virtual Cloud Technologies, Inc. (f/k/a Pensare
Acquisition Corp.), a Delaware corporation.

 

ARTICLE IV

 

Limited Consent; Limited
Waiver

 

Section
4.1 Limited Waiver. New Borrower requests that Bank waives the Specified Defaults. Subject to the terms and conditions
of this Amendment, Bank waives the Specified Defaults.

 

    Third Amendment to Loan Documents – Page 8

     

    

 

Section
4.2 Limited Consent. Existing Borrower has notified Bank of its intention to merge into Stratos, with Stratos
as the surviving entity, pursuant to (a) that certain Business Combination Agreement dated as of July 24, 2019, as amended by Amendment
No. 1 dated as of December 20, 2019 and Amendment No. 2 dated on or about the Third Amendment Effective Date (the "2020
Merger"), (b) Parent’s intention to finance a portion of the 2020 Merger by means of (i) a private placement of
units of securities, each unit consisting of (A) $1,000 in principal amount of Parent’s Series A convertible debentures and
(B) a warrant to purchase 100 shares of Parent’s common stock (the “2020 PIPE”) as well as (ii) promissory
notes in an amount not to exceed $7,000,000 in the aggregate by Parent to certain holders thereof (collectively, the “Service
Provider Debt”), of which true, correct and complete copies have been provided to Bank on or prior to the date hereof
(or will be provided to Bank promptly after the execution thereof, in the case of any such promissory notes executed after the
Third Amendment Effective Date). Each of Existing Borrower and New Borrower requests that Bank consent to the 2020 Merger, the
2020 PIPE, and the Service Provider Debt, notwithstanding any restrictions in the Credit Agreement, including Sections 5(d), 5(f),
5(h), 5(m), 5(o) and 6(h) of the Credit Agreement. Subject to the terms and conditions of this Amendment, Bank hereby consents
to the 2020 Merger, the 2020 PIPE, and the Service Provider Debt.

 

Section
4.3 No Waiver. Except as otherwise provided in Sections 4.1 and 4.2, nothing contained herein shall be
construed as a consent to or waiver of any Default or Event of Default (other than the Specified Defaults), which may now exist
or hereafter occur or any violation of any term, covenant or provision of the Credit Agreement or any other Loan Document. All
rights and remedies of Bank are hereby expressly reserved with respect to any such Default or Event of Default. Nothing contained
herein shall affect or diminish the right of Bank to require strict performance by each Loan Party of each provision of any Loan
Document to which such Loan Party is a party, except as expressly provided herein. Except as amended hereby, all terms and provisions
and all rights and remedies of Bank under the Loan Documents shall continue in full force and effect and are hereby confirmed and
ratified in all respects. The limited waiver in Section 4.1 and the limited consent in Section 4.2 shall each be
effective only in this specific instance and for the specific purpose for which it is given, and neither this limited waiver nor
limited consent shall entitle the New Borrower to any other or further waiver or consent in any similar or other circumstances.

 

ARTICLE V

Conditions Precedent

 

Section
5.1 Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of the following
conditions precedent:

 

(a) Bank
shall have received:

 

(i) this
Amendment properly executed by Existing Borrower, New Borrower, Guarantors and Bank;

 

(ii) that
certain Third Amended and Restated Master Revolving Note and that certain Amended and Restated Term Note, each properly executed
by New Borrower;

 

(iii) that
certain Security Agreement properly executed by Parent;

 

    Third Amendment to Loan Documents – Page 9

     

    

 

(iv) that
certain Amended and Restated Intellectual Property Security Agreement properly executed by New Borrower, Guarantors, and Bank;
and

 

(v) that
certain Agreement Regarding Release of Guarantor, properly executed by SMSH, New Borrower, and Guarantors.

 

(b) The
representations and warranties contained herein and in all other Loan Documents, as amended hereby, shall be true and correct in
all material respects as of the date hereof as if made on the date hereof.

 

(c) No
Default or Event of Default (other than the Specified Defaults) shall have occurred and be continuing.

 

(d) New
Borrower shall have paid a $50,000 amendment fee to Bank, such fee to be deemed fully earned, due and payable as of the date hereof.

 

(e) Bank
shall have received such other documents, instruments and agreements as Bank may reasonably require, including, but not limited
to:

 

(i) copies
of the organizational documents of each of the New Borrower and other Loan Parties;

 

(ii) UCC
searches and any other diligence items for each of the Loan Parties requested by Bank;

 

(iii) Fully
executed copies of documentation related to the 2020 Merger, in form and detail satisfactory to Bank;

 

(iv) Fully
executed copies of documentation related to the 2020 Subordinated Debt, each in form and detail satisfactory to Bank and subordinated
to Bank in form and detail satisfactory to Bank; and

 

(v) Documentation
providing evidence that, after giving effect to the transaction contemplated by this Agreement, the 2020 Merger and the 2020 Subordinated
Debt on or around the Third Amendment Effective Date, (a) the sum of borrowing availability under the Advance Formula as of the
date hereof plus any cash held in accounts by Stratos maintained with Bank (but excluding the escrow account more specifically
described in Section 4(t) of the Credit Agreement as amended herein) shall not be less than $2,000,000 in the aggregate and (b)
Parent has no less than $9,000,000 in cash on its balance sheet.

 

    Third Amendment to Loan Documents – Page 10

     

    

 

ARTICLE VI

Ratifications, Representations and Warranties

 

Section
6.1 Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent
terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms
and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force
and effect. Each of the Borrower, New Borrower, Guarantors, and Bank agree that the Credit Agreement and the other Loan Documents,
to which each such Person is a party, each as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance
with their respective terms. Each Guarantor hereby consents and agrees to this Amendment and agrees that each Loan Document to
which such Person is a party shall remain in full force and effect and shall continue to (a) in the case of the Guaranties,
guarantee the Indebtedness (as defined in the Guaranties) and the other amounts and obligations as provided in the Guaranties,
and (b) be the legal, valid and binding obligation of such Person and enforceable against such Person in accordance with its
terms.

 

Section
6.2 Representations and Warranties. Each of Existing Borrower, New Borrower, and Guarantors hereby represents
and warrants to the Bank that (a) with respect to Existing Borrower and New Borrower, the execution, delivery and performance
of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by
all requisite company or other action on the part of Existing Borrower or New Borrower, as applicable, and will not violate the
charter or organizational documents of Existing Borrower or New Borrower, as applicable, (b) the representations and warranties
contained in the Credit Agreement and each other Loan Document are true and correct in all material respects on and as of the date
hereof as though made on and as of the date hereof (except for such representations and warranties as are limited by their express
terms to a specific date), (c) effective upon the execution of this Amendment and the Loan Documents executed in connection
herewith, no Default or Event of Default has occurred and is continuing, and (d) other than such consents as have been previously
procured by New Borrower and Parent, the 2020 Merger, the 2020 PIPE, and the transactions contemplated herein, will not result
in any breach of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on
any property or asset of New Borrower and Guarantors pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease,
license, permit, franchise or other instrument or obligation to which such New Borrower or Guarantor is a party or by which such
New Borrower or Guarantor or any of its property or assets is bound or affected, except, for any such conflicts, violations, breaches,
defaults or other occurrences which would not have or reasonably be expected to have a Material Adverse Effect on New Borrower
and Guarantors.

 

ARTICLE VII

Miscellaneous

 

Section
7.1 Survival of Representations and Warranties. All representations and warranties made in this Amendment or any
other document executed in connection herewith shall survive the execution and delivery of this Amendment, and no investigation
by Bank or any closing shall affect the representations and warranties or the right of Bank to rely upon them.

 

Section
7.2 Reference to Agreement. Each of the Credit Agreement, the Loan Documents and any and all other agreements,
documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Credit Agreement and the Loan Documents, as amended hereby, are hereby amended so that any reference in such documents to the Credit
Agreement and the Loan Documents shall mean a reference to the Credit Agreement and the Loan Documents as amended hereby.

 

    Third Amendment to Loan Documents – Page 11

     

    

 

Section
7.3 Expenses of Bank. As provided in the Credit Agreement, each of Existing Borrower and New Borrower agrees to
pay on written demand all reasonable and documented costs and expenses incurred by Bank in connection with the preparation, negotiation,
and execution of this Amendment and any other documents executed pursuant hereto and any and all amendments, modifications, and
supplements thereto, including without limitation the reasonable costs and fees of Bank’s legal counsel, and all costs and
expenses incurred by Bank in connection with the enforcement or preservation of any rights under the Credit Agreement, as amended
hereby, or any other document executed in connection therewith, including without limitation the costs and reasonable fees of Bank’s
legal counsel.

 

Section
7.4 Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held
to be invalid or unenforceable.

 

Section
7.5 Applicable Law. This Amendment and all other documents executed pursuant hereto shall be deemed to have been
made and to be performable in Dallas, Dallas County, Texas and shall be governed by and construed in accordance with the laws of
the State of Texas.

 

Section
7.6 Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Bank, Existing Borrower,
each New Borrower, each Guarantor, and their respective successors, assigns, heirs, executors and personal representatives, except
neither Existing Borrower, New Borrower, nor any Guarantor may assign or transfer any of its rights or obligations hereunder without
the prior written consent of Bank.

 

Section
7.7 Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate
counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement. The
signature of a party to any counterpart shall be sufficient to legally bind such party. Bank may remove the signature pages
from one or more counterparts and attach them to any other counterpart for the purpose of having a single document containing the
signatures of all parties. Delivery of an executed counterpart of a signature page to this Amendment by facsimile, emailed
portable document format (“pdf”), or tagged image file format (“tiff”) or any other electronic
means that reproduces an image of the actual executed signature page shall be effective as delivery of an original executed counterpart
of a signature page to this Amendment. Any party sending an executed counterpart of a signature page to this Amendment by facsimile,
pdf, tiff or any other electronic means shall also send the original thereof to Bank within five (5) days thereafter, but failure
to do so shall not affect the validity, enforceability, or binding effect of this Amendment.

 

    Third Amendment to Loan Documents – Page 12

     

    

 

Section
7.8 Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall
not affect the interpretation of this Amendment.

 

Section
7.9 ENTIRE AGREEMENT. THE CREDIT AGREEMENT, THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS
EXECUTED AND DELIVERED IN CONNECTION WITH THE CREDIT AGREEMENT OR THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES
HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING
TO THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR
DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

 

Section
7.10 INDEMNIFICATION OF BANK. EACH OF THE LOAN PARTIES HEREBY AGREES TO INDEMNIFY BANK AND EACH AFFILIATE THEREOF
AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, ATTORNEYS, AFFILIATES, AND AGENTS (COLLECTIVELY, “RELEASED
PARTIES”) FROM, AND HOLD EACH OF THEM HARMLESS AGAINST, ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES, PENALTIES,
JUDGMENTS, DISBURSEMENTS, COSTS, AND EXPENSES (INCLUDING ATTORNEYS’ FEES) TO WHICH ANY OF THEM MAY BECOME SUBJECT WHICH DIRECTLY
OR INDIRECTLY ARISE FROM OR RELATE TO (a) ANY AND ALL FAILURES BY SUCH LOAN PARTY TO COMPLY WITH ITS AGREEMENTS CONTAINED
IN THE LOAN DOCUMENTS, (b) THE NEGOTIATION, EXECUTION, DELIVERY, PERFORMANCE, ADMINISTRATION, OR ENFORCEMENT OF ANY OF THE
LOAN DOCUMENTS PRIOR TO THE DATE HEREOF, (c) ANY OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS PRIOR TO THE DATE
HEREOF, (d) ANY BREACH PRIOR TO THE DATE HEREOF BY SUCH LOAN PARTY OR SUMMIT OF ANY REPRESENTATION, WARRANTY, COVENANT, OR
OTHER AGREEMENT CONTAINED IN ANY OF THE LOAN DOCUMENTS OR (e) ANY INVESTIGATION, LITIGATION, OR OTHER PROCEEDING, INCLUDING,
WITHOUT LIMITATION, ANY THREATENED INVESTIGATION, LITIGATION, OR OTHER PROCEEDING RELATING TO ANY OF THE FOREGOING (COLLECTIVELY,
“RELEASED CLAIMS”). WITHOUT LIMITING ANY PROVISION OF THIS AMENDMENT, IT IS THE EXPRESS INTENTION OF THE PARTIES
HERETO THAT EACH PERSON TO BE INDEMNIFIED UNDER THIS SECTION SHALL BE INDEMNIFIED FROM AND HELD HARMLESS AGAINST ANY AND ALL LOSSES,
LIABILITIES, CLAIMS, DAMAGES, PENALTIES, JUDGMENTS, DISBURSEMENTS, COSTS, AND EXPENSES (INCLUDING ATTORNEYS’ FEES) ARISING
OUT OF OR RESULTING FROM THE SOLE OR CONTRIBUTORY NEGLIGENCE OF SUCH PERSON; PROVIDED, HOWEVER, NO PERSON SHALL BE INDEMNIFIED
HEREUNDER FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

    Third Amendment to Loan Documents – Page 13

     

    

 

Section
7.11 WAIVER AND RELEASE. TO INDUCE BANK TO AGREE TO THE TERMS OF THIS AMENDMENT, EACH OF THE LOAN PARTIES REPRESENTS
AND WARRANTS THAT AS OF THE DATE OF THIS AMENDMENT IT OR HE HAS NO CLAIMS AGAINST RELEASED PARTIES AND IN ACCORDANCE THEREWITH
IT:

 

(a) WAIVER.
WAIVES ANY AND ALL SUCH CLAIMS, WHETHER KNOWN OR UNKNOWN, ARISING PRIOR TO THE DATE OF THIS AMENDMENT; AND

 

(b) RELEASE.
RELEASES, ACQUITS AND FOREVER DISCHARGES RELEASED PARTIES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE STATE AND FEDERAL LAW,
FROM ANY AND ALL OBLIGATIONS, INDEBTEDNESS, LIABILITIES, CLAIMS, COUNTERCLAIMS, CONTROVERSIES, COSTS, DEBTS, SUMS OF MONEY, ACCOUNTS,
BONDS, BILLS, RIGHTS, CAUSES OF ACTION OR DEMANDS WHATSOEVER, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, IN LAW OR EQUITY,
WHICH SUCH LOAN PARTY EVER HAD, NOW HAS, CLAIMS TO HAVE OR MAY HAVE AGAINST ANY RELEASED PARTY ARISING PRIOR TO THE DATE HEREOF
AND FROM OR IN CONNECTION WITH THIS AMENDMENT, THE LOAN DOCUMENTS OR THE TRANSACTIONS DIRECTLY OR INDIRECTLY CONTEMPLATED THEREBY.

 

Section
7.12 COVENANT NOT TO SUE. EACH OF THE LOAN PARTIES FURTHER COVENANTS NOT TO SUE THE RELEASED PARTIES ON ACCOUNT
OF ANY OF THE RELEASED CLAIMS, AND EXPRESSLY WAIVES ANY AND ALL DEFENSES IT OR HE MAY HAVE IN CONNECTION WITH ITS OR HIS OBLIGATIONS
UNDER THIS AMENDMENT OR THE OTHER LOAN DOCUMENTS. THIS SECTION IS IN ADDITION TO AND SHALL NOT IN ANY WAY LIMIT ANY OTHER RELEASE,
COVENANT NOT TO SUE, OR WAIVER BY SUCH LOAN PARTY IN FAVOR OF THE RELEASED PARTIES.

 

[Remainder of Page Intentionally Left Blank.
Signature Pages Follow.]

 

    Third Amendment to Loan Documents – Page 14

     

    

 

Executed as of the
date first written above.

 

	 	NEW BORROWER:
	 	 
	 	Stratos Management Systems, Inc. (f/k/a Tango Merger Sub Corp.) and
	 	American Virtual Cloud Technologies, Inc.
	 	(f/k/a Pensare Acquisition Corp.)

 

	 	By:	/s/
    Dr. Robert Willis
	 	 	Name: Dr. Robert Willis
	 	 	Title: President of each entity listed above

 

	 	EXISTING BORROWER:
	 	 
	 	Stratos Management Systems, Inc.

 

	 	By:	/s/
    Dr. Robert Willis
	 	 	Name: Dr. Robert Willis
	 	 	Title: President

 

	 	GUARANTORS:
	 	 
	 	COMPUTEX, INC.
	 	FIRST BYTE COMPUTERS, INC.
	 	eNETsolutions, L.L.C.

 

	 	By: 	/s/ Sam Haffar
	 	 	Sam Haffar
	 	 	Chief Executive Officer of each entity listed above

 

    Third Amendment to Loan Documents – Signatue Page

     

    

 

	 	BANK:
	 	 
	 	COMERICA BANK

 

	 	By:	/s/ Julie
    M. Anderson
	 	 	Julie M. Anderson
	 	 	Assistant Vice President

 

 

Third Amendment to Loan Documents – Signature
PageExhibit 10.3

 

EXECUTION VERSION

 

REGISTRATION
RIGHTS AGREEMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Adverse Disclosure”
is defined in Section 3.6.

 

“Agreement”
is defined in the preamble hereto.

 

     

     

    

 

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

 

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

 

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

 

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

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

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

 

“Form S-3”
is defined in Section 2.3.

 

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

 

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

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

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

 

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

 

“Misstatement”
is defined in Section 3.1.13.

 

“Notices”
is defined in Section 6.3.

 

“Option Securities”
is defined in Section 2.1.4.

 

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

 

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

 

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

 

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

 

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

 

    2 

     

    

 

“Pro Rata”
is defined in Section 2.1.4.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3 

     

    

 

“Unit Purchase
Option” is defined in Section 2.1.4.

 

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

 

2. REGISTRATION
RIGHTS.

 

2.1 Demand Registration.

 

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

 

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

 

    4 

     

    

 

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

 

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

 

    5 

     

    

 

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

 

2.2 Piggy-Back Registration.

 

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

 

    6 

     

    

 

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

 

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

 

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

 

    7 

     

    

 

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

 

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

 

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

 

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

 

    8 

     

    

 

3. REGISTRATION
PROCEDURES.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4. INDEMNIFICATION
AND CONTRIBUTION.

 

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

 

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

 

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

 

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4.4 Contribution.

 

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

 

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

 

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

 

5. UNDERWRITING
AND DISTRIBUTION.

 

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

 

6. MISCELLANEOUS.

 

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

 

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

 

    17 

     

    

 

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

 

To the Company:

 

American Virtual Cloud Technologies, Inc.

1720 Peachtree Street

Suite 629

Atlanta, GA 30309

Attn: Chief Executive Officer

 

with a copy to:

 

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn: Jason Simon, Esq.

 

To EarlyBirdCapital, Inc.:

 

EarlyBirdCapital, Inc.

One Huntington Quadrangle, Suite 4C18

Melville, New York 11747

Attn: Eileen Moore

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue, 11th Floor

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

 

    18 

     

    

 

To MasTec:

 

MasTec, Inc.

800 S. Douglas Road, 12th Floor

Coral Gables, FL 33134

Attn: Chief Financial Officer

General Counsel

 

with a copy to:

 

Holland & Knight LLP

701 Brickell Avenue

Miami, FL 33131

Attn: Ira N. Rosner, Esq.

Email: ira.rosner@hklaw.com

 

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

 

as set forth on such Holder’s
signature page hereto

 

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

 

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

 

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

 

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

 

    19 

     

    

 

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

 

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

 

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

 

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

 

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

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    20 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	
        AMERICAN VIRTUAL CLOUD TECHNOLOGIES,
        INC.,

        a Delaware corporation

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

 

[Signature Page
to Registration Rights Agreement]

 

    21 

     

    

 

 

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

	 	 
	 	Address:
	 	1372 Peachtree St NE
	 	Atlanta, GA 30309

 

[Signature Page to Registration Rights Agreement]

 

    22 

     

    

 

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

	 	 
	 	Address:
	 	5112 Palomar Lane
	 	Dallas, Texas 75229

 

[Signature Page
to Registration Rights Agreement]

 

    23 

     

    

 

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

 

[Signature Page to Registration Rights Agreement]

 

 

24

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