Document:

Amendment No. 1 to Restricted Stock Agreement

 EXHIBIT 10.6 
 AMENDMENT NO. 1 TO RESTRICTED STOCK AGREEMENT 
 THIS AMENDMENT NO.
1 TO RESTRICTED STOCK AGREEMENT (this “Amendment”) dated as of November 30, 2012, is made by and among Avantair, Inc., a Delaware corporation (the “Company”), and LW Air I, LLC, LW Air II, LLC, LW Air III,
LLC, LW Air IV, LLC and LW Air V, LLC (each a “Holder”) and amends the Restricted Stock Agreement dated as of September 28, 2012 by and among the Company and the Holders (the “Original Restricted Stock
Agreement,” and as amended by this Amendment, the “Restricted Stock Agreement”). 
 WHEREAS,
the Company and the Holders are parties to the Original Restricted Stock Agreement, pursuant to which the Company issued an aggregate of 2,000,000 shares of common stock, par value $0.0001 per share (“Common Stock”), of the Company
to the Holders at a price of $0.75 per share for an aggregate value of $1,500,000 in accordance with the terms set forth therein, subject to certain antidilution rights set forth in Section 16 of the Original Restricted Stock Agreement (the
“Original Antidilution Provisions”); 
 WHEREAS, the Company expects to issue (the “New
Issuance”) senior secured convertible promissory notes defined as “Notes” in the Note and Warrant Purchase Agreement (the “New Notes”) and warrants to purchase shares of Common Stock defined as
“Warrants” in the Note and Warrant Purchase Agreement (the “New Warrants”) pursuant to the Note and Warrant Purchase Agreement dated on or about the date hereof by and among the Company and the purchasers set forth
therein, as amended and restated from time to time (the “Note and Warrant Purchase Agreement”), under which Holders, or one or more affiliates of Holders, will purchase New Notes and New Warrants, which issuances would have entitled
each Holder to certain antidilution protections under the Original Restricted Stock Agreement; 
 WHEREAS, the Company
and the Holders wish to amend the Original Restricted Stock Agreement to provide for (i) revised antidilution rights as set forth herein (the “Amended Antidilution Provisions”) so the Original Antidilution Provisions would not
apply to the New Issuance, and other modifications set forth herein, (ii) the issuance of 4,000,000 additional shares of Common Stock to the Holders on the date hereof in addition to 2,000,000 shares of Common Stock already issued under the
Original Restricted Stock Agreement, and (iii) warrants to purchase an aggregate of 6,000,000 shares of Common Stock in the form attached hereto as Exhibit A (the “Warrants”). 

WHEREAS, Section 11 provides that the Original Restricted Stock Agreement may be amended only in a written document signed by
each of the parties thereto; 

 NOW, THEREFORE, in consideration of the mutual promises and covenants contained in
this Amendment, the parties hereto, intending to be legally bound, agree as follows: 
  

	 	I.	Amendment to Original Restricted Stock Agreement  

 (a) Section 2(i) of the Original Restricted Stock Agreement shall be deleted in its entirety and replaced with the following Section 2(a)(i): 

“2. (a) Initial Issuance and Delivery. (i) All of the Initial Restricted Shares shall be issued and delivered to the
respective Holders simultaneously with the execution and delivery of amendments relative to each of the Aircraft Management Agreements for Piaggio P-180 II aircraft with serial numbers 1181, 1187, 1194, 1199, and 1216, respectively (each and
collectively, the “Aircraft”), in the forms attached to this Agreement as Appendix 1 (each, an “Aircraft Amendment”, and collectively, the “Aircraft Amendments”). 

(b) All references to the words “Restricted Share” and “Restricted Shares” in the first paragraph and Sections 1 and
2 of the Original Stock Agreement shall be deleted and replaced with the words “Initial Restricted Share” and “Initial Restricted Shares,” respectively. 
 (c) All references to the word “Amendment” and “Amendments” in Sections 2, 5 and 10 of the Original Restricted Stock Agreement shall be deleted and replaced with the words
“Aircraft Amendment” and “Aircraft Amendments”, respectively. 
 (d) The following new Section 2(b)
shall be inserted immediately after Section 2(iii) of the Original Restricted Stock Agreement: 
 “(b) November
2012 Issuance and Delivery. 
 (i) An aggregate of 4,000,000 shares of Common Stock (the “New Restricted
Shares”, and together with the Initial Restricted Shares, the “Restricted Shares”) and warrants (the “Warrants”) to purchase an aggregate of 6,000,000 shares of Common Stock (the
“Warrant Shares”) shall be issued and delivered to the Holders as of the date of the Amendment of this Agreement. 
 (ii) An aggregate of 800,000 New Restricted Shares shall be issued and delivered to each Holder. For the avoidance of doubt, 100% of the New Restricted Shares will be vested and nonforfeitable.

 (iii) For the avoidance of doubt, the Warrants Shares shall not be deemed to be “Restricted Shares.” 

(e) The first sentence of Section 10 of the Original Restricted Stock Agreement shall be deleted and replaced in its entirety by the
following: 
 “This Agreement and the Warrants contain the entire agreement between the parties with respect to the
Restricted Shares issued hereunder.” 
 (f) Section 16(a) – (f) of the Original Restricted Stock Agreement
shall be deleted and replaced in its entirety by the following: 
 “Section 16. Issuance of Antidilution Shares for
Dilutive Events  

  
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 (a) Dilutive Issuances. Beginning after the date of the Amendment of this Agreement,
if the Company at any time while the Restricted Shares are outstanding, but prior to the Antidilution Expiration Date, shall issue or sell (i) any Common Stock, (ii) any rights, options or warrants to subscribe for, purchase or otherwise
acquire either Common Stock or Convertible Securities (“Options”), or (iii) issue or sell any any evidences of indebtedness, shares, or other securities directly or indirectly convertible into or exchangeable for Common
Stock, but excluding Options (“Convertible Securities”, and together with Options, “Common Stock Equivalents”), except for Excluded Shares (defined below), at an effective price per share (the
“Base Share Price”) that is less than the $0.19 (the “New Purchase Price”), as equitably adjusted for events described in Section 6(a) (the “Antidilution Threshold”, and
such issuances collectively, a “Dilutive Issuance”), then simultaneously with the consummation of such Dilutive Issuance, the Company shall issue the number of Antidilution Shares (as defined below) calculated in accordance
with Section 16(c) below to each Holder. Upon the issuance of any Antidilution Shares, such shares shall thereafter be deemed “Prior Antidilution Shares.” 

(b) Excluded Shares. “Excluded Shares” means: 

(1) shares of Common Stock, Options or Convertible Securities issued or issuable to officers, employees or directors of, or consultants
to, the Company pursuant to a stock purchase or option plan or other compensatory stock arrangements approved by the Board of Directors of the Company; 
 (2) grants or issuances of Common Stock or Options on customary and reasonable terms as to amount and otherwise or Convertible Securities on customary and reasonable terms as to amount and otherwise to
institutional lenders, equipment lessors, key vendors or other bona fide third-party debt financing sources in connection with providing the Company with payable or debt financing pursuant to transactions approved by the Board of Directors of the
Company and the shares of Common Stock issued or issuable upon conversion of any such Convertible Securities or exercise of any such Options; 
 (3) shares of Common Stock issued or issuable upon conversion of any Convertible Securities or exercise of any Options in each case outstanding on the date hereof, on the terms existing on the date
hereof, as set forth in Schedule A hereto or previously disclosed to Holders in a writing identified to this Agreement; 
 (4)
shares of Common Stock issued solely in consideration for the acquisition (by merger or otherwise) of assets of, or equity interests in, another entity pursuant to transactions approved by the Board of Directors of the Company; 

(5) any other shares of Common Stock, Options or Convertible Securities which are expressly determined to be Excluded Shares by the
Grantee in writing; 
 (6) shares of Common Stock issued or issuable by reason of a dividend, stock split, split-up or other
distribution on shares of Common Stock that is covered by Section 6; 

  
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 (7) grants or issuances of Common Stock, Options or Convertible Securities to suppliers or
third party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors of the Company; 
 (8) grants or issuances of the New Notes and New Warrants, and any shares of Common Stock issuable upon conversion of the New Notes or upon exercise of the New Warrants; and 

(9) any convertible notes having a conversion price that is greater than or equal to the Conversion Price (as defined in the New Notes),
the shares of Common Stock issuable upon conversion of such convertible notes, any warrants having an exercise price that is greater than or equal to the Exercise Price (as defined in the New Warrants), and the shares of Common Stock issuable upon
exercise of such warrants. 
 (c) Calculation of Antidilution Shares. Upon each Dilutive Issuance, the number of
“Antidilution Shares” to be issued to each Holder shall equal the difference of the Total Adjusted Shares with respect to such Holder (defined below) minus the sum of the Restricted Shares and all Prior Antidilution Shares
issued to such Holder and outstanding. The number of “Total Adjusted Shares” with respect to each Holder shall be calculated by multiplying the number of Restricted Shares outstanding held by such Holder by the quotient
calculated by dividing the number one (1) by the Antidilution Ratio (defined below). 
 The “Antidilution Ratio”
shall be a fraction, (i) the denominator of which shall be the number of shares of Common Stock and Common Stock Equivalents issued in the Dilutive Issuance, and (ii) the numerator of which shall be the number of shares of Common Stock and
Common Stock Equivalents that would have been issued in the Dilutive Issuance had the Common Stock and Common Stock Equivalents issued in the Dilutive Issuance been issued at the New Purchase Price (as such New Purchase Price has been equitably
adjusted for events described in Section 6(a)). 
 (d) Deemed Issue of Additional Shares of Common Stock.

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

  
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 (ii) If the terms of any Option or Convertible Security, the issuance of which resulted in
a Dilutive Issuance pursuant to the terms of Section 16(a), are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic
adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion
and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Company upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming
effective, the Total Adjusted Shares computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Total Adjusted Shares as would have obtained had
such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (ii) shall have the effect of requiring the cancellation
of Prior Antidilution Shares that are issued and outstanding and were issued as of the date of the original Dilutive Issuance. 

(iii) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Excluded
Shares), the issuance of which did not result in an adjustment to the Total Adjusted Shares pursuant to the terms of Section 16(c) (either because the consideration per share (determined pursuant to Section 16(c)) of the
Dilutive Issuance subject thereto was equal to or greater than the Antidilution Threshold then in effect, or because such Option or Convertible Security was issued before the date of the Amendment of this Agreement), are revised after the date of
the Amendment of this Agreement as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or
similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or
(2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the shares issuable in the Dilutive Issuance subject thereto
(determined in the manner provided in Section 16(c)) shall be deemed to have been issued effective upon such increase or decrease becoming effective. 
 (iv) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a
revision of its terms) in an adjustment to the Total Adjusted Shares pursuant to the terms of Section 16(c), the Total Adjusted Shares shall be readjusted to such Total Adjusted Shares as would have obtained had such Option or
Convertible Security (or portion thereof) never been issued. 
 (v) If the number of shares of Common Stock issuable upon the
exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Company upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or
amended but is subject to adjustment based upon subsequent events, any adjustment to the Total Adjusted Shares provided for in this Section 16(d) 

  
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shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any
subsequent adjustments shall be treated as provided in clauses (i) and (ii) of this Subsection 16(d)). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or
Convertible Security, or the consideration payable to the Company upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Total Adjusted
Shares that would result under the terms of this Subsection 16(d) at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to
subsequent adjustments), assuming for purposes of calculating such adjustment to the Total Adjusted Shares that such issuance or amendment took place at the time such calculation can first be made. 

(e) Determination of Consideration. For purposes of this Section 16, the consideration received by the Company for the
issue of Common Stock or Common Stock Equivalents in any Dilutive Issuance shall be computed as follows: 
 (i) Cash and
Property: Such consideration shall: 
  

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

  

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

  

	 	(C)	in the event shares of Common Stock and Common Stock Equivalents are issued in a Dilutive Issuance together with other shares or securities or other assets of the
Company for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (A) and (B) above, as determined in good faith by the Board of Directors of the Corporation.

 (ii) Options and Convertible Securities. The consideration per share received by the Company in a
Dilutive Issuance deemed to have been issued pursuant to Section 16(d), relating to Options and Convertible Securities, shall be determined by dividing: 
  

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

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

 (f) Notice. The Company shall notify each Holder,
in writing, no later than the trading day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 16, indicating therein the applicable issuance price, or applicable reset price,
exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”); provided that no such Dilutive Issuance Notice shall be required in connection with the New Issuance.” 

(g) A new Section 17 shall be added to the Original Restricted Stock Agreement immediately after Section 16 as follows:

 “17. Further Assurance. In no event shall the Company, directly or indirectly, issue Common Stock, Convertible
Securities or Options to any aircraft owner or lessor or any other party to any business relationships substantially similar to any business relationships between the Company and the Holders, in reduction of amounts payable by the Company or
otherwise, at an effective price of less than $0.25 per unit consisting of one share of Common Stock and a warrant to purchase one share of Common Stock with an exercise price of $0.50 per share without the prior written consent of the
Holders.” 
  

	 	II.	Waiver 

 Each
Holder hereby waives any right to the issuance of Antidilution Shares in connection with the issuance and sale of the New Notes and New Warrants by the Company on or about the date hereof, or in connection with the issuance of shares of Common Stock
issuable upon conversion of the New Notes or exercise of the New Warrants. 
  

	 	III.	Miscellaneous 

 (a)
Defined Terms. Terms not defined herein shall have the meaning ascribed to such terms under the Original Restricted Stock Agreement. 
 (b) Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed
to constitute one and the same instrument. 
 (c) Severability. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 (d) Integration. This Amendment and the Original Restricted Stock Agreement represent
the entire agreement of the Company and the Holders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the applicable Purchasers relative to the subject matter hereof and
thereof not expressly set forth or referred to herein or in the Original Restricted Stock Agreement. 
 (e) Governing
Law. This Amendment shall be governed by and construed under the laws of the State of Florida, without regard to its provisions concerning the applicability of laws of other jurisdictions. 

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Restricted
Stock Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 
  

					
	AVANTAIR, INC.
		
	By:	 	 /s/ Steve Santo

		 	Name:	 	Steve Santo
		 	Title:	 	CEO
	
	LW AIR I, LLC
		
	By:	 	 /s/ Lorne Weil

		 	Name:	 	Lorne Weil
	
	LW AIR II, LLC
		
	By:	 	 /s/ Lorne Weil

		 	Name:	 	Lorne Weil
	
	LW AIR III, LLC
		
	By:	 	 /s/ Lorne Weil

		 	Name:	 	Lorne Weil
	
	LW AIR IV, LLC
		
	By:	 	 /s/ Lorne Weil

		 	Name:	 	Lorne Weil
	
	LW AIR V, LLC
		
	By:	 	 /s/ Lorne Weil

		 	Name:	 	Lorne Weil

 EXHIBIT A 
 FORM OF WARRANT 
 (See attached)Warrant issued by the Company

 Exhibit 10.7 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS, AND ARE RESTRICTED
SECURITIES AS THAT TERM IS DEFINED UNDER RULE 144 PROMULGATED UNDER THE ACT. THESE SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, TRANSFERRED, DISTRIBUTED OR OTHERWISE DISPOSED OF IN ANY MANNER UNLESS THEY ARE REGISTERED UNDER THE ACT AND ANY
APPLICABLE SECURITIES LAWS, OR UNLESS THE REQUEST FOR TRANSFER IS ACCOMPANIED BY AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH DISPOSITION IS EXEMPT FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 
 THE REGISTERED HOLDER OF THIS WARRANT, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN
THIS WARRANT, EXCEPT AS HEREIN PROVIDED. 
 VOID AFTER 5:00 P.M. EASTERN TIME, NOVEMBER 30, 2015 

WARRANT 

TO PURCHASE SHARES OF COMMON STOCK OF 
 AVANTAIR, INC. 
 1. Warrant. 

THIS CERTIFIES THAT, for good and valuable consideration, duly paid by or on behalf of Lorne Weil (“Holder”), as
registered owner of this Warrant, to Avantair, Inc. (“Company”), Holder is entitled, subject to the provisions of Section 2 hereof, at any time or from time to time at or before 5:00 p.m., Eastern Time on November 28, 2015
(“Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to 6,000,000 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”). If the
Expiration Date is a day on which banking institutions are authorized by law to close, then this Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. This Warrant is initially exercisable
at $0.50 per share of Common Stock purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 and Section 10 hereof, the rights granted by this Warrant, including the exercise price and the number of
shares of Common Stock to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context, of a share
of Common Stock. The term “Securities” shall mean the shares of Common Stock issuable upon exercise of this Warrant. The Securities issuable upon exercise of this Warrant are not subject to any obligation of the Company to be
registered for resale under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration statement. 

 2. Exercise. 
 2.1 Exercise. In order to exercise this Warrant, the notice of exercise form attached hereto as Exhibit A must be duly executed, completed and delivered to the Company with this Warrant to
its principal office and payment of the Exercise Price for the securities being purchased in cash by wire transfer as indicated by the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern
time, on the Expiration Date, this Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. Upon valid exercise of this Warrant (and delivery of any required payment in immediately
available funds), the Company shall cause to be delivered to the Holder, as soon as practicable, certificates evidencing the shares of Common Stock issuable upon such exercise. In the event such exercise would result in a fractional share being
delivered to the Holder, such fractional share shall be rounded down to the nearest whole share. The Company shall provide ten (10) days’ prior written notice of any liquidation, winding up or dissolution of the Company or a Liquidation
(as defined in the Company’s Certificate of Incorporation, as amended) of the Company (each, a “Liquidation Event”) to the Holder, so that the Holder shall have a reasonable opportunity to exercise the Warrant prior to the
Liquidation Event in accordance with this Section 2.1. 
 2.2 Issue Tax. The issuance of certificates for the shares
of Common Stock underlying this warrant upon the exercise of this Warrant shall be made without charge to the Holder for any issue tax in respect thereof. 
 2.3 Legend. Each certificate for Securities purchased under this Warrant shall bear a legend as follows, unless such Securities have been registered under the Securities Act. 

“THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.” 
 3. Transfer. 

3.1 General Restrictions. The registered Holder of this Warrant, by his acceptance hereof, agrees that he will not sell, transfer
or assign or hypothecate this Warrant to anyone other than an Affiliate of the Holder in compliance with, or pursuant to an exemption from, applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company
the 

  
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assignment form attached hereto as Exhibit B duly executed and completed, together with this Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company
shall immediately transfer this Warrant on the books of the Company and shall execute and deliver a new Warrant or Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of shares of
Common Stock purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 
 For
purposes of this Section 3.1, an “Affiliate” of any Person means any other Person which, directly or indirectly, is in Control of, is Controlled by, or is under common Control with such Person. When used with respect to any
Person, “Control” means the power, directly or indirectly, to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the term
“Controlled” has a meaning correlative to the foregoing. A “Person” is an individual or a corporation, association, partnership, limited liability company, joint venture, organization, firm, business, trust, or any
other entity or unincorporated organization, domestic or foreign, including a municipality, county, state, body politic or other government (including any federal or foreign government), dependency or colony, or any subdivision or agency thereof.
For purposes of this Section 3.1, an “Affiliate” shall also include (i), in the case of a trust, a trustor, settlor or beneficiary thereof, (ii), in the case of a partnership or limited liability company, a partner or member thereof,
and (iii), in the case of an individual, a spouse or descendant thereof, a trust for the benefit of any such Persons, a partnership or limited liability company comprised of any such Persons, and an executor or administrator for any such Persons or
their estates. 
 3.2 Restrictions Imposed by the Securities Act. This Warrant and the Securities underlying this Warrant
shall not be transferred unless and until either (i) the Company has received the opinion of counsel for the Holder that such securities may be sold pursuant to an exemption from registration under the Securities Act and applicable state
securities laws, the availability of which is established to the reasonable satisfaction of the Company, or (ii) a registration statement relating to such securities has been filed by the Company and declared effective by the Securities and
Exchange Commission. 
 4. New Warrants to be Issued. 
 4.1 Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment
hereof in part only, upon surrender of this Warrant for cancellation, together with the duly executed exercise or assignment form and funds (or conversion equivalent) sufficient to pay any Exercise Price and/or transfer tax, the Company shall cause
to be delivered to the Holder without charge a new Warrant of like tenor to this Warrant in the name of the Holder evidencing the right of the Holder to purchase the aggregate number of shares of Common Stock and Warrants purchasable hereunder as to
which this Warrant has not been exercised or assigned. 
 4.2 Lost Certificate. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant and of reasonably satisfactory indemnification, the Company shall execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered
as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 

  
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 5. Reserved. 
 6. Adjustments 
 6.1 Adjustments to Exercise Price and Number of
Securities. The Exercise Price and the number of shares of Common Stock underlying this Warrant shall be subject to adjustment from time to time as hereinafter set forth: 
 6.1.1 Stock Dividends - Recapitalization, Reclassification, Split-Ups. If, after the date hereof, and subject to the provisions of Section 6.2 below, the number of outstanding shares of Common
Stock is increased by a stock dividend on the Common Stock payable in shares of Common Stock or by a split-up, recapitalization or reclassification of shares of Common Stock or other similar event, then, at the close of business on the effective
date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall be increased in proportion to such increase in outstanding shares. 
 6.1.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.2, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination or reclassification of shares of Common Stock or other similar event, then, upon the effective date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall be decreased in proportion to such decrease in
outstanding shares. 
 6.1.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable
upon the exercise of this Warrant is adjusted, as provided in this Section 6.1, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of this Warrant immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable
immediately thereafter. 
 6.1.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or
reorganization of the outstanding shares of Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or which solely affects the par value of such shares of Common Stock, or in the case of any merger or consolidation of the
Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in
the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Warrant shall have the right
thereafter (until the expiration of the right of exercise of this Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, 

  
 4 

 
reorganization, merger or consolidation, or upon a dissolution following any such sale or other transfer, by a Holder of the number of shares of Common Stock of the Company obtainable upon
exercise of this Warrant immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Sections 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2, 6.1.3
and this Section 6.1.4. The provisions of this Section 6.1.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 

6.1.5 Changes in Form of Warrant. This form of Warrant need not be changed because of any change pursuant to this Section, and
Warrants issued after such change may state the same Exercise Price and the same number of shares of Common Stock and Warrants as are stated in the Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of
new Warrants reflecting a required or permissive change shall not be deemed to waive any rights to a prior adjustment or the computation thereof. 
 6.2 Fractional Interest. The Company shall not be required to issue fractional shares of Common Stock upon the exercise of this Warrant. If any fractional share of Common Stock would, except for
the provisions of the first sentence of this Section 6.2, be deliverable upon such exercise, the Company, in lieu of delivering such fractional share, shall pay to the exercising Holder an amount in cash equal to the Market Price of such
fractional share of Common Stock on the date of exercise. “Market Price” as of a particular date shall mean the following: (a) if the Common Stock is then listed on a national stock exchange, the closing sale price of one share
of Common Stock on such exchange on the last trading day prior to the Valuation Date; (b) if the Common Stock is then quoted on the OTC Bulletin Board or such similar quotation system or association, the closing sale price of one share of
Common Stock on the OTC Bulletin Board or such other quotation system or association on the last trading day prior to the Valuation Date or, if no such closing sale price is available, the average of the high bid and the low asked price quoted
thereon on the last trading day prior to the Valuation Date; or (c) if the Common Stock is not then listed on a national stock exchange or quoted on the OTC Bulletin Board or such other quotation system or association, the fair market value of
one share of Common Stock as of the Valuation Date, as determined in good faith by the Board of Directors of the Company and the Warrantholder. 

7. Reservation and Listing. The Company hereby represents and warrants that there may not be reserved out of the authorized and unissued shares of
Common Stock, sufficient shares to provide for the exercise of the rights of purchase represented by this Warrant. UNLESS AND UNTIL SUFFICIENT SHARES OF COMMON STOCK ARE AUTHORIZED FOR THE EXERCISE OF THIS WARRANT, THIS WARRANT SHALL NOT BE
EXERCISABLE. The Company shall use best efforts to obtain stockholder approval to increase the number of authorized shares of Common Stock so that a sufficient number of shares of Common Stock shall be reserved so that all Securities issued upon
due exercise of this Warrant shall be, at the time of delivery of the certificates for such Securities, duly authorized, validly issued, fully paid and non-assessable shares of Common Stock of the Company. The Company covenants and agrees that, upon
exercise of the Warrants and payment of the Exercise Price therefor, all shares of Common Stock and other securities issued upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of
any shareholder. As long as the Warrants shall be outstanding, the Company 

  
 5 

 
shall use its commercially reasonable efforts to cause all shares of Common Stock issuable upon exercise of the Warrants to be listed (subject to official notice of issuance) or quoted on the OTC
Bulletin Board or such other market on which the Common Stock is then listed and/or quoted. 
 8. Certain Notice Requirements.

 8.1 Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right
to vote or consent or as having any rights whatsoever as a shareholder of the Company. 
 8.2 Notice of Change in Exercise
Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 or Section 10 hereof, send notice to the Holder of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s President and Chief Financial Officer. 

8.3 Transmittal of Notices. All notices, requests, consents and other communications under this Warrant shall be in writing and
shall be deemed to have been duly made on the date of delivery if delivered personally or sent by overnight courier, with acknowledgment of receipt by the party to which notice is given, or on the fifth day after mailing if mailed to the party to
whom notice is to be given, postage prepaid and properly addressed as follows: (i) if to the registered Holder of this Warrant, to the address of such Holder as shown on the books of the Company on the date of the communication, or (ii) if
to the Company, to its principal executive office on the date of the communication. 
 9. Miscellaneous. 

9.1 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit
or affect the meaning or interpretation of any of the terms or provisions of this Warrant. 
 9.2 Entire Agreement. This
Warrant, together with that certain Note and Warrant Purchase Agreement dated as of November 28, 2012 by and among the Company and Holders, as the same may be amended and/or restated from time to time (the “Note and Warrant Purchase
Agreement”), constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof, and this Warrant shall be subject to Sections 5.2, 6.1, 6.3, 6.8 and 6.11 of the Note and Warrant Purchase Agreement. 

9.3 Binding Effect. This Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Warrant or any provisions herein
contained. 

  
 6 

 9.4 Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Warrant shall be determined in accordance with the provisions of the Note and Warrant Purchase Agreement. 
 9.5 Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Warrant shall not be deemed or construed to be a waiver of any such provision, nor to
in any way affect the validity of this Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the
provisions of this Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment
shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 
 9.6
Amendments, Modifications and Waivers. Provisions of this Warrant may be amended, modified or waived only in accordance with Section 6.8 of the Note and Warrant Purchase Agreement. 

10. Anti Dilution Rights. 
  

	 	(a)	Adjustments to Exercise Price for Diluting Issues. 

 (i) Special Definitions. For purposes of this Section 10(a), the following definitions shall apply: 
 (A) “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire either Common Stock or Convertible Securities. 

(B) “Convertible Securities” shall mean any evidences of indebtedness, shares, or other securities
directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 
 (C)
“Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to Section 10(a)(ii), deemed to be issued) by the Company after the date hereof, other than the following (collectively,
“Excluded Shares”): 
 (1) shares of Common Stock issued or issuable to officers, employees or
directors of, or consultants to, the Company pursuant to a stock purchase or option plan or other compensatory stock arrangements approved by the Board of Directors of the Company; 

(2) grants or issuances of Common Stock, Options or Convertible Securities to lenders, equipment lessors or other
financing sources in connection with providing the Company with financing and the shares of Common Stock issued or issuable upon conversion of any such Convertible Securities or exercise of any Options; 

  
 7 

 (3) shares of Common Stock issued or issuable upon conversion of any
Convertible Securities or exercise of any Options in each case outstanding on the date hereof, on the terms existing on the date hereof; 
 (4) shares of Common Stock issued solely in consideration for the acquisition (by merger or otherwise) of assets of, or equity interests in, another entity; 

(5) any other shares of Common Stock, which shares are expressly determined to be Excluded Shares by the Holder;

 (6) any shares of Common Stock and warrants issued pursuant to the Restricted Stock Agreement by and between
the Company and affiliates of Lorne Weil dated as of September 28, 2012, as amended from time to time including without limitation Amendment No. 1 thereto, and any shares of Common Stock issuable upon exercise of such warrants; 

(7) the Amended and Restated Warrant dated as of September 28, 2012 issued to Lorne Weil, as amended from time to
time including without limitation Amendment No. 1 to Amended and Restated Warrant (as so amended, the “LW Warrant”), and any shares of Common Stock issuable upon exercise of the LW Warrant; 

(8) any Notes and Warrants issued under the Note and Warrant Purchase Agreement or shares of Common Stock issuable upon
conversion or exercise thereof and any convertible notes having a conversion price that is greater than or equal to the Conversion Price (as defined in the Notes (as defined in the Note and Warrant Purchase Agreement)), the shares of Common Stock
issuable upon conversion of such convertible notes, any warrants having an exercise price that is greater than or equal to the Exercise Price, and the shares of Common Stock issuable upon exercise of such warrants; 

(9) shares of Common Stock issued or issuable by reason of a dividend, stock split, split-up or other distribution on
shares of Common Stock that is covered by Section 6; and 
 (10) grants or issuances of Common Stock,
Options or Convertible Securities to suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors of the Company. 

  
 8 

 (ii) Issue of Securities Deemed Issue of Additional Shares of Common
Stock. 
 (A) Options and Convertible Securities. If the Company at any time or from time to time
after the date hereof shall issue any Options or Convertible Securities (excluding any Options or Convertible Securities which are Excluded Shares) or shall fix a record date for the determination of holders of any class of securities entitled to
receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto without regard to any provisions contained therein for a subsequent adjustment of such number)
issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of
such issuance or, in case such a record date shall have been fixed, as of the close of business on such record date; provided, however, that Additional Shares of Common Stock shall not be deemed to have been issued unless the
consideration per share (determined pursuant to Section 10(a)(iv) hereof) of such Additional Shares of Common Stock would be less than 75% of the applicable Exercise Price in effect on the date of and immediately prior to such issuance (the
“Anti-dilution Threshold”), or such record date, as the case may be; provided, further, that in any such case in which Additional Shares of Common Stock are deemed to be issued: 

(1) no further adjustment in the applicable Exercise Price shall be made upon the subsequent issuance of Convertible
Securities or shares of Common Stock upon the exercise of such Options or conversion or exchange of such Convertible Securities; 
 (2) if such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any increase or decrease in the consideration payable to the Company, or any increase or
decrease in the number of shares of Common Stock issuable upon the exercise, conversion or exchange thereof, the applicable Exercise Price computed upon the original issuance thereof (or upon the occurrence of a record date with respect thereto),
and any subsequent adjustments based thereon, shall, upon any such increase or decrease becoming effective, be recomputed to reflect such increase or decrease insofar as it affects such Options or the rights of conversion or exchange under such
Convertible Securities; 

  
 9 

 (3) upon the expiration of any such Options or any rights of conversion or
exchange under such Convertible Securities which shall not have been exercised, the applicable Exercise Price computed upon the original issuance thereof (or upon the occurrence of a record date with respect thereto), and any subsequent adjustments
based thereon, shall, upon such expiration, be recomputed as if: 
 (I) In the case of Convertible Securities
convertible into or exchange for, or Options to purchase, Common Stock, the only Additional Shares of Common Stock issued were the shares of Common Stock, if any, actually issued upon the exercise of such Options or the conversion or exchange of
such Convertible Securities and the consideration received therefor was the consideration actually received by the Company for the issuance of all such Options, whether or not exercised, plus the consideration actually received by the Company upon
such exercise, or for the issuance of all such Convertible Securities which were actually converted or exchanged, plus the additional consideration, if any, actually received by the Company upon such conversion or exchange; and 

(II) In the case of Options for Convertible Securities only the Convertible Securities, if any, actually issued upon the
exercise thereof that were issued at the time of issuance of such Options, and the consideration received by the Company for the Additional Shares of Common Stock deemed to have been then issued was the consideration actually received by the Company
for the issuance of all such Options, whether or not exercised, plus the consideration deemed to have been received by the Company (determined pursuant to Section 10(a)(iv) upon the issuance of the Convertible Securities with respect to which
such Options were actually exercised); 
 (4) no readjustment pursuant to clause (2) or (3) above
shall have the effect of increasing the applicable Exercise Price to an amount which exceeds the lower of (I) the applicable Exercise Price on the original adjustment date or (II) the applicable Exercise Price that would have resulted from any
issuance of Additional Shares of Common Stock between the original adjustment date and such readjustment date; 

(5) in the case of any Options which expire by their terms not more than thirty (30) days after the date of issuance
thereof, no adjustment of the applicable Exercise Price shall be made until the expiration or exercise of all such Options, whereupon such adjustment shall be made in the same manner provided in clause (3) above; and 

(6) if such record date shall have been fixed and such Options or Convertible Securities are not issued on the date fixed
therefor, the adjustment previously made in the applicable Exercise Price which became effective on such record date shall be canceled as of the close of business on such record date, and thereafter the applicable Exercise Price shall be adjusted
pursuant to this Section 10(a) as of the actual date of their issuance. 

  
 10 

 (iii) Adjustment of Exercise Price Upon Issuance of Additional Shares of
Common Stock. 
 (A) If the Company shall issue Additional Shares of Common Stock (including, without
limitation, Additional Shares of Common Stock deemed to be issued pursuant to Section 10(a)(ii) but excluding Additional Shares of Common Stock deemed to be issued pursuant to Section 10(a)(iii)(B)(I)), without consideration or for a
consideration per share less than the applicable Anti-dilution Threshold in effect on the date of and immediately prior to such issuance, then and in such event, such applicable Exercise Price shall be reduced, concurrently with such issuance, to a
price (calculated to the nearest cent) determined by multiplying such applicable Exercise Price by a fraction which is equal to (I) the sum of (a) the number of shares of Common Stock outstanding immediately prior to such issue plus
(b) the number of shares of Common Stock which the aggregate consideration received or deemed to have been received by the Company for the total number of Additional Shares of Common Stock so issued would purchase at such applicable
Anti-dilution Threshold divided by (II) the sum of (x) number of shares of Common Stock outstanding immediately prior to such issuance plus (y) the number of Additional Shares of Common Stock so issued or deemed to be issued. 

(B) For the purposes of Section 10(a)(iii) hereof, (I) all shares of Common Stock issuable upon conversion of
the Company’s preferred stock (“Convertible Preferred Stock”) and upon exercise of Options or conversion or exchange of Convertible Securities which are part of the Excluded Shares, outstanding immediately prior to any issuance
of Additional Shares of Common Stock, or any event with respect to which Additional Shares of Common Stock shall be deemed to be issued, shall be deemed to be outstanding; and (II) immediately after any Additional Shares of Common Stock are deemed
issued pursuant to Section 10(a)(ii), such Additional Shares of Common Stock shall be deemed to be outstanding. 
 (C) Notwithstanding anything to the contrary contained herein, the applicable Exercise Price in effect at the time Additional Shares of Common Stock are issued or deemed to be issued shall not be reduced
pursuant to Section 10(a)(iii) hereof at such time if the amount of such reduction would be an amount less than $0.01, but any such amount shall be carried forward and reduction with respect thereto made at the time of and together with any
subsequent reduction which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or more. 

  
 11 

 (iv) Determination of Consideration. For purposes of this
Section 10(a), the consideration received by the Company for the issuance of any Additional Shares of Common Stock shall be computed as follows: 
 (A) Cash and Property. Such consideration shall: 
 (1)
insofar as it consists of cash, be computed at the aggregate amounts of cash received by the Company excluding amounts paid or payable for accrued interest or accrued dividends; 

(2) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such
issue, as determined in good faith by the Board of Directors; and 
 (3) if Additional Shares of Common Stock
are issued together with other shares or securities or other assets of the Company for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (1) and (2) above, as determined
in good faith by the Board of Directors. 
 (B) Options and Convertible Securities. The consideration per
share received by the Company for Additional Shares of Common Stock deemed to have been issued pursuant to Section 10(a)(ii), relating to Options and Convertible Securities, shall be determined by dividing (1) the total amount, if any,
received or receivable by the Company as consideration for the issuance of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any
provision contained therein for a subsequent adjustment of such consideration) payable to the Company upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible
Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by (2) the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without
regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities. 

(v) No Adjustment of Exercise Price. No adjustment shall be made to the applicable Exercise Price pursuant to this
Section 10 if prior to such issuance, the Company receives written notice from the Holder agreeing that no such adjustment shall be made as the result of the issuance of such Additional Shares of Common Stock. 

(vi) Changes to Exercise Price. Upon any adjustment to the Exercise Price pursuant to Section 6.1 hereof, any
previous anti-dilution adjustments made pursuant to this Section 10 shall be reflected in the new Exercise Price in the manner set forth in Section 6.1. 
 [Remainder of Page Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer as of the 30th day of
November, 2012. 
  

			
	AVANTAIR INC.
		
	By:	 	 /s/ Steve Santo

	Name:	 	Steve Santo
	Title:	 	CEO

  
 13 

 EXHIBIT A 
 NOTICE OF EXERCISE 
 TO:
                     
 (1)
The undersigned hereby elects to purchase             Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment
of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of lawful
money of the United States. 
 (3) Please issue a certificate or certificates representing said Warrant Shares in the name of
the undersigned or in such other name as is specified below: 
  

			
	  
	 	

 The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

  

			
	  
	 	
		
	  
	 	
		
	  
	 	

 (4) Accredited Investor. The undersigned is an “accredited investor” as defined in
Regulation D promulgated under the Securities Act of 1933, as amended. 
 [SIGNATURE OF HOLDER] 

 

			
	Name of Investing Entity:	 	  

			
	Signature of Authorized Signatory of Investing Entity:	 	  

			
	Name of Authorized Signatory:	 	  

			
	Title of Authorized Signatory:	 	  

			
	Date:	 	  

 EXHIBIT B 
 ASSIGNMENT FORM 
 (To assign the foregoing Warrant, execute 

this form and supply required information. 
 Do not use this form to exercise the Warrant.) 
 FOR VALUE RECEIVED,
[        ] all of or [            ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

			
		
	  
	 	whose address is

					
			
	  
	 	.	 	

 Dated:             ,
         
  

							
		 	Holder’s Signature:	 	  
	 	
				
		 	Holder’s Address:	 	  
	 	
				
		 		 	  
	 	

  

					
	Signature Guaranteed:	 	  
	 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant. 

  
 15

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