Document:

Amendment No. 1 to Amended and Restated Warrent

 EXHIBIT 10.8 
 AMENDMENT NO. 1 TO AMENDED AND RESTATED WARRANT 
 THIS AMENDMENT
NO. 1 TO AMENDED AND RESTATED WARRANT (this “Amendment”) dated as of November 30, 2012, is made by and between Avantair, Inc., a Delaware corporation (the “Company”), and Lorne Weil (the
“Holder”) and amends the Amended and Restated Warrant dated as of September 28, 2012 issued by the Company to the Holder (the “Warrant,” and as amended by this Amendment, the “Amended
Warrant”). 
 WHEREAS, the Company issued the Warrant to purchase 2,373,620 shares of common stock, par value
$0.0001 per share (“Common Stock”), of the Company to the Holder at a price of $1.00 per share in accordance with the terms set forth therein, subject to certain antidilution rights set forth in Section 10 of the Warrant (the
“Original Antidilution Provisions”); 
 WHEREAS, the Company expects to issue (the “New
Issuance”) senior secured convertible promissory notes (the “New Notes”) and warrants to purchase shares of Common Stock (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 the Holder, or one or more affiliates of the
Holder, will purchase New Notes and New Warrants, which issuances would have entitled the Holder to certain antidilution protections under the Warrant; and 
 WHEREAS, the Company and the Holder wish to amend the Warrant 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) a reduction in the Exercise Price (as defined in the Warrant) to $0.50 per share of Common Stock; and (iii) an increase in
the number of Securities (as defined in the Warrant) issuable upon exercise in full of the Warrant to 3,560,430 shares of Common Stock; 
 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 Warrant  

 (a) The first three sentences of Section 1 of the Warrant shall be deleted in their entirety and replaced by the following: 
 “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 October 19, 2015 (“Expiration Date”), but not
thereafter, to subscribe for, purchase and receive, in whole or in part, up to 3,560,430 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.” 
 (b)
Section 10(a)(i)(C) shall be deleted in its entirety and replaced by the following: 
 “(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; 

(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 Warrant, as amended from time to time including without limitation this Amendment, and any shares of Common Stock issuable upon exercise of the Warrant as so amended; 

(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; 

  
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 (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; 
 (10) 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 

(11) 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.” 
  

	 	II.	Waiver 

 Each
Holder hereby waives any right to an adjustment to the Exercise Price and the Securities 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 Warrant. 
 (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. 
 (d) Integration. The Amendment and the Warrant represent the
entire agreement of the Company and the Holder with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by Holder relative to the subject matter hereof and thereof not expressly
set forth or referred to herein or in the Warrant. 
 (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 Amended and
Restated Warrant 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

  

	
	Accepted and Agreed:
	
	HOLDER
	
	 /s/ Lorne Weil

	Lorne WeilAmended and Restated Restricted Stock Agreement

 EXHIBIT 10.9 

AMENDED AND RESTATED RESTRICTED STOCK
AGREEMENT 
 This Amended and Restated Restricted Stock Agreement
(this “Agreement”), dated as of November 30, 2012 (the “Effective Date”), by and between Avantair, Inc., a Delaware corporation (the “Company”) and Hugh Fuller (the
“Holder”) amends and restates that certain Restricted Stock Agreement dated as of August 16, 2012 (the “Original Effective Date”) by and between the Company and the Holder (the
“Original Agreement”). 
 WHEREAS, the Company issued to the Holder an aggregate of 200,000
shares of Common Stock (each, an “Initial Restricted Share,” and collectively, the “Initial Restricted Shares) for an aggregate value of $300,000 pursuant to the Original Agreement in exchange for
the reduction in the principal amount of certain aircraft lease payments in the aggregate amount of $300,000 payable by the Company to the Holder with respect to Piaggio P-180 II aircraft with serial number 1166 and U.S. Registration No. N301SL (the
“Initial Aircraft”); 
 WHEREAS, the Company and the Holder wish to amend and restate the
Original Agreement to provide for the irrevocable reduction of the total aggregate amount of monthly rent or lease payments (“Lease Payments”) by the Company for the leased aircraft with U.S. Registration Numbers N180HM;
N157GA; N113SL; N179SL; N183SL; N301SL; N122PA; and N197SL (collectively the “Additional Aircraft”) by $200,000 per month for a period of three (3) consecutive months commencing on November 1, 2012, and thereafter,
commencing on February 1, 2013, by $100,000 per month for a period of twelve (12) consecutive months until January 31, 2014, totaling an aggregate reduction of Lease Payments in the amount of $1,800,000 with respect to the Additional
Aircraft over the fifteen (15) month period. The Holder shall instruct the Company on how to allocate the reductions in Lease Payments among the Additional Aircraft; provided, however, that the aggregate allocations of reductions in Lease
Payments among the Additional Aircraft shall equal the then current applicable aggregate monthly reduction in Lease Payments and, provided further that in the event of the sale of an Additional Aircraft or termination/expiration of an aircraft lease
agreement relating to an Additional Aircraft, any such reduction in Lease Payments applicable to any such Additional Aircraft shall be allocated to additional reductions in Lease Payments to remaining Additional Aircraft, with such reductions to be
allocated as Holder instructs. In no event shall the Holder’s allocation of any reduction in Lease Payments have any effect on the amortization schedules related to the Additional Aircraft; and 

WHEREAS, the Company and the Holder further wish to amend and restate the Original Agreement to provide for (i) the issuance
of an additional 8,200,000 shares of Common Stock in addition to the 200,000 shares of Common Stock issued under the Original Agreement, (ii) warrants to purchase an aggregate of 8,400,000 shares of Common Stock in the form attached hereto as
Exhibit A (the “Warrant”) and (iii) antidilution rights as set forth herein; 

  
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 WHEREAS, the Holder, as additional consideration for this Agreement, further agrees
to extend the term of the Aircraft Lease Agreement with the Company dated October 10, 2007 related to N180HM for an additional sixty (60) months and further agrees to extend the term of the Floor Plan Finance Agreement with the Company
dated September 13, 2011 for an additional eight (8) months. 
 NOW, THEREFORE, in consideration of the mutual
promises and covenants contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows: 
 1.
Terminology. Unless otherwise provided in this Agreement, capitalized words used herein are defined in the Glossary at the end of this Agreement. 
 2. Issuance and Delivery. 
 (a) Initial Issuance and Delivery.
(i) Effective as of the Original Effective Date, the Initial Restricted Shares were issued and delivered to the Holder following the execution and delivery of aircraft lease agreement (the “Aircraft Lease Agreement”) for
the Initial Aircraft, in the form attached to this Agreement as Appendix 1. 
 (ii) Effective as of the Original
Effective Date, the Holder irrevocably reduced the amounts payable under the Aircraft Lease Agreement related to the Initial Aircraft by $300,000, therefore reducing the Base Rent (as defined therein) to $55,171 with respect to the Initial Aircraft.

 (iii) Effective as of the Original Effective Date, an aggregate of 200,000 Initial Restricted Shares were issued and
delivered to the Holder. For the avoidance of doubt, 100% of the Initial Restricted Shares are vested and nonforfeitable. 

(b) Additional Issuance and Delivery. (i) An aggregate of 8,400,000 shares of Common Stock (the “New Restricted
Shares”, and together with the Initial Restricted Shares, the “Restricted Shares”) and a warrant (the “Warrants”) to purchase an aggregate of 8,400,000 shares of Common Stock (the
“Warrant Shares”) shall be issued and delivered to the Holder as of the Effective Date. For the avoidance of doubt, 100% of the New Restricted Shares will be vested and nonforfeitable, and the Warrants Shares shall not be
deemed to be “Restricted Shares.” 
 (ii) Effective as of November 1, 2012, the Lease Payments with respect to
the Additional Aircraft shall be irrevocably reduced by $1,800,000 as follows: aggregate Lease Payments by the Company for the Additional Aircraft payable pursuant to the leases relating to such Additional Aircraft shall be reduced (a) by
$200,000 per month for a period of three (3) consecutive months commencing on November 1, 2012, and (b) thereafter, commencing on February 1, 2013, by $100,000 per month for a period of twelve (12) consecutive months until
January 31, 2014, totaling an aggregate reduction of Lease Payments in the amount of $1,800,000 with respect to the Additional Aircraft over the fifteen (15) month period. The Holder shall instruct the Company on how to allocate
the reductions in Lease Payments among the Additional Aircraft on a monthly basis; provided, however, that the aggregate allocations of 

  
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reductions in Lease Payments among the Additional Aircraft shall equal the then current applicable aggregate monthly reduction in Lease Payments and, provided further that in the event of the
sale of an Additional Aircraft or termination/expiration of an aircraft lease agreement relating to an Additional Aircraft, any such reduction in Lease Payments applicable to any such Additional Aircraft shall be allocated to additional reductions
in Lease Payments to remaining Additional Aircraft, with such reductions to be allocated as Holder instructs; and 
 3.
Restrictions on Transfer. The Holder understands that the Restricted Shares will be restricted securities as such term is defined under Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), and cannot be sold except pursuant to registration under the Securities Act or an exemption therefrom. The Holder further understands that the Company has no obligation to register the Restricted Shares for resale under the
Securities Act. 
 4. Stock Certificates. After the Original Effective Date, the Company delivered a share certificate to
the Holder, or deliver shares electronically or in certificate form to such Holder’s designated broker on such Holder’s behalf, for the Initial Restricted Shares issued to such Holder hereunder. As soon as practicable after the Effective
Date, the Company will deliver a share certificate to the Holder, or deliver shares electronically or in certificate form to such Holder’s designated broker on such Holder’s behalf, for the Additional Restricted Shares issued to such
Holder hereunder. 
 5. Transfer Restrictions. 

 

	 	(a)	The Restricted Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of the Restricted Shares other than
pursuant to an effective registration statement or Rule 144 promulgated under the Securities Act, to the Company, or to an Affiliate of any Holder or in connection with a pledge as contemplated in Section 5(b), the Company may require the
transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred Restricted Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and the transactions
contemplated by the Amendments and shall have the rights of the transferring Holder under this Agreement. 

 (b)
The Holder agrees to the imprinting, so long as is required by this Section 5, of a legend on any of the Restricted Shares in the following form: 
 “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

  
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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. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.” 
 (c) The Holder agrees that it will sell any Restricted Shares only pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an
exemption therefrom, and that if Restricted Shares are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from
certificates representing Restricted Shares as set forth in this Section 5(c) is predicated upon the Company’s reliance upon this understanding. 
 6. Adjustments for Corporate Transactions and Other Events. 
 (a) Stock
Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or stock split or reverse stock split affecting, the Common Stock, the number of Restricted Shares shall, without further action of any party, be adjusted to reflect
such event. The Company shall make reasonable adjustments, in its discretion, to address the treatment of fractional shares with respect to the Restricted Shares as a result of the stock dividend, stock split or reverse stock split; provided that
such adjustments do not result in the issuance of fractional Restricted Shares. 
 (b) Binding Nature of Agreement. The
terms and conditions of this Agreement shall apply with equal force to any additional and/or substitute securities received by the Holder in exchange for, or by virtue of the Holder’s ownership of, the Restricted Shares, to the same extent as
the Restricted Shares with respect to which such additional and/or substitute securities are distributed, whether as a result of any spin-off, stock split-up, stock dividend, stock distribution, other reclassification of the Common Stock of the
Company, or similar event. If the Restricted Shares are converted into or exchanged for, or stockholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of
its assets, securities of another entity, or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the 

  
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Company’s successor, and this Agreement shall apply to the securities or other property (including cash) received upon such conversion, exchange or distribution in the same manner and to the
same extent as the Restricted Shares. 
 7. Rights as Stockholder. The Holder will possess all incidents of ownership of
such Holder’s Restricted Shares, including the right to vote the Restricted Shares and receive dividends and/or other distributions declared on the Restricted Shares. 
 8. The Company’s Rights. Subject to the rights of Holder under Sections 16 and 17, the existence of the Restricted Shares shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures,
preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company’s
assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 9. Notices.
All notices and other communications made or given pursuant to this Agreement shall be in writing and shall be sufficiently made or given if hand delivered or mailed by certified mail, addressed to the Holder at the address contained in the records
of the Company, or addressed to the Company for the attention of its Corporate Secretary at its principal executive office or, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic
transmission mechanism as may be available to the parties. 
 10. Entire Agreement. This Agreement contains the entire
agreement between the parties with respect to the Restricted Shares issued hereunder. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with
respect to the Restricted Shares issued hereunder, except for aircraft lease agreements relating to the Initial Aircraft and the Additional Aircraft, shall be void and ineffective for all purposes. 

11. Amendment. This Agreement may be amended only in a written document signed by each of the parties hereto. 

12. Governing Law. The validity, construction and effect of this Agreement, and the rights of any and all persons having or
claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Florida, without regard to its provisions concerning the applicability of laws of other jurisdictions. Any suit with
respect hereto will be brought in the federal or state courts in the districts which include Clearwater, Florida, and the Holder hereby agrees and submits to the personal jurisdiction and venue thereof. 

13. Headings. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of
this Agreement. 

  
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 14. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
 15. Electronic Delivery of
Documents. By signing this Agreement, the Holder (i) consents to the electronic delivery of this Agreement, all information with respect to the Restricted Shares and any reports of the Company provided generally to the Company’s
stockholders; (ii) acknowledge that such Holder may receive from the Company a paper copy of any documents delivered electronically at no cost to Holder by contacting the Company by telephone or in writing; (iii) further acknowledges that
such Holder may revoke its consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that such Holder understands
that it is not required to consent to electronic delivery of documents. 
 16. Issuance of Antidilution Shares for Dilutive
Events. 
 (a) Dilutive Issuances. Beginning after the Effective Date, 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 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 the 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; 

  
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 (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 Holder 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 Holder 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; 
 (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 the 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 the 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)). 

  
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 (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. 

(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 

  
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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) 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 

  
 - 9 -

	 	
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

  

	 	(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. 

  
 - 10 -

 (f) Notice. The Company shall notify the 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) Termination of Antidilution Rights. Upon the earlier of (i) the assignment, sale, disposition of or other transfer to any
person other than an Affiliate of any Holder (but not, for the avoidance of doubt, the pledge of such Restricted Shares as permitted by the legend described in Section 5(b)) of any Restricted Shares, Prior Antidilution Shares or Antidilution
Shares by any Holder, as to the securities so assigned, sold, disposed of or otherwise transferred, (ii) the date on which the market capitalization of the Company exceeds $35,000,000.00 (except by reason of any Dilutive Issuance or transaction
involving the issuance of Excluded Shares), and (iii) the date that is one (1) year following the Original Effective Date (the “Antidilution Expiration Date”), this Section 16 shall expire and thereafter be of
no force or effect and no Antidilution Shares shall be issued with respect to any Dilutive Issuance occurring after the Antidilution Expiration Date. 
 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. 
 {Glossary begins on next page} 

  
 - 11 -

 GLOSSARY 
 (a) “Affiliate” with respect to any person, means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with such person
(including but not limited to joint ventures, limited liability companies and partnerships). For this purpose, “control” of any person means ownership of 50% or more of the total combined voting power or value of all classes of stock or
interests of such person or the power to direct or cause the direction of the management of such person. 
 (b)
“Common Stock” means shares of common stock, par value $0.0001 per share, of Avantair, Inc., a Delaware corporation. 
 (c) “Holder” means the recipient of the Restricted Shares as reflected in the first paragraph of this Agreement. Whenever the word “Holder” is used in any provision of
this Agreement under circumstances where the provision should logically be construed to apply to beneficiary or transferee to whom the Restricted Shares may be transferred as permitted by this Agreement, the word “Holder” shall be deemed
to include such person. 
 (d) “New Issuance” means the issuance by the Company of 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 Effective Date 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”). 

*            *          
  * 

  
 - 12 -

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer as of the date first written above. 
  

			
	AVANTAIR, INC.
		
	By:	 	 /s/ Stephen Wagman

	Name:	 	Stephen Wagman
	Title:	 	President

 The undersigned hereby acknowledges that it has carefully read this Agreement and agrees to be bound by all of the
provisions set forth herein. The undersigned also consents to electronic delivery of all notices or other information with respect to the Restricted Shares or the Company. 

 

					
	WITNESS:	 		 	HUGH FULLER
			
	 /s/ Tom Palmiero
	 		 	 /s/ Hugh Fuller

  
 - 13 -

 EXHIBIT A 
 Warrant 
 (See attached) 

 APPENDIX 1 
 Aircraft Lease Agreements

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