Document:

Exhibit 4.5

 

LIGHTJUMP ACQUISITION CORPORATION

 

DESCRIPTION OF SECURITIES

 

As of the date of the Annual Report on Form 10-K
for the year ended December 31, 2021 (the “Report”) of LightJump Acquisition Corporation, a Delaware corporation (“we,”
“us,” “our” or “the company”), of which this exhibit forms a part, the Company had the following three
classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
(i) its units, consisting of one share of common stock (as defined below) and one-half of one redeemable warrant (as defined below), with
each whole warrant entitling the holder thereof to purchase one share of common stock (the “units”), (ii) its common stock,
$0.0001 par value per share (“common stock”), and (iii) its public warrants, with each whole warrant exercisable for one share
of common stock for $11.50 per share (the “warrants”). Defined terms used herein but not otherwise defined shall have the
meaning ascribed to such terms in the Report.

 

Pursuant to our amended and restated certificate
of incorporation (the “Charter”), our authorized capital stock consists of 99,000,000 shares of common stock, $0.0001 par
value and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms
of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, the Charter,
our by-laws and our warrant agreement, each of which is incorporated by reference as an exhibit to the Report.

 

Units

 

Each unit consists of one share of common stock
and one-half of one warrant. Each whole warrant entitles the holder to purchase one share of common stock. Pursuant to the warrant agreement,
a warrant holder may exercise its warrants only for a whole number of shares of common stock. This means that only a whole warrant may
be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole
warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants issuable to you upon separation
of the units will be rounded down to the nearest whole number of warrants.

 

Common Stock

 

Our stockholders of record are entitled to one
vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to approve our initial business
combination, our initial stockholders, as well as all of our officers and directors, have agreed to vote their respective shares of common
stock owned by them in favor of the proposed business combination.

 

We will consummate our initial business combination
only if we have net tangible assets of at least $5,000,001 either immediately prior to or upon consummation of such business combination
and, solely if a vote is held to approve a business combination, a majority of the outstanding shares of common stock voted are voted
in favor of the business combination.

 

Our board of directors is divided into three classes,
each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no
cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares eligible
to vote for the election of directors can elect all of the directors.

 

Pursuant to our amended and restated certificate
of incorporation, if we do not consummate an initial business combination by 18 months from the closing of our initial public offering,
our corporate existence will cease except for the purposes of winding up our affairs and liquidating. If we are forced to liquidate prior
to an initial business combination, our public stockholders are entitled to share ratably in the trust account, based on the amount then
held in the trust account.

 

     

    

    

 

Our sponsor, initial stockholders, officers and
directors have agreed to waive their rights to participate in any liquidation distribution from the trust account occurring upon our failure
to consummate an initial business combination with respect to the founder’s common stock and private shares. Our sponsor, initial
stockholders, officers and directors will therefore not participate in any liquidation distribution from the trust account with respect
to such shares. They will, however, participate in any liquidation distribution from the trust account with respect to any shares of common
stock acquired in, or following, our initial public offering.

 

Our stockholders have no conversion, preemptive
or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares of common stock, except that
public stockholders have the right to sell their shares to us in a tender offer or have their shares of common stock converted to cash
equal to their pro rata share of the trust account in connection with the consummation of our business combination. Public stockholders
who sell or convert their stock into their share of the trust account still have the right to exercise the warrants that they received
as part of the units.

 

Preferred Stock

 

There are no shares of preferred stock outstanding.
Our amended and restated certificate of incorporation authorizes the issuance of 1,000,000 shares of preferred stock with such designation,
rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered,
without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely
affect the voting power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business
combination, from issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a class
with the common stock on a business combination. We may issue some or all of the preferred stock to effect a business combination. In
addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of us. Although
we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

 

Each whole warrant entitles the registered holder
to purchase one share of common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing
30 days after the completion of an initial business combination. However, no warrants will be exercisable for cash unless we have an effective
and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus
relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock
issuable upon exercise of the public warrants is not effective within a specified period following the consummation of our initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall
have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided
by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available,
holders will not be able to exercise their warrants on a cashless basis. In the event of such cashless exercise, each holder would pay
the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x)
the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of
the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value”
for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the trading
day prior to the date of exercise. The warrants will expire on the fifth anniversary of our completion of an initial business combination,
at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

The private warrants, as well as any warrants
underlying additional units we issue to our sponsor, officers, directors or their affiliates in payment of working capital loans made
to us, will be identical to the warrants underlying the units except that such warrants will be exercisable for cash or on a cashless
basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are still held by our sponsor or its
permitted transferees.

 

    2

    

    

 

We may call the warrants for redemption (excluding
the private warrants and any warrants underlying additional units issued to our sponsor, initial stockholders, officers, directors or
their affiliates in payment of working capital loans made to us), in whole and not in part, at a price of $0.01 per warrant,

 

	 	●	at any time after the warrants become exercisable,
	 	 	 
	 	●	upon not less than 30 days’ prior written notice of redemption to each warrant holder,
	 	 	 
	 	●	if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and
	 	 	 
	 	●	if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.

 

The right to exercise will be forfeited unless
the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder
of a warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such
warrant.

 

The redemption criteria for our warrants have
been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide
a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as
a result of our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants.

 

If we call the warrants for redemption as described
above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”
In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to
the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference
between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair
market value” for this purpose shall mean the average reported last sale price of the shares of common stock for the 5 trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

 

The warrants will be issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval, by written consent or vote, of the holders of at least a majority of the then outstanding public warrants in
order to make any change that adversely affects the interests of the registered holders.

 

The exercise price and number of shares of common
stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary
dividend or our recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be
adjusted for issuances of shares of common stock at a price below their respective exercise prices.

 

    3

    

    

 

In addition, if (x) we issue additional shares
of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price
to be determined in good faith by our board of directors, and in the case of any such issuance to our sponsor, initial stockholders or
their affiliates, without taking into account any founders’ shares held by them prior to such issuance), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the
Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of
the greater of (i) the Market Value or (ii) the price at which we issue the additional shares of common stock or equity-linked securities.

 

The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price, by certified or
official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges
of holders of shares of common stock and any voting rights until they exercise their warrants and receive shares of common stock. After
the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of
record on all matters to be voted on by stockholders.

 

Warrant holders may elect to be subject to a restriction
on the exercise of their warrants such that an electing warrant holder would not be able to exercise their warrants to the extent that,
after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares of common stock outstanding.

 

No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon
exercise, round up to the nearest whole number the number of shares of common stock to be issued to the warrant holder.

 

Certain Anti-Takeover
Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and By-Laws

 

Staggered board
of directors

 

Our amended and restated
certificate of incorporation provides that our board of directors will be classified into three classes of directors of approximately
equal size. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest
at two or more annual meetings.

 

Special meeting
of stockholders

 

Our bylaws provide that
special meetings of our stockholders may be called only by a majority vote of our board of directors, by our president or by our chairman
or by our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital stock entitled to
vote.

 

Advance notice
requirements for stockholder proposals and director nominations

 

Our bylaws provide that
stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors
at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s notice
will need to be delivered to our principal executive offices not later than the close of business on the 60th day nor earlier
than the close of business on the 90th day prior to the scheduled date of the annual meeting of stockholders. In the event
that less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders is given, a stockholder’s
notice shall be timely if delivered to our principal executive offices not later than the 10th day following the day on which
public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our bylaws also specify certain requirements
as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before
our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

 

    4

    

    

 

Authorized but
unissued shares

 

Our authorized but unissued
common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of
corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of
authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain
control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive Forum
Selection

 

Our amended and restated
certificate of incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions
against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an
indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal
jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction
of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction or
(D) arising under the Securities Act. If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to
have consented to service of process on such stockholder’s counsel. Although we believe this provision benefits us by providing
increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine that this
provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our
directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the
rules and regulations thereunder and therefore bring a claim in another appropriate forum. Additionally, we cannot be certain that a court
will decide that this provision is either applicable or enforceable, and if a court were to find the choice of forum provision contained
in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs
associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial condition.

 

Our amended and restated
certificate of incorporation provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

 

 

5CPI AEROSTRUCTURES, INC. 8-K

 

Exhibit
10.1 

 

Execution
Version

 

CONSENT,
WAIVER AND NINTH AMENDMENT

TO
AMENDED AND RESTATED CREDIT AGREEMENT

CONSENT,
WAIVER AND NINTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) entered into as of April
12, 2022 by and among CPI AEROSTRUCTURES, INC. (the “Borrower”), BANKUNITED, N.A., a national banking association,
as Sole Arranger, Agent and a Lender, DIME COMMUNITY BANK, a New York banking corporation, as a Lender, and the other financial institutions
from time to time parties thereto as lenders (collectively, the “Lenders” and each a “Lender”),
and BANKUNITED, N.A., a national banking association, as administrative agent and collateral agent for the Lenders thereunder (in such
capacities, the “Administrative Agent” and the “Collateral Agent,” respectively and each an “Agent”).

WHEREAS,
the Borrower, the Agent and each Lender are parties to that Amended and Restated Credit Agreement dated as of March 24, 2016, as amended
by that First Amendment and Waiver to Amended and Restated Credit Agreement dated as of May 9, 2016, as further amended by that Second
Amendment to Amended and Restated Credit Agreement dated as of July 13, 2017, as further amended by that Third Amendment and Waiver to
Amended and Restated Credit Agreement dated as of August 15, 2018, as further amended by that Fourth Amendment dated as of December 20,
2018, as further amended by that Fifth Amendment to Amended and Restated Credit Agreement dated as of June 25, 2019, as further amended
by that Sixth Amendment and Waiver to Amended and Restated Credit Agreement dated as of August 24, 2020 (the “Sixth Amendment”),
as further amended by that Consent, Waiver and Seventh Amendment to Amended and Restated Credit Agreement dated as of May 11, 2021 and
as further amended by that Waiver and Eighth Amendment to Amended and Restated Credit Agreement dated as of October 28, 2021 (the “Eighth
Amendment,” and collectively, the “Agreement”);

WHEREAS,
the Borrower has requested that the Agent and each Lender (i) amend certain provisions of the Agreement including an extension of the
maturity date of the Loans, (ii) waive certain covenant non-compliance under the Agreement, (iii) consent to the Borrower furnishing
to each Lender (a) the consolidated financial statements of the Borrower and its Subsidiaries for the fiscal quarter ended March 31,
2022 together with a related compliance certificate and (b) a Work-in-Progress Schedule for the month ended March 31, 2022, in each case
until the applicable date provided for herein, (iv) waive temporarily the Borrower’s failure to furnish timely to each Lender (a)
the audited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2021 together
with a related compliance certificate, (b) the consolidated financial statements of the Borrower and its Subsidiaries for the fiscal
quarters ended June 30, 2021 and September 30, 2021 together, in each case, with a related compliance certificate and (c) Work-in-Progress
Schedules for the months ended October 31, 2021, November 30, 2021, December 31, 2021, January 31, 2022 and February 28, 2022 together,
in each case, with related schedules, until the applicable date provided for herein, and (v) waive the Borrower’s failure to furnish
to each Lender the pro-forma budget for the fiscal years ending December 31, 2022 and December 31, 2023; and

     

     

    

WHEREAS,
the Agent and each Lender are willing to accede to such request to (i) amend certain provisions of the Agreement, (ii) grant the requested
consents and (iii) grant the requested waivers, subject to the terms and conditions hereinafter set forth.

NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth and for other good and valuable consideration,
the parties hereto hereby agree as follows:

1.            All capitalized terms used herein, unless otherwise defined herein, have the same meanings provided therefor in the Agreement. This Amendment
constitutes a Loan Document.

2.            Subject to the terms and conditions hereof, the Agreement is hereby amended as follows:

(a)          Section 1.1 of the Agreement (Defined Terms) is amended by deleting the following definitions “Applicable Margin,”
“Revolving Credit Termination Date” and “Term Loan Maturity Date” and substituting the following
therefor:

“Applicable
Margin”: means, from time to time with respect to Revolving Credit Loans and Term Loans and the fees payable under Section
3.5(a), the following percentages per annum:

	Base
    Rate Margin	Commitment
    Fee
	2.50%
    from April 12, 2022 through June 30, 2022	0.50%
    through the Revolving Credit Termination Date
	5.00%
    from July 1, 2022 through August 31, 2022	 
	6.00%
    from September 1, 2022 through October 31, 2022	 
	7.00%
    from November 1, 2022 through December 31, 2022	 
	8.00%
    from January 1, 2023 through September 30, 2023	 

 

“Ninth
Amendment”: means the Consent, Waiver and Ninth Amendment to Amended and Restated Credit Agreement dated as of April 12, 2022
among the Borrower, the Lenders and the Agent.

“Revolving
Credit Termination Date”: September 30, 2023.

“Term
Loan Maturity Date”: September 30, 2023.

    2

     

    

(b)          Section 2.7 of the Agreement (Repayment of Term Loan) is amended by deleting same and substituting the following therefor:

“2.7
Repayment of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account
of each Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) (i) in consecutive monthly installments
of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding installment
being due on the first Business Day of each month thereafter until December 1, 2022, (ii) in the amount of $750,000 in three installments
of $250,000 on the last Business Day of each of November 2021, December 2021 and March 2022, (iii) in the amount of $750,000 in three
installments of $250,000 on the last Business Day of each of September 2022, December 2022 and March 2023 (the payments provided for
in Section 2.7 (ii) and (iii) are referred to herein as the “Special Principal Payments”) and (iv) as a final payment
due on the Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan. Notwithstanding the
foregoing, upon Borrower’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds,
Borrower shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current
Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through the date
of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held by and pledged
(as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent on behalf of the
Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable Designated Amount.
Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term Loan.

	First
    Business Day

    Month and Year	Principal
    Amortization

    Amount per Month
	May
    2016 – April 2017	$41,667.67
	May
    2017 – April 2018	$125,000.00
	May
    2018 – August 2018	$166,666.67
	September
    2018 – June 2021	$175,000.00
	July
    2021 – December 2022	$200,000.00”

 

(c)          The second sentence of Section 6.1(a) of the Agreement is amended by deleting same and substituting the following therefor:

“Administrative
Agent and the Lenders hereby accept RSM US LLP as the Borrower’s Auditors.”

(d)          Section 7.1(a) of the Agreement (Minimum Debt Service Coverage Ratio) is amended by deleting same and substituting the following therefor:

    3

     

    

“(a)Minimum
Debt Service Coverage Ratio. Permit the Debt Service Coverage Ratio of the Borrower at the end of each fiscal quarter for the DSCR
Period (defined below) then ended to be less than the corresponding ratio set forth below. “Debt Service Coverage Ratio”
shall mean (i) the sum of EBITDA plus amortization of stock compensation expense, minus Restricted Payments minus unfinanced Capital
Expenditures, divided by (ii) the sum of scheduled principal and Financing Lease payments plus Interest Expense; in each case
as determined in accordance with GAAP consistently applied. “DSCR Period” shall mean (y) for the fiscal periods ended
9/30/20 and 12/31/20, the fiscal quarter then ended; and (z) for all other fiscal periods, the trailing four quarter period then ended.

	Fiscal
    Quarter End	Minimum
    DSCR
	Closing
    – 12/31/17	1.5
    to 1.0
	3/31/18
    – 6/30/20	waived
	9/30/20	1.5
    to 1.0
	12/31/20
    – 3/31/21	waived
	6/30/21
    – 12/31/21	1.5
    to 1.0
	3/31/22	.90
    to 1.0
	6/30/22	.95
    to 1.0
	9/30/22
    and thereafter	1.5
    to 1.0”

 

(e)          Section 7.1(b) of the Agreement (Maximum Leverage Ratio) is amended by deleting same and substituting the following therefor:

 

“(b)Maximum
Leverage Ratio. Permit the Leverage Ratio of the Borrower at the end of each fiscal quarter determined for the trailing four-quarter
period then ended (or in the case of the fiscal quarter ended March 31, 2021, determined on an annualized basis for the three-quarter
period then ended) to be more than the corresponding ratio set forth below (subject to adjustment pursuant to Section 3.4(i)); “Leverage
Ratio” shall mean Funded Debt, divided by EBITDA:

	Fiscal
    Quarter End	Maximum
    Leverage Ratio
	6/30/16
    and 9/30/16	3.5
    to 1.0
	12/31/16
    – 12/31/17	3.0
    to 1.0
	3/31/18
    – 12/31/20	waived
	3/31/21	5.0
    to 1.0
	6/30/21	4.75
    to 1.0
	9/30/21	5.35
    to 1.0
	12/31/21	4.65
    to 1.0
	3/31/22	7.30
    to 1.0
	6/30/22	6.30
    to 1.0
	9/30/22
    and thereafter	4.00
    to 1.0”

 

(f)           Section 7.1(c) of the Agreement (Minimum Net Income) is amended by deleting same and substituting the following therefor:

    4

     

    

“(c)Minimum
Net Income. Permit, as of the end of each fiscal quarter commencing 6/30/22, the amount of the Borrower’s net income after
taxes to be less than $1.”

(g)          Section 7.1(d) of the Agreement (Minimum EBITDA) is amended by deleting same and substituting the following therefor:

“(d)Minimum
EBITDA. Permit the sum of Borrower’s EBITDA minus any A10 2015 REA Payment received at the end of each fiscal quarter for the
fiscal quarter then-ended to be less than the following:

	Fiscal
    Quarter End	Amount:
	6/30/16	$2,100,000
	9/30/16	$2,400,000
	12/31/16	$2,600,000
	3/31/17	$2,400,000
	6/30/17	$1,800,000
	9/30/17	$2,000,000
	12/31/17	$2,300,000
	3/31/18
    – 6/30/20	N/A
	9/30/20
    – 12/31/21	$1,000,000
	3/31/22	waived
	6/30/22
    and thereafter	$1,000,000”

 

(h)          A new subsection, Section 7.1(f), is hereby added to Section 7.1 of the Agreement (Financial Condition Covenants) as follows:

“(f)Notwithstanding
anything in this Agreement to the contrary, for purposes of (i) Section 7.1(a)(ii), scheduled principal payments shall not include the
Special Principal Payments and Interest Expense shall not include the increase in Interest Expense occurring as a result of the Base
Rate Margin increases reflected in the Ninth Amendment in excess of the Base Rate Margin in effect immediately prior to the Ninth Amendment
(the “Interest Expense Increases”), including with respect to interest paid on the Amendment Fee (as defined in the
Ninth Amendment), (ii) Section 7.1(b), Funded Debt shall not include the Amendment Fee and (iii) Section 7.1(c), the calculation of Net
Income shall not include the Interest Expense Increases.”

(i)           Schedule I of the Agreement is hereby amended by deleting the same and substituting the attached Schedule I therefor.

 

(j)           Schedule 4.18 of the Agreement is hereby amended by deleting the same and substituting the attached Schedule 4.18 therefor.

(k)          Schedule 7.2 of the Agreement is hereby amended by deleting the same and substituting the attached Schedule 7.2 therefor.

    5

     

    

(l)           Schedule 7.3 of the Agreement is hereby amended by deleting the same and substituting the attached Schedule 7.3 therefor.

(m)         Except as amended herein, all other provisions of the Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

3.            Each Lender and the Borrower agree that as of April 12, 2022, the aggregate outstanding principal amount of: (a) the Revolving Credit
Loans as evidenced by Revolving Credit Notes is $21,000,000.00, (b) the Term Loan as evidenced by the corresponding Term Notes is $3,433,333.32
(exclusive of the component of the Term Loan consisting of the Amendment Fee (as defined below) and (c) the fee payable by the Borrower
under Section 9 of the Eighth Amendment is $250,000 (the “Amendment Fee”), which is accruing interest, since the Effective
Date (as defined in the Eighth Amendment), at the rate applicable to the Term Loan.

4.            The Borrower hereby represents and warrants to each Lender that:

(a)          Each and every of the representations and warranties set forth in the Agreement is true as of the date hereof and with the same effect
as though made on the date hereof, and is hereby incorporated herein in full by reference as if fully restated herein in its entirety.

(b)          No Default or Event of Default and no event or condition which, with the giving of notice or lapse of time or both, would constitute
a Default or Event of Default, now exists or would exist after giving effect hereto.

(c)          There are no defenses or offsets to the Borrower’s obligations under the Agreement, the Notes or the other Loan Documents or any
of the other agreements in favor of the Lenders referred to in the Agreement.

(d)          The WHEREAS clauses set forth hereinabove are true and correct.

5.            Non-compliance by the Borrower with the following covenants is hereby waived by the Agent and each Lender as follows:

(a)          Section 6.1(a) and Section 6.2(a) of the Credit Agreement: The Borrower’s late submission to each Lender of the audited
consolidated financial statements of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2021, together with a related
compliance certificate, is waived until June 30, 2022.

(b)          Section 6.1(b) and Section 6.2(a) of the Credit Agreement: The Borrower’s late submission to each Lender of the quarterly
consolidated financial statements of the Borrower and its Subsidiaries for the fiscal quarters ended June 30, 2021 and September 30,
2021 together, in each case, with a related compliance certificate, is waived until May 31, 2022.

    6

     

    

(c)          Section 6.1(c) and Section 6.1(d) of the Credit Agreement: The Borrower’s late submission to each Lender of the Work-in-Progress
Schedules for the months ended (i) October 31, 2021, November 30, 2021 and December 31, 2021, together in each case, with related accounts
receivable aging, accounts payable aging and cash flow schedules, is waived until April 30, 2022 and (ii) January 31, 2022 and February
28, 2022 together, in each case, with related accounts receivable aging, accounts payable aging and cash flow schedules, is waived until
May 31, 2022.

(d)          Section 6.1(e) of the Credit Agreement: The Borrower’s submission to each Lender of a pro forma budget for the fiscal year
ending December 31, 2022 and December 31, 2023, is waived permanently.

6.            The Agent and each Lender hereby consent to non-compliance by the Borrower with the following covenants until the dates set forth hereunder:

(a)          Section 6.1(b) and Section 6.2(a) of the Credit Agreement: The Agent and each Lender consent to the Borrower furnishing each Lender
with consolidated financial statements of the Borrower and its Subsidiaries for the fiscal quarter ended March 31, 2022, together with
a related compliance certificate, by no later than July 31, 2022.

(b)          Section 6.1(c) and Section 6.1 (d) of the Credit Agreement: The Agent and each Lender consent to the Borrower furnishing each
Lender with the Work-in-Progress Schedule for the month ended March 31, 2022, together with related accounts receivable aging, accounts
payable aging and cash flow schedules, by no later than May 31, 2022.

7.            It is expressly understood and agreed that all collateral security for the Loans and other extensions of credit set forth in the Agreement
prior to the amendment provided for herein is and shall continue to be collateral security for the Loans, obligations and other extensions
of credit provided in the Agreement (as herein amended) and the other Loan Documents.

8.            The amendments and waivers set forth herein are limited precisely as written, based on the facts specified, for the periods stated and
shall not be deemed to (a) be a consent to or a waiver of, or future waiver of any further violation or non-compliance with any of the
indicated covenants or any other term or condition of the Agreement, the other Loan Documents or any of the documents referred to therein,
or (b) prejudice any right or rights which either Lender may now have or may have in the future under or in connection with the Agreement,
the other Loan Documents or any documents referred to therein. Whenever the Agreement is referred to in this Amendment, the other Loan
Documents or any of the instruments, agreements or other documents or papers executed and delivered in connection therewith, it shall
be deemed to mean the Agreement as modified by this Amendment.

9.            The Borrower agrees to pay on demand, and the Agent may charge any deposit or loan accounts of the Borrower, all expenses (including
reasonable attorneys’ fees) incurred by the Lenders in connection with the negotiation and preparation of this Amendment and all
instruments, agreements and other documents executed or delivered in connection herewith.

    7

     

    

10.          In consideration of the accommodations provided by the Agent and the Lenders under this Amendment, the Borrower and the Guarantors (by
virtue of their undersigned consent), on behalf of themselves and for each of their direct and indirect Affiliates, successors, predecessors
and assigns, and their present and former legal representatives, employees, agents, and attorneys, and their trustees, successors and
assigns (collectively, the “Releasors”), hereby knowingly, voluntarily, intentionally, unconditionally and irrevocably
waive, release and forever discharge (the “Release”) the Agent and the Lenders and the Agent and the Lenders’
Affiliates and subsidiaries (collectively, the “Lender Parties”) from and against any and all rights, claims, counterclaims,
demands, suits, actions or causes of action against the Agent or either Lender or the other Lender Parties, whether known or unknown,
contingent or absolute, liquidated or unliquidated or otherwise, arising out of the Agent or the Lenders’ or the other Lender Parties’
actions or inactions in connection with the Loans prior to the execution and delivery of this Amendment prior to the execution and delivery
of this Amendment, as well as any and all rights of setoff, defenses, claims, counterclaims, demands, suits, actions, and causes of action,
in each case in connection with the Loans prior to the execution and delivery of this Amendment, and any other bar to the enforcement
of the Agreement, the Notes or any of the other Loan Documents which shall have accrued prior to the execution and delivery of this Amendment.
In any litigation arising from or related to an alleged breach of the Release, the Release may be pleaded as a defense, counterclaim
or cross claim and shall be admissible into evidence without foundation testimony whatsoever. The Releasors expressly covenant and agree
that the Release shall be binding in all respects upon their respective successors, assigns and transferees including, without limitation,
any trustee in bankruptcy, and shall inure to the benefit of the successors and assigns of the Agent, the Lenders and the other Lender
Parties.

11.          If any of the Borrower or the Guarantors shall (a) file with any bankruptcy or similar court or be the subject of any petition under
any Debtor Relief Law; (b) be the subject of an order for relief under any Debtor Relief Law; (c) file or be the subject of a petition
seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or
future Debtor Relief Law; (d) seek, consent to or acquiesce in the appointment of a trustee, receiver, conservator or liquidator; or
(e) be the subject of an order, judgment or decree entered by a court of competent jurisdiction approving a petition filed against any
of the Borrower or the Guarantors for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under any present or future Debtor Relief Law, then the Agent shall thereupon be entitled to relief from any automatic stay imposed
by Section 362 of the United States Bankruptcy Code or from any other stay or suspension of remedies of the rights and remedies otherwise
available to the Agent under the Agreement or any other Loan Documents, and each of the Borrower and the Guarantors specifically acknowledges
that “cause” exists for such relief within the meaning of Section 362(d) of the United States Bankruptcy Code and agrees
not to oppose any motion by the Agent for relief from the automatic stay imposed by Section 362.

12.          This Amendment shall become effective on such date as all of the following conditions shall be satisfied retroactive to the date set
forth in the first paragraph hereof (the “Effective Date”):

(a)          Loan Documents. The Administrative Agent shall have received four (4) original counterparts of this Amendment (inclusive of all
exhibits, and attachments), executed and delivered by a duly authorized officer of the Borrower and the Guarantors, with a counterpart
or a conformed copy for each Lender.

    8

     

    

(b)          Secretary’s Certificate of the Borrower. The Administrative Agent shall have received, with a counterpart for each Lender,
a certificate, dated as of the Effective Date, executed by the Secretary or any Assistant Secretary of the Borrower certifying (i) a
copy of the resolutions, in form and substance satisfactory to the Administrative Agent, of the Board of Directors of the Borrower authorizing
the execution, delivery and performance of this Amendment and (ii) the incumbency and signature of the officers of the Borrower executing
this Amendment and any other Loan Document, which certificate shall be in form and substance satisfactory to the Administrative Agent
and shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded.

(c)          Secretary’s Certificates of the Guarantors. The Administrative Agent shall have received, with a counterpart for each Lender,
a certificate, dated as of the Effective Date, executed by the Secretary or any Assistant Secretary of each Guarantor certifying (i)
a copy of the resolutions, in form and substance satisfactory to the Administrative Agent, of the Board of Directors of such Guarantor
authorizing the execution, delivery and performance of this Amendment and (ii) the incumbency and signature of the officers of such Guarantor
executing this Amendment and any other Loan Document, which certificate shall be in form and substance satisfactory to the Administrative
Agent and shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded.

(d)          Fees. The Lenders shall have received an amendment fee (pro rata) in the aggregate amount of $62,833.33 together with all invoiced
fees, costs, expenses and compensation required to be paid on the Effective Date (including the reasonable fees, disbursements and other
charges of legal counsel to the Arranger, the Agent and the Lenders).

(e)          Consents, Licenses and Approvals. All governmental and material third party approvals necessary in connection with the execution,
delivery and performance of the Loan Documents shall have been obtained and be in full force and effect or shall continue to be in full
force and effect.

(f)           Litigation. Except as set forth on Schedule 4.6 of the Agreement, there shall be no litigation or administrative proceeding
or proposed or pending regulatory changes in law or regulations applicable to the Borrower or its Subsidiaries, which, if adversely determined,
could reasonably be expected to have a Material Adverse Effect or a material adverse effect on the ability of the parties to consummate
the execution, delivery and performance of the Loan Documents and the Borrowings hereunder.

(g)          Indebtedness. As of the Effective Date, the Borrower and its Subsidiaries shall not have outstanding Indebtedness for borrowed
money or preferred stock other than (i) Indebtedness under the Loan Documents, (ii) Indebtedness permitted under the Agreement, and (iii)
Indebtedness as set forth on Schedule 7.2 of the Agreement.

(h)          Documentation. The Lenders shall have received such other documents and other instruments or certificates as they may reasonably
request.

    9

     

    

(i)           Material Adverse Effect. Since June 30, 2020, there has been no development or event which has had or would reasonably be expected
to have a Material Adverse Effect, except (i) the Restatement (as defined in the Sixth Amendment) and (ii) the Borrower’s restatement
of its financial statements as of the end of each fiscal quarter for the fiscal year ended 2020 and for fiscal year ended 2020 due to
certain incorrect inventory values resulting from inventory costing errors, adjustments to inventory reserves and provisions for loss
contracts.

(j)           Execution by Lenders. This Amendment shall have been executed and delivered by each Lender hereunder.

13.          This Amendment is dated as of the date set forth in the first paragraph hereof and shall be effective (after satisfaction of the conditions
set forth in Section 12 above) on the date of execution by the Agent and the Lenders, retroactive to such date.

14.          This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

15.          This Amendment may be executed in counterparts, each of which shall constitute an original, and each of which taken together shall constitute
one and the same agreement.

[Signature
Page to Follow]

 

    10

     

    

 

SIGNATURE
PAGE

 

Consent,
Waiver and Ninth Amendment to Amended and Restated Credit Agreement

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized
officers as of the date first above written.

	 	CPI
    AEROSTRUCTURES, INC., 

as Borrower
	 	 
	 	By: 	/s/ Andrew Davis	 
	 	 	Name: Andrew Davis	 
	 	 	Title: Chief Financial Officer	 
	 	 
	 	BANKUNITED,
    N.A., 

as Arranger, Agent and a Lender
	 	 
	 	By: 	/s/ Brian McGahee	 
	 	 	Name: Brian McGahee	 
	 	 	Title: SVP	 
	 	 
	 	BANKUNITED,
    N.A., 

as Administrative Agent and Collateral Agent
	 	 
	 	By:	/s/ Brian McGahee	 
	 	 	Name: Brian McGahee	 
	 	 	Title: SVP	 
	 	 
	 	DIME
    COMMUNITY BANK, 

as a Lender
	 	 
	 	By:	/s/ JoAnn Bello	 
	 	 	Name: JoAnn Bello 	 
	 	 	Title: Senior Vice President	 

  

     

     

    

 

Each
of the Guarantors indicated below hereby consent to this Amendment and acknowledge its continuing liability under its respective Guaranty
with respect to the Agreement, as amended hereby, including (without limitation) the Loan Documents executed in connection with the Obligations
and all other documents, instruments and agreements executed pursuant thereto or in connection therewith, without offset, defense of
counterclaim, any such offset, defense or counterclaim as may exist being hereby irrevocably waived by each Guarantor.

	 	GUARANTORS:
	 	 
	 	WELDING
    METALLURGY, INC.
	 	 
	 	By: 	/s/ Andrew Davis	 
	 	 	Name: Andrew Davis	 
	 	 	Title: Chief Financial Officer	 
	 	 
	 	COMPAC
    DEVELOPMENT CORPORATION
	 	 
	 	By: 	/s/ Andrew Davis	 
	 	 	Name: Andrew Davis	 
	 	 	Title: Chief Financial Officer

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