Document:

Exhibit
4.4

 

FINAL
FORM

 

FORM
OF SERIES B-2 WARRANT

 

THE
NUMBER OF SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF
PURSUANT TO SECTION 1(a) OF THIS WARRANT.

 

Tempus
Applied Solutions Holdings, Inc.

 

Series
B-2 Warrant To Purchase Common Stock

 

Warrant
No.:

 

Date
of Issuance: July ___, 2015 (“Issuance Date”)1

 

Tempus
Applied Solutions Holdings, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [INVESTOR],
the registered holder hereof, or its permitted assigns (the “Holder”), is entitled, subject to the terms set
forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant
to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof,
the “Warrant”), at any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time,
on the Expiration Date (as defined below), _________________2 (subject to adjustment as provided herein) fully paid
and non-assessable shares of Common Stock (as defined below) (the “Warrant Shares”, and such number of Warrant
Shares, the “Warrant Number”). Except as otherwise defined herein, capitalized terms in this Warrant shall
have the meanings set forth in Section 18. This Warrant is one of the Warrants to Purchase Common Stock (including, without
limitation, all Series A-1 Warrants and Series B-1 Warrants (together, the “New Investor Warrants”) and the
Series A-2 Warrants and Series B-2 Warrants (together the “Affiliate Investor Warrants” and collectively, with
the New Investor Warrants, the “Investor Warrants”)) issued pursuant to, with respect to the Affiliate Investor
Warrants, (i) the Merger Agreement in exchange for certain shares of non-voting preferred stock of Chart Financing Sub Inc., a
Delaware corporation (“Chart Financing Sub”) (each holder of Chart Financing Sub preferred stock immediately
prior to the time of consummation of the Business Combination, a “Buyer”), which were originally issued by
Chart Financing Sub on July ___, 2015 (the “Subscription Date”) and (ii) the Exchange Agreements.

 

 

1
Insert Closing Date of Business Combination.

 

2
0.625 Warrant Shares for each share of Chart Financing Sub Preferred Stock exchanged in the Business Combination.

 

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1.           EXERCISE
OF WARRANT.

 

(a)         
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date (an “Exercise
Date”), in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached
hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this
Warrant. Within one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the
Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares
as to which this Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via wire transfer of
immediately available funds if the Holder did not notify the Company in such Exercise Notice that such exercise was made pursuant
to a Cashless Exercise or Alternate Cashless Exercise (each as defined in Section 1(d)). The Holder shall not be required
to deliver the original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice
with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant
and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery
of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original
of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first (1st)
Trading Day following the date on which the Company has received an Exercise Notice, the Company shall transmit by facsimile or
electronic mail an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit B,
to the Holder and the Company’s transfer agent (the “Transfer Agent”), which confirmation shall constitute
an instruction to the Transfer Agent to process such Exercise Notice in accordance with the terms herein. On or before the third
(3rd) Trading Day following the date on which the Company has received such Exercise Notice (or such earlier date as
required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade of such Warrant Shares
initiated on the applicable Exercise Date), the Company shall (X) provided that the Transfer Agent is participating in The Depository
Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such
aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or
its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system, or (Y) if the Transfer Agent
is not participating in the DTC Fast Automated Securities Transfer Program, upon the request of the Holder, issue and deliver
(via reputable overnight courier) to the address as specified in the Exercise Notice, a certificate, registered in the name of
the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled pursuant to such exercise.
Upon delivery of an Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are
credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the
case may be). If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of
Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired
upon an exercise and upon surrender of this Warrant to the Company by the Holder, then, at the request of the Holder, the Company
shall as soon as practicable and in no event later than three (3) Business Days after any exercise and at its own expense, issue
and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this
Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company
shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and
expenses of the Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise
of this Warrant. Notwithstanding the foregoing, except in the case where an exercise of this Warrant is validly made pursuant
to a Cashless Exercise or Alternate Cashless Exercise, the Company’s
failure to deliver Warrant Shares to the Holder on or prior to the later of ((i) three (3) Trading Days after receipt of the applicable
Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the
settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date) and (ii) one (1) Trading Day after the
Company’s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise or Alternate Cashless Exercise)
(such later date, the “Share Delivery Deadline”) shall not be deemed to be a breach of this Warrant.

 

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(b)         
Exercise Price. For purposes of this Warrant, “Exercise Price” means $5.00, subject to adjustment as
provided herein.

 

(c)         
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, on or
prior to the Share Delivery Deadline, either (I) if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, to issue and deliver to the Holder (or its designee) a certificate for the number of Warrant Shares to which
the Holder is entitled and register such Warrant Shares on the Company’s share register or, if the Transfer Agent is participating
in the DTC Fast Automated Securities Transfer Program, to credit the balance account of the Holder or the Holder’s designee
with DTC for such number of undelivered Warrant Shares to which the Holder is entitled upon the Holder’s exercise of this
Warrant (as the case may be) or (II) if a registration statement (or prospectus contained therein) covering the issuance or resale
of the Warrant Shares that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”) is not
available for the issuance of such Unavailable Warrant Shares and the Company fails to promptly (x) so notify the Holder and (y)
deliver the Warrant Shares electronically (including, if at any time after the three calendar month anniversary of the Issuance
Date, without any restrictive legend) by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant
to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian
system (the event described in the immediately foregoing clause (II) is hereinafter referred as a “Notice Failure”
and together with the event described in clause (I) above, a “Delivery Failure”), then, in addition to all
other remedies available to the Holder, (X) the Company shall pay in cash to the Holder on each day after the Share Delivery Date
and during such Delivery Failure an amount equal to 1% of the product of (A) the sum of the number of shares of Common Stock not
issued to the Holder on or prior to the Share Delivery Deadline and to which the Holder is entitled, multiplied by (B) any trading
price of the Common Stock selected by the Holder in writing as in effect at any time during the period beginning on the applicable
Exercise Date and ending on the applicable Share Delivery Date, and (Y) the Holder, upon written notice to the Company, may void
its Exercise Notice with respect to, and retain or have returned, as the case may be, any portion of this Warrant that has not
been exercised pursuant to such Exercise Notice; provided that the voiding of an Exercise Notice shall not affect the Company’s
obligations to make any payments which have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise.
In addition to the foregoing, if on or prior to the Share Delivery Deadline either (I) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue and deliver to the Holder (or its designee)
a certificate and register such shares of Common Stock on the Company’s share register or, if the Transfer Agent is participating
in the DTC Fast Automated Securities Transfer Program, the Transfer Agent shall fail to credit the balance account of the Holder
or the Holder’s designee with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise hereunder or pursuant to the Company’s obligation pursuant to clause (ii) below or (II) a Notice Failure occurs,
and if on or after such Share Delivery Deadline the Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares of Common Stock issuable
upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then, in addition to
all other remedies available to the Holder, the Company shall, within three (3) Business Days after the Holder’s request
and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase
price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including,
without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which
point the Company’s obligation to so issue and deliver such certificate (and to issue such shares of Common Stock) or credit
the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number of Warrant Shares to
which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such Warrant Shares)
shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder a certificate or certificates representing
such Warrant Shares or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for
the number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) and
pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Warrant
Shares multiplied by (B) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on
the date of the applicable Exercise Notice and ending on the date of such issuance and payment under this clause (ii) (the “Buy-In
Payment Amount”). Nothing shall limit the Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief with respect to
the Company’s failure to timely deliver certificates representing shares of Common Stock (or to electronically deliver such
shares of Common Stock) upon the exercise of this Warrant as required pursuant to the terms hereof. If the Holder elects to effect
a cash exercise of this Warrant at a time a registration statement is not available for the issuance or resale of such applicable
Warrant Shares, the Company shall, within one (1) Trading Day of receipt of such applicable Exercise Notice, notify the Holder
that unless the Holder withdraws such Exercise Notice and submits an Exercise Notice electing a cashless exercise, if available,
such Warrant Shares shall be issued on the Share Delivery Date in certificate form bearing a restrictive securities legend. The
parties agree that any such issuance and delivery with a restrictive securities legend on or prior to the applicable Share Delivery
Deadline shall not be a Delivery Failure.

 

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(d)         
Cashless Exercise.

 

(i)             General.  If
at any time after the three calendar month anniversary of the Issuance Date, there is no effective registration statement registering,
or no current prospectus available for, the issuance or resale of the Warrant Shares by the Holder, then, notwithstanding anything
contained herein to the contrary (other than Section 1(f) below), the Holder may, in its sole discretion, exercise this Warrant
in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise
in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of Warrant
Shares determined according to the following formula (a “Cashless Exercise”):

 

Net
Number = (A x B) - (A x C)

                                      D

 

For
purposes of the foregoing formula:

 

A
= the total number of shares with respect to which this Warrant is then being exercised.

 

B
= the greater of: (i) the quotient of (x) the sum of the VWAP of the Common Stock for each of the twenty (20) Trading Days ending
at the close of business on the Principal Market immediately prior to the time of exercise as set forth in the applicable Exercise
Notice, divided by (y) twenty (20); and (ii) the last Closing Sale Price of the Common Stock immediately preceding the delivery
of the applicable Exercise Notice

 

C
= the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

D
= as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable
Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that
is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening
of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities
laws) on such Trading Day, (ii) the Bid Price of the Common Stock as of the time of the Holder’s execution of the applicable
Exercise Notice if such Exercise Notice is executed during “regular trading hours” on a Trading Day and is delivered
within two (2) hours thereafter pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the
date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed
and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day.

 

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(ii)Alternate
Cashless Exercise of B Warrants. In addition to the rights set forth in Section 1(c)(i) above, on any Alternate Cashless Eligible
Day the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment
otherwise contemplated to be made to the Company upon such exercise in payment thereof and in lieu of making a Cashless Exercise,
elect instead to receive upon such exercise the "net number" of shares of Common Stock (the "Alternate Net Number")
determined according to the following formula (the "Alternate Cashless Exercise"):

                                                          [      
(A x B)            ]

Alternate
Net Number = 400% of [   --------------     - A]

                                                           [
           C                 ]

For
purposes of the foregoing formula:

A=
the total number of shares with respect to which this Warrant is then being exercised.

B=
$4.00 (as adjusted for stock splits, stock distributions, recapitalizations or similar events)

C=
90% of the greater of (x) $2.00 (as adjusted for stock splits, stock distributions, recapitalizations or similar events) and (y)
the quotient of (A) the sum of the VWAP of the Common Stock for each of the four (4) lowest Trading Days during the ten (10) consecutive
Trading Day period ending and including the Trading Day immediately prior to the applicable Exercise Date, divided by (B) four
(4). 

For
purposes of Rule 144(d) promulgated under the 1933 Act, as in effect on the Subscription Date, it is intended that the Warrant
Shares issued in a  Cashless Exercise or Alternate Cashless Exercise shall be deemed to have been acquired by the Holder,
and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued
pursuant to the Merger Agreement

 

(e)         
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number
of Warrant Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant
Shares that are not disputed and resolve such dispute in accordance with Section 13.

  

(f)          [Reserved]

 

(g)         
Reservation of Shares.

 

(i)          
Required Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for
issuance under this Warrant a number of shares of Common Stock at least equal to 150% of the maximum number of shares of Common
Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Investor Warrants
then outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”); provided
that at no time shall the number of shares of Common Stock reserved pursuant to this Section 1(g)(i) be reduced other than proportionally
in connection with any exercise or redemption of Investor Warrants or such other event covered by Section 2(a) below. The Required
Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata
among the holders of the Investor Warrants based on number of shares of Common Stock issuable upon exercise of Investor Warrants
held by each holder on the Issuance Date (without regard to any limitations on exercise) or increase in the number of reserved
shares, as the case may be (the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise
transfer any of such holder’s Investor Warrants, each transferee shall be allocated a pro rata portion of such holder’s
Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Investor
Warrants shall be allocated to the remaining holders of Investor Warrants, pro rata based on the number of shares of Common Stock
issuable upon exercise of the Investor Warrants then held by such holders (without regard to any limitations on exercise).

 

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(ii)         
Insufficient Authorized Shares. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while
any of the Investor Warrants remain outstanding, the Company does not have a sufficient number of authorized and unreserved shares
of Common Stock to satisfy its obligation to reserve the Required Reserve Amount (an “Authorized Share Failure”),
then the Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock
to an amount sufficient to allow the Company to reserve the Required Reserve Amount for all the Investor Warrants then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized
Share Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall
hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection
with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit
its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors to
recommend to the stockholders that they approve such proposal. In the event that the Company is prohibited from issuing shares
of Common Stock upon an exercise of this Warrant due to the failure by the Company to have sufficient shares of Common Stock available
out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the “Authorization
Failure Shares”), in lieu of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash
in exchange for the cancellation of such portion of this Warrant exercisable into such Authorized Failure Shares at a price equal
to the sum of (i) the product of (x) such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the
Common Stock on any Trading Day during the period commencing on the date the Holder delivers the applicable Exercise Notice with
respect to such Authorization Failure Shares to the Company and ending on the date of such issuance and payment under this Section
1(g); and (ii) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by the Holder of Authorization Failure Shares, any Buy-In Payment Amount and any brokerage commissions
and other out-of-pocket expenses, if any, (to the extent not included in any Buy-In Payment Amount paid to the Holder), of the
Holder incurred in connection therewith. Nothing contained in this Section 1(g)(ii) shall limit any obligations of the Company
under any provision of the Merger Agreement or any Exchange Agreement.

 

(h)         
Alternate Delivery of Preferred Shares. At the option of the Holder, in lieu of the issuance and delivery to the Holder
(or its designee) of all, or any part, of any aggregate number of Warrant Shares then deliverable to the Holder upon any exercise
of this Warrant or otherwise hereunder (such number of Warrant Shares, the “Alternate Delivery Share Amount”),
the Holder may elect in the applicable Exercise Notice or otherwise in writing to the Company to cause the Company to issue and
deliver to the Holder (or its designee) such aggregate number of Preferred Shares then convertible into the Alternate Delivery
Share Amount of shares of Common Stock.

 

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2.           
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise
Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth
in this Section 2.

 

(a)         
Stock Dividends and Splits. Without limiting any provision of Section 2(b) or Section 4, if the Company, at any
time on or after the Issuance Date, (i) pays a stock dividend on one or more classes of its then outstanding shares of Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
(by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common
Stock into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one or more classes
of its then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before
such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event.
Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or
(iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. If any
event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then
the calculation of such Exercise Price shall be adjusted appropriately to reflect such event.

 

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(b)         
Adjustment upon Issuance of Shares of Common Stock. If and whenever on or after the Issuance Date, the Company issues or
sells, or in accordance with this Section 2 is deemed to have issued or sold, any shares of Common Stock (including the issuance
or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Securities issued
or sold or deemed to have been issued or sold (and this Section 2(b) shall be inapplicable with respect to any such Excluded Securities
for a consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price in effect
immediately prior to such issuance or sale or deemed issuance or sale (such Exercise Price then in effect is referred to herein
as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately after
such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all
purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under
this Section 2(b)), the following shall be applicable:

 

(i)          
Issuance of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which
one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than
the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 2(b)(i),
the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options or upon
conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant
to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received
or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise
of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or
otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common
Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities
issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or
payable to the holder of such Option (or any other Person) upon the granting or sale of such Option, upon exercise of such Option
and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant
to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder
of such Option (or any other Person). Except as contemplated in (iii) below, no further adjustment of the Exercise Price shall
be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options
or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or
exchange of such Convertible Securities.

 

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(ii)         
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest
price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed
to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities
for such price per share. For the purposes of this Section 2(b)(ii), the “lowest price per share for which one share
of Common Stock is issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof”
shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion, exercise
or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth
in such Convertible Security for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof or
otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security
(or any other Person) upon the issuance or sale of such Convertible Security plus the value of any other consideration received
or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated
in (iii) below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock
upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such
issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has
been or is to be made pursuant to other provisions of this Section 2(b), except as contemplated below, no further adjustment
of the Exercise Price shall be made by reason of such issuance or sale.

 

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(iii)            
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at
which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases
at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred
to in Section 2(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price
which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially
granted, issued or sold. For purposes of this Section 2(b)(iii), if the terms of any Option or Convertible Security that
was outstanding as of the Subscription Date are increased or decreased in the manner described in the immediately preceding sentence,
then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange
thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(b)
shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

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(iv)            
Calculation of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection
with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the
“Primary Security”, and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary
Securities”), together comprising one integrated transaction, (or one or more transactions if such issuances or sales
or deemed issuances or sales of securities of the Company either (A) have at least one investor or purchaser in common, (B) are
consummated in reasonable proximity to each other and/or (C) are consummated under the same plan of financing) the aggregate consideration
per share of Common Stock with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest
price per share for which one share of Common Stock was issued (or was deemed to be issued pursuant to Section 2(b)(i) or 2(b)(ii)
above, as applicable) in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such
Secondary Securities, the sum of (I) the Black Scholes Consideration Value of each such Option, if any, (II) the fair market value
(as determined by the Holder in good faith) or the Black Scholes Consideration Value, as applicable, of such Adjustment Right,
if any, and (III) the fair market value (as determined by the Holder) of such Convertible Security, if any, in each case, as determined
on a per share basis in accordance with this Section 2(b)(iv). If any shares of Common Stock, Options or Convertible Securities
are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor (for the purpose of determining
the consideration paid for such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the
Black Scholes Consideration Value) will be deemed to be the net amount of consideration received by the Company therefor. If any
shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of
such consideration received by the Company (for the purpose of determining the consideration paid for such Common Stock, Option
or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be the fair
value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount
of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for
each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving
entity, the amount of consideration therefor (for the purpose of determining the consideration paid for such Common Stock, Option
or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to
be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares
of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or
publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement
within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair
value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such
Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such
appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall
be borne by the Company.

 

(v)         
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to
receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to
subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be
the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the
case may be).

 

(c)         Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 2(a), the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein).

 

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(d)         
Holder’s Right of Alternative Exercise Price Following Issuance of Certain Options or Convertible Securities. In
addition to and not in limitation of the other provisions of this Section 2, if the Company in any manner issues or sells
or enters into any agreement to issue or sell, any Common Stock, Options or Convertible Securities (any such securities, “Variable
Price Securities”) after the Subscription Date that are issuable pursuant to such agreement or convertible into or exchangeable
or exercisable for shares of Common Stock at a price which varies or may vary with the market price of the Common Shares, including
by way of one or more reset(s) to a fixed price, but exclusive of such formulations reflecting customary anti-dilution provisions
(such as share splits, share combinations, share dividends and similar transactions) (each of the formulations for such variable
price being herein referred to as, the “Variable Price”), the Company shall provide written notice thereof
via facsimile and overnight courier to the Holder on the date of such agreement and the issuance of such Convertible Securities
or Options. From and after the date the Company enters into such agreement or issues any such Variable Price Securities, the Holder
shall have the right, but not the obligation, in its sole discretion to substitute the Variable Price for the Exercise Price upon
exercise of this Warrant by designating in the Exercise Notice delivered upon any exercise of this Warrant that solely for purposes
of such exercise the Holder is relying on the Variable Price rather than the Exercise Price then in effect. The Holder’s
election to rely on a Variable Price for a particular exercise of this Warrant shall not obligate the Holder to rely on a Variable
Price for any future exercises of this Warrant.

 

(e)         
Stock Combination Event Adjustment. If at any time and from time to time on or after the Issuance Date there occurs
any stock split, stock dividend, stock combination recapitalization or other similar transaction involving the Common Stock (each,
a “Stock Combination Event”, and such date thereof, the “Stock Combination Event Date”)
and the Event Market Price is less than the Exercise Price then in effect (after giving effect to the adjustment in clause (b)
above), then on the sixteenth (16th) Trading Day immediately following such Stock Combination Event, the Exercise Price then in
effect on such sixteenth (16th) Trading Day (after giving effect to the adjustment in clause (b) above) shall be reduced (but
in no event increased) to the Event Market Price. For the avoidance of doubt, if the adjustment in the immediately preceding sentence
would otherwise result in an increase in the Exercise Price hereunder, no adjustment shall be made.

 

(f)         
Other Events. In the event that the Company (or any Subsidiary (as defined in the Merger Agreement)) shall take any action
to which the provisions hereof are not strictly applicable, or, if applicable, would not operate to protect the Holder from dilution
or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features,
but excluding the issuance of any Excluded Securities), then the Company’s board of directors shall in good faith determine
and implement an appropriate adjustment in the Exercise Price and the number of Warrant Shares (if applicable) so as to protect
the rights of the Holder, provided that no such adjustment pursuant to this Section 2(e) will increase the Exercise Price or decrease
the number of Warrant Shares as otherwise determined pursuant to this Section 2, provided further that if the Holder does not
accept such adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s board
of directors and the Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing
to make such appropriate adjustments, whose determination shall be final and binding absent manifest error and whose fees and
expenses shall be borne by the Company.

 

    	12

    	 

    

 

(g)         
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th
of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned
or held by or for the account of the Company, and the disposition of any such shares shall be considered an issuance or sale of
Common Stock.

 

(h)         
Voluntary Adjustment by Company. The Company may at any time during the term of this Warrant, with the prior written consent
of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board
of directors of the Company.

 

3.           
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition
to any adjustments pursuant to Section 2 above, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property, options, evidence
of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in
each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have
participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant
(without regard to any limitations or restrictions on exercise of this Warrant) immediately before the date on which a record
is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock
are to be determined for the participation in such Distribution.

 

4.           
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)         
Purchase Rights. In addition to any adjustments pursuant
to Section 2 above, if at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of shares of Common Stock are to be determined for the grant, issuance or sale of such
Purchase Rights.

 

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(b)         
Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor
Entity assumes in writing all of the obligations of the Company under this Warrant and the other Exchange Documents (as defined
in the applicable Exchange Agreement) in accordance with the provisions of this Section 4(b) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder prior to such Fundamental Transaction,
including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for
a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the
economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the consummation of
each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of
the applicable Fundamental Transaction, the provisions of this Warrant and the other Exchange Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Exchange Documents with the same effect as if such Successor Entity
had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to
the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable
Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such
items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the
exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of publicly traded common stock (or its
equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the
happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental
Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions
of this Warrant. Notwithstanding the foregoing, and without limiting Section 1(f) hereof, the Holder may elect, at its sole option,
by delivery of written notice to the Company to waive this Section 4(b) to permit the Fundamental Transaction without the
assumption of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of
each Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets
with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate
provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after
the consummation of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common
Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above,
which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction,
such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had
this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on
the exercise of this Warrant). Provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory
to the Holder. Notwithstanding the foregoing, the provisions of this Section 4(b) will not apply to a Fundamental Transaction
where the purchaser or other Successor Entity, after giving effect to such Fundamental Transaction, does not have any equity securities
that are then listed or designated for quotation on an Eligible Market or other national securities exchange or automated quotation
system.

 

    	14

    	 

    

 

(c)         
Black Scholes Value. Notwithstanding the foregoing and the provisions of Section 4(b) above, at the request of the
Holder delivered at any time commencing on the earliest to occur of (x) the public disclosure of any Fundamental Transaction,
(y) the consummation of any Fundamental Transaction and (z) the Holder first becoming aware of any Fundamental Transaction through
the date that is ninety (90) days after the public disclosure of the consummation of such Fundamental Transaction by the Company
pursuant to a Current Report on Form 8-K filed with the SEC, the Company or the Successor Entity (as the case may be) shall purchase
this Warrant from the Holder on the date of such request by paying to the Holder cash in an amount equal to the Black Scholes
Value.

 

(d)         
Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions
and Corporate Events and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without
regard to any limitations on the exercise of this Warrant.

 

5.           
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company
will not, by amendment of its certificate of incorporation, bylaws or through any reorganization, transfer of assets, consolidation,
merger, scheme of arrangement, dissolution, issuance or sale of securities, or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions
of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of
the foregoing, the Company (a) shall not increase the par value of any shares of Common Stock receivable upon the exercise of
this Warrant above the Exercise Price then in effect, and (b) shall take all such actions as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of
this Warrant. Notwithstanding anything herein to the contrary, if after the three calendar month anniversary of the Issuance Date,
the Holder is not permitted to exercise this Warrant in full for any reason (other than pursuant to restrictions set forth in
Section 1(f) hereof), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining
such consents or approvals as necessary to permit such exercise into shares of Common Stock.

 

6.           
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically
provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends
or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed
to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company
or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the
Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously
with the giving thereof to the stockholders.

 

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7.           
REISSUANCE OF WARRANTS.

 

(a)         
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)),
registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the
Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)         
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)         
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the
right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however,
no warrants for fractional shares of Common Stock shall be given.

 

(d)         
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common
Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares
then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same
as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

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8.           
NOTICES. Whenever notice is required to be given under this Warrant, unless
otherwise provided herein, such notice shall be given in accordance with Section 16(e) of the applicable Exchange Agreement. The
Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant (other than the issuance
of shares of Common Stock upon exercise in accordance with the terms hereof), including in reasonable detail a description of
such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to
the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable
detail, and certifying, the calculation of such adjustment(s), (ii) at least ten (10) Trading Days prior to the date on which
the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock,
(B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants,
securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental
Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior to
or in conjunction with such notice being provided to the Holder, (iii) at least ten (10) Trading Days prior to the consummation
of any Fundamental Transaction and (iv) within one (1) Business Day of the occurrence of an Authorized Share Failure or Conversion
Failure (as each term is defined in the Preferred Shares), setting forth in reasonable detail any material events with respect
to such Authorized Share Failure or Conversion Failure and any efforts by the Company to cure such Authorized Share Failure or
Conversion Failure. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
regarding the Company or any of its Subsidiaries, unless otherwise requested by the Holder, the Company shall simultaneously file
such notice with the SEC pursuant to a Current Report on Form 8-K. It is expressly understood and agreed that the time of execution
specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

9.           
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions
of this Warrant (other than Section 1(f)) may be amended and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. No
waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party.

 

10.           SEVERABILITY.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

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11.           GOVERNING
LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.
The Company hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to the Company at the address set forth in Section 16(e) of the applicable Exchange Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. The Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from
bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations
to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court
ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

12.           CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant. Terms used in this Warrant but defined in the other Exchange Documents shall
have the meanings ascribed to such terms on the Issuance Date in such other Exchange Documents unless otherwise consented to in
writing by the Holder.

 

13.           DISPUTE
RESOLUTION.

 

(a)         
Submission to Dispute Resolution.

 

(i)          
In the case of a dispute relating to the Exercise Price, the Closing Sale Price, the Bid Price, Black Scholes Consideration Value,
Black Scholes Value or fair market value or the arithmetic calculation of the number of Warrant Shares (as the case may be) (including,
without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may
be) shall submit the dispute to the other party via facsimile or personal delivery (A) if by the Company, within two (2) Business
Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder, at any time after the Holder
learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute
relating to such Exercise Price, such Closing Sale Price, such Bid Price, such Black Scholes Consideration Value, Black Scholes
Value or such fair market value or such arithmetic calculation of the number of Warrant Shares (as the case may be), at any time
after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may be)
of such dispute to the Company or the Holder (as the case may be), then the Holder may, at its sole option, select an independent,
reputable investment bank to resolve such dispute.

 

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(ii)         
The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered
in accordance with the first sentence of this Section 13 and (B) written documentation supporting its position with respect to
such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following
the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”) (the
documents referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required
Dispute Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver
all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the
Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation
or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based
solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline).
Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither
the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment
bank in connection with such dispute (other than the Required Dispute Documentation).

 

(iii)         The
Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and
the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The
fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank’s resolution of
such dispute shall be final and binding upon all parties absent manifest error.

 

(b)         
Miscellaneous. The Company expressly acknowledges and agrees that (i) this Section 13 constitutes an agreement to arbitrate
between the Company and the Holder (and constitutes an arbitration agreement) under the rules then in effect under § 7501,
et seq. of the New York Civil Practice Law and Rules (“CPLR”) and that the Holder is authorized to apply for
an order to compel arbitration pursuant to CPLR § 7503(a) in order to compel compliance with this Section 13, (ii) a dispute
relating to the Exercise Price includes, without limitation, disputes as to (A) whether an issuance or sale or deemed issuance
or sale of Common Stock occurred under Section 2(b), (B) the consideration per share at which an issuance or deemed issuance of
Common Stock occurred, (C) whether any issuance or sale or deemed issuance or sale of Common Stock was an issuance or sale or
deemed issuance or sale of Excluded Securities, (D) whether an agreement, instrument, security or the like constitutes and Option
or Convertible Security and (E) whether a Dilutive Issuance occurred, (iii) the terms of this Warrant and each other applicable
Exchange Document shall serve as the basis for the selected investment bank’s resolution of the applicable dispute, such
investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that
such investment bank determines are required to be made by such investment bank in connection with its resolution of such dispute
(including, without limitation, determining (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred
under Section 2(b), (B) the consideration per share at which an issuance or deemed issuance of Common Stock occurred, (C) whether
any issuance or sale or deemed issuance or sale of Common Stock was an issuance or sale or deemed issuance or sale of Excluded
Securities, (D) whether an agreement, instrument, security or the like constitutes and Option or Convertible Security and (E)
whether a Dilutive Issuance occurred) and in resolving such dispute such investment bank shall apply such findings, determinations
and the like to the terms of this Warrant and any other applicable Exchange Documents, (iv) the Holder (and only the Holder),
in its sole discretion, shall have the right to submit any dispute described in this Section 13 to any state or federal court
sitting in The City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 13 and (v)
nothing in this Section 13 shall limit the Holder from obtaining any injunctive relief or other equitable remedies (including,
without limitation, with respect to any matters described in this Section 13).

 

    	19

    	 

    

 

14.           REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be
cumulative and in addition to all other remedies available under this Warrant and the other Exchange Documents, at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder
to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Warrant. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.
Amounts set forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall
be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees
that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond
or other security being required. The Company shall provide all information and documentation to the Holder that is requested
by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including,
without limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated
hereby upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other
costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in respect of any
transfer involved in the issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.

 

15.           PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes action to collect amounts
due under this Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership
of the company or other proceedings affecting company creditors’ rights and involving a claim under this Warrant, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements.

 

    	20

    	 

    

 

16.           TRANSFER.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

17.           [RESERVED]

 

18.          CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)         
“1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)         
“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(c)         
“Adjustment Right” means any right granted with respect to any securities issued in connection with, or with
respect to, any issuance or sale (or deemed issuance or sale in accordance with Section 2) of shares of Common Stock (other
than rights of the type described in Section 3 and 4 hereof) that could result in a decrease in the net consideration received
by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights,
cash adjustment or other similar rights).

 

(d)         
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

(e)         “Alternate
Cashless Eligible Day” means such Trading Day occurring on or after [               
, 2015]3 in which the VWAP of the Common Stock on the immediately preceding Trading
Day fails to be greater than $4.00 (as adjusted for stock splits, stock distributions, recapitalizations or similar events). 

 

(f)         
“Approved Stock Plan” means any employee benefit plan which has been approved by the board of directors of
the Company prior to or subsequent to the date hereof pursuant to which shares of Common Stock, non-qualified and qualified options
to purchase Common Stock, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance
compensation awards (including cash bonus awards) or any combination of the foregoing may be issued to any employee, officer or
director for services provided to the Company in their respective capacities as such. For the avoidance of doubt, an Approved
Stock Plan may permit issuances of awards to other Persons than those specified in this definition, but such awards issued to
Persons other than those specified in this definition shall not be Excluded Securities issued pursuant to an Approved Stock Plan
for purposes of this Warrant.

 

 

3
Insert date that is the five calendar month anniversary of the Issuance Date.

 

    	21

    	 

    

 

(g)         [Reserved]

 

(h)         
“Bid Price” means, for any security as of the particular time of determination, the bid price for such security
on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal
securities exchange or trading market for such security, the bid price of such security on the principal securities exchange or
trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing
does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of
such time of determination, the average of the bid prices of any market makers for such security as reported in the “pink
sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be
calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security
as of such time of determination shall be the fair market value as mutually determined by the Company and the Holder. If the Company
and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance
with the procedures in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock
split, stock combination or other similar transaction during such period.

 

(i)          
“Black Scholes Consideration Value” means the value of the applicable Option, Convertible Security or Adjustment
Right (as the case may be) as of the date of issuance thereof calculated using the Black Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the Closing Sale Price of
the Common Stock on the Trading Day immediately preceding the public announcement of the execution of definitive documents with
respect to the issuance of such Option or Convertible Security (as the case may be), (ii) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the remaining term of such Option, Convertible Security or Adjustment Right (as
the case may be) as of the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (iii)
a zero cost of borrow and (iv) an expected volatility equal to 80%.

 

(j)          
“Black Scholes Value” means the value of the unexercised portion of this Warrant remaining on the date of the
Holder’s request pursuant to Section 4(c), which value is calculated using the Black Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the greater of (1) the highest
Closing Sale Price of the Common Stock during the period beginning on the Trading Day immediately preceding the announcement of
the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending
on the Trading Day of the Holder’s request pursuant to Section 4(c) and (2) the sum of the price per share being offered
in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration being offered in the applicable
Fundamental Transaction (if any), (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s
request pursuant to Section 4(c), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal
to the greater of (1) the remaining term of this Warrant as of the date of the Holder’s request pursuant to Section 4(c)
and (2) the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction or as of the
date of the Holder’s request pursuant to Section 4(c) if such request is prior to the date of the consummation of the
applicable Fundamental Transaction, (iv) a zero cost of borrow and (v) an expected volatility equal to 80%.

 

    	22

    	 

    

 

(k)         
“Bloomberg” means Bloomberg, L.P.

 

(l)          
“Business Combination” shall have the meaning as set forth in the Registration Statement.

 

(m)         “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(n)         
“Closing Sale Price” means, for any security as of any date, the last closing trade price for such security
on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and
does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as
reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security,
the last trade price of such security on the principal securities exchange or trading market where such security is listed or
traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter
market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for
such security by Bloomberg, the average of the ask prices of any market makers for such security as reported in the “pink
sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security
on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
value of such security, then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such
period.

 

(o)         
“Common Stock” means (i) the Company’s shares of common stock, $0.0001 par value per share, and
(ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

  

(p)         
“Convertible Securities” means any stock or other security (other than Options) that is at any time and under
any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the
holder thereof to acquire, any shares of Common Stock.

 

(q)         
“Eligible Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global
Select Market, the Nasdaq Global Market, the OTCQB or the Principal Market.

 

(r)          
“Exchange Agreement” means any of those certain
Purchase and Exchange Agreements, dated as of June 10, 2015, each by and among the Company, Chart Acquisition Corp. and Chart
Financing Sub, on the one hand, and a Buyer, on the other hand.

 

    	23

    	 

    

 

(s)         
“Event Market Price” means, with respect to any Stock Combination Event Date, the quotient determined by dividing
(x) the sum of the VWAP of the Common Stock for each of the five (5) lowest Trading Days during the twenty (20) consecutive Trading
Day period ending and including the Trading Day immediately preceding the sixteenth (16th) Trading Day after such Stock Combination
Event Date, divided by (y) five (5).

 

(t)          
“Excluded Securities” means (i) shares of Common Stock, non-qualified and qualified options to purchase Common
Stock, stock appreciation rights, restricted stock awards, restricted stock units, stock bonus awards, performance compensation
awards (including cash bonus awards) or any combination of the foregoing issued to directors, officers or employees of the Company
for services provided to the Company in their respective capacities as such pursuant to an Approved Stock Plan (as defined above),
provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise of such options) after
the Issuance Date pursuant to this clause (i) do not, in the aggregate, exceed more than 10% of the Common Stock issued and outstanding
at the time of the issuance of the Warrants, after giving effect to the consummation of the Business Combination and to shares
issuable thereafter pursuant to the terms of the Merger Agreement and (B) the exercise price of any such options is not lowered,
none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any
such options are otherwise materially changed in any manner that adversely affects any of the Buyers; (ii) shares of Common Stock
issued upon the conversion or exercise of Convertible Securities (other than standard options to purchase Common Stock issued
pursuant to an Approved Stock Plan that are covered by clause (i) above) issued prior to the Issuance Date, provided that the
conversion price of any such Convertible Securities (other than standard options to purchase Common Stock issued pursuant to an
Approved Stock Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities (other than standard
options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are amended to
increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other
than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above)
are otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) the shares of Common Stock issuable
upon conversion of the Preferred Shares or otherwise pursuant to the terms of the Preferred Shares; provided, that the terms of
the Preferred Shares are not amended, modified or changed on or after the Issuance Date (other than antidilution adjustments pursuant
to the terms thereof in effect as of the Issuance Date); (iv) the shares of Common Stock issuable upon exercise of the Investor
Warrants or the Pubco Warrants (as defined in the Merger Agreement) issued in the Business Combination pursuant to the Merger
Agreement and the Registration Agreement; provided, that the terms of the Investor Warrant or Pubco Warrant are not amended, modified
or changed on or after the Issuance Date (other than antidilution adjustments pursuant to the terms thereof in effect as of the
Issuance Date); (v) shares of Common Stock or other securities of the Company issued pursuant to the terms of the Merger Agreement,
including without limitation Earn-Out Shares and Purchase Price Adjustment Shares (each as defined in the Merger Agreement); and
(vi) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors
of the Company, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself
or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company
and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business
is investing in securities.

 

    	24

    	 

    

 

(u)         
“Expiration Date” means the date that is the fifteenth (15th) calendar month anniversary of the
Issuance Date or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal
Market (a “Holiday”), the next date that is not a Holiday. 

 

(v)         
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or
exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party
to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding;
or (z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule
13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire,
either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock
calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number
of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under
the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common
Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or
more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the
“beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common
Stock not held by all such Subject Entities as of the date of this Warrant calculated as if any shares of Common Stock held by
all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued
and outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to
effect a statutory short form merger or other transaction requiring other shareholders of the Company to surrender their shares
of Common Stock without approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction
structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary
to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment
of such instrument or transaction.

 

    	25

    	 

    

 

(w)         “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(x)         
“Merger Agreement” shall have the meaning as set forth in the Registration Statement.

 

(y)         
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.

 

(z)         
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such
Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

(aa)        “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(bb)       “Preferred
Shares” has the meaning ascribed to such term in the Exchange Agreements, and shall include all shares of preferred
stock of the Company issued in exchange therefor or replacement thereof.

 

(cc)        “Principal
Market” means the OTCQB.

 

(dd)       “Registration
Statement” means the Company’s Registration Statement on Form S-4 (File number 333-201424). 

 

(ee)       “SEC”
means the United States Securities and Exchange Commission or the successor thereto.

 

(ff)        “Series
A-1 Warrants” means the Pubco Series A-1 Warrants as defined in the Merger Agreement, and shall include all warrants
to purchase Common Stock issued in exchange therefor or replacement thereof.

 

    	26

    	 

    

 

(gg)         “Series
A-2 Warrants” means the Pubco Series A-2 Warrants as defined in the Merger Agreement, and shall include all warrants
to purchase Common Stock issued in exchange therefor or replacement thereof.

 

(hh)       “Series
B-1 Warrants” means the Pubco Series B-1 Warrants as defined in the Merger Agreement, and shall include all warrants
to purchase Common Stock issued in exchange therefor or replacement thereof.

 

(ii)       “Series
B-2 Warrants” means the Pubco Series B-2 Warrants as defined in the Merger Agreement, and shall include all warrants
to purchase Common Stock issued in exchange therefor or replacement thereof.

 

(jj)         
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.

 

(kk)         “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.

 

(ll)         “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading
market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then
traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of
trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as
a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations relating to the
Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

  

(mm)         
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted
average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending
at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such
security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of
the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets
LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security
on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder
are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures
in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
recapitalization or other similar transaction during such period.

 

[Signature
page follows]

 

    	27

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Series B-2 Warrant to Purchase Common Stock to be duly executed as of the Issuance
Date set out above.

 

Tempus
Applied Solutions Holdings, Inc. 

 

		By:	

                                         
	 	 	Name:

                              Title:

 

 

[Signature
Page to Series B-2 Warrant]

 

    	 

    	 

    

 

EXHIBIT
A

  

 EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

Series B-2 WARRANT TO PURCHASE COMMON STOCK

 

TEMPUS
APPLIED SOLUTIONS HOLDINGS, INC.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”)
of Tempus Applied Solutions Holdings, Inc., a Delaware corporation (the “Company”), evidenced by Warrant to
Purchase Common Stock No. _______ (the “Warrant”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Warrant.

 

1.        Form
of Exercise Price. The Holder intends that payment of the Aggregate Exercise Price shall be made as:

 

	 	____________	a
    “Cash Exercise” with respect to _________________ Warrant Shares;

    

    and/or

 

	 	____________	a
    “Cashless Exercise” with respect to ______________ Warrant Shares;
	 	 	 
	 	 	and/or
	 	 	 
	 	____________	an
    “Alternate Cashless Exercise” with respect to _______________ Warrant Shares.

 

In
the event that the Holder has elected a  Cashless Exercise or Alternate Cashless Exercise with respect to some or all of
the Warrant Shares to be issued pursuant hereto, the Holder hereby represents and warrants that (i) this Exercise Notice was executed
by the Holder at __________ [a.m.][p.m.] on the date set forth below and (ii) if applicable, the Bid Price as of such time of
execution of this Exercise Notice was $________.

 

☐       Check
here if requesting that _________ of the Warrant Shares deliverable hereunder should be issued as Preferred Shares.

 

2.       Payment
of Exercise Price. In the event that the Holder has elected a Cash  Exercise or Alternate Cashless Exercise with respect
to some or all of the Warrant Shares to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum
of $___________________ to the Company in accordance with the terms of the Warrant.

 

3.        Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant Shares
in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

☐       Check
here if requesting delivery as a certificate to the following name and to the following address:

	Issue
    to:	 
	 	 
	 	 

 

    	A-1

    	 

    

 

☐       Check
here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

	DTC
    Participant:	 
	DTC
    Number:	 
	Account
    Number:	 

 

	Date:
                                         _____________ __, _____

         

         

        ____________________________

        

        Name of Registered Holder

         

	By:
                                         ____________________________

                                         Name:

                                         Title:

         

        Tax
        ID:____________________________

         

        Facsimile:__________________________

         

        E-mail
        Address:_____________________

 

    	A-2

    	 

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares
of Common Stock in accordance with the Transfer Agent Instructions dated ______________, from the Company and acknowledged and
agreed to by _______________.

 

Tempus
Applied Solutions Holdings, Inc. 

 

		By:	

                                         
	 	 	Name:

                              Title:

 

 

B-1Exhibit
10.1

 

EXECUTION
COPY

 

SECOND
AMENDMENT TO AGREEMENT AND PLAN OF MERGER 

 

THIS
SECOND AMENDMENT TO AGREEMENT AND PLAN OF MERGER (this “Second Amendment”) is made and entered into as
of June 10, 2015 by and among: (i) Tempus Applied Solutions, LLC, a Delaware limited liability company (the “Company”);
(ii) each of the Persons set forth on Annex A to the Merger Agreement (as defined below) (the “Members”,
and, together with the Company, the “Seller Parties”)”; (iii) Benjamin Scott Terry and John G. Gulbin
III, together in their capacity as Members’ Representative solely for purposes specified in the Merger Agreement (the “Members’
Representative”); (iv) Chart Acquisition Corp., a Delaware corporation (“Parent”); (v) Tempus Applied
Solutions Holdings, Inc., a Delaware corporation (“Pubco”); (vi) Chart Merger Sub Inc., a Delaware corporation
(“Parent Merger Sub”); (vii) TAS Merger Sub LLC, a Delaware limited liability company (“Company Merger
Sub” and together with Parent Merger Sub, the “Merger Subs”); (viii) Chart Financing Sub Inc., a
Delaware corporation (“Parent Financing Sub”); (ix) TAS Financing Sub Inc., a Delaware corporation (“Company
Financing Sub” and together with Parent Financing Sub, the “Financing Subs”); (x) Chart Acquisition
Group LLC, in its capacity as the representative for the equity holders of Parent and Pubco (other than the Members and their
successors and assigns) in accordance with the terms and conditions of the Merger Agreement (the “Chart Representative”);
and (xi) Chart Acquisition Group LLC, Mr. Joseph Wright and Cowen Investments LLC (together, the “Warrant Offerors”),
solely for the purposes specified in the Merger Agreement. The Company, the Members, the Members’ Representative, Parent,
Pubco, the Merger Subs, the Financing Subs and the Chart Representative (and for the limited purposes indicated in the Merger
Agreement, the Warrant Offerors) are referred to herein individually as a “Party” and collectively as the “Parties”.
Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Merger
Agreement.

 

RECITALS

 

WHEREAS,
the Parties (other than the Financing Subs) have entered into the Agreement and Plan of Merger, dated as of January 5, 2015 (as
amended, including by the First Amendment to the Agreement and Plan of Merger, dated as of March 20, 2015, and by this Second
Amendment, the “Merger Agreement”), which sets forth the Parties’ rights and obligations with respect
to the Transactions;

 

WHEREAS,
Parent formed Parent Financing Company as a new wholly-owned subsidiary of Parent and the Company formed Company Financing Sub
as a new wholly-owned subsidiary of the Company;

 

WHEREAS,
pursuant to certain Purchase and Exchange Agreements, dated as of the date hereof (the “New Investor Purchase Agreements”),
each agreement by and among Parent, the Company, Company Financing Sub, Pubco, Parent Financing Sub, on the one hand, and a certain
new investor named therein (each, a “New Investor”), on the other hand, the New Investors have each agreed
to subscribe and purchase from Company Financing Sub, and Company Financing Sub has agreed to issue to the New Investors, an aggregate
of 1,050,000 shares of Series A Non-Voting Preferred Stock, par value $0.001 per share, of Company Financing Sub (the “Company
Financing Sub Preferred Stock”) at a price of $10.00 per share for an aggregate purchase price of $10,500,000, such
purchase and sale to occur immediately prior to the Closing;

 

WHEREAS,
pursuant to a certain Purchase and Exchange Agreement, dated as of the date hereof (the “TAS Purchase Agreement”),
by and among Parent, the Company, Parent Financing Sub, Pubco and Company Financing Sub, Company Financing Sub has agreed to subscribe
and purchase from Parent Financing Sub, and Parent Financing Sub has agreed to issue to Company Financing Sub, 1,050,000 shares
of Series A Non-Voting Preferred Stock, par value $0.001 per share, of Parent Financing Sub (the “Parent Financing Sub
Series A Preferred Stock”) at a price of $10.00 per share for an aggregate purchase price of $10,500,000, such purchase
and sale to occur immediately prior to the Closing;

 

    	 

    	 

    

 

WHEREAS,
pursuant to certain Purchase and Exchange Agreements, dated as of the date hereof (the “Insider Purchase Agreements”),
each agreement by and among Parent, Parent Financing Sub and Pubco, on the one hand, and a certain insider investor named therein
(each, an “Insider Investor”), on the other hand, the Insider Investors have each agreed to subscribe and purchase
from Parent Financing Sub, and Parent Financing Sub has agreed to issue to the Insider Investors, an aggregate of 550,000 shares
of Series B Non-Voting Preferred Stock, par value $0.001 per share, of Parent Financing Sub (the “Parent Financing Sub
Series B Preferred Stock”) at a price of $10.00 per share for an aggregate purchase price of $5,500,000, such purchase
and sale to occur immediately prior to the Closing;

 

WHEREAS,
the Parties intend that the Mergers described in the Merger Agreement will be revised so that at the Closing (i) with respect
to the Company Merger, both of Company Merger Sub and Company Financing Sub will merge with and into the Company, with the Company
continuing as the surviving entity, and (ii) with respect to the Parent Merger, both of Parent Merger Sub and Parent Financing
Sub will merge with and into Parent, with Parent continuing as the surviving entity; and

 

WHEREAS,
the Parties desire to amend the Merger Agreement to add the Financing Subs as parties to the Merger Agreement, to reflect an additional
extension to the deadline for Parent to consummate its initial business combination from June 13, 2015 to July 31, 2015 (the “Additional
Extension”) and to reflect the revised agreement among the Parties with respect to the Transactions.

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations,
warranties and covenants herein contained, and intending to be legally bound hereby, the Parties agree as follows:

 

1.            Addition
of the Financing Subs as Parties to the Merger Agreement. The Parties hereby agree that the Financing Subs are hereby added
as parties to the Merger Agreement, and shall be included as “Parties” for all purposes thereof and hereof.
The Parties further agree that the definition of “Seller Parties” shall also include Company Financing Sub
and the definition of “Parent Parties” shall also include Parent Financing Sub.

 

2.            Amendment
to Description of Mergers. The Parties hereby agree to the following amendments to the Merger Agreement:

 

(a)           The
third WHEREAS clause in the Recitals of the Merger Agreement is hereby amended to:

 

(i)            add
immediately after the term “Parent Merger Sub” on the second line thereof: “and Parent Financing Sub”;
and

 

(ii)            add
immediately after the term “Company Merger Sub” on the fourth line thereof: “and Company Financing Sub”.

 

(b)           Sections
1.1 and 1.13 of the Merger Agreement are each hereby amended to add the following phrase after the term “Parent Merger Sub”
each time such term is used therein: “and Parent Financing Sub”.

 

    	2

    	 

    

 

(c)            Sections
1.2 and 1.13 of the Merger Agreement are each hereby amended to add the following phrase after the term “Company Merger
Sub” each time such term is used therein: “and Company Financing Sub”.

 

(d)            Section
1.4 of the Merger Agreement is hereby amended to delete the second sentence thereof and replace it with the following sentence:
“Without limiting the generality of the foregoing, and subject thereto, at the Effective Time (i) all of the property, rights,
agreements, privileges, powers and franchises of (x) Parent Merger Sub and Parent Financing Sub shall vest in Parent Surviving
Subsidiary and (y) Company Merger Sub and Company Financing Sub shall vest in Company Surviving Subsidiary, and (ii) all of the
debts, liabilities, obligations and duties of (x) Parent Merger Sub and Parent Financing Sub shall become the debts, liabilities,
obligations and duties of Parent Surviving Subsidiary and (y) Company Merger Sub and Company Financing Sub shall become the debts,
liabilities, obligations and duties of Company Surviving Subsidiary, including in each case the rights and obligations of each
such Party under this Agreement and the other Transaction Documents from and after the Effective Time”.

 

3.            Amendment
to Merger Consideration. Section 1.7 of the Merger Agreement is hereby amended to add the following additional sentences at
the end of such section:

 

“As
consideration for the Company Merger, each holder of Company Financing Sub Preferred Stock shall receive for each share of Company
Financing Sub Preferred Stock held (the “Per Company Financing Sub Preferred Stock Consideration”): (i) two
and one-half (2.5) shares of Pubco Common Stock, (ii) one and seven-eighths (1.875) Pubco Series A-1 Warrants and (iii) five-eighths
(0.625) of a Pubco Series B-1 Warrant; provided, that in accordance with the New Investor Purchase Agreements, the holders
of Company Financing Sub Preferred Stock set forth on Schedule 1.7 will receive the shares of Pubco Series A Preferred
Stock set forth on Schedule 1.7 in lieu of an equal number of shares of Pubco Common Stock. Subject to Section 1.8(c),
as consideration for the Parent Merger, each holder of Parent Financing Sub Preferred Stock shall receive for each share of Parent
Financing Sub Preferred Stock held (the “Per Parent Financing Sub Preferred Stock Consideration”): (i) two
and one-half (2.5) shares of Pubco Common Stock, (ii) one and seven-eighths (1.875) Pubco Series A-2 Warrants and (iii) five-eighths
(0.625) of a Pubco Series B-2 Warrant. For the avoidance of doubt, (a) neither the Per Company Financing Sub Preferred Stock Consideration
nor the Per Parent Financing Sub Preferred Stock Consideration shall be subject to adjustment at or after the Closing based on
the Net Debt or Net Working Capital, and (b) no holder of Company Financing Sub Preferred Stock or Parent Financing Sub Preferred
Stock shall have any right to receive any portion of any Earnout Consideration with respect to such stock.”

 

4.            Amendment
to Effect of Parent Merger on Issued Securities of Parent and Parent Merger Sub. Section 1.8 of the Merger Agreement is hereby
amended as follows:

 

(a)            Section
1.8(c) of the Merger Agreement is hereby deleted in its entirety and replaced with the following:

 

“(c)          Cancellation
of Parent Party Securities Owned by Parent, the Company or their Subsidiaries. Notwithstanding anything to the contrary contained
herein, at the Effective Time, any shares of Parent Common Stock or Parent Financing Sub Preferred Stock owned (as treasury stock
or otherwise) by Parent, the Company or any direct or indirect Subsidiary of Parent or the Company immediately prior to the Effective
Time shall be canceled and extinguished without any conversion thereof or payment therefor.”

 

    	3

    	 

    

 

(b)            To
add the following new subsections (e) and (f):

 

“(e)          Conversion
of Parent Financing Sub Preferred Stock. At the Effective Time, each share of Parent Financing Sub Preferred Stock issued
and outstanding immediately prior to the Effective Time (other than those described in Section 1.8(c)) will be cancelled and automatically
deemed for all purposes to represent the right to receive the Per Parent Financing Sub Preferred Stock Consideration (but for
the avoidance of doubt, not any Earnout Consideration). As of the Effective Time, each holder of Parent Financing Sub Preferred
Stock shall cease to have any other rights with respect to the shares of Parent Financing Sub Preferred Stock, except as otherwise
required under applicable Law.

 

(f)             Cancellation
of Parent Financing Sub Common Stock. At the Effective Time, by virtue of the Parent Merger and without any action on the
part of any Party or the holders of any equity interests of Parent, Parent Merger Sub or Parent Financing Sub, all shares of common
stock of Parent Financing Sub outstanding immediately prior to the Effective Time shall be cancelled and extinguished in their
entirety without any conversion thereof or payment therefor.”

 

5.            Amendment
to Effect of Company Merger on Issued Securities of the Company and Company Merger Sub. Section 1.9 of the Merger Agreement
is hereby amended as follows:

 

(a)            Section
1.9(b) of the Merger Agreement is hereby deleted in its entirety and replaced with the following:

 

“(b)          Cancellation
of Company and Company Financing Sub Securities Owned by Parent, the Company or their Subsidiaries. Notwithstanding anything
to the contrary contained herein, at the Effective Time, any Company Units or shares of Company Financing Sub Preferred Stock
owned (as treasury stock or otherwise) by Parent, the Company or any direct or indirect Subsidiary of Parent or the Company immediately
prior to the Effective Time shall be canceled and extinguished without any conversion thereof or payment therefor.”

 

(b)            To
add the following new subsections (d) and (e):

 

“(d)          Conversion
of Company Financing Sub Preferred Stock. At the Effective Time, each share of Company Financing Sub Preferred Stock issued
and outstanding immediately prior to the Effective Time will be cancelled and automatically deemed for all purposes to represent
the right to receive the Per Company Financing Sub Preferred Stock Consideration (but for the avoidance of doubt, not any Earnout
Consideration). As of the Effective Time, each holder of Company Financing Sub Preferred Stock shall cease to have any other rights
with respect to the shares of Company Financing Sub Preferred Stock, except as otherwise required under applicable Law.

 

(e)            Cancellation
of Company Financing Sub Common Stock. At the Effective Time, by virtue of the Company Merger and without any action on the
part of any Party or the holders of any equity interests of the Company, Company Merger Sub or Company Financing Sub, all shares
of common stock of Company Financing Sub outstanding immediately prior to the Effective Time shall be cancelled and extinguished
in their entirety without any conversion thereof or payment therefor.”

 

    	4

    	 

    

 

6.            Amendment
to Exchange Procedures. Section 1.10 of the Merger Agreement is hereby amended as follows:

 

(a)            Section
1.10(a) of the Merger Agreement is hereby deleted in its entirety and replaced with the following:

 

“(a)          Surrender
of Certificates. At the Effective Time, (i) the holders of Company Units will surrender their membership certificates or other
instruments representing Company Units, if any, and written acknowledgement of the termination of their rights to such Company
Units (collectively, the “Company Certificates”), (ii) the holders of Parent Common Stock will surrender their
stock certificates or other instruments representing Parent Common Stock (collectively, the “Parent Certificates”),
(iii) if any are issued by Parent Financing Sub, the holders of Parent Financing Sub Preferred Stock will surrender their stock
certificates or other instruments representing Parent Financing Sub Preferred Stock (collectively, the “Parent Financing
Sub Certificates”) and (iv), if any are issued by Company Financing Sub, the holders of Company Financing Sub Preferred
Stock will surrender their stock certificates or other instruments representing Company Financing Sub Preferred Stock (collectively,
the “Company Financing Sub Certificates” and, collectively with the Company Certificates, the Parent Certificates
and Parent Financing Sub Certificates, the “Stock Certificates”), or in the case of a lost, stolen or destroyed
Stock Certificate, upon delivery of an affidavit (and indemnity, if required) in the manner provided in Section 1.10(f), to Pubco
for cancellation together with any related documentation reasonably requested by Pubco in connection therewith.”

 

(b)            Section
1.10(b) of the Merger Agreement is hereby deleted in its entirety and replaced with the following:

 

“(b)          Exchange
of Certificates. Certificates representing (i) shares of Pubco Common Stock shall be issued to the holders of Company Units
and Parent Common Stock, (ii) shares of Pubco Common Stock and Pubco Investor Warrants shall be issued to holders of Parent Financing
Sub Preferred Stock and (iii) shares of Pubco Common Stock, Pubco Series A Preferred Stock (if applicable) and Pubco Investor
Warrants shall be issued to the holders of Company Financing Sub Preferred Stock, in each case, upon surrender of the applicable
Stock Certificates (if such Stock Certificates were issued) as provided for herein or otherwise agreed by the Parties. Upon surrender
of the applicable Stock Certificates (if such Stock Certificates were issued) (or in the case of a lost, stolen or destroyed Stock
Certificate, upon delivery of an affidavit (and indemnity, if required) in the manner provided in Section 1.10(f)) for cancellation
to Pubco or to such other agent or agents as may be appointed by Pubco, Pubco shall issue, or cause to be issued, to each holder
of the Stock Certificates such certificates representing the number of shares of Pubco Common Stock, shares of Pubco Series A
Preferred Stock and Pubco Investor Warrants, as applicable, for which their Company Units, Parent Common Stock, Parent Financing
Sub Preferred Stock and Company Financing Sub Preferred Stock are exchangeable at the Effective Time and any dividends or distributions
payable pursuant to Section 1.10(e), and the Stock Certificates so surrendered shall forthwith be canceled. Until so surrendered,
(i) outstanding Company Certificates will be deemed, from and after the Effective Time, to evidence only the right to receive
the Per Company Unit Consideration (as it may be adjusted after the Closing pursuant to Section 1.15) plus the Earnout Consideration,
if any, pursuant to this Article I, (ii) outstanding Parent Certificates will be deemed, from and after the Effective Time, to
evidence only the right to receive Pubco Common Stock in accordance with Section 1.8(a) (subject to the last sentence of Section
1.8(a)), (iii) outstanding Parent Financing Sub Certificates will be deemed, from and after the Effective Time, to evidence only
the right to receive the Per Parent Financing Sub Preferred Stock Consideration pursuant to this Article I, (iv) outstanding Company
Financing Sub Certificates will be deemed, from and after the Effective Time, to evidence only the right to receive the Per Company
Financing Sub Preferred Stock Consideration pursuant to this Article I. For the avoidance of doubt, in the event that any of the
shares of Company Financing Sub Preferred Stock or Parent Financing Sub Preferred Stock are kept in book entry form and Stock
Certificates are not issued with respect to such shares, the holders of such shares shall not be required to provide Stock Certificates
with respect to such shares in order to receive the consideration for such shares under this Agreement. Notwithstanding anything
to the contrary in this Section 1.10, in lieu of receiving stock certificates, holders of Company Financing Sub Preferred Stock
and Parent Financing Sub Preferred Stock shall be entitled to receive their shares of Pubco Common Stock through electronic crediting
of such securities as designated by such holder through the Depository Trust Company’s Deposit/Withdrawal at Custodian (DWAC)
service.”

 

    	5

    	 

    

 

(c)            Each
reference to the phrase “shares of Pubco Common Stock” in Sections 1.10(c) and 1.10(f) of the Merger Agreement are
hereby deleted and replaced with the phrase “shares of Pubco Common Stock, shares of Pubco Series A Preferred Stock or Pubco
Investor Warrants”.

 

(d)            Each
reference to the phrases “Company Certificates or Parent Certificates” and “Company Certificate or Parent Certificate”
in Sections 1.10(c) and 1.10(f) of the Merger Agreement are hereby deleted and replaced with the phrases “Stock Certificates”
or “Stock Certificate”, respectively.

 

(e)            Section
1.10(d) of the Merger Agreement is hereby deleted in its entirety and replaced with the following:

 

“(d)          No
Fractional Shares or Warrants. Notwithstanding anything to the contrary contained herein, no fraction of either a share of
Pubco Stock or a Pubco Investor Warrant will be issued by virtue of the Mergers or the transactions contemplated hereby. Each
Person who would otherwise be entitled to receive a fraction of a share of Pubco Common Stock (after aggregating all fractional
shares of Pubco Common Stock that otherwise would be received by such holder) shall receive cash in lieu of such fractional share.
Each Person who would otherwise be entitled to receive a fraction of a share of Pubco Series A Preferred Stock (after aggregating
all fractional shares of Pubco Series A Preferred Stock that otherwise would be received by such holder) shall receive, in lieu
of such fractional share, one (1) share of Pubco Series A Preferred Stock. Each Person who would otherwise be entitled to receive
a fraction of a Pubco Investor Warrant (after aggregating all fractional Pubco Investor Warrants of such series of Pubco Investor
Warrants that otherwise would be received by such holder) shall receive, in lieu of such fractional Pubco Investor Warrant, one
(1) Pubco Investor Warrant of such series of Pubco Investor Warrant.

 

(f)            Section
1.10(e) of the Merger Agreement is hereby deleted in its entirety and replaced with the following:

 

“(e)          No
Distributions Until Surrender of Certificates. No dividends or other distributions declared or made after the date of this
Agreement with respect to Pubco Stock with a record date after the Effective Time will be paid to the holders of any issued and
outstanding Stock Certificates that have not yet been surrendered with respect to the shares of Pubco Stock to be issued upon
surrender thereof or any shares of Pubco Stock issuable upon the exercise of the Pubco Investor Warrants to be issued upon surrender
thereof until the holders of record of such Stock Certificates shall surrender such certificates. Subject to applicable Law, following
surrender of any such Stock Certificates, Pubco shall promptly deliver to the record holders thereof, without interest, the certificates
representing the shares of Pubco Stock and Pubco Investor Warrants issued in exchange therefor and the amount of any such dividends
or other distributions with a record date after the Effective Time theretofore paid with respect to such shares of Pubco Stock
or any shares of Pubco Stock issuable upon the exercise of such Pubco Investor Warrants.”

 

7.            Amendment
to Withholding of Tax. Each reference to the term “holders of Parent Common Stock” in Section 1.17 of the Merger
Agreement is hereby amended to add the following phrase after each time that such term is referenced therein: “, Parent
Financing Sub Preferred Stock or Company Financing Sub Preferred Stock”.

 

    	6

    	 

    

 

8.            Amendments
to Representations and Warranties Relating to the Company. The Parties hereby agree to the following amendments to Article
III of the Merger Agreement (and the related Company Schedules):

 

(a)            Section
3.1(a) of the Merger Agreement is hereby amended to add the following immediately prior to the end of the second to last sentence
thereof: “(except that with respect to Company Financing Sub, complete and accurate copies of the organizational documents
of Company Financing Sub have been provided as of the date of the Second Amendment and reflect all amendments made thereto at
any time prior to the date of the Second Amendment)”.

 

(b)            Schedule
3.1 to the Merger Agreement is hereby amended to add Company Financing Sub.

 

(c)            Section
3.2 of the Merger Agreement is hereby amended to add the following immediately after the last sentence thereof: “Company
Financing Sub has full corporate power, authority and legal right to enter into and perform its obligations under the Transaction
Documents to which it is or will be a party and to consummate the Transactions. The Company as the sole stockholder of Company
Financing Sub and Company Financing Sub’s board of directors has authorized the execution, delivery and performance of the
Transaction Documents and the consummation of the Transactions, and the Company has provided Parent with a true, correct and complete
copy of each such authorization. No other corporate proceedings on the part of the Company Financing Sub or the Company, are,
or will be, necessary to approve and authorize Company Financing Sub’s execution, delivery and performance of the Transaction
Documents or consummation of the Transactions. The Transaction Documents to which Company Financing Sub is a party have been or
will be duly executed and delivered by Company Financing Sub and, assuming due execution and delivery by all counterparties thereto,
are or will be legal, valid and binding obligations of Company Financing Sub, enforceable against it in accordance with their
respective terms, except as enforceability may be limited by the Bankruptcy and Equity Exceptions.

 

(d)            Section
3.3 of the Merger Agreement is hereby amended to add immediately after the term “Company” each time it appears in
the third, fourth and fifth lines thereof the following phrase: “or Company Financing Sub”.

 

(e)            Section
3.4(a) of the Merger Agreement is hereby amended to add the following immediately after the last sentence thereof: “As of
the date of the Second Amendment, the Company is the sole record and beneficial owner of all of the issued and outstanding capital
stock of Company Financing Sub. As of the Effective Time, the Company will be the sole record and beneficial owner of all of the
issued and outstanding shares of common stock of Company Financing Sub and the New Investors in the aggregate will own 1,050,000
shares of Company Financing Sub Preferred Stock, representing all of the issued and outstanding shares of preferred stock of Company
Financing Sub.”

 

(f)            Section
3.4(b) of the Merger Agreement is hereby amended to add the following immediately after the phrase “(if any)” in the
second sentence thereof: “(other than Company Financing Sub)”.

 

(g)            Section
3.4(c) of the Merger Agreement is hereby amended to add the following immediately prior to the end of the first sentence thereof:
“or the New Investor Purchase Agreements”

 

(h)            Section
3.4(e) of the Merger Agreement is hereby amended to add the following immediately prior to the end of each sentence thereof: “,
other than as contemplated by and pursuant to the TAS Purchase Agreement”.

 

    	7

    	 

    

 

(i)            Section
3.6 of the Merger Agreement is hereby amended to add the following immediately after the phrase “the other Transaction Documents”
in clause (e) thereof: “or the Purchase Agreements”.

 

(j)            Schedule
3.17 to the Merger Agreement is hereby amended to add each of the Purchase Agreements.

 

9.            Amendments
to Representations and Warranties Relating of the Parent Parties. The Parties hereby agree to the following amendments to
Article V of the Merger Agreement (and the related Parent Schedules):

 

(a)            Sections
5.1(b), 5.3, 5.5(c) and 5.16 of the Merger Agreement are each hereby amended to add the following phrase after the term “Pubco”
each time such term is used therein: “, Parent Financing Sub”.

 

(b)            Section
5.2 of the Merger Agreement is hereby amended to add the following phrase immediately after the term “Parent Merger Sub”
on the fifth line thereof: “and Parent Financing Sub”.

 

(c)            Section
5.5(a) of the Merger Agreement is hereby amended to add the following immediately after the last sentence thereof: “As of
the date of the Second Amendment, Parent is the sole record and beneficial owner of all of the issued and outstanding capital
stock of Parent Financing Sub. As of the Closing, Parent will be the sole record and beneficial owner of all of the issued and
outstanding shares of common stock of Parent Financing Sub. As of the Closing, Company Financing Sub will own 1,050,000 shares
of Parent Financing Sub Series A Preferred Stock and the Insider Investors in the aggregate will own 550,000 shares of Parent
Financing Sub Series B Preferred Stock, together representing all of the issued and outstanding shares of preferred stock of Parent
Financing Sub.”

 

(d)            Section
5.5(c) of the Merger Agreement is hereby amended to add the following immediately prior to the end of the first sentence thereof:
“or the TAS Purchase Agreement or the Insider Purchase Agreements”.

 

(e)            Section
5.5(f) of the Merger Agreement is hereby amended to add the following phrase immediately after the phrase “”Parent’s
ownership of Pubco” on the first line thereof: “and Parent Financing Sub”.

 

(f)            Section
5.8 of the Merger Agreement is hereby amended to add the following immediately after the phrase “the other Transaction Documents”
in clause (e) thereof: “, the Purchase Agreements”.

 

(g)            Schedule
5.12(a) to the Merger Agreement is hereby amended to add each of the Purchase Agreements.

 

(h)            Section
5.15 of the Merger Agreement is hereby amended to add the following immediately after the last sentence thereof: “The copies
of the organizational documents of Parent Financing Sub have been made available to the Company, reflect all amendments made thereto
at any time prior to the date of the Second Amendment and are true, correct and complete.”

 

(i)            Section
5.16 of the Merger Agreement is hereby amended to add the following immediately after the term “Transactions” on the
fourth line thereof and the term “Transaction Documents on the fifth line thereof: “and the Purchase Agreements”.

 

    	8

    	 

    

 

10.           Amendment
to Registration Statement/Proxy Statement Covenant. Section 6.13(a) of the Merger Agreement is hereby amended to add the following
phrase immediately after the term “Per Company Unit Consideration”: “the Per Company Financing Sub Preferred
Stock Consideration and the Per Parent Financing Sub Preferred Stock Consideration”

 

11.           Amendment
to Founders Registration Rights Agreement. The Parties acknowledge that the Founders Registration Rights Agreement was amended
as of June 10, 2015 to, among other matters, include as “Registrable Securities” thereunder (i) the shares of Pubco
Common Stock and Pubco Investor Warrants being issued in the Parent Merger to the Parent Insider Investors in exchange for their
shares of Parent Financing Sub Series B Preferred Stock and (ii) the shares of Pubco Stock issuable upon the exercise of the Pubco
Investor Warrants being issued in the Parent Merger to the Parent Insider Investors in exchange for their shares of Parent Financing
Sub Series B Preferred Stock (including any shares of Pubco Common Stock issuable upon the conversion of any shares of Pubco Series
A Preferred Stock issued upon the exercise of such Pubco Investor Warrants), but without any such shares described in clauses
(i) and (ii) above being subject to the lock-up provisions contained therein.

 

12.           Amendment
to Closing Conditions. The parties hereby agree to amend the Merger Agreement as follows:

 

(a)            To
delete Section 7.11 in its entirety and replace it with the following:

 

“7.1         Purchase
Agreement Closings. The parties to the Purchase Agreements shall have consummated the transactions contemplated thereby.”

 

(b)            To
add the following new Section 8.11:

 

“8.11.            Purchase
Agreement Closings. The parties to the Purchase Agreements shall have consummated the transactions contemplated thereby.”

 

13.           Amendment
for Additional Extension.

 

(a)            Section
6.13(b) of the Merger Agreement is hereby amended so that the term “Extension” and all related definitions, including
“Extension Proxy Solicitation”, “Extension Special Meeting”, “Extension Proxy Statement”,
“Extension Warrant Offer” and “Extension Warrant Tender Offer Documents”, include the Additional Extension.
The definition of “Extension Documents” is also hereby amended to include the documents necessary for the Additional
Extension.

 

(b)            Section
10.1(a)(iv) of the Merger Agreement is hereby amended to delete the term “one hundred eightieth (180th)”
with “two hundred seventh (207th)”.

 

14.           Amendment
to Miscellaneous Provisions. Section 12.3(b) of the Merger Agreement is hereby amended to add the following phrase immediately
after the term “Per Company Unit Consideration”: “the Per Company Financing Sub Preferred Stock Consideration
or the Per Parent Financing Sub Preferred Stock Consideration

 

15.           Amendments
to Definitions. Appendix A to the Merger Agreement is hereby amended as follows:

 

(a)            The
definition of the term “Permitted Parent Leakage” is hereby amended to add the following after the phrase “relating
to the Transactions” in clause (iii) thereof: “or the transactions contemplated by the Purchase Agreements”.

 

    	9

    	 

    

 

(b)            To
add the following definitions at the end of Appendix A:

 

(i)            “(224)  “Company
Financing Sub” means TAS Financing Sub Inc., a Delaware corporation.”

 

(ii)           “(225) “Company
Financing Sub Certificates” has the meaning given to such term in Section 1.10(a).”

 

(iii)          “(226)  “Company
Financing Sub Preferred Stock” means the Series A Non-Voting Preferred Stock, par value $0.001 per share, of Company
Financing Sub.”            

 

(iv)          “(227)  “Company
Insider Investor” means R. Lee Priest, Jr. (through his Individual Retirement Account).

 

(v)           “(228)  “Financing
Subs” means Company Financing Sub and Parent Financing Sub, together”.

 

(vi)          “(229)  “Insider
Investors” means the Parent Insider Investors and the Company Insider Investor.

 

(vii)       
“(230)  “Insider Purchase Agreement” means each Purchase and Exchange Agreement, dated as of
June 10, 2015, by and among Parent, Parent Financing Sub and Pubco, on the one hand, and an Insider Investor, on the other hand.”

 

(viii)        “(231)  “New
Investor Purchase Agreement” means each Purchase and Exchange Agreement, dated as of June 10, 2015, by and among Parent,
the Company, Company Financing Sub, Pubco and Parent Financing Sub, on the one hand, and a New Investor named therein, on the
other hand.

 

(ix)          “(232)  “New
Investors” means Hudson Bay Master Fund Ltd., Empery Asset Master, Ltd., Empery Tax Efficient, LP, Empery Tax Efficient
II, LP and Capital Ventures International.

   

(x)           “(233)  “Parent
Financing Sub” means Chart Financing Sub Inc., a Delaware corporation.”

 

(xi)          “(234)  “Parent
Financing Sub Certificates” has the meaning given to such term in Section 1.10(a).”

 

(xii)         “(235)  “Parent
Financing Sub Preferred Stock” means either of the Parent Financing Sub Series A Preferred Stock or the Parent Financing
Sub Series B Preferred Stock.”

 

(xiii)        “(236)  “Parent
Financing Sub Series A Preferred Stock” means the Series A Non-Voting Preferred Stock, par value $0.001 per share, of
Parent Financing Sub.”

 

(xiv)        “(237)  “Parent
Financing Sub Series B Preferred Stock” means the Series B Non-Voting Preferred Stock, par value $0.001 per share, of
Parent Financing Sub.”

 

(xv)         “(238)  “Parent
Insider Investors” means Chart Acquisition Group LLC, Mr. Joseph Wright and Cowen Investments LLC.

 

    	10

    	 

    

 

(xvi)        “(239)            “Per
Company Financing Sub Preferred Stock Consideration” has the meaning given to such term in Section 1.7.”

 

(xvii)       “(240)            “Per
Parent Financing Sub Preferred Stock Consideration” has the meaning given to such term in Section 1.7.”

 

(xviii)      “(241)            “Pubco
Investor Warrant” means a Pubco Series A-1 Warrant, Pubco Series A-2 Warrant, Pubco Series B-1 Warrant or Pubco Series
B-2 Warrant.”

 

(xix)         “(242)            “Pubco
Series A Preferred Stock” means the Series A Non-Voting Convertible Preferred Stock, par value $0.0001 per share, of
Pubco.”

 

(xx)          “(243)            “Pubco
Series A-1 Warrant” means each warrant to be issued by Pubco to the holders of Company Financing Sub Preferred Stock
as consideration for the Company Merger entitling the holder thereof to purchase either one (1) share of Pubco Common Stock or
one (1) share of Pubco Series A Preferred Stock in accordance with the terms and conditions set forth in the Form of Series A-1
Warrant attached as Exhibit E hereto.”

 

(xxi)         “(244)            “Pubco
Series A-2 Warrant” means each warrant to be issued by Pubco to the holders of Parent Financing Sub Preferred Stock
as consideration for the Parent Merger entitling the holder thereof to purchase either one (1) share of Pubco Common Stock or
one (1) share of Pubco Series A Preferred Stock in accordance with the terms and conditions set forth in the Form of Series A-2
Warrant attached as Exhibit F hereto.”

 

(xxii)        “(245)            “Pubco
Series B-1 Warrant” means each warrant to be issued by Pubco to the holders of Company Financing Sub Preferred Stock
as consideration for the Company Merger entitling the holder thereof to purchase either one (1) share of Pubco Common Stock or
one (1) share of Pubco Series A Preferred Stock in accordance with the terms and conditions set forth in the Form of Series B-1
Warrant attached as Exhibit G hereto.”

 

(xxiii)       “(246)            “Pubco
Series B-2 Warrant” means each warrant to be issued by Pubco to the holders of Parent Financing Sub Preferred Stock
as consideration for the Parent Merger entitling the holder thereof to purchase either one (1) share of Pubco Common Stock or
one (1) share of Pubco Series A Preferred Stock in accordance with the terms and conditions set forth in the Form of Series B-2
Warrant attached as Exhibit H hereto.”

 

(xxiv)      “(247)            “Pubco
Stock” means any of the Pubco Common Stock or the Pubco Series A Preferred Stock.”

 

(xxv)       “(248)            “Purchase
Agreements” means the Insider Purchase Agreements, the New Investor Purchase Agreements and the TAS Purchase Agreement,
collectively.”

 

(xxvi)      “(249)            “Second
Amendment” means the Second Amendment to Agreement and Plan of Merger, dated as of June 10, 2015, by and between the
Parties (including the Financing Company Subs).”

 

(xxvii)     “(250)            “Stock
Certificates” has the meaning given to such term in Section 1.10(a).”

 

    	11

    	 

    

 

(xxviii)    “(251)            “TAS
Purchase Agreement” means that certain Purchase and Exchange Agreement, dated as of June 10, 2015, by and among Parent,
the Company, Parent Financing Sub, Pubco and Company Financing Sub.”

 

16.           Amendment
to Exhibits. The Parties hereby agree to amend the Merger Agreement as follows:

 

(a)            To
replace Exhibit B to the Merger Agreement with Exhibit B attached hereto.

 

(b)            To
replace Exhibit D to the Merger Agreement with Exhibit D attached hereto.

 

(c)            To
add Exhibit E, Exhibit F, Exhibit G and Exhibit H attached hereto as Exhibit E, Exhibit
F, Exhibit G and Exhibit H, respectively, to the Merger Agreement.

 

17.           Consent
and Waiver. The Parties hereby consent to, and waive the applicability of Sections 6.2, 6.11 and 6.20 of the Merger Agreement
with respect to, and the Members hereby provide any consent required under the Company’s operating agreement or under applicable
provisions of the LLC Act with respect to: (i) the formation of Parent Financing Sub by Parent and Company Financing Sub by the
Company as contemplated by this Second Amendment and (ii) Parent, the Company, Pubco and the Financing Subs entering into the
Purchase Agreements, consummating the transactions contemplated by the Merger Agreement and the Purchase Agreements and performing
their respective obligations hereunder and thereunder, including the adoption of the certificate of designations for the Pubco
Series A Preferred Stock by Pubco and the issuance of the Pubco Series A Preferred Stock in accordance therewith.

 

18.           Miscellaneous.
Except as expressly provided in this Second Amendment, all of the terms and provisions in the Merger Agreement and the other Transaction
Documents are and shall remain in full force and effect, on the terms and subject to the conditions set forth therein. This Second
Amendment does not constitute, directly or by implication, an amendment or waiver of any provision of the Merger Agreement or
any other Transaction Document, or any other right, remedy, power or privilege of any Party, except as expressly set forth herein.
Any reference to the Merger Agreement in the Merger Agreement or any other agreement, document, instrument or certificate entered
into or issued in connection therewith shall hereinafter mean the Merger Agreement, as amended by this Second Amendment (or as
the Merger Agreement may be further amended or modified after the date hereof in accordance with the terms thereof). Sections
12.1 through 12.16 of the Merger Agreement are hereby incorporated herein by reference and apply to this Second Amendment as if
all references to the “Agreement” contained therein were instead references to this Second Amendment.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW]

 

    	12

    	 

    

 

IN
WITNESS WHEREOF, each party hereto has signed or has caused to be signed by its officer thereunto duly authorized this Second
Amendment to Agreement and Plan of Merger as of the date first above written.

 

	 	PARENT:
    
	 	 
	 	CHART ACQUISITION
    CORP.  
	 	 
	 	By:	/s/
    Christopher D. Brady
	 	 	Name: Christopher
    D. Brady
	 	 	Title: President
	 	 
	 	PUBCO:
    
	 	 
	 	TEMPUS APPLIED
    SOLUTIONS HOLDINGS, INC.  
	 	 
	 	By:	/s/
    Christopher D. Brady
	 	 	Name: Christopher D. Brady
	 	 	Title: President
	 	 
	 	MERGER
    SUBS: 
	 	 
	 	CHART MERGER
    SUB INC.  
	 	 
	 	By:	/s/
    Christopher D. Brady
	 	 	Name: Christopher D. Brady
	 	 	Title: President
	 	 
	 	TAS MERGER SUB
    LLC  
	 	 
	 	By:	/s/
    Christopher D. Brady
	 	 	Name: Christopher D. Brady
	 	 	Title: President

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[Signature
Page to Second Amendment to Agreement and Plan of Merger]

 

    	 

    	 

    

 

	 	CHART
    REPRESENTATIVE: 
	 	 
	 	CHART ACQUISITION
    GROUP LLC  
	 	 
	 	By: 	The Chart Group
    L.P.
	 	 	 
	 	By:	/s/
    Christopher D. Brady
	 	 	Name: Christopher D. Brady
	 	 	Title: Manager
	 	 
	 	WARRANT
    OFFERORS: 
	 	 
	 	CHART ACQUISITION
    GROUP LLC  
	 	 	 
	 	By: 	The Chart Group L.P.
	 	 	 
	 	By:	/s/
    Christopher D. Brady
	 	 	Name: Christopher D. Brady
	 	 	Title: Manager
	 	 
	 	Joseph Wright
     
	 	 
	 	COWEN INVESTMENTS
    LLC  
	 	 
	 	By:	/s/
    Owen Littman
	 	 	Name:
    Owen Littman
	 	 	Title: 
    Authorized Signatory
	 	 
	 	FINANCING
    SUBS: 
	 	 
	 	CHART FINANCING
    SUB INC.  
	 	 
	 	By:	/s/
    Christopher D. Brady
	 	 	Name: Christopher D. Brady
	 	 	Title: President

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[Signature
Page to Second Amendment to Agreement and Plan of Merger]

 

    	 

    	 

    

 

	 	TAS FINANCING SUB INC.  
	 	 
	 	By:	/s/
    Benjamin Scott Terry
	 	 	Name: Benjamin Scott Terry
	 	 	Title: President
	 	 
	 	COMPANY:
    
	 	 
	 	TEMPUS APPLIED SOLUTIONS, LLC  
	 	 
	 	By:	/s/
    Benjamin Scott Terry
	 	 	Name: Benjamin Scott Terry
	 	 	Title: Manager
	 	 
	 	MEMBERS’
    REPRESENTATIVE: 
	 	 
	 	/s/
    Benjamin Scott Terry
	 	Benjamin Scott Terry   
	 	 
	 	/s/
    John G. Gulbin III
	 	John G. Gulbin III   
	 	 
	 	VOTING MEMBERS:
    
	 	 
	 	/s/
    Benjamin Scott Terry  
	 	Benjamin Scott Terry  
	 	 
	 	/s/
    John G. Gulbin III
	 	John G. Gulbin III  
	 	 
	 	/s/
    Joshua Paul Allen  
	 	Joshua Paul Allen  
	 	 
	 	EARLY VENTURES, LLC  
	 	 
	 	By:	/s/
    Sheldon Early
	 	 	Name: Sheldon Early
	 	 	Title: President
	 	 
	 	/s/
    Robert Lee Priest, Jr.  
	 	Robert Lee Priest, Jr.  

 

[Signature
Page to Second Amendment to Agreement and Plan of Merger]

 

    	 

    	 

    

SCHEDULE
1.7

 

MERGER
CONSIDERATION

 

	New
    Investor	No.
    of Shares of Tempus Financing Sub Preferred Stock	No.
    of Shares of Pubco Common Stock To Be Issued in the Mergers 	No.
    of Shares of Pubco Series A Preferred Stock To Be Issued in the Mergers 
	Hudson
    Bay Master Fund Ltd.	500,000	429,868	820,132
	Empery
    Asset Master, Ltd.	109,724	157,223	117,087
	Empery
    Tax Efficient, LP	80,996	116,059	86,431
	Empery
    Tax Efficient II, LP	109,280	156,586	116,614
	Capital
    Ventures International	250,000	429,868	195,132
	TOTAL	1,050,000	1,289,604	1,335,396

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