Document:

Exhibit 10.4

 

EXECUTION COPY

 

PURCHASE AND EXCHANGE AGREEMENT

 

This Purchase and Exchange
Agreement (the “Agreement”) is entered into as of the 10th day of June, 2015, by and among Chart
Acquisition Corp., a Delaware corporation (“Chart”), Tempus Applied Solutions Holdings, Inc., a Delaware corporation
(“PubCo”), and Chart Financing Sub Inc., a Delaware corporation and a wholly owned subsidiary of Chart (the
“Company”, and together with Chart and PubCo, the “Merger Parties”), and the investor signatory
hereto (in its capacity as an investor hereunder, and not in any other capacity, the “Investor”), with reference
to the following facts:

 

A. The Company and the Investor
are executing and delivering this Agreement in reliance upon the exemptions from securities registration afforded by Section 4(a)(2)
of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506(b) of Regulation D as promulgated by
the United States Securities and Exchange Commission (the “SEC”) under the 1933 Act.

 

B. On or prior to the date
hereof, the Company has authorized a new series of Series B Non-Voting Preferred Stock of the Company, $0.0001 par value per share,
the terms of which are set forth in the certificate of designations for such Series B Non-Voting Preferred Stock of the Company
(the “Company Series B Certificate of Designations”) in the form attached hereto as Exhibit A
(together with any non-voting preferred shares issued in replacement thereof in accordance with the terms thereof, the “Company
B Preferred Stock”).

 

C. The Investor wishes to
purchase, and the Company wishes to sell, immediately prior to the Closing Time (as defined below) (the “Purchase Closing
Time”) upon the terms stated in this Agreement, such aggregate number of shares of the Company B Preferred Stock (the
“Company Preferred B Shares”) as set forth on the signature page of the Investor (the “Share Purchase”).

 

D. On or prior to the date
hereof, the Merger Parties and certain other parties thereto, including Tempus Applied Solutions, LLC, a Delaware limited liability
company (“Tempus”), have amended that certain Agreement and Plan of Merger, such Second Amendment to the Agreement
and Plan of Merger in the form attached hereto as Exhibit B (as the Agreement and Plan of Merger is so amended, the
“Merger Agreement”), pursuant to which, among other things, the Merger Parties shall consummate the Mergers
(as defined in the Merger Agreement, also referred to herein as the “Business Combination”) and effect the Exchange
(as defined below). In connection with the Merger Agreement, PubCo has prepared and filed with the SEC a Registration Statement
on Form S-4 (333-201424) (as amended or supplemented, the “Registration Statement”).

 

E. On or prior to the date
hereof, PubCo has authorized a new series of convertible preferred stock of PubCo designated as Series A Convertible Preferred
Stock, $0.0001 par value per share, the terms of which will be set forth in the certificate of designations for such series of
Preferred Stock (the “PubCo Certificate of Designations”) in the form attached hereto as Exhibit C
(together with any non-voting preferred shares issued in replacement thereof in accordance with the terms thereof, the “PubCo
Preferred Stock”) to be filed with the Delaware Secretary of State, along with an amendment and restatement of PubCo’s
certificate of incorporation in the form attached to the Merger Agreement (the “Amended PubCo Charter”), following
authorization by Chart’s stockholders and prior to the Closing Time (as defined below), which PubCo Preferred Stock shall
be convertible into shares of PubCo’s common stock, $0.0001 par value per share (the “Common Stock”) (such
shares of Common Stock issuable pursuant to the terms of the Certificate of Designations, including, without limitation, upon conversion
or otherwise, collectively, the “Conversion Shares”), in accordance with the terms of the PubCo Certificate
of Designations.

 

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G. On the date hereof, the
Merger Parties are entering into Purchase and Exchange Agreements (the “Other Affiliate Purchase Agreements”)
with certain other new investors affiliated with either Chart or Tempus (the “Other Affiliate Investors”), which
Other Affiliate Investor Purchase Agreements are substantially identical in form and substance to this Agreement.

 

H. On or prior to the date
hereof, TAS Financing Sub Inc., a Delaware limited liability company and a wholly-owned subsidiary of Tempus (“TAS Financing
Sub”), together with Chart, Tempus, PubCo and the Company, has entered into certain Purchase and Exchange Agreements
(the “New Investor Exchange Agreements”) with certain new outside investors named therein (the “New
Investors”), pursuant to which immediately prior to the Closing Time, TAS Financing Sub will issue an aggregate of 1,050,000
shares of TAS Financing Sub Series A Non-Voting Preferred Stock, par value $0.0001 per share (the “TAS Financing Sub Preferred
Stock”), at a purchase price of $10.00 per share, for an aggregate purchase price of $10,500,000.

 

I. On or prior to the date
hereof, the Company has entered into a Purchase and Exchange Agreement (the “TAS Purchase Agreement”) with Chart,
Tempus, PubCo and TAS Financing Sub, pursuant to which simultaneously with the share purchase under the New Investor Exchange Agreements
and immediately prior to the Closing Time, TAS Financing Sub will pay the purchase price received from the New Investors under
the New Investor Exchange Agreements to purchase from the Company 1,050,000 shares of the Company’s Series A Preferred Stock,
par value $0.0001 per share (the “Company A Preferred Stock”), at a price of $10.00 per share for an aggregate
purchase price of $10,500,000.

 

J. Pursuant to the Merger
Agreement and the Registration Statement, upon consummation of the Business Combination (the time and date of the closing of the
Business Combination, the “Closing Time”), PubCo shall issue to the Investor pursuant to the Merger Agreement
in exchange for the Company Preferred B Shares (x) two and one-half (2.5) shares of Common Stock of PubCo for each Company Preferred
B Share held by the Investor (all such shares issued to the Investor in the aggregate, the “Common Shares”),
(y) a warrant, in the form attached hereto as Exhibit D (the “Series A-2 Warrant”) to acquire
1.875 shares of Common Stock or PubCo Preferred Stock (as exercised, collectively, the “Series A-2 Warrant Shares”)
for each Company Preferred B Share held by the Investor and (z) a warrant, in the form attached hereto as Exhibit E
(the “Series B-2 Warrant”, and together with the Series A Warrant, the “Warrants” and, together
with the Series A-1 Warrants and Series B-1 Warrants issuable under the Merger Agreement to the New Investors in exchange for the
TAS Financing Sub Preferred Stock, the “Investor Warrants”) to acquire 0.625 shares of Common Stock or PubCo
Preferred Stock (as exercised, collectively, the “Series B-2 Warrant Shares”, and together with the Series
A-2 Warrant Shares, the “Warrant Shares”) for each Company Preferred B Share held by the Investor.

 

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K. The Common Shares and
the Warrants are collectively referred to herein as the “Exchange Securities”, the Conversion Shares and the
Warrant Shares are collectively referred to herein as the “Underlying Securities” and the Exchange Securities
and the Underlying Securities are collectively referred to herein as the “Securities”.

 

L. Capitalized terms used
but not otherwise defined herein shall have the meanings set forth in the Merger Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:

 

1.            Purchase
of Company Preferred B Shares.

 

(a)            General.
Upon the terms and subject to the conditions set forth herein, subject to the satisfaction or waiver of all of the conditions set
forth in Section 1(b) of this Agreement, at the Purchase Closing Time, the Company shall issue and sell to the Investor, and the
Investor shall purchase from the Company, the Company Preferred B Shares.

 

(b)            Conditions
to Share Purchase. The obligation of the Investor to consummate the Share Purchase at the Purchase Closing Time is subject
to the satisfaction, on or before the Purchase Closing Time, of each of the following conditions, provided, that these conditions
are for the Investor's sole benefit and may be waived by the Investor at any time in its sole discretion by providing the Company
with prior written notice thereof:

 

(i)            The Company
shall have duly executed and filed the Company Series B Certificate of Designations with the Secretary of State of Delaware.

 

(ii)            The representations
and warranties of each of the Merger Parties (x) that are qualified by materiality or Material Adverse Effect shall be true and
correct in all respects and (y) that are not qualified by materiality or Material Adverse Effect shall be true and correct in all
material respects as of the date when made (or cured prior to the Purchase Closing Time) and as of the Purchase Closing Time as
though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct
as of such specific date), and each Merger Party shall have performed, satisfied and complied in all respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Merger Party at or prior
to the Purchase Closing Time.

 

(iii)            The Company
shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the Share Purchase.

 

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(iv)            Each of
the Merger Parties shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for
the consummation of the Business Combination and the Exchange.

 

(v)            The Merger
Parties shall have delivered the Business Combination Certificate (as defined below) to the Investor, which shall be true and correct
in all respects.

 

(vi)            No statute,
rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any
court or governmental entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
hereby or pursuant to the Merger Agreement or the Registration Statement.

 

(c)            Delivery.
At the Purchase Closing Time (x) the Investor shall pay the Purchase Price to the Company and (y) the Company shall credit the
Investor with the Company Preferred B Shares on its books and records and have its transfer agent record the shares in its direct
registration system. The parties agree that the Company Preferred B Shares shall be issued by the Company in book form and without
the issuance of stock certificates.

 

(d)            Merger
Agreement. The Merger Parties hereby agree that, between the date of this Agreement and the Closing Time, without the prior
written consent of the Investor (such consent not to be unreasonably withheld, delayed or conditioned), the Merger Parties will
not amend or waive any provisions of the Merger Agreement as in effect on the date hereof (or as hereafter amended without violating
this Section 1(d)) in any manner that would decrease the ownership interests of the Investor in PubCo immediately after the Closing
Time or that otherwise adversely affect the Investor.

 

(e)            Termination
of this Agreement. Notwithstanding anything to the contrary herein, after July 31, 2015 any party to this Agreement may terminate
this Agreement by providing written notice thereof to the other parties if the Business Combination has not occurred on or prior
to July 31, 2015. Upon any such termination of this Agreement, the obligations of the Investor and the Company to consummate the
Share Purchase shall cease and be of no further force and effect.

 

2.            Business
Combination. At the Closing Time, in accordance with the terms of the Merger Agreement, PubCo
shall issue the Exchange Securities to the Investor in exchange for the cancellation of the Company Preferred B Shares in the Parent
Merger (the “Exchange”) as follows: 

 

(a)            A duly
authorized officer of each of the Merger Parties shall execute and deliver to the Investor a certificate certifying that all conditions
to the consummation of the Merger Agreement shall have been satisfied in full (or waived by the parties) (including, without limitation,
that Chart has received sufficient shareholder approval to authorize the Business Combination) (the “Business Combination
Certificate”).

 

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(b)            PubCo
shall issue and deliver or cause to be delivered to the Investor (or its designee) (x) evidence that any Warrants have been recorded
in the books and records of PubCo and credited to the Investor (including, if requested by the Investor, signed copies of the Warrants,
for delivery to the Investor to the address set forth on the signature page of the Investor) and (y) with respect to the Common
Stock, either (i) evidence that the Common Shares have been recorded in the books and records of t PubCo and credited to the Investor
(including, if requested by the Investor, stock certificates with respect to the Common Shares for delivery to the Investor to
the address set forth on the signature page of the Investor) or (ii) if requested by the Investor, the Common Shares to the balance
account of the broker of the Investor listed on the signature page of the Investor (the “Investor Broker”),
at the Depository Trust Company in accordance with the instructions delivered by the Investor Broker to PubCo on or prior to the
Closing Time. Such deliveries under the preceding sentence shall be completed within three (3) Business Days after the Closing
Time (subject to the Investor Broker initiating a Deposit/Withdrawal at Custodian with respect to the Common Shares on or prior
to such date). Each of the Exchange Securities shall be issued with applicable restrictive legends for unregistered securities.

 

(c)            Upon the
consummation of the Business Combination in accordance with the Merger Agreement, the Company Preferred B Shares (as well as any
outstanding shares of Company A Preferred Stock and TAS Financing Sub Preferred Stock) shall be cancelled.

 

(d)            The parties
hereto shall execute and/or deliver such other documents and agreements as are customary and reasonably necessary to effectuate
the Business Combination and the Exchange.

 

3.            Redemption.
The Merger Parties hereby agree that in the event that the Share Purchase is consummated under
this Agreement, but the Business Combination is not consummated within five (5) Business Days thereafter, unless otherwise agreed
by the Investor, at the end of such five (5) Business Day period, the Company Preferred B Shares will be automatically redeemed
by the Company in exchange for the Purchase Price.

 

4.            Representations,
Warranties and Covenants of the Company. 

 

(I)            The Company represents
and warrants to the Investor, as of the date hereof, as of the Purchase Closing Time and as of the Closing Time, that: 

 

(a)            Organization
and Qualification. The Company and each of its subsidiaries (if any) (each, a “Company Subsidiary”) are
duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation
or organization (as applicable), with the full corporate power and authority to own and use its properties and assets and to carry
on its business as currently conducted. Neither the Company nor any Company Subsidiary is in violation of any of the provisions
of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents, except, with respect
to the Company Subsidiaries, for violations which would not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect. The Company and each Company Subsidiary are duly qualified to conduct its respective businesses
and are in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

 

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(b)            Authorization
and Binding Obligation. The Company has the requisite power and authority to enter into and perform its obligations under this
Agreement and each of the other agreements and certificates to which it is a party in connection with the transactions contemplated
by this Agreement, the Merger Agreement, the Other Affiliate Investor Purchase Agreements, the New Investor Purchase Agreements,
the TAS Purchase Agreement, the Company Series B Certificate of Designations, the Registration Statement, the PubCo Certificate
of Designations and the Investor Warrants (collectively, the “Exchange Documents”) and to issue the Company
Preferred B Shares in accordance with the terms hereof and thereof. The execution and delivery of the Exchange Documents by the
Company and the consummation by the Company of the transactions contemplated hereby and thereby, including, without limitation,
the issuance of the Company Preferred B Shares, have been duly authorized by board of directors of the Company and, other than
(i) such filings required under applicable securities or “Blue Sky” laws of the states of the United States and (ii)
such consents described on Schedule 4(c)(ii) attached hereto, no further filing, consent, or authorization is required by the Company
or of its board of directors or its stockholders. This Agreement and the other Exchange Documents to which it is a party have been
duly executed and delivered by the Company and constitute the legal, valid and binding obligations of the Company enforceable against
the Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies.

 

(c)            No
Conflict; Required Filings and Consents.

 

(i)            The execution,
delivery and performance of the Exchange Documents by the Company and the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Company Preferred B Shares) will not (A) result in a violation
of the certificate of incorporation or bylaws of the Company, the terms of any equity instrument of the Company or any of the Company
Subsidiaries or any of the organizational documents of the Company or any of the Company Subsidiaries or (B) conflict with, or
constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company
or any of the Company Subsidiaries is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree
(including U.S. federal and state securities laws, rules, and regulations) applicable to the Company or any of its Subsidiaries
or by which any property or asset of the Company or any of the Company Subsidiaries is bound or affected.

 

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(ii)            Except
as required under applicable securities or “Blue Sky” laws of the states of the United States, and as described on
Schedule 4(c)(ii), neither the Company nor any of its Subsidiaries is required to obtain any consent, authorization or order of,
or, make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency or any other
Person in order for it to execute, deliver or perform any of its obligations under or contemplated by the Exchange Documents, in
each case in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations (which
the Company is required to obtain pursuant to the preceding sentence) have been obtained or effected, or will have been obtained
or effected, on or prior to the Closing Time (except for those required to be obtained or effected after the Closing Time, which
will be obtained or effected within the time periods prescribed by applicable law), and the Company and the Company Subsidiaries
are unaware of any facts or circumstances that might prevent the Company from obtaining or effecting any of the registration, application
or filings pursuant to the preceding sentence.

 

(d)            Issuance
of Company Preferred B Shares. The issuance of the Company Preferred B Shares is duly authorized and upon issuance in accordance
with the terms of the Exchange Documents and the certificate of incorporation and bylaws of the Company shall be validly issued,
fully paid and non-assessable and free from all taxes, liens, charges and other encumbrances with respect to the issue thereof.

 

(e)            Indebtedness.
Neither the Company nor any Company Subsidiary has any outstanding indebtedness or any liens on its assets (other than liens for
taxes and other governmental charges and assessments that are not yet due and payable and other liens that are imposed by law).

 

(II)            The Company covenants
that, prior to the Closing Time, it shall not: (x) form any subsidiaries, conduct any business or issue any securities, other than
as specifically contemplated in the Exchange Documents as in effect, or in the form in effect, on the date hereof; or (y) incur
any indebtedness.

 

5.            [RESERVED]

 

6.            Representations
and Warranties of Chart. Chart represents and warrants to the Investor, as of the date hereof,
as of the Purchase Closing Time and as of the Closing Time, that: 

 

(a)            Organization
and Qualification. Chart and each subsidiary of Chart (each, a “Chart Subsidiary”) are duly incorporated
or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization
(as applicable), with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither Chart nor any Chart Subsidiary is in violation of any of the provisions of its respective certificate
or articles of incorporation, bylaws or other organizational or charter documents except, with respect to the Chart Subsidiaries,
for violations which would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse
Effect. Chart and each Chart Subsidiary are duly qualified to conduct its respective businesses and are in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

 

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(b)            Authorization
and Binding Obligation. Chart has the requisite power and authority to enter into and perform its obligations under this Agreement
and each of the other agreements and certificates to which it is a party in connection with the transactions contemplated by Exchange
Documents. The execution and delivery of the Exchange Documents by Chart and the consummation by Chart of the transactions contemplated
hereby and thereby, have been duly authorized by the Board of Directors of Chart and, other than (i) such filings required under
applicable securities or “Blue Sky” laws of the states of the United States and (ii) such consents described on Schedule
6(c)(ii) attached hereto, no further, consent, or authorization is required by Chart or of its Board of Directors or its shareholders.
This Agreement and the other Exchange Documents have been duly executed and delivered by Chart and constitute the legal, valid
and binding obligations of Chart enforceable against Chart in accordance with their respective terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(c)            No
Conflict; Required Filings and Consents.

 

(i)            Subject
to the approval by Chart’s shareholders of the Business Combination (and the other matters subject to Chart shareholder approval
in the Registration Statement) and the extension of the deadline by which Chart must consummate the Business Combination, and subject
to the filing by PubCo of the PubCo Amended Charter and the PubCo Certificate of Designations, the execution, delivery and performance
of the Exchange Documents by Chart and the consummation by Chart of the transactions contemplated hereby and thereby will not (A)
result in a violation of the Certificate of Incorporation, the terms of any share capital of Chart or any of the Chart Subsidiaries,
the Bylaws or any of the organizational documents of Chart or any of the Chart Subsidiaries or (B) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which Chart or any of the Chart
Subsidiaries is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree (including U.S. federal
and state securities laws, rules, and regulations, and the rules and regulations of the OTCQB (the “Principal Market”)
applicable to Chart or any of the Chart Subsidiaries or by which any property or asset of Chart or any of the Chart Subsidiaries
is bound or affected.

 

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(ii)            Except
for the filing of the PubCo Amended Charter and the PubCo Certificate of Designations, as required under applicable securities
or “Blue Sky” laws of the states of the United States, and as otherwise described on Schedule 6(c)(ii), neither Chart
nor any of the Chart Subsidiaries is required to obtain any consent, authorization or order of, or, make any filing or registration
with, any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute,
deliver or perform any of its obligations under or contemplated by the Exchange Documents, in each case in accordance with the
terms hereof or thereof. All consents, authorizations, orders, filings and registrations (which Chart is required to obtain pursuant
to the preceding sentence) have been obtained or effected, or will have been obtained or effected, on or prior to the Closing Time
(except for those required to be obtained or effected after the Closing Time, which will be obtained or effected within the time
periods prescribed by applicable law), and Chart and the Chart Subsidiaries are unaware of any facts or circumstances that might
prevent Chart from obtaining or effecting any of the registration, application or filings pursuant to the preceding sentence. Chart
is not in violation of the listing requirements of the Principal Market and has no knowledge of any facts that would reasonably
lead to delisting or suspension of the shares of Common Stock by the Principal Market in the foreseeable future.

 

(d)            Registration
Statement. At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement,
at each deemed effective date thereof and at the Closing Time, the Registration Statement and any amendments thereto complied and
will comply in all material respects with the requirements of the 1933 Act, the Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the SEC promulgated thereunder and all other applicable laws and regulations
and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading.

 

7.            Representations
and Warranties of PubCo. PubCo represents and warrants to the Investor, as of the date hereof,
as of the Purchase Closing Time and as of the Closing Time, that:

 

(a)            Organization
and Qualification. PubCo and each of its subsidiaries (each, a “PubCo Subsidiary”) are duly incorporated
or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization
(as applicable), with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither PubCo nor any PubCo Subsidiary is in violation of any of the provisions of its respective certificate
or articles of incorporation, bylaws or other organizational or charter documents except, with respect to the PubCo Subsidiaries,
for violations which would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse
Effect. PubCo and each PubCo Subsidiary are duly qualified to conduct its respective businesses and are in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

 

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(b)            Authorization
and Binding Obligation. PubCo has the requisite power and authority to enter into and perform its obligations under this Agreement
and each of the other agreements and certificates to which it is a party in connection with the transactions contemplated by the
Exchange Documents and to issue the Exchange Securities in accordance with the terms hereof and thereof. The execution and delivery
of the Exchange Documents by PubCo and the consummation by PubCo of the transactions contemplated hereby and thereby, including,
without limitation, the issuance of the Exchange Securities, have been duly authorized by the Board of Directors of PubCo and,
other than (i) such filings required under applicable securities or “Blue Sky” laws of the states of the United States,
(ii) such consents described on Schedule 7(c)(ii) attached hereto, and (iii) the filing of the PubCo Amended Charter and the PubCo
Certificate of Designations, no further filing, consent, or authorization is required by PubCo or of its Board of Directors or
its shareholders. This Agreement and the other Exchange Documents have been duly executed and delivered by PubCo and constitute
the legal, valid and binding obligations of PubCo enforceable against PubCo in accordance with their respective terms, except as
such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(c)            No
Conflict; Required Filings and Consents.

 

(i)            Subject
to the filing of the PubCo Amended Charter and the PubCo Certificate of Designations, the execution, delivery and performance of
the Exchange Documents by PubCo and the consummation by PubCo of the transactions contemplated hereby and thereby (including, without
limitation, the issuance of the Exchange Securities and reservation for issuance and issuance of the Underlying Securities) will
not (A) result in a violation of the Certificate of Incorporation, the terms of any share capital of PubCo or any of the PubCo
Subsidiaries, the Bylaws or any of the organizational documents of PubCo or any of the PubCo Subsidiaries or (B) conflict with,
or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which PubCo or
any of the PubCo Subsidiaries is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree
(including U.S. federal and state securities laws, rules, and regulations, and the rules and regulations of the Principal Market
contemplated pursuant to the Merger Agreement to be applicable to PubCo or any of the PubCo Subsidiaries or by which any property
or asset of PubCo or any of the PubCo Subsidiaries is bound or affected.

 

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(ii)            Except
for the filing of the PubCo Amended Charter and the PubCo Certificate of Designations, as required under applicable securities
or “Blue Sky” laws of the states of the United States, and as otherwise described on Schedule 7(c)(ii), neither PubCo
nor any of the PubCo Subsidiaries is required to obtain any consent, authorization or order of, or, make any filing or registration
with, any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute,
deliver or perform any of its obligations under or contemplated by the Exchange Documents, in each case in accordance with the
terms hereof or thereof. All consents, authorizations, orders, filings and registrations (which PubCo is required to obtain pursuant
to the preceding sentence) have been obtained or effected, or will have been obtained or effected, on or prior to the Closing Time
(except for those required to be obtained or effected after the Closing Time, which will be obtained or effected within the time
periods prescribed by applicable law), and PubCo and the PubCo Subsidiaries are unaware of any facts or circumstances that might
prevent PubCo from obtaining or effecting any of the registration, application or filings pursuant to the preceding sentence. PubCo,
on a pro forma basis after giving effect to the transactions contemplated hereby, will not be in violation of the listing
requirements of the Principal Market and has no knowledge of any facts that would reasonably lead to the failure to list, delisting
or suspension of the shares of Common Stock by the Principal Market in the foreseeable future.

 

(d)            Issuance
of Exchange Securities. The issuance of the Exchange Securities is duly authorized. Upon issuance in accordance with the terms
of the Exchange Documents, the Warrants shall be validly issued, fully paid and non-assessable and free from all taxes, liens,
charges and other encumbrances with respect to the issue thereof. Upon issuance in accordance with the terms of the Exchange Documents,
the Common Shares will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens,
charges and other encumbrances with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder
of Common Stock. Upon issuance in accordance with the Exchange Securities, the Underlying Securities will be validly issued, fully
paid and nonassessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect
to the issue thereof (other than those that may be imposed by applicable securities laws), with the holders being entitled to all
rights accorded to a holder of Common Stock.

 

(e)            No
Consideration Paid. Other than the fees payable to Cowen & Company, LLC in connection with the consummation of the Business
Combination, no commission or other remuneration has been paid by PubCo for soliciting the exchange of the Company Preferred B
Shares for the Exchange Securities as contemplated by the Exchange Documents.

 

(f)            Registration
Statement. At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement,
at each deemed effective date thereof and at the Closing Time, the Registration Statement and any amendments thereto complied and
will comply in all material respects with the requirements of the 1933 Act, the Exchange Act and the rules and regulations of the
SEC promulgated thereunder and all other applicable laws and regulations and did not and will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading.

 

    	11

    	 

    

 

8.            [RESERVED]

 

9.            Representations
and Warranties of the Investor. The Investor represents and warrants to the Merger Parties
as of the date hereof, as of the Purchase Closing Time and as of the Closing Time, as follows:

 

(a)            Organization
and Authority. The Investor has the requisite power and authority to enter into and perform its obligations under this Agreement
and each of the other Exchange Documents to which it is a party. The execution and delivery by the Investor of this Agreement and
each of the other Exchange Documents to which it is a party and the consummation by the Investor of the transactions contemplated
hereby and thereby have been duly authorized by the Investor’s board of directors or other governing body. Each of this Agreement
and the other Exchange Documents to which the Investor is a party have been duly executed and delivered by Investor and constitutes
the legal, valid and binding obligation of the Investor, enforceable against Investor in accordance with its terms.

 

(b)            Reliance
on Exemptions. The Investor understands that the Company Preferred B Shares are being offered and sold in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Merger Parties are
relying in part upon the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Investor set forth herein and in the Exchange Documents in order to determine the availability
of such exemptions and the eligibility of the Investor to acquire the Company Preferred B Shares. The Investor understands that
the Company Preferred B Shares being purchased hereunder have not been registered under the 1933 Act, nor qualified under any foreign
or state securities laws, and that they are being offered and sold pursuant to an exemption from such registration and qualification
based in part upon the representations of such Investor contained herein. The Investor is acquiring the Company Preferred B Shares
purchased hereunder for its own account for investment and not with a view towards the resale, transfer or distribution thereof,
nor with any present intention of distributing such Company Preferred B Shares, in each case in violation of the 1933 Act. The
Investor has not agreed to give any Person any interest or right in the Company Preferred B Shares.

 

(c)            Validity;
Enforcement. This Agreement and the other Exchange Documents to which the Investor is a party have been duly and validly authorized,
executed and delivered on behalf of the Investor and shall constitute the legal, valid and binding obligations of the Investor
enforceable against the Investor in accordance with their respective terms, except as such enforceability may be limited by general
principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating
to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

    	12

    	 

    

 

(d)            No
Conflicts. The execution, delivery and performance by the Investor of this Agreement and the other Exchange Documents to which
the Investor is a party, and the consummation by the Investor of the transactions contemplated hereby and thereby will not (i)
result in a violation of the organizational documents of the Investor or (ii) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which the Investor is a party, or (iii) result in a
violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to the
Investor, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Investor to perform
its obligations hereunder or under the other Exchange Documents to which the Investor is a party.

 

10.            [RESERVED]

 

11.            Reservation
of Shares; Listing.

 

(a)            Reservation
of Shares. So long as any of the Warrants remain outstanding, PubCo shall take all action necessary to at all times have authorized,
and reserved for the purpose of issuance, no less than 150% of the maximum number of Warrant Shares issuable upon exercise of all
the Warrants then outstanding (without regard to any limitations on the exercise of the Warrants set forth therein) (collectively,
the “Required Reserve Amount”); provided, that at no time shall the number of shares of Common Stock reserved
pursuant to this Section 11(a) be reduced other than proportionally in connection with any exercise and/or redemption of Warrants.
If at any time the number of shares of Common Stock authorized and reserved for issuance is not sufficient to meet the Required
Reserved Amount, PubCo will promptly take all corporate action necessary to authorize and reserve a sufficient number of shares,
including, without limitation, calling a special meeting of stockholders to authorize additional shares to meet PubCo's obligations
pursuant to the Exchange Documents, in the case of an insufficient number of authorized shares, obtain stockholder approval of
an increase in such authorized number of shares, and use its reasonable best efforts to cause the holders of the management shares
of PubCo to vote in favor of an increase in the authorized shares of PubCo to ensure that the number of authorized shares is sufficient
to meet the Required Reserved Amount.

 

(b)            Listing.
After the Closing Time, (x) PubCo shall promptly secure the listing or designation for quotation (as applicable) of all of the
Underlying Securities upon each national securities exchange and automated quotation system, if any, upon which the Common Stock
is then listed or designated for quotation (as applicable) (subject to official notice of issuance) and shall maintain such listing
or designation for quotation (as applicable) of all the Underlying Securities from time to time issuable under the terms of the
Exchange Documents, (y) PubCo shall maintain the Common Stock’s authorization for quotation on the Principal Market or secure
its listing on The New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market or the Nasdaq Global
Select Market (each, an “Eligible Market”) and (y) neither PubCo nor any of its Subsidiaries shall take any
action which could be reasonably expected to result in the deauthorization, delisting or suspension of the Common Stock on an Eligible
Market on which the Common Stock is quoted or listed. PubCo shall pay all fees and expenses in connection with satisfying its obligations
under this Section 11.

 

    	13

    	 

    

 

12.            Form D and
Blue Sky. The Company and/or PubCo shall make all filings and reports relating to the Share
Purchase required under applicable securities or “Blue Sky” laws of the states of the United States following the date
hereof, if any, and comply with all applicable foreign, federal, state and local laws, statutes, rules, regulations and the like
relating to the Share Purchase. PubCo shall make all filings and reports relating to the Exchange required under applicable securities
or “Blue Sky” laws of the states of the United States following the date hereof, if any, and comply with all applicable
foreign, federal, state and local laws, statutes, rules, regulations and the like relating to the Exchange. The Investor shall
reasonably cooperate with the Company and PubCo in connection with the foregoing and promptly provide any information reasonably
requested by the Company or PubCo in connection with any such filing or report.

 

13.            [RESERVED]

 

14.            [RESERVED]

 

15.            Dissenter’s
or Appraisal Rights.            Effective as of the Closing Time, the Investor hereby waives any
dissenter’s rights or appraisal rights that it might have following the consummation of the Business Combination in connection
with the transactions contemplated by this Agreement, the Merger Agreement or any other agreement or instrument relating to either.
The Investor agrees that it considers the consideration payable for the Securities to represent fair value for such securities.

 

16.            Miscellaneous.

 

(a)            Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement 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. Each party 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. Each party 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 such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	14

    	 

    

 

(b)            Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

(c)            Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

(d)            Entire
Agreement; Amendments. This Agreement, together with the other Exchange Documents, supersedes all other prior oral or written
agreements among the parties, their affiliates and persons acting on their behalf with respect to the matters discussed herein,
and contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically
set forth herein or therein, none of the parties makes any representation, warranty, covenant or undertaking with respect to such
matters. No provision of this Agreement may be amended other than by an instrument in writing signed by the parties. No provision
hereof may be waived other than by an instrument in writing signed by the party against whom enforcement is sought.

 

(e)            Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party and either receipt of notice is affirmatively confirmed or the sender follows up with another method of delivery provided
hereunder within two (2) Business Days thereafter); or (c) one Business Day after deposit with an overnight courier service, in
each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall
be as set forth on the signature page of such party hereto; provided, that (x) any notice to the Company shall also include
a copy to Chart, and (y) any notice to any Merger Party will also include a copy to each of the following persons: (i) Ellenoff
Grossman & Schole LLP, 1345 Avenue of the Americas, 11th Floor, New York, NY 10105, Attn: Douglas S. Ellenoff, Esq.
and Richard Baumann; Esq., Facsimile No.: (212) 370-7889; and (ii) Alston & Bird LLP, 101 S. Tryon St., Suite 4000, Charlotte,
NC 28280-4000, Attn: Gary C. Ivey, Esq. and T. Scott Kummer, Esq., Facsimile: (704) 444-1690. Written confirmation of receipt (A)
given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by
the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from an overnight courier service in accordance with clause (a) or (c) above, respectively.

 

    	15

    	 

    

 

(f)            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. None of the parties shall assign this Agreement or any of their respective rights or obligations hereunder without the
prior written consent of the other parties.

 

(g)            No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

(h)            Survival.
Unless this Agreement is terminated by mutual consent of the parties hereto, the representations, warranties and covenants of the
parties hereto shall survive the Closing Time and the delivery and exercise of Exchange Securities.

 

(i)            Further
Assurances. Each party shall use its reasonable best efforts to do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any
other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation
of the transactions contemplated hereby.

 

(j)            No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

(k)            Indemnification.

 

(i)            Subject
to Section 16(l), in consideration of the Investor’s execution and delivery of the Exchange Documents to which it is a party
and consummating the acquisition of the Purchased Shares, in addition to all of Merger Parties’ (collectively, the “Indemnifying
Parties”) other obligations under the Exchange Documents, each of the Indemnifying Parties, joint and severally, shall
defend, protect, indemnify and hold harmless the Investor and its successors and assigns and all of their stockholders, partners,
members, officers, directors, employees and direct or indirect investors and any of the foregoing Persons’ agents or other
representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement)
(collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses,
costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee
is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to
(x) any misrepresentation or breach of any representation or warranty made by any Indemnifying Party to the Indemnitee in this
Agreement or the Warrants, (y) any breach of any covenant, agreement or obligation of any Indemnifying Party to the Indemnitee
contained in this Agreement or the Warrants or (z) any cause of action, suit, proceeding or claim brought or made against such
Indemnitee by a third party (including for these purposes a derivative action brought on behalf of any Indemnifying Party) or which
otherwise involves such Indemnitee that arises out of or results from (A) the execution, delivery, performance or enforcement of
this Agreement, (B) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of
the issuance of the Company Preferred B Shares, or (C) the status of the Investor or its successors or assigns either as an investor
in an Indemnifying Party pursuant to the transactions contemplated by this Agreement or as a party to this Agreement (including,
without limitation, as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief);
but excluding for purposes of this clause (z), any actions, suits, proceedings or claims arising solely out of or relating to the
Investor’s breach of this Agreement or any other Exchange Document to which Investor is a party or otherwise bound. To the
extent that the foregoing undertaking by an Indemnifying Party may be unenforceable for any reason, such Indemnifying Party shall
make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law.

 

    	16

    	 

    

 

(ii)            Promptly
after receipt by an Indemnitee under this Section 16(k) of notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect thereof is
to be made against any Indemnifying Party under this Section 16(k), deliver to the applicable Indemnifying Party a written notice
of the commencement thereof, and such Indemnifying Party shall have the right to participate in, and, to the extent such Indemnifying
Party so desires, to assume control of the defense thereof with counsel mutually satisfactory to such Indemnifying Party and the
Indemnitee; provided, however, that an Indemnitee shall have the right to retain its own counsel with the fees and expenses of
such counsel to be paid by such Indemnifying Party if: (A) such Indemnifying Party has agreed in writing to pay such fees and expenses;
(B) such Indemnifying Party shall have failed to promptly assume the defense of such Indemnified Liability and to employ counsel
reasonably satisfactory to such Indemnitee in any such Indemnified Liability; or (C) the named parties to any such Indemnified
Liability (including any impleaded parties) include both such Indemnitee and such Indemnifying Party, and such Indemnitee shall
have been advised by outside counsel that a conflict of interest is likely to exist if the same counsel were to represent such
Indemnitee and such Indemnifying Party (in which case, if such Indemnitee notifies such Indemnifying Party in writing that it elects
to employ separate counsel at the expense of such Indemnifying Party, then such Indemnifying Party shall not have the right to
assume the defense thereof and such counsel shall be at the expense of such Indemnifying Party), provided further, that in the
case of clause (C) above such Indemnifying Party shall not be responsible for the reasonable fees and expenses of more than one
(1) separate legal counsel for the Indemnitees. The Indemnitee shall reasonably cooperate with each applicable Indemnifying Party
in connection with any negotiation or defense of any such action or Indemnified Liability by such Indemnifying Party and shall
furnish to such Indemnifying Party all information reasonably available to the Indemnitee which relates to such action or Indemnified
Liability. Each of the Indemnifying Party and the Indemnitee shall keep the other reasonably apprised at all times as to the status
of the defense or any settlement negotiations with respect thereto. An Indemnifying Party shall not be liable for any settlement
of any action, claim or proceeding, or the Indemnitee’s consent to any judgment, effected without its prior written consent,
provided, however, that such Indemnifying Party shall not unreasonably withhold, delay or condition its consent. No Indemnifying
Party shall, without the prior written consent of the Indemnitee, consent to entry of any judgment or enter into any settlement
or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnitee
of a release from all liability in respect to such Indemnified Liability or litigation, and such settlement shall not include any
admission as to fault on the part of the Indemnitee. Following indemnification as provided for hereunder, each applicable Indemnifying
Party shall be subrogated to all rights of the Indemnitee with respect to all third parties, firms or corporations relating to
the matter for which indemnification has been made. The failure to deliver written notice to the an Indemnifying Party within a
reasonable time of the commencement of any such action shall not relieve such Indemnifying Party of any liability to the Indemnitee
under this Section 16(k), except to the extent that such Indemnifying Party is materially and adversely prejudiced in its ability
to defend such action.

 

    	17

    	 

    

 

(iii)             The indemnification
required by this Section 16(k) shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, within ten (10) days after bills are received or Indemnified Liabilities are incurred.

 

(iv)            The indemnity
agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against any Indemnifying
Party or others, and (B) any liabilities such Indemnifying Party may be subject to pursuant to the law.

 

(l)            Trust
Fund Waiver. Reference is made to the final prospectus of Chart dated December 13, 2012 (File No. 333-177280) (the “Prospectus”)
relating to Chart’s initial public offering (the “IPO”). The Investor represents and warrants that the
Investor has read the Prospectus and understands that Chart has established the Trust Fund (as defined in the Merger Agreement)
containing the proceeds of the IPO initially in the amount of at least Seventy-Five Million Dollars ($75,000,000) for the benefit
of Chart’s public stockholders and certain other parties (including the underwriters of the IPO) and that Chart may disburse
monies from the Trust Fund, including any proceeds therefrom, only as provided in the Prospectus. For and in consideration of Chart
agreeing to enter into this Agreement and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Investor agrees (for itself and on behalf of its affiliates and direct and indirect subsidiaries and equity holders,
and its and their respective successors and assigns, and any other Indemnitee or other Person claiming by or through the Investor)
that, notwithstanding any provisions contained in this Agreement, the Investor does not now have, and shall not at any time prior
to the Closing Time have, any right, title, interest or claim of any kind in or to, or make any claim against, the Trust Fund or
any asset contained therein (or any distribution therefrom occurring prior to the Closing Time in accordance with the terms of
the Trust Agreements (as defined in the Merger Agreement)), regardless of whether such claim arises as a result of, in connection
with or relating in any way to, any proposed or actual business relationship between the Investor, on the one hand, and Chart or
its subsidiaries, on the other hand, this Agreement, any other Exchange Document or any other agreement or any other matter, and
regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability. The Investor (for
itself and on behalf of its affiliates and direct and indirect subsidiaries and equity holders, and its and their respective successors
and assigns, and any other Indemnitee or other Person claiming by or through Investor) hereby irrevocably waives any and all rights,
titles, interests and claims of any kind that the Investor may have, now or in the future (in each case, however, prior to the
Closing Time), and shall not take any action or suit, make any claim or demand or seek recovery of any liability, indebtedness,
guaranty, endorsement, claim, loss, damage, deficiency, cost, expense, obligation or other recourse against, the Trust Fund (or
any distribution therefrom occurring prior to the Closing Time in accordance with the terms of the Trust Agreements) for any reason
whatsoever in respect thereof. The Investor agrees and acknowledges that such irrevocable waiver is material to this Agreement
and specifically relied upon by Chart and its affiliates to induce them to enter into this Agreement. Investor further intends
and understands such waiver to be valid, binding and enforceable under applicable law. To the extent that the Investor commences
any action, litigation or other legal proceeding (a “Proceeding”) based upon, in connection with, relating to
or arising out of any matter relating to Chart, which Proceeding seeks, in whole or in part, monetary relief against Chart, the
Investor hereby acknowledges and agrees the Investor’s sole remedy shall be against funds held outside of the Trust Fund
and that such claim shall not permit the Investor (or any party claiming on the Investor’s behalf or in lieu of the Investor)
to have any claim against the Trust Fund or any amounts contained therein (or any distribution therefrom occurring prior to the
Closing in accordance with the terms of the Trust Agreements). In the event that the Investor commences any Proceeding based upon,
in connection with, relating to or arising out of any matter relating to Chart, which Proceeding seeks, in whole or in part, relief
against the Trust Fund (or any distribution therefrom occurring prior to the Closing in accordance with the terms of the Trust
Agreements) or Chart’s public stockholders, whether in the form of money damages or injunctive relief, Chart shall be entitled
to recover from the Investor the associated legal fees and costs in connection with any such Proceeding in the event Chart prevails
in such action or Proceeding. For the avoidance of doubt, nothing in this Section 16(l) shall affect the right of the Investor
or its direct or indirect subsidiaries or equity holders, or its or their respective successors or assigns, or any other Indemnitee
or other Person claiming by or through the Investor, to redeem any issued and outstanding securities of Chart held by such Person
in accordance with the Prospectus and Chart’s certificate of incorporation, as amended.

 

    	18

    	 

    

 

(m)            Most
Favored Nation. Each Merger Party hereby represents and warrants as of the date hereof and covenants and agrees from and after
the date hereof that none of the terms offered to any Person (other than the New Investors pursuant to the New Investor Exchange
Agreements) with respect to any consent, release, amendment, settlement or waiver, in each case, relating to the terms, conditions
and transactions contemplated hereby (each a “Superior Document”), is or will be more favorable to such Person
than those of the Investor and this Agreement. If, and whenever on or after the date hereof, any Merger Party enters into a Superior
Document, then (i) such applicable party shall provide notice thereof to the Investor immediately following the occurrence thereof
and (ii) the terms and conditions of this Agreement shall be, without any further action by the Investor or any other party hereto,
automatically amended and modified in an economically and legally equivalent manner such that the Investor shall receive the benefit
of the more favorable terms and/or conditions (as the case may be) set forth in such Superior Document, provided that upon written
notice to each other party hereto at any time the Investor may elect not to accept the benefit of any such amended or modified
term or condition, in which event the term or condition contained in this Agreement shall apply to the Investor as it was in effect
immediately prior to such amendment or modification as if such amendment or modification never occurred with respect to the Investor.
The provisions of this Section 16(m) shall apply similarly and equally to each Superior Document.

 

    	19

    	 

    

 

(n)            Independent
Nature of Investor’s Obligations and Rights. The obligations of the Investor under this Agreement or the other Exchange
Documents are several and not joint with the obligations of any other Person, including, without limitation, any of the Other Affiliate
Investors (each, an “Other Person”), and the Investor shall not be responsible in any way for the performance
of the obligations of any Other Person under any other Exchange Document, the Other Affiliate Investor Purchase Agreements or similar
agreement of any Other Person (the “Other Documents”). Nothing contained herein or in any Other Document or
any other Exchange Document, and no action taken by the Investor pursuant hereto, shall be deemed to constitute the Investor and
such Other Persons as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that
the Investor and Other Person are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by this Agreement, any Other Documents or any other Exchange Document and each of the Merger Parties acknowledge that
neither the Investor nor any Other Person are acting in concert or as a group with respect to such obligations or the transactions
contemplated by this Agreement, any Other Document and any other Exchange Document. The Merger Parties and the Investor confirm
that the Investor has independently participated in the negotiation of the transactions contemplated hereby with the advice of
its own counsel and advisors. The Investor shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement, any Other Document or out of any other Exchange Documents, and it shall not
be necessary for any Other Person to be joined as an additional party in any proceeding for such purpose.

 

[Signature pages follow]

 

    	20

    	 

    

 

IN WITNESS WHEREOF,
the Investor and the Merger Parties have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	Purchase Price:	 	INVESTOR:
	 	 	 	 
	 	 	 
	 	 	 	 
	Number of Company Preferred Shares:	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	Number of Common Shares:	 	 	

	 	Address for Notices: 	 

 

	 	 	 
	 	 	 
		 	 
	 	 	 
	 	 	 
		 	 
	Number of Series A-2 Warrant Shares:	 	 

 

	 	 	Security Delivery Information: 	 

 

	Number of Series B-2 Warrant Shares:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	Investor Broker and DWAC Information:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

[Signature Page to Affiliate Investor
Purchase and Exchange Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Investor and the Merger Parties have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	CHART:	 	THE COMPANY:
	 	 	 
	CHART ACQUISITION CORP.	 	CHART FINANCING SUB INC.
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:  Christopher D. Brady	 	 	Name:  Christopher D. Brady
	 	Title:    President	 	 	Title:    President

 

	
        Address for Notice:
	 	
        Address for Notice:

	555 5th Avenue, 19th Floor	 	555 5th Avenue, 19th Floor
	New York, NY 10017	 	New York, NY 10017
	Attn:  Joseph Wright	 	Attn:  Joseph Wright
	Facsimile No:  (212) 350-8299	 	Facsimile No:  (212) 350-8299

 

	PUBCO:	 
	 	 
	TEMPUS APPLIED SOLUTIONS

HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	 	Name:  Christopher D. Brady	 
	 	Title:    President	 

 

Address for
Notice:

555 5th Avenue, 19th Floor

New York, NY 10017

Attn: Joseph Wright

Facsimile No: (212) 350-8299

 

[Signature Page to Affiliate Investor
Purchase and Exchange Agreement]Exhibit 10.5

 

FINAL FORM

 

EXHIBIT D

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of July [●], 2015, by and among Tempus Applied
Solutions Holdings, Inc., a Delaware corporation (the “Company”), each Person listed on Schedule I attached
hereto (the “Initial Investors” and, together with any Additional Investors, the “Investors”).

 

WHEREAS,
the Company is a party to that certain Agreement and Plan of Merger, dated as of January 5, 2015 (as the same may be amended from
time to time, including by the First Amendment to Agreement and Plan of Merger, dated as of March 20, 2015 and the Second Amendment
to Agreement and Plan of Merger, dated as of June 10, 2015, the “Merger Agreement”), by and among Tempus Applied
Solutions, LLC, a Delaware limited liability company (“TAS”), the members of TAS identified therein (the “Members”),
the Members’ Representative named therein, Chart Acquisition Corp., a Delaware corporation (“Parent”),
the Company, Chart Merger Sub Inc., a Delaware corporation (“Parent Merger Sub”), TAS Merger Sub LLC, a Delaware
limited liability company (“TAS Merger Sub”), Chart Financing Sub Inc., a Delaware corporation (“Parent
Financing Sub”), TAS Financing Sub Inc., a Delaware corporation (“TAS Financing Sub”), the Chart
Representative named therein (the “Chart Representative”) and the Warrant Offerors named therein, pursuant
to which, (i) each of Parent Merger Sub and Parent Financing Sub will merge with and into Parent, with Parent being the surviving
entity and a wholly-owned subsidiary of the Company, and with (A) former Parent shareholders and warrant holders receiving newly
issued shares of common stock and warrants, respectively, of the Company and (B) former holders of Parent Financing Sub preferred
stock receiving newly issued shares of common stock and warrants of the Company, (ii) each of TAS Merger Sub and TAS Financing
Sub will merge with and into TAS, with TAS being the surviving entity and a wholly owned-subsidiary of the Company, and with (A)
the Members receiving newly issued shares of common stock of the Company and (B) former holders of TAS Financing Sub preferred
stock receiving newly issued shares of common stock, preferred stock and warrants of the Company, and (iii) the Company will become
a publicly traded company; and

 

WHEREAS,
it is a condition to the consummation of the transactions contemplated by the Merger Agreement that the parties hereto enter into
this Agreement.

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Section
1.         Definitions. Any capitalized
term used but not defined in this Agreement shall have the meaning ascribed to such term in the Merger Agreement. For purposes
of this Agreement, the following capitalized terms shall have the meanings set forth below.

 

“Additional
Investor” has the meaning set forth in Section 9.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company.

 

    	 

    	 

    

 

“Company”
has the meaning set forth in the Preamble.

 

“Demand
Registrations” means a registration requested pursuant to Section 2.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder.

 

“Financing
Securities” means (i) the shares of Common Stock and Pubco Investor Warrants issued in the Parent Merger to the holders
of Parent Financing Sub Series B Non-Voting Preferred Stock, par value $0.0001 per share, (ii) the shares of Common Stock or Pubco
Series A Preferred Stock issuable upon the exercise and/or redemption of such Pubco Investor Warrants, (iii) the shares of Common
Stock issuable upon the conversion of such Pubco Series A Preferred Stock and (iv) any other securities of the Company or any
successor entity issued in consideration of (including as a dividend or distribution) or in exchange for any of the securities
described in clauses (i) through (iii) above.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Free
Writing Prospectus” means a free-writing prospectus, as defined in Rule 405.

 

“Holdback
Period” has the meaning set forth in Section 4(a)(i).

 

“Indemnified
Parties” has the meaning set forth in Section 7(a). 

 

“Initial
Investors” has the meaning set forth in the Preamble.

 

“Investors”
has the meaning set forth in the Preamble.

 

“Joinder”
means a joinder to this Agreement in the form of Exhibit A attached hereto.

 

“Lock-Up
Liquidity Amount” means 250,000 shares of Common Stock.

 

“Lock-Up
Period” has the meaning set forth in Section 4(a).

 

“Long-Form
Registration” means a registration on Form S-1 or any similar long-form registration statement; provided, however, that
a registration on Form S-1 or any similar long-form registration statement filed during the Lock-Up Period in order to effect
the rights of holders to transfer Registrable Securities up to the Lock-Up Liquidity Amount, shall not be deemed a Long-Form Registration
for purposes of the limitations thereon in Section 2(a) hereof. 

 

“Members”
has the meaning set forth in the Recitals.

 

“Merger
Agreement” has the meaning set forth in the Recitals.

 

“Parent”
has the meaning set forth in the Recitals.

 

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“Parent
Financing Sub” has the meaning set forth in the Recitals.

 

“Parent
Merger Sub” has the meaning set forth in the Recitals.

 

“Permitted
Transferee” means, with respect to an Investor, such Investor’s spouse, any lineal ascendants or descendants or
trusts or other entities in which such Investor or such Investor’s spouse, lineal ascendants or descendants hold (and continue
to hold while such trusts or other entities hold Common Stock) 75% or more of such entity’s beneficial interests.

 

“Piggyback
Registrations” has the meaning set forth in Section 3(a).

 

“Public
Offering” means any sale or distribution by the Company and/or holders of Registrable Securities to the public of Common
Stock pursuant to an offering registered under the Securities Act.

 

“Registrable
Securities” means (i) any Common Stock issued to the Initial Investors (or their Permitted Transferees) pursuant to
the Merger Agreement, including the for avoidance of doubt, any Earnout Shares, (ii) any Financing Securities issued to the Initial
Investors (or their Permitted Transferees) pursuant to the Merger Agreement and (iii) any Specified Common. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when they have been (a) sold or distributed pursuant
to a Public Offering, (b) sold in compliance with Rule 144, or (c) repurchased by the Company or a Subsidiary of the Company.
For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities, and the Registrable Securities
shall be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities
(upon conversion, exercise or exchange in connection with a transfer of securities or otherwise, but disregarding any restrictions
or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall
be entitled to exercise the rights of a holder of Registrable Securities hereunder; provided, that a holder of Registrable
Securities may only request that Registrable Securities in the form of Common Stock be registered pursuant to this Agreement.

 

“Registration
Expenses” has the meaning set forth in Section 6(a).

 

“Rule
144,” “Rule 158,” “Rule 405” and “Rule 415” mean, in each case,
such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the
same shall be amended from time to time, or any successor rule then in force.

 

“Sale
Transaction” has the meaning set forth in Section 4(b)(i)(A). 

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together
with all rules and regulations promulgated thereunder.

 

“Shelf
Registration” has the meaning set forth in Section 2(b).

 

“Short-Form
Registration” means a registration on Form S-3 (including pursuant to Rule 415) or any similar short-form registration
statement.

 

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“Specified
Common” has the meaning set forth in Section 9.

 

“Suspension
Period” has the meaning set forth in Section 5(a)(vi).

 

“TAS”
has the meaning set forth in the Recitals.

 

“TAS
Financing Sub” has the meaning set forth in the Recitals.

 

“TAS
Merger Sub” has the meaning set forth in the Recitals.

 

“Violation”
has the meaning set forth in Section 7(a).

 

Section
2.         Demand Registrations.

 

(a)      Requests for Registration. Subject to the terms and conditions of this Agreement, the holders of Registrable Securities
shall be entitled to direct that the Company register the sale of all or any portion of their Registrable Securities under the
Securities Act. Short-Form Registrations shall be unlimited in number, but the Company shall not be obligated to effect more than
two (2) Long-Form Registrations in any eighteen (18) month period.

 

(b)     Short-Form Registrations. Demand Registrations shall be Short-Form Registrations whenever the Company is permitted to use
any applicable short form and if the managing underwriters (if any) agree to the use of a Short-Form Registration. The Company
shall use its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities. If the
holders of a majority of the Registrable Securities request that a Short-Form Registration be filed pursuant to Rule 415 (a “Shelf
Registration”) and the Company is qualified to do so, the Company shall use its reasonable best efforts to cause the
Shelf Registration to be declared effective under the Securities Act as soon as practicable after filing, and once effective,
the Company shall cause the Shelf Registration to remain effective for a period ending on the earlier of (i) the date on which
all Registrable Securities included in such registration have been sold or distributed pursuant to the Shelf Registration or (ii)
the date as of which all of the Registrable Securities included in such registration are able to be sold without limitation or
restriction within a three (3) month period in compliance with Rule 144. If thereafter for any reason the Company becomes ineligible
to utilize Form S-3, the Company shall prepare and file with the Securities and Exchange Commission a registration statement or
registration statements on such form that is available for the sale of Registrable Securities.

 

(c)      Long-Form Registrations. A registration shall not count as a Long-Form Registration for purposes of the last sentence of
Section 2(a) unless (i) at least 75% of the Registrable Securities requested to be included in such registration by the requesting
holders have been registered and (ii) such registration has become effective in accordance with the Securities Act; provided,
that if a Long-Form Registration is withdrawn by the holders of Registrable Securities who requested such registration prior to
the time it has become effective for reasons other than the disclosure of information concerning the Company that is materially
adverse to the Company or the trading price of the Common Stock (which disclosure is made by the Company after the date that such
registration is requested pursuant to Section 2(a)), such Long-Form Registration shall count as a Long-Form Registration for purposes
of the last sentence of Section 2(a) unless the holders of Registrable Securities who requested such registration reimburse the
Company for all of the Registration Expenses incurred by the Company prior to such withdrawal.

 

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(d)     Priority on Demand Registrations. If a Demand Registration is an underwritten offering and the managing underwriters advise
the Company in writing that in their opinion the number of Registrable Securities and other securities requested to be included
in such offering exceeds the number of Registrable Securities and other securities, if any, which can be sold therein without
adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company
shall include in such registration prior to the inclusion of any securities which are not Registrable Securities the number of
Registrable Securities requested to be included which, in the opinion of such underwriters, can be sold, without any such adverse
effect, pro rata among the respective holders thereof on the basis of the amount of Registrable Securities owned by each such
holder.

 

(e)     Procedures and Restrictions on Demand Registrations. Each request for a Demand Registration shall specify the approximate
number of Registrable Securities requested to be registered and the intended method of distribution. Within ten (10) days after
receipt of any such request, the Company shall give written notice of the Demand Registration to all other holders of Registrable
Securities and, subject to the terms of Section 2(d), shall include in such Demand Registration (and in all related registrations
and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which
the Company has received written requests for inclusion therein within fifteen (15) days after the receipt of the Company’s
notice. The Company shall not be obligated to effect any Demand Registration, including any Shelf Registration, if (i) the holders
of Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’
discounts or commissions) of less than $5,000,000; provided, that the foregoing limitation shall not be applicable to a Demand
Registration during the Lock-Up Period to effect the rights of holders to register the sale of Registrable Securities up to the
Lock-Up Liquidity Amount, or (ii) within one hundred eighty (180) days after the effective date of a previous Demand Registration
or a previous registration in which Registrable Securities were included pursuant to Section 3 in which, in either case,
there was no reduction in the number of Registrable Securities requested to be included. The Company may postpone, for up to ninety
(90) days from the date of the request, the filing or the effectiveness of a registration statement for a Demand Registration,
if the Company’s board of directors determines in its reasonable good faith judgment that not postponing such Demand Registration
(i) would interfere with a material corporate transaction or (ii) would require the disclosure of material non-public information
concerning the Company that at the time is not, in the reasonable good faith judgment of the Company’s board of directors,
in the best interest of the Company to disclose and is not, in the opinion of the Company’s legal counsel, otherwise required
to be disclosed.

 

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(f)      Other Registration Rights. The Company represents and warrants that it is not a party to, or otherwise subject to, any
other agreement, except for the Registration Rights Agreement, dated as of December 13, 2012, by and among the Company, Chart
Acquisition Group LLC, Cowen Overseas Investment LP and certain other security holders, all rights and obligations of which have
been assigned and delegated in full by Parent to the Company as of the Effective Time in accordance with the terms and conditions
of the Merger Agreement, granting registration rights to any other Person with respect to any Common Stock. Except as provided
in this Agreement, the Company shall not grant to any Persons the right to request the Company to register any Common Stock, or
any securities convertible or exchangeable into or exercisable for Common Stock, without the prior written consent of the holders
of a majority of the Registrable Securities; provided, that the Company may grant rights to other Persons to participate
in Piggyback Registrations so long as such rights are subordinate in all respects to the rights of the holders of Registrable
Securities with respect to such Piggyback Registrations as set forth in Section 3(c) and Section 3(d).

 

Section
3.         Piggyback Registrations.

 

(a)      Right to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (other than
(i) pursuant to a Demand Registration, or (ii) in connection with registrations on Form S-4 or S-8 promulgated by the Securities
and Exchange Commission or any successor or similar forms) and the registration form to be used may be used for the registration
of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice to all
holders of Registrable Securities of its intention to effect such Piggyback Registration and, subject to the terms of Section
3(c) and Section 3(d), shall include in such Piggyback Registration (and in all related registrations or qualifications
under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received
written requests for inclusion therein within fifteen (15) days after delivery of the Company’s notice.

 

(b)      Piggyback Expenses. The Registration Expenses of the holders of Registrable Securities shall be paid by the Company in
all Piggyback Registrations, whether or not any such registration became effective.

 

(c)      Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the
Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested
to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability,
proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i)
first, the securities the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration
which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the holders of such Registrable
Securities on the basis of the number of shares owned by each such holder, and (iii) third, other securities requested to be included
in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

 

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(d)      Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of
holders of the Company’s Securities (who have registration rights with respect thereto permitted under the terms of this
Agreement), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested
to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability,
proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i)
first, the securities requested to be included therein by the holders requesting such registration which, in the opinion of the
underwriters, can be sold without any such adverse effect, (ii) second, the Registrable Securities requested to be included in
such registration, pro rata among the holders of such Registrable Securities on the basis of the number of shares owned by each
such holder which, in the opinion of the underwriters, can be sold without any such adverse effect and (iii) third, other securities
requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse
effect.

 

Section
4.         Lock-Up and Holdback Agreements.

 

(a)      Lock-Up. Each of the Investors and their Permitted Transferees agrees to comply with the following provisions with respect
to their Common Stock; provided, that the provisions of this Section 4(a) will not apply to any Financing Securities:

 

(i)       
Until the earlier of (1) one year after the date hereof or earlier if, subsequent to the date hereof, the last sales price of
Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the date hereof, or
(2) the date on which the Company consummates a liquidation, merger, stock exchange or other similar transaction that results
in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property (such applicable period being the “Lock-Up Period”), the holders of Registrable Securities shall not
(x) sell, offer to sell, contract or agree to sell, hypothecate, pledge, encumber, grant any option to purchase or otherwise dispose
of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to Registrable Securities, (y) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any Registrable Securities, whether any such transaction is to be settled by delivery of Common Stock or other securities,
in cash or otherwise, or (z) agree or publicly announce any intention to effect any transaction specified in the foregoing (x)
or (y).

 

(ii)       Notwithstanding the foregoing paragraph (a), (w) each holder may transfer shares of Registrable Securities to a Permitted Transferee
thereof prior to the expiration of the Lock-Up Period if such Permitted Transferee agrees in writing for the benefit of the Company
to be bound by the transfer restrictions set forth in this Section 4(a), (w) each holder may, to the extent permitted by applicable
law, hypothecate, pledge or encumber Registrable Securities on or after the 6-month anniversary hereof and prior to the expiration
of the Lock-Up Period, to secure borrowings used to pay taxes payable by such holder by reason of the receipt of the Per Company
Unit Consideration in connection with the consummation of the Transactions, (x) each holder may, to the extent permitted by applicable
law, hypothecate, pledge or encumber Registrable Securities prior to the expiration of the Lock-Up Period, to secure borrowings
used to make cash indemnification payments pursuant to the Merger Agreement, (y) each holder may transfer Registratible Securities
to the Company in accordance with Sections 1.15(e) and 9.2(e) of the Merger Agreement and (z) each holder may transfer prior to
the expiration of the Lock-Up Period up to a number of Registrable Securities (in the form of Common Stock), in aggregate, as
is equal to such holder’s pro rata portion of the Lock-Up Liquidity Amount on the basis of the amount of Registrable Securities
owned by each such holder on the date hereof.

 

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(b)      Holdback Agreements.

 

(i)       
Holders of Registrable Securities. If requested by the Company, each holder of Registrable Securities participating in
an underwritten Public Offering shall enter into lock-up agreements or arrangements with the managing underwriter(s) of such Public
Offering (in addition to the arrangement set forth in Section 4(a) hereof, in such form as is reasonably requested by such managing
underwriter(s). In addition to any such lock-up agreement or arrangement with the managing underwriter(s), each holder of Registrable
Securities agrees as follows:

 

(A)      In
connection with any underwritten Public Offering and without the prior written consent of the underwriters managing such Public
Offering, such holder shall not, for a period ending one hundred eighty (180) days following the date of the final prospectus
(the “Holdback Period”) relating to such Public Offering, (x) offer, hypothecate, pledge, encumber sell, contract,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or other securities of the Company
or (y) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of owning Common Stock or other securities of the Company, whether any such transaction described in clause (x) or (y) above is
to be settled by delivery of Common Stock or such other securities, in cash or otherwise (each such transaction, a “Sale
Transaction”).

 

(B)      The
foregoing clause (i)(A) shall not apply to (w) transactions relating to shares of Common Stock or other securities acquired in
open market transactions, provided, that no filing under Section 16(a) of the Exchange Act shall be required or shall be
voluntarily made in connection with transfers or dispositions of such shares of Common Stock or other securities acquired in such
open market transactions (other than a filing on Form 5 made after the expiration of the Holdback Period), or (x) transfers to
a Permitted Transferee of such holder, or (y) transfers that are bona fide gifts, or (z) distributions by a trust to its beneficiaries,
provided, that in the case of any transfer or distribution pursuant to clause (x), (y), or (z), (1) each transferee, donee
or distributee shall agree in writing to be bound by lock-up provisions substantially the same as the lock-up provisions agreed
to by such holder and (2) no such transfer or distribution in (x), (y), or (z) shall be permitted if it shall require a filing
under Section 16(a) or Section 13(d) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock,
and no such filing under Section 16(a) or Section 13(d) of the Exchange Act shall be voluntarily made during the Holdback Period.

 

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The
Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the
restrictions set forth in this Section 4(a) until the end of the Holdback Period.

 

(ii)      The
Company. In the event of any Holdback Period occurring in connection with the exercise by a party to this Agreement of its
registration rights with respect to Registrable Securities pursuant to Section 2, the Company (A) shall not file any registration
statement for a Public Offering or cause any such registration statement to become effective during any Holdback Period, and (B)
shall use its reasonable best efforts to cause (x) each holder of at least 5% of its Common Stock, or any securities convertible
into or exchangeable or exercisable for at least 5% of its Common Stock (on a fully-diluted basis), purchased from the Company
at any time after the date of this Agreement (other than in a Public Offering) and (y) each of its directors and executive officers,
to agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration, if otherwise
permitted, unless the underwriters managing the Public Offering otherwise agree in writing.

 

(iii)      The foregoing limitations of this Section 4 shall not apply to a registration in connection with an employee benefit plan
or in connection with any type of acquisition transaction of or exchange offer by the Company.

 

Section
5.         Registration Procedures.

 

(a)      Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement,
the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance
with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible:

 

(i)       
in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and file with the
Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses,
with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become
effective (provided, that before filing a registration statement or prospectus or any amendments or supplements thereto,
the Company shall furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such
counsel);

 

(ii)       notify each holder of Registrable Securities of (A) the issuance by the Securities and Exchange Commission of any stop order suspending
the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the
Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each
registration statement filed hereunder;

 

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(iii)      prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending
when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods
of distribution by the sellers thereof set forth in such registration statement (but in any event not before the expiration of
any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public Offering,
such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection
with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration statement;

 

(iv)      furnish to each seller of Registrable Securities thereunder such number of copies of such registration statement, each
amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary
prospectus), each Free Writing Prospectus and such other documents as such seller may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such seller;

 

(v)      
use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws
of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary
or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such seller; provided, that the Company shall not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph or (B) consent to general service of process in
any such jurisdiction;

 

(vi)      notify each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when
such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to
any prospectus relating to a registration statement has been filed and when any registration or qualification has become
effective under a state securities or blue sky law or any exemption thereunder has been obtained; (B) promptly after receipt
thereof, of any request by the Securities and Exchange Commission for the amendment or supplementing of such registration
statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such
registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements
therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not
contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein
not misleading; provided, that at any time, upon written notice to the participating holders of Registrable
Securities, the Company may delay the filing or effectiveness of any registration statement or suspend the use or
effectiveness of any registration statement (the “Suspension Period”) (and the holders of Registrable
Securities hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the
Suspension Period) if the Company determines in its reasonable good faith judgment that postponement of such registration
would be in the best interest of the Company including where the registration might require disclosure of any matter such as
a potential business transaction or other matter; provided, that the Company may only exercise its right to institute
a Suspension Period twice in any calendar year and for no more than one hundred twenty (120) days in the aggregate in any
calendar year;

 

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(vii)     use reasonable best efforts to cause all such Registrable Securities to be listed on any securities exchange on which similar
securities issued by the Company are then listed;

 

(viii)    use reasonable best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective
date of such registration statement;

 

(ix)       enter into and perform a customary underwriting agreement, if applicable;

 

(x)        make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant
to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial
and other records, pertinent corporate and business documents and properties of the Company as shall be necessary to enable them
to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives
and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant
or agent in connection with such registration statement;

 

(xi)       take all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any registration hereunder
complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required
thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related
prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading;

 

(xii)      otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission,
and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date
of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158;

 

    	11

    	 

    

 

(xiii)     permit any holder of Registrable Securities to participate in the preparation of such registration or comparable statement and
to allow such holder to propose language for insertion therein, in form and substance satisfactory to the Company, which in the
reasonable judgment of such holder and its counsel should be included;

 

(xiv)     in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any
order suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities
included in such registration statement for sale in any jurisdiction, use reasonable best efforts promptly to obtain the withdrawal
of such order;

 

(xv)      use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate
the disposition of such Registrable Securities;

 

(xvi)     cooperate with the holders of Registrable Securities covered by the registration statement and the managing underwriter or agent,
if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities
to be sold under the registration statement and enable such securities to be in such denominations and registered in such names
as the managing underwriter, or agent, if any, or such holders may request;

 

(xvii)    cooperate with each holder of Registrable Securities covered by the registration statement and each underwriter or agent, if any,
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required
to be made with FINRA;

 

(xviii)   use its reasonable best efforts to make available the executive officers of the Company to participate with the holders of Registrable
Securities and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the
holders in connection with the methods of distribution for the Registrable Securities;

 

(xix)     use its reasonable best efforts to obtain one or more cold comfort letters from the Company’s independent public accountants
in customary form and covering such matters of the type customarily covered by cold comfort letters; and

 

(xx)        use
its reasonable best efforts to provide a legal opinion of the Company’s outside counsel in customary form and covering
such matters of the type customarily covered by such legal opinion, dated the effective date of such registration
statement.

 

    	12

    	 

    

 

(b)      
The Company shall not undertake any voluntary act that could be reasonably expected to cause a Violation or result in delay or
suspension under Section 5(a)(vi). During any Suspension Period, and as may be extended hereunder, the Company shall use
its reasonable best efforts to correct or update any disclosure causing the Company to provide notice of the Suspension Period
and to file and cause to become effective or terminate the suspension of use or effectiveness, as the case may be, the subject
registration statement. In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness
of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be
extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period for
an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable Securities registered
under the applicable registration statement, which consent shall not be unreasonably withheld. If so directed by the Company,
all holders of Registrable Securities registering shares under such registration statement shall (i) not offer to sell any Registrable
Securities pursuant to the registration statement during the period in which the delay or suspension is in effect after receiving
notice of such delay or suspension and (ii) use their reasonable best efforts to deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such holders’ possession, of the prospectus relating to such
Registrable Securities current at the time of receipt of such notice.

 

Section
6.         Registration Expenses.

 

(a)      The Company’s Obligation. All expenses incident to the Company’s performance of or compliance with this Agreement
(including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities
or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements
of counsel for the Company and all independent certified public accountants, underwriters (excluding underwriting discounts and
commissions) and other Persons retained by the Company) (all such expenses being herein called “Registration Expenses”),
shall be borne by the Company except as otherwise expressly provided in this Agreement. Without limiting the generality of the
foregoing the Company shall, in any event, pay its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review and
the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued
by the Company are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback Registration
hereunder shall bear and pay all underwriting discounts and commissions, if any, applicable to the securities sold for such Person’s
account.

 

(b)      Counsel Fees and Disbursements. In connection with each Demand Registration and each Piggyback Registration, the Company
shall reimburse the holders of Registrable Securities included in such registration for the reasonable fees and disbursements
of one counsel chosen by the holders of a majority of the Registrable Securities included in such registration.

 

(c)      
Security Holders. To the extent any Registration Expenses are to be borne by the holders of Registrable Securities and
not the Company under the terms of this Agreement, each holder of securities included in any registration hereunder shall pay
those Registration Expenses allocable to the registration of such holder’s securities so included, and any Registration
Expenses not so allocable shall be borne by all sellers of securities included in such registration (including the Company, as
applicable) in proportion to the aggregate selling price of the securities to be so registered.

 

    	13

    	 

    

 

Section
7.         Indemnification and Contribution.

 

(a)      By the Company. The Company shall indemnify and hold harmless, to the extent permitted by law, each holder of Registrable
Securities, such holder’s officers, directors employees, agents and representatives, and each Person who controls such holder
(within the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions,
damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including
reasonable attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following
statements, omissions or violations (each a “Violation”) by the Company: (i) any untrue or alleged untrue statement
of material fact contained in (a) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or
any amendment thereof or supplement thereto or (b) any application or other document or communication (in this Section 7,
collectively called an “application”) executed by or on behalf of the Company or based upon written information
furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration
under the securities laws thereof; (ii) any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Securities Act
or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company
and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance.
In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them
in connection with investigating or defending any such losses. Notwithstanding the foregoing, the Company shall not be liable
in any such case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue statement
or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary
prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in
conformity with, written information prepared and furnished in writing to the Company by an Indemnified Party expressly for use
therein or by an Indemnified Party’s failure to deliver a copy of the registration statement or prospectus or any amendments
or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same.

 

(b)      By Each Security Holder. In connection with any registration statement in which a holder of Registrable Securities is participating,
each such holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for
use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify the
Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged
untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by or on behalf of such holder; provided, that the obligation to indemnify
shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds (before taxes)
received by such holder from the sale of Registrable Securities pursuant to such registration statement.

 

    	14

    	 

    

 

(c)       Claim Procedure. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided, that the failure to give prompt notice shall
impair any Person’s right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party)
and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. An indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted
indemnified parties shall collectively have a right to retain one separate counsel, chosen by the holders of a majority of the
Registrable Securities of the conflicted indemnified parties, at the expense of the indemnifying party.

 

(d)       Contribution. If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction
to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to
any loss, claim, damage, liability or action referred to herein, then the indemnifying party in lieu of indemnifying such indemnified
party hereunder shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage,
liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim,
damage, liability or action as well as any other relevant equitable considerations; provided, that the maximum amount of
liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount
equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable
if the contribution pursuant to this Section 7(d) were to be determined by pro rata allocation or by any other method of
allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as
a result of the losses, claims, damages, liabilities or expenses referred to herein shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim
which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

 

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(e)       Release. No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment
or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or litigation. Notwithstanding anything to the contrary
in this Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage,
liability, or action if such settlement is effected without the consent of the indemnifying party, such consent not to be unreasonably
withheld, conditioned or delayed.

 

(f)       Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in addition
to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract and shall
remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer,
director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and the termination
or expiration of this Agreement. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution
contained in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the
foregoing provisions, the provisions in the underwriting agreement shall control.

 

Section
8.         Underwritten Registrations.

 

(a)       Selection of Underwriters. The Company shall determine whether the offering pursuant to any registration under this Agreement
is underwritten. In any Piggyback Registration, the Company shall have the right to select the investment banker(s) and manager(s)
of the offering in its sole discretion and, in any Demand Registration, the Company shall have the right to select the investment
banker(s) and manager(s) of the offering subject to the consent of the holders of a majority of the Registrable Securities to
be included in such offering, such consent not to be unreasonably withheld, conditioned or delayed. 

 

(b)       Participation. No Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees
to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons
entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or “green
shoe” option requested by the underwriters; provided, that no holder of Registrable Securities shall be required
to sell more than the number of Registrable Securities such holder has requested to include) and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such
underwriting arrangements.

 

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(c)       Suspended Distributions. Each Person that is participating in any registration under this Agreement, upon receipt of any
notice from the Company of the happening of any event of the kind described in Section 5(a)(vi)(C), shall immediately discontinue
the disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the
copies of a supplemented or amended prospectus as contemplated by Section 5(a)(vi)(C). In the event the Company has given
any such notice, the time period during which a Registration Statement is to remain effective shall be extended by the number
of days during the period from and including the date of the giving of such notice pursuant to this Section 8(c) to and
including the date when each seller of Registrable Securities covered by such registration statement shall have received the copies
of the supplemented or amended prospectus.

 

Section
9.          Additional Investors. The
Company may, with the prior written consent of the Chart Representative, require or permit any Person who acquires Common Stock
or rights to acquire Common Stock from the Company after the date hereof to become a party to this Agreement by obtaining an executed
Joinder from such Person (each, an “Additional Investor”). Upon the execution and delivery of a Joinder by
an Additional Investor, the Common Stock so acquired by or issuable to such Person (the “Specified Common”)
shall be Registrable Securities.

 

Section
10.        Current Public Information. At all times after the
Company has filed a registration statement with the Securities and Exchange Commission pursuant to the requirements of either
the Securities Act or the Exchange Act, the Company shall file all reports required to be filed by it under the Securities Act
and the Exchange Act and shall take such further action as any holder or holders of Registrable Securities may reasonably request,
all to the extent required to enable such holders to sell Registrable Securities pursuant to Rule 144. Upon request, the Company
shall deliver to any holder of Restricted Securities a written statement as to whether it has complied with such requirements.

 

Section
11.        Transfer of Registrable Securities.

 

(a)      
Restrictions on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer
to the Company, (ii) a transfer by an Investor to one of its Permitted Transferees, (iii) a Public Offering, or (iv) a sale pursuant
to Rule 144, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law),
the transferring Investor shall cause the prospective transferee to execute and deliver to the Company a Joinder agreeing to be
bound by the terms of this Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision
of this Agreement shall be void, and the Company shall not record such transfer on its books or treat any purported transferee
of such Registrable Securities as the owner thereof for any purpose.

 

(b)       Legend. Each certificate evidencing any Registrable Securities and each certificate issued in exchange for or upon the
transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such
transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION
RIGHTS AGREEMENT DATED AS OF JULY ___, 2015 BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND
CERTAIN OF THE COMPANY’S STOCKHOLDERS, AS AMENDED. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

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The
Company shall imprint such legend on certificates evidencing Registrable Securities outstanding prior to the date hereof. The
legend set forth above shall be removed from the certificates evidencing any securities that have ceased to be Registrable Securities.

 

Section
12.       General Provisions.

 

(a)      
Termination. Except with respect to the indemnification and contribution provisions contained in Section 7, the
rights granted to an Investor (or a Permitted Transferee) pursuant to this Agreement shall terminate and forthwith become null
and void in full on the earliest to occur of (i) the date on which such Investor (or Permitted Transferee) ceases to beneficially
own any Registrable Securities and (ii) the later of (x) the seventh (7th) anniversary of the date of this Agreement,
and (y) the date Rule 144 or another similar exemption under the Securities Act is available for the sale of all of the shares
beneficially owned by such Investor (or Permitted Transferee) without limitation and restriction during a three (3) month period
without registration.

 

(b)      
Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified
or waived only with the prior written consent of the Company and holders of a majority of the Registrable Securities. The failure
or delay of any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions
and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with
its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its
obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance
by that Person of the same or any other obligations of that Person under this Agreement.

 

(c)       Remedies. The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without
posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would
cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other
rights and remedies existing hereunder, any party shall be entitled to specific performance and/or other injunctive relief from
any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent
violation of the provisions of this Agreement.

 

(d)      
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable
in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in
any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such prohibited,
invalid, illegal or unenforceable provision had never been contained herein.

 

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(e)      
Entire Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding
among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements
or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any
way.

 

(f)      
Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit and be
enforceable by the Company and its successors and assigns and the holders of Registrable Securities and their respective successors
and permitted assigns (whether so expressed or not). In addition, whether or not any express assignment has been made, the provisions
of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and
enforceable by, any subsequent holder of Registrable Securities.

 

(g)       Notices. All notices, demands or other communications to be given under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient; (ii) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the recipient but, if not, then on the next business day;
(iii) one (1) business day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv)
three (3) days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other
communications shall be sent to the Company at the address specified below and to any holder of Registrable Securities or to any
other party subject to this Agreement at such address as indicated beneath such party’s signature hereto, or at such address
or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any
party may change its address for receipt of notice by providing prior written notice of the change to the sending party. The Company’s
address is:

 

	 	Tempus Applied Solutions Holdings, Inc.	 
	 	c/o The Chart Group, L.P.	 
	 	555 5th Avenue, 19th Floor	 
	 	New York, New York 10017	 
	 	Attention:	Joseph Wright	 
	 	Telephone:	(212) 350-8205	 
	 	Facsimile:	(212) 350-8299	 
	 	E-mail:	jwright@chartgroup.com	 
	 	 	 	 
	 	with a copy to:	 
	 	 	 
	 	Ellenoff Grossman & Schole LLP	 
	 	1345 Avenue of the Americas, 11th Floor 	 
	 	New York, NY 10105	 
	 	Attention:	Douglas S. Ellenoff, Esq.	 
	 	 	Richard Baumann, Esq.	 
	 	Telephone:	(212) 370-1300	 
	 	Facsimile:	(212) 370-7889	 
	 	E-mail:	ellenoff@egsllp.com	 
	 	 	rbaumann@egsllp.com	 

 

or
to such other address or to the attention of such other person as the recipient party has specified by prior written notice to
the sending party.

 

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(h)      
Business Days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday
or legal holiday in the state in which the Company’s chief executive office is located, the time period shall automatically
be extended to the business day immediately following such Saturday, Sunday or legal holiday.

 

(i)       
Governing Law. All issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement
and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

(j)       
MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY
IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

(k)      CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION
OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING
OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER
AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS
SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH
IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION
TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER
IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(l)       
Descriptive Headings; Interpretation.       The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way
of example rather than by limitation.

 

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(m)       No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto
to express their mutual intent, and no rule of strict construction shall be applied against any party.

 

(n)      
Counterparts. This Agreement may be executed in multiple counterparts, any one of which need not contain the signature
of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

 

(o)      
Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered
into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent
executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using
a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and
shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute
original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise
the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability
of a contract and each such party forever waives any such defense.

 

(p)      
Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each holder of Registrable
Securities shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary
or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

 

(q)      
No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which
is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement.

 

*
* * * *

 

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IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	TEMPUS APPLIED SOLUTIONS HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

REGISTRATION
RIGHTS AGREEMENT

 

JOINDER

 

The
undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of July [●],
2015 (as the same may hereafter be amended, the “Registration Rights Agreement”), by and among Tempus Applied
Solutions Holdings, Inc., a Delaware corporation (the “Company”), and its stockholders named therein. Any capitalized
term used but not defined herein will have the meaning ascribed to such term in the Registration Rights Agreement.

 

By
executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and
to comply with the provisions of the Registration Rights Agreement as a holder of Registrable Securities in the same manner as
if the undersigned were an original signatory to the Registration Rights Agreement.

 

Accordingly,
the undersigned has executed and delivered this Joinder as of the ___ day of
__________, 20__.

 

	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	Print Name of Stockholder
	 	 
	 	Address:	 
	 	 
	 	 
	 	 

 

Agreed
and Accepted as of

                                                ,
20    :

 

	TEMPUS APPLIED SOLUTIONS HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title: 	 	 

 

 

A-1

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