Document:

Exhibit
4.6

 

FINAL
FORM

 

FORM
OF SERIES B-2 WARRANT

 

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

 

Tempus
Applied Solutions Holdings, Inc.

 

Series
B-2 Warrant To Purchase Common Stock

 

Warrant
No.:

 

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

 

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

 

 

1
Insert Closing Date of Business Combination.

 

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

 

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1.           EXERCISE
OF WARRANT.

 

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

 

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

 

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

 

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(d)         
Cashless Exercise.

 

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

 

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

                                      D

 

For
purposes of the foregoing formula:

 

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

 

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

 

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

 

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

 

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

                                                          [      
(A x B)            ]

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

                                                           [
           C                 ]

For
purposes of the foregoing formula:

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

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

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

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

 

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

  

(f)          [Reserved]

 

(g)         
Reservation of Shares.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	12

    	 

    

 

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

 

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

 

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

 

4.           
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

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

 

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

 

    	14

    	 

    

 

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

 

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

 

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

 

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

 

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7.           
REISSUANCE OF WARRANTS.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

13.           DISPUTE
RESOLUTION.

 

(a)         
Submission to Dispute Resolution.

 

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

 

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

 

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

 

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

 

    	19

    	 

    

 

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

 

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

 

    	20

    	 

    

 

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

 

17.           [RESERVED]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

    	21

    	 

    

 

(g)         [Reserved]

 

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

 

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

 

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

 

    	22

    	 

    

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

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

 

    	23

    	 

    

 

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

 

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

 

    	24

    	 

    

 

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

 

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

 

    	25

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(cc)        “Principal
Market” means the OTCQB.

 

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

 

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

 

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

 

    	26

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

  

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

 

[Signature
page follows]

 

    	27

    	 

    

 

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

 

Tempus
Applied Solutions Holdings, Inc. 

 

		By:	

                                         
	 	 	Name:

                              Title:

 

 

[Signature
Page to Series B-2 Warrant]

 

    	 

    	 

    

 

EXHIBIT
A

  

 EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

Series B-2 WARRANT TO PURCHASE COMMON STOCK

 

TEMPUS
APPLIED SOLUTIONS HOLDINGS, INC.

 

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

 

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

 

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

    

    and/or

 

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

 

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

 

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

 

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

 

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

 

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

	Issue
    to:	 
	 	 
	 	 

 

    	A-1

    	 

    

 

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

	DTC
    Participant:	 
	DTC
    Number:	 
	Account
    Number:	 

 

	Date:
                                         _____________ __, _____

         

         

        ____________________________

        

        Name of Registered Holder

         

	By:
                                         ____________________________

                                         Name:

                                         Title:

         

        Tax
        ID:____________________________

         

        Facsimile:__________________________

         

        E-mail
        Address:_____________________

 

    	A-2

    	 

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

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

 

Tempus
Applied Solutions Holdings, Inc. 

 

		By:	

                                         
	 	 	Name:

                              Title:

 

 

B-1Exhibit 10.2

 

EXHIBIT D 

 

FINAL FORM

  

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.

 

    	2

    	 

    

 

“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.

 

    	3

    	 

    

 

“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.

 

    	4

    	 

    

 

(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.

 

    	5

    	 

    

 

(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.

 

    	6

    	 

    

 

(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.

 

    	7

    	 

    

 

(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.

 

    	8

    	 

    

 

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;

 

    	9

    	 

    

 

(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;

 

    	10

    	 

    

 

(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.

 

    	15

    	 

    

 

(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.

 

    	16

    	 

    

 

(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.”

 

    	17

    	 

    

 

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.

 

    	18

    	 

    

 

(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.

 

    	19

    	 

    

 

(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.

 

    	20

    	 

    

 

(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.

 

*
* * * *

 

    	21

    	 

    

 

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: 	 	 

 

 

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