Document:

Exhibit 10.1

 

THIRD AMENDED AND RESTATED INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This third amended
and restated investment management trust agreement (“Agreement”) is made as of June 11, 2015, by and between
Chart Acquisition Corp. (the “Company”), a Delaware corporation and Continental Stock Transfer & Trust Company
(the “Trustee”) located at 17 Battery Place, New York, New York 10004.  Capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Registration Statement.

 

WHEREAS, the
Company’s initial registration statement, as amended, on Form S-1, No. 333-177280 (the “Registration Statement”),
for its initial public offering of securities (the “IPO”) has been declared effective as of December 13, 2012
by the Securities and Exchange Commission (the “Commission”);

 

WHEREAS, Deutsche
Bank Securities, Inc. and Cowen and Company, LLC are acting as the representatives of the underwriters in the IPO (the “Underwriters”)
pursuant to an underwriting agreement (the “Underwriting Agreement”);

 

WHEREAS, simultaneously
with the IPO, Chart Acquisition Group LLC, a Delaware limited liability company, purchased an aggregate of 231,250 placement units
(“Placement Units”) for an aggregate purchase price of $2,312,500.  Each Placement Unit consists of
one share of Common Stock (as defined below) and one warrant to purchase one share of Common Stock;

 

WHEREAS, simultaneously
with the IPO, Joseph Wright purchased an aggregate of 12,500 Placement Units for an aggregate purchase price of $125,000;

 

WHEREAS, simultaneously
with the IPO, Cowen Overseas Investment LP, a Cayman Islands limited partnership and an affiliate of Cowen and Company, LLC, purchased
an aggregate of 131,250 Placement Units for an aggregate purchase price of $1,312,500;

 

WHEREAS, as
described in the Registration Statement, and in accordance with the Company’s Certificate of Incorporation, (as amended,
the “Certificate of Incorporation”), $75,000,000 of the gross proceeds of the IPO and sale of the Placement
Units were previously delivered to the Trustee to be deposited and held in a trust account (the “Trust Account”)
for the benefit of the Company and the holders of the Company’s common stock, par value $.0001 per share (the “Common
Stock”), issued in the IPO (the aggregate amount to be delivered to the Trustee will be referred to herein as the “Property,”
the common stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”), pursuant to
the investment management trust agreement as of December 13, 2012 (the “Original Agreement”);

 

WHEREAS, pursuant
to certain provisions in the Company’s Certificate of Incorporation, the Public Stockholders may, regardless of how such
stockholder votes in connection with the Company’s initial acquisition, through a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”),
demand the Company redeem such Public Stockholder’s Common Stock into cash or redeem such Common Stock pursuant to a tender
offer pursuant to the Rule 13e-4 and Regulation 14E of the Commission, as applicable and based upon the Company’s choice
of proceeding under the proxy rules or tender offer rules, each as promulgated by the Commission (“Redemption Rights”);

 

WHEREAS, pursuant
to the Underwriting Agreement, a portion of the Property equal to 3.125% of the gross proceeds of the IPO will be payable to the
Underwriters in the event of consummation of a Business Combination (the “Deferred Fee”);

 

WHEREAS, pursuant
to the Underwriting Agreement, the Deferred Fee is payable solely upon the consummation of the Company’s Business Combination
and pursuant to the terms thereof;

 

    	 

    	 

    

 

WHEREAS, on
September 5, 2014, the parties hereto amended and restated the Original Agreement in connection with the extension of the date
before which the Company must complete a Business Combination from September 13, 2014 to March 13, 2015 (the “First Amended
Agreement”);

 

WHEREAS, on
March 11, 2015, the parties hereto amended and restated the First Amended Agreement in connection with the extension of the date
before which the Company must complete a Business Combination from March 13, 2015 to June 13, 2015 (the “Current Agreement”);

 

WHEREAS, the
Company has sought the approval of its Public Stockholders at a meeting of its stockholders (the “Stockholder Meeting”)
to: (i) extend the date before which the Company must complete a business combination from June 13, 2015 (the “Current
Termination Date”) to July 31, 2015 (the “Extended Termination Date”), and provide that the date for
cessation of operations of the Company if the Company has not completed a business combination would similarly be extended, (ii)
allow holders of the Company’s public shares to redeem their public shares for a pro rata portion of the funds available
in the Trust Account, and authorize the Company and the Trustee to disburse such redemption payments (together with clause (i),
the “Extension Amendment”) and (iii) amend and restate the Current Agreement to permit distributions from the
trust account to pay public stockholders properly demanding redemption in connection with the Extension Amendment; and extend the
date on which to commence liquidating the trust account in the event the Company has not consummated a business combination from
the Current Termination Date to the Extended Termination Date (the “Trust Amendment”);

 

WHEREAS, holders
of at least sixty-five percent (65%) of the Company’s outstanding shares of common stock approved the Trust Amendment and
the Extension Amendment; and

 

WHEREAS, the
parties desire to amend and restate the Current Agreement to, among other things, reflect amendments to the Current Agreement contemplated
by the Trust Amendment.

 

NOW THEREFORE, IT IS AGREED:

 

1.        Agreements
and Covenants of Trustee.  The Trustee hereby agrees and covenants to:

 

(a)      Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement, in Trust Accounts which shall be established
by the Trustee at JP Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee that is reasonably satisfactory
to the Company;

 

(b)      Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)      In
a timely manner, upon the written instruction of the Company, to invest and reinvest the Property in U.S. government treasury bills
with a maturity of 180 days or less, and/or money market funds meeting certain conditions of Rule 2a-7 under the Investment Company
Act of 1940, as amended, and that invest solely in U.S. Treasuries, as determined by the Company.

 

(d)      Collect
and receive, when due, all principal and interest income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)      Notify
the Company of all communications received by it with respect to any Property requiring action by the Company;

 

(f)       Supply
any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

(g)      Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when reasonably
indemnified by the Company and instructed by the Company to do so, so long as the Company shall have advanced funds sufficient
to pay the Trustee’s expenses incident thereto.

 

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(h)      Render
to the Company, and to such other person as the Company may instruct, monthly written statements of the activities of, and amounts
in, the Trust Account, reflecting all receipts and disbursements of the Trust Account; and

 

(i)        Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or  Exhibit
B hereto, signed on behalf of the Company by an executive officer and complete the liquidation of the Trust Account and
distribute the Property in the Trust Account only as directed by the Company; provided, however, that in
the event that a Termination Letter has not been received by the Trustee by 11:59 P.M. New York City time on the Current Termination
Date, the Trust Account shall be liquidated as soon as practicable thereafter in accordance with the procedures set forth in the
Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders of record at the close
of trading (4:00 P.M. New York City time) on the Current Termination Date.  For the purposes of clarity, any transmission
of such Termination Letter electronically, whether by facsimile, electronic mail (e-mail), PDF or otherwise, shall constitute an
original of such termination Letter hereunder.

 

2.        Limited
Distributions of Income from Trust Account.

 

(a)      Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company by wire transfer from the income collected on the Property
the amount necessary to cover any tax obligation owed by the Company.

 

(b)      The
Company may withdraw funds from the Trust Account for working capital purposes by delivery of Exhibit C to the
Trustee.  The distributions referred to herein shall be made only from income collected on the Property.

 

(c)      The
Trustee shall, only after and promptly after receipt of, and only in accordance with, the terms of a letter, in a form substantially
similar to that attached hereto as Exhibit E, signed on behalf of the Company by an executive officer and in accordance
with the written instruction of the Company, disburse to the Public Stockholders of record as of the record date for the Stockholder
Meeting pursuant to which the Trust Amendment and the Extension Amendment were approved who (A) elected to exercise their redemption
rights in connection with the Extension Amendment and the Trust Amendment and (B) tendered their stock certificate(s) in accordance
with the provisions set forth in the proxy statement for the Stockholder Meeting, the amount indicated by the Company as required
to pay such Public Stockholders. For the purposes of clarity, any transmission of such letter electronically, whether by facsimile,
electronic mail (e-mail), PDF or otherwise, shall constitute an original of such letter hereunder.

 

(d)      In
no event shall the payments authorized by Sections 2(a) and 2(b) cause the amount in the Trust
Account to fall below the amount initially deposited into the Trust Account.  Except as provided in Sections
2(a), 2(b) and 2(c) above, no other distributions from the Trust Account shall be permitted
except in accordance with Section 1(i) hereof.

 

(e)      The
written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to such funds,
and the Trustee has no responsibility to look beyond said request.

 

3.        Agreements
and Covenants of the Company.  The Company hereby agrees and covenants to:

 

(a)      Give
all instructions to the Trustee hereunder in writing or the electronic equivalent, signed by the Company’s President, Chief
Executive Officer or Chief Financial Officer, and as specified in Section 1(i).  In addition, except with
respect to its duties under Sections 1(i), 2(a), 2(b) and 2(c) above,
the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal, electronic or telephonic advice or
instruction which it in good faith believes to be given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing; 

 

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(b)      Subject
to the provisions of Section 5, hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses,
including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by the
trustee hereunder or any claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim,
or in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from
the Trustee’s gross negligence or willful misconduct.  Promptly after the receipt by the Trustee of notice of demand
or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under
this section, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).  The
Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall
obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld.  The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not
be unreasonably withheld.  The Company may participate in such action with its own counsel;

 

(c)       Pay
the Trustee the fees set forth on Schedule A hereto;

 

(d)      In
connection with the vote, if any, of the Company’s stockholders regarding a Business Combination, provide to the Trustee
an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes
verifying the vote of the Company’s stockholders regarding such Business Combination; and

 

(e)       In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i),
the Company agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

(f)       Promptly
after the Deferred Fee shall become determinable on a final basis, to provide the Trustee notice in writing (with a copy to the
Underwriters) of the total amount of the Deferred Fee.

 

4.        Limitations
of Liability.  The Trustee shall have no responsibility or liability to:

 

(a)      
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this
agreement and that which is expressly set forth herein;

 

(b)      Take
any action with respect to the Property, other than as directed in Sections 1 and 2 hereof and
the Trustee shall have no liability to any party except for liability arising out of its own gross negligence or willful misconduct;

 

(c)       Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given
as provided herein to do so and the Company shall have advanced to it funds sufficient to pay any expenses incident thereto;

 

(d)      Change
the investment of any Property, other than in compliance with Section 1(c);

 

(e)       Refund
any depreciation in principal of any Property;

 

(f)       Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(g)      The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct.  The
Trustee may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be Company counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also
as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be
genuine and to be signed or presented by the proper person or persons.  The Trustee shall not be bound by any notice
or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced
by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee
are affected, unless it shall give its prior written consent thereto;

 

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(h)      Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement; and

 

(i)        Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to income and activities relating to the
Trust Account, regardless of whether such tax is payable by the Trust Account or the Company (including but not limited to income
tax obligations), it being expressly understood that as set forth in Section 2(a), if there is any income or other
tax obligation relating to the Trust Account or the Property in the Trust Account, as determined from time to time by the Company
and regardless of  whether such tax is payable by the Company or the Trust, at the written instruction of the Company,
the Trustee shall make funds available in cash from the Property in the Trust Account an amount specified by the Company as owing
to the applicable taxing authority, which amount shall be paid directly to the Company by electronic funds transfer, account debit
or other method of payment, and the Company shall forward such payment to the taxing authority;

 

(j)        Pay
or report any taxes on behalf of the Trust Account other than pursuant to Section 2(a).

 

(k)       Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Sections 1(i), 2(a), 2(b) or 2(c).

 

5.        No
Right of Set-Off.  The Trustee waives any right of set-off or any right, title, interest or claim of any kind that
the Trustee may have against the Property held in the Trust Account.  In the event the Trustee has a claim against the
Company under this Agreement, including, without limitation, under Section 3(b), the Trustee will pursue such claim
solely against the Company and not against the Property held in the Trust Account.

 

6.        Termination.  This
Agreement shall terminate as follows:

 

(a)       If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement.  At
such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become
subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee,
including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this
Agreement shall terminate; provided, however, that, in the event the Company does not locate a successor trustee within ninety
(90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited
with any court in the State of New York or with the United States District Court for the Southern District of New York and upon
such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)      At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section
1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Section 3(b).

 

7.        Miscellaneous.

 

(a)       The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account.  The Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons.  Each party must notify the other party immediately if it
has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel.  In
executing funds transfers, the Trustee will rely upon all information supplied to it by the Company, including, account names,
account numbers, and all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary bank.
The Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission
of the wire. 

 

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(b)      This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.  It
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

 

(c)       This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.  Except
for Sections 1(i), 2(a), 2(b), 2(c) and 2(d) (which may not
be modified, amended or deleted without the affirmative vote of at least 65% of the then outstanding shares of Common
Stock; provided that no such amendment will affect any Public Stockholder who has otherwise either (i) indicated his election to
redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement or (ii) not consented to
any amendment to this Agreement to extend to the time he would be entitled to a return of his pro rata amount in the Trust Account),
this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by
a writing signed by each of the parties hereto.  As to any claim, cross-claim or counterclaim in any way relating to
this Agreement, each party waives the right to trial by jury and the right to set-off as a defense.  The Trustee may
request an opinion from Company counsel as to the legality of any proposed amendment as a condition to its executing such amendment.

 

(d)      The
parties hereto consent to the personal jurisdiction and venue of any state or federal court located in the City of New York, Borough
of Manhattan, for purposes of resolving any disputes hereunder.

 

(e)      Unless
otherwise specified herein, any notice, consent or request to be given in connection with any of the terms or provisions of this
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt
or delivery confirmation requested), by hand delivery or by electronic  or facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn:  Frank A. DiPaolo, CFO

Fax No.:  (212) 509-5150

 

if to the Company, to:

 

Chart Acquisition Corp.

c/o The Chart Group, L.P.

555 5th Avenue, 19th Floor,

New York, NY 10017

Attention: Michael LaBarbera

Fax No.:  (212) 350-8299

 

with a copy to (which shall not constitute notice):

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

Attn: Douglas S. Ellenoff, Esq.

Fax No: (212)-370-7889

 

(e)       This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(f)       Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder.  The Trustee acknowledges and agrees
that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled
to any funds in the Trust Account under any circumstance.  In the event the Trustee has a claim against the Company under
this Agreement, the Trustee will pursue such claim solely against the Company and not against the Property held in the Trust Account.

 

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(g)      This
Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto

 

(h)      This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument.  Delivery of a signed counterpart of this Agreement by facsimile
or electronic transmission shall constitute valid and sufficient delivery thereof.

 

(i)        The
Company has also retained the Trustee to serve as its share transfer agent and warrant agent and shall pay the fees set forth in Schedule
A for such services.  Additionally, the Trustee has agreed to provide all services, including, but not limited
to: the mailing of proxy or tender documents to registered holders, all wires in connection with the Business Combination (including
the exercise of Redemption Rights) and maintaining the official record of the exercise of Redemption Rights and stockholder voting
(if applicable).

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have duly executed
this Third Amended and Restated Investment Management Trust Agreement as of the date first written above. 

 

	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

as Trustee
	 	 	 
	By:	/s/ Frank A. Di Paolo	 
	Name: 	Frank A. Di Paolo	 
	Title:	Chief Financial and Trust Officer	 
	 	 	 
	CHART ACQUISITION CORP.        
	 	 	 
	By:	/s/ Michael LaBarbera	 
	Name:	Michael LaBarbera	 
	Title:	Chief Financial Officer	 

 

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SCHEDULE A

 

	Fee Item	Time and method of payment	Amount (1)
	Set-up fee	Consummation of IPO by wire transfer of funds	$3,000
	Annual trustee fee	Upon execution of the IMTA and at each anniversary	$10,000.00
	All services in connection with a Business Combination and/or all services in connection with liquidation of Trust Account if no Business Combination.	Upon final liquidation of the Trust Account but, upon liquidation if no Business Combination, only from interest earned or from the Company by wire transfer of funds	Prevailing rates after consultation with the issuer and its counsel at the time of combination.

 

(1) Any amounts owed by the Company are subject in their
entirety to the provisions of Section 5 of this Agreement.

 

    	 

    	 

    

 

EXHIBIT A

 

[Letterhead of Company]

[Insert
date]

 

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn:  Steven Nelson and Frank Di Paolo

 

Re:     Trust Account No. [     ]   -
Termination Letter

 

Gentlemen:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between Chart Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of [        ], 2012 (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [       ] (the “Target
Businesses”) to consummate a Business Combination with the Target Businesses on or before [         ]
(the “Consummation Date”). This letter shall serve as the 48 hour notice required with respect to the Business
Combination. Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on [       ]
and to transfer the entire proceeds to the above referenced Trust checking account at [          ]
to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer
to the account or accounts that the Company shall direct on the Consummation Date.  It is acknowledged and agreed that while
the funds are on deposit in the Trust checking account awaiting distribution, the Company will not earn any interest or dividends.

 

On or before the
Consummation Date: (i) counsel for the Company shall deliver to you (a) an affidavit which verifies the vote of the Company’s
stockholders in connection with the Business Combination1 and (b) written notification that the Business Combination has been
consummated or will, concurrently with your transfer of funds to the accounts as directed by the Company, be consummated (ii)
the Company shall deliver to you written instructions with respect to the transfer of the funds held in the Trust Account (“Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your
receipt of the counsel’s letter and the Instruction Letter in accordance with the terms of the Instruction Letter.  In
the event certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and
be distributed after the Consummation Date to the Company or be distributed immediately and the penalty incurred. Upon the distribution
of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated. 

________________

1 Only if stockholder vote held

 

    	 

    	 

    

 

In the event the Business Combination
is not consummated by 11:59 p.m. on the Consummation Date and we have not notified you of a new Consummation Date, then upon the
Trustee's receipt of the Company's written instruction, the funds held in the Trust checking account shall be reinvested as provided
for by the Trust Agreement as soon as practicable thereafter. 

 

Very truly yours, 

 

CHART ACQUISITION CORP. 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	cc:      	Deutsche Bank Securities, Inc.
	 	 
	 	Cowen and Company, LLC

 

    	 

    	 

    

 

EXHIBIT B

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer

& Trust Company 

17 Battery Place

New York, New York 10004

Attn:  Steven Nelson and Frank Di Paolo

 

Re:     Trust Account No. [    ]   -   Termination
Letter

 

Gentlemen:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Chart Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of ________, 2012 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a Target Company July 31, 2015.

 

In accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate the Trust Account on [      ] and to transfer
the total proceeds to the Trust checking account at [         ] for distribution to
the stockholders. The Company has selected [       ] as the record date for the purpose of determining
the stockholders entitled to receive their pro rata share of the liquidation proceeds.  You agree to be the paying agent
of record and in your separate capacity as paying agent to distribute said funds directly to the Company’s stockholders (other
than with respect to the initial, or insider shares) in accordance with the terms of the Trust Agreement, the Certificate of Incorporation
of the Company and the fees set forth on Schedule A to the Trust Agreement.  Upon the distribution of all of the funds
in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

Very truly yours, 

 

CHART ACQUISITION CORP.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	cc:      	Deutsche Bank Securities, Inc.
	 	 
	 	Cowen and Company, LLC

  

    	 

    	 

    

 

EXHIBIT C

 

[Letterhead of Company] 

[Insert date]

 

Continental Stock Transfer

& Trust Company

17 Battery Place, 8th Floor

New York, New York 10004

Attn:  Steven Nelson and Frank DiPaolo

 

Re:      Trust Account No.
[    ]

 

Gentlemen:

 

Pursuant to Section 2(a) or 2(b) of
the Investment Management Trust Agreement between Chart Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of ___________, 2012 (“Trust Agreement”), the Company hereby requests
that you deliver to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs
such funds [to pay for the tax obligations as set forth on the attached tax return or tax statement] or [for working capital purposes].
In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such
funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	CHART ACQUISITION CORP.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	cc:	Deutsche Bank Securities, Inc. (“DB”)
	 	 
	 	Cowen and Company, LLC

 

    	 

    	 

    

 

EXHIBIT D

 

	AUTHORIZED INDIVIDUAL(S) FOR TELEPHONE CALL BACK 	 	AUTHORIZED TELEPHONE NUMBER(S)
	 	 	 
	Company:	 	 
	 	 	 
	
        Chart Acquisition Corp.

        75 Rockefeller Plaza, 14th Floor,

        New York, NY 10019

        Attention: Michael LaBarbera   
	 	(212) 350-8275
	 	 	 
	
        Ellenoff Grossman & Schole LLP

        150 East 42nd Street, 11th Floor

        New York, New York 10017

        Attn: Stuart Neuhauser, Esq.

         
	 	(212) 370-1300
	 	 	 
	Trustee:	 	 
	 	 	 
	
        Continental Stock Transfer

        & Trust Company

        17 Battery Place

        New York, New York 10004

        Attn: Frank Di Paolo, CFO 
	 	(212) 845-3270

  

    	 

    	 

    

 

EXHIBIT E

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer

& Trust Company 

17 Battery Place

New York, New York 10004

Attn:  Steven Nelson and Frank Di Paolo

 

Re:     Trust Account No. [    ]        

 

Gentlemen:

 

Pursuant to Section
2(c) of the Investment Management Trust Agreement between Chart Acquisition Corp. (the “Company”) and
Continental Stock Transfer & Trust Company (the “Trustee”), dated as of December 13, 2012 (the “Trust
Agreement”), this is to advise you that in connection with the Extension Amendment and the Trust Amendment and in accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate $_____ of the Trust Account on July __, 2015 and to
transfer $_____ of the proceeds of the Trust to the Trust checking account at [         ]
for distribution to the shareholders that have requested redemption of their shares in connection with the Extension Amendment
and the Trust Amendment. It is acknowledged and agreed that while such funds are on deposit in the Trust checking account awaiting
distribution, the Company will not earn any interest or dividends on such funds.

 

On or before the
date for liquidation referenced above the Company shall deliver to you (a) an affidavit which verifies the vote of the Company’s
stockholders in connection with the Extension Amendment and the Trust Amendment, (b) written notification that the Extension Amendment
and the Trust Amendment are effective, and (c) written instructions with respect to the transfer of the funds held in the Trust
Account (“Instruction Letter”). You agree to be the paying agent of record and in your separate capacity as
paying agent to distribute said funds on the date for liquidation referenced above directly to the Company’s stockholders
(other than with respect to the initial, or insider shares) in accordance with the Instruction Letter, terms of the Trust Agreement,
the Certificate of Incorporation of the Company and the fees set forth on Schedule A to the Trust Agreement.  In the event
certain deposits held in the Trust Account may not be liquidated on such date without penalty, you will notify the Company of the
same and the Company shall direct you as to whether such funds should remain in the Trust Account or be distributed immediately
and the penalty incurred.

 

[Signature page follows]

  

    	 

    	 

    

 

Very truly yours, 

 

CHART ACQUISITION CORP.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	 cc: 	Deutsche Bank Securities, Inc.	 
	 	 	 
	 	Cowen and Company, LLCExhibit 10.2

 

THIRD
AMENDED AND RESTATED WARRANT AGREEMENT

 

THIS
THIRD AMENDED AND RESTATED WARRANT AGREEMENT (this “Agreement”), dated as of June 11, 2015, is by and
between Chart Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS,
the Company has entered into that certain Third Amended and Restated Unit Subscription Agreement, dated November 1, 2012, with
Chart Acquisition Group LLC, a Delaware limited liability company (the “Sponsor”) pursuant to which
the Sponsor purchased an aggregate of 231,250 Units (as defined below) for an aggregate purchase price of $2,312,500 (“Placement
Units”), each Unit consisting of one share of Common Stock (as defined below) (“Placement Shares”)
and one warrant to purchase one Placement Share (the “Placement Warrants”) of the Company, bearing the
legend set forth in Exhibit B hereto;

 

WHEREAS,
the Company has entered into that certain Third Amended and Restated Unit Subscription Agreement, dated November 1, 2012, with
Cowen Overseas Investment LP, a Cayman Islands limited partnership (together with its affiliates, “Cowen”)
pursuant to which Cowen purchased an aggregate of 131,250 Placement Units of the Company for an aggregate purchase price of $1,312,500,
bearing the legend set forth in Exhibit B hereto;

 

WHEREAS,
the Company has entered into that certain Third Amended and Restated Unit Subscription Agreement, dated November 1, 2012, with
Joseph R. Wright (“Wright”) pursuant to which Wright purchased an aggregate of 12,500 Placement Units
of the Company for an aggregate purchase price of $125,000, bearing the legend set forth in Exhibit B hereto;

 

WHEREAS,
the Company engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit comprised of one share of Common Stock and one Public Warrant (as defined below) (the “Public
Units”, and together with the Placement Units, the “Units”) and, in connection therewith,
has determined to issue and deliver up to 8,625,000 Warrants (which included up to 1,125,000 warrants subject to a forty-five
(45) day over-allotment option granted to the underwriters (the “Over allotment Option”) which expired
unexercised) to investors in the Offering (the “Public Warrants” and, together with the Placement Warrants,
the “Warrants”), each such Warrant evidencing the right of the holder thereof to purchase one share
of common stock of the Company, $0.0001 par value per share (the “Common Stock”), for $11.50 per share,
subject to adjustment as described herein;

 

WHEREAS,
in connection with the Offering, Cowen, Mr. Wright and the Sponsor have agreed to purchase in the aggregate up to 3,750,000 Public
Warrants (subject to reduction as described in that certain third amended and restated escrow agreement with the Warrant Agent
at $0.60 per warrant (the “Business Combination Repurchased Public Warrants”)) in a tender offer to
occur after the Company’s announcement of an initial Business Combination;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, No. 333-177280 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Public
Units, the Public Warrants and Common Stock included in the Public Units;

 

WHEREAS,
the Company and the Warrant Agent entered into the Warrant Agreement on December 13, 2012;

 

WHEREAS,
the Company and the Warrant Agent entered into the Amended and Restated Warrant Agreement on September 12, 2014;

 

WHEREAS,
the Company and the Warrant Agent entered into the Second Amended and Restated Warrant Agreement on March 11, 2015 (the “Current
Agreement”);

 

    	 

    	 

    

 

WHEREAS,
Cowen, Mr. Wright and the Sponsor acquired 7,700 Public Warrants in a tender offer consummated on September 12, 2014;

 

WHEREAS,
Cowen, Mr. Wright and the Sponsor acquired 647,500 Public Warrants in a tender offer consummated on March 11, 2015;

 

WHEREAS,
the requisite number of stockholders of the Company have approved an amendment to the Company’s third amended and restated
certificate of incorporation (the “Extension Amendment”) to, among other things, extend the date before
which the Company must complete a business combination from March 13, 2015 (the “Original Termination Date”)
to June 13, 2015 (the “Extended Termination Date”);

 

WHEREAS,
in connection with the Extension Amendment, Cowen, Mr. Wright and the Sponsor have agreed to purchase in the aggregate up to 6,844,800
Public Warrants (as defined below) at $0.30 per warrant (the “Extension Repurchased Public Warrants”)
in a tender offer which is expected to close on or about the Original Termination Date (the Extension Repurchased Public Warrants
together with the Business Combination Repurchased Public Warrants, the “Repurchased Public Warrants”);
and

 

WHEREAS,
the Company desires to amend and restate the Current Agreement to provide, among other things, that the Expiration Date of each
Warrant is extended so that the Warrants will expire if the Company has not completed a business combination by the Extended Termination
Date.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.            Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
in this Agreement

 

2.            Warrants.

 

2.1. Form
of Warrant. Each Warrant shall be issued in registered form only and shall be in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of,
the Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of
the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in
the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if
he or she had not ceased to be such at the date of issuance.

  

2.2. Effect
of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof.

 

2.3. Registration.

 

2.3.1. Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company.

 

2.3.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant Certificate (as defined below) made by anyone other than the Company or the Warrant Agent), for the purpose
of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

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2.4. Detachability
of Warrants. The Common Stock and Public Warrants comprising the Public Units shall begin separate trading on the 52nd day
following the date of the Prospectus, or, if such 52nd day is not on a Business Day (a “Business Day” shall
mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City), then on the immediately succeeding Business Day following such date
(the “Detachment Date”) unless Cowen and Company, LLC informs the Company of their decision to
allow earlier separate trading, but in no event shall the Common Stock and the Public Warrants comprising the Units be separately
traded until (A) the Company has filed a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting
its receipt of the gross proceeds of the Offering and (B) the Company issues a press release and files with the Commission a current
report on Form 8-K announcing when such separate trading shall begin; provided, that, if the Over-allotment Option is exercised
following the filing of the initial Current Report on Form 8-K, a second or amended Current Report on Form 8-K shall be filed
by the Company to provide updated financial information to reflect the exercise of the Over-allotment Option.

 

2.5. Warrant
Attributes.

 

2.5.1. Placement
Warrants and Repurchased Public Warrants. The Placement Warrants and Repurchased Public Warrants shall be identical to the
Public Warrants, except that (i) so long as they are held by Wright, the Sponsor or Cowen, members of the Sponsor, partners of
Cowen or any of their Permitted Transferees (as defined below), the Placement Warrants and Repurchased Public Warrants (x) may
be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (y) may not be transferred,
assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination (as defined below);
provided that any Placement Warrants held by Cowen or any of its “related persons” under the rules of the Financial
Industry Regulatory Authority shall not be sold during the Offering or sold, transferred, assigned, pledged, or hypothecated,
or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic
disposition of any such Placement Warrants by any person for a period of 180 days immediately following the date of effectiveness
of the Registration Statement, and (z) shall not be redeemable by the Company, and (ii) the Placement Warrants issued to Cowen,
so long as such Placement Warrants are held by Cowen or any of its “related persons” under the rules of the Financial
Industry Regulatory Authority (“Cowen Held Warrants”), shall expire five years from the date of effectiveness
of the Registration Statement (not five years from the consummation of the initial Business Combination) or earlier upon liquidation; provided, however,
that in the case of the Placement Warrants and Repurchased Public Warrants and any shares of Common Stock held by Wright, the
Sponsor, members of the Sponsor or partners of Cowen and issued upon exercise of the Placement Warrants and Repurchased Public
Warrants may be transferred by Wright, the Sponsor, members of the Sponsor or partners of Cowen:

 

(a)
as gift to a member of Sponsor, a partner of Cowen or an entity owned or controlled by Wright, their immediate family or to a
trust, the beneficiary of which is a member of Wright’s immediate family, the Sponsor or partner of Cowen and their immediate
family or to a charitable organization,

 

(b)
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any member of Sponsor or partners of Cowen or any of their respective affiliates,

 

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(c)
by virtue of the laws of descent and distribution upon death of Wright, one of the members of the Sponsor or partners of Cowen,

 

(d)
pursuant to a qualified domestic relations order,

 

(e)
by virtue of the laws of the jurisdiction of incorporation or formation, as applicable, of the Sponsor or Cowen, the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor or, in the case of Cowen, by virtue of the laws of the Cayman
Islands or its controlling limited partnership agreement or by any member of Sponsor or partner of Cowen upon dissolution of such
entity,

 

(f)
in the event of the Company’s liquidation prior to the completion of the initial Business Combination, or

 

(g)
in the event that, subsequent to the consummation of the initial Business Combination, the Company consummates a merger, stock
exchange or other similar transaction that results in all of the holders of the Company’s equity securities issued in the
Offering having the right to exchange their shares of Common Stock for cash, securities or other property; provided, however,
that, in the case of clauses (a) through (e), these transferees (the “Permitted Transferees”) enter
into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

3.            Terms
and Exercise of Warrants.

 

3.1. Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the
provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein,
at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence
of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share
at which a share of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower
the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered
Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes an acquisition, through
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or
more businesses (a “Business Combination”), or (ii) the date that is twelve (12) months from the date
of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) with respect
to any warrant other than a Cowen Held Warrant, the date that is five (5) years after the date on which the Company completes
its initial Business Combination and, with respect to a Cowen Held Warrant, the date that is five (5) years after the date on
which the Registration Statement is declared effective by the Commission, (y) the liquidation of the Company, or if the Company
fails to consummate a Business Combination by the Extended Termination Date, or (z) other than with respect to the Placement Warrants
and the Repurchased Public Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect to
the right to receive the Redemption Price (other than with respect to a Placement Warrant) in the event of a redemption (as set
forth in Section 6 hereof), each Warrant (other than a Placement Warrant or a Repurchased Public Warrant in the event of a redemption)
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof
under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may
extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty
(20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such
extension shall be identical in duration among all the Warrants.

 

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3.3. Exercise
of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised
by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as
Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised
and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares
of Common Stock and the issuance of such shares of Common Stock, as follows:

 

(a)
by wire transfer of immediately available funds in good certified check or good bank draft payable to the order of the Company;

 

(b)
with respect to any Placement Warrant or Repurchased Public Warrant exercised on a “cashless basis”, so long as such
Placement Warrant or Repurchased Public Warrant is held by Wright, the Sponsor, a member of the Sponsor, Cowen or partners of
Cowen or their Permitted Transferees, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference
between the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(c), by (y) the Fair Market
Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the last sale price of
the Common Stock on the date on which notice of exercise of the Warrant is sent to the Warrant Agent, in the event notice is received
after market close it shall mean the last sale price the next trading day; or

 

(c)
as provided in Section 7.4 hereof.

 

3.3.2. Issuance
of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder
of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,
a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the
foregoing, the Company shall not be obligated to deliver any Common Stock pursuant to the exercise of a Warrant and shall have
no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Common
Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s
satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall not be obligated
to issue Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder
of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which
case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the
Common Stock underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise.

  

3.3.3. Valid
Issuance. All Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and nonassessable.

 

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3.3.4. Date
of Issuance. Each person in whose name any certificate for Common Stock is issued shall for all purposes be deemed to have
become the holder of record of such Common Stock on the date on which the Warrant was surrendered and payment of the Warrant Price
was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is
a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such
shares at the close of business on the next succeeding date on which the share transfer books are open.

 

3.3.5. Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; provided, however, that no holder of a Warrant shall be
subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder,
the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise
such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”)
of the Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares
of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made,
but shall exclude Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially
owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible
notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-K, Form 10-Q, current report
on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company,
or (3) any other notice by the Company or Continental Stock Transfer & Trust Company (the “Transfer Agent”)
setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder
of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of
which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified
in such notice; provided, however, that any such increase shall not be effective until the sixty-first
(61st) day after such notice is delivered to the Company.

 

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4.            Adjustments.

 

4.1. Stock
Dividends.

 

4.1.1. Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in Common Stock, or by a split-up of the Common Stock or other
similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock
issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock.
A rights offering to holders of the Common Stock entitling holders to purchase Common Stock at a price less than the “Fair
Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product
of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the
quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes
of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common
Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received for such
rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means, for
purposes of this subsection 4.1.1 only, the volume weighted average price of the Common Stock as reported during
the ten (10) trading day period ending on the trading day prior to the first date on which the Common Stock trades on the applicable
exchange or in the applicable market, regular way, without the right to receive such rights.

 

4.1.2. Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Common Stock on account of such Common Stock (or other shares of the
Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above,
(b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock in connection
with a proposed initial Business Combination, (d) as a result of the repurchase of Common Stock by the Company if a proposed initial
Business Combination is presented to the stockholders of the Company for approval or (e) in connection with the Company’s
liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded event
being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value
(as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of
such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other
cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of
such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section
4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number
of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units
in the Offering).

 

4.2. Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of Common Stock or
other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or
similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such
decrease in outstanding shares of Common Stock.

 

4.3. Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in subsection 4.1.1 or 4.2 above, the Warrant Price shall be adjusted (to the nearest
cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be
the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y)
the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

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4.4. Replacement
of Securities upon Reorganization, etc. If, at any time while any Warrant is outstanding (i) the Company effects (A) any merger
of the Company with (but not into) another person, in which stockholders of the Company measured immediately prior to the consummation
of such transaction, consequently own less than a majority of the outstanding stock of the surviving entity, or (B) any merger
or consolidation of the Company into another person, (ii) the Company effects any sale of all or substantially all of its assets
in one or a series of related transactions, (iii) any tender offer or exchange offer approved or authorized by the Company’s
Board of Directors is completed pursuant to which holders of at least a majority of the outstanding shares of Common Stock tender
or exchange their shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common
Stock or any compulsory share exchange pursuant to which the shares of Common Stock is effectively converted into or exchanged
for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock covered
elsewhere in this Section 4) (in any such case, a “Fundamental Transaction”), then the Registered Holder
shall have the right thereafter to receive, upon exercise of such Warrant, the same amount and kind of securities, cash or property
as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior
to such Fundamental Transaction, the holder of the number of shares underlying the Warrants then issuable upon exercise in full
of such Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”),
and the Registered Holder shall no longer have the right to receive such shares upon exercise of such Warrant. Notwithstanding
anything to the contrary contained herein, the provisions of this section shall not be deemed to apply to, and no Fundamental
Transaction shall be deemed to have occurred in connection with, any Business Combination. The Company shall not effect any such
Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving
entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or person shall assume
the obligation to deliver to the Registered Holder, such Alternate Consideration as, in accordance with the foregoing provisions,
the Registered Holder may be entitled to receive, and the other obligations under the Warrant. The provisions of this section
4.4 shall similarly apply to subsequent transactions of an analogous type to any Fundamental Transaction. Notwithstanding the
foregoing, in the event of a Fundamental Transaction, then at the request of the Registered Holder delivered at any time through
the date that is 30 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 to the Company) shall purchase such Warrant
from the Registered Holder by paying to the Registered Holder, within five Trading Days after such request, cash in an amount
equal to the Black Scholes Value of the remaining unexercised portion of such Warrant on the date of such Fundamental Transaction.
Any Registered Holder that receives cash pursuant to the immediately preceding sentence shall not receive any Alternate Consideration.
For purposes hereof, “Black Scholes Value” means the value of the Warrant based on the Black
Scholes Option Pricing Model obtained from the “OV” function on Bloomberg using (i) a price per share of Common Stock
equal to the Closing Sale Price of the Common Stock for the Trading Day immediately preceding the date of consummation of the
applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal
to the remaining term of such Warrant as of such date of request, and (iii) an expected volatility equal to the greater of (A)
forty percent (40%) and (B) the 30-day volatility obtained from the HVT function on Bloomberg determined as of the Trading Day
immediately following the announcement of the Fundamental Transaction, (iv) a “Style” of “Warrant” and
(v) a “Warrant type” of “Capped” where “Call cap” equals $17.50, subject to adjustment under
Section 4.1.

 

4.5. Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, the
Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for
such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such event.

 

    	8

    	 

    

 

4.6. No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue
fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any
Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall,
upon such exercise, round up to the nearest whole number, the number of the shares of Common Stock to be issued to such holder.

 

4.7. Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued
pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion
make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and
any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may
be in the form as so changed.

 

4.8. Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing,
which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate
the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5.            Transfer and Exchange of Warrants.

 

5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.

 

5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange
or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Placement Warrants),
the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received
an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also
bear a restrictive legend.

 

5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in
the issuance of a warrant certificate for a fraction of a warrant.

 

5.4. Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

    	9

    	 

    

 

5.5. Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Transfer
of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such
Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer
of Warrants on and after the Detachment Date.

 

6.            Redemption.

 

6.1. Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed at the option of
the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice
to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant
(the “Redemption Price”); provided, that the last sales price of the Common Stock reported
has been at least $17.50 per share (subject to adjustment in compliance with Section 4 hereof), on each of twenty
(20) trading days within the thirty (30) trading-day period ending on the third Business Day prior to the date on which notice
of the redemption is given; provided further, in the event there was no actual trading of the Warrants for any day within such
30-Day trading period, then the closing bid price on such day must be at least $17.50 per share to count; and, provided further that
there is an effective registration statement covering the Common Stock issuable upon exercise of the Warrants, and a current prospectus
relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below).

 

6.2. Date
Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, the Company shall
fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (such 30-day period, the
“Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed
to have been duly given whether or not the Registered Holder received such notice.

 

6.3. Exercise
After Notice of Redemption. The Warrants may be exercised at any time after notice of redemption shall have been given by
the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. On and after the Redemption Date,
the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

 

6.4. Exclusion
of Placement Warrants or Repurchased Public Warrants. The Company agrees that the redemption rights provided in this Section
6 shall not apply to the Placement Warrants or Repurchased Public Warrants if at the time of the redemption such Placement Warrants
or Repurchased Public Warrants continue to be held by Wright, the Sponsor, members of the Sponsor, Cowen, partners of Cowen or
their Permitted Transferees; provided, however, that once such Placement Warrants or Repurchased Public
Warrants are transferred (other than to Permitted Transferees under subsection 2.5), the Company may redeem the Placement
Warrants or Repurchased Public Warrants, provided that the criteria for redemption are met, including the opportunity of the holder
of such Placement Warrants or Repurchased Public Warrants to exercise the Placement Warrants or Repurchased Public Warrants prior
to redemption pursuant to Section 6.3. Placement Warrants or Repurchased Public Warrants that are transferred to persons
other than Permitted Transferees shall upon such transfer cease to be Placement Warrants and shall become Public Warrants under
this Agreement.

 

    	10

    	 

    

  

7.            Other Provisions Relating to Rights of Holders of Warrants.

 

7.1. No
Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter.

 

7.2. Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or
not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3. Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued Common
Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration
of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after
the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a post-effective amendment
to the Registration Statement, or a new registration statement, for the registration, under the Securities Act, of the Common
Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to register
or qualify for sale, in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon
exercise of the Warrants, to the extent an exemption is not available. The Company shall use its best efforts to cause the same
to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto,
until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such post-effective amendment
or registration statement has not been declared effective by the sixtieth (60th) Business Day following the closing of the Business
Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day
after the closing of the Business Combination and ending upon such post-effective amendment or registration statement being declared
effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration
statement covering the Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,”
by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of
shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined below)
by the Fair Market Value. Solely for purposes of this Section 7.4, “Fair Market Value” shall mean the
volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day
prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities
broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined
by the Warrant Agent. The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an
outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance
with this Section 7.4 is not required to be registered under the Securities Act and (ii) the Common Stock issued
upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as
such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive
legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section
7.4. In addition, the Company agrees to use its best efforts to register the Common Stock issuable upon exercise of a Warrant
under the blue sky laws of the states of residence of the exercising Warrant holder to the extent an exemption is not available.

 

    	11

    	 

    

 

8.            Concerning the Warrant Agent and Other Matters.

 

8.1. Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of Common Stock upon the exercise of the Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

8.2. Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may
apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment.

 

8.2.3. Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.

 

8.3. Fees
and Expenses of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall,
pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder.

 

    	12

    	 

    

 

8.3.2. Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent
for the carrying out or performing of the provisions of this Agreement.

 

8.4. Liability
of Warrant Agent.

 

8.4.1. Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the President, Chief Executive Officer or Chairman of the Board of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith
by it pursuant to the provisions of this Agreement.

 

8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the
Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity
or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by
the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method,
or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common
Stock to be issued pursuant to this Agreement or any Warrant or as to whether any Common Stock shall, when issued, be valid and
fully paid and nonassessable.

 

8.5. Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of the Common
Stock through the exercise of the Warrants.

 

8.6. Waiver.
The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby
waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.

 

    	13

    	 

    

 

9.            Miscellaneous Provisions.

 

9.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

9.2. Notices.
Any notice, statement or demand authorized by this Agreement shall be sufficiently given (i) when so delivered if by hand or overnight
delivery, (ii) upon receipt of by the intended recipient if by facsimile, or (ii) if sent by certified mail or private courier
service within five

 

(5) days
after deposit of such notice, postage prepaid. Such notice, statement or demand shall be addressed as follows:

 

If to the
Company:

 

Chart Acquisition
Corp.

555 5th Avenue,
19th Floor,

New York,
NY 10017

Fax: (212)
350-8299

Attention:
Michael LaBarbera, Chief Financial Officer

 

If to the
Warrant Agent:

 

Continental
Stock Transfer & Trust Company

17 Battery
Place

New York,
New York 10004

Fax: 212-616-7615

Attention:
Compliance Department

 

If to Cowen:

 

Cowen Investments
LLC

c/o RCG
LV Pearl LLC

599 Lexington
Avenue, 27th Floor

New York,
NY 10022

Fax: (212)
845-7990

Attention:
Stephen Lasota, Chief Financial Officer

 

with a copy
in each case (which shall not constitute service) to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New
York, New York 10105

Fax:
(212) 370-7889

Attention:
Douglas S. Ellenoff

 

DLA
Piper LLP (US)

1251
Avenue of Americas

New
York, New York 10020

Fax:
(212) 884-8645

Attention:
Jack Kantrowitz, Esq.

 

    	14

    	 

    

 

9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

  

9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained
in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the
Registered Holders of the Warrants.

 

9.5. Examination
of the Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent
may require any such holder to submit his Warrant for inspection by it.

 

9.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7. Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

 

9.8. Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the
parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including
any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Placement
Warrants or Cowen Held Warrants, shall require the written consent of the Registered Holders of 65% of the then outstanding Public
Warrants. Further, Wright, the Sponsor, the members of the Sponsor, Cowen, partners of Cowen shall not vote any Placement Warrants
owned or controlled by them in favor of such amendment unless the Registered Holders of 65% of the Public Warrants vote in favor
of such amendment. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise
Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.
To the extent any amendment is made to either the Placement Warrants, Cowen Held Warrants or Repurchased Public Warrants resulting
in an increase in value (including for example, an extension to the Expiration Date), such amendment will also be made to all
Public Warrants. In addition, there can be no such amendment to the Placement Warrants, Cowen Held Warrants or Repurchased Public
Warrants after the Public Warrants have been redeemed.

 

9.9. Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Remainder
of page intentionally left blank. Signature page to follow.]

 

    	15

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	CHART
    ACQUISITION CORP.	 
	 	 	 
	By:	/s/
Michael LaBarbera 	 
	 	Name: Michael
    LaBarbera	 
	 	Title: Chief Financial
    Officer	 
	 	 	 
	CONTINENTAL STOCK TRANSFER & TRUST

 COMPANY,
	 	 	 
	as
    Warrant Agent	 
	 	 
	By:	/s/
    Frank A. Di Paolo	 
	 	Name: Frank A.
    Di Paolo	 
	 	Title: Chief Financial
    and Trust Officer 	 

 

    	16

    	 

    

 

EXHIBIT
A

 

[Form
of Warrant Certificate]

 

[FACE]

 

Number

  

Warrants

 

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE
EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN
THE WARRANT AGREEMENT DESCRIBED BELOW

 

CHART
ACQUISITION CORP.

A
Delaware corporation

 

CUSIP
161151 113

 

Warrant
Certificate

 

This
Warrant Certificate certifies that __________, or registered assigns, is the registered holder of __________ warrants
(the “Warrants”) to purchase shares of common stock, $0.0001 par value (the “Common Stock”),
of Chart Acquisition Corp. (the “Company”). Each Warrant entitles the holder, upon exercise during the
period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and nonassessable
shares of Common Stock (each, a “Warrant” ) as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless
exercise” if permitted by the Warrant Agreement) of the United States of America upon surrender of this Warrant
Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions
set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement (as defined on the reverse hereof).

 

Each
Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. The number of shares of Common Stock
issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant
Agreement.

 

The
initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to
adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

  

Subject
to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the
extent not exercised by the end of such Exercise Period, such Warrants shall become void.

 

Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions
shall for all purposes have the same effect as though fully set forth at this place.

 

This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This
Warrant Certificate shall be governed and construed in accordance with the internal laws of the State of New York, without regard
to conflicts of laws principles thereof.

 

    	 

    	 

    

 

 

	 	CHART ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name: Michael LaBarbera
	 	 	Title: Chief Financial Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
	 	 	 
	 	as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

[Form
of Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise
to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of December 13, 2012
(the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the Registered Holders or Registered Holder)
of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined
terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants
may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by
this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set
forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement
(or through “cashless exercise” if permitted by the Warrant Agreement) at the principal corporate trust
office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised
shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its
assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise

 

(i)
a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act
and (ii) a prospectus thereunder relating to the shares of Common Stock is current, except through “cashless exercise”
if permitted by the Warrant Agreement. Additionally, if the Corporation fails to enter into a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination, involving the Corporation and one or more businesses
by the Extended Termination Date, the Warrants evidenced by this Warrant Certificate shall expire worthless.

 

The
Warrant Agreement provides that upon the occurrence of certain events the number of the Warrants set forth on the face hereof
may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive
a fractional interest in a share of Common Stock, the Company shall, upon exercise, round up to the nearest whole number of shares
of Common Stock to be issued to the holder of the Warrant.

 

Warrant
Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in
person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates
of like tenor evidencing in the aggregate a like number of Warrants.

 

Upon
due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s)
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except
for any tax or other governmental charge imposed in connection therewith.

 

The
Company and the Warrant Agent may deem and treat the Registered Holder(s) thereof as the absolute owner(s) of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of
any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a
stockholder of the Company.

 

    	 

    	 

    

 

Election
to Purchase

 

(To
Be Executed Upon Exercise of Warrant)

 

The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive __________ shares
of Common Stock and herewith tenders payment for such shares to the order of Chart Acquisition Corp. (the “Company”)
in the amount of $__________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares
be registered in the name of __________, whose address is__________ and that such shares be delivered to __________ whose address
is __________. If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned
requests that a new Warrant Certificate representing the remaining balance of such shares be registered in the name of __________,
whose address is __________, and that such Warrant Certificate be delivered to __________, whose address is __________.

 

In
the event that the Warrant is a Placement Warrant or Repurchased Public Warrant that is to be exercised on a “cashless
basis” pursuant to subsections 3.3.1(b) of the Warrant Agreement, the number of shares that this
Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) of the Warrant Agreement.

 

In
the event that the Warrant is to be exercised on a “cashless basis” pursuant to Section 7.4 of
the Warrant Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance with Section
7.4 of the Warrant Agreement.

 

In
the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the
number of shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant
Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of
the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock
purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate
representing the remaining balance of such shares be registered in the name of, whose address is, and that such Warrant Certificate
be delivered to , whose address is __________.

 

Date: __________,
20

 

	(Signature)	 
	 	 

 

	Signature 	 	 	Guaranteed: 	 

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

    	 

    	 

    

 

EXHIBIT
B

 

LEGEND

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AGREEMENT AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED DURING THE TERM OF THAT LOCKUP AGREEMENT PURSUANT TO THE TERMS SET FORTH THEREIN.

 

No. Warrants

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