Use your meter to check for voltage at the coil while cranking. I'm not so sure, though, that the 10.5 V at the battery is not a problem. What does it check when you are not cranking? It should be at least 12V. Have you tried charging the battery or jumping with cables. Generally, if it cranks good, though, it should start. For earlier models (RENIX), that is reportedly not the case.
And when you say "no spark", we are assuming that you put a spark plug into a wire and held the plug to the head or block while someone cranked the motor with the key, and this showed no sparking. Is that correct?