Document:

Exhibit
10.1

 

GUARANTY

 

THIS
GUARANTY AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN SECTION
3 OF THE DEBENTURES (AS DEFINED HEREIN) TO THE SENIOR INDEBTEDNESS (AS DEFINED IN THE DEBENTURES), AND EACH HOLDER OF THIS GUARANTY,
BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS OF SECTIONS 3 AND 12 OF THE DEBENTURES.

 

THIS
GUARANTY (this “Guaranty”), dated as of ______________, 2020, between entities named as guarantors on the
signature pages this Guaranty _____________ (the “Guarantors” and each a “Guarantor”), each
of which Guarantors is a subsidiary of American Virtual Cloud Technologies, Inc., a Delaware corporation (the “Company”).

 

W
I T N E S S E T H

 

WHEREAS,
the Company and has heretofore executed and delivered to the Holders one or more Convertible Debentures dated the date hereof
in an aggregate principal amount of $__________ and may thereafter execute and deliver additional Convertible Debentures in an
additional aggregate principal amount not to exceed $___________ (the “Debentures”);

 

WHEREAS,
Section 14 of the Debentures provides that the Guarantors shall execute and deliver to each Holder a Guaranty pursuant to which
the Guarantors shall unconditionally guarantee all of the Company’s obligations under the Debentures on the terms and conditions
set forth herein (the “Debenture Guarantee”); and

 

WHEREAS,
the Guarantors are authorized to execute and deliver this Guaranty.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, including the benefits to be received
by the Guarantors from the financing provided by the issuance of the Debentures and the other securities issued contemporaneously
therewith, the receipt of which is hereby acknowledged, each Guarantor and the Company mutually covenant and agree for the equal
and ratable benefit of the Holders of the Debentures as follows:

 

1.
 DEFINED TERMS. Capitalized terms used but not defined herein shall have the meanings given to them in the Debentures
or the Purchase Agreement, as applicable.

 

2.
 AGREEMENT TO GUARANTEE.

 

(a) Each
Guarantor hereby agrees, jointly and severally with all other Guarantors hereby, guarantees, to each Holder of a Debenture, irrespective
of the validity and enforceability of the Debentures or the obligations of the Company hereunder or thereunder, that:

 

(1)
the principal of, premium, if any, and interest on, the Debentures will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Debentures, if any, if
lawful, and all other obligations of the Company to the Holders thereunder will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and

 

     

     

    

 

(2)
in case of any extension of time of payment or renewal of any Debentures or any of such other obligations, that same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing
payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, Guarantors shall be jointly
and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee
of collection.

 

(b) The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Debentures, the absence of any action to enforce the same, any waiver or consent by any Holder of the Debentures with respect
to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant
that this Guarantee will not be discharged except by complete performance of the obligations contained in the Debentures.

 

(c) If
any Holder is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator
or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to such Holder,
this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

(d) Each
Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders, on the other hand, (1) the maturity of the obligations guaranteed hereby may be
accelerated as provided in the Debentures for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any such declaration of
acceleration of such obligations, such obligations (whether or not due and payable) will forthwith become due and payable by the
Guarantors for the purpose of this Guarantee. The Guarantors will have the right to seek contribution from any other Guarantor,
or the Company, as the case may be, so long as the exercise of such right does not impair the rights of the Holders under the
Debenture Guarantee.

 

(e) Each
Guarantor, and by its acceptance of Debentures, each Holder, hereby confirms that it is the intention of all such parties that
the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of bankruptcy law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Guarantee. To effectuate the foregoing intention, the Holders and the Guarantors hereby irrevocably agree that the obligations
of such Guarantor shall be limited to the maximum amount that shall, after giving effect to such maximum amount and all other
contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under this Guaranty, result in the obligations of such Guarantor under its Guaranty not constituting a
fraudulent transfer or conveyance.

 

    2

     

    

 

3. NOTICES. All
notices or other communications to each Guarantor shall be given as provided in Section 8.2 of the Debentures.

 

4. RATIFICATION
OF DEBENTURES; GUARANTIES PART OF DEBENTURES.  Except as expressly amended hereby, the Debentures are in all respects
ratified and confirmed and all the terms, conditions and provisions thereof (including, without limitation, the terms and provisions
of Section 3 of the Debentures in favor of the Senior Lender as defined therein) shall remain in full force and effect. This Guaranty
shall form a part of the Debentures for all purposes, and every holder of Debentures heretofore or hereafter authenticated and
delivered shall be bound hereby.

 

5. GOVERNING
LAW. THIS GUARANTY AND THE DEBENTURES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, with
the laws of the State of Delaware without giving effect to principles of conflict of laws that would cause the laws of another
jurisdiction to apply. 

 

6. COUNTERPARTS.
The parties may sign any number of copies of this Guaranty. Each signed copy shall be an original, but all of them together represent
the same agreement.

 

7. EFFECT
OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

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

 

	Dated:           
    , 20
	 
	[GUARANTOR]
	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

3Exhibit
10.2

 

EXECUTION
VERSION

 

AMENDED
AND RESTATED VOTING AGREEMENT

 

This
Amended and restated voting Agreement (this “Agreement”) is made
and entered into as of December 1, 2020, by and among Ribbon Communications Operating Company, Inc., a Delaware corporation (“RCOCI”),
Ribbon Communications International Limited, an Ireland company (“RCIL”, and together with RCOCI, each a “Seller”
and collectively the “Sellers”), Ribbon Communications Inc., a Delaware corporation (“Parent”),
and the undersigned holder (the “Holder”) of securities of American Virtual Cloud Technologies, Inc., a Delaware
corporation (the “Company”). Capitalized terms used but not defined herein have the meaning attributed to them
in the Purchase Agreement (as defined below).

 

Recitals

 

WHEREAS,
the parties entered into that certain voting agreement on August 5, 2020 (the “Original Voting Agreement”)
concurrently with the execution of that certain purchase agreement by and among Sellers, the Company and Ribbon Communications
Inc., a Delaware corporation (“Parent”) (the “Original Purchase Agreement”), pursuant to
which the Sellers and their respective Affiliates are selling the Business by selling the Purchased Interests and the Transferred
Assets and assigning the Assumed Liabilities to the Company;

 

WHEREAS,
the Sellers, the Company and Parent have amended and restated the Original Purchase Agreement as of the date hereof (the “Purchase
Agreement”) and concurrently with entering into the Purchase Agreement, the parties have agreed to amend and restate
the Original Voting Agreement in its entirety;

 

WHEREAS,
the purchase price to be paid by the Company to Parent in consideration for all of Sellers’ and/or their respective Affiliates’
right, title and interest in, to and under the Transferred Assets and the Purchased Interests will be the issuance of the Consideration
Units to Parent, which Consideration Units shall consist of Debentures and Warrants;

 

WHEREAS,
as an inducement and a condition to Parent and Sellers entering into the Purchase Agreement and to consummate the transactions
contemplated thereby, the Holder has agreed to enter into this Agreement, pursuant to which the Holder is agreeing, among other
matters, to vote all of its Covered Stock (as defined below) in favor of the issuance of Common Stock to Parent upon the conversion
of the Debentures issuable to Parent pursuant to the Purchase Agreement and the exercise of the Warrants issuable to Parent pursuant
to the Purchase Agreement (collectively, the “Conversion Shares”);

 

WHEREAS,
the obligations of Parent and the Sellers under the Purchase Agreement are conditioned, among other things, upon the execution
and delivery of this Agreement by the Holder; and

 

WHEREAS,
the parties desire to enter into this Agreement to set forth their agreements and understandings with respect to the issuance
of the Conversion Shares to Parent.

 

    

     

    

 

NOW,
THEREFORE, in consideration of the promises and the covenants and agreements set forth below, the parties agree as follows:

 

1. 
No Transfer of Shares. During the term of this Agreement, the Holder shall not (a) cause or permit any Transfer (as defined
below) of any of the Covered Stock or any right or interest therein, or (b) enter into any agreement, option, understanding or
arrangement with respect to a Transfer of any of the Covered Stock. Except as required by this Agreement, the Holder shall not
deposit (or permit the deposit of) any Covered Stock in a voting trust or grant any proxy or enter into any voting agreement or
similar agreement with respect to any of the Covered Stock or in any way grant any other Person any right whatsoever with respect
to the voting or disposition of the Covered Stock; provided, that the foregoing shall not prohibit the Transfer of Covered Stock
to an Affiliate or other owner of Holder so long as such Affiliate of such transferee executes this Agreement or a joinder agreement
to become a party to this Agreement. For purposes hereof, a Person shall be deemed to have effected a “Transfer”
of Covered Stock if such Person directly or indirectly: (a) sells, pledges, encumbers, grants an option with respect to, transfers,
assigns, or otherwise disposes of (including by merger (including by conversion into securities or other consideration), by tendering
into any tender or exchange offer, by operation of Law or otherwise) such security, or any interest in such security; or (b) enters
into an agreement, arrangement or commitment providing for the sale of, pledge of, encumbrance of, grant of an option with respect
to, transfer of or disposition of such shares or any interest therein. Any Transfer or attempted Transfer in violation of this
Agreement shall be null and void ab initio. It is hereby clarified that if any involuntary Transfer of any of the Covered
Stock shall occur (such as in the case of appointment of a receiver to the Holder’s assets as part of bankruptcy proceedings),
the transferee (which term, as used herein, shall include the initial transferee and any and all subsequent transferees of the
initial transferee) shall take and hold such Covered Stock subject to all of the restrictions, liabilities and rights under this
Agreement, which shall continue in full force and effect until the termination of this Agreement.

 

2. 
Agreement to Vote Shares. The Holder irrevocably and unconditionally agrees that it shall at any meeting of the stockholders
of the Company or at any adjournment thereof, in the action by written consent or in any other circumstances upon which the Holder’s
vote, consent or other approval is sought in connection with the Purchase Agreement and the issuance of the Conversion Shares
to Parent upon the conversion of the Debentures issuable to Parent pursuant to the Purchase Agreement and the exercise of the
Warrants issuable to Parent pursuant to the Purchase Agreement, to (i) appear at each such meeting or otherwise cause all of its
Covered Stock to be counted as present thereat for purpose of establishing a quorum and (ii) vote (or cause to be voted), in person
or by proxy, all of the Covered Stock that are then entitled to be voted (a) in favor of the transactions contemplated by the
Purchase Agreement, including the issuance of the Conversion Shares to Parent, (b) in favor of any action, proposal, transaction
or agreement that is submitted by the Company for a vote of the stockholders of the Company and would reasonably be expected to
facilitate the transactions contemplated by the Purchase Agreement, (c) in favor of any proposal to adjourn or postpone to a later
date any meeting of the stockholders of the Company at which any of the foregoing matters of this Section 2 are submitted for
consideration and vote of the stockholders of the Company if there are not sufficient votes for approval of any such matters on
the date on which the meeting is held, and (d) against (1) any action or agreement that would result in a breach of any covenant,
representation or warranty or any other obligation or agreement of the Company or any of its Subsidiaries contained in the Purchase
Agreement, or of such Holder contained in this Agreement, and (2) any other action that would reasonably be expected to impede,
interfere with, delay, postpone or adversely affect or prevent the transactions contemplated by the Purchase Agreement or this
Agreement, or the issuance of the Conversion Shares. The Holder shall execute and deliver to the Company a written consent in
favor of the transactions contemplated under the Purchase Agreement and the terms of the Purchase Agreement and the Ancillary
Agreements reflected therein and the issuance of the Conversion Shares as soon as practicable and in any event within two (2)
Business Days after the date of receipt from the Company of a written consent in proper form if no meeting of the stockholders
has then been called for such purpose. The Holder agrees that the shares of the Covered Stock that are entitled to be voted shall
be voted (or cause to be voted) as set forth in the preceding sentences.

 

    2

     

    

 

3. 
Director Matters/280G Matters Excluded. No provision of this Agreement shall limit or otherwise restrict the Holder with
respect to any vote that the Holder (or, if the Holder is not a natural person, the Holder’s representative) may make solely
in his or her capacity as a director of the Company with respect to a matter presented to the Company Board.

 

4. 
Irrevocable Proxy.

 

(a) 
Concurrently with the execution of this Agreement, the Holder has executed and delivered to the Company an irrevocable proxy in
the form attached hereto as Exhibit A (the “Proxy”), which Proxy shall be irrevocable to the fullest
extent permissible by Law, with respect to the Covered Stock. The Proxy granted by the Holder shall not be exercised to vote,
consent or act on any matter except as contemplated by Section 2 of this Agreement. The parties acknowledge and agree that the
proxy previously delivered by Holder on August 5, 2020 shall be terminated and be of no further force and effect.

 

(b) 
If, and only if, for any reason the Proxy granted pursuant to this Agreement is deemed to be revocable, then the Holder agrees
to vote the Covered Stock that are then entitled to vote in accordance with Section 2 of this Agreement.

 

5. 
Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Sellers as follows:

 

(a) 
The Holder (i) is the record and beneficial owner of the Common Stock and other securities of the Company set forth on Schedule
A (collectively, the “Existing Stock”), free and clear of any Encumbrances of any nature whatsoever (other
than pursuant to (x) applicable restrictions on transfer under applicable securities laws, (y) restrictions on transfer pursuant
to that certain Stock Escrow Agreement, dated as of July 27, 2017, to which the Holder and the Company are parties or (z) this
Agreement), and (ii) does not beneficially own any securities of the Company (including options, warrants or convertible securities)
other than the Existing Stock. 

 

(b) 
Except as set forth on Schedule A, the Holder has the sole right to Transfer, to vote and to direct the voting of the Existing
Stock (or, if this Agreement also is signed by the Holder’s spouse, the Holder and his or her spouse, if applicable, together
have the sole right to Transfer, to vote and to direct the voting of the Existing Stock), and none of the Existing Stock are subject
to any voting trust or other agreement, arrangement or restriction with respect to the Transfer or the voting of the Existing
Stock, except as set forth in this Agreement.

 

(c) 
The Holder, if not a natural person: (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization, (ii) is not in violation of any of the provision of the Holder’s organizational documents, and (iii) has
the requisite corporate, company, partnership or other power and authority to execute and deliver this Agreement and the Proxy,
to consummate the transactions contemplated hereby and thereby and to comply with the terms hereof and thereof. The execution
and delivery by the Holder of this Agreement and the Proxy, the consummation by the Holder of the transactions contemplated hereby
and thereby and the compliance by the Holder with the provisions hereof and thereof have been duly authorized by all necessary
corporate, company, partnership or other action on the part of the Holder, and no other corporate, company, partnership or other
proceedings on the part of the Holder are necessary to authorize this Agreement and the Proxy, to consummate the transactions
contemplated hereby and thereby or to comply with the provisions hereof or thereof.

 

    3

     

    

 

(d) 
Each of this Agreement and the Proxy has been duly executed and delivered by the Holder, constitutes a valid and binding obligation
of the Holder and is enforceable against the Holder in accordance with its terms, except as such enforceability may be subject
to applicable bankruptcy, reorganization, insolvency, moratorium and similar Laws affecting the enforcement of creditors’
rights generally and by general principles of equity.

 

(e) 
The execution and delivery of this Agreement and the Proxy, the consummation of the transactions contemplated hereby and thereby
and compliance with the provisions hereof and thereof do not and will not conflict with, or result in any violation or breach
of, or default (with or without notice or lapse of time, or both) under, any provision of (i) the organizational documents of
the Holder, if applicable, (ii) any (A) statute, law, ordinance, rule or regulation or (B) judgment, order or decree, in each
case, applicable to the Holder or its properties or assets, or (iii) any contract, trust, commitment, agreement, understanding,
arrangement or restriction of any kind to which the Holder is a party or by which the Holder or the Holder’s assets are
bound. The execution and delivery by the Holder of this Agreement does not, and the performance of the Holder’s obligations
hereunder does not, require such Holder or any of its Affiliates to obtain any consent, approval, authorization or permit of,
or to make any filing with or notification to, any person or Governmental Authority, other than any filings as may be required
under the Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder.

 

(f) 
There is no action, suit, investigation, complaint or other proceeding pending against, involving or affecting the Holder or the
Existing Stock or, to the knowledge of the Holder, any other person, or, to the knowledge of the Holder, threatened against, involving
or affecting the Holder or the Existing Stock or any other person that would reasonably be expected to restrict or prohibit (or,
if successful, would restrict or prohibit) the performance by the Holder of its obligations under this Agreement.

 

(g) 
The Holder understands and acknowledges that Parent and Sellers are entering into the Purchase Agreement in reliance upon the
Holder’s execution, delivery and performance of this Agreement. The Holder is sophisticated holder with respect to the Existing
Stock and has adequate information concerning the transactions contemplated hereby and by the Purchase Agreement and concerning
the business and financial condition of the Company to make an informed decision regarding the matters referred to herein and
has independently, without reliance upon Parent, Sellers or any of their respective Affiliates, and based on such information
as the Holder has deemed appropriate, made the Holder’s own analysis and decision to enter into this Agreement.

 

6. 
Termination. This Agreement shall terminate upon the earliest to occur of (a) the valid termination of the Purchase Agreement
in accordance with its terms and (b) the Company obtaining the Requisite Buyer Stockholder Approval. In the event of the termination
of this Agreement, this Agreement and the Proxy shall forthwith become null and void, there shall be no liability on the part
of any of the parties, and all rights and obligations of each party hereto shall cease; provided, however, that
no such termination of this Agreement shall relieve any party hereto from any liability for any breach of any provision of this
Agreement prior to such termination; provided, further, that Section 9 and Sections 11 to 17 shall survive any such termination.

 

7. 
Further Covenants and Assurances.

 

(a) 
Until the Closing, the Holder shall not, and the Holder shall not permit any of its Affiliates or Representatives to, directly
or indirectly (i) solicit, initiate, entertain or agree to any proposals or offers from any Person relating to a third-party acquisition
or (ii) participate in any discussions or negotiations regarding, or furnish to any Person any information with respect to, or
otherwise cooperate with, facilitate or encourage any effort or attempt by any Person to do or seek, a third-party acquisition.
The Holder will, from time to time, execute and deliver, or cause to be executed and delivered, such additional or further consents,
documents and other instruments as Sellers may reasonably request for the purpose of effectively carrying out the provisions of
this Agreement and the transactions contemplated hereby.

 

    4

     

    

 

(b) 
If, prior to the Closing, the Holder (in such capacity) receives an inquiry, proposal or offer relating to a third-party acquisition
from any Person, the Holder will, subject to any confidentiality obligations to which the Holder is subject, (i) promptly notify
Sellers of the same and the details thereof (including the identity of the Person making same), (ii) provide to Sellers a copy
of any written inquiry, proposal or offer and all correspondence related thereto, and (iii) keep Sellers informed of the status
thereof. The Holder will immediately cease and cause to be terminated any existing activities, discussions or negotiations with
any persons conducted prior to the date hereof with respect to any third-party acquisition.

 

(c) 
The Holder shall not take any action that would make any representation or warranty of the Holder contained herein untrue or incorrect
or would reasonably be likely to adversely affect, prevent or delay (i) the Holder from performing any of the Holder’s obligations
under this Agreement (it being understood that nothing contained in this Agreement shall be deemed to restrict the ability of
the Holder to exercise any voting rights with respect to the Existing Stock consistent with this Agreement (but not Transfer)
held by the Holder as of the date hereof) or (ii) the Requisite Buyer Stockholder Approval from being obtained.

 

(d) 
The Holder agrees that it will not bring, commence, institute, maintain, prosecute, participate in or voluntarily aid any action,
claim, suit or cause of action, in Law or in equity, in any court or before any Governmental Authority, which (i) challenges
the validity of or seeks to enjoin the operation of any provision of this Agreement or (ii) alleges that the execution and
delivery of this Agreement by the Holder, either alone or together with the other voting agreements and proxies to be delivered
in connection with the execution of the Purchase Agreement, or the approval of the Purchase Agreement by the board of directors
of the Company, breaches any fiduciary duty of the board of directors of the Company or any member thereof; provided, that
the Holder may defend against, contest or settle any such action, claim, suit or cause of action brought against the Holder
that relates solely to the Holder’s capacity as a director or officer of the Company.

 

(e) 
The Holder agrees that any additional securities of the Company acquired by the Holder after the date of this Agreement and prior
to the termination of this Agreement (including through the exercise of any stock options or otherwise) (together with the Existing
Stock, the “Covered Stock”) shall automatically be subject to the terms of this Agreement as though owned by
the Holder on the date hereof.

 

8. 
Holder Release. Conditioned upon and effective as of the Closing, the Holder, as an inducement to Sellers to enter into
the Purchase Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
hereby fully and completely forever releases and discharges the Sellers, the Company and their respective current and former Affiliates
and all of their respective past or present stockholders, partners, members, officers, directors, employees and representatives
and each of their respective heirs, executors, predecessors, successors and assigns (collectively, the “Releasees”),
from any and all claims, actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, covenants, contracts,
controversies, agreements, promises, variances, trespasses, damages, judgments, expenses, executions, affirmative defenses, demands
and other obligations or liabilities whatsoever, in law or equity, whether known or unknown to the Holder, fixed or contingent,
which the Holder ever had, now have or may have against any of the Releasees, based on or arising out of any matter, cause, act
or omission whatsoever, occurring or existing at any time up to and including the Closing, including, without limitation, for,
upon, or by reason of any action, omission, event, occurrence or circumstance related to the operation of the business of the
Company or its Subsidiaries or the Business that has occurred prior to the Closing; provided, however, that the foregoing shall
not release any Person from (i) any obligation of such Person under any provision of the Purchase Agreement or any other Ancillary
Agreement arising before or after the Closing, (ii) any claims for indemnification or for advancement or reimbursement of expenses
as a past or present officer or director under the Company’s organizational documents or under applicable Law or (iii) relating
to salary, bonuses, severance, change of control or retention compensation or accrued vacation or other paid time off, any other
employee or director compensation and/or benefits, and unreimbursed expenses. The foregoing release is conditioned upon the consummation
of the transactions as contemplated in the Purchase Agreement, and shall become null and void, and shall have no effect whatsoever,
without any action on the part of any person or entity, upon termination of the Purchase Agreement for any reason.

 

    5

     

    

 

9. 
Successors, Assigns and Transferees Bound. Without limiting Section 1 hereof in any way, the Holder agrees that this Agreement
and the obligations hereunder shall attach to the Covered Stock from the date hereof through the termination of this Agreement
and shall be binding upon any Person to which legal or beneficial ownership of the Covered Stock shall pass, whether by operation
of Law or otherwise, including the Holder’s heirs, guardians, administrators or successors, and the Holder further agrees
to take all actions necessary to effectuate the foregoing. Any shares of Company Stock or any options, warrants or convertible
securities (in each case, whether or not vested) to acquire shares of Company Stock received by the Holder in connection with
any stock split, exchange of shares, stock dividend, reclassification, merger, reorganization, recapitalization or other change
in the capital structure of the Company affecting the Company Stock shall be deemed to be included as “Existing Stock”
and “Covered Stock”, and this Agreement and the representations, warranties, covenants, agreements and obligations
hereunder shall attach to any such additional Common Stock.

 

10. 
Deposit. The Holder shall cause a counterpart of this Agreement to be deposited with the Company at its principal place
of business or registered office where it shall be subject to the same right of examination by any stockholder, in person or by
agent or attorney, as are the books and records of the Company.

 

11. 
Public Disclosure. Except as contemplated by the Purchase Agreement or as otherwise required by Law, court order or regulatory
authority, no disclosure (whether or not in response to an inquiry) of the subject matter of this Agreement or the Purchase Agreement
shall be made prior to the Closing by or on behalf of the Holder (including any Representative of the Holder) (other than disclosures
to managers, advisors or equity holders of the Holder on a need to know basis in connection with the approval of the Purchase
Agreement and the transactions contemplated thereby) unless approved by Sellers prior to such disclosure. Notwithstanding the
immediately preceding sentence, in the event that the Holder is required by Law or court order to make any such disclosure, the
Holder may make such disclosure; provided that the Holder shall notify Sellers prior to making such disclosure, shall use
its commercially reasonable efforts to give Sellers an opportunity (as is reasonable under the circumstances) to comment on such
disclosure, and shall make only such disclosure as it is legally obligated to disclose. Solely to the extent required by applicable
Law, the Holder hereby authorizes Parent , Sellers and the Company to publish and disclose in any announcement, filing or disclosure
required by the SEC the Holder’s identity and ownership of the Covered Stock and the nature of the Holder’s obligations
under this Agreement. The Holder agrees as promptly as practicable to give to Parent, Sellers and the Company any information
that it may reasonably require for the preparation of any such announcement or disclosure documents and agrees to promptly notify
Parent, Sellers and the Company of any required corrections with respect to any written information supplied by it specifically
for use in any such disclosure document, if any, to the extent that any shall be or have become false or misleading, in any material
respect.

 

12. 
Remedies. The Holder acknowledges that money damages would be both incalculable and an insufficient remedy for any breach
of this Agreement by it, and that any such breach would cause Sellers irreparable harm. Accordingly, the Holder agrees that in
the event of any breach or threatened breach of this Agreement, Sellers, in addition to any other remedies at Law or in equity
it may have, shall be entitled to seek immediate equitable relief, including injunctive relief and specific performance, without
the necessity of proving the inadequacy of money damages as a remedy and without the necessity of posting any bond or other security,
to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States
or any state having jurisdiction.

 

    6

     

    

 

13. 
 Notices. All notices, requests, consents, Claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand; (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business
hours of the recipient or (d) on the third (3rd) day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the following addresses (or
at such other address for a Party as shall be specified in a notice given in accordance with this Section 13)

 

(i) 
if to Sellers, to

 

Ribbon
Communications Inc.

4
Technology Park Drive

Westford,
Massachusetts 01886

Attention:
Patrick Macken, EVP and Chief Legal Officer

E-Mail:
pmacken@rbbn.com

 

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

 

Latham
& Watkins LLP

885
Third Avenue

New
York, NY 10022-4834

Attention:
David Allinson; Jane Greyf

E-Mail:
david.allinson@lw.com; jane.greyf@lw.com

 

(ii)
if to the Holder, to the address set forth on Schedule A hereto.

 

14. 
Severability. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect
the validity or enforceability of any other provision of this Agreement in such jurisdiction, or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

15. 
Entire Agreement/Amendment. This Agreement and the Proxy represent the entire agreement of the parties with respect to
the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof. Neither this Agreement nor the Proxy may be amended, modified, altered or supplemented except
by means of a written instrument executed and delivered by the parties hereto.

 

16. 
Governing Law. This Agreement and the Proxy shall be construed in accordance with, and governed in all respects by, the
internal laws of the State of Delaware without regard to the Laws of such jurisdiction that would require the substantive Laws
of another jurisdiction to apply. Unless otherwise explicitly provided in this Agreement, any action, claim, suit or proceeding
relating to this Agreement or the Proxy or the enforcement of any provision of this Agreement or the Proxy shall be brought or
otherwise commenced only in any state or federal court located in Delaware. Each party hereto (a) expressly and irrevocably consents
and submits to the exclusive jurisdiction of the Delaware Court of Chancery (or in the event (but only in the event) that such
court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District
of Delaware) in any action arising out of or relating to this Agreement or any of the matters contemplated hereby; (b) agrees
that each such court shall be deemed to be a convenient forum; (c) agrees that service of process in any such proceeding may be
made by giving notice pursuant to Section 13; and (d) agrees not to assert, by way of motion, as a defense or otherwise,
in any such proceeding commenced in any such court, any claim that such party is not subject personally to the jurisdiction of
such court, that such proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that
this Agreement or the Proxy or the subject matter of this Agreement or the Proxy may not be enforced in or by such court.

 

17. 
Counterparts. For the convenience of the parties, this Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

 

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    7

     

    

 

In
Witness Whereof, the parties have caused this
Agreement to be executed as of the date first above written.

 

	 	Holder:
	 	 
	 	Pensare
    Sponsor Group, Inc.
	 	 	 
	 	By:	/s/
    Robert E. Willis
	 	Name:	Robert
    E. Willis
	 	Title:	Manager
	 	 	 
	 	Sellers:
	 	 	 
	 	Ribbon
    Communications Operating Company, Inc.
	 	 	 
	 	By:	/s/
    Miguel Lopez
	 	Name:	Miguel
    Lopez
	 	Title:	President
    & Chief Executive Officer
	 	 	 
	 	Ribbon
    Communications International Limited
	 	 
	 	By:	/s/
    Eric S. Marmurek
	 	Name:	Eric
    S. Marmurek
	 	Title:	Director
	 	 	 
	 	Parent:
	 	 	 
	 	Ribbon
    Communications Inc.
	 	 
	 	By:	/s/
    Bruce McClelland
	 	Name:	Bruce
    McClelland
	 	Title:	President
    & Chief Executive Officer

 

Signature
Page to the Voting Agreement

 

    

     

    

 

SCHEDULE
A

 

	Name
    and Address of Holder	 	Shares
    of 

    Company 

Common Stock	 	PIPE
    

    Convertible 

    Debentures	 	Company
    

    Warrants
	Pensare
        Sponsor Group, LLC

         

        1720
        Peachtree St NW

        Ste
        629

        Atlanta,
        GA  30309  
	 	5,818,500
    shares of Common Stock  	 	$2,260,000
      	 	7,017,290
        warrants ($11.50 strike price)

         

        226,000
        PIPE unit warrants ($.01 strike price) 

  

    

     

    

 

EXHIBIT
A

Irrevocable
Proxy

 

The
undersigned holder (the “Holder”) of outstanding securities of American Virtual Cloud Technologies, Inc., a
Delaware corporation (the “Company”), solely in its, his or her capacity as a holder of securities of the Company,
hereby irrevocably appoints __________________, as the sole and exclusive attorney and proxy of the undersigned, with full power
of substitution and resubstitution, to vote and exercise all voting, consent and similar rights with respect to all of the Covered
Stock (as defined in the Voting Agreement, as defined below) until the Expiration Date (as defined below) as specified below.
Upon the undersigned’s execution of this Proxy, any and all prior proxies given by the undersigned with respect to the Covered
Stock are hereby revoked and the undersigned agrees not to grant any subsequent proxies with respect to the Covered Stock until
after the Expiration Date.

 

This
Proxy is irrevocable, is coupled with an interest sufficient in law to support an irrevocable power and made for the benefit of
third parties, and is granted pursuant to that certain Voting Agreement (the “Voting Agreement”) of even date
herewith by and among Ribbon Communications Operating Company, Inc., a Delaware corporation (“RCOCI”), Ribbon
Communications International Limited, an Ireland company (“RCIL”, and together with RCOCI, each a “Seller”
and collectively the “Sellers”) and the Holder, and is granted solely in furtherance of Holder’s undertaking
to vote the Covered Stock as required by the Voting Agreement contemplated by that certain Purchase Agreement of even date herewith
(the “Purchase Agreement”), by and among the Company, the Sellers and Ribbon Communications Inc., a Delaware
corporation. As used herein, the term “Expiration Date” shall mean the date of termination of the Voting Agreement
in accordance with its terms. Capitalized terms used but not defined herein have the meaning attributed to them in the Purchase
Agreement.

 

The
attorney and proxy named above is hereby authorized and empowered by the Holder, at any time prior to the Expiration Date, to
act as the Holder’s attorney and proxy to vote the Covered Stock and to exercise all voting, consent and similar rights
of the Holder with respect to the Covered Stock (including, without limitation, the power to execute and deliver written consents),
in accordance with Section 2 of the Voting Agreement, at any meeting of stockholders of the Company or at any adjournment thereof,
in any action by written consent or in any other circumstances upon which the Holder’s vote, consent or other approval is
sought in connection with the Purchase Agreement and issuance of the Issued Shares pursuant to the Purchase Agreement.

 

Any
obligation of the Holder hereunder shall be binding upon the successors and assigns of the Holder.

 

This
Proxy shall terminate, and be of no further force or effect, automatically upon the Expiration Date.

 

[The
remainder of this page is intentionally left blank.]

 

    

     

    

  

	 	Holder
	 	 	 
	 	Pensare
    Sponsor Group, LLC
	 	 	 
	 	By:	     
	 	Name:	 
	 	[Title:]	 
	 	 	 
	 	Dated:
    _________ ___, 2020

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