Document:

Exhibit 4.1

 

Execution Version

 

PARETEUM CORPORATION

 

AMENDMENT NO. 1 TO WARRANT TO PURCHASE
COMMON STOCK

 

This Amendment No. 1 to Warrant to Purchase
Common Stock (this “Amendment”) is entered into as of March 31, 2017, between Pareteum Corporation,
a Delaware corporation (the “Company”) and Corbin Mezzanine Fund I, L.P. (the “Holder”).

 

Reference is made to
that certain Warrant to Purchase Common Stock (the “Warrant”) issued by the Company in favor of the Holder having
the original issue date of December 27, 2016. Capitalized terms used herein and not otherwise defined shall have the meanings given
to them in the Warrant. The Warrant originally granted Holder the right to purchase up to a total of 27,051,627 shares of Common
Stock at an initial Exercise Price of $0.13 per share, which were subsequently adjusted to 1,082,065 Warrant Shares and a $3.25
Exercise Price pursuant to Sections 9(a) and 9(c) of the Warrant, respectively, in order to give effect to the Company’s
reverse stock split effected February 27, 2017. The parties to that certain First Amendment to Amended and Restated Credit Agreement
dated on or about the date hereof have agreed to further modifications to the Warrant.

 

Upon execution of this Amendment, the Warrant
is hereby amended as follows:

 

(a)       The
Warrant Shares shall be increased to 1,229,100 shares of Common Stock, subject to further adjustment as provided in Section
9 of the Warrant, as amended hereby.

 

(b)       The
Exercise Price shall be adjusted to $1.305 per share.

 

(c)       Paragraph
(d) (Certain Rights Offerings) of Section 9 of the Warrant is hereby amended and restated as follows:

 

“(d)   [Intentionally omitted.]”

 

(d)       Paragraph
(h) (Minimum Percentage) of Section 9 of the Warrant is hereby amended and restated as follows:

 

“(h)   [Intentionally omitted.]”

 

 

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blank]

 

     

     

    

 

  

This Amendment and
the Warrant set forth in full all of the representations and agreements between the parties with respect to the subject matter
hereof and supersede all prior discussions, representations, agreements and understandings between the parties with respect to
the subject hereof. Except as herein expressly amended, all of the terms and provisions of the Warrant shall continue in full force
and effect and the same are hereby ratified and confirmed. This Amendment is deemed attached to and made part of the Warrant instrument,
which all together shall comprise the Warrant instrument.

 

	
        COMPANY

         

        Pareteum Corporation

         

        By:       /s/ Alexander Korff                 

        Name: Alexander Korff

        Title: General Counsel

         
	
        HOLDER:

         

        Corbin Mezzanine Fund I, L.P.

         

        By: Corbin Capital Partners Management, LLC, its General Partner

         

        By:
              /s/ Daniel
        Friedman                      

        Name: Daniel Friedman

        Title: General Counsel

 

    2Exhibit 4.2

 

Execution Version

 

PARETEUM CORPORATION

 

AMENDMENT NO. 1 TO WARRANT TO PURCHASE
COMMON STOCK

 

This Amendment No. 1 to Warrant to Purchase
Common Stock (this “Amendment”) is entered into as of March 31, 2017, between Pareteum Corporation,
a Delaware corporation (the “Company”) and ACM Carry-I LLC (the “Holder”).

 

Reference is made to
that certain Warrant to Purchase Common Stock (the “Warrant”) issued by the Company in favor of the Holder having
the original issue date of December 27, 2016. Capitalized terms used herein and not otherwise defined shall have the meanings given
to them in the Warrant. The Warrant originally granted Holder the right to purchase up to a total of 4,773,817 shares of Common
Stock at an initial Exercise Price of $0.13 per share, which were subsequently adjusted to 190,953 Warrant Shares and a $3.25 Exercise
Price pursuant to Sections 9(a) and 9(c) of the Warrant, respectively, in order to give effect to the Company’s
reverse stock split effected February 27, 2017. The parties to that certain First Amendment to Amended and Restated Credit Agreement
dated on or about the date hereof have agreed to further modifications to the Warrant.

 

Upon execution of this Amendment, the Warrant
is hereby amended as follows:

 

(a)      The
Warrant Shares shall be increased to 216,900 shares of Common Stock, subject to further adjustment as provided in Section 9
of the Warrant, as amended hereby.

 

(b)      The
Exercise Price shall be adjusted to $1.305 per share.

 

(c)       Paragraph
(d) (Certain Rights Offerings) of Section 9 of the Warrant is hereby amended and restated as follows:

 

“(d)   [Intentionally omitted.]”

 

(d)      Paragraph
(h) (Minimum Percentage) of Section 9 of the Warrant is hereby amended and restated as follows:

 

“(h)   [Intentionally omitted.]”

 

 

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This Amendment and
the Warrant set forth in full all of the representations and agreements between the parties with respect to the subject matter
hereof and supersede all prior discussions, representations, agreements and understandings between the parties with respect to
the subject hereof. Except as herein expressly amended, all of the terms and provisions of the Warrant shall continue in full force
and effect and the same are hereby ratified and confirmed. This Amendment is deemed attached to and made part of the Warrant instrument,
which all together shall comprise the Warrant instrument.

 

	
        COMPANY

         

        Pareteum Corporation

         

        By:       /s/ Alexander Korff                  

        Name: Alexander Korff

        Title: General Counsel

         
	
        HOLDER:

         

        ACM Carry-I LLC

         

        By:       /s/ Raymond Chan                     

        Name: Raymond Chan

        Title: Authorized Signatory

   

    2Exhibit 10.1

 

Execution Version

 

FIRST AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

This FIRST AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT is dated as of March 31, 2017 (this “Amendment”), among Elephant
Talk Europe Holding B.V., a besloten vennootschap met beperkte annsprakelijkheid organized under the laws of
the Netherlands (the “Borrower”), Pareteum Corporation
(formerly known as Elephant Talk Communications Corp.), a Delaware corporation (the “Parent”), Pareteum
North America Corp. (formerly known as Elephant Talk North America Corp.), a Delaware corporation (“ET North
America” and together with Parent, the “Guarantors”, and each individually, a “Guarantor”,
collectively with the Borrower, the “Credit Parties”, and each individually, a “Credit Party”),
Corbin Mezzanine Fund I, L.P., as sole existing lender (“Corbin”)
and Atalaya Administrative LLC, as administrative agent and collateral agent
for the Lenders under the Credit Agreement described below (in such capacity, together with its successors and assigns, the “Administrative
Agent”).

 

WHEREAS, the Credit
Parties have entered into an Amended and Restated Credit Agreement dated as of December 27, 2016 with Corbin, such other financial
institutions that may from time to time become party thereto (collectively with Corbin, the “Lenders”,
and each individually, a “Lender”) and the Administrative Agent (as the same may be further amended or
supplemented from time to time, the “Credit Agreement”), pursuant to which the Lenders agreed, subject
to the terms and conditions set forth therein, to make certain loans to the Borrower;

 

WHEREAS, the Borrower
has requested that the Administrative Agent and the Lenders agree, and the Lenders and Administrative Agent have agreed to amend
the Credit Agreement to among other things, modify certain terms and conditions as more particularly set forth herein, subject
to the terms and conditions sets forth herein.

 

NOW, THEREFORE, in
consideration of the promises and the mutual agreements contained in this Amendment, the Credit Parties, the Lenders party hereto
and the Administrative Agent hereby agree as follows:

 

1.         Capitalized
Terms.

 

(a)       Capitalized
terms used but not defined herein shall have the meanings set forth in the Credit Agreement.

 

(b)       All
references in the Credit Documents to “Elephant Talk Group International B.V.” or “ET Group Netherlands”
shall be deemed to refer to “Borrower, as successor to the merger of Elephant Talk Group International B.V. (“ET
Group Netherlands”) with and into Borrower”. For the avoidance of doubt, (i) any and all obligations of ET
Group Netherlands under the Credit Documents were assumed by Borrower upon the merger of ET Group Netherlands with and into Borrower
(the “Merger”); (ii) any and all Liens on the Collateral granted by ET Group Netherlands to the Administrative
Agent survived the Merger and remain perfected to the extent perfected immediately prior to giving effect to the Merger and (iii)
solely to the extent the Lien granted by ET Group Netherlands to the Administrative Agent is found not to have survived the Merger,
Borrower hereby grants a Lien to the Administrative Agent, for the benefit of the Secured Parties, on any and all Collateral owned
by ET Group Netherlands prior to giving effect to the Merger.

 

     

     

    

 

2.         Amendments
to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 5 below and in reliance
on the representations and warranties set forth in Section 3 and the acknowledgments set forth in Section 4, the
Credit Agreement is hereby amended as follows:

 

(a)       Amendments
to Section 1.01 of the Credit Agreement. Section 1.01 of the Credit Agreement is hereby amended as follows:

 

(i)       By
deleting the definitions of “First Extended Maturity Date”, “Initial Maturity Date” and “Second Extended
Maturity Date” in their entirety.

 

(ii)       By
deleting the definition of “Maturity Date” and substituting the following therefor:

 

“Maturity
Date” shall mean December 31, 2018.

 

(ii)       by
inserting the following new definitions therein in appropriate alphabetical order:

 

“2017
Equity Offering” shall mean the firm commitment underwritten offering of 2,333,334 shares of the Parent’s common
stock, par value $0.00001 per share, and warrants to purchase 1,166,667 shares of the Parent’s common stock, in each case
subject to increase upon the exercise of the underwriter’s overallotment option, under the Parent’s effective shelf
registration statement on Form S-3 (File No. 333-213575) as contemplated by the final prospectus supplement dated March 10, 2017,
and filed with the Securities and Exchange Commission on March 14, 2017.

 

(b)       Amendment
to Section 2.06 of the Credit Agreement. Section 2.06 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

(i)       by
amending and restating clause (a) thereof to read in its entirety as follows:

 

(a)       The
Borrower agrees to pay to the Administrative Agent, for the benefit of the Lenders, on each of the dates set forth below (each
a “Term Loan Repayment Date”), the principal of the Term Loan in an amount set forth opposite such date
(each a “Term Loan Repayment Amount”) (which Term Loan Repayment Amount may be reduced as a result of,
and after giving effect to, the application of prepayments under Sections 2.06(e)(i), 4.01 and 4.02 in accordance
with the order of priority set forth in Section 4.01 and Section 4.02(c), as applicable).

 

	Term Loan Repayment Date	Term Loan Repayment Amount
	Each of March 31, 2017 and  June 30, 2017	$1,500,000
	Each of September 30, 2017 and December 31, 2017	$500,000
	Each of March 31, 2018, June 30, 2018 and September 31, 2018	$750,000

 

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(ii)       by
amending and restating clause (e) thereof to read in its entirety as follows:

 

(e)       [Intentionally
deleted].

 

3.        No
Default; Representations and Warranties, Etc. Each Credit Party hereby represents, warrants, confirms and covenants that: (a)
the representations and warranties of the Credit Parties contained in Article VII of the Credit Agreement and the other
Credit Documents, are true and correct on and as of the date hereof and deemed to be made as of the date hereof (except to the
extent that such representations and warranties expressly relate to an earlier date, in which case, such representations were true
and correct as of such date); (b) after giving effect to this Amendment, the Credit Parties are in compliance with all of the terms
and provisions set forth in the Credit Agreement and the other Credit Documents to be observed or performed thereunder and no Default
or Event of Default has occurred and is continuing; and (c) the execution, delivery and performance by the Borrower of this Amendment
and all other documents, instruments and agreements executed and delivered in connection herewith or therewith, and the consummation
of the transactions contemplated hereby or thereby (i) have been duly authorized by all necessary organizational action on the
part of the Credit Parties (including any necessary shareholder consents or approvals), (ii) have not violated, conflicted with
or resulted in a default under and will not violate or conflict with or result in a default under any applicable law or regulation,
any term or provision of the organizational documents of the Credit Parties or any term or provision of any material indenture,
agreement or other instrument binding on the Credit Parties or any of its assets, (iii) do not require any consent, waiver or approval
of or by any Person which has not been obtained, and (iv) have not violated or conflicted with and will not violate or conflict
with any pre-emptive rights of any Person.

 

4.        Acknowledgment,
Ratification and Confirmation.

 

(a)       The
Borrower hereby confirms and acknowledges that, as of the date hereof and after giving effect to this Amendment, (i) the Borrower
is indebted to the Lenders for Term Loans in an aggregate outstanding principal amount equal to $8,581,835.55, plus accrued and
unpaid interest thereon, as provided in the Credit Agreement; and (ii) the Borrower is indebted to the Administrative Agent and
the Lenders for all accrued and unpaid fees and expenses of the Administrative Agent and the Lenders (including but not limited
to, reasonable fees and disbursements of counsel) and other Obligations, as provided in the Credit Documents.

 

(b)       Each
of the Credit Parties hereby confirms and acknowledges that, as of the date hereof (i) there exists no defense to the repayment
by each such Person of all amounts and Obligations owing under and in respect of the Credit Agreement or any of the other Credit
Documents, as amended and otherwise modified hereby, and (ii) such Person has no claim against any Lender or the Administrative
Agent in respect of any matter relating to or arising under this Amendment, the Credit Agreement or any of the other Credit Documents,
the Warrant or any of the transactions contemplated hereby or thereby.

 

    - 3 - 

     

    

 

(c)       The
Borrower hereby acknowledges, ratifies and confirms that it remains obligated to pay all principal, interest, fees and other amounts
owing to the Administrative Agent and the Lenders under and in respect of the Credit Agreement, as amended hereby, and the other
Credit Documents when due and payable in accordance with the terms thereof.

 

(d)       Each
of the Credit Parties confirms and acknowledges that Credit Agreement, the Security Documents and each of the other Credit Documents,
as amended and otherwise modified by the amendments and other modifications specifically provided herein, are and shall continue
to be in full force and effect and are hereby in all respects ratified and confirmed.

 

(e)       Without
limiting the generality of the foregoing clause (d), each of the Guarantors hereby acknowledges and confirms that all obligations
and liabilities of the Borrower in respect of the principal amount of the Term Loans under the Credit Agreement, as amended hereby,
including without limitation, all obligations and liabilities of the Borrower for principal in respect of the Term Loans (whether
now outstanding or hereafter arising or incurred), constitute “Guaranteed Obligations” under and as defined in the
Guaranties and are guaranteed by and entitled to the benefits of the Guaranties.

 

(f)        Each
of the Credit Parties hereby confirms and acknowledges that all obligations, liabilities and Obligations of the Borrower under
the Credit Agreement, as amended hereby, including without limitation, all obligations of the Borrower for principal, interest
and all other amounts payable in respect of the Term Loans constitute “Secured Obligations” under and as defined in
each Security Document and are secured by and entitled to the benefits of the Security Documents, and the liens and security interests
granted in favor of the Administrative Agent for the benefit of itself and the Lenders under the terms of the Security Documents
are perfected, effective, enforceable and valid and such liens and security interests are, in each case, a first priority lien
and security interest (except to the extent otherwise expressly permitted by the Credit Documents) and such liens and security
interests are hereby in all respects ratified and confirmed.

 

5.         Conditions
to this Amendment. The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent:

 

(a)       Counterparts
of Amendment. The Administrative Agent shall have received from each party hereto a counterpart of this Amendment and an amendment
to the Warrant in the form attached as Exhibit A hereto, each signed on behalf of such party.

 

(b)       2017
Equity Offering. The 2017 Equity Offering shall have been consummated.

 

(c)       Fees
and Expenses. The Administrative Agent shall have received all fees and other amounts due and payable to the Administrative
Agent and the Lenders in connection with this Amendment, including, without limitation, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed by the Borrower hereunder or under the Credit Agreement (including without limitation, the fees
and disbursements of counsel to the Agent in connection herewith).

 

(d)       Representations
and Warranties. The representations and warranties of the Credit Parties contained in Article VII of the Credit Agreement
and the other Credit Documents, shall be true and correct on and as of the date hereof and deemed to be made as of the date hereof
(except to the extent that such representations and warranties expressly relate to an earlier date, in which case, such representations
were true and correct as of such date).

 

    - 4 - 

     

    

 

(e)       Event
of Default. After giving effect to this Amendment, the Credit Parties shall be in compliance with all of the terms and provisions
set forth in the Credit Agreement and the other Credit Documents to be observed or performed thereunder and no Default or Event
of Default has occurred and is continuing.

 

(f)       Projections.The
Administrative Agent and Lenders shall have received updated management projections through the Maturity Date, which shall have
been based on reasonable assumptions and represent management’s best estimates of the projected performance of the Credit
Parties.

 

(g)       Closing
Date. The satisfaction of the conditions set forth in this Section 5 and the closing of this Amendment shall have occurred
on or before March 31, 2017.

 

(h)       Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent shall have reasonably
requested, all of which shall be satisfactory in form and substance to the Administrative Agent.

 

6.         Financial
Covenants. -- It shall be an Event of Default under Article X of the Credit Agreement if, on or before April 30, 2017,
the Borrower, Administrative Agent and Lenders shall fail to agree and execute a further amendment to the Credit Agreement amending
Section 9.13 (Financial Covenants) of the Credit Agreement, which amendment shall be satisfactory to Administrative Agent and Lenders
in their sole and absolute discretion, acting reasonably.

 

7.       RELEASE.
EACH OF THE CREDIT PARTIES HEREBY ACKNOWLEDGES AND CONFIRMS THAT (A) IT DOES NOT HAVE ANY GROUNDS, AND HEREBY AGREES NOT TO CHALLENGE
(OR TO ALLEGE OR TO PURSUE ANY MATTER, CAUSE OR CLAIM ARISING UNDER OR WITH RESPECT TO), IN ANY CASE BASED UPON ACTS OR OMISSIONS
OF THE ADMINISTRATIVE AGENT OR ANY LENDER, THE EFFECTIVENESS, GENUINENESS, VALIDITY, COLLECTABILITY OR ENFORCEABILITY OF THIS AMENDMENT,
THE CREDIT AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS, THE OBLIGATIONS, THE LIENS SECURING SUCH OBLIGATIONS, OR ANY OF THE
TERMS OR CONDITIONS OF ANY LOAN DOCUMENT AND (B) IT DOES NOT POSSESS (AND HEREBY FOREVER WAIVES, REMISES, RELEASES, DISCHARGES
AND HOLDS HARMLESS THE ADMINISTRATIVE AGENT, EACH LENDER AND THEIR RESPECTIVE AFFILIATES, STOCKHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES,
ATTORNEYS, AGENTS AND REPRESENTATIVES AND EACH OF THEIR RESPECTIVE HEIRS, EXECUTORS, ADMINISTRATORS, SUCCESSORS AND ASSIGNS (COLLECTIVELY,
THE “INDEMNIFIED PARTIES”) FROM AND AGAINST, AND AGREES NOT TO ALLEGE OR PURSUE) ANY ACTION, CAUSE OF ACTION,
SUIT, DEBT, CLAIM, COUNTERCLAIM, CROSS-CLAIM, DEMAND, DEFENSE, OFFSET, OPPOSITION, DEMAND AND OTHER RIGHT OF ACTION WHATSOEVER,
WHETHER IN LAW, EQUITY OR OTHERWISE (WHICH IT, ALL THOSE CLAIMING BY, THROUGH OR UNDER IT, OR ITS SUCCESSORS OR ASSIGNS, HAVE OR
MAY HAVE) AGAINST THE INDEMNIFIED PARTIES, OR ANY OF THEM, BY REASON OF, ANY MATTER, CAUSE OR THING WHATSOEVER, WITH RESPECT TO
EVENTS OR OMISSIONS OCCURRING OR ARISING ON OR PRIOR TO THE DATE HEREOF AND RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR
ANY OF THE OTHER CREDIT DOCUMENTS (INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE PAYMENT, PERFORMANCE, VALIDITY OR ENFORCEABILITY
OF THE OBLIGATIONS, THE LIENS SECURING THE OBLIGATIONS OR ANY OR ALL OF THE TERMS OR CONDITIONS OF ANY LOAN DOCUMENT) OR ANY TRANSACTION
RELATING THERETO.

 

    - 5 - 

     

    

 

8.        Miscellaneous.

 

(a)     Except as
otherwise expressly set forth herein, nothing herein shall be deemed to constitute an amendment, modification or waiver of any
of the provisions of the Credit Agreement or the other Credit Documents, all of which remain in full force and effect as of the
date hereof and are hereby ratified and confirmed. The Borrower acknowledges and agrees that nothing contained herein shall be
deemed to entitle the Credit Parties to a consent to, or a waiver, amendment or modification of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Documents in similar or different circumstances.

 

(b)     This Amendment
may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts
shall together constitute one instrument.

 

(c)     Whenever
the terms or sections amended hereby shall be referred to in the Credit Agreement, Credit Documents or such other documents (whether
directly or by incorporation into other defined terms), such defined terms shall be deemed to refer to those terms or sections
as amended by this Amendment.

 

(d)     This Amendment
shall be governed by the laws of the State of New York and shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

 

(e)     The Parent
agrees to pay all reasonable expenses, including legal fees and disbursements incurred by the Administrative Agent in connection
with this Amendment and the transactions contemplated hereby.

 

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    - 6 - 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amendment which shall be deemed to be a sealed instrument as of the date first above written.

 

	 	BORROWER:	 
	 	 	 	 
	 	ELEPHANT TALK EUROPE HOLDING B.V.	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Yves van Sante	 
	 	 	Yves van Sante, Director	 
	 	 	 	 
	 	GUARANTORS:	 
	 	 	 
	 	 	 
	 	PARETEUM CORPORATION	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Robert H. Turner	 
	 	 	Robert H. Turner, Executive Chairman	 
	 	 	 	 
	 	PARETEUM NORTH AMERICA CORP.	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Robert H. Turner	 
	 	 	Robert H. Turner, Executive Chairman	 

  

     

     

    

 

	 	ADMINISTRATIVE AGENT AND 

    COLLATERAL AGENT:	 
	 	 	 	 
	 	ATALAYA ADMINISTRATIVE LLC	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Raymond Chan	 
	 	 	Name: Raymond Chan	 
	 	 	Title: Authorized Signatory	 
	 	 	 	 
	 	 	 	 
	 	LENDERS:	 
	 	 	 	 
	 	CORBIN MEZZANINE FUND I, L.P.	 
	 	 	 	 
	 	By:  	Corbin Capital Partners Management, LLC,	 
	 	 	its General Partner	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Daniel Friedman	 
	 	 	Name: Daniel Friedman	 
	 	 	Title: General Counsel	 

  

     

     

    

 

Exhibit A

Amendment to Warrant

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