Document:

Exhibit 4.1

 

DESCRIPTION
OF SECURITIES

 

General

 

We
are authorized to issue 100,000,000 shares of common stock, par value $0.001 and 5,000,000 shares of preferred stock, par value
$0.01. As of December 31, 2018, we had 12,286,844 common shares issued and outstanding and 500 and 295 shares of Series
A Preferred Stock and Series A-1 Preferred Stock issued and outstanding, respectively.

 

Within
the limits established by our amended and restated certificate of incorporation, our Board of Directors has the power at any time
and without stockholder approval to issue shares of our authorized common stock or preferred stock for cash, to acquire property
or for any other purpose that the Board of Directors believes is in the best interests of the Company.

 

The
following summary of our capital stock does not purport to be complete and is subject to and qualified in its entirety by our
amended and restated certificate of incorporation and our by-laws, each of which are included as exhibits to the registration
statement of which this prospectus forms a part and by the provisions of applicable law.

 

Common
Stock

 

Voting.
Holders of our common stock are entitled to one vote for each share on all matters submitted to a stockholder vote. In general,
stockholder action is based on the affirmative vote of a majority of the votes cast. Any action that the stockholders could take
at a meeting may be taken without a meeting if one or more written consents, setting forth the action taken, shall be signed by
the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take
such action at a meeting at which all voting groups and shares entitled to vote thereon were present and voted. Notice of any
stockholder approval without a meeting shall be given at least ten (10) days before the consummation of the action authorized
by such approval to those stockholders who did not give their written consent and to those stockholders not entitled to vote thereon.

 

Dividends.
Our Board may from time to time declare, and we may pay, dividends on our outstanding shares in the manner and upon the terms
and conditions provided by the general corporation laws of the State of Nevada.

 

Liquidation.
In the event of our liquidation, dissolution or winding up, our common stockholders are entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and after provision has been made for each class of
stock, if any, having preference over the common stock.

 

Miscellaneous.
Holders of our common stock have no pre-emptive rights, no conversion rights and there are no sinking fund provisions, redemption
provisions or any other matters listed in Item 202(a) of Regulation S-K applicable to our common stock.

 

Nevada
Anti-Takeover Statutes

 

FTE
has not opted out and may be subject to Nevada’s Combination with Interested Stockholders Statutes (Nevada Corporation Law
Sections 78.411-78.444) which restricts or prohibits an “interested stockholder” from entering into a “combination”
with the corporation, unless certain conditions are met. An “interested stockholder” is a person who, together with
affiliates and associates, beneficially owns (or within the prior two years, did beneficially own) 10% or more of the corporation’s
capital stock entitled to vote.

 

Certificate
of Incorporation and By-laws

 

Our
amended and restated certificate of incorporation and by-laws include provisions that may have the effect of delaying or preventing
a change in control or changes in our management. These provisions include:

  

	 	●	the
    right of our Board of Directors to appoint a director to fill a vacancy created by the resignation, removal or death of a
    director or an increase in the number of authorized directors;
	 	 	 
	 	●	the
    right of our Board of Directors to alter our bylaws without stockholder approval.Exhibit
10.21

 

SECOND
AMENDMENT TO the

AGREEMENT
REGARDING DEBT AND SERIES H PREFERRED STOCK

 

This
Second Amendment to the Agreement Regarding Debt and Series H Preferred Stock (this “Amendment”), dated as of May
1, 2020, is entered into by and among FTE Networks, Inc., a Nevada corporation (the “Company”), Fred Sacramone (“Sacramone”)
and Brian McMahon (“McMahon”).

 

WHEREAS,
the Company has previously entered into that certain Agreement Regarding Debt and Series H Preferred Stock dated October 10, 2019,
and that certain First Amendment to the Agreement Regarding Debt and Series H Preferred Stock dated November 8, 2019 (the Agreement,
as amended by the First Amendment, being herein referred to as the “Agreement”);

 

WHEREAS,
the parties hereto deem it mutually beneficial to amend the Agreement, as more particularly set forth in this Amendment;

 

WHEREAS,
the parties previously signed a prior version of a Second Amendment to the Agreement Regarding Debt and Series H Preferred Stock
on April 27, 2020, and this Amendment supersedes and replaces that prior version.

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows:

 

1.
Amount of Remaining Indebtedness Outstanding. The parties acknowledge and agree that the amount outstanding under the Remaining
Indebtedness was $28.0 million as of December 31, 2019 and is $22.0 million as of the date hereof, inclusive of all principal,
interest, fees and charges.

 

2.
Cancelation of Remaining Indebtedness. Sacramone and McMahon agree that to the extent not sooner paid, any remaining balance
outstanding under the Remaining Indebtedness (including all principal, interest, fees and charges) will automatically, without
the need for further action on the part of the Company or any other person, be absolutely and unconditionally released and forever
discharged on the Termination Date, as defined below. The “Termination Date” shall be the date on which the NYSE American
Exchange files a Form 25 with the Securities and Exchange Commission (“SEC”) delisting the Company’s common
stock, but in no event shall the Termination Date be any sooner than July 1, 2020 or any later than October 1, 2020.

 

3.
Forbearance. Sacramone and McMahon agree, on behalf of themselves and their executors, personal representatives, successors
and assigns, to forbear from exercising any remedies against the Company and its affiliates in connection with the Remaining Indebtedness
from now until the Termination Date.

 

4.
Effect of Amendment. The parties to this Amendment hereby agree and acknowledge that except as provided in this Amendment,
the Agreement shall remain in full force and effect and has not been modified or amended in any respect, it being the intention
of the parties that this Amendment and the Agreement be read, construed and interpreted as one and the same instrument. The parties
to this Amendment hereby agree and acknowledge that this Amendment supersedes and replaces the Second Amendment to the Agreement
Regarding Debt and Series H Preferred Stock executed by the parties on April 27, 2020.

 

5.
Miscellaneous. Sections 4.1 through 4.6 of the Agreement are applicable to this Amendment and are incorporated herein by
reference.

 

6.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

    	 	 	 

    	 

    

 

 

IN
WITNESS WHEREOF, each of the undersigned have executed this Amendment as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	FTE NETWORKS, INC.

 

	 	By:	/s/
    Michael P. Beys
	 	Name:	Michael
    P. Beys
	 	Title:	Interim
    Chief Executive Officer
	 	 	 
	 	/s/
                                         Fred Sacramone

	 	FRED SACRAMONE
	 	 	 
	 	/s/
                                         Brian McMahon

	 	BRIAN MCMAHON

 

[Signature
Page to the Second Amendment to the

Agreement
Regarding Debt and Series H Preferred Stock]Exhibit 10.33

 

SENIOR
PROMISSORY NOTE

 

	US
    $4,129,000	January
    27, 2020

 

NOW
THEREFORE FOR VALUE RECEIVED, the undersigned, FTE Networks, Inc. a Nevada corporation (the “Company”),
hereby promises to pay to the order of Benchmark Builders, LLC, a New York State limited liability company and its assigns
(“Holder”), the principal sum of Four Million One Hundred Twenty Nine Thousand Dollars ($4,129,000)
(the “Principal”) in lawful money of the United States of America, which shall be legal tender,
bearing interest and payable as provided herein. This Senior Promissory Note (this “Note” or “Promissory
Note”) has an effective date as noted above (the “Effective Date”).

 

1.
Interest (“Interest”)
shall accrue on the unpaid Principal amount of this Note at the rate of ten percent (10%) simple interest per annum (the “Interest
Rate”). All Interest payable hereunder shall be calculated by multiplying the actual days elapsed in the period
for which Interest is being calculated by a daily rate based on the Interest Rate and a 365 day year. The Company will pay the
principal plus accrued interest on the Maturity Date.

 

2.
The “Maturity Date” of this Note shall be 10 months from the Effective date which would be December
1, 2020.

 

3.
Upon the occurrence of an Event of Default hereunder the Principal amount of this Note and any accrued Interest may be accelerated.

 

4.
This Note may be prepaid in whole or in part, at any time and from time to time, without premium or penalty.

 

5.
Following an Event of Default, the Company shall pay all Principal, Interest and any other amounts required to be paid under
this Note, on a pari passu basis with other Senior Promissory Notes of like tenor (not exceeding an aggregate principal amount
of $6,729,000 as among all such Senior Promissory Notes) prior to the payment by the Company of any other promissory notes or
other indebtedness of the Company.

 

6.
If FTE and its subsidiaries shall, for three consecutive months during the term of this note, have positive cash flow (as
determined in accordance with the accounting principles, policies and procedures FTE applies to the preparation of its financial
statements, in excess of $100,000 or working capital in excess of $2 Million, then the Company shall make at least monthly payments
equal to at least 1/12 of the outstanding balance each month prior to the Maturity Date.

 

7.
All payments made by Company under this Note will be applied: (i) first, to Interest that is due and payable under this Note,
if any; and (ii) second, the remainder to Principal due and payable under this Note.

 

    	 	Page 1 of 5
 Promissory Note	 

     

    

 

8.
If any payment of Principal or Interest on this Note shall become due on a Saturday, Sunday or any other day on which national
banks are not open for business, such payment shall be made on the next succeeding business day.

 

9.
This Note shall be binding upon Company and inure to the benefit of Holder and Holder’s respective successors and assigns.
Each holder of this Note, by accepting the same, agrees to and shall be bound by all of the provisions of this Note.

 

10.
No provision of this Note shall alter or impair the obligation of Company to pay the Principal of and Interest on this Note
at the times, places and rates, and in the coin or currency, herein prescribed.

 

11.
Company will do or cause to be done all things reasonably necessary to preserve and keep in full force and effect its corporate
existence, rights and franchises and comply with all laws applicable to Company, except where the failure to comply could not
reasonably be expected to have a material adverse effect on Company.

 

12.
If, after the date of this Agreement, an Event of Default (as defined herein) occurs (unless all Events of Default have been
cured or waived by Holder), Holder may, by written notice to Company, declare the Principal amount then outstanding of, and the
accrued Interest and all other amounts payable on, this Note to be immediately due and payable and can take any and all other
actions provided for under applicable law. The following events and/or any other Events of Default defined elsewhere in this Note
are “Events of Default” under this Note:

 

(a)
Company shall fail to pay, when and as due, the Principal, Interest or any other amount payable hereunder, and five (5) days shall
have passed after due demand by Holder; or

 

(b)
Company shall have breached in any material respect any covenant, term or condition of this Note and, with respect to breaches
capable of being cured, such breach shall not have been cured within thirty (30) business days days after written notice thereof
has been provided by Holder to Company; or

 

(c)
Company shall: (i) be adjudicated insolvent; (ii) make an assignment for the benefit of creditors, file a petition in bankruptcy,
petition or apply to any tribunal for the appointment of a custodian, receiver or a trustee for it or a substantial portion of
its assets; (iii) commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution
or liquidation or statute of any jurisdiction, whether now or hereafter in effect; (iv) have filed against it any such petition
or application in which an order for relief is entered or which remains undismissed for a period of thirty (30) days or more;
(v) indicate its consent to, approval of or acquiescence in any such petition, application, proceeding or order for relief or
the appointment of a custodian, receiver or trustee for it or a substantial portion of its assets; (vi) suffer any such custodianship,
receivership or trusteeship to continue undischarged for a period of thirty (30) days or more; or (vii) Company shall take any
action authorizing, or in furtherance of, any of the foregoing.

 

    	 	Page 2 of 5
 Promissory Note	 

     

    

 

In
case any one or more Events of Default shall occur and be continuing, Holder may proceed to protect and enforce its rights by
an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained
herein or for an injunction against a violation of any of the terms hereof, or in aid of the exercise of any power granted hereby
or thereby or by law or otherwise. In case of a default in the payment of any Principal of or premium, if any, or Interest on
this Note, Company will pay to Holder such further amount as shall be sufficient to cover the reasonable cost and expenses of
collection, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. No course of dealing
and no delay on the part of Holder in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice
Holder’s rights, powers or remedies. No right, power or remedy conferred by this Note upon Holder shall be exclusive of
any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or
otherwise.

 

13.
Except as expressly provided otherwise in this Note, Company waives presentment, demand, notice, protest and all other demands
and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, and assent to any extension
or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral available
to Holder, if any, and to the addition or release of any other party or person primarily or secondarily liable.

 

14.
If from any circumstance any holder of this Note shall ever receive Interest or any other charges constituting interest, or
adjudicated as constituting interest, the amount, if any, which would exceed the Maximum Rate shall be applied to the reduction
of the Principal amount owing on this Note, and not to the payment of interest; or if such excessive interest exceeds the unpaid
balance of Principal hereof, the amount of such excessive interest that exceeds the unpaid balance of Principal hereof shall be
refunded to Company. In determining whether or not the interest paid or payable exceeds the Maximum Rate, to the extent permitted
by applicable law (i) any non-Principal payment shall be characterized as an expense, fee or premium rather than as Interest;
and (ii) all Interest at any time contracted for, charged, received or preserved in connection herewith shall be amortized, prorated,
allocated and spread in equal parts during the period of the full stated term of this Note. The term “Maximum Rate”
shall mean the maximum rate of interest allowed by applicable federal or state law.

 

15.
This Note may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof
of this Note or any counterpart hereof to produce or account for any of the other counterparts. A copy of this Note signed by
one party and faxed or scanned and emailed to another party (as a PDF or similar image file) shall be deemed to have been executed
and delivered by the signing party as though an original. A photocopy or PDF of this Note shall be effective as an original for
all purposes.

 

    	 	Page 3 of 5
 Promissory Note	 

     

    

 

16.
It is the intention of the parties hereto that the terms and provisions of this Note are to be construed in accordance with
and governed by the laws of the State of New York, except as such laws may be preempted by any federal law controlling the rate
of Interest which may be charged on account of this Note. The parties hereby consent and agree that, in any actions predicated
upon this Note, venue is properly laid in New York and that the courts of the State of New York or in the Federal courts sitting
in the county or city of New York, shall have full subject matter and personal jurisdiction over the parties to determine all
issues arising out of or in connection with the execution and enforcement of this Note.

 

17.
The term “Company” as used herein in every instance shall include Company’s successors, legal
representatives and permitted assigns, including all subsequent grantees, either voluntarily by act of Company or involuntarily
by operation of law and shall denote the singular and/or plural and the masculine and/or feminine and natural and/or artificial
persons, whenever and wherever the contexts so requires or properly applies. The term “Holder” as used
herein in every instance shall include Holder’s successors, legal representatives and assigns, as well as all subsequent
assignees and endorsees of this Note, either voluntarily by act of the parties or involuntarily by operation of law. Captions
and paragraph headings in this Note are for convenience only and shall not affect its interpretation. As used herein, words in
the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender
as the context requires.

 

18.
Holder may not assign or pledge this Note and its rights hereunder without the prior written approval of Company which may
be withheld in Company’s sole discretion. Company may not assign its obligations hereunder, whether by operation of law
or otherwise, without the prior written approval of Holder which may be withheld in Holder’s sole discretion.

 

19.
Anything else in this Note to the contrary notwithstanding, in any action arising out of this Agreement, the prevailing party
shall be entitled to collect from the non-prevailing party all of its attorneys’ fees. For the purposes of this Note, the
party who receives or is awarded a substantial portion of the damages or claims sought in any proceeding shall be deemed the “prevailing”
party and attorneys’ fees shall mean the reasonable fees charged by an attorney or a law firm for legal services and the
services of any legal assistants, and costs of litigation, including, but not limited to, fees and costs at trial and appellate
levels.

 

20.
If any term or other provision of this Note is invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Note shall nevertheless remain in full force and effect so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Note so as to affect the original intent of the parties as closely as possible in an acceptable manner to
the end that transactions contemplated hereby are fulfilled to the extent possible.

 

21.
No modification, amendment, addition to, or termination of this Note, nor waiver of any of its provisions, shall be valid
or enforceable unless in writing and signed by all the parties hereto.

 

22.
This Note constitutes the entire agreement of the parties regarding the matters contemplated herein, or related thereto, and
supersede all prior and contemporaneous agreements and understandings of the parties in connection therewith. To the extent that
any term of this Note is inconsistent with any term of the Settlement Agreement, the Settlement Agreement shall take precedence.

 

[Remainder
of page left intentionally blank. Signature page follows.]

 

    	 	Page 4 of 5
 Promissory Note	 

     

    

 

IN
WITNESS WHEREOF, Company has duly executed this Senior Promissory Note as of Effective Date provided above.

 

	 	“Company”
	 	 	 
	 	FTE Networks, Inc.
	 	 	 
	 	By:	/s/
    Michael P. Beys
	 	Its:	Interim
    CEO
	 	Printed Name:	Michael
    Beys 
	 	Date:	January
    28, 2020

 

    	 	Page 5 of 5
 Promissory Note

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