Document:

Exhibit
10.2

 

SECOND
AMENDMENT TO PURCHASE AGREEMENT

 

THIS
SECOND AMENDMENT TO PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of April 2, 2021, by
and among (i) FTE Networks Inc., a Delaware corporation (“Parent”), (ii) US Home Rentals LLC, a Delaware limited
liability company and direct wholly owned subsidiary of Parent (the “Acquisition Sub”) (iii) Alexander Szkaradek,
an individual (“Alex”), (iv) Antoni Szkaradek, an individual (“Antoni”), (v) VPM Holdings,
LLC, a South Carolina limited liability company (“VPM Holdings”), (vi) Kaja 3, LLC, a South Carolina limited
liability company (“Kaja3”), (vii) Kaja 2, LLC, a South Carolina limited liability company (“Kaja2”),
(viii) Kaja, LLC, a South Carolina limited liability company (“Kaja”), (ix) Dobry Holdings Master LLC, a Delaware
limited liability company (“Dobry” and together with Alex, Antoni, VPM Holdings, Kaja3, Kaja2, and Kaja, the
“Equity Sellers”), (x) Vision Property Management, LLC, a South Carolina limited liability company (the “Asset
Seller” and together with the Equity Sellers, the “Sellers”), and (xi) Alexander Szkaradek, in his
capacity as the representative of the Sellers (the “Sellers’ Representative”). Capitalized terms used
herein and not otherwise defined shall have the meaning ascribed to such terms in the Purchase Agreement (as defined below).

 

RECITALS

 

WHEREAS,
the Parties have entered into that certain Purchase Agreement dated as of December 20, 2019; and

 

WHEREAS,
the Parties have entered into Amendment No. 1 to the Purchase Agreement as of December 30, 2019 (the original Purchase Agreement,
as amended by Amendment No. 1 and this Amendment, being herein referred to as the “Purchase Agreement”); and

 

WHEREAS,
pursuant to Section 11.6 of the Purchase Agreement, the Parties desire to amend the Purchase Agreement as per the terms of this
Amendment.

 

AGREEMENT

 

NOW,
THEREFORE, the Parties, in consideration of their mutual covenants and agreements herein set forth, and intending to be legally
bound hereby, do hereby covenant and agree as follows:

 

1.
Amendments.

 

1.1
Section 1.4 of the Purchase Agreement is hereby amended to read in full as follows:

 

1.4
Aggregate Consideration.
The aggregate consideration for the Equity Interests and the Transferred Assets and Liabilities shall be Three Hundred Fifty Million
Dollars ($350,000,000) (the “Base Purchase Price”) which shall be consist of (i) a $250,000 deposit previously
paid pursuant to Section 2.14, (ii) promissory notes in the principal amount of $9,750,000 previously issued to the Sellers, (ii)
the Common Stock Consideration issuable in accordance with Section 6.13, (iii) the Entities’ Indebtedness, and (iv)
shares of Series I Preferred Stock (the “Preferred Stock”) having an aggregate stated value equal to Twenty
Million Dollars ($20,000,000) issuable in accordance with Section 6.13 (collectively the amounts in clauses (i) through
(iv), the “Purchase Price”).

 

    	1

    	 

    

 

1.2
Sections 2.4 and 2.6(a) of the Purchase Agreement are hereby deleted.

 

1.3
All references in Section 2.6 of the Purchase Agreement to “Parent Securities” are hereby replaced with “Equity
Consideration,” and all references in the Purchase Agreement and in Amendment No. 1 to the Purchase Agreement to “Closing
Preferred Stock” are hereby replaced with “Preferred Stock.” The term “Equity Consideration” in
Section 12.1 of the Purchase Agreement is hereby amended to read as follows: “Equity Consideration” means Common Stock
Consideration and the Preferred Stock, together with any Common Stock issued upon conversion of the Preferred Stock, and any securities
issued or distributed by way of stock dividend, stock split or other distribution, merger, consolidation, exchange offer, recapitalization
or reclassification or similar transaction.

 

1.4
Section 4.7(b) is hereby deleted and replaced with the following:

 

(b)
Restriction on Transfer.

 

(i)
Sellers may freely transfer any of the Equity Consideration without FTE consent, except as provided in this Section 4.7(b), and
subject to compliance with applicable law.

 

(ii)
Sellers agree not to distribute, sell or otherwise transfer any of the Equity Consideration to Suneet Singal (“Singal”)
or any immediate family member or affiliate of Singal (Singal and any of his current or future immediate family members or affiliates
being herein referred to as a “Singal Party”), and any distribution, sale or other transfer of any of the Equity
Consideration (or any successive transfers) shall be subject to the same restriction, except as otherwise provided by clause (iii)
or (iv) below. Except as otherwise provided by clause (iii) or (iv) below, any purported distribution, sale or other transfer
of any Equity Consideration to any Singal Party shall be null and void ab initio, and in the event of any purported transfer in
violation of this clause (ii), then:

 

(1)
all voting rights associated with such Equity Consideration (or any securities issued by Parent upon conversion or exchange thereof)
shall be suspended; and

 

(2)
upon demand by Parent, the participants to such purported transfer shall (and the Sellers shall cause them to) promptly take all
steps necessary to rescind the purported transfer and to restore record and beneficial ownership of all of the purportedly transferred
Equity Consideration to the Sellers. If record and beneficial ownership of such Equity Consideration is not restored as contemplated
by the preceding sentence within 10 days of Parent’s demand therefor, Parent shall instruct its transfer agent to mark such
Equity Consideration as canceled and no longer issued or outstanding, and the Sellers hereby consent to such action by Parent
and its transfer agent.

 

    	2

    	 

    

  

For
purposes of this paragraph (ii), the term “immediate family member” shall have the meaning given in Rule 303A.02 of
the NYSE Listed Company Manual and the term “affiliate” shall have the meaning given under Rule 12b-2 under the Securities
Exchange Act of 1934, as the same may be amended from time to time hereafter, provided that Singal or any immediate family member
of Singal shall not be deemed to be an affiliate of an entity if if any them, individually or collectively, own less than 40%
of the total equity interests in such entity (a “Non-Singal Affiliate”).

 

(iii)
Notwithstanding the prohibition set forth in clause (ii) above, Sellers may distribute, sell or otherwise transfer any of the
Equity Consideration to a Singal Party, provided that:

 

(1)
So long as such Equity Consideration is owned by any Singal Party, all voting rights associated with such Equity Consideration
(or any securities issued by Parent upon conversion or exchange thereof) shall be exercised by the Seller that transferred such
Equity Consideration to such Singal Party; and

 

(2)
Within 150 days after acquisition of record of any Equity Consideration by any Singal Party, either (a) if such Singal Party is
an affiliate of Singal or an immediate family member of Singal and such affiliate becomes a Non-Singal Affiliate, or (b) all right,
title and interest in and to all such Equity Consideration shall be transferred to one or more Persons who are not Singal Parties.
If the foregoing sentence is not complied with, then upon demand by Parent, the beneficial owners of the applicable Equity Consideration
shall (and the Sellers shall cause them to) promptly take all steps necessary to rescind the purported transfer and to restore
record and beneficial ownership of all of such Equity Consideration to the Sellers. If record and beneficial ownership of such
Equity Consideration is not restored as contemplated by the preceding sentence within 20 days of Parent’s demand therefor,
Parent shall instruct its transfer agent to mark such Equity Consideration as canceled and no longer issued or outstanding, and
the Sellers hereby consent to such action by Parent and its transfer agent.

 

(iv)
Any distribution, sale or other transfer of any Equity Consideration pursuant to a Qualified Disposition (as defined below) shall
not be subject to the transfer restrictions set forth in this Section 4.7(b), and any Equity Consideration previously distributed,
sold or otherwise transferred pursuant to a Qualified Disposition shall no longer be subject to the transfer restrictions set
forth in this Section 4.7(b). For purposes of this Section 4.7(b), a “Qualified Disposition” shall mean any
distribution, sale or other transfer of any shares of Equity Consideration pursuant to (a) a public offering pursuant to a registration
statement filed and declared effective under the Securities Act, or (b) a sale pursuant to and in compliance with Rule 144(i)
under the Securities Act.

 

    	3

    	 

    

 

(v)
Except as otherwise provided by clause (iv) above, any distribution, sale or other transfer of any Equity Consideration not otherwise
prohibited by clause (ii) above shall be conditioned upon the distributee, purchaser or other transferee executing such documentation
in form and substance satisfactory to Parent in its sole discretion evidencing such distributee’s, purchaser’s or
other transferee’s agreement to the restrictions on transfer as that set forth in this Section 4.7. The same transfer restrictions
and documentation requirement shall be imposed upon successive distributees, purchasers or other transferees of such shares.

 

(vi)
Nothing in this Section 4.7(b) shall limit the right of any Singal Party to serve as a broker with respect to a sale of any Equity
Consideration by the Sellers, provided that such Singal Party is duly licensed as a broker-dealer in all applicable jurisdictions
to the extent required by law, and provided further that no Singal Party acquires record or beneficial ownership to any of the
Equity Consideration.

 

(vii)
The stock certificates or other evidence of ownership for the Equity Consideration shall be legended to reflect the transfer restrictions
set forth in this Section 4.7(b).

 

1.5
Section 6.13 of the Purchase Agreement is hereby deleted, and all references in the Purchase Agreement to Section 6.13 of the
Purchase Agreement shall be deemed to refer to this Section 1.5 of this Amendment. Promptly following the date of this Amendment,
Parent shall issue to Sellers, in accordance with the Payment Allocation Schedule attached as Schedule A hereto, (i) Twenty
Two Million Sixty Three Thousand Three Hundred Seventy Six (22,063,376) shares of Common Stock, and (ii) Two Hundred (200) shares
of Preferred Stock; provided that, with respect to one-half of the common shares referred to in clause (i) above (i.e. Eleven
Million Thirty One Thousand Six Hundred Eighty Eight (11,031,688) shares of Common Stock, the “FC REIT Shares”),
the Sellers agree to sell, transfer and convey the FC REIT Shares to First Capital Real Estate Trust, Inc. effective immediately
following the issuance of such shares to the Sellers, and the obligation of Parent to issue the FC REIT Shares to the Sellers
shall be suspended until, and shall be subject to the condition precedent that, Sellers shall have provided such documentation
as shall be reasonably requested by Parent to demonstrate that Sellers have agreed to sell, transfer and convey the FC REIT Shares
to First Capital Real Estate Trust, Inc. and to enable and instruct Parent’s transfer agent to transfer the FC REIT Shares
from the Sellers to First Capital Real Estate Trust, Inc. immediately following the issuance of such shares to the Sellers.

 

1.6
Section 6.16 of the Purchase Agreement is hereby deleted. The Parties hereby agree as follows relative to the Fix Pads properties.
Consistent with the established pattern, Fix Pads properties will continue to be rehabbed with construction loans by Acquisition
Sub and then sold to third parties, with the profits being distributed to the Sellers. The Sellers will continue to cooperate
with and use commercially reasonable efforts to support Acquisition Sub’s rehab activities, consistent with past practices.
Any Fix Pad properties that have not yet been sold by September 30, 2021 (“Unrehabbed Properties”) will either
be transferred by the current fee title owner to the Sellers free and clear of any liens for borrowed money, or Acquisition Sub
will pay the then-current fair market value of such Unrehabbed Properties to the Sellers.

 

    	4

    	 

    

 

2.
Except as otherwise provided by law, by the Purchase Agreement or by any other contractual provisions binding on the Sellers,
the Common Stock, the Preferred Stock shall be freely transferable by the Sellers. Any Seller who is a member of the Board of
Directors or an officer or employee of Parent or any subsidiary will also be subject to any insider trading policy or other policy
or similar document binding on all members of the Board of Directors or officers or employees, respectively.

 

3.
The Parties acknowledge that prior to the date hereof, no Equity Consideration has been issued to or delivered to Sellers. The
Sellers acknowledge and agree that the issuance of Equity Consideration as provided in Section 1.5 hereof satisfy and discharge
in full Parent’s obligations with respect to the issuance of Equity Consideration in respect of the Purchase Price. For
the avoidance of doubt, Equity Consideration does not include the issuance by Parent of the Promissory Notes and Promissory Grid
Notes as defined below.

 

4
Promptly following the date hereof, and prior to the issuance of the shares of Preferred Stock to the Sellers pursuant to Section
1.5 of this the Amendment, the Certificate of Designation for the Preferred Stock shall be amended so as to read in full as set
forth in Schedule B attached hereto. The Parties hereby consent to such amendment.

 

5.
The Sellers agree that the Promissory Notes issued by Parent to each of Alex and Antoni Szkaradek, dated December 30, 2019, each
in the original principal amount of $4,875,000, each as amended from time to time thereafter, are hereby amended and restated
in the forms attached hereto as Exhibits A and B, respectively, each in the modified principal amount of $5,372,250
(the “Amended and Restated Promissory Notes”). Promptly following the date hereof, Parent shall also issue
to each of Alex and Antoni Szkaradek a Promissory Grid Note, in the forms attached hereto as Exhibits C and D, respectively
(the “Grid Notes”). The Parties agree that the Heloc-related debt which is already reflected in FTE’s financial
information (in the principal amount of approximately $800,000, the “Heloc Debt”) is senior in right of repayment
to the Amended and Restated Promissory Notes and the Grid Notes, the Grid Notes are senior in right of repayment to the Amended
and Restated Promissory Notes, and the Heloc Debt, the Amended and Restated Promissory Notes and the Grid Note are all senior
to right of repayment to all other FTE debt except for debt which may already have contractually-provided priority.

 

6.
So long as the Sellers or a Transferee (as defined below) own shares of Common Stock and shares of Preferred Stock convertible
into shares of Common Stock equal to an aggregate of not less than Eleven Million Thirty-One Thousand Six Hundred Eighty Eight
(11,031,688) shares of Common Stock (as equitably adjusted for any stock splits, stock dividends, reclassifications, recapitalizations
or similar events occurring after the date hereof) (the “Threshold Shares”), Parent shall facilitate the nomination
and election of any one individual designated by the holders of a majority of the shares of Common Stock or the Preferred Stock
held by the Sellers or such Transferee from time to time for election to the Board of Directors of Parent by, among other things,
including such individual on any proxy statement soliciting votes for the election of directors of Parent. Any such nominees must
(a) be reasonably acceptable to the Board (such acceptance not to be unreasonably withheld) in accordance with the Board’s
internal procedures and bylaws, (b) qualify as “independent,” in accordance with the applicable rules of the SEC and
the New York Stock Exchange (“NYSE”) listing standards, and (c) not be an immediate family member or an affiliate
(with “immediate family member” having the meaning given in Rule 303A.02 of the NYSE Listed Company Manual and with
“affiliate” having the meaning given under Rule 12b-2 under the Securities Exchange Act of 1934, as the same may be
amended from time to time hereafter) of any then-incumbent board members (“Independent Board Members”). For
purposes of this Section 6, the term “Transferee” shall mean a Parent stockholder who can trace his, her or
its ownership of all of the Threshold Shares, through one or more intermediate acquisitions, back to one or more of the Sellers
as the original holders of such Threshold Shares.

 

    	5

    	 

    

 

7.
Miscellaneous.

 

7.1
No Further Amendment. Except as expressly modified by this Amendment, all of the terms, covenants and provisions of the
Purchase Agreement (as previously modified) shall continue in full force and effect. In the event of any conflict or ambiguity
between the terms, covenants and provisions of this Amendment and those of the Purchase Agreement as existing prior to this Amendment,
the terms, covenants and provisions of this Amendment shall control.

 

7.2
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of laws rules of such state.

 

7.3
Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the Parties
and their respective successors and assigns.

 

7.4
Binding Agreement. This Amendment shall be binding upon the heirs, executors, administrators, successors and assigns of
the Parties.

 

7.5
Counterparts; Delivery. This Amendment may be signed in one or more counterparts, each of which shall be deemed an original
and all of which together shall constitute one and the same instrument. Any signed counterpart may be delivered by facsimile or
other form of electronic transmission (e.g., .pdf) with the same legal force and effect for all purposes as delivery of
an originally signed agreement.

 

[Signature
Page Follows]

 

*
* * * *

    	6

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed by their respective authorized officers as of the
day and year first above written.

 

	 	SELLERS:
	 	 	 
	 	By:
    	 
	 	Name:	Alexander
    Szkaradek
	 	 	 
	 	By:
    	 
	 	Name:	Antoni
    Szkaradek
	 	 	 
	 	VPM
    Holdings, LLC
	 	 	 
	 	By:
    	 
	 	Name:	Alexander
    Szkaradek
	 	Title:
    	Manager
	 	 	 
	 	Vision
    Property MAnagement, LLC
	 	 	 
	 	By:
    	 
	 	Name:	Alexander
    Szkaradek
	 	Title:
    	Managing
    Member

 

[Signature Page to Second Amendment to Stock Purchase Agreement] 

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Second Amendment to be duly executed by their respective authorized officers as
of the day and year first above written.

 

	 	SELLERS:
	 	 	 
	 	Kaja,
    LLC
	 	 	 
	 	By:
    	 
	 	Name:	Alexander
    Szkaradek
	 	Title:	Managing
    Member
	 	 	 
	 	Kaja
    2, LLC
	 	 	 
	 	By:
    	 
	 	Name:	Alexander
    Szkaradek
	 	Title:
    	Managing
    Member
	 	 	 
	 	Kaja
    3, LLC
	 	 	 
	 	By:
    	 
	 	Name:	Alexander
    Szkaradek
	 	Title:	Managing
    Member
	 	 	 
	 	DOBRY
    Holdings Master LLC,
	 	 	 
	 	By:
    VPM Holdings, LLC, its Manager
	 	 	 
	 	By:
    	 
	 	Name:	Alexander
    Szkaradek
	 	Title:
    	Manager

 

[Signature Page to Second
Amendment to Stock Purchase Agreement] 

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers as of the
day and year first above written.

 

	 	SELLERS’
    REPRESENTATIVE:
	 	 	 
	 	By:
    	                                                      
	 	Name:
    	Alexander
    Szkaradek

 

[Signature
Page to Second Amendment to Stock Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers as of the
day and year first above written.

 

	 	PARENT:
	 	 	 
	 	FTE
    NETWORKS INC.
	 	 
	 	By:
    	 
	 	Name:	Michael
    P. Beys
	 	Title:
    	Interim
    Chief Executive Officer
	 	 	 
	 	ACQUISITION
    SUB:
	 	 	 
	 	US
    HOME RENTALS LLC
	 	 	 
	 	By:
    	 
	 	Name:	Michael
    P. Beys
	 	Title:
    	Interim
    Chief Executive Officer

 

[Signature Page to Second Amendment to Stock Purchase Agreement]

 

    	 

    	 

    

 

Schedule
A

 

Payment
Allocation Schedule

 

	 	 	Shares of Common Stock	 	 	Shares of Series I Preferred Stock	 
	Alex Szkaradek	 	 	11,031,688	*	 	 	100	 
	Antoni Szkaradek	 	 	11,031,688	*	 	 	100	 

 

 

*
One-half of these shares are being immediately transferred to First Capital Realty Trust, Inc.

 

    	 

    	 

    

 

Schedule
B

 

Designations
of Series I Preferred Stock

 

[See
Attached]

 

    	 

    	 

    

 

Exhibit
A

 

Amended
and Restated Promissory Note – Alex Szkaradek

 

[See
Attached]

 

    	 

    	 

    

 

Exhibit
B

 

Amended
and Restated Promissory Note – Antoni Szkaradek

 

[See
Attached]

 

    	 

    	 

    

 

Exhibit
C

 

Promissory
Grid Note – Alex Szkaradek

 

[See
Attached]

 

    	 

    	 

    

 

Exhibit
D

 

Promissory
Grid Note – Antoni Szkaradek

 

[See
Attached]Exhibit 10.3

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR THE SECURITIES LAWS
OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS PURSUANT TO SEC RULE 144 OR UNLESS THERE IS AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND THE SECURITIES LAWS OF ANY STATE COVERING SUCH SECURITIES OR SUCH SALE,
TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933 ACT AND
THE SECURITIES LAWS OF ANY STATE.

 

AMENDED
AND RESTATED PROMISSORY NOTE

 

	$5,372,250	April
    2, 2021

 

THIS
AMENDED AND RESTATED PROMISSORY NOTE (this “Note”) is made and entered as of April 2, 2021 (the “Effective
Date”), by and between FTE Networks, Inc., a Nevada corporation, as maker (“FTE” or the
“Company”) and Alex Szkaradek (the “Payee,” which term shall also apply
to successors and assigns who become holders of this Note).

 

RECITALS

 

WHEREAS,
the Company executed and delivered a promissory note dated as of December 30, 2019 for the benefit of Payee in the original principal
amount of $4,875,000 (the “Original Note”) in connection with the purchase of certain real-estate assets owned
and/or controlled by Payee;

 

WHEREAS,
FTE has been unable to repay the Original Note within the time prescribed therein for reasons outside of its control;

 

WHEREAS,
as of the Effective Date, the outstanding balance of principal and accrued cash interest due under the Original Note is FIVE MILLION
THREE HUNDRED SEVENTY-TWO THOUSAND TWO HUNDRED AND FIFTY and 00/100 Dollars ($5,372,250) (the “Unpaid Note Balance”);
and

 

WHEREAS,
the Company and Payee wish to amend and restate the Original Note, it being the express intent of the parties hereto that no novation
of the Unpaid Note Balance under the Original Note shall be deemed to have occurred by virtue of this Note, and that none is intended
or implied. And to the extent that any rights, benefits or provisions in favor of Payee or Company existed in the Original Note,
then such rights, benefits or provisions are acknowledged to be and to continue to be effective from and after the date of the
Original Note.

 

NOW,
THEREFORE, in consideration of the premises, the agreements hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows, as of the
Effective Date:

 

FOR
VALUE RECEIVED, the Company promises to pay to Payee the principal amount of FIVE MILLION THREE HUNDRED SEVENTY-TWO THOUSAND
TWO HUNDRED AND FIFTY and 00/100 Dollars ($5,372,250) (the “Principal”), subject to adjustment pursuant
to the terms and conditions hereunder, which shall be due and payable in full on the earliest to occur of (a) April 2, 2022 and
(b) the date immediately preceding the date on which any indebtedness owed to Lateral Investment Management LLC (“Lateral”)
(and affiliates) is repaid or matures (the “Maturity Date”).

 

    	1

    	 

    

 

The
Principal shall bear simple interest at twelve percent (12%) per annum (“Cash Interest”) beginning on
the Effective Date. Cash Interest hereunder shall be due and payable on the Maturity Date. Interest shall be calculated on the
basis of a 360-day year for the actual number of days in which any Principal, accrued but unpaid interest, or any other sum due
from FTE to Payee pursuant to this Note remains outstanding. Collectively, all amounts payable from FTE to Payee under this Note,
including, without limitation, Principal and accrued but unpaid interest, shall be hereinafter referred to as the “Indebtedness.”
FTE may prepay all or any portion of the Indebtedness at any time, in whole or in part, without premium or penalty. All payments
on account of the Indebtedness, including prepayments, if any, shall be applied first to Payee’s costs of collecting the
Indebtedness, if any, then to accrued and unpaid interest and lastly to payment of outstanding Principal. Payments of the Indebtedness
shall be delivered to Payee by wire transfer of immediately available funds to an account designated by Payee or such other method
as Payee may designate in writing from time to time.

 

The
Company shall have the right to set-off certain claims it may have against Payee against amounts otherwise payable under this
Note as provided herein (each, an “Offset, and collectively, the “Offsets”). An Offset
shall be for an amount paid to, or on behalf of the Payee from December 31, 2019 through the present date for personal expenditures,
including, but not limited to, car leases, legal fees, amounts paid on behalf of Payee in satisfaction of Payee’s obligations
under separate business agreements or venture(s) unrelated to the Company’s business, and any other liabilities that were
not expressly assumed by the Company under the Vision Purchase Agreement as reflected in and according to the books and records
of the Company and memorialized in a written statement executed by the Company’s CEO or interim CEO, as applicable, and
provided to any Holder and which shall list each Offset, the respective dollar-for-dollar reductions to the Principal amount hereunder,
including the date of such Offset.

 

Concurrently
with any prepayment of the Note by the Company before the Maturity Date, or the full payment by the Company of the Note on or
before the Maturity Date, the Company shall pay to Payee or any Holder an exit fee (the “Exit Fee”)
in an amount equal to ten percent (10%) multiplied by any such amount so paid, including principal and accrued interest.

 

FTE
hereby represents and warrants to Payee that (a) FTE is duly organized and validly existing, with all the requisite power and
authority to execute, deliver and perform all of its obligations under this Note, (b) FTE’s obligations under this Note
have been duly authorized and approved by all necessary actions, and (c) this Note constitutes a valid and binding obligation
of FTE, enforceable against FTE in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable
principles.

 

    	2

    	 

    

 

The
occurrence of any one of the following events shall constitute a default by FTE (an “Event of Default”)
under this Note: (a) FTE fails to pay when and as required to be paid herein (i) any principal due under or in connection with
this Note, (ii) any interest or any fee payable under or in connection with this Note, or (iii) any Exit Fee due hereunder, and
such failure shall continue for a period of ten business days; (b) FTE fails to perform or observe any other covenant or agreement
(not specified in subsection (a) above) contained in this Note or any other document executed in connection herewith or therewith
on its part to be performed or observed and such failure continues for more than thirty business days; (c) any representation,
warranty, certification or statement of fact made or deemed made by or on behalf of FTE herein or in any document delivered in
connection herewith or therewith shall be incorrect or misleading when made or deemed made in any material respect and such representation,
warranty certification or statement shall not have been cured within thirty (30) business days; (d) FTE institutes or consents
to the institution of any proceeding under any insolvency law, or makes an assignment for the benefit of creditors; or applies
for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer
for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer is appointed without the application or consent of such person and the appointment continues undischarged or
unstayed for 60 calendar days; or any proceeding under any insolvency law relating to any such person or to all or any material
part of its property is instituted without the consent of such person and continues undismissed or unstayed for 60 calendar days,
or an order for relief is entered in any such proceeding; (e) FTE becomes unable or admits in writing its inability or fails generally
to pay its debts as they become due; or (f) this Note ceases to be in full force and effect.

 

Upon
the occurrence and during the continuance of any Event of Default, Payee may declare all Indebtedness hereunder to be immediately
due and payable and shall be entitled to exercise any and all of its rights and remedies under applicable law; provided that Payee
shall not take any enforcement or collection actions for 60 calendar days following an Event of Default set forth in subsection
(a) above..

 

FTE,
for itself and for its successors and assigns, hereby irrevocably: (a) waives diligence, presentment and demand for payment, protest,
notice, notice of protest and nonpayment, dishonor and notice of dishonor and all other demands or notices of any kind whatsoever
and (b) agrees that this Note and any or all payments coming due hereunder may be extended from time to time in the discretion
of Payee without in any way affecting or diminishing FTE’s liability hereunder.

 

No
delay in exercise of any right or remedy hereunder by Payee shall be deemed to be a waiver of any such right or remedy, nor shall
the exercise of any right or remedy hereunder by Payee be deemed an election of remedies or a waiver of any other right or remedy.
No waiver or limitation of any right or remedy hereunder by Payee shall be effective unless (and any such waiver or limitation
shall be effective only to the extent) expressly set forth in a writing, signed and delivered by Payee to FTE. No amendment to
this Note shall be effective unless expressed in a writing signed by Payee and FTE.

 

All
notices or other communications hereunder shall be given in writing and shall be delivered personally or by messenger, transmitted
via email, mailed, U.S. certified mail return receipt requested, or delivered by overnight courier service to the addresses of
Payee and FTE set forth on the signature pages hereto, or such other address as any party hereto designates by written notice
to the other party hereto, and shall be deemed to have been given upon delivery, if delivered personally or by messenger, upon
confirmed receipt if transmitted by email, three (3) days after mailing, if sent by certified mail, or one (1) business day after
delivery to the courier, if delivered by overnight courier service.

 

Time
is hereby declared to be of the essence of this Note and of every part hereof.

 

    	3

    	 

    

 

This
Note shall be governed by, interpreted under and construed in accordance with the laws and decisions of the State of New York,
without regards to conflicts of law. This Note shall inure to the benefit of Payee and its successors, assigns and legal representatives,
and shall be binding upon FTE and its successors and assigns; provided that FTE shall not assign any of its rights or obligations
under this Note without the prior written consent of Payee. This Note is freely transferable and assignable by the Payee or any
Holder and without any consent of the Company. The Payee and any Holder may transfer and assign this Note in whole, or in increments
of not less than Two Million Five Hundred Thousand Dollars ($2,500,000).

 

It
is the intention of FTE and Payee to conform to applicable usury laws, if any. Accordingly, notwithstanding anything to the contrary
in this Note or any other agreement entered into in connection herewith, it is agreed as follows: (i) the aggregate of all interest
and any other charges constituting interest under applicable law and contracted for, chargeable, or receivable under this Note
or otherwise in connection with the obligation evidenced hereby shall under no circumstances exceed the maximum amount of interest
permitted by applicable law, if any, and any excess shall be deemed a mistake and cancelled automatically and, if theretofore
paid, shall, at the option of FTE, be refunded to FTE or credited on the principal amount of this Note; and (ii) in the event
that the entire unpaid balance of this Note is declared due and payable by Payee, then earned interest may never include more
than the maximum amount permitted by applicable law, if any, and any unearned interest shall be cancelled automatically and, if
therefore paid, shall at the option of FTE, either be refunded to FTE or credited, to the extent permitted by law, on the principal
amount of this Note outstanding.

 

Whenever
possible, each provision of this Note shall be interpreted in such manner as to be effective, valid and enforceable under applicable
law, but if any provision of this Note is held to be invalid or unenforceable by a court of competent jurisdiction, such provision
shall be severed herefrom and such invalidity or unenforceability shall not affect any other provision of this Note, the balance
of which shall remain in and have its intended full force and effect; provided, however, if such provision may be modified so
as to be valid and enforceable as a matter of law, such provision shall be deemed to have been modified so as to be valid and
enforceable to the maximum extent permitted by law.

 

FTE
AND PAYEE IRREVOCABLY AGREE, AND HEREBY CONSENT AND SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS LOCATED IN NEW YORK,
NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, LOCATED IN NEW YORK, NEW YORK, WITH REGARD
TO ANY ACTIONS OR PROCEEDINGS ARISING FROM, RELATING TO OR IN CONNECTION WITH INDEBTEDNESS OR THIS NOTE. FTE AND PAYEE HEREBY
WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY.

 

[Signature
Page Follows]

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, FTE has executed and delivered this Note to Payee as of the date first above written.

 

	 	FTE
    NETWORKS, INC.,
	 	as
    FTE
	 	 	 
	 	By:	 
	 	Name:	Michael
    Beys
	 	Title:
    	Interim
    Chief Executive Officer

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