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EXHIBIT 4.7

DESCRIPTION OF THE SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

Citizens Financial Group, Inc. (“Citizens,” “we,” “our,” “us,” and the “Company”) has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):  (i) Common Stock, par value $0.01 per share; (ii) Depositary Shares each representing a 1/40th Interest in a share of our 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, par value $25.00 per share (the “Series D Preferred Stock”); and (iii) Depositary Shares each representing a 1/40th Interest in a share of our 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $25.00 per share (the “Series E Preferred Stock”).

Authorized Capital Stock

Citizens’ authorized capital stock consists of 1,000,000,000 shares of common stock, par value $0.01 per share and 100,000,000 shares of preferred stock, par value $25.00 per share. All outstanding shares of our capital stock are fully paid and non-assessable.

Description of Common Stock

The following description of our common stock is a summary and does not purport to be complete and is qualified in its entirely by the applicable provisions of federal law governing bank holding companies, Delaware law and our amended and restated certificate of incorporation and bylaws. Our amended and restated certificate of incorporation and bylaws are incorporated by reference as Exhibits to our Annual Report on Form 10-K.
Voting rights
The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, except on matters relating solely to terms of preferred stock.
For the election of directors, we have adopted a majority voting standard in uncontested elections and a plurality voting standard in contested elections. There are no cumulative voting rights.
Dividend rights 
Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our Board of Directors (the “Board”) out of funds legally available therefor.
Rights upon liquidation  
In the event of liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.
Other rights
The holders of our common stock have no preemptive or conversion rights or other subscription rights.  There are no redemption or sinking fund provisions applicable to the common stock.
Listing
   Our common stock is traded on the New York Stock Exchange under the trading symbol “CFG.”

Description of Depositary Shares Representing Interests in Shares of Preferred Stock

The description set forth below of certain provisions of the deposit agreement and of the depositary shares and depositary receipts does not purport to be complete and is subject to and qualified in its entirety by reference to the forms of deposit agreement and depositary receipts relating to each series of preferred stock.
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Citizens has the following depositary shares registered under Section 12 of the Exchange Act:

◦Depositary Shares each representing 1/40th interest in a share of our Series D Preferred Stock; and

◦Depositary Shares each representing 1/40th interest in a share of our Series E Preferred Stock.

We refer to the above series of preferred stock represented by depositary shares (the “Depositary Shares”), collectively, as the “Preferred Stock.”
General
Our Depositary Shares represent fractional interests in shares of the applicable series of Preferred Stock. Each Depositary Share represents a 1/40th ownership interest in a share of the applicable series of Preferred Stock, and are evidenced by a depositary receipt. We have deposited the underlying shares of Preferred Stock represented by the Depositary Shares with a depositary pursuant to a deposit agreement among us, Computershare Inc. and its wholly-owned subsidiary Computershare Trust Company, N.A., jointly acting as depositary, and the holders from time to time of the depositary receipts. Subject to the terms of the deposit agreement, each holder of a Depositary Share is entitled to all the rights and preferences of the shares of the applicable series of Preferred Stock (including dividend, voting, redemption and liquidation rights) in proportion to the applicable fraction of a share of the applicable series of Preferred Stock represented by each Depositary Share.
Dividends and Other Distributions
Each dividend on a Depositary Share is in an amount equal to 1/40th of the dividend declared on each share of the applicable series of Preferred Stock.
The depositary distributes all dividends and other cash distributions received in respect of Preferred Stock to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder. In the event of a distribution other than in cash, the depositary distributes property received by it to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder, unless the depositary determines that this distribution is not feasible, in which case the depositary may, with our approval, adopt a method of distribution that it deems equitable and practicable, including the sale of the property and distribution of the net proceeds from that sale to the holders of the Depositary Shares.
Record dates for the payment of dividends and other matters relating to the Depositary Shares are the same as the corresponding record dates for the applicable series of Preferred Stock.
The amounts distributed to holders of the Depositary Shares are reduced by any amounts required to be withheld by the depositary or by us on account of taxes or other governmental charges.
Redemption of the Depositary Shares
If we redeem any series of Preferred Stock represented by the Depositary Shares, the Depositary Shares will be redeemed from the proceeds received by the depositary resulting from the redemption of the applicable series of Preferred Stock held by the depositary. The redemption price per Depositary Share will be equal to 1/40th of the redemption price per share payable with respect to the Preferred Stock (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends, on the shares of the Preferred Stock. Whenever we redeem shares of Preferred Stock held by the depositary, the depositary will redeem, as of the same redemption date, the number of the Depositary Shares representing shares of the Preferred Stock so redeemed.
In case of any redemption of less than all of the outstanding Depositary Shares, the Depositary Shares to be redeemed will be selected either pro rata or by lot. In any case, the depositary will redeem the Depositary Shares only in increments of 40 Depositary Shares and any integral multiple thereof. The depositary will provide notice of redemption to record holders of the Depositary Shares not less than 30 and not more than 60 days prior to the date fixed for redemption of the Preferred Stock and the related Depositary Shares.
Voting Rights of the Depositary Shares
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Because each Depositary Share represents a 1/40th interest in the applicable series of Preferred Stock, holders of Depositary Shares are entitled to 1/40th of a vote per Depositary Share under those limited circumstances in which holders of the applicable series of Preferred Stock are entitled to a vote.
When the depositary receives notice of any meeting at which the holders of the applicable series of Preferred Stock are entitled to vote, the depositary will mail (or otherwise transmit by an authorized method) the information contained in the notice to the record holders of the Depositary Shares relating to the applicable series of Preferred Stock. Each record holder of the Depositary Shares on the record date, which will be the same date as the record date for the applicable series of Preferred Stock, may instruct the depositary to vote the amount of the Preferred Stock represented by the holder’s Depositary Shares. To the extent possible, the depositary will vote the amount of the Preferred Stock represented by the Depositary Shares in accordance with the instructions it receives. We will agree to take all reasonable actions that the depositary determines are necessary to enable the depositary to vote as instructed. If the depositary does not receive specific instructions from the holders of any Depositary Shares, it will vote all Depositary Shares held by it proportionately with instructions received.
Charges of Depositary
We have agreed to pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We have agreed to pay associated charges of the depositary in connection with the initial deposit of the applicable series of Preferred Stock and any redemption of the applicable series of Preferred Stock. Holders of the Depositary Shares will pay transfer, income, and other taxes and governmental charges and such other charges as are expressly provided in the deposit agreement to be for their accounts. If these charges have not been paid by the holders of the Depositary Shares, the depositary may refuse to transfer Depositary Shares, withhold dividends and distributions, and sell the Depositary Shares.
Listing
The Depositary Shares representing the Series D Preferred Stock and the Series E Preferred Stock are traded on the New York Stock Exchange under the trading symbols “CFG PrD” and “CFG PrE”, respectively.
Form and Notices
Each series of Preferred Stock has been issued in registered form to the depositary, and the Depositary Shares have been issued in book-entry only form through The Depository Trust Company (“DTC”). The depositary will forward to the holders of the Depositary Shares all reports, notices, and communications from us that are delivered to the depositary and that we are required to furnish to the holders of the applicable series of Preferred Stock.
Depositary
Computershare Inc. and Computershare Trust Company, N.A. are the joint depositary for the Depositary Shares. We may terminate such appointment and may appoint a successor depositary at any time and from time to time, provided that we will use our best efforts to ensure that there is, at all relevant times when the Preferred Stock is outstanding, a person or entity appointed and serving as such depositary.

Description of Preferred Stock

As described above, we have Depositary Shares registered under Section 12 of the Exchange Act that represent interests in the Preferred Stock. This section describes the Preferred Stock, interests in which are represented by the Depositary Shares. The following description of our Preferred Stock is a summary and does not purport to be complete and is qualified in its entirely by the applicable provisions of federal law governing bank holding companies, Delaware law, the Certificate of Designations for the applicable series of Preferred Stock, which are included as Exhibits to our amended and restated certificate of incorporation, and our amended and restated certificate of incorporation and bylaws. Our amended and restated certificate of incorporation and bylaws are incorporated by reference as Exhibits to this Annual Report on Form 10-K.

Other than as described below, the terms of the Series D Preferred Stock and the Series E Preferred Stock are substantially similar.

General
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Under our amended and restated certificate of incorporation, we have authority to issue up to 100,000,000 shares of preferred stock, par value $25.00 per share. Our Board is authorized without further stockholder action to cause the issuance of shares of preferred stock.   Any additional preferred stock may be issued from time to time in one or more series, each with such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as our Board (or a duly authorized committee) may determine prior to the time of issuance.
The Preferred Stock is not be convertible into, or exchangeable for, shares of our common stock or any other class or series of our other securities and are not be subject to any sinking fund or any other obligation of us for their repurchase or retirement. The Preferred Stock represents non-withdrawable capital, not be an account of an insurable type, and not insured or guaranteed by the Federal Deposit Insurance Corporation any other governmental agency or instrumentality.
Dividends
Holders of Preferred Stock are entitled to receive, when, as and if declared by our Board (or a duly authorized committee of our Board), only out of funds legally available therefor, non-cumulative cash dividends payable quarterly in arrears at the rate specified below:
◦Series D Preferred Stock : cash dividends at a per annum rate equal to 6.350%  until April 6, 2024 (the “fixed rate period”), and quarterly thereafter (the “floating rate period”) at the rate equal to the three month LIBOR (as defined below) plus 3.642%; and
◦Series E Preferred Stock: cash dividends at a per annum rate equal to 5.000%.
Each date on which dividends are payable is a “dividend payment date,” and dividends for each dividend payment date are payable with respect to the dividend period (or portion thereof) ending on the day preceding such respective dividend payment date, in each case to holders of record on the 15th calendar day before such dividend payment date or such other record date not more than 30 nor less than 10 days preceding such dividend payment date fixed for that purpose by our Board (or a duly authorized committee of our Board) in advance of payment of each particular dividend. For the Series E Preferred Stock and the Series D Preferred Stock during the fixed rate period, if any such date is not a business day, then such date will nevertheless be a dividend payment date, but dividends on the Preferred Stock, when, as and if declared, will be paid on the next succeeding business day (without adjustment in the amount of the dividend per share of the applicable series of Preferred Stock). For the Series D Preferred Stock during the floating rate period, if any such date that would otherwise be a dividend payment date is not a business day, then the next succeeding business day will be the applicable dividend payment date and dividends on the Series D Preferred Stock, when, as and if declared, will be paid on such next succeeding business day, unless such day falls in the next calendar month, in which case the dividend payment date will be brought forward to the immediately preceding day that is a business day.
The amount of the dividend per share of the Series D Preferred Stock will be calculated (a) for each dividend period (or portion thereof) in the fixed rate period, on the basis of a 360-day year consisting of twelve 30-day months, and (b) for each dividend period (or portion thereof) in the floating rate period, based on the actual number of days in the dividend period and a 360-day year. The amount of the dividend per share of the Series E Preferred Stock will be calculated for each dividend period (or portion thereof) on the basis of a 360-day year consisting of twelve 30-day months.  We will not pay interest or any sum of money instead of interests on any dividend payment date that may be in arrears on any series of Preferred Stock. 
 
Dividends on shares of Preferred Stock will not be cumulative and will not be mandatory. If our Board (or a duly authorized committee of our Board) does not declare a dividend on a series of Preferred Stock in respect of a dividend period, then holders of that series of Preferred Stock shall not be entitled to receive any dividends not declared by our Board (or a duly authorized committee of our Board) and no interest, or sum of money in lieu of interest, shall be payable in respect of any dividend not so declared, whether or not our Board (or a duly authorized committee of our Board) declares a dividend on that series of Preferred Stock or any other series of our preferred stock or on our common stock for any future dividend period.

In the case of the Series D Preferred Stock, “three-month LIBOR” for each dividend determination date related to the floating rate period will be determined by the calculation agent as follows:

(i)The rate for deposits in U.S. dollars having an index maturity of three months as such rate is displayed on Bloomberg on page BBAM1 (or any other page as may replace such page on such service or any successor service for the purpose of displaying the London interbank rates of major banks for U.S. dollars) (“Bloomberg BBAM1”) as of 11:00 a.m., London time, on such dividend determination date. If no such rate so appears, three-month LIBOR 
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on such dividend determination date will be determined in accordance with provision described in clause (ii) or (iii) below.
(ii)With respect to a dividend determination date on which no rate is displayed on Bloomberg BBAM1 as specified in clause (i) above, the calculation agent shall request the principal London offices of each of four major reference banks (which may include affiliates of the underwriters for the offering of the Series D Preferred Stock) in the London interbank market, as selected by us, and identified to the calculation agent, to provide the calculation agent with its offered quotation for deposits in U.S. dollars having an index maturity of three months, commencing on the first day of the related dividend period, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on such dividend determination date and in a principal amount that is representative for a single transaction in U.S. dollars in such market at such time. If at least two such quotations are so provided, then three-month LIBOR on such dividend determination date will be the arithmetic mean calculated by the calculation agent of such quotations. If fewer than two such quotations are so provided, then three-month LIBOR on such dividend determination date will be the arithmetic mean calculated by the calculation agent of the rates quoted at approximately 11:00 a.m., in New York City, on such dividend determination date by three major banks (which may include affiliates of the underwriters for the offering of the Series D Preferred Stock) in New York City selected by us, and identified to the calculation agent, for loans in U.S. dollars to leading European banks, having an index maturity of three months and in a principal amount that is representative for a single transaction in U.S. dollars in such market at such time; provided, however, that if the banks so selected by us are not quoting as mentioned in this sentence, but a LIBOR Event (as defined below) has not occurred, three-month LIBOR determined as of a dividend determination date shall be three-month LIBOR in effect on such dividend determination date, or, in the case of the dividend period beginning April 6, 2024, the most recent three-month LIBOR that can be determined.
(iii)Notwithstanding clauses (i) and (ii) above, if we, in our sole discretion, determine that three month LIBOR has been permanently discontinued or is no longer viewed as an acceptable benchmark for securities like the Series D Preferred Stock and we have notified the calculation agent of such determination (a “LIBOR Event”), the calculation agent will use, as directed by us, as a substitute for three-month LIBOR (the “Alternative Rate”) for each future dividend determination date, the alternative reference rate selected by the central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof) that is consistent with market practice regarding a substitute for three-month LIBOR. As part of such substitution, the calculation agent will, as directed by us, make such adjustments to the Alternative Rate or the spread thereon, as well as the business day convention, dividend determination dates and related provisions and definitions (“Adjustments”), in each case that are consistent with market practice for the use of such Alternative Rate. Notwithstanding the foregoing, if we determine that there is no alternative reference rate selected by the central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof) that is consistent with market practice regarding a substitute for three-month LIBOR, we may, in our sole discretion, appoint an independent financial advisor (“IFA”) to determine an appropriate Alternative Rate and any Adjustments, and the decision of the IFA will be binding on us, the calculation agent and the holders of Series D Preferred Stock. If a LIBOR Event has occurred, but for any reason an Alternative Rate has not been determined or there is no such market practice for the use of such Alternative Rate (and, in each case, an IFA has not determined an appropriate Alternative Rate and Adjustments or an IFA has not been appointed), three-month LIBOR determined as of a dividend determination date shall be three-month LIBOR in effect on such dividend determination date; provided, however, that if this sentence is applicable with respect to the first dividend determination date related to the floating rate period, the dividend rate, business day convention and manner of calculating dividends applicable during the fixed rate period will remain in effect during the floating rate period.

The establishment of three-month LIBOR for each dividend period in the floating rate period by the calculation agent (including, for the avoidance of doubt, at the direction of us in the case of clause (iii)) or IFA, as applicable, shall (in the absence of manifest error) be final and binding. For the avoidance of doubt, any adjustments made pursuant to clause (iii) of the definition of three-month LIBOR shall not be subject to the vote or consent of the holders of the Series D Preferred Stock.

“Dividend determination date” means, with respect to a dividend period during the floating rate period, the second London banking day prior to the beginning of such dividend period.

“London banking day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and any day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.
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Redemption
The Preferred Stock is perpetual and has no maturity date. The Preferred Stock is redeemable at our option, subject to receipt of any required regulatory approval, in whole or in part as follows:
◦ the Series D Preferred Stock is redeemable on any dividend payment date on or after the dividend payment date on April 6, 2024 at a cash redemption price of $1,000 per share (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends, without regard to any undeclared dividends, to, but excluding, the redemption date; and
◦ the Series E Preferred Stock is redeemable on any dividend payment date on or after the dividend payment date on January 6, 2025 at a cash redemption price of $1,000 per share (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends, without regard to any undeclared dividends, to, but excluding, the redemption date
Also, we may, redeem the shares of Preferred Stock, in whole but not in part, at any time within 90 days following a Regulatory Capital Treatment Event (as defined in the Certificate of Designations for such series), in each case, at a cash redemption price equal to the stated amount, together with any declared and unpaid dividends, without regard to any undeclared dividends, to but excluding the redemption date. 
The Preferred Stock is not subject to any mandatory redemption, sinking fund or other similar provisions. Holders of the Preferred Stock have no right to require redemption of any shares of Preferred Stock.
Restrictions on Dividends, Redemption and Repurchases
So long as any shares of Preferred Stock remains outstanding, unless dividends on all outstanding shares of Preferred Stock for the most recently completed dividend period have been paid in full or declared and a sum sufficient for the payment thereof has been set aside for payment, (i) no dividend may be declared or paid or set aside for payment, and no distribution may be made, on any junior stock (as defined in the Certificate of Designations for such series), (ii) no monies may be paid or made available for a sinking fund for the redemption or retirement of junior stock (a “junior stock sinking fund payment”), and (iii) no shares of junior stock shall be purchased, redeemed or otherwise acquired for consideration by us, directly or indirectly, other than:
◦any junior stock sinking fund payment, or any purchase, redemption or other acquisition of shares of junior stock, as a result of (x) a reclassification of junior stock for or into other junior stock, (y) the exchange or conversion of one share of junior stock for or into another share of junior stock or (z) the purchase of fractional interests in shares of junior stock under the conversion or exchange provisions of junior stock or the security being converted or exchanged;
◦any junior stock sinking fund payment, or any purchase, redemption or other acquisition of shares of junior stock, through the use of the proceeds of a substantially contemporaneous sale of other shares of junior stock;
◦repurchases, redemptions or other acquisitions of shares of junior stock in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants or (2) a dividend reinvestment or stockholder stock purchase plan;
◦any declaration of a dividend in connection with any stockholders’ rights plan, or the issuance of rights, stock or other property under any stockholders’ rights plan, or the redemption or repurchase of rights pursuant to the plan; or
◦ any dividend paid on junior stock in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or is other junior stock.
However, the foregoing does not restrict the ability of us or any of our affiliates to engage in any market-making transactions or purchases in connection with the distribution of securities in the ordinary course of business.
The Certificate of Designations for each series also has provisions in case of partial payments on the Preferred Stock or other series of preferred stock that rank equally with the Preferred Stock. 
Dividends on the Preferred Stock will not be declared, paid or set aside for payment if and to the extent such act would cause us to fail to comply with applicable laws and regulations.
Liquidation Rights
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In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, holders of Preferred Stock will be entitled to receive out of our assets legally available for distribution to our stockholders (i.e., after satisfaction of all our liabilities to creditors, if any) an amount equal to $1,000 per share, plus any dividends that have been declared but not paid prior to the date of payment of distributions to stockholders, without regard to any undeclared dividends (the “liquidation preference”).
If our assets are not sufficient to pay the liquidation preference in full to all holders of  all holders of any class or series of our stock that ranks on a parity with the Preferred Stock in the distribution of assets on liquidation, dissolution or winding up of the Company, the amounts paid to the holders of the Preferred Stock and to the holders of all liquidation preference parity stock shall be pro rata in accordance with the respective aggregate liquidation preferences of the Preferred Stock and all such liquidation preference parity stock. 
Voting Rights
Except as indicated below or otherwise required by law, the holders of the Preferred Stock do not have any voting rights.
Right to Elect Two Directors on Nonpayment of Dividends. Whenever dividends on any shares of the Preferred Stock, shall have not been declared and paid for the equivalent of three semi-annual or six full quarterly dividend payments, whether or not for consecutive dividend periods (a “nonpayment”), the holders of such shares, voting together as a class with holders of any and all other series of voting preferred stock then outstanding, are entitled to vote for the election of a total of two additional members of our Board  (the “preferred stock directors”), provided that the election of any such directors shall not cause us to violate the corporate governance requirement of the New York Stock Exchange (or any other exchange on which our securities may be listed) that listed companies must have a majority of independent directors and provided further that our board of directors shall at no time include more than two preferred stock directors. In that event, the number of directors on our board of directors shall automatically increase by two, and the new directors shall be elected at a special meeting called at the request of the holders of record of at least 20% of the Preferred Stock or of any other series of voting preferred stock (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders, in which event such election shall be held at such next annual or special meeting of stockholders), and at each subsequent annual meeting. These voting rights will continue until dividends on the shares of the Preferred Stock for at least two consecutive semi-annual or four consecutive quarterly dividend periods, as applicable, following the nonpayment shall have been fully paid.
If and when dividends for at least two consecutive semi-annual or four consecutive quarterly dividend periods, as applicable, following a nonpayment have been paid in full on the Preferred Stock, the holders of the Preferred Stock shall be divested of the foregoing voting rights (subject to revesting in the event of each subsequent nonpayment), the term of office of each preferred stock director so elected shall terminate and the number of directors on  the board of directors shall automatically decrease by two. In determining whether dividends have been paid for at least two consecutive semi-annual or four consecutive quarterly dividend periods, as applicable, following a nonpayment, we may take account of any dividend we elect to pay for any dividend period after the regular dividend payment date for that period has passed. Any preferred stock director may be removed at any time without cause by the holders of record of a majority of the outstanding shares of the Preferred Stock. So long as a nonpayment shall continue, any vacancy in the office of a preferred stock director (other than prior to the initial election after a nonpayment) may be filled by the written consent of the preferred stock director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding shares of Preferred Stock; provided that the filling of any such vacancy shall not cause us to violate the corporate governance requirement of the New York Stock Exchange (or any other exchange on which our securities may be listed) that listed companies must have a majority of independent directors. Any such vote to remove, or to fill a vacancy in the office of, a preferred stock director may be taken only at a special meeting called at the request of the holders of record of at least 20% of the Series E Preferred Stock or of any other series of voting preferred stock (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders, in which event such election shall be held at such next annual or special meeting of stockholders). The preferred stock directors shall each be entitled to one vote per director on any matter.
 
Other Voting Rights
So long as any shares of Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required by law or by our amended and restated certificate of incorporation, the vote or consent of the holders of at least two thirds of the shares of Preferred Stock at the time outstanding, voting together as a single class with any other series of preferred stock entitled to vote thereon (to the exclusion of all other series of preferred stock), given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, will be necessary for effecting or validating:

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◦Amendment of Certificate of Incorporation, By-laws or Certificate of Designations. Any amendment, alteration or repeal of any provision of our certificate of incorporation, by-laws or the certificate of designations for the Preferred Stock that would alter or change the voting powers, preferences or special rights of the Preferred Stock so as to affect them adversely; provided, however, that the amendment of the certificate of incorporation so as to authorize or create, or to increase the authorized amount of, any class or series of stock that does not rank senior to the Preferred Stock in either the payment of dividends (whether such dividends are cumulative or non-cumulative) or in the distribution of assets on any liquidation, dissolution or winding up of the Company shall not be deemed to affect adversely the voting powers, preferences or special rights of the Preferred Stock;

◦Authorization of Senior Stock. Any amendment or alteration of the certificate of incorporation to authorize or create, or increase the authorized amount of, any shares of any class or series or any securities convertible into shares of any class or series of our capital stock ranking prior to the Preferred Stock in the payment of dividends or in the distribution of assets on any liquidation, dissolution or winding up of the Company; or

◦Share Exchanges, Reclassifications, Mergers and Consolidations and Other Transactions. Any consummation of (x) a binding share exchange or reclassification involving the Preferred Stock or (y) a merger or consolidation of Citizens Financial Group, Inc. with another entity (whether or not a corporation), unless in each case (A) the shares of Preferred Stock remain outstanding or, in the case of any such merger or consolidation with respect to which we are not the surviving or resulting entity, the shares of Preferred Stock are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (B) such shares remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and restrictions and limitations thereof, of the Preferred Stock immediately prior to such consummation, taken as a whole.
If an amendment, alteration, repeal, share exchange, reclassification, merger or consolidation described above would adversely affect one or more but not all series of voting preferred stock, then only the series affected and entitled to vote shall vote to the exclusion of all other series of preferred stock. If all series of preferred stock are not equally affected by the proposed amendment, alteration, repeal, share exchange, reclassification, merger or consolidation described above, there shall be required a two-thirds approval of each series that will have a diminished status.
Without the consent of the holders of the Preferred Stock, so long as such action does not adversely affect the rights, preferences, privileges and voting powers of the Preferred Stock, we may amend, alter, supplement or repeal any terms of the Preferred Stock:

◦to cure any ambiguity, or to cure, correct or supplement any provision contained in the certificate of designations for the Series E Preferred Stock that may be defective or inconsistent; or

◦to make any provision with respect to matters or questions arising with respect to the Preferred Stock that is not inconsistent with the provisions of the certificate of designations, including, without limitation, in the case of the Series D Preferred Stock, to implement the terms of clause (iii) of the definition of three-month LIBOR following the occurrence of a LIBOR Event.
The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which the vote would otherwise be required shall be effected, all outstanding shares of the Preferred Stock have been redeemed or called for redemption on proper notice and sufficient funds have been set aside by us for the benefit of the holders of the Preferred Stock to effect the redemption unless in the case of a vote or consent required to authorize senior stock if all outstanding shares of the Preferred Stock are being redeemed with the proceeds from the sale of the stock to be authorized.
Under current provisions of the Delaware General Corporation Law, the holders of issued and outstanding preferred stock are entitled to vote as a class, with the consent of the majority of the class being required to approve an amendment to our amended and restated certificate of incorporation if the amendment would increase or decrease the aggregate number of authorized shares of such class or increase or decrease the par value of the shares of such class.
No Preemptive and Conversion Rights
Holders of the Preferred Stock do not have any preemptive rights. The Preferred Stock is not convertible into or exchangeable for property or shares of any other series or class of our capital stock.
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Anti-Takeover Effects of Some Provisions
Some provisions of our amended and restated certificate of incorporation and amended and restated bylaws could make the following more difficult:

◦acquisition of control of us by means of a proxy contest or otherwise, or 
◦removal of our incumbent officers and directors.
These provisions, as well as our ability to issue preferred stock, are designed to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us, and that the benefits of this increased protection outweigh the disadvantages of discouraging those proposals, because negotiation of those proposals could result in an improvement of their terms.
Election and Removal of Directors. The number of directors that will constitute the Board will be fixed from time to time by resolution of our Board, excluding any directors elected by holders of preferred stock pursuant to provisions applicable in the case of certain events involving the non-payment of dividends. Our Board currently has 14 members.
Our amended and restated certificate of incorporation and amended and restated bylaws provide that directors may be removed, with or without cause, by an affirmative vote of holders of shares representing a majority of the outstanding shares then entitled to vote at an election of directors. Any vacancy occurring on our Board and any newly created directorship may be filled only by a vote of a majority of the remaining directors in office or by the sole director remaining in office.
Limits on Written Consents.  Our amended and restated certificate of incorporation and amended and restated bylaws provide that stockholder action, other than actions by the holders of one or more classes of Preferred Stock, can be taken only at an annual or special meeting of stockholders and cannot be taken by written consent in lieu of a meeting.
Super-Majority Approval Requirement.  The Delaware General Corporation Law generally provides that the affirmative vote of the holders of a majority of the total voting power of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation or bylaws, unless either a corporation’s certificate of incorporation or bylaws require a greater percentage. Our amended and restated certificate of incorporation and amended and restated bylaws provide that the affirmative vote of holders of 75% of the total voting power of our outstanding common stock eligible to vote in the election of directors, voting together as a single class, will be required to amend, alter, change or repeal specified provisions, including those relating to voting rights, the structure and authority of the Board, meetings of stockholders, indemnification of directors and officers, amendment of our amended and restated certificate of incorporation and amended and restated bylaws, and certain other provisions. This requirement of a super-majority vote to approve amendments to our amended and restated certificate of incorporation and amended and restated bylaws could enable a minority of our stockholders to effectively exercise veto power over any such amendments.
Other Limitations on Stockholder Actions.  Our amended and restated bylaws also impose some procedural requirements on stockholders who wish to:
◦make nominations in the election of directors,
◦propose that a director be removed;
◦propose any repeal or change in our amended and restated bylaws; or 
◦propose any other business to be bought before an annual or special meeting of stockholders.

Under these procedural requirements, in order to bring a proposal before a meeting of stockholders, a stockholder must generally deliver timely notice of a proposal pertaining to a proper subject for presentation at the meeting to our corporate secretary along with the following:
◦a description of the business or nomination to be brought before the meeting and the reasons for conducting such business at the meeting;
◦the stockholder’s name and address;
◦any material interest of the stockholder in the proposal; 
◦the number of shares beneficially owned by the stockholder and evidence of such ownership; or 
◦description of all agreements, arrangements and understandings between the stockholder and any other person (including the names of such persons) in connection with the proposal.
    9

To be timely, a stockholder must generally deliver notice to the corporate secretary:
◦in connection with an annual meeting of stockholders, not less than 120 days nor more than 150 days prior to the first anniversary of the date on which the annual meeting of stockholders was held in the immediately preceding year, but in the event that the date of the annual meeting is more than 30 days before or more than 70 days after the anniversary date of the preceding annual meeting of stockholders, a stockholder notice will be timely if received by us not later than the close of business (A) no earlier than 120 days prior to the annual meeting and (B) no later than 70 days prior to the date of the meeting or the 10th day following the day on which we first publicly announce the date of the annual meeting; or
◦in connection with the election of a director at a special meeting of stockholders, (A) not earlier than 150 days prior to the date of the special meeting nor (B) later than the later of 120 days prior to the date of the special meeting or the 10th day following the day on which public announcement of the date of the special meeting was first made;
In order to submit a nomination for our Board, a stockholder must also submit any information with respect to the nominee that we would be required to include in a proxy statement, as well as some other information.
A stockholder may also submit a nomination for our Board or the proposal of other business by submitting a proposal to us in compliance with Rule 14a-8 under the Exchange Act, and such stockholder’s proposal has been included in a proxy statement that has been prepared by us to solicit proxies for the meeting of stockholders.
If a stockholder fails to follow the required procedures, the stockholder’s proposal or nomination will be ineligible and will not be voted on by our stockholders.

    10Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of the 19th day of February, 2021, is by and between COMSovereign Holding Corp.,
a Nevada corporation (the “Company”), and Martin
R. Wade, III (the “Executive”). the Company and the Executive are sometimes referred to herein individually
as a “Party” and collectively as the “Parties.”

 

WITNESSETH

 

WHEREAS, the Company
and its subsidiaries and affiliates design, build and support infrastructures for the technology and telecommunications industries
and the aerostat and drone industry (the “Business”);

 

WHEREAS, the Company
has developed and will develop relationships with Customers, Prospective Customers, Vendors, suppliers and shippers as well as
a reputation in the technology and communications industries and the aerostat and drone industry, which are and will become of
great importance and value to the Company in connection with its Business, and the loss of or injury to the Business will result
in substantial and irreparable damage to the Company;

 

WHEREAS, the Company
has acquired and/or developed certain trade secrets and Confidential Information, as more fully described below, and has expended
significant time and expense in acquiring or developing its trade secret or Confidential Information; and expends significant time
and expense on an ongoing basis in supporting its employees, including the Executive; and

 

WHEREAS, in the course
of the Executive’s employment by the Company, the Executive may receive, be taught or otherwise have access to items and
information associated with the Business such as sales, purchasing, transportation, documentation, marketing and trading techniques,
information and materials, customer and supplier lists or information, correspondence, records, financial information, pricing
information, computer systems, computer software applications, business plans and other information which is confidential and proprietary.

 

NOW, THEREFORE, in
consideration of the forgoing, the mutual covenants and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which the Parties hereby acknowledge, the Parties hereby agree as follows:

 

1. Adoption
of Recitals. The Company and Executive hereto adopt the above recitals as being true and correct.

 

2. 
Employment. The Company shall employ the Executive, and the Executive shall accept such employment with the Company, upon
the terms and conditions set forth in this Agreement for the period beginning on February 20, 2021 (the “Effective Date”)
and ending as provided in Section 6 hereof (the “Employment Period”).

 

     

     

    

 

3. Position
and Duties.

 

(a) During
the Employment Period, the Executive shall (i) serve the Company in the capacity of Chief Financial Officer (“CFO”) and
Executive Vice President, and (ii) have such duties, responsibilities and authorities consistent with his position and as the Company’s
CEO or his or her designee may from time to time confer and direct (collectively, the “Duties”).

 

(b) The
Executive shall devote his full business time, effort and energy to the affairs of the Company and the discharge of the Duties.

 

4. Compensation.
Base Compensation. the Company shall pay the Executive an annual base salary in the amount of not less than $225,000.00,
calculated and paid in accordance with the Company’s standard practices and policies in effect from time to time; provided,
however, that the Company may reduce the Executive’s annual base salary without the prior consent of the Executive if such
reduction is implemented in connection with a contemporaneous and substantially similar (or greater) reduction in annual base salaries
affecting other executives of the Company with responsibilities substantially similar to the Executive (a “Global Salary
Reduction”). The Executive’s annual base salary, as may be adjusted from time to time, is hereinafter referred
to as the “Base Salary”.

 

5. Additional
Benefits.

 

(a) Initial
Option Grant.  As soon as practicable after the Effective Date, subject to the approval of the Board of Directors, the
Company shall grant Executive Incentive Stock Options (the “Option”) to purchase 150,000 shares of common stock, par
value $0.001 per share, of the Company.  The Option shall (i) have an exercise price equal to the fair market value of such
shares on the Effective Date (the Effective Date closing price), (ii) have a term of ten years, and (iii) vest on the first anniversary
of the Effective Date of continued employement with the Company.  The Option shall be subject to the terms of the Company’s
2020 Long-Term Incentive Plan (the “Plan”) under which it is granted and the terms of the award agreement evidencing
such award (the “Option Agreement”).  Executive acknowledges that the grant of the Option shall at
all times be subject to the terms and conditions of the Plan and Option Agreement. 

 

(b) Expenses.
the Company shall reimburse the Executive for all reasonable expenses incurred by him in the course of performing the Duties, to
the extent consistent with the policies established by the Company from time to time with respect to travel and other business
expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. The Executive’s
right to reimbursement for expenses hereunder shall be subject to the following additional rules: (i) the amount of expenses eligible
for reimbursement during any calendar year shall not affect the expenses eligible for reimbursement in any other calendar year,
(ii) reimbursement shall be made not later than December 31 of the calendar year following the calendar year in which the expense
was incurred, and (iii) the right to reimbursement is not subject to liquidation or exchange for any other benefit.

 

(c) Benefits.
The Executive shall be entitled to participate in such benefit plans as the Company provides to its employees from time to time
in accordance with the Company policies, except to the extent that such plans are duplicative of benefits otherwise provided to
the Executive under this Agreement (e.g., a severance pay plan). Such participation will be subject to the terms and conditions
of such plans, and any other restrictions or limitations imposed by law.

 

    2

     

    

 

(d) Vacation
and Other Leave.  During the Employment Period, the Executive’s annual rate of vacation accrual shall
be four (4) weeks per year, with such vacation to accrue and be subject to the Company’s vacation policies in effect from
time to time, including any policy which may limit vacation accruals and/or disallows the carryover from year to year of accrued
but unused vacation to.  The Executive shall also be entitled to all other holiday and leave pay generally available to other
executives of the Company.

 

6. Term.

 

(a) Subject
to earlier termination pursuant to this Section 6, the Employment Period shall continue from the Closing Date for an initial term
of one (1) year, and shall automatically renew annually thereafter for subsequent one (1) year terms, unless either the Company
or the Executive provides written notice of non-renewal to the other Party not later than sixty (60) days prior to the last day
of the then-current term.

 

(b) Notwithstanding
the foregoing, the Employment Period shall earlier terminate under the following circumstances: (i) the Executive’s death
or “Permanent Disability” (defined as the expiration of a continuous period of 120 days during which the Executive
is unable to perform all of the Duties due to physical or mental incapacity); (ii) the Agreement is terminated for Cause (as defined
below) by the Company at any time upon notice to the Executive setting forth in reasonable detail the nature of the cause; (iii)
the Agreement is terminated for Good Reason (as defined below) by the Executive in accordance with the timing requirements specified
below; (iv) the Agreement is terminated by the Company without Cause at any time upon notice to the Executive; or (v) the Agreement
is terminated by the Executive without Good Reason upon thirty (30) days’ prior written notice to the Company (provided that
the Company may elect to waive such notice period or any portion thereof; but in that event, the Company shall pay the Base Salary
for that portion of the notice period so waived).

 

(c) For
purposes of this Agreement, “Cause” shall mean, as determined by the Company in its reasonable judgment, (i)
the failure or refusal by the Executive to perform his lawful Duties (other than any such failure resulting from the Executive’s
incapacity due to illness) which, if capable of cure, has not been cured within fifteen (15) business days after written notice
of such breach delivered to the Executive by the Company; (ii) the Executive’s material breach of this Agreement, any other
agreement between him and the Company (including without limitation the Non-Competition Agreement, as defined below) or any material
policy of the Company or its affiliates applicable to him that has been communicated to him in writing which, if capable of cure,
has not been cured within fifteen (15) business days after written notice of such breach delivered to the Executive by the Company;
(iii) the Executive’s willful misconduct or gross negligence with respect to the performance of the Duties, which, if capable
of cure, has not been cured within fifteen (15) business days following written notice of such violation delivered to the Executive
by the Company; (iv) the Executive’s conviction, or plea of guilty or nolo contendere, with respect to any felony,
or any act of fraud, theft, or financial dishonesty with respect to the Company or any of its affiliates, customers or business
partners, or any other crime involving dishonesty, disloyalty or fraud; or (v) habitual alcohol or substance abuse by the Executive.

 

    3

     

    

 

(d) For
purposes of this Agreement, “Good Reason” shall exist upon (i) mutual written agreement by the Executive and
the Company that Good Reason exists, or (ii) reduction of the Executive’s annual base salary without the prior consent of
the Executive (other than a reduction in annual base salary that is implemented in connection with a Global Salary Reduction);
provided, however, that in order for employment to terminate for Good Reason, (A) the Executive must provide written notice to
the Company, setting forth in reasonable detail the nature of the condition giving rise to Good Reason, within thirty (30) days
of the initial existence of such condition, (B) the condition must remain uncured for a period of thirty (30) days following such
notice and (C) the Executive must terminate his employment, if at all, not later than thirty (30) days after the expiration of
such cure period.

 

(e) In
the event of any dispute regarding the existence of the Executive’s Permanent Disability hereunder, the matter will be resolved
by a physician qualified to practice medicine and has no prior knowledge of the Executive, which physician shall be selected by
the Company and be reasonably acceptable to the Executive or his representative. For this purpose, the Executive will submit to
all appropriate medical examinations and any determination by such a physician will be final and conclusive of the issue for all
purposes of this Agreement.

 

7. Matters
Related to Termination.

 

(a) Final
Compensation. In the event of termination of the Executive’s employment hereunder, howsoever occurring, the Company shall
pay to the Executive (i) the Base Salary for the final payroll period of the Executive’s employment, through the date of
termination and (ii) reimbursement for business expenses incurred by the Executive but not yet paid to the Executive as of the
date of termination, provided that the Executive submits all expenses and supporting documentation required within thirty (30)
days of the date of termination, and provided further that such expenses are reimbursable under Company policies as then in effect
(all of the foregoing, “Final Compensation”). All Final Compensation shall be paid to the Executive at the time
prescribed by law or applicable Company policies for such payment, but in no event more than sixty (60) days following the date
of termination.

 

(b) Severance.
In the event that the Executive’s employment terminates pursuant to Section 6(b)(iii) or 6(b)(iv) hereof, the Company will
pay to the Executive, in addition to Final Compensation, six (6) months of the Base Salary or the remaining current Term, whichever
is shorter (the “Severance Payments”). Notwithstanding the foregoing, any obligation of the Company to provide
the Severance Payments is conditioned on the Executive’s signing and returning to the Company a timely and effective separation
agreement containing a release of all claims against the Company and other customary terms (the “Separation Agreement”).
The Separation Agreement must become effective, if at all, by the sixtieth (60th) calendar day following the date of
termination. The Severance Payments will be in the form of salary continuation, payable in accordance with the normal payroll practices
of the Company. The first payment, which shall be retroactive to the date immediately following the date of termination, will be
made on the first regularly scheduled payroll date that follows the expiration of sixty (60) days from the date of termination.

 

    4

     

    

 

(c) Benefits
Termination. Except for any right that the Executive may have under the federal law known as “COBRA” (and any applicable
state or local laws) to continued participation in the Company’s group health plans at his cost, the Executive’s participation
in all employee benefit plans shall terminate in accordance with the terms of the applicable benefit plans based on the date of
termination of employment, without regard to any continuation of base salary or other payment to the Executive following termination,
and the Executive shall not be eligible to earn vacation or other paid time off following the termination of employment.

 

8. Section
409A. Notwithstanding any other provision herein to the contrary, to the extent that any payment to be made to the Executive,
whether pursuant to this Agreement or otherwise, is determined to constitute “nonqualified deferred compensation” within
the meaning of and subject to Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)
such payment shall not be made prior to the date that is the earlier of (i) six months and one day after the Executive’s
separation from service with the Company and affiliate or subsidiary of the Company and (ii) the Executive’s death; except
to the extent of (A) payments that do not constitute a deferral of compensation within the meaning of Treasury regulation Section
1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined
by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury
regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of
the Internal Revenue Code of 1986, as amended. The terms of this Section 8 shall apply only if the Executive is a “specified
employee” (within the meaning of Section 409A) on the date of such separation from service, and shall only apply to the extent
the delay of such payment is necessary to prevent such payment from being subject to interest, penalties and/or additional tax
imposed pursuant to Section 409A. Each payment made under this Agreement shall be treated as a separate payment and the right to
a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. In no event
shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement
to comply with, or be exempt from, the requirements of Section 409A.

 

9. Ownership
of Works; Infringement Indemnity.

 

(a) Assignment
of Works. Executive agrees to promptly make full written disclosure to the Company, to hold in trust for the sole right and
benefit of the Company, and hereby assigns, transfers, grants and conveys to the Company, all of his worldwide right, title, ownership
and interest in and to any and all designs, trademarks, inventions, original works of authorship, findings, conclusions, data,
discoveries, developments, concepts, improvements, trade secrets, techniques, processes, know-how and other work product, whether
or not patentable or registrable under copyright or similar laws, which Executive may solely or jointly conceive or develop or
reduce to practice, or cause to be conceived or developed or reduced to practice, in the performance of this Agreement or which
result, to any extent, from use of the Company’s premises or property (collectively, the “Works”), including
any and all intellectual property rights inherent in the Works and appurtenant thereto including, without limitation, all patent
rights, copyrights, trademarks, know-how and trade secrets (collectively, “Intellectual Property Rights”). Executive
further acknowledges and agrees that all original works of authorship which are made by him in the performance of this Agreement
and which are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright
Act and belong solely to the Company. Executive agrees that all Works developed by Executive during the course of this Agreement,
or developed in future using Works as the basis, are the sole property of the Company. However, to the extent that any such work
may not, by operation of any applicable law, be a work made for hire, Executive hereby assigns, transfers and conveys to the Company
all of his worldwide right, title and interest in and to such Work, including all Intellectual Property Rights therein and appurtenant
thereto. Executive hereby waives any and all “moral rights” that he may have in any of the Works under the Berne Convention
or any other applicable law, rule or regulation. Executive agrees that he will retain no rights in any of the Works or any of the
Intellectual Property Rights in or relating thereto. Executive agrees that the Company owns the entire right, title, ownership
and interest in and to all of the Works and all Intellectual Property Rights in or relating thereto including, without limitation,
the right to reproduce the Works, modify the Works, prepare derivative works based upon the Works or the copyright or any other
Intellectual Property Rights in or relating thereto, sell or otherwise distribute the Works. Executive warrants that all of the
Works and all Intellectual Property Rights in or related thereto are free and clear of all liens, security interests, claims and
other encumbrances of any type.

 

    5

     

    

 

(b) Further
Assurances. Upon the request and at the expense of the Company, except as provided below, Executive shall execute and deliver
any and all instruments and documents and take such other acts as may be reasonably necessary to document the assignment and transfer
described in Section 9(a) above or to enable the Company to secure its rights in the Works and any Intellectual Property Rights
in or relating thereto in any and all jurisdictions, or to apply for, prosecute and enforce patents, trademark registrations, copyrights
or other Intellectual Property Rights in any and all jurisdictions with respect to any Works, or to obtain any extension, validation,
re-issue, continuance or renewal of any such Intellectual Property Right. Whether any Intellectual Property Rights in or relating
to any of the Works will be preserved, maintained, or registered in any jurisdiction shall be at the sole discretion of the Company.

 

(c) Attorney in
Fact. If the Company is unable, after reasonable effort, to secure Executive’s signature as required in Section 9(b)
for any reason whatsoever, Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and
agents as his agent and attorney-in-fact, to act for and in Executive’s behalf and stead to execute and file any such application
or applications or other documents and to do all other lawfully permitted acts to further the prosecution and issuance of a patent,
copyright or trademark or any other legal protection thereon with the same legal force and effect as if executed by Executive. 

 

10. Covenants.

 

(a) Definitions.

 

(i) The
term the “Company” shall mean COMSoveregin Holding Corp. and its subsidiaries, affiliates and related entities.
It is understood that any subsidiaries, affiliates or related entities of the Company are intended third-party beneficiaries of
the provisions of this Agreement.

 

(ii) The
term “Confidential Information” shall include, but not be limited to: Customer lists and Prospective Customer
lists; specific information on Customers and Prospective Customers (including information on purchasing preferences, credit information,
and pricing); terms and conditions under which the Company deals with Vendors and supplier or prospective Vendors or suppliers;
employee and independent contractor lists; the Company’s sources of supply; the Company’s billing rates; pricing lists
(including item and Customer specific pricing information); names of agents; operations; contractual or personnel data; trade secrets;
license agreements; proprietary purchasing and sales methods and techniques; proprietary compositions, ideas and improvements;
pricing methods and strategies; computer programs, computer systems, computer data, system documentation, special hardware, product
hardware, related software development and computer software design and/or improvements; methods of distribution; market feasibility
studies; proposed or existing marketing techniques or plans; sales and sales volumes; purchasing, transportation, documentation,
marketing and trading techniques of Customers, potential Customers and/or Vendors; inventions (including Works and Intellectual
Property Rights as defined above); future the Company business plans; project files; design systems; information on current and
potential Vendors including, but not limited to, their identity, pricing, and purchasing information not generally known; personal
information about the Company’s executives, officers and directors; correspondence, and letters, notes, notebooks, reports,
flowcharts, proposals, processes and/or any and all other confidential or proprietary information belonging to the Company or relating
to the Company’s business and/or affairs; and (ii) any information that is of value or significance to the Company that derives
independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper
means by, other persons who can obtain economic value from its disclosure or use, including information not generally known to
the competitors of the Company nor intended by the Company for general dissemination. Confidential Information shall not include
any: (a) information known generally to the public (other than as a result of unauthorized disclosure by the Executive); (b) information
that became available from a third party source and such source is not bound by a confidentiality agreement; (c) any information
not otherwise considered by the Board of Directors of the Company to be Confidential Information; (d) information which is subsequently
independently conceived or developed by Executive without use or reference to Confidential Information; or (e) information which
is generally applicable business or industry know-how or acumen of Executive’s which does not embody and is not predicated
upon the Confidential Information.

 

    6

     

    

 

(iii) The
term “Customer” shall mean any person or entity which has purchased goods, products or services from the Company,
entered into any contract for products or services with the Company, and/or entered into any contract for the distribution of any
products or services with the Company within the one (1) year immediately preceding the termination of the Executive’s employment
with the Company for whatever reason; provided that such goods, products or services must be substantially related to the Business.

 

(iv) The
phrase “directly or indirectly” shall include the Executive either on his/her own account, or as a partner,
owner, promoter, joint venturer, employee, agent, consultant, advisor, manager, executive, independent contractor, officer, director,
stockholder, or otherwise, of an entity.

 

(v) The
term “Non-Compete Period” shall mean the period beginning on the date hereof and ending on the date that is
twenty-four (24) months immediately following the termination of the Executive’s employment with the Company for whatever
reason.

 

(vi) The
term “Prospective Customer” shall mean any person or entity which has expressed material interest in purchasing
goods, products or services from the Company, expressed material interest in entering into any contract for products or services
with the Company, and/or expressed material interest in entering into any contract for the distribution of any products or services
with the Company within the one (1) year immediately preceding the termination of the Executive’s employment with the Company
for whatever reason; provided that such goods, products or services must be substantially related to the Business.

 

(vii) The
term “Restricted Area” shall include any geographical location anywhere in the world where the Executive has
been assigned to perform services on behalf of the Company during the Term and where the Company, its affiliates or subsidiaries
are engaged in the Business.

 

(viii) The
term “Restricted Business” shall mean any business that competes with the Company in the Business, as such business
now exists or as it may exist at the time of the termination of the Executive’s employment with the Company for whatever
reason.

 

(ix) The
term “Vendor” shall mean any supplier, person, or entity from which the Company has purchased products or services
during the one (1) year immediately preceding the termination of the Executive’s employment with the Company for whatever
reason; provided that such products or services must be substantially related to the Business.

 

(b) Non-Competition.
During the Non-Compete Period, in the Restricted Area, the Executive shall not, directly or indirectly, engage in, promote, finance,
own, operate, develop, sell or manage or assist in or carry on in any Restricted Business, provided, however, that the Executive
may at any time own securities of any competitor corporation whose securities are publicly traded on a recognized exchange so long
as the aggregate holdings of the Executive in any one such corporation shall constitute not more than 5% of the voting stock of
such corporation.

 

    7

     

    

 

(c) Non-Solicitation
of Employees or Independent Contractors. During the Non-Compete Period, the Executive shall not, directly or indirectly, solicit
or attempt to induce any employee of the Company or independent contractor engaged and/or utilized by the Company in any capacity
to terminate his/her employment with, or engagement by, the Company. Likewise, during the Non-Compete Period, the Executive shall
not, directly or indirectly, hire or attempt to hire for another entity or person any employee of the Company or independent contractor
engaged and/or utilized by the Company in any capacity.

 

(d) Non-Solicitation
of Customers, Prospective Customers, or Vendors. During the Non-Compete Period, the Executive shall not, directly or indirectly,
sell, design, build, or support network infrastructures for the technology and telecommunications industries to any Customer, Prospective
Customer, or Vendor of the Company through any entity other than the Company. The Executive acknowledges and agrees that the Company
has substantial relationships with its Customers, Vendors and Prospective Customers, which the Company expends significant time
and resources in acquiring and maintaining, and that the Company has Confidential Information pertaining to its business and its
Customer, Vendors and Prospective Customers, and that the Company’s Confidential Information and relationships with its Customers,
Vendors and Prospective Customers constitute significant and valuable assets of the Company.

 

(e) Non-Disclosure
of Confidential Information. During and after employment under this Agreement, including but not limited to the Non-Compete
Period, the Executive shall not, directly or indirectly, without the prior written consent of the Board of the Company, or a person
duly authorized thereby, other than a person to whom disclosure is reasonably necessary or appropriate in connection with the performance
by the Executive of the duties of the Executive as an employee of the Company, as may be required by law or in response to a court
order or a request by a regulatory or administrative body, or as may be necessary to enforce any agreement between the Company
and Executive, disclose or use for the benefit of himself/herself or any other person, corporation, partnership, joint venture,
association, or other business organization, any of the trade secrets or Confidential Information of the Company. If the Executive
is legally required to disclose any Confidential Information or trade secrets, to the extent practicable, the Executive will provide
the Company with written notice. Notice shall be provided in accordance with Section 15 below.

 

(f) Need
for Restrictions. The Executive acknowledges and agrees that each of the restrictive covenants contained in this Section 10
is reasonable and necessary to protect the legitimate business interests of the Company, including, without limitation, the need
to protect the Company’s trade secrets and Confidential Information and the need to protect its relationships with its Customers,
Prospective Customers, Vendors, and agents. The Executive also acknowledges and agrees, as set forth in Subsection 10(g) below,
that the Company may obtain a temporary, preliminary, and/or permanent injunction to restrain any violations of, or otherwise enforce,
the restrictive covenants contained in Section 10.

 

(g) Breach
of Restrictive Covenants. In the event of a breach or threatened breach by the Executive of any restrictive covenant set forth
in Section 10, the Executive agrees that such a breach or threatened breach would cause irreparable injury to the Company, and
that, if the Company shall bring legal proceedings against the Executive to enforce any restrictive covenant, the Company shall
be entitled to seek all available civil remedies, at law or in equity, including, without limitation, an injunction without posting
a bond. In any action resulting from a breach of this Agreement, the prevailing party shall be entitled to recover his or its attorneys’
fees and costs.

 

(h) Successors
and Assigns. the Company and its successors and assigns may enforce these restrictive covenants.

 

(i) Severability.
If any portion of any covenant in this Section 10 or its application is construed to be invalid, illegal, or unenforceable, then
the other portions and their application shall not be affected thereby and shall be enforceable without regard thereto. If any
of the Covenants is determined to be unenforceable because of its scope, duration, geographical area or similar factor, then the
court making such determination shall have the power to reduce or limit such scope, duration, area or other factor, and such Covenant
shall then be enforceable in its reduced or limited form. All provisions of this Section 10 shall survive the term of this Agreement
and Executive’s employment with the Company.

 

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11. Return
of Company Property. All of the Company’s and its subsidiaries’ and affiliates’ products, Customer correspondence,
internal memoranda, designs, sales brochures, training manuals, project files, price lists, Customer and Vendor lists, prospectus
reports, Customer or Vendor information, sales literature, territory printouts, call books, notebooks, textbooks e-mails and Internet
access, and all other like information or products, including all copies, duplications, replications and derivatives of such information
or products, acquired by the Executive while in the employ of the Company, whether prepared by the Executive or coming into the
Executive’s possession, shall be the exclusive property of the Company and shall be returned immediately to the Company upon
the expiration or termination of this Agreement for any reason or upon request by the President of the Company or the Board of
the Company. The Executive also shall return immediately return any the Company issued property including, but not limited to,
laptops, computers, thumb drives, removable media devices, flash drives, smartphones, cellular phones, iPads and other devices
upon the expiration or termination of this Agreement for any reason or upon request by the President of the Company or the Board.
The Executive’s obligations under this Section 11 shall exist whether or not any of these items or materials contain Confidential
Information or trade secrets. The parties hereto shall comply with all applicable laws and regulations regarding retention of and
access to this Agreement and all books, documents and records in connection therewith. The Executive shall provide the Company
with a signed certificate evidencing that all such property has been returned, and that no such property or Confidential Information
or trade secret has been retained by the Executive in any form.

 

12. Executive
and Company Representations. The Executive hereby represents and warrants to the Company that (i) the execution, delivery and
performance of this Agreement by the Executive does not and will not conflict with, breach, violate or cause a default under any
contract, agreement, instrument, order, judgment or decree to which the Executive is a party or by which he is bound, and (ii)
upon the execution and delivery of this Agreement by the Company, this Agreement shall be a valid and binding obligation of the
Executive, enforceable in accordance with its terms. The Company hereby represents and warrants to the Executive that (i) the execution,
delivery and performance of this Agreement by the Company does not and will not conflict with, breach, violate or cause a default
under any contract, agreement, instrument, order, judgment or decree to which the Company is a party or by which it is bound and
(ii) upon the execution and delivery of this Agreement by the Executive, this Agreement shall be a valid and binding obligation
of the Company, enforceable in accordance with its terms.

 

13. Arbitration.
The Parties agree that, except for any rights that any party may have to apply to a court of competent jurisdiction for specific
performance or injunctive relief, all disputes shall be submitted solely and exclusively to final and binding arbitration before
a single, neutral arbitrator before the American Arbitration Association (“AAA”), in accordance with the AAA’s
prevailing National Rules for the Resolution of Commercial Disputes. Such arbitration shall proceed in New York, New York, and
the Demand for Arbitration shall only be filed with the AAA after the initiating party provides the other party(s) with at least
thirty (30) days’ advance notice of the contemplated demand. Judgment upon the award rendered by the arbitrator may be entered
in any court of competent jurisdiction. The initiating party shall advance the arbitration filing fee, and all other AAA administrative
fees shall be shared equally by the parties to such a dispute, subject to apportionment by the arbitrator in the award. Each party
shall be solely responsible for its own costs and attorneys’ fees. The foregoing notwithstanding, in the event that either
party shall institute litigation in court for purposes of seeking injunctive relief or specific performance then all claims, counterclaims
or causes of action that one party may have against the other shall be resolved in such litigation and the foregoing requirement
that the parties shall resolve their disputes by mandatory arbitration shall be null and void.

 

    9

     

    

 

14. Survival.
The provisions of Sections 7 through 25, along with any other provisions necessary or desirable to accomplish the purposes of such
sections, shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Employment
Period. The obligation of the Company to make payments to the Executive under Section 7(b) hereof, and the Executive’s right
to retain the same, are expressly conditioned upon the Executive’s continued full performance of his obligations hereunder.
Upon termination by either the Executive or the Company, all rights, duties and obligations of the Executive and the Company to
each other shall cease, except as otherwise expressly provided in this Agreement.

 

15. Notices.
All notices, requests, demands, consents or other communications required or permitted to be given under this Agreement shall be
in writing and shall be deemed to have been duly given if and when: (i) delivered personally, (ii) three (3) business days after
being mailed by first class certified mail, return receipt requested, postage prepaid, or (iii) one (1) business day after being
sent by a nationally recognized overnight courier service, delivery charges prepaid, or (iv) one (1) business day after being sent
by email or facsimile to the other party at the addresses stated herein or to such other address of which either party may give
notice to the other in accordance with this Section.

 

If to the Company: 

General Counsel

Attn: Kevin M. Sherlock

ComSovereign Holding Corp.

5000 Quorum Drive STE 400

Dallas, TX 75254

Email: KSherlock@COMSovereign.com

 

 With a copy to:                                  Pryor Cashman LLP

7 Times Square

New York, New York 10036

Attention: Eric M. Hellige

Facsimile: (212) 798-6380

Email: ehellige@pryorcashman.com

 

If to the Executive:                           Martin R. Wade, III

Email: mwade@broadcaster2.com

 

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16. Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

17. Complete
Agreement. This Agreement embodies the complete agreement and understanding among the Parties with respect to the subject matter
hereof and supersede and preempt any prior understandings, agreements or representations by or among the Parties, written or oral,
which may have related to the subject matter hereof, including without limitation the employment agreement between the Executive
and the Company.

 

18. Counterparts.
This Agreement may be executed in separate counterparts, including via facsimile, each of which is deemed to be an original and
all of which taken together constitute one and the same agreement.

 

19. Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, the Company
and their respective heirs, successors and permitted assigns. The Executive may not assign his rights or delegate his obligations
hereunder. The Company may assign all or any part of this Agreement to any third party that shall (i) acquire the Company, or any
parent of the Company, in a merger, (ii) acquire a majority of the capital stock of the Company, or any parent of the Company,
or (iii) purchase all or substantially all of the Company’s assets (or all or substantially all of the assets of the portion
of the Company’s business that the Executive’s employment was most associated with), provided, however, that in each
case the Company shall provide the Executive with written notice thereof.

 

20. 
Key Man Insurance. While the Executive is employed by the Company or any of its subsidiaries, the Company may at any time
effect insurance on the Executive’s life and/or health in such amounts and in such form as the Company may in its sole discretion
decide. Except as provided under the applicable terms of a policy or other arrangement, the Executive will not have any interest
in such insurance, but shall, if the Company requests, submit to such medical examinations, supply such information and execute
such documents as may be required in connection with, or so as to enable the Company to effect, such insurance.

 

21. Choice
of Law; Jurisdiction. This Agreement shall be governed, construed and enforced in accordance with the laws of the State of
New York. All suits, actions or other proceedings seeking to enforce, or otherwise arising in connection with, this Agreement shall
be brought in the state or federal courts located in the New York, New York. Each of the Parties irrevocably consents to the exclusive
jurisdiction of the foregoing courts in such matters and irrevocably waives any objection such Party may otherwise have against
such jurisdiction.

 

22. Amendment
and Waiver. The provisions of this Agreement may be amended or waived only with the express, prior, written consent of the
Company and the Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect
the validity, binding effect or enforceability of this Agreement.

 

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23. Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument representing the agreement of the parties hereto.

 

24. Electronic
Document. A copy of this Agreement or signature page hereto signed and transmitted by facsimile machine, as an attachment to
an e-mail or by other electronic means (collectively an “Electronic Document”), shall be treated as an original
document. The signature of any party thereon, for purposes hereof, is to be considered an original signature, and the Electronic
Document transmitted is to be considered to have the same binding effect as an original signature on an original document. No party
shall raise the use of an Electronic Document or the fact that a signature was transmitted through the use of a facsimile machine,
e-mail or other electronic means as a defense to the enforcement of this Agreement or any amendment or other document executed
in compliance with this Agreement.

 

IN WITNESS WHEREOF, the
Parties hereto have executed this Agreement as of the date first above written.

 

	 	COMSOVEREIGN HOLDING CORP.:
	 	 	 
	 	By:	/s/ Daniel L. Hodges
	 	Name:	Daniel L. Hodges
	 	Title:	Chief Executive Officer
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Martin R. Wade, III 
	 	Martin R. Wade, III

 

 

12

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