Document:

Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934

 

The
following summary of the capital stock of AMREP Corporation (the “Company”) does not purport to be complete and is
qualified in its entirety by reference to the Company’s certificate of incorporation, as amended from time to time, and the
Company’s by-laws, as amended from time to time, each of which is incorporated by reference as an exhibit to the Annual Report
on Form 10-K of which this Exhibit is a part, and certain provisions of Oklahoma law. 

 

Authorized
Capital Stock

 

The
Company is authorized to issue a total of 20,000,000 shares of capital stock, consisting entirely of common stock, par value $.10
per share. As of July 3, 2020, there were 8,132,904 shares of common stock issued and outstanding.

 

Common Stock

 

General.
Each share of the Company’s common stock has the same rights and privileges. Holders of the Company’s common stock
do not have any preferences or any preemptive, conversion or exchange rights. All of the Company’s outstanding shares of
common stock are fully paid and nonassessable. The Company’s common stock is listed on the New York Stock Exchange under
the symbol “AXR.”

 

Voting
Rights. The holders of the Company’s common stock are entitled to vote upon all matters submitted to a vote of the Company’s
shareholders and are entitled to one vote for each share of common stock held. The Company’s certificate of incorporation
and by-laws do not provide for cumulative voting.

 

Dividends.
The holders of the Company’s common stock are entitled to participate ratably in dividends payable in cash, stock or otherwise,
as may be declared by the Company’s board of directors out of any funds legally available for the payment of dividends.

 

Liquidation
and Distribution. If the Company voluntarily or involuntarily liquidates, dissolves or wind-ups, or upon any distribution of
the Company’s assets, the holders of the Company’s common stock will be entitled to receive all of the assets remaining
after payment of liabilities and amounts owed to creditors, equally and ratably in proportion to the number of shares of common
stock held by them.

 

Certain Charter
and By-law Provisions; Oklahoma Law

 

Some
sections of the Company’s certificate of incorporation and by-laws and provisions of Oklahoma law may discourage certain
transactions involving a change in control of the Company.

 

Special
Meetings. The Company’s by-laws provide that special meetings of the Company’s shareholders may be called only
by the chairman of the board, the president or a majority of the members of the board of directors. This provision may make it
more difficult for shareholders to take actions opposed by the board of directors.

 

Classified
board of directors. The Company’s certificate of incorporation and by-laws contain provisions that classify the Company’s
board of directors into three classes, with one class being elected each year. Because the Company’s certificate of incorporation
and by-laws do not otherwise provide, Section 1027 of the Oklahoma General Corporation Act permits the removal of any member of
the Company’s board of directors only for cause. These provisions could impede a merger, takeover or other business combination
involving the Company or discourage a potential acquirer from making a tender offer for the Company’s common stock. 

 

No
Cumulative Voting. The Oklahoma General Corporation Act provides that shareholders are not entitled to cumulate votes in the
election of directors unless the Company’s certificate of incorporation provides otherwise. The Company’s certificate
of incorporation does not expressly provide for cumulative voting. Under cumulative voting, minority shareholders holding a sufficient
percentage of a class of shares may be able to ensure the election of one or more directors.

 

     

     

    

 

Amendment
of By-laws. The Company’s certificate of incorporation permits the Company’s board of directors to adopt, amend
and repeal the Company’s by-laws. The Oklahoma General Corporation Act provides that shareholders are entitled to amend the
Company’s by-laws.

 

Certain
Business Combinations and Transactions with “interested shareholders”. The Company’s certificate of
incorporation prohibits the Company from:

 

1.        engaging
in a merger or consolidation with an “interested shareholder” or affiliate of an interested shareholder;

 

2.        selling,
leasing, exchanging, mortgaging, pledging or transferring assets valued in excess of $5 million to, or with, an interested shareholder
or affiliate of an interested shareholder;

 

3.        issuing
to an interested shareholder or affiliate of an interested shareholder the Company’s shares or shares of the Company’s
subsidiaries with a value in excess of $5 million;

 

4.        adopting
a plan or proposal for liquidation or dissolution advanced by an interested shareholder or affiliate of an interested shareholder;
or

 

5.        reclassifying,
recapitalizing, entering into a merger or consolidation of the Company’s subsidiaries, or entering into any other transaction
that has the effect, directly or indirectly, of increasing the proportionate share of outstanding shares held by an interested
shareholder or affiliate of an interested shareholder,

 

unless, in each
case, such transaction is approved by the holders of at least two-thirds of the then outstanding shares of the Company’s
common stock. This provision, however, does not apply to any of the above transactions if:

 

	 	(a)	the shareholders would not receive cash or any other consideration (including retaining their common stock in a transaction in which the Company survives) in their capacities as shareholders and, before the transaction, at least 75% of the board of directors has approved the transaction, or

 

	 	(b)	the shareholders would receive cash or other consideration, and either (i) before the transaction, at least 75% of the board of directors approved the transaction, or (ii) all of the conditions set forth in the following subclauses (A) through (F) shall have been met:

 

(A)  the
price per share of the Company’s common stock meets certain minimums as specified in the Company’s certificate of incorporation;

 

(B)  the
consideration is cash or whatever form of consideration that the interested shareholder used to acquire the Company’s common
stock (or the largest block of the Company’s common stock if acquired in a series of transactions);

  

(C)  since
becoming an interested shareholder and until the consummation of the proposed transaction there have been (1) no reduction in dividends
and (2) appropriate increases to dividends to reflect any reclassifications, recapitalizations, reorganizations or any similar
transactions, unless in the case of (1) or (2) the alternative has been approved by at least 75% of the Company’s board of
directors;

 

(D)  since
becoming an interested shareholder and until the consummation of the proposed transaction the interested shareholder has not become
the beneficial owner of additional shares, except as the result of a dividend or stock split;

 

(E)  since
becoming an interested shareholder and until the proposed transaction the interested shareholder has not received benefit, directly
or indirectly, of any loans, advances, guarantees pledges or other financial assistance or any tax credits or other tax advantages
from the Company; and

 

(F)  a
proxy or information statement complying with the requirements of the Securities Exchange Act of 1934, as amended, describing the
proposed transaction is mailed to the Company’s other shareholders, regardless of whether such proxy or information statement
is required under the Securities Exchange Act of 1934, as amended.

 

     

     

    

 

Under
the Company’s certificate of incorporation, an “interested shareholder” is defined, generally, as any person
who or which (i) is the beneficial owner, directly or indirectly, of 10% or more of the Company’s outstanding common stock;
(ii) is an affiliate of the Company, and at any time within the two-year period immediately prior to the date of determination
of “interested shareholder” status, was the beneficial owner, directly or indirectly, of 10% or more of the Company’s
then outstanding common stock; or (iii) is an assignee of or has otherwise succeeded to any shares of the Company’s common
stock which were at any time within the two-year period immediately prior to the date of determination of “interested shareholder”
status beneficially owned by an interested shareholder, if such assignment or succession occurred in the course of a transaction
or series of transactions not involving a public offering within the meaning of the Securities Act.

 

Under
the Oklahoma General Corporation Act, mergers, consolidations, and sales of substantially all of the assets of an Oklahoma corporation
must generally be approved by a vote of the holders of a majority of the outstanding shares of stock entitled to vote thereon.
The Company is subject to Section 1090.3 of the Oklahoma General Corporation Act, however, which restricts certain transactions
between an Oklahoma corporation (or its majority owned subsidiaries) and a holder of 15% or more of the corporation’s outstanding
voting stock, together with affiliates or associates thereof (excluding persons who were 15% shareholders on September 1, 1991,
or who become such by action of the corporation alone), which is referred to as an “interested shareholder.” For a
period of three years following the date that a shareholder became an interested shareholder, Section 1090.3 prohibits the following
types of transactions between the corporation and the interested shareholder (unless certain conditions, described below, are met):
(i) mergers or consolidations; (ii) sales, leases, exchanges or other transfers of 10% or more of the aggregate assets of the corporation;
(iii) issuances or transfers by the corporation of any stock of the corporation that would have the effect of increasing the interested
shareholder’s proportionate share of the stock of any class or series of the corporation; (iv) receipt by the interested
shareholder of the benefit, except proportionately as a shareholder of the corporation, of loans, advances, guarantees, pledges
or other financial benefits provided by the corporation; and (v) any other transaction which has the effect of increasing the proportionate
share of the stock of any class or series of the corporation that is owned by the interested shareholder. This restriction does
not apply if: (1) before such person became an interested shareholder, the board of directors approved the transaction in which
the interested shareholder becomes an interested shareholder or approved the business combination; or (2) upon consummation of
the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least
85% of the voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the number of
shares outstanding, those shares owned by (i) persons who are directors and also officers, and (ii) employee stock plans in which
employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered
in a tender or exchange offer; or (3) the business combination is approved by the board of directors and authorized at an annual
or special meeting of shareholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding
voting stock which is not owned by the interested shareholder. The Company may exempt the Company from the requirements of the
statute by adopting an amendment to the Company’s certificate of incorporation.

 

Transfer Agent
and Registrar

 

The
transfer agent and registrar for the Company’s common stock is Computershare Trust Company, N.A.

 

New York Exchange
Listing

 

The
Company’s common stock is quoted on the New York Stock Exchange under the symbol “AXR.”Exhibit 10.2

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT (this “Agreement”)
is made as of July 17, 2020 (the “Effective Date”), by and between Pareteum Corporation, a Delaware corporation
(the “Company”), and [__________] (the “Investor”).

 

WHEREAS, the Investor holds the number
of shares of 8% Series C Redeemable Preferred Stock set forth in Schedule A attached hereto (the “Existing Securities”),
including 37 shares of such class purchased on or about the date hereof;

 

WHEREAS, the Company and the Investor
agree that certain of the Existing Securities would have otherwise been entitled to a 12.5% redemption premium, whereas certain
other Existing Securities are not entitled to such premium, in each case, as indicated in Schedule A attached hereto; and

 

WHEREAS, subject to the terms and
conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), and in reliance on Section 3(a)(9) of the Securities Act, the Company desires to exchange with the Investor,
and the Investor desires to exchange with the Company, the Existing Securities for shares of the Company’s common stock,
par value $0.00001 per share (“Common Stock” or the “Exchange Securities”);

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the premises and the mutual
agreements, representations and warranties, provisions and covenants contained herein, the parties hereto, intending to be legally
bound hereby, agree as follows:

 

1.             Definitions. Capitalized terms not otherwise defined herein shall have the following meanings:

 

		(a)	“Commission” means the U.S. Securities and Exchange Commission.

 

		(b)	“Conversion Price” means the lower of:

 

		(i)	$0.58; and

 

		(ii)	the greater of (x) the average Daily VWAP per share of Common Stock occurring during the five (5) consecutive Trading Days
ending on, and including, the Trading Day immediately before the Closing Date and (y) $0.40;

 

in each case, as adjusted ratably for any combinations
or divisions (including any reverse split) of the Common Stock effected after date hereof and prior to the Exchange (as defined
below).

 

		(c)	“Daily VWAP” means, for any Trading Day, the per share volume-weighted average price of the Common
Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “TEUM <EQUITY> VAP” (or,
if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until
the scheduled close of trading of the primary trading session on such Trading Day (or, if such volume-weighted average price is
unavailable, the market value of one share of Common Stock on such Trading Day, determined, using a volume-weighted average price
method, by a nationally recognized independent investment banking firm selected by the Company). The Daily VWAP will be determined
without regard to after-hours trading or any other trading outside of the regular trading session.

 

		(d)	“Freely Tradeable” means that (A) the Exchange Securities would be eligible to be offered, sold or
otherwise transferred by the Investor pursuant to Rule 144, without any requirements as to volume, manner of sale, availability
of current public information (whether or not then satisfied) or notice under the Securities Act and without any requirement for
registration under any state securities or “blue sky” laws; or (B) the resale of the Exchange Securities shall have
been registered under the Securities Act pursuant to a registration
statement on Form S-1 or Form S-3 (or any successor form thereto) that has been declared effective by the Commission and with respect
to which no stop order preventing or suspending the effectiveness of such registration statement or suspending or preventing the
use of the prospectus contained therein has been issued by the Commission and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, threatened by the Commission.

 

      

     

    

 

		(e)	“NASDAQ Approval Date” means the date that the review by the NASDAQ Stock Exchange of the Company’s
Listing of Additional Shares Notification is complete.

 

		(f)	“Stockholder Approval Date” means the date that the stockholder approval contemplated by Nasdaq Listing
Standard Rule 5635(d) with respect to the issuance of the Exchange Securities in excess of the limitations imposed by such rule;
provided, however, that stockholder approval will be deemed to be obtained if, due to any amendment
or binding change in the interpretation of the applicable listing standards of The Nasdaq Capital Market, such stockholder approval
is no longer required for the Company to issue all Exchange Securities without limitation pursuant to this Agreement.

 

		(g)	“Trading Day” means a day on which trading in the Common Stock generally occurs on the principal
U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed
on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If
the Common Stock is not so listed or traded, then “Trading Day” means a business day.

 

2.             Exchange.

 

(a)            On the Closing Date (as defined below), upon the tender of the Investor’s Existing Securities, the Company shall cause
the number of Exchange Securities determined in accordance with Section 2(c) hereunder to be issued to the Investor.

 

(b)           Subject to the conditions set forth herein, the exchange of the Existing Securities for the Exchange Securities (the “Closing”)
shall take place by electronic exchange of executed documents. The Closing shall take place:

 

(i)                 on
the first business day following the satisfaction or waiver of each closing condition set forth in Section 3 if all such
conditions are all satisfied or waived prior to December 31, 2020; or

 

(ii)               
on the first business day following (x) the satisfaction or waiver of each closing condition set forth in Section 3
and (y) the average Daily VWAP per share of Common Stock is at least $0.58 for five (5) consecutive Trading Days, if all such conditions
are all satisfied or waived on or after December 31, 2020;

 

or in any case, at such other time and place as the
Company and the Investor mutually agree (such date, the “Closing Date”).

 

(c)           At the Closing, the following transactions shall occur (such transaction an “Exchange”):

 

(i)                 
On the Closing Date, in exchange for the Existing Securities, the Company shall deliver Exchange Securities to the Investor
or its designee in accordance with the Investor’s delivery instructions set forth on the Investor signature page hereto.
The number of Exchange Securities to be issued in the Exchange shall be determined in accordance with the following formula:

 

	No. of Shares of Common Stock to be Issued	=	 	W + X + Y	 
	 	Z	 

 

    2

     

    

 

Where:

 

“W” is the Stated Value
of the Existing Securities subject to the Exchange;

 

“X” is the value of
any accrued dividends on the Existing Securities, which, in accordance with the Certificate of Designations

for the Existing Securities,
accrue on a daily basis in arrears at the rate of 8% per annum on the Stated Value (as defined in such Certificate of Designations)
of the Existing Securities;

 

“Y” is the amount of
the “Redemption Premium,” if any, on such shares of Existing Securities reflected on Schedule A subject to the
Exchange; and

 

“Z” is the Conversion
Price.

 

Upon receipt of the Exchange Securities
in accordance with this Section 2(c), all of the Investor’s rights under the exchanged Existing Securities shall be
extinguished.

 

(ii)               
On the Closing Date, the Investor shall be deemed for all corporate purposes to have become the holder of record of the
Exchange Securities, and the Existing Securities shall be deemed for all corporate purposes to have been cancelled, irrespective
of the date such Exchange Securities are delivered to the Investor in accordance herewith. Until the Existing Securities have been
delivered to the Company, the Investor shall bear the risk that they are acquired by a bona fide purchaser with no notice of the
Investor’s and the Company’s claims.

 

(iii)             
The Company and the Investor shall execute and/or deliver such other documents and agreements as are customary and reasonably
necessary to effectuate the Exchanges, including, at the request of the Company or its transfer agent, executed stock powers in
customary form.

 

(d)           Stock Exchange Limitation. Notwithstanding anything to the contrary in this Agreement, until the Stockholder Approval
Date has occurred, in no event will the number of shares of Common Stock issuable, together with any shares of Common Stock issuable
upon exchange of any other 8% Series C Redeemable Preferred Stock, exceed 27,764,100 shares in the aggregate.

 

3.             Closing Conditions.

 

(a)            Conditions to Investor’s Obligations. The obligation of the Investor to consummate the Exchange is subject
to the fulfillment, to the Investor’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:

 

(i)                 NASDAQ
Approval. The NASDAQ Approval Date shall have occurred.

 

(ii)               
Freely Tradeable Shares. The Exchange Securities shall upon issuance be Freely Tradeable.

 

(iii)              
Stockholder Approval. If the Company has determined that stockholder approval is required under the rules of the
NASDAQ Stock Market, then the Stockholder Approval Date shall have occurred.

 

(iv)              
Representations and Warranties. The representations and warranties of the Company contained in this Agreement shall
be true and correct in all material respects on the date hereof and on and as of the Effective Date and Closing Date as if made
on and as of such date.

 

(v)                
No Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened
or proposed before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial
damages in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

    3

     

    

 

(vi)              
Proceedings and Documents. All proceedings in connection with the transactions contemplated hereby and all documents
and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Investor, and the Investor
shall have received all such counterpart originals or certified or other copies of such documents as they may reasonably request.

 

(vii)             
Consents. The Company shall have obtained all required consents, as set forth on Schedule 3(e)).

 

(b)           Conditions
to the Company’s Obligations. The obligation of the Company to consummate the Exchange is subject to the fulfillment,
to the Company’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:

 

(i)                 NASDAQ
Approval. The NASDAQ Approval Date shall have occurred.

 

(ii)               
Stockholder Approval. If the Company has determined that stockholder approval is required under the rules of the
NASDAQ Stock Market, then the Stockholder Approval Date shall have occurred.

 

(iii)              
Representations and Warranties. The representations and warranties of the Investor contained in this Agreement shall
be true and correct in all material respects on the date hereof and on and as of the Effective Date and Closing Date as if made
on and as of such date.

 

(iv)              
No Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened
or proposed before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial
damages in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(v)           
Proceedings and Documents. All proceedings in connection with the transactions contemplated hereby and all documents
and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Company and the Company
shall have received all such counterpart originals or certified or other copies of such documents as the Company may reasonably
request.

 

(vi)          
Consents. The Company shall have obtained all required consents, as set forth on Schedule 3(e).

 

(vii)         
Board Approval. The issuance of the Exchange Securities shall have been approved by the Board of Directors of the
Company.

 

4.             Waiver
of Redemption Right. If the Closing Date has not occurred by December 31, 2020, then the Investor is hereby waiving and surrendering,
for good and valuable consideration the receipt of which is hereby acknowledged, its right to cause the Company to redeem any
Existing Securities it holds as of such date under the terms and provisions of the Certificate of Designations for the Existing
Securities, as the same may be amended from time to time, until December 24, 2021.

 

5.             Representations
and Warranties of the Company. The Company hereby represents and warrants to Investor that:

 

(a)            Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware. The Company is duly qualified to transact business and is in good standing
in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties.

 

(b)           Authorization.
All corporate action on the part of the Company necessary for the authorization, execution and delivery of this Agreement and
the performance of all obligations of the Company hereunder, and the authorization (or reservation for issuance of) the Exchange
Securities, the Exchanges, and the issuance of the Exchange Securities have been taken on or prior to the date hereof.

 

    4

     

    

 

(c)            Valid Issuance of the Securities. The Common Stock when issued and delivered in accordance with the terms of this
Agreement will be duly and validly issued, fully paid and non-assessable.

 

(d)           Offering. Subject to the truth and accuracy of the Investor’s representations set forth in Section 6
of this Agreement, the offer and issuance of the Exchange Securities as contemplated by this Agreement are exempt from the registration
requirements of the Securities Act. Neither the Company nor any authorized agent acting on its behalf will take any action hereafter
that would cause the loss of such exemptions.

 

(e)            Consents; Waivers. Other than as set forth on Schedule 3.(e), no consent, waiver, approval or authority of
any nature, or other formal action, by any Person, not already obtained, is required in connection with the execution and delivery
of this Agreement by the Company or the consummation by the Company of the transactions provided for herein and therein.

 

(f)            Acknowledgment Regarding Investor’s Purchase of Securities. The Company acknowledges and agrees that the Investor
is acting solely in the capacity of arm’s-length Investor with respect to this Agreement and the other documents entered
into in connection herewith (collectively, the “Transaction Documents”). The Company further acknowledges
that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to
the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by the Investor or any of
its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby
is merely incidental to the Investor’s acceptance of the Exchange Securities. The Company further represents to the Investor
that the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by
the Company and its representatives.

 

(g)            Validity;
Enforcement; No Conflicts. This Agreement and each Transaction Document to which the Company is a party have been duly and
validly authorized, executed and delivered on behalf of the Company and shall constitute the legal, valid and binding obligations
of the Company enforceable against the Company in accordance with their respective terms, except as such enforceability may be
limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. The execution,
delivery and performance by the Company of this Agreement and each Transaction Document to which the Company is a party and the
consummation by the Company of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational
documents of the Company or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company is a party or by which it is bound, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities or “blue sky” laws) applicable to the
Company, except in the case of clause (ii) above, for such conflicts, defaults or rights which would not, individually or in the
aggregate, reasonably be expected to have a material adverse effect on the ability of the Company to perform its obligations hereunder.

 

(h)           Bring-Down of Representations and Warranties. Except as set forth in the disclosure schedules hereto, all legal and
factual representations and warranties made by the Company to the Investor in any prior agreements pursuant to which the Exchange
Securities were originally issued are accurate and complete in all material respects as of the date hereof, unless as of a specific
date therein in which case they shall be accurate as of such date (or, to the extent representations or warranties are qualified
by materiality or Material Adverse Effect (as defined in such agreements), in all respects).

 

(i)             No Commission Paid. Neither the Company nor any of its Affiliates nor any person acting on behalf of or for the benefit
of any of the foregoing, has paid or given, or agreed to pay or give, directly or indirectly, any commission or other remuneration
(within the meaning of Section 3(a)(9) of the Securities Act and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder) for soliciting the Exchange.

 

    5

     

    

 

6.             Representations and Warranties of the Investor. The Investor hereby represents, warrants and covenants that:

 

(a)            Authorization. The Investor has full power and authority to enter into this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby and has taken all action necessary to authorize the execution
and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated
hereby.

 

(b)           Accredited Investor Status; Investment Experience. The Investor is an “accredited investor” as that
term is defined in Rule 501(a) of Regulation D under the Securities Act. The Investor can bear the economic risk of its investment
in the Exchange Securities, and has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of an investment in the Exchange Securities.

 

(c)            Reliance on Exemptions. The Investor understands that the Exchange Securities are being offered and issued to it
in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that
the Company is relying in part upon the truth and accuracy of, and the Investor’s compliance with, the representations, warranties,
agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the availability of such
exemptions and the eligibility of the Investor to acquire the Exchange Securities.

 

(d)           Information.
The Investor and its advisors, if any, have been furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and issuance of the Exchange Securities which have been requested by the Investor.
The Investor has had the opportunity to review the Company's filings with the Securities and Exchange Commission. The Investor
and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other
due diligence investigations conducted by the Investor or its advisors, if any, or its representatives shall modify, amend or
affect the Investor’s right to rely on the Company’s representations and warranties contained herein. The Investor
understands that its investment in the Exchange Securities involves a high degree of risk. The Investor has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of
the Exchange Securities. The Investor is relying solely on its own accounting, legal and tax advisors, and not on any statements
of the Company or any of its agents or representatives, for such accounting, legal and tax advice with respect to its acquisition
of the Exchange Securities and the transactions contemplated by this Agreement. The Investor has reviewed the schedules attached
hereto.

 

(e)            No Governmental Review. The Investor understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Exchange Securities or the fairness or suitability
of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Exchange
Securities.

 

(f)            Validity; Enforcement; No Conflicts. This Agreement and each Transaction Document to which the Investor is a party
have been duly and validly authorized, executed and delivered on behalf of the Investor and shall constitute the legal, valid and
binding obligations of the Investor enforceable against the Investor in accordance with their respective terms, except as such
enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies. The execution, delivery and performance by the Investor of this Agreement and each Transaction Document to which the
Investor is a party and the consummation by the Investor of the transactions contemplated hereby and thereby will not (i) result
in a violation of the organizational documents of the Investor or (ii) conflict with, or constitute a default (or an event which
with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Investor is a party, or (iii) result in a violation of
any law, rule, regulation, order, judgment or decree (including federal and state securities or “blue sky” laws) applicable
to the Investor, except in the case of clause (ii) above, for such conflicts, defaults or rights which would not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Investor to perform its obligations
hereunder.

 

    6

     

    

 

(g)           Bring-Down of Representations and Warranties. All legal and factual representations and warranties made by the Investor
to the Company in any prior agreements pursuant to which the Exchange Securities were originally issued are accurate and complete
in all material respects as of the date hereof, unless as of a specific date therein in which case they shall be accurate as of
such date (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect (as defined
in such agreements), in all respects).

 

(h)           Restricted Securities. The Investor understands that: (i) the issuance, sale and resale of the Exchange Securities
have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless (A) subsequently registered thereunder, (B) the Investor shall have delivered to the Company
(if requested by the Company) an opinion of counsel to the Investor, in form and substance reasonably acceptable to the Company,
to the effect that such Exchange Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to
an exemption from such registration, or (C) the Investor provides the Company with reasonable assurance that such Exchange Securities
are being sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the Securities Act (or a successor
rule thereto) (collectively, “Rule 144”); and (ii) any sale of the Exchange Securities made in reliance
on Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable, any resale of
the Exchange Securities under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to
be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities
Act or the rules and regulations of the Commission promulgated thereunder.

 

(i)             Legend. The Investor understands that the Exchange Securities shall be issued pursuant to an exemption from registration
or qualification under the Securities Act and applicable state securities laws, and except as set forth below, the Exchange Securities
shall bear any legend as required by the “blue sky” laws of any state and a restrictive legend in substantially the
following form (and a stop-transfer order may be placed against transfer of such stock certificates):

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE INVESTOR (IF REQUESTED BY THE COMPANY), IN FORM AND
SUBSTANCE REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE
TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

(j)             Removal
of Legends. Certificates evidencing the Exchange Securities shall not be required to contain the legend set forth in Section 6.(i) above
or any other legend (i) while a registration statement covering the resale of such Exchange Securities is effective under the
Securities Act, (ii) following any sale of such Exchange Securities pursuant to Rule 144 (as defined herein) (assuming the
transferor is not an affiliate of the Company), (iii) in connection with a sale, assignment or other transfer (other than
under Rule 144), provided that the Investor provides the Company with an opinion of counsel to the Investor, in a generally
acceptable form, to the effect that such sale, assignment or transfer of the Exchange Securities may be made without
registration under the applicable requirements of the Securities Act or (iv) if such legend is not required under applicable
requirements of the Securities Act (including, without limitation, controlling judicial interpretations and pronouncements
issued by the Commission). If a legend is not required pursuant to the foregoing, the Company shall no later than three (3)
business days following the delivery by the Investor to the Company or the transfer agent (with notice to the Company) of a
legended certificate representing such Exchange Securities (endorsed or with stock powers attached, signatures guaranteed,
and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries
from the Investor as may be required above in this Section 6(j), as directed by the Investor, either: (A)
provided that the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program,
credit the aggregate number of shares of Common Stock to which the Investor shall be entitled to the Investor’s or its
designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or (B) if the Company’s
transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver (via reputable
overnight courier) to the Investor, a certificate representing such Exchange Securities that is free from all restrictive and
other legends, registered in the name of the Investor or its designee. The Company shall be responsible for any transfer
agent fees or DTC fees with respect to any issuance of Exchange Securities or the removal of any legends with respect to any
Exchange Securities in accordance herewith, including, but not limited to, fees for the opinions of counsel rendered to the
transfer agent in connection with the removal of any legends.

 

    7

     

    

 

7.             Additional Covenants.

 

(a)            Tacking.
Subject to the truth and accuracy of the Investor’s representations set forth in Section 6 of this Agreement, the
parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Exchange Securities issued in
exchange for the Existing Securities will tack back to the original issue dates of each of the Existing Securities pursuant to
Rule 144 and the Company agrees not to take a position to the contrary.

 

(b)           Blue
Sky. The Company shall make all filings and reports relating to the Exchange required under applicable securities or “Blue
Sky” laws of the states of the United States following the date hereof, if any.

 

(c)            Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement.

 

8.             Miscellaneous.

 

(a)            Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the parties hereto and the respective successors, and assigns, or transferees of the parties. Nothing in this
Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective successors
and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

 

(b)           Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state or federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(c)            Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement.

 

 (d)            Notices.

 

Any notice or communication permitted or required hereunder
shall be in writing and shall be deemed sufficiently given if hand-delivered or sent (i) postage prepaid by registered mail, return
receipt requested, or (ii) by email, to the respective parties as set forth below, or to such other address as either party may
notify the other in writing.

 

    8

     

    

 

	If to the Company, to:	Pareteum Corporation
	 	1185 Avenue of the Americas, 37th Floor
	 	New York, NY 10036
	 	Attention:  Corporate Secretary 
	 	 
	With a copy to, which shall not constitute notice:	
        Stephen E. Older, Esq.

        McGuireWoods LLP

        1251 Avenue of the
        Americas, 20th Floor

        New York, NY 10020

        Email: solder@mcguirewoods.com

 

If to Investor, to the address set forth on the signature page
of the Investor.

 

 

(e)           Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investor. Any amendment or waiver effected in accordance with this paragraph shall be binding upon Investor and the Company,
provided that no such amendment shall be binding on a holder that does not consent thereto to the extent such amendment treats
such party differently than any party that does consent thereto.

 

(f)            Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

(g)           Entire
Agreement. This Agreement represents the entire agreement and understanding between the parties concerning the Exchange and
the other matters described herein and therein and supersede and replaces any and all prior agreements and understandings solely
with respect to the subject matter hereof and thereof.

 

(h)           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

(i)             Interpretation. Unless the context of this Agreement clearly requires otherwise, (a) references to the plural include
the singular, the singular the plural, the part the whole, (b) references to any gender include all genders, (c) “including”
has the inclusive meaning frequently identified with the phrase “but not limited to” and (d) references to “hereunder”
or “herein” relate to this Agreement.

 

(j)             No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(k)            Survival. The representations, warranties and covenants of the Company and the Investor contained herein shall survive
all Closings and deliveries of the Exchange Securities.

 

(l)             Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(m)          No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

[SIGNATURES ON THE FOLLOWING PAGES] 

 

    9

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	THE COMPANY
	 	 	 
	 	PARETEUM CORPORATION, INC.
	 	 	 
	 	By:	                       

 

	 	Name: 	
	 	 	 
	 	Title:	

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

INVESTOR

 

[__________]

 

	By:		 

 

	Name:		 

 

	Title:		 

 

	Address:
	 
		 
	 
		 
	 
		 

 

[Signature Page to Exchange Agreement]

 

      

     

    

 

Schedule A

 

	No. of

 Preferred

 C Shares	 	Stated 

Value	 	 	Original

 purchase

 price	 	 	Annual 

Dividend

 (8%)	 	 	Redemption

 Premium

 (12.5%)	 
	 	 	 	            	 	 	 	            	 	 	 	          	 	 	 	                               	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Disclosure Schedule

 

      

     

    

 

Schedule 3(e)

 

Consent of The Nasdaq Stock Market LLC

 

Disclosure Schedule

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