Document:

Exhibit 10.2

 

WIND DOWN AGREEMENT

 

WIND DOWN AGREEMENT (“Agreement”),
dated August 29, 2022, by and between RIBBON COMMUNICATIONS OPERATING COMPANY, INC. (“RCOCI”) and AVCTECHNOLOGIES USA, INC.
(“AVCT USA”). Each of RCOCI and AVCT USA a Party, and collectively, the Parties.

 

BACKGROUND

 

WHEREAS, that certain Reseller Agreement was entered
into by RCOCI as Reseller and AVCT USA as Supplier with an effective date of August 6, 2021, and amended pursuant to Amendment No. 1 effective
September 27, 2021, and Amendment No. 2 effective December 3, 2021 (the “Reseller Agreement”); and

 

WHEREAS, disputes have arisen between the Parties
regarding the Reseller Agreement and the Parties desire to fully and finally resolve such disputes without admission of liability; and

 

WHEREAS, the Parties desire to unwind their arrangements
under the Reseller Agreement to maximize the benefit to each of them respectively.

 

NOW THEREFORE, in consideration of the foregoing
recitals and the attachments hereto which are incorporated as material terms of this Agreement, and in consideration of the mutual covenants,
promises, and representations hereinafter made, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby mutually acknowledged, the Parties hereby agree as follows:

 

	1.	Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Reseller Agreement.

 

	2.	The Reseller Agreement is terminated effective as of August 29, 2022 (the “Termination Date”).
No provision of the Reseller Agreement shall continue or be enforceable following the Termination Date, regardless of how such provision
is characterized in the Reseller Agreement, except to the extent expressly provided for herein.

 

	3.	Concurrently herewith, and contingent upon receipt of the consideration specified in Section 4 herein:

 

		3.1.	AVCT USA grants to RCOCI a non-exclusive, worldwide, irrevocable, perpetual, transferrable, fully paid-up license (a) to U.S. Patent
Application No. 14/800,453 (Media Playback Synchronization Across Multiple Clients) (the “Patent”) and (b) the source code
(the “Code”) and resulting runtime code for the software setforth in Section 4 of JPMC Project Schedule No. 1 “Description
of Deliverables” in Amendment No. 2 to the Reseller Agreement (the “Kandy Link Software” and, collectively with the
Patent, the “Products”), to make, use, sell, export products using the Products, to use, deploy and modify the Code, and to
sublicense third parties to do, without limitation, any of the foregoing. The Parties shall take such other actions as are necessary or
appropriate to carry out the interest and purposes of this License, including execution of other agreements in connection with same, and
AVCT USA shall deliver: (1) on the Effective Date, a copy of the current source code (root directory) for the “Products, and (2)
within a timeframe jointly established by the Parties, such existing material relating thereto and in AVCT USA’s possession that
would enable RCOCI engineers or subcontractors to develop, manufacture and support the Products and the lab equipment and tools associated
with testing and supporting the Products (the “Lab Environment”, and with the Patent and the Products hereinafter referred
to as the “Conveyed Technology”). RCOCI shall provide reasonable access to AVCT or its designee to the Lab Environment to
the extent necessary to allow AVCT or its designee to satisfy AVCT’s obligations to customers of the Products for which AVCT is
directly billing such customers (the “AVCT Customers”).

 

     

     

    

 

		3.2.	For the avoidance of doubt, AVCT USA retains all ownership rights in the Conveyed Technology, including the ability to exercise all
of the rights being granted to Ribbon.

 

	4.	In consideration of AVCT USA’s assignment of the Assigned Technology, RCOCI shall:

 

		4.1.	Pay AVCT USA two million five hundred thousand dollars ($2,500,000.00) via wire transfer into escrow held by counsel for AVCT USA
which funds will be released to AVCT USA upon confirmation that RCOCI has been provided with access to the root directory source code
for the Products;

 

		4.2.	Deliver executed copies of the Warrant Termination Agreement and Stock Redemption Agreement annexed to the Settlement Agreement being
entered into by the Parties concurrently with this Agreement; and

 

		4.3.	Pay the prorated Q3 2022 Milestone Payment as described in paragraph 8 of the Amendment No. 2 to the Reseller Agreement as follows:

 

		4.3.1.	July 2022 prorated payment of $188,366.67 shall be credited against the Net Payable Due RCOCI as described in 2.2.1 of the Settlement
Agreement;

 

		4.3.2.	August 2022 prorated payment of $188,366.67 shall be due and payable on upon execution of the Settlement Agreement;

 

		4.3.3.	September payment $188,366.67 shall be cancelled; and

 

		4.4.	Assume responsibility and costs of going forward maintenance and support for the Conveyed Technology, including the cost of the workforce
necessary for the same as it applies to premise-based solutions deployed by customers of RCOCI, and to provide the Support Services specified
in Attachment 1 hereto (the “Support Services”) to AVCT and the AVCT Customers. Notwithstanding the foregoing, except as expressly
set forth in Attachment 1 and below, RCOCI is not assuming the obligations AVCT may owe to any third party with respect to the Conveyed
Technology including obligations to AVCT Customers. Provided that, in the event RCOCI makes any system-wide upgrades or modifications
to the Conveyed Technology to address known issues in the Products that would be applicable to the AVCT Customers, RCOCI will make such
upgrades or modifications available to AVCT and the AVCT Customers.

 

	5.	In the event of a sale transaction involving AVCT, AVCT may assign its rights under this Agreement to its successor.

 

	6.	This Agreement may be executed in any number of counterparts. All such counterparts may be exchanged via facsimile or e-mail, and
counterparts taken together will be deemed to constitute one and the same instrument. Delivery of an executed counterpart by facsimile
or email shall be equally as effective as delivery of an original executed counterpart.

 

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IN WITNESS WHEREOF, the authorized representatives of the Parties evidence
each Party’s agreement to the terms of this Agreement with their signatures below.

 

	Ribbon Communications Operating Company, Inc.	 	AVCtechnologies USA, Inc.
	 	 	 	 
	By:	/s/ Patrick Macken	 	By:	/s/ Kevin Keough
	Name:	Patrick Macken	 	Name:	Kevin Keough
	Its:	President	 	Its:	Chief Executive Officer
	Date:	8/29/2022	 	Date:	 8/29/2022

 

 

3Exhibit
10.3

 

STOCK REDEMPTION
AGREEMENT

 

THIS STOCK REDEMPTION AGREEMENT (“Agreement”)
is made and effective as of August 29, 2022, by and between RIBBON COMMUNICATIONS INC., a Delaware corporation (“Seller”),
and AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC., a Delaware corporation (the “Corporation”). The Seller and the Corporation
shall each individually at times be referred to herein as a “Party” or together as the “Parties”.

 

W I T N E S S E T
H

 

WHEREAS, Seller is the owner of 13,700,421
shares of the common stock of the Corporation (the “Shares”); and

 

WHEREAS, the Seller and the Corporation,
among other parties, are parties to that certain Settlement Agreement, of even date herewith (the “Settlement Agreement”),
pursuant to which the Parties have agreed that the Corporation will redeem the Shares for the consideration and upon the terms and conditions
set forth herein.

 

NOW, THEREFORE, in consideration of the
promises and of the mutual covenants and undertakings of the Parties, the Parties do hereby agree as follows:

 

1.
Incorporation of Recitals. Each of the Recitals
hereto are hereby incorporated by reference herein and made a part hereof.

 

2.
Redemption of the Shares. 

 

(a)
For good and valuable consideration as set forth in the Settlement Agreement, the Seller hereby agrees
to sell, assign, transfer and deliver all of his right, title and interest in and to the Shares to the Corporation, and the Corporation
desires to acquire and redeem such Shares.

 

(b)
Closing. The closing of the redemption of the Shares under this Agreement (the “Closing”)
shall take place on the date hereof (the “Closing Date”), at the offices of the Corporation, or at such other place
and manner as is agreed upon by the Seller and the Corporation, including by exchange of ‘pdf’ or electronic signatures.

 

(c)
Closing Deliveries. At Closing of the redemption of the Shares contemplated by this Agreement,
the Seller shall deliver or cause to be delivered to the Corporation: (A) a duly executed Stock Power for the Shares in the form attached
hereto as Exhibit A; and (B) such other documents as may be specified in this Agreement or any exhibit hereto, or which may otherwise
be reasonably required by the Corporation to effectuate the transactions contemplated by this Agreement.

 

3.
Sellers’ Representations and Warranties.
The Seller hereby represents and warrants to the Corporation as follows: 

 

(a)
Title. The Seller has good, marketable and unencumbered title to the Shares to be sold by
the Seller pursuant to the terms of this Agreement, free and clear of all claims, liens, charges and encumbrances of any nature whatsoever.

 

(b)
Ownership of the Shares. The Seller is the sole legal and beneficial owner and holder of the
Shares. The Seller has the absolute right and power to sell the Shares to the Corporation. The Shares represent all of the shares of common
stock of the Corporation owned by the Seller, except that the Seller is the holder of a Warrant to Purchase Common Stock issued by the
Corporation (the “Warrant”), which Warrant is being terminated by the Seller and the Corporation as of the date hereof
pursuant to a separate agreement. 

 

(c)
Valid and Binding Obligations. This Agreement constitutes the valid and legally binding obligations
of the Seller, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and other general laws
affecting the rights and remedies of creditors.

 

     

     

    

 

(d)
Power and Authority Relative to Transaction. The Seller has full power and authority and has
taken all required corporate action necessary to permit the Seller to execute, deliver and perform its obligations under this Agreement,
and none of such actions conflicts with or to the best of its knowledge violates any provision of law known to the Seller or violates
or constitutes a default under or will result in any breach of (with notice or lapse of time or both) any agreement, indenture, deed of
trust, mortgage, instrument, lease, order, judgment, right, injunction, decree, license or permit of any court or governmental or regulatory
body applicable to the Seller or to the Shares. 

 

(e)
Pending Litigation. There are no causes of action, litigation, arbitration, government proceedings
or investigations pending against the Seller affecting the Shares.

 

(f)
Consents. No consent, order, approval, authorization, declaration or filing including, without
limitation, any consent, approval or authorization of or declaration or filing with any governmental authority, is required on the part
of the Seller for or in connection with the execution and delivery of this Agreement and the sale and transfer of the Shares. 

 

4.
The Corporation’s Representations and Warranties.
The Corporation hereby represents and warrants to the Sellers as follows:

 

(a)
Power and Authority Relative to Transaction. The Corporation has full power and authority
and has taken all required corporate action necessary to permit the Corporation to execute, deliver and perform its obligations under
this Agreement, and none of such actions conflicts with or to the best of its knowledge violates any provision of law known to the Corporation
or violates or constitutes a default under or will result in any breach of (with notice or lapse of time or both) any agreement, indenture,
deed of trust, mortgage, instrument, lease, order, judgment, right, injunction, decree, license or permit of any court or governmental
or regulatory body applicable to the Corporation.

 

(b)
Valid and Binding Obligations. This Agreement constitutes the valid and legally binding obligations
of the Corporation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and other general
laws affecting the rights and remedies of creditors.

 

(c)
Required Consents. No consent, order, approval, authorization, declaration or filing including,
without limitation, any consent, approval or authorization of or declaration or filing with any governmental authority, is required on
the part of the Corporation for or in connection with the execution and delivery of this Agreement.

 

5.
Indemnification.

 

(a)
Indemnification by the Seller. The Seller shall indemnify, defend and hold the Corporation
harmless from and against any and all losses, claims, liabilities, damages, costs and expenses, including reasonable attorneys’
fees suffered or incurred by the Corporation resulting from, relating to or incident to (i) a breach, misrepresentation or nonfulfillment
by the Seller of any representation, covenant, or warranty of the Seller contained in this Agreement, (ii) a failure by the Seller to
perform any covenant or agreement contained in this Agreement, or (iii) the enforcement of this indemnity. 

 

(b)
Indemnification by the Corporation. The Corporation shall indemnify, defend and hold the Seller
harmless from and against any and all losses, claims, liabilities, damages, costs and expenses, including reasonable attorneys’
fees suffered or incurred by the Seller resulting from, relating to or incident to (i) a breach, misrepresentation or nonfulfillment by
the Corporation of any representation, covenant, or warranty of the Corporation contained in this Agreement, (ii) a failure by the Corporation
to perform any covenant or agreement contained in this Agreement, or (iii) the enforcement of this indemnity.

 

6.
Release. 

 

(a)
Release by Seller. The Seller, on behalf of itself and its shareholders, officers, directors,
agents, employees, affiliates, successors and assigns, hereby forever waives and releases any and all claims, causes of action (at law
or equity), liabilities, damages or losses of any kind, anticipated or unanticipated, known or unknown (collectively, “Claims”),
which the Seller now has, may have in the future, or could have asserted against the Corporation and each of its past and present principals,
shareholders, owners, directors, officers, employees, agents, representatives, predecessors, successors and/or assigns (collectively,
the “Corporation Releasees”), arising out of, or any way in connection with, the Shares or Seller’s status as
a shareholder of the Corporation; provided, however, that the within release does not and shall not include a release of any Claims that
the Seller may have against the Corporation Releasees under this Agreement or any other document, agreement or instrument executed and
delivered by the Seller in connection with the consummation of the transactions contemplated under this Agreement.

 

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(b)
Release by the Corporation. The Corporation hereby forever waives and releases any and all
Claims which the Corporation now has, may have in the future, or could have asserted against the Seller and its shareholders, officers,
directors, agents, employees, affiliates, successors and assigns (collectively, the “Seller Releasees”), arising out
of, or any way in connection with, the Shares or the Seller’s status as a shareholder of the Corporation; provided, however, that
the within release does not and shall not include a release of any Claims that the Corporation may have against the Seller Releasees under
this Agreement or any other document, agreement or instrument executed and delivered in connection with the consummation of the transactions
contemplated by this Agreement. 

 

(c)
Scope. Notwithstanding the foregoing, nothing in this Section 6 is intended to expand or otherwise
modify the releases set forth in the Settlement Agreement, except with respect to the release of the claims specifically referenced herein.

 

7.
Nominee and Observer Rights of the Seller.
The Parties acknowledge that pursuant to that certain Investor Rights Agreement, dated as of December 1, 2020, by and among the Corporation,
the Seller and the other parties thereto (the “Investor Rights Agreement”), the Seller has certain rights to appoint a nominee
to the Board of Directors of the Company and to designate an observer to attend all meetings of the Board of Director of the Company.
Notwithstanding anything contained in the Investor Rights Agreement, the Seller acknowledges and agrees that from and after the Closing
Date hereunder and the date on which the Warrant is terminated, the Seller shall have no further right to appoint a nominee or director
to the Board of Directors of the Corporation or to have an observer present at any meetings of the Board of Director. To the extent the
Seller has any such designee serving as a director of the Corporation or as an observer of the Board of Directors, the Seller agrees to
take such action as may be necessary to cause such designee to resign from the Board of Directors and/or to seek acting as an observer
of any meetings of the Board of Directors of the Corporation. 

 

8.
Prior Agreements. All prior agreements, understandings
or arrangements, written or oral, heretofore made or existing among the Parties respecting any of the subject matter herein contained,
other than the Settlement Agreement, shall be deemed merged in and superseded by this Agreement.

 

9.
Modifications. No modifications, amendments
or termination of this Agreement, or of any of the provisions hereof, shall be binding upon any Party hereto unless the same shall be
in writing and executed by all Parties hereto.

 

10.
Successors and Assigns. This Agreement and
all of the provisions contained herein shall be binding and obligatory upon and shall inure to the benefit of the Parties hereto and their
respective heirs, distributees, executors, administrators, legal representatives and assigns.

 

11.
Further Documents. The Sellers and the Corporation
agree to execute and deliver such documents and to take such steps as are reasonably necessary and proper in order to effectuate the redemption
of the Shares by the Corporation upon the Closing Date.

 

12.
Notice. All demands and notices given hereunder
shall be sent by regular mail in a postage pre-paid envelope or by fax to the last known address and facsimile number for the recipient
set forth in the books and records of the Corporation or such other address as the Parties may provide in writing.

 

13.
Controlling Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware.

 

14.
Severability. If any one or more of the provisions
of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
of this Agreement shall not be affected thereby. To the extent permitted by applicable law, each Party waives any provision of law which
renders any provision of this Agreement invalid, illegal or unenforceable in any respect.

 

15.
Counterparts. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the
same legal instrument. Facsimile or ‘pdf’ signatures shall be sufficient for execution of this Agreement.

 

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IN WITNESS WHEREOF, the
Parties have executed this Stock Redemption Agreement as of the day and year first above written.

 

	SELLER:	 	CORPORATION:
	 	 	 
	RIBBON COMMUNICATIONS INC.	 	AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.
	 	 	 
	By: 	/s/ Patrick Macken 	 	By:	/s/ Kevin Keough
	Name:	Patrick Macken	 	Name:	Kevin Keough
	Title:	EVP, CLO	 	Title:	Chief Executive Officer

 

 

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