Document:

Exhibit
10.2

 

AGREEMENT
REGARDING DEBT AND SERIES H PREFERRED STOCK

 

This
Agreement Regarding Debt and Series H Preferred Stock (the “Agreement”), is made as of October 10, 2019,
by and among FTE Networks, Inc., a Nevada corporation (the “Company”), Fred Sacramone (“Sacramone”)
and Brian McMahon (“McMahon).

 

R
E C I T A L S:

 

WHEREAS,
the Company has received that certain Proposal For Surrender Of Collateral And Strict Foreclosure (the “Proposal”),
dated as of October 10, 2019, to the Company, and the other parties thereto, from Lateral Juscom Feeder LLC, a Delaware
limited liability company, as the administrative agent (in such capacity, the “Agent”), and the other lender
parties under the Credit Agreement referenced below.

 

WHEREAS,
the Agent, the lenders from time to time party thereto (including their respective successors and assigns, the “Lenders”)
and the Company, Benchmark Builders, Inc. (as used herein, the term “Benchmark” refers to Benchmark Builders,
Inc. and its successors, including by merger) and Jus-Com, Inc. (“Jus-Com,” and together with the Company and
Benchmark, the “Borrower”) have entered into that certain Amended and Restated Credit Agreement, dated as of
July 2, 2019 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”;
capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Credit Agreement),
pursuant to which, among other things, (i) the Credit Agreement amended and restated that certain Credit Agreement dated as of
October 28, 2015 (as amended, restated, supplemented or otherwise modified prior to the Credit Agreement, the “Original
Credit Agreement”) and (ii) the Lenders agreed, subject to the terms and conditions set forth in the Credit Agreement,
to make certain financial accommodations to the Credit Parties;

 

WHEREAS,
on or around July 31, 2019, certain judgments in the aggregate amount of approximately $4.2 million were entered against the Company
in favor of six holders of convertible notes of the Company, and the Company failed to satisfy, vacate or stay the first such
judgment entered within 30 days, thereby triggering an Event of Default under the Credit Agreement (the “Existing Default”);

 

WHEREAS,
pursuant to the Proposal, and by virtue of the Existing Default, the Lenders are planning to foreclose on and transfer (i) to
Benchmark Holdings LLC (“Benchmark Holdings”), all of FTE’s (a) equity interests in Benchmark (the “Benchmark
Equity”) and (b) cash on hand at the Company in excess of specified levels, as more particularly provided in the Proposal
(“FTE Cash” and, together with the Benchmark Equity, the “Benchmark Subject Collateral”)
and (ii) to Lateral Builders LLC (“Lateral Holdings” and, together with Benchmark Holdings, the “Foreclosing
Lenders”), all of the Credit Parties’ interests in certain commercial tort litigation claims, fraud claims, and
insurance claims as specified in the Proposal (the “Lateral Subject Collateral” and, together with the Benchmark
Subject Collateral, the “Subject Collateral”), in each case free and clear of all liens, claims, interests
and encumbrances to the full extent provided under applicable law, in full satisfaction of the Obligations, pursuant to Article
9-620 of the UCC, as adopted in the State of New York (the “New York UCC”);

 

    	 	 	 

    	 

    

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

Section
1. RECITALS
Incorporated. The
recitals and prefatory phrases and paragraphs set forth above are hereby incorporated in full, and made a part of, this Agreement.

 

Section
2. treatment of indebtedness

 

2.1.
Acknowledgment of Obligations. The parties hereto acknowledge, confirm and agree that as of the close of business on October
9, 2019, the Company is indebted to Sacramone and McMahon in the amounts set forth below:

 

Amended
Sacramone Note: $1,030,000

 

	 	 	Principal
                                         and

                                                                 Interest
	 
	Benchmark
    Seller Notes	 	46,982,640	 
	McMahon
    A	 	 	9,498,140	 
	Sacramone
    A	 	 	4,749,070	 
	McMahon
    B	 	 	21,823,620	 
	Sacramone
    B	 	 	10,911,810	 

 

2.2.
Partial Discharge and Release.

 

(a)
Subject to Section 2.3, Sacramone, solely in his individual capacity and subject to the consummation of the Proposal in accordance
with the terms therein pursuant to which, among other things, the Lenders shall have acquired 100% of the ownership of the Benchmark
Subject Collateral free and clear of all liens (the “Proposal Effectiveness”), absolutely and unconditionally releases
and forever discharges the Company and its affiliates from all obligations represented by the Amended Sacramone Note payable to
Sacramone identified in Section 2.1 above, and the Company and its affiliates shall have no further obligations to Sacramone arising
out of said Amended Sacramone Note.

 

(b)
Subject to Section 2.3, McMahon, solely in his individual capacity and subject to the Proposal Effectiveness, absolutely and unconditionally
releases and forever discharges the Company and its affiliates from $ 18,982,640 in the aggregate of the indebtedness represented
by the Amended Series B Benchmark Notes held by McMahon identified in Section 2.1 above, and the Company and its affiliates shall
have no further obligations to McMahon arising out of such amount owed under such Amended Series B Benchmark Notes.

 

2.3.
Contingent Retention of Indebtedness

 

(a)
The balance of the amounts owed to Sacramone and McMahon pursuant to the Amended Series A Benchmark Notes and the Amended Series
B Benchmark Notes that were not released and discharged pursuant to Section 2.2, amounting in the aggregate to Twenty Eight Million
Dollars ($28,000,000) (collectively, the “Remaining Indebtedness”) shall remain the obligations of the Company,
and shall not be discharged and released pursuant to this Agreement, except as otherwise provided in Section 2.3(c) below. Until
discharged or paid, the Remaining Indebtedness shall continue to accrue interest and other fees and charges as provided therein,
and shall otherwise remain in full force and effect.

 

    	 	 	 

    	 

    

 

(b)
Sacramone and McMahon agree to forbear from exercising any remedies against the Company and its affiliates in connection with
the Remaining Indebtedness until December 31, 2019.

 

(c)
Sacramone and McMahon agree that the Remaining Indebtedness will automatically, without the need for further action on the part
of the Company or any other person, be absolutely and unconditionally released and forever discharged effective December 31, 2019
(the “Termination Date”) unless both of the following conditions are satisfied on or before the Termination
Date: (1) on or before November 10, 2019 , the Company enters into a business combination transaction that enables the
Company’s common stock to remain listed on the NYSE American stock exchange or the Company’s common stock is then
listed on any other U.S. national securities exchange; and (2) such business combination transaction is consummated on or before
December 31, 2019 (a business combination transaction satisfying both such conditions being herein referred to as a “Qualified
Business Combination”).

 

Section
3. Series H Preferred Stock

 

3.1.
Repurchase Right.

 

(a)
Each of Sacramone and McMahon agrees that, if a Qualified Business Combination has not yet occurred before the Termination Date,
then from the Termination Date until 180 days thereafter (the “Exercise Period”), the Company or its assignee
will repurchase all the shares of Series H Preferred Stock (“Series H Shares”) that he owns, at a purchase
price of One Dollar ($1.00) per share. With respect to each Series H Share subject to repurchase pursuant to this Section 3.1,
the Company (or its assignee) may exercise its repurchase right by delivery of written notice to the holder of such Series H Share
at any time during the Exercise Period (which notice may be delivered by certified mail, overnight delivery, telecopier or e-mail),
which notice shall contain an irrevocable offer to purchase the Series H Shares. All the rights of the holder of any such Series
H Shares, other than the right to receive payment for such Series H Shares, will terminate as of the date of delivery by the Company
of the written notice described in this paragraph (“Notice Date”).

 

(b)
If Sacramone or McMahon becomes obligated to transfer Series H Shares to the Company or its assignee pursuant to this Section
3.1, he agrees to endorse in blank the certificates evidencing the Series H Shares to be sold and deliver those certificates to
the Company or its assignee within five business days of the Notice Date, and the Company shall contemporaneously deliver the
purchase price for such Series H Shares. Upon such delivery, full right, title and interest in such Series H Shares will pass
to the Company or its assignee. If a holder of Series H Shares fails to deliver those shares in accordance with the terms of this
Section 3.1, the Company or its assignee may, at its option, in addition to all other remedies it may have, either (i) send to
that holder the purchase price for such Series H Shares, as herein specified, or (ii) deposit such amount with a trustee or escrow
agent for the benefit of that holder for release upon delivery of Series H Shares in accordance with the terms of this Agreement.
Thereupon, the Company or its assignee, upon written notice to the holder, will (x) cancel on its books the certificate or certificates
representing the Series H Shares required to be transferred, and (y) issue, in lieu thereof, in the name of the Company (or its
assignee) a new certificate or certificates representing such Series H Shares.

 

    	 	 	 

    	 

    

 

Section
4. Miscellaneous

 

4.1.
Further Assurances. The parties hereto shall execute and deliver such additional documents and take such further action
as may be necessary or desirable to effectuate the provisions and purposes of this Agreement.

 

4.2.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and
their respective successors and assigns.

 

4.3.
Reviewed by Attorneys. Each party has been afforded an opportunity to discuss this Agreement with, and have this Agreement
reviewed by, such attorneys and other persons as such party may wish, and has entered into this Agreement and executed and delivered
all documents in connection herewith, of its own free will and accord and without threat, duress or other coercion of any kind
by any Person. The parties hereto acknowledge and agree that this Agreement shall not be construed more favorably in favor of
one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially
to the negotiation and preparation of this Agreement and any other documents executed pursuant hereto or in connection herewith.

 

4.4.
Final Agreement. This Agreement represents the final agreement between the parties hereto with respect to its subject matter
and may not be contradicted by evidence of prior or contemporaneous oral agreements among the parties. There are no oral agreements
between the parties hereto with respect to the subject matter of this Agreement.

 

4.5.
Governing Law and Jurisdiction.

 

(a)
Governing Law. The laws of the State of New York shall govern all matters arising out of, in connection with or relating
to this Agreement and all transactions and agreements contemplated hereby, including its validity, interpretation, construction,
performance and enforcement (including any claims sounding in contract or tort law arising out of the subject matter hereof and
any determinations with respect to post-judgment interest).

 

(b)
Submission to Jurisdiction. Any legal action or proceeding with respect to this Agreement shall be brought exclusively
in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America
sitting in the Southern District of New York and each party hereto hereby accepts for itself and in respect of its property, generally
and unconditionally, the jurisdiction of the aforesaid courts. The parties hereto irrevocably waive any objection, including an
objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter
have to the brining of any such action or proceeding in such jurisdictions.

 

4.6.
Headings. The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation
of this Agreement.

 

4.7.
Counterparts. This Agreement may be executed in any number of counterparts, but all of such counterparts shall together
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
or electronic mail shall be effective as delivery of a manually executed counterpart hereof.

 

[Signature
Pages Follow]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, this Agreement is executed and delivered as of the day and year first above written.

 

	 	FTE
    NETWORKS, INC.
	 	 
	 	By:	/s/
                                         Maria Fernandez

	 	Name:	Maria
    Fernandez
	 	Title:	Corporate
    Secretary

 

	 	/s/ Fred Sacramone
	 	FRED SACRAMONE 
	 	 
	 	/s/ Brian McMahon
	 	BRIAN MCMAHON

 

Signature Page to Agreement Regarding Debt

and Series H Preferred StockExhibit
10.3

 

TRANSITION
SERVICES AGREEMENT

 

This
Transition Services Agreement (this “Agreement”), effective as of October 10, 2019 (the “Effective
Date”), is made and entered by and between FTE Networks, Inc., a Nevada corporation (together with its successors
and assigns, “FTE Networks” or the “Receiving Party”), and Benchmark Builders,
LLC, a New York limited liability company (“Benchmark” or “Providing Party”
and, together with FTE Networks, individually a “Party” and collectively the “Parties”).

 

RECITALS

 

Whereas,
Benchmark Holdings LLC, in its capacity as a lender under that certain Amended and Restated Credit Agreement, dated as of July
2, 2019 (the “Credit Agreement”), obtained all of the membership interests in Benchmark Builders, LLC,
a New York limited liability company, held by FTE Networks through a strict foreclosure under UCC § 9-620 (the “Foreclosure”)
pursuant to that certain Proposal for Surrender of Collateral and Strict Foreclosure (the “Foreclosure Proposal”);

 

Whereas,
in connection with the transition of the Parties’ respective businesses subsequent to the Foreclosure, the Parties desire
to enter into this Agreement, pursuant to which Providing Party shall provide certain transition services to Receiving Party,
all as further set forth in this Agreement.

 

Now,
Therefore, in consideration of the mutual
agreements and covenants hereinafter set forth, the Parties hereby agree as follows:

 

1.
Services.

 

(a)
Services in General. The Providing Party shall perform (and cause its affiliates to perform, as applicable) each service (each,
a “Service” and collectively, the “Services”) identified on Exhibit A
attached hereto and incorporated herein by this reference, which describes the Services to be provided as of the Closing Date.
In the event the Receiving Party identifies additional services that it desires the Providing Party to provide and such services
are reasonably necessary to support the continued operations of the business of the Receiving Party (the “Business”)
during the Term, and such services are not set forth on Exhibit A, the Receiving Party will provide written notice thereof
to the Providing Party and the Parties will thereafter negotiate in good faith the scope and duration of such additional services.
Any such additional services so provided by the Providing Party shall constitute Services under this Agreement and be subject
in all respect to the provisions of this Agreement. If there is any inconsistency or conflict between the terms and conditions
of Exhibit A and the terms and conditions of this Agreement, the terms and conditions of Exhibit A will govern.
The Providing Party may provide the Services through its affiliates and/or third party service providers; provided, that the Providing
Party will remain responsible for providing the Services hereunder.

 

(b)
Standard of Service. The Providing Party shall provide the Services with at least the degree of quality and timeliness as
such Services were performed and provided by the Providing Party to the Business prior to the consummation of the Foreclosure.
The Services shall be performed in good faith and in accordance with applicable laws.

 

    	 	 	 

    	 

    

 

(c)
Cooperation. The Parties will cooperate with each other in all matters relating to the provision and receipt of Services.
Such cooperation will include exchanging information relevant to the provision of Services hereunder, good faith efforts to mitigate
problems with the work environment interfering with the Services to the extent reasonably possible without interfering with the
operations of each Party. In addition, each Party will: (a) provide the other Party with information, documentation, permits and
consents reasonably necessary for the other Party to perform its obligations hereunder; and (b) provide reasonably timely decisions
in order for the other Party to perform its obligations hereunder. To the extent a Party’s failure to discharge its obligations
in this Section impedes the other Party’s ability to perform its obligations hereunder, the other Party will be excused
from performance for so long as the other Party is impeded from performing by such failure.

 

(d)
Company Information. Each Party shall promptly make all filings with governmental agencies necessary to restate their respective
corporate addresses and the names of officers and directors, and to promptly update any business registrations, tax notifications
and similar matters. FTE Networks shall promptly (and in any event within the time permitted by applicable rules), make any filings
with the Securities and Exchange Commission and the New York Stock Exchange that are required in order to update the identity
of its executive officers and any other personnel named in such filings, and evidence of such updated filings shall be provided
to the President of Benchmark. In addition, FTE Networks will use commercially reasonable efforts to remove all references to
Benchmark in all UCC filings, notes, loans, service agreements, credit agreements, deposit account control agreements, guarantees,
contingent guarantees and other similar instruments.

 

(e)
Office Space. Within sixty (60) days following the Effective Date, the Parties will negotiate and agree upon suitable arrangements
with respect to the leased premises identified as 237 West 35th Street, Suite 601, New York, NY 10001 (“Suite
601”) and 237 West 35th Street, Suite 806, New York, NY 10001 (“Suite 806”)
in a manner designed to meet the respective needs of the Parties. Such arrangements may include having FTE Networks personnel
vacate Suite 806 and consolidate into Suite 601, or vice versa, subject to the execution of a sublease between the Parties as
appropriate. Until an agreeable resolution is reached, FTE Networks will continue to pay to Benchmark (i) $16,945.17 per month,
representing monthly rent, utilities and common area expenses for Suite 601 and (iii) $3,304.73 per month, representing the pro-rated
portion (based on the number of employees of FTE Networks occupying such space relative to the total number of employees occupying
such space, which the Parties agree is 40%) of monthly rent, utilities and common areas expenses, in each case subject to any
rent escalation or other additional charges provided for in the underlying leases.

 

(f)
Tax Matters. Each Party agrees to cooperate and provide the other Party with information, documentation and other support
reasonably necessary for the completion of any pending tax audit and the completion of any tax filings. For the period from the
Effective Date until December 31, 2019, and for all subsequent tax periods, the Parties will file their own tax returns.

 

    	 	2	 

    	 

    

 

(g)
Benefit Plans. Promptly following the Effective Date, each Party will cooperate and provide support to the other Party as
necessary to separate any combined benefits programs, including but not limited to the FTE Networks 401(k) plan (in consultation
with Merrill Lynch) and the medical, dental and vision insurance plans currently maintained by FTE Networks. The Parties will
cooperate in consulting with the respective plan providers in formulating an approach to the provision of services to employees
of Benchmark during the transition period. In addition, the Parties will engage in discussions in good faith to determine the
treatment of issued and outstanding stock options and any other awards granted to employees and consultants of Benchmark under
the FTE Networks 2017 Omnibus Incentive Plan.

 

2.
Term. The term of this Agreement will commence on the Effective Date and continue in effect until the date as of which the
term of all Services have ended, but in no event later than the date that is six (6) months following the Effective Date, unless
earlier terminated as provided herein (the “Term”). Notwithstanding the forgoing, this Agreement may
terminate as to a single category of Services if an earlier termination date is set forth with respect thereto on Exhibit A
or any agreed-upon amendment or supplement thereto.

 

3.
Compensation. In consideration for the Services, the Receiving Party shall, if applicable, compensate and reimburse the Providing
Party as set forth on Exhibit A. Payments hereunder, if any, shall be due and payable monthly in arrears within thirty
(30) days of the date of Providing Party’s invoice therefor or as otherwise set forth on Exhibit A. The Providing
Party will use commercially reasonable efforts to present the Receiving Party with monthly invoices detailing the Services provided
during that month and the total amount due within fifteen (15) days after the end of each month during which Services have been
provided. In the event the Receiving Party fails to timely pay any payments due hereunder, the Providing Party may offset such
amounts due against the Working Capital Cash Payments (as defined in the Foreclosure Proposal).2

 

4.
Representations and Warranties.

 

(a)
Mutual Representations and Warranties. Each Party represents and warrants to the other Party that: (a) it is duly organized
and validly existing under the laws of the jurisdiction in which it was organized and has full corporate or limited liability
company power and authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized to
execute and deliver this Agreement and to perform its obligations hereunder and the person executing this Agreement on its behalf
has been duly authorized to do so by all requisite corporate action; and (c) assuming the due execution and delivery by the other
Party, this Agreement is a legal and valid obligation binding upon it and enforceable in accordance with the Agreement’s
terms.

 

(b)
Warranty Disclaimers. EXCEPT AS EXPRESSLY PROVIDED IN SECTION 4(a), NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES
REGARDING THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE OR NON-INFRINGEMENT OR IMPLIED WARRANTIES ARISING OUT OF COURSE OF DEALING, COURSE OF PERFORMANCE OR USAGE OF TRADE. NOTWITHSTANDING
THE FOREGOING, NOTHING HEREIN SHALL LIMIT OR OTHERWISE AFFECT THE REPRESENTATIONS AND WARRANTIES MADE BY ANY PARTY IN THE CREDIT
AGREEMENT OR ANY OTHER DOCUMENT RELATED TO THE FORECLOSURE.

 

    	 	3	 

    	 

    

 

5.
Termination.

 

(a)
The Receiving Party may terminate any Service under this Agreement for convenience at any time by providing written notice
of such termination to the Providing Party. The Parties may terminate this Agreement or any Service provided hereunder by written
agreement signed by both Parties.

 

(b)
Either Party may terminate this Agreement immediately by providing written notice to the other Party if the other Party is
in material breach of this Agreement and fails to cure such breach within fifteen (15) days after written notice thereof.

 

(c)
Effective upon termination of this Agreement, (i) except as otherwise expressly provided herein, all rights and obligations
of each Party hereunder will cease; (ii) the Providing Party shall not have any further obligation to provide the Services, and
(iii) the Receiving Party shall not owe any further compensation to the Providing Party or have any further liability to the Providing
Party in connection with this Agreement with respect to the Services, except for any compensation that accrued prior to the date
of termination or in connection with such Services and other expenses of the Providing Party which cannot be reasonably mitigated
by the Providing Party. In addition, the Providing Party shall return to the Receiving Party, and the Receiving party shall return
to the Providing Party, all property belonging to the other Party that was used by such Party in performing its obligations under
this Agreement, including, but not limited to, all Confidential Information (as defined below).

 

(d)
Sections 4, 5(c), 5(d), 6, 7 and 9 will survive any termination or expiration of this Agreement.

 

6.
Limitation of Liability. NEITHER PARTY SHALL BE LIABLE, WHETHER IN CONTRACT, IN TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY),
OR OTHERWISE, FOR ANY CONSEQUENTIAL, SPECIAL, INCIDENTAL, EXEMPLARY OR PUNITIVE DAMAGES WITH RESPECT TO THE SERVICES OR OTHERWISE
RELATING TO EITHER PARTY’S PERFORMANCE UNDER THIS AGREEMENT.

 

    	 	4	 

    	 

    

 

7.
Confidentiality. Each Party (each, a “Recipient”) acknowledges that it will receive certain Confidential
Information (as defined below) of the other Party (each, a “Discloser”) in connection with this Agreement and
the Services contemplated hereunder and agrees (and shall cause its representatives to): (a) treat and hold as confidential (and
not disclose or provide access to any person, or use for any purpose other than in connection with its performance of its obligations
hereunder) all information relating to trade secrets, processes, patent applications, product development, price, customer and
supplier lists, pricing and marketing plans, policies and strategies, details of client and consultant contracts, operations methods,
product development techniques, business acquisition plans, new personnel acquisition plans, and data, emails, phone records,
call logs, accounts receivable, accounts payable and general ledger entries, and all other confidential or proprietary information
with respect to each Party’s respective business (collectively, “Confidential Information”), (b)
in the event that Recipient or any of its representatives or affiliates becomes legally compelled to disclose any such Confidential
Information of the Discloser, provide Discloser with prompt written notice of such requirement so that Discloser may seek a protective
order or other remedy or waive compliance with this Section 7, (c) in the event that such protective order or other remedy is
not obtained, or Discloser waives compliance with this Section 7, furnish only that portion of such Confidential Information which
Recipient is advised by legal counsel is legally required to be provided and exercise reasonable efforts to obtain assurances
that confidential treatment will be accorded such information, and (d) promptly furnish (prior to, at, or as soon as practicable
following, the termination or expiration of this Agreement) to Discloser any and all copies (in whatever form or medium) of all
such Confidential Information of the Discloser then in the possession of Recipient or any of its representatives and destroy any
and all additional copies then in the possession of Recipient or any of its representatives of such information and of any analyses,
compilations, studies or other documents prepared, in whole or in part, on the basis thereof. Notwithstanding anything to the
contrary herein, Confidential Information does not include any information that (i) is or becomes available to the public (other
than as a result of disclosure by the Recipient or its representatives prohibited by this Agreement); (ii) is made available to
the Recipient by a third party not known by the Recipient (at the time of such availability) to be subject to a confidentiality
obligation in favor of the Discloser; (iii) was available to or in possession of the Recipient (free of any confidentiality obligation)
prior to disclosure of such information by the Discloser to the Recipient; (iv) is developed independently by the Recipient or
the Recipient’s directors, officers, employees, agents, advisors (e.g., lawyers and accountants), contractors, representatives,
financing sources or affiliated entities without the use of any Confidential Information of the Discloser; or (v) is made available
to third parties by the Discloser without restriction on the disclosure of such information.

 

8.
Contact Persons. Each Party appoints the individuals below to serve as its primary point of contact for matters related to
this Agreement.

 

	 	 	General
    Contact	 	Escalation
    Contact
	FTE
    Networks	 	[***]

	 	[***]

	Benchmark	 	[***]

	 	[***]

 

9.
Miscellaneous.

 

(a)
The Parties agree that the relationship of the Providing Party to the Receiving Party is that of an independent contractor.
The Providing Party has no authority to bind the Receiving Party by or to any obligation, agreement, promise, representation,
or warranty, and the Providing Party shall not incur any liability for or on behalf of the Receiving Party. Nothing herein will
be deemed to constitute or appoint the Providing Party as the agent or legal representative of Receiving Party.

 

    	 	5	 

    	 

    

 

(b)
This Agreement and the rights, obligations, and remedies of the Parties will be governed by and construed and enforced in
accordance with the laws of the State of Nevada, without reference to any of its conflict of law principles. The Parties irrevocably
submit to the jurisdiction of any state or federal court located in the State of New York, solely in respect of the interpretation
and enforcement of the provisions of this Agreement and in respect of the transactions contemplated hereby waive, and agree not
to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof, that it is not subject
thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof
may not be appropriate or that this Agreement may not be enforced in or by such courts, and the Parties irrevocably agree that
all claims with respect to such action or proceeding shall be heard and determined in such a state or federal court. Notwithstanding
the foregoing, either Party shall be entitled to bring a claim for injunctive or other equitable relief in any court of competent
jurisdiction.

 

(c)
This Agreement constitutes the entire agreement between the Parties concerning the subject matter hereof and supersedes any
prior written or verbal agreements or understandings in connection herewith, except as expressly provided in the Credit Agreement
or in any agreements or instruments entered into or delivered in connection with the Foreclosure. No amendment, waiver, or modification
hereto will be valid unless specifically made in writing and signed by an authorized signatory of both Parties hereto. If any
provision is judicially determined to be invalid or unenforceable, then such provision will be modified to the least extent to
make such provision valid and enforceable, if legally permissible, or, if not, such provision will be ineffective only to the
extent of such invalidity or unenforceability, and the remaining provisions will be given full force and effect. There are no
third party beneficiaries to this Agreement.

 

(d)
Neither Party may assign or transfer this Agreement, in whole or in part, by operation of law or otherwise, without the prior
written consent of the other Party, except that no consent will be required for an assignment or other transfer in connection
with a merger, acquisition, change in control transaction, corporate reorganization, or sale of all or substantially all, or other
transfer of a Party’s assets, business or equity. Any attempted assignment in violation of this Section will be null and
void and of no force or effect. Subject to the foregoing, this Agreement will bind and inure to the benefit of each Party’s
permitted successors and assigns.

 

(e)
Except with regard to payment obligations, either Party shall be excused from delays in performing or from failing to perform
its obligations under this Agreement to the extent the delays or failures result from causes beyond the reasonable control of
the party, including, but not limited to, default of subcontractors or suppliers, failures of third party software, default of
third party vendors, acts of God or of the public enemy, U.S. or foreign governmental actions, labor shortages or strikes, communications
or utility interruption or failure, fire, flood, epidemic, and freight embargoes.

 

    	 	6	 

    	 

    

 

(f)
Any notice required or permitted to be given by either Party under this Agreement shall be in writing and shall be personally
delivered or sent by a reputable overnight mail service (e.g., Federal Express), or by first class mail (certified or registered),
or by facsimile or electronic mail confirmed by first class mail (registered or certified) to the respective Parties at the following
addresses (or at such other address for a party as shall be specified by like notice):

 

If
to FTE Networks:

 

FTE
Networks, Inc.

237
West 35th Street, Suite 806

New
York, NY 10001

Attention:
Maria Fernandez

Telephone
No.: 239-315-3161

Email:
[***]

 

If
to Benchmark:

 

Benchmark
Builders, LLC

237
West 35th Street, Suite 901

New
York, NY 10001

Attention:
Fred Sacramone

Facsimile
No.: 212-766-8804

Telephone
No.: 212-766-8800

Email:
[***]

 

(g)
This Agreement may be executed in several counterparts, including counterparts delivered by means of facsimile, scanned pages,
or other electronic transmission, each of which will be deemed an original, but all of which together will constitute but one
and the same Agreement.

 

[Signature
page immediately follows]

 

    	 	7	 

    	 

    

 

In
Witness Whereof, the Parties have executed
and delivered this Agreement as of the Effective Date.

 

	RECEIVING
    PARTY:
	 
	FTE
    NETWORKS, INC.
	 
	By:
    	/s/
                                         Fred Sacramone

	 
	Name:	Fred
                                         Sacramone

	 
	Title:	President	 
	 	 	 
	PROVIDING PARTY:
	 	 	 
	BENCHMARK BUILDERS, LLC
	 	 	 
	By:
    	/s/
                                         Fred Sacramone

	 
	Name:	Fred
    Sacramone	 
	Title:	President	 

 

    	Signature Page To Transition Services Agreement

    	 

    

 

EXHIBIT
A

 

Services

 

	1.	Personnel:

 

	 	a.	Fred
    Sacramone will continue to serve as the Chief Executive Officer of FTE Networks until the earlier of the engagement of a new
    Chief Executive Officer or thirty (30) days from the Effective Date. Upon his resignation as CEO, Mr. Sacramone will enter
    into an advisory role for the remainder of the Term to assist in the transition of new management of FTE Networks. Upon the
    Effective Date, he will resign his position on the board of directors of FTE Networks.
	 	 	 
	 	b.	[***], through
                                         his consulting firm, will remain as a consultant of FTE Networks during the Term to oversee
                                         all ongoing FTE Networks financial operations and continue his current duties including:
                                         preparation and completion of SEC filings due during or within thirty (30) days following
                                         the end of the Term, financial restatement work from prior periods, working with FTE
                                         Networks’ outside auditors, and treasury and process management. [***]
                                         will also continue to support the board of directors and management of FTE Networks
                                         for all financial needs including those in connection with any corporate transactions.

 

	2.	Payroll
    – The Providing Party will work with ADP to ensure separate payroll billings to each Party. During the Term, [***]
    will provide assistance as reasonably necessary with respect to payroll matters.
	 	 
	3.	Internet
    and Networks – The Providing Party will provide internet services for the use of the Receiving Party’s corporate
    accounting group for a period of up to thirty (30) days from the Effective Date. Following the Effective Date and by no later
    than thirty (30) days from such date, the Receiving Party will undertake commercially reasonable efforts to provide its own
    separate internet connection for the use of such corporate accounting group.
	 	 
	4.	Phone
    System – The Providing Party will provide phone service to the corporate personnel of the Receiving Party.
	 	 
	5.	Software
    – Promptly after the Effective Date, the Providing Party will make a transfer of any FTE Networks-related electronic
    files it has to storage locations identified by the Receiving Party.
	 	 
	6.	Files
    – Any paper files in the possession of either Party that relate to the other Party or its business shall be transferred
    to such other Party.
	 	 
	7.	Computer
    Files – The Providing Party will transfer to the Receiving Party, via sharefile sites, all legal and operational
    data in its possession that is relevant to the Receiving Party.
	 	 
	8.	Accounting
    Systems –The Parties shall coordinate the disposition of any due to/due from accounts between the Parties. Both
    Parties shall work to reconcile the due from/to accounts in a mutually acceptable manner.

 

    	 	A-1

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