Pareteum Corporation entered into a settlement agreement pursuant to which Denis McCarthy at-will employment agreement with the Company was terminated and Mr. McCarthy ceased all positions with the Company and its subsidiaries, including as the Company’s Chief Operating Officer. Pursuant to the Separation Agreement, Mr. McCarthy will receive a severance payment of $225,000 to be paid in equal monthly installments according to the Company’s payroll practices over a period of 12 months from the date of the Separation Agreement and agreed not to trade in the Company’s securities through October 1, 2021. Mr. McCarthy will also forego earned and unearned bonuses and vested and unvested stock options will lapse.