EMPLOYMENTAGREEMENT


 


THIS EMPLOYMENT AGREEMENT is made and
entered into this 2nd day of January, 2014, by and between NET TALK.COM INC., a Florida corporation (the "Company"),
and Anastasios "Takis" Kyriakides, residing at 911 Adams Street, Hollywood, FL 33019 (the "Executive").


 


WITNESSETH:


1. EMPLOYMENT


 


The Company hereby employs the Executive,
and the Executive hereby accepts such employment, upon the terms and subject to the conditions set forth in this Agreement. (The
"Amendment Employment Agreement")


 


2. TERM


 


Subject to the provisions for termination
as hereinafter provided, the term of employment under this Agreement shall begin as of January 2nd, 2014, and shall continue through
January 1st 2019, provided, however, (each such January 2nd being referred to as a "Renewal Date"), the term of this
Agreement shall automatically be extended for an additional one year so that on each Renewal Date the then remaining unexpired
term of this Agreement shall be five years, unless either party gives the other written notice of termination at least ninety (90)
days prior to any such Renewal Date.


 


3. COMPENSATION


 


(a) Base Salary. The Company shall pay to the Executive as basic
compensation for all services rendered by the Executive during the term of this Agreement a basic annualized salary of$175,000
per year (starting January 2, 2015) the base salary will increase to $250,000), or such other sum in excess of that amount as the
parties may agree on from time to time or as provided in the next sentence (as in effect from time to time, the "Base Salary"),
payable twice-monthly or in other more frequent installments, as determined by the Company. The Board of Directors shall have the
authority to increase the Executive's Base Salary in effect from time to time. In
addition, the Board of Directors, in its discretion, may award a bonus or bonuses to the Executive in addition to the bonuses
provided for in Section 3(b ).


 


(b) Bonuses. In
addition to the Base Salary to be paid pursuant to Section 3(a), for each of the Company's five fiscal years ending December
31, 2018, to the extent earned, specified on Exhibit A to this agreement. For each fiscal year ending on or after December 31,2014,
the Company shall pay to the Executive as incentive compensation annual bonuses in accordance with comparable incentive bonus plan(s)
adopted by the Board of Directors of the Company.


 


(c) Certain Plans and Initial Award. (i) It is anticipated that
the Company will adopt certain incentive compensation plans, including a long term incentive plan (the "LTIP"), providing
for annual or other periodic awards to key employees, among other things, stock, and a stock option plan (the "ISO/NSO Plan"),
providing for the annual or other periodic issuance of options to purchase the Company's common stock. The LTIP and ISO/NSO Plan
are referred to collectively in this Agreement as the "Plans." The Executive will be given an opportunity to participate
in the Plans, in accordance with and subject to the terms of the Plans as they may be adopted, amended and administered from time
to time.


 


(1) In
addition to the incentive compensation referred to in Section 3(c)(i), the Company hereby agrees to issue to the Executive
under the LTIP, effective immediately following the completion of the Distribution, that number of shares of the Company's common
stock (the "Initial Restricted Stock"), fourteen percent (14%) of any new secondary IPO of the shares of the Company's
common stock.


 


(2) Any and all risks of forfeiture shall lapse as to all
of the Initial Restricted Stock and the Initial Options shall be fully vested and shall be exercisable as to all of the
shares of common stock covered by the Initial Options upon (i) the death of the Executive or termination of employment upon
the "Permanent Disability" (as that term is defined
in Section 7(b) (ii) of this Agreement) of the Executive, (ii) the termination of employment of the Executive by the Company
"Without Good Cause" (as that term is defined in Section 8(b) (iii) of this Agreement) or (iii) the
exercise by the Executive of his rights to terminate his employment under Section 8(d) (ii) following a "Change of
Control" (as that term is defined in Section 8(d) (i) of this Agreement).


 






    	 



    	 



    

 


(d) Reimbursement. The Company shall reimburse the Executive,
in accordance with the Company's policies and practices for senior management, for all reasonable expenses incurred by the Executive
in the performance of the Executive's duties under this Agreement, provided, however, that the Executive must furnish to the Company
an itemized account, satisfactory to the Company, in substantiation
of such expenditures.


 


(e) Certain Benefits. The Executive shall be entitled to such
fringe benefits including, but not limited to, medical and other insurance benefits as may be provided from time to time by the
Company to other senior officers of the Company. In addition, without restricting the foregoing, the Company shall provide the
Executive at the Company's sole cost and expense with (i) a policy or policies of term life insurance (the "Basic Life Insurance")
providing, among other things, basic death benefits of not less than three times the Base Salary in effect from time to time, (ii)
directors and officers liability insurance with coverage, terms and limits suitable for an executive officer of a OTCBB, or any
up listed Stock Exchange, comparable in financial size and wherewithal to that of the Company and (iii) a monthly allowance of$500
cash to reimburse the Executive for the use and maintenance of his automobile in furtherance of the business and affairs of the
Company, provided that the Executive shall at all times insure the Executive and the Company in such amounts as may be
reasonably requested by the Company against claims for bodily injury, death and property damages occurring as a result of
its use. The Company shall use its reasonable best efforts to make available to the Executive in providing and paying for the Basic
Life Insurance the opportunity to purchase at the Executive's sole cost and expense additional life insurance with a basic death
benefit (the "Optional Life Insurance") equal to two times the Executive's Base Salary in effect from time to time (affording
the Executive the opportunity to have basic death benefit life insurance coverage equal to four times such Base Salary). The Company
will use its reasonable best efforts to affect the transfer of the ownership to the Executive of the policy or policies for the
Basic Life Insurance and the Optional Life Insurance, if any, upon the termination of the Executive's employment by the Company
premiums would be the obligation of the Executive. The Company shall, at the company's expense, provide the executive with a cellular
telephone with an unlimited talk and text plan, and included data plan of, at least, 4
Gb/month.


 


(f) Other Incentive and Benefit Plans. The Executive shall be
eligible to participate, in accordance with the terms of such plans as they may be adopted, amended and administered from time
to time, in incentive bonus, benefit or similar plans, including without limitation, any stock option, bonus or other equity ownership
plan, any short, mid or long term incentive plan and any other bonus, pension or profit sharing plans established by the company
from time to time.


 


4. DUTIES


 


(a) General. The Executive is engaged as the Chief Executive
Officer I Chairman of the board of the Company and Corporate
Secretary. In addition, at the request of the Board of Directors, the Executive shall serve in the same positions in any wholly
owned subsidiary of the Company, with additional compensation. The Executive's duties shall be commensurate with those customarily
associated with the Chief Executive Officer of a corporation comparable to the Company.


 


(b) Specific. In addition to the general duties, responsibilities
and authority as Chief Executive Officer, and without in any way intending to diminish the Executive duties, responsibilities and
authority, the Executive's duties, responsibilities and authority shall include but not be limited to (i) participating in consultation
with the rest of the Management Team in the development and implementation of the Company's strategic business plans.


 


(c) Indemnification. To the fullest extent permitted by law,
the Company shall indemnify and hold harmless the Executive for all liabilities, costs, expenses and damages arising out of or
in connection with the Executive's service to the Company under this Agreement. In furtherance of this indemnity, the Company shall
enter into an indemnification agreement, in form and substance reasonably satisfactory to
the Executive and the Company. In addition, the indemnity providing officer or director, or service in a similar capacity,
for any civic, community or charitable organization, provided such service is undertaken at the request with the knowledge and
acquiescence of the Company. The foregoing indemnification shall be in addition to any rights or benefits the Executive may have
under statute, the Bylaws or Articles of Incorporation of the Company, under a policy of


insurance, or otherwise.


 




    	 



    	 



    

 


5. EXTENT OF SERVICES; VACATIONS AND DAYS OFF


 


(a) Extent of Services. During the term of the Executive's employment
under this Agreement, except during customary vacation periods and periods of illness, the Executive shall devote full-time energy
and attention during regular business hours to the benefit and business of the Company as may be reasonably necessary in performing
the Executive's duties pursuant to this Agreement. Notwithstanding the foregoing, the Executive may (i) serve on corporate, trade
association, civic, religious or charitable boards or committees, (ii) deliver lectures, carry out non related consultancy activity,
fulfill speaking engagements or teach at educational institutions and (iii) manage personal investments, so long as such activities
do not materially interfere with the performance of the Executive's duties and responsibilities and do not create a conflict of
interest.


 


(b) Vacations. The Executive shall be entitled to vacations
with pay and to such personal and sick leave with pay in accordance with the policy of the Company as may be established from time
to time by the Company and applied to other senior officers of the Company. In no event shall the Executive be entitled to not
fewer than four weeks' annual vacation. Unused vacation days may be carried over from one year to the next for a period of up to
three years. Any vacation days which remain unused on the third anniversary of the end of the fiscal year to which they originally
related shall expire and shall thereafter no longer be useable by the Executive.


 


6. FACILITIES


 


The Company shall provide the Executive
with a fully furnished office at located in northern Dade or Broward County, Florida, and the facilities of the Company shall be
generally available to the Executive in the performance of the Executive's duties pursuant to this Agreement, it being understood
and contemplated by the parties that all equipment, supplies and office personnel required in the performance of the Executive's
duties under this Agreement shall be supplied by and at the sole expense of the Company.


 


7. ILLNESS OR INCAPACITY, TERMINATION ON DEATH, ETC.


 


(a) Death. If the Executive dies during the term of the Executive's
employment, the Company shall pay to the estate of the Executive within 30 days after the date of death such Base Salary and any
cash bonus compensation earned and unearned during the full duration of this contract, and pursuant to the provisions of any incentive
compensation plan then in effect but not yet paid, as would otherwise
have been payable to the Executive up to the end of the month in which the Executive's death occurs. After receiving the full payments
provided in this Section 7(a), the Executive and the Executive's estate shall have no further rights under this Agreement (other
than those rights already accrued).


 


(b) Disability. (i) During any period of disability, illness
or incapacity during the term of this Agreement which renders the Executive at least temporarily unable to perform the services
required under this Agreement, the Executive shall receive the Base Salary payable under Section 3(a) of this Agreement plus any
cash bonus compensation earned pursuant to the provisions of any incentive compensation plan then in effect but not yet paid, less
any cash benefits received by him under any disability insurance
carried by or provided by the Company. Upon the Executive's "Permanent Disability" (as defined below), which Permanent
Disability continues during the payment periods specified herein, the Company shall pay to the Executive for the period of time
specified below an amount (the "Disability Payment") equal to the (i) sum of(A) the Base Salary paid in the same monthly
or other period installments as in effect at the time of the Executive's Permanent Disability plus (B) an amount equal to the target
level of the annual cash bonus payable to the Executive under the Company's Management Incentive Compensation Plan as described
on Exhibit A or any similar bonus or incentive plans or programs then in effect (the "MICP Target Amount") in
respect of the fiscal year during which the Executive's Permanent Disability occurred, which MICP Target Amount shall be
paid in pro rata equal monthly installments over the period of time specified below (ii) reduced by the amount of any monthly payments
under any policy of disability income insurance paid for by the Company which payments are received during the time when any Disability
Payment is being made to the Executive following the Executive's Permanent Disability. For so long as the Executive's Permanent
Disability continues, the Disability Payment shall be paid by the Company to the Executive in equivalent installments at the same
time or times as would have been the case for payment of Base Salary over the unexpired term of this Agreement if the Executive
had not become permanently disabled and had remained employed by the Company hereunder, but in no case shall such period exceed
72 months. The Executive may be entitled to receive payments under any disability income insurance which may be carried by or provided
by the Company from time to time. Upon "Permanent Disability" (as that term is defined in Section 7(b) (ii) below) of
the Executive, except as provided in this Section 7(b) all rights of the Executive under this Agreement (other than rights already
accrued) shall terminate.


 




    	 



    	 



    

 


(ii) The term "Permanent Disability"
as used in this Agreement shall mean, in the event a disability insurance policy is maintained by the Company covering the Executive
at such time and is in full force and effect, the definition of
permanent disability set forth in such policy. In the event no
disability insurance policy is maintained at such time and in full force and effect, "Permanent Disability" shall mean
the inability of the Executive, as determined by the Board of Directors of the Company, by reason of physical or mental disability
to perform the duties required under this Agreement for a period of one hundred and eighty (180) days in any one-year period. Successive
periods of disability, illness or incapacity will be considered separate periods unless the later period of disability, illness
or incapacity is due to the same or related cause and commences less than six months from the ending of the previous period of
disability. Upon such determination, the Board of Directors may terminate the Executive's employment under this Agreement upon
ten (10) days' prior written notice. If any determination of the Board of Directors with respect to permanent disability is disputed
by the Executive, the parties hereto agree to abide by the decision of a panel of three physicians. The Executive and Company shall
each appoint one member, and the third member of the panel shall be appointed by the other two members. The Executive agrees to
make him available for and submit to examinations by such physicians
as may be directed by the Company. Failure to submit to any such examination shall constitute a breach of a material part of this
Agreement.


 


8. OTHER TERMINATIONS 


 


(a) By the Executive. (i) The Executive may terminate the Executive's
employment hereunder upon giving at least ninety (90) days' prior written notice. In
addition, the Executive shall have the right to terminate the Executive's employment hereunder on the conditions and at
the times provided for in Section 8( d) of this Agreement.


(ii) If the Executive gives notice pursuant to Section 8(a)
(i) above, the Company shall have the right (but not the obligation) to relieve the Executive, in whole or in part, of the Executive's
duties under this Agreement, or direct the Executive to no longer perform such duties, or direct that the Executive should no longer
report to work, or any combination of the foregoing. In any such
event, the Executive shall be entitled to receive only the Base Salary not yet paid, as would otherwise have been payable to the
Executive up to the end of the month specified as the month of termination in the termination notice. In
the event the Executive gives notice pursuant to Section 8(a)(i) above but specifies a termination date in excess of ninety
(90) days from the date of such notice, the Company shall have the right (but not the obligation) to accelerate the termination
date to any date prior to the date specified in the notice that is in excess of ninety (90) days from the date of the notice, and
the Company shall have the right (but not the obligation) to relieve the Executive, in whole or in part, of the Executive's duties
under this Agreement, or direct the Executive to no longer perform such duties, or direct that the Executive should no longer report
to work, or any combination of the foregoing; provided, however, that in any such event the Executive shall be entitled to receive
the Base Salary, as would otherwise have been payable to the Executive up to the end of the month of the termination date properly
selected by the Company. Upon receiving the payments provided for under this Section 8(a), all rights of the Executive under this
Agreement (other than rights already accrued) shall terminate.


 




    	 



    	 



    

 


(b) Termination for "Good Cause". (i) Except as otherwise
provided in this Agreement, the Company may terminate the employment of the Executive hereunder only for "good cause,"
which shall mean (a) the willful, substantial, continued and unjustified refusal of the Executive substantially to perform his
duties with the willful intention of harming the company (other than any failure due to physical or mental incapacity) or (b) continued
willful misconduct materially and demonstrably injurious to the Company, financially or otherwise, in each case, as determined
in the reasonable discretion of the Board of Directors, but with respect to each of the foregoing bases for termination specified
in the preceding clause, only if( 1) the Executive has been provided with written notice of any assertion that there is a basis
for termination for good cause which notice shall specify in reasonable detail specific facts regarding any such assertion and
the Executive has been given a reasonable period of time within which to remedy or cure the problem or complaint, (2) such notice
is provided to the Executive a reasonable time before the Board of Directors meets to consider any possible termination for cause,
(3) at or prior to the meeting of the Board of Directors to consider the matters described in the written notice, an opportunity
is provided to the Executive and his counsel to be heard by the Board of Directors with respect to the matters described in the
written notice, before it acts with respect to such matter, (4) any resolution or other action by the Board of Directors with respect
to any deliberation regarding or decision to terminate the Executive for good cause is duly adopted by a unanimous vote of the
entire Board of Directors of the Company at a meeting of the Board duly called and held and (5) the Executive is promptly provided
with a copy of the resolution or other corporate action taken with respect to such termination. No act or failure to act by the
Executive shall be considered willful unless done or omitted to be done by him not in good faith and without reasonable belief
that his action or omission was in the best interests of the Company.


 


(ii) If the employment of the Executive
is terminated for good cause under Section 8(b) (i) of this Agreement, the Company shall pay to the Executive any Base Salary earned
prior to the effect yet paid and any cash bonus compensation earned pursuant to the provisions of any incentive compensation plan
then in effect but not paid to the Executive prior to the effective date of such termination. Under such circumstances, such payments
shall be in full and complete discharge of any and all liabilities or obligations of the Company to the Executive hereunder, and
the Executive shall be entitled to no further benefits under this Agreement (other than rights already accrued).


 


(iii) Termination of the employment of
the Executive other than as expressly specified above in Section 8(b) (i) for good cause shall be deemed to be a termination of
employment "Without Good Cause."


 


(c) Termination without Good Cause. (i)
Notwithstanding any other provision of this Agreement, the Company shall have the right to terminate the Executive's employment
Without Good Cause pursuant to the provisions of this Section 8(c). If the Company shall terminate the employment of the Executive
Without Good Cause effective on a date earlier than the termination date provided for in Section 2 (with the effective date of
termination as so identified by the Company being referred to herein as the "Accelerated Termination Date"), the Executive,
until the end of the term of this Agreement then in effect as provided for in Section 2, but in no case shall such period exceed
60 months, or until the date which is 24 months after the Accelerated Termination Date, whichever is greater, shall continue to
receive (1) the Base Salary, paid in the same monthly or other periodic installments as in effect prior to the Accelerated Termination
Date (2) an equal monthly pro rata portion of an amount of cash equal to the MICP Target Amount (as that term is defined in Section
7(b)(i)) in respect of the year during which the Executive's employment terminates, multiplied times the number of years (or fractions
thereof) remaining in the then unexpired term of this Agreement or multiplied rata portion of an amount of cash equal to the cash
value of any bonus paid or to be paid to the Executive in the form of performance shares or restricted stock under the L TIP as
described on Exhibit A or any similar bonus or incentive plans or programs then in effect (valued, if applicable under the terms
of such plans or programs, at the greater of the closing price on the OTCBB Stock Exchange, or other such market on which the Company's
stock trades if it is not listed on the New York Stock Exchange/ or other exchanges, on the first trading day of the plan or program
cycle or the Accelerated Termination Date, or if the Accelerated
Termination Date is not a trading day, on the first trading day thereafter) in respect of the then-current three year cycle of
such plans or programs or such other cycle as is then in effect, calculated as if the then-current cycle were completed and the
target levels attained (the "LTIP Target Amount"), which cash payment shall be in lieu and in full satisfaction any rights
under the L TIP in respect of such stock or shares as described in Exhibit A or any similar bonus or incentive plans or programs
in effect at the time of such payment (all of which stock or shares shall be cancelled upon such payment and receipt); provided
however, if the Accelerated Termination Date is prior to September 30, 2015, the amount of cash payable to the Executive under
the L TIP shall be a minimum of $500,000, and ( 4) any other cash or other bonus compensation earned prior to the date of such
termination pursuant to the terms of all incentive compensation plans then in effect other than the Company's Management Incentive
Compensation Plan as described on Exhibit A or any similar bonus or incentive plans or programs then in effect; provided that,
notwithstanding such termination of employment, the Executive's covenants set forth in Section 10 and Section 11 are intended to
and shall remain in full force and effect and provided further that in the event of such termination, the Company shall have the
right (but not the obligation) to relieve the Executive, in whole or in part, of the Executive's duties under this Agreement, or
direct the Executive to no longer perform such duties, or direct that the Executive no longer be required to report to work, or
any combination of the foregoing.


 




    	 



    	 



    

 


(ii) The parties agree that, because there
can be no exact measure of the damage that would occur to the Executive as a result of a termination by the Company of the Executive's
employment Without Good Cause, the payments and benefits paid and provided pursuant to this Section 8(c) shall be deemed to constitute
liquidated damages and not a penalty for the Company's termination of the Executive's employment Without Good Cause.


 


(d) Change of Control. (i) For purposes of this Agreement,
a "Change in Control":


 


(1) a change in control of the Company of a nature that is required,
pursuant to the Securities Exchange Act of 1934 (the "1934 Act"), to be reported in response to Item l(a) of a Current
Report on Form 8-K or Item 6( e) of Schedule 14A under the 1934 Act (in each case under this Agreement, references to provisions
of the 1934 Act and the rules and regulations promulgated there under being understood to refer to such law, rules and regulations
as the same are in effect on November 1, 1996); or


 


(2) the acquisition of "Beneficial Ownership" (as
defined in Rule 13d-3underthe 1934 Act) of the Company's securities comprising 35% or more of the combined voting power of the
Company's outstanding


 


securities by any "person"
(as that term is used in Sections 13(d) and 14(d) (2) of the 1934 Act and the rules and regulations promulgated there under, but
not including any trustee or fiduciary acting in that capacity for an employee benefit plan sponsored by the Company) and such
person's "affiliates" and "associates" (as those terms are defined under the 1934 Act), but excluding any ownership
by the Executive and his affiliates and associates; or


 


(3) the failure of the "Incumbent Directors" (as defined
below) to constitute at least a majority of all directors of the
Company (for these purposes, "Incumbent Directors" means individuals who were the directors of the Company on January
2, 2014 and, after his or her election, any individual becoming a director subsequent to January 2, 2014, whose election, or nomination
for election by the Company's stockholders, is approved by a vote of at least two-thirds of the directors then comprising the Incumbent
Directors, except that no individual shall be considered an Incumbent Director who is not recommended by management and whose initial
assumption of office as a director is in connection with an actual or threatened "election contest" relating to the "election
of Directors" of the Company, as such terms are used in Rule 14a-11 of Regulation 14A under the 1934 Act); or


(4) the closing of a sale of all or substantially all of the
assets of the Company;


 


(5) the Company's adoption of a plan of dissolution or liquidation;
or


(6) the closing of a merger or consolidation involving the Company
in which the Company is not the surviving corporation or if, immediately following such merger or consolidation, less than seventy-five
percent (75%) of the surviving corporation's outstanding voting stock is held or is anticipated to be held by persons who are stockholders
of the Company immediately prior to such merger or consolidation.


 


(ii) If a Change in Control of the Company
occurs, the Executive shall have the right, exercisable for a period of one year thereafter by delivering a written statement to
that effect to the Company, to immediately terminate this Agreement and upon such a determination the Executive shall have the
right to receive and the Company shall be obligated to pay to Executive in cash a lump sum payment in an amount equal to the sum
of(I) the "Control Cash Payment" as that term is defined in Section 8(d)(iii) of this Agreement; (2) three times the
annual Base Salary then in effect, (3) three times the MICP Target
Amount (as that term is defined in Section 7(b)(i)) in the year
in which employment terminates, (4) the cash value of the LTIP
Target Amount (as that term is defined in Section 8( c)), which
cash payment shall be in lieu and in full satisfaction of any rights
under the L TIP in respect of such stock or shares as described
in Exhibit A or any similar bonus or incentive plans or programs in effect at the time of such payment (all of which stock or shares
shall be cancelled upon such payment and receipt), and (5) the additional payments necessary to discharge certain tax liabilities
(the "Gross Up") as that term is defined in Section 13 of this Agreement (the sum of the foregoing amounts other than
the Gross Up being referred to as the "Change in Control Payment"). If the Executive fails to exercise his rights under
this Section 8(d) within one year following a Change in Control, such rights shall expire and be of no further force or effect.


 




    	 



    	 



    

 


(iii)
The "Control Cash Payment shall be (A) $1,000,000 if any Event that constitutes a Change of Control occurs.


 


(e) Intentions Regarding Certain Stock and Benefit Plans. Except
as otherwise provided herein, upon any termination of the Executive's employment Without Good Cause or upon the exercise by the
Executive of his rights to terminate his employment following a Change of Control , it is the intention of the parties that any
and all vesting or performance requirements or conditions affecting any outstanding restricted stock, performance stock, stock
option, stock appreciation right, bonus, award, right, grant or any other incentive compensation under any of the Plans, under
this Agreement, or otherwise received, shall be deemed to be fully satisfied and any risk of forfeiture with respect thereto shall
be deemed to have lapsed.


 


(f) Certain Rights Mutually Exclusive. The provisions of Section
8(c) and Section 8(d) are mutually exclusive, provided, however, that if within one year following commencement of an 8( c) payout
there shall be a Change in Control as defined in Section 8(d) (i), then the Executive shall be entitled to the amount payable to
the Executive under Section 8( d) (ii) and Section 8( d) (iii) reduced
by the amount that the Executive has received under Section 8(c) up to the date of the change in control. The triggering of the
lump sum payment requirement of Section 8(d) shall cause the provisions of Section 8( c) to become inoperative.


 


9. DISCLOSURE


 


The Executive agrees that during the term
of the Executive's employment by the Company, the Executive will disclose and disclose only to the Company all ideas, methods,
plans, developments or improvements known by him which relate directly
or indirectly to the business of the Company, whether acquired by the Executive before or during the Executive's employment by
the Company. Nothing in this Section 9 shall be construed as requiring any such communication where the idea, plan, method or development
is lawfully protected from disclosure as a trade secret of a third party and of this Section 9 shall not be violated by ordinary
and customary communications with reporters, bankers and securities analysts and other members of the investment community.


 


10. CONFIDENTIALITY


 


The Executive agrees to keep in strict
secrecy and confidence any and all information the Executive assimilates or to which the Executive has access during the Executive's
employment by the Company and which has not been publicly disclosed and is not a matter of common knowledge in the fields of work
of the Company. The Executive agrees that both during and after the term of the Executive's employment by the Company, the Executive
will not, without the prior written consent of the Company, disclose any such confidential information to any third person, partnership,
joint venture, company, corporation or other organization. The foregoing covenants shall not be breached to the extent that any
such confidential information becomes a matter of general knowledge other than through a breach by the Executive of the Executive's
obligations under this Section 10.


 


11. NONCOMPETITION AND NONSOLICITATION


 


(a) General. The Executive hereby acknowledges
that, during and solely as a result of the Executive's employment by the Company, the Executive has received and shall continue
to receive: (1) special training and education with respect to the operations of the Company's real estate development and management
businesses and its leasing, lending and financing activities, and other related matters, and (2) access to confidential information
and business and professional contacts. In consideration of the
special and unique opportunities afforded to the Executive by the Company as a result of the Executive's employment, as outlined
in the previous sentence, the Executive hereby agrees to the restrictive covenants in this
Section 11.


 




    	 



    	 



    

 


(b) Noncompetition. During the term of the Executive's employment,
whether pursuant to this Agreement, any automatic or other renewal hereof or otherwise, and, except as may be otherwise herein
provided, for a period of two (2) years after the termination of the Executive's employment with the Company ,regardless of the
reason for such termination, the Executive shall not, directly or indirectly, enter into, engage in, be employed by or consult
with any business which competes with the Company's real estate lending, leasing, development or management businesses in Florida.
The Executive shall not engage in such prohibited activities, either as an individual, partner, officer, director, stockholder,
employee, advisor, independent contractor, joint venture, consultant, agent, or representative or salesman for any person, firm,
partnership, corporation or other entity so competing with the Company. The restrictions of this Section II shall not be violated
by (i) the ownership of no more than 2% of the outstanding securities of any company whose stock is traded on a national securities
exchange or is quoted in the Automated Quotation System of the National Association of Securities Dealers (NASDAQ), or


(ii) other outside business investments that do not in any manner
conflict with the services to be rendered by the Executive for the Company and that do not diminish or detract from the Executive's
ability to render the Executive's required attention to the business of the Company.


(c) No solicitation. During the Executive's employment with
the Company and, except as may be otherwise herein provided, for a period of two (2) years following the termination of the Executive's
employment with the Company, regardless of the reason for such termination, the Executive agrees the Executive will refrain from
and will not, directly or indirectly, as an individual, partner, officer, director, stockholder, employee, advisor, independent
contractor, joint venture, consultant, agent, representative, salesman or otherwise solicit any of the employees of the Company
to terminate their employment.


(d) Term Extended or Suspended. The period of time during which
the Executive is prohibited from engaging in certain business practices pursuant to Sections 11(b) or (c) shall be extended by
any length of time during which the Executive is in breach of such covenants.


(e) Essential Element. It
is understood by and between the parties hereto that the foregoing restrictive covenants set forth in Sections 1I(a) through
(c) are essential elements of this Agreement, and that, but for the agreement of the Executive to comply with such covenants, the
Company would not have agreed to enter into this Agreement. Such covenants by the Executive shall be construed as agreements independent
of any other provision in this Agreement. The existence of any claim or cause of action of the Executive against the Company, whether
predicated on this Agreement, or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants.


(t) Severability. It
is agreed by the Company and Executive that if any portion of the covenants set forth in this Section 11 are held to be
invalid, unreasonable, arbitrary or against public policy, then such portion of such covenants shall be considered divisible both
as to time and geographical area. The Company and Executive agree that, if any court of competent jurisdiction determines the specified
time period or the specified geographical area applicable to this Section 11 to be invalid, unreasonable, arbitrary or against
public policy, a lesser time period or geographical area which is determined to be reasonable, non-arbitrary and not against public
policy may be enforced against the Executive. The Company and the Executive agree that the foregoing covenants are appropriate
and reasonable when considered in light of the nature and extent of the business conducted by the Company.


 


12. SPECIFIC PERFORMANCE


 


The Executive agrees that damages at law
will be an insufficient remedy to the Company if the Executive .violates the terms of Sections 9, 10 or 11 of this Agreement and
that the Company would suffer irreparable damage as a result of such violation. Accordingly, it is agreed that the Company shall
be entitled, upon application to a court of competent jurisdiction, to obtain injunctive relief to enforce the provisions of such
Sections, which injunctive relief shall be in addition to any other rights or remedies available to the Company. The Executive
agrees to pay to the Company all reasonable costs and expenses incurred by the Company relating to the enforcement of the terms
of Sections 9, 10 or 11 of this Agreement, including reasonable fees and reasonable disbursements of counsel selected by the Company
(during investigation and before and at trial and in appellate proceedings).


 




    	 



    	 



    

 


13. PAYMENT OF EXCISE TAXES


 


(a) Payment of Excise Taxes. If the Executive is to receive
any (1) Change of Control Payment under. Section 8( d), (2) any benefit or payment under Section 7 as a result of or following
the death or Permanent Disability of the Executive, (3) any benefit or payment under Section 8( c) as a result of or following
any termination of employment hereunder Without Good Cause, ( 4) any benefit or payment under the Plans as a result of a Change
of Control , following the death or Permanent Disability of the Executive or following the termination of employment hereunder
Without Good Cause (such sections being referred to as the "Covered Sections" and the benefits and payments to be received
there under being referred to as the "Covered Payments"), the Executive shall be entitled to receive the amount described
below to the extent applicable: If any Covered Payment( s) under any of the Covered Sections or by the Company under another plan
or agreement (collectively, the "Payments") are subject to the excise tax imposed by Section 4999 of the Internal Revenue
Code of 1986 (as amended from time to time, the "Code"), or any successor or similar provision of the Code (the "Excise
Tax"), the Company shall pay the Executive an additional amount (the "Gross Up") such that the net amount retained
by the Executive after deduction of any Excise Tax on the Payments and the federal income tax on any amounts paid under this Section
13 shall be equal to the Payments.


(b) Certain Adjustment Payments. For purposes of determining
the Gross Up, the Executive shall be deemed to pay the federal income tax at the highest marginal rate of taxation (currently 39.5%)
in the calendar year in which the payment to which the Gross Up applies is to be made. The determination of whether such Excise
Tax is payable and the amount thereof shall be made upon the opinion of tax counsel selected by the Company and reasonably acceptable
to the Executive. The Gross Up, if any, that is due as a result of such determination shall be paid to the Executive in cash in
a lump sum within thirty (30) days of such computation. If such
opinion is not finally accepted by the Internal Revenue Service upon audit or otherwise, then appropriate adjustments shall be
computed (without interest but with Gross Up, if applicable) by such tax counsel based upon the final amount of the Excise Tax
so determined; any additional amount due the Executive as a result of such adjustment shall be paid to the Executive by his or
her Company in cash in a lump sum within thirty (30)days of such computation, or any amount due the Executive's Company as a result
of such adjustment shall be paid to the Company by the Executive in cash in a lump sum within thirty (30) days of such computation.


 


14. MISCELLANEOUS


 


(a) Waiver of Breach. The waiver by either party to this Agreement
of a breach of any of the provisions of this Agreement by the other party shall not be construed as a waiver of any subsequent
breach by such other party.


 


(b) Compliance with Other Agreements. The Executive represents
and warrants that the execution of this Agreement by him and the
Executive's performance of the Executive's obligations hereunder will not conflict with, result in the breach of any provision
of or the termination of or constitute a default under any Agreement to which the Executive is a party or by which the Executive
is or may be bound.


 


(c) Binding Effect; Assignment. The rights and obligations of
the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company.
This Agreement is a personal employment contract and the rights, obligations and interests of the Executive hereunder may not be
sold, assigned, transferred, pledged or hypothecated.


 


(d) Entire Agreement. This Agreement contains the entire agreement
and supersedes all prior agreements and understandings, oral or written, with respect to the subject matter hereof. This Agreement
may be changed only by an agreement in writing signed by the party against whom any waiver, change, amendment, modification or
discharge is sought.


 


(e) Headings. The headings and indentations contained in this
Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.


 




    	 



    	 



    

 


(f) No Duty to Mitigate. The Executive shall be under no duty
to mitigate any loss of income as result of the termination of his employment hereunder and any payments due the Executive upon
termination of employment shall not be reduced in respect of any other employment compensation received by the Executive following
such termination.


 


(g) Florida Law. This Agreement shall be construed pursuant
to and governed by the substantive laws of the State of Florida (except that any provision of Florida law shall not apply if the
law of a state or jurisdiction other than Florida would otherwise apply).


 


(h) Venue; Process. The parties to this Agreement agree that
jurisdiction and venue in any action brought pursuant to this Agreement
to enforce its terms or otherwise with respect to the relationships between the parties shall properly lie in and only in the Circuit
Court of the State of Florida in and for Dade County (the "Circuit Court") and the parties agree that jurisdiction shall
not properly lie in any other jurisdiction provided, however, if jurisdiction does not properly lie with the Circuit Court, the
parties agree that jurisdiction and venue shall properly lie in and only in the United States District Court for the District of
Florida, Dade Division. The parties hereby waive any objections which they may now or hereafter have based on venue and/or forum
non conveniens and irrevocably submit to the jurisdiction of any such court in any legal suit, action or proceeding arising out
of or relating to this Agreement. The parties further agree that the mailing by certified or registered mail, return receipt requested,
of any process required by any such court shall constitute valid and lawful service of process against them, without the necessity
for service by any other means provided by statute or rule of court.


 


(i) Severability. Any provision of this Agreement which is determined
by a court of competent jurisdiction to be prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions
hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction. In
any such case, such determination shall not affect any other provision of this Agreement, and the remaining provisions of
this Agreement shall remain in full force and effect. If any provision or term of this Agreement is susceptible to two or more
constructions or interpretations, one or more of which would render the provision or term void or unenforceable, the parties agree
that a construction or interpretation which renders the term or provision valid shall be favored.


 


G)
Deduction for Tax Purposes. The Company's obligations to make payments under this Agreement are independent of whether any
or all of such payments are deductible expenses of the Company for federal income tax purposes.


(k) Enforcement. If, within 10 days after demand to comply with
the obligations of one of the parties to this Agreement served in writing on the other, compliance or reasonable assurance of compliance
is not forthcoming, and the party demanding compliance engages the services of an attorney to enforce rights under this Agreement,
the prevailing party in any action shall be entitled to recover all reasonable costs and expenses of enforcement (including reasonable
attorneys' fees and reasonable expenses during investigation, before and at trial and in appellate proceedings). In
addition, each of the parties agrees to indemnify the other in respect of any and all claims, losses, costs, liabilities
and expenses, including reasonable fees and reasonable disbursements of counsel (during investigation prior to initiation of litigation
and at trial and in appellate proceedings if litigation ensues), directly or indirectly resulting from or arising out of a breach
by the other party of their respective obligations hereunder. The parties' costs of enforcing this Agreement shall include prejudgment
interest. -of-pocket expenses 'in connection with the enforcement
of this Agreement, all such amounts shall accrue interest at 10% per annum (or such lower rate as may be required to avoid any
limit imposed by applicable law) commencing 30 days after any such expenses are incurred.


 


(I) Notices. All notices which are required or may be given
under this Agreement shall be in writing and shall be deemed to have been duly given when received if personally delivered; when
transmitted if transmitted by telecopy or similar electronic transmission method; one working day after it is sent, if sent to:


 




    	 



    	 



    

 


To the Company:               NetTALK.com,
Inc.


1080 NW 163rd Drive Suite B -4


North Miami, FI.33169


Attn: Chairman of the Board


Facsimile: (305) 621 - 1201


 


To the Executive at the Executive's address
herein first above written, or to such other address as either party may specify by written notice to the other.


 


IN WITNESS WHEREOF, the parties hereto have
executed this Agreement, the day and year first above written.


 


	ATTEST:	 	 	NETTALK.COM, INC.	 
	 	 	 	 	 
	(Corporate Seal)	 	 	 	 
	/s/Anastasios Kyriakides	 	By:	/s/Kenneth Hosfeld	 
	Secretary	 	 	 	 
	 	 	Title: EVP	 
	 	 	 	 
	Witness:	 	CEO	 
	/s/Garry Paxinos	 	 	/s/Anastasios Kyriakides	 
	/s/Angela Ilisie	 	 	Anastasios “Takis” Kyriakides