Document:

Stock Purchase Agreement

 Exhibit 10.16 
  
 STOCK PURCHASE AGREEMENT 
  
 THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is entered into as of the 29th day of July, 2005 by and between
ELANDIA SOLUTIONS, INC., a Delaware corporation (the “Company”) and HARLEY L. ROLLINS (the “Employee”); 
  
 WHEREAS, Employee is employed by the Company as its Chief Financial Officer; 
  
 WHEREAS, the Company and the Employee desire to enter into this Agreement whereby the Employee will purchase 100,000 shares
of Common Stock (the “Common Shares”) from the Company; 
  
 NOW THEREFORE, in consideration of the terms, conditions, covenants, and agreement and obligations stated herein, and other good and valuable consideration, the receipt and sufficiency which is hereby acknowledged, it is mutually agreed by
and between the parties that the Option Agreement shall be cancelled and that the parties hereto shall agree as follows: 
  
 SECTION 1 
  
 PURCHASE OF COMMON SHARES 
  
 1.1 Price. The Employee shall purchase the Common Shares at a purchase price of $.001 per Common Share for a total cost of $100.00 (the “Purchase Price”). 
  
 1.2 Payment. The Purchase Price payable for the Common Shares shall be
paid to the Company upon the execution of this Agreement. The Purchase Price shall be payable as follows: (i) in cash or (ii) by certified check payable to the Company. 
  
 1.3 Certificates for the Common Shares. Within ten (10) business days of the execution of this Agreement
certificates representing 100,000 Common Shares will be deposited in escrow pursuant to an Escrow Agreement in the form attached as Exhibit A hereto. 
  
 Notwithstanding the previous sentence, the Employee will be deemed to have become the record holder of the Common Shares upon the execution of this
Agreement, and have the right to vote and receive cash dividends on the Common Shares unless and until purchased by the Company in accordance with the terms hereof. Employee covenants and agrees not to sell, transfer, alienate any interest in or
encumber any of the Common Shares prior to the occurrence of a Vesting Event, as hereinafter defined. 
  
 1.4 Non-Registered Shares. Employee acknowledges that the Common Shares have not been registered under the Securities Act of 1933, as amended (the
“Act”) and, accordingly, will be “restricted securities” as that term is defined in the Act. The Company is under no obligation to register the Common Shares. The Company may insert the following or similar 

 
legend on the face of the certificates evidencing the Common Shares if required in compliance with state securities laws: 
  
 “These securities have not been registered under any state securities
laws and may not be sold or otherwise transferred or disposed of except pursuant to an effective registration statement under any applicable state securities laws, or an opinion of counsel satisfactory to counsel to the Company that an exemption
from registration under any applicable state securities laws is available.” 
  
 1.5 Valuation. If, upon the purchase of the Common Shares, the Employee makes an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (an “83(b) Election”), the Company,
at the expense of the Employee, shall have a valuation of the Company performed in order to determine the amount to be included in the ordinary income of the Employee. The Company shall bill the Employee for such valuation and the employee shall be
required to pay the amount due within ten (10) days of the receipt of the bill from the Company. In the event the valuation is performed as a consequence of 83(b) Elections made by multiple employees of the Company pursuant to agreements
similar to this Agreement, the Employee shall only be liable for a percentage of the cost of the valuation determined by dividing the number of Common Shares acquired by the Employee pursuant to this Agreement by the number of Common Shares acquired
by all employees making Section 83(b) Elections pursuant to similar agreements with the Company. 
  
 SECTION 2 
  
 REPURCHASE PROVISIONS 
  
 2.1 Repurchase
of Common Shares. 
  
 (A) At any time on or after
January 1, 2007 and before June 30, 2007, the Company may repurchase the Common Shares from the Employee if the Company does not deliver to Stanford Venture Capital Holdings, Inc., a Delaware corporation, an audited, unqualified income
statement for a calendar year of the Company ending on or prior to December 31, 2006 in which the Company or Centra Industries, Inc. (“Centra”) following any merger of the Company with Centra or any wholly owned subsidiary thereof,
generated not less than $50 million of consolidated revenue and not less than $5 million of consolidated pre-tax net income, in all cases applying SEC authorized accounting principles and practices but excluding all non-recurring revenues and gains,
including but not limited to any reorganization of any consolidated entity (a “Vesting Event”). If a Vesting Event fails to occur and the Company does not repurchase the Common Shares prior to June 30, 2007, the Common Shares shall
not longer be subject to repurchase by the Company. 
  
 (B) In the
event that the Employee leaves the employment of the Company prior to the earlier of (i) a Vesting Event or (ii) June 30, 2007, the Company shall be entitled to repurchase the Common Shares from the Employee at any time after the
earlier of such events through June 30, 2007. 
  

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 2.2 Repurchase Price. Upon any repurchase of the Common Shares from the Employee pursuant to
Section 2.1 of this Agreement, the Company shall pay the Employee the Purchase Price. 
  
 SECTION 3 
  
 RIGHTS
UPON A SALE 
  
 The parties hereto agree that immediately
prior to the occurrence of a Sale Transaction (as defined herein), all of the Common Shares acquired by the Employee pursuant to this Agreement shall no longer be subject to Section 2 of this Agreement and the Employee shall own such Common
Shares free of any encumbrances. For purposes of this Section 3, the term “Sale Transaction” shall mean (i) a merger, consolidation, exchange of outstanding Common Shares or other combination with a non-affiliated third party
which results in the transfer of more than 50% of the then effective voting control of the Company or (ii) a sale of more 90% of the Company’s assets to an unaffiliated third part; provided, however, that a merger of the Company with
Centra or a wholly-owned subsidiary thereof shall not be deemed to be a Sale Transaction. 
  
 SECTION 4 
  
 TAXES

  
 4.1 83(b) Election. In the event the Employee
makes an 83(b) Election, the Employee shall remit to the Company an amount which the Company determines is necessary to satisfy any obligation of the Company to withhold federal, state and local taxes or other amounts incurred by reason of such
election. 
  
 4.2 Vesting of Common Shares. In the event
the Employee does not make an 83(b) Election and the Common Shares are no longer subject to repurchase by the Company pursuant to Section 2.1, the Employee shall remit to the Company an amount which the Company determines is necessary to
satisfy any obligation of the Company to withhold federal, state and local taxes or other amounts incurred by reason of the Common Shares no longer being subject to repurchase. 
  
 SECTION 5 
  
 MISCELLANEOUS 
  
 5.1 Binding. Effect. This Agreement shall be binding upon the parties, their heirs, legal representatives and assigns. 
  
 5.2 Notices. Any notices, requests or consents hereunder shall be
deemed given, and any instruments delivered, two days after they have been mailed by first class mail, postage prepaid, or upon receipt if delivered personally or by facsimile transmission. 
  
 5.3 Entire Agreement. This Agreement, including the exhibits and
documents referred to herein which are a part hereof, contain the entire understanding of the parties hereto with respect to the subject matter and may be amended only by a written instrument executed by 

  

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the parties hereto or their successors or assigns. Any paragraph headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement. 
  
 5.4
Governing Law. This Agreement is governed by, interpreted under and construed in all respects in accordance with the substantive laws of the State of Florida, without regard to the conflicts of law provision thereof, and irrespective of the
place of domicile or resident of the party. 
  
 5.5
Counterparts. This Agreement may be executed in counterparts, each of which together shall be deemed an original but all of which shall constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above written. 
  

			
	ELANDIA SOLUTIONS, INC.
		
	By:	 	  

	 	 	Sidney D. “Trip” Camper III
	 	 	President and Chief Executive Officer
	
	 
	
 Harley L. Rollins

  

 4Stock Subscription Agreement

 Exhibit 10.17 
  
 STOCK SUBSCRIPTION AGREEMENT 
  

THIS AGREEMENT is made and entered into effective this 29th day of July, 2005, by and between eLandia Solutions, Inc., a Delaware corporation, (the
“Company”), and Harley L. “Mike” Rollins (the “Subscriber”). 
  
 WITNESSETH: 
  
 WHEREAS,
pursuant to the terms and conditions of this Agreement, Company desires to issue and Subscriber desires to purchase shares of the common stock of the Company; and 
  
 NOW THEREFORE, in consideration of the premises and of the mutual covenants and conditions herein contained, the parties
agree as follows. 
  
 1. Purchase of Stock. The Company
agrees to issue and sell to Subscriber an aggregate of 100,000 shares of its restricted common stock, $0.00001 par value per share, (the “Shares”) at $0.001 per share for an aggregate cash purchase price of $100.00. The certificate(s)
representing the Shares shall be issued following full payment therefor. 
  
 2. Representations and Warranties of Subscriber: Subscriber represents and warrants that: 
  
 2.01. Investment Representations. Subscriber represents and warrants to the Company that based upon its knowledge of the Company
and its review of the Articles of Incorporation and Bylaws of the Company; financial statements of Company and such other financial and other information regarding the Company that Subscriber has deemed necessary and requested from Company,
Subscriber represents that: 
  
 (a) Subscriber
has full power, authority and legal right to enter into this Agreement and to consummate the transactions contemplated hereby and this Agreement constitutes a legal, valid and binding obligation of Subscriber enforceable in accordance with its
terms. 
  
 (b) Subscriber has been informed that
the sale of the Shares hereunder is being made without registration under the Securities Act of 1933 (the “Act”) or any state securities laws and that the Shares may not be sold or transferred without registration under the Act or unless
an exemption from such registration is available. 
  
 (c) Subscriber is acquiring the Shares for its own account, no one else has a beneficial interest in the Shares and Subscriber does not intend to and will not resell the Shares unless, at a future date, they are registered under the Act or
a specific exemption from registration is available to Subscriber in connection with any such resale. Subscriber 

  

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understands that an exemption from such registration may be available pursuant to Rule 144 promulgated under the Act by the Securities and Exchange
Commission (“Commission”) but that in no event may Subscriber sell the Shares pursuant to Rule 144 prior to the expiration of a one-year period after Subscriber has acquired the Shares and a minimum two-year holding period may be required
in some cases; and that any sales pursuant to Rule 144 can only be made in full compliance with the provisions thereof. Subscriber is an “accredited investor” as defined in Section 501 of Regulation D. 
  
 (d) Subscriber understands that each certificate
representing the Shares will bear on its face a legend in substantially the following form: 
  
 “The Shares represented by this Certificate have not been registered under the Securities Act of 1933, as amended, and may not be offered for sale, sold or otherwise transferred except in compliance with the
registration provisions of such Act or pursuant to an exemption from such registration provisions, the availability of which is to be established to the satisfaction of the Company by an opinion of counsel satisfactory to the Company that such
registration is not required.” 
  
 Subscriber further understands that the Company may place a stop transfer order pertaining to the certificates evidencing the Shares with the transfer agent to the same effect as such restrictive legend. 
  
 (e) Subscriber has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and risks of Subscriber’s investment in the Shares or has obtained the advice of an attorney, certified public accountant or registered investment advisor with respect
to the merits and risks of his investment in the Shares. Subscriber understands that the Company is subject to all of the risks inherent in a development stage business and additional risks that are inherent in the Company’s business.
Subscriber has taken full cognizance of and understands those risks and the effect they may have on the Subscriber’s investment. 
  
 (f) The Subscriber has been provided with the opportunity to visit the places of business of the Company and ask questions of, and receive
answers from, the Company and its officers, employees and agents concerning the business and financial condition of the Company and Subscriber has received satisfactory answers to any such questions and has no further questions at this time.

  
 (g) The Subscriber understands that its
investment in the Shares and the Company is speculative and may remain so for an indefinite period, that substantial additional investments in the Company may be required and that there is no assurance that any such additional investments can be
obtained, and acknowledges that it is able to bear the economic risk of its investment in the Shares should it be determined ultimately to be worthless. 
  

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 (h) The Subscriber recognizes the speculative nature and risks of loss associated with an
investment in the Company and represents that the Shares subscribed for constitute an investment which is suitable and consistent with the Subscriber’s investment program The Subscriber has the financial ability to bear the economic risk of its
investment in the Shares, including a possible loss of its entire investment, has adequate means of providing for its current needs and contingencies and has no need to liquidity in its investment in the Company. The Subscriber’s overall
commitment to investments which are not readily marketable is not disproportionate to its net worth and its investment in the Company will not cause such overall commitment to become excessive. 
  
 (i) The Subscriber has been informed by the Company that the
purchase price of the Shares has been set arbitrarily and bears no relation to the earnings or net worth of the Company. 
  
 (j) The Subscriber has been informed by the Company that the Company will provide the Subscriber with annual current balance sheets and
income statements of the Company. 
  
 3. Survival of
Agreements. All covenants, agreements, representations and warranties made herein shall survive execution and delivery of this Agreement and the Closing hereunder. 
  
 4. Notices. All notices, requests, consents and other communications herein shall be in writing and shall be mailed
by (i) certified mail, return receipt requested, postage prepaid, or (ii) by first class mail along with facsimile copy to the address set below each party’s signature to this Agreement or such other addresses as each of the parties
hereto may provide from time to time in writing to the other parties. Any such notice or communication shall be deemed to have been given as of the date so delivered, mailed or delivered by facsimile. 
  
 5. Modifications. Waiver. No modification or waiver of any provision
of this Agreement or consent to any departure there-from shall be effective unless in writing and approved by all of the parties hereto. 
  
 6. Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the transactions contemplated hereby, and
supersedes all negotiations, agreements, representations, warranties, commitments, whether in writing or oral, prior to the date hereof. 
  
 7. Successors and Assigns. All of the terms of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the
respective successors and assigns of the parties hereto. Notwithstanding the foregoing, Subscriber may not assign his rights under this Agreement without the written consent of the Company. 
  

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 8. Execution and Counterparts. This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be deemed an original, and such counterparts together shall constitute one instrument. Each party shall receive a duplicate original of the counterpart copy or copies executed by it. 
  
 9. Governing Law and Forum. This Agreement shall be governed by the
laws of the State of Florida without regard to its principles of conflicts of laws. 
  
 10. Severability. In the event any provision of this Agreement or the application of such provision to any party shall be held by a court of competent jurisdiction to be contrary to law, the remaining
provisions of this Agreement shall remain in full force and effect. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by persons thereunto duly authorized as of the date first above written. 
  

			
	SUBSCRIBER
	
	  

	 Harley L. “Mike” Rollins

	 Date: July 29, 2005

	
	COMPANY
	
	eLandia Solutions, Inc.
		
	 By:
	 	  

	 Name:
	 	Sydney D. “Trip” Camper
	 Title:
	 	President
	 Date:
	 	July 29, 2005

  

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