Document:

Executive Employment Agreement

 EXHIBIT 10.68 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered February 15, 2008, effective as of March 10, 2008 (the “Effective Date”), between ELANDIA INTERNATIONAL INC., a Delaware corporation (the “Company”),
with a principal place of business at 1500 Cordova Road, Suite 312, Fort Lauderdale, Florida 33316, and PEDRO R. PIZARRO, an individual (the “Executive”). 
 RECITALS: 
 A. The Company provides wireless telecommunications services and
information solutions and services (the “Business”). 
 B. The Executive has extensive experience in the industry and has
extensive experience as a chief executive officer. 
 C. The Company wishes to employ Executive. 
 D. The Company has in effect a policy of director and officer liability insurance. 
 NOW, THEREFORE, in consideration of the mutual agreements herein made, the Company and the Executive hereby agree as follows: 
 AGREEMENT 
 1.
EMPLOYMENT. The Company hereby agrees to employ Executive and Executive hereby accepts such employment in the capacity of President. As President, the Executive shall report to the Company’s acting principal executive officer. The
Company further agrees to promote the Executive to the position of its CEO and principal executive officer, promptly after the filing of the Company’s Annual Report on Form 10-K for 2007, and the Executive agrees to accept this promotion and
serve thereafter, under the terms and conditions of this Agreement, in such capacity. The Company acknowledges that between the Effective Date and April 10, 2008, Executive will continue to also serve in his current position with his current
employer as part of a transition arrangement. The Executive shall diligently perform all services as may be assigned to him by the Board of Directors of the Company (the “Board”) and shall exercise such power and authority as may
from time to time be delegated to him by the Board. The Company shall use its best efforts to arrange for the election of the Executive as a member of the Board of the Company and the Executive agrees to serve on the Board of the Company beginning
on the date that he becomes the CEO and principal executive officer of the Company. The Company will consult with the Executive with regard to the selection and nomination of new directors. The Company may also direct Executive to render services to
other entities which are now or may in the future be affiliated with the Company (the “Affiliates”), subject to the limitation that Executive’s overall time commitment is comparable to similarly situated executives. Executive
shall 

 
serve the Company and the Affiliates faithfully, diligently and to the best of his ability. Executive agrees during the Term (as hereinafter defined) of this
Agreement to devote all of his full-time business efforts, attention, energy and skill to the performance of his duties under this Agreement and to furthering the interests of the Company and its Affiliates. The Executive shall render such services
at the Company’s offices at 1500 Cordova Road, Suite 312, Fort Lauderdale, Florida 33316, or at other suitable location(s) selected by the Company. During the Term, Executive shall not engage in any other employment, occupation or consulting
activity for any direct or indirect remuneration without the prior written consent of the Board; provided, however, that Executive shall be entitled to serve on up to two outside boards of directors, and on the boards of two civic/community
organizations or charitable institutions, as long as that service does not conflict with the Executive’s full-time commitment to the Company. 
 2. COMPENSATION/BENEFITS. 
 (a) Salary. The Company shall pay Executive a base salary (the “Base
Salary”) of at least $375,000 per year. This Base Salary shall be paid consistent with the Company’s payroll policies and procedures for all employees. The Base Salary shall be reviewed for potential increases, at least annually, and
the Executive’s Base Salary shall be increased by the Board, as a result of such reviews, to at least reflect increases in the cost of living. 
 (b) Performance Bonus. During the Term, and each Renewal Term, Executive shall be eligible to receive an annual bonus (“Bonus”) of up to 100% of the Executive’s Base Salary, based upon a written bonus plan (the
“Senior Management Incentive Compensation Plan”), which shall be drafted at the direction of the Board, and approved by the Board in final form by no later than June 30, 2008. Bonus criteria for the Executive under the Senior
Management Incentive Compensation Plan shall be reasonable and consistent with the Company’s annual business plan approved by the Board of Directors. Executive’s potential bonus opportunity for 2008 will be prorated based on the number of
days of the full year that Executive is employed by the Company (e.g., if Executive begins employment on March 1, his potential bonus opportunity would be $312,500 or 83.33% of $375,000). Further, for 2008, the Company guarantees that Executive
will receive at least one third of his potential bonus opportunity (in the foregoing example, at least $104,165). The Senior Management Incentive Compensation Plan shall provide for bonuses to be paid on or before the next payroll to occur after
filing of the Company’s Annual Report on Form 10-K for the applicable year, but not later than March 31 of the ensuing year. Bonuses under the Senior Management Incentive Compensation Plan shall be awarded at the reasonable discretion of
the Board consistent with the Company’s annual business plan approved by the Board of Directors. 
 (c) Employee Benefits.
Executive shall be entitled to participate in all benefit plans or programs of the Company currently existing or hereafter made available to executives and/or other employees, subject to the eligibility requirements, restrictions and limitations of
any such plans or programs, including, but not limited to, the Company’s group health insurance plan, any Company group dental insurance plan, the Company’s 401(k) plan and any other Company retirement plan. In addition, the Executive will
be reimbursed up to $10,000 annually to fund expenses of a personal $1,000,000 life insurance policy and a personal disability insurance policy. The Executive shall also be provided, at Company expense, with a laptop computer. In addition, the
Company agrees to pay all legal fees and expenses incurred by the Executive in connection with the negotiation of this Agreement and related transactions. 
  

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 (d) Vacation and Holidays. Executive shall be entitled to four weeks of vacation each calendar
year during the Term and Each Renewal Term, to be taken at such times as the Executive and the Company shall mutually determine; provided, that no vacation time shall interfere with the duties required to be rendered by the Executive hereunder. Any
vacation time not taken by Executive during any calendar year may not be carried forward into any succeeding calendar year and is not cumulative; provided, that Executive shall be entitled to carry forward into the next year up to (10) unused
vacation days for such year. In addition, the Executive shall enjoy paid holidays on the same basis as other employees. 
 (e) Business
Expense Reimbursement; Telephone Expenses. Upon the submission of proper substantiation by Executive, and subject to such rules and guidelines as the Company may from time to time adopt, the Company shall reimburse Executive for all reasonable
expenses actually paid or incurred by the Executive during the Term or any Renewal Term in the course of and pursuant to the business of the Company, including business travel, meal, and customer entertainment expenses, etc. The Executive shall
account to the Company in writing for all expenses for which reimbursement is sought and shall supply to the Company copies of all relevant invoices, receipts or other evidence reasonably requested by the Company. This reimbursement shall cover,
among other things, the cost of Executive’s cellular telephone use in connection with his employment hereunder. 
 (f) Reimbursement
of Automobile and Country Club Expenses. The Executive may incur, and the Company agrees to reimburse, up to $2,000 per month of the Executive’s automobile and country club expenses. 
 (g) Signing Bonus. The Company agrees to pay the Executive a signing bonus the earlier of (i) within one week following his promotion and
acceptance of that promotion to the position of CEO and principal executive officer of the Company; or (ii) May 31, 2008, in the amount of $450,000, less all payroll taxes required to be withheld by law. 
 (h) Tax Gross-Up. The Company agrees to provide a tax gross-up benefit to the Executive as set forth on Exhibit “A” to this Agreement.
 
 (i) Reimbursement and In-Kind Benefits. To the extent this Agreement provides for reimbursements of expenses incurred by
the Executive or in-kind benefits the provision of which are not exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the following terms apply with respect to such reimbursements
or benefits; (i) the reimbursement of expenses or provision of in-kind benefits will be made or provided only during the Term or Renewal Term, as applicable, or other period of time specifically provided herein; (ii) the amount of expenses
eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) all reimbursements will be made
promptly upon Executive’s request and no later than the last day of the calendar year immediately following the calendar year in which the expense was incurred; and (iv) the right to reimbursement or the in-kind benefit will not be subject
to liquidation or exchange for another benefit. 
  

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 3. ELANDIA EQUITY COMMITMENTS. The Company has a stock option plan (this plan, as amended from
time to time, is referred to hereinafter as the “Stock Option Plan”). The Company has secured commitment from Stanford International Bank Ltd. (“Stanford”) for up to $60,000,000 of investments in convertible
preferred stock of the Company. The Company agrees to increase the authorized shares under the Stock Option Plan to 15% of fully diluted shares (after the $60,000,000 investment and any anti-dilution adjustments), thereby creating a total option
pool of 7,744,000 shares. A pro forma capitalization schedule reflecting the existing issued stock, anticipated new investments, and new stock option plan is attached as Exhibit B. Effective on the date of execution of this Agreement, the Executive
shall be granted 50% of the shares in the pool (covering 3,872,000 shares). It is further agreed that 750,000 of the shares covered by grants to the Executive shall be in the form of restricted shares (vesting monthly over a three-year period), and
the remaining 3,122,000 shares shall be stock options (vesting monthly over a four-year period) with an exercise price of $3.07 per share. None of the restricted shares, however, will be valued for tax purposes at a price higher than the current
trading price of the Company’s common stock on the date of execution of this Agreement. The Company and the Executive acknowledge and agree that on execution of this Agreement the exercise price for the stock options determined in accordance
with this Section 3 exceeds the current trading price of the Company’s common stock, and intend for the stock options and restricted shares to be exempt from Section 409A of the Code. If at the time the Executive exercises his stock
options, (a) the Company’s common stock is publicly traded, the parties agree that the fair market value of the Company’s common stock for federal, state and local tax purposes will not be higher than the closing price of the
Company’s common stock as of the date of exercise, or, if the date of exercise is not a trading day, the trading day before such date or (b) the Company’s common stock is not publicly traded, the parties will mutually agree to the
fair market value of the Company’s common stock as of the exercise date for federal, state and local tax purposes. In the event that the Executive’s employment and this Agreement is terminated without Cause or for Good Reason prior to
completion of the 36-month vesting period for the 750,000 restricted shares, then a sufficient number of unvested remaining restricted shares will vest on an accelerated basis so that the Executive is vested in at least 375,000 restricted shares.
The Executive will have at least 90 days from the termination date of his employment to exercise his vested stock options. Also, if there is a Change of Control, as defined below by this Agreement, then all shares and options granted to the
Executive shall fully vest on an accelerated basis. The Executive’s stock option rights and restricted shares shall be described more fully in one or more separate stock option and restricted stock agreements, and shall also be subject to the
terms of the Stock Option Plan, except to the extent that those terms are inconsistent with this Agreement, the grant agreement, and all rules and regulations of the Securities and Exchange Commission applicable to stock option plans then in effect.
Finally, the parties anticipate that Executive shall hire certain individuals for various positions at the Company, and that approximately 2,000,000 options under the Stock Option Plan shall be issued to those individuals. All stock option grants to
such individuals employed by the Company prior to and including June 30, 2008, shall have an exercise price of $2.96 per share, and their options shall vest in accordance with the terms of the Stock Option Plan. All stock option grants to such
individuals employed by the Company on or after July 1, 2008, shall have an exercise price equal to the fair market value of the 

  

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Common Stock on the date of the grant, as determined by the Board (or the Compensation Committee thereof), consistent with Section 409A of the Code in
order for such options to be exempt therefrom and their options shall vest in accordance with the terms of the Stock Option Plan. In addition, except as set forth in this Section, the Stock Option Plan, or stock option and restricted stock
agreements, no right to any Company stock shall be earned or accrued until such time that vesting occurs, nor does any grant confer any right to continued vesting or continued employment. 
 4. TERM. The Term of employment hereunder will commence on the Effective Date, and end four years thereafter (the “Term”), unless
terminated earlier pursuant to Section 6 of this Agreement. The Term shall automatically renew (“Renewal Term”) for successive one year terms, unless written notification of non-renewal is provided by either party no less than
six months prior to the expiration of the Term or the then current Renewal Term. 
 5. REPRESENTATIONS AND WARRANTIES OF EXECUTIVE.
The Executive represents and warrants to the Company as follows: 
 (a) Executive has provided the Company with copies of the agreements
evidencing his employment relationship with his present employer (“Telefonica Employment Agreements”); 
 (b) With respect
to agreements with his employers other than Telefonica, the Executive makes the following representations: (i) Executive has made no contract or other commitment in contravention of the terms hereof (including, without limitation, contracts or
obligations respecting trade secrets or proprietary information or otherwise restricting competition), (ii) Executive has the full right to enter into this Agreement, and there is nothing which would prevent him from using his best efforts in
the performance of his duties under this Agreement, (iii) Executive has fulfilled all of his obligations under all prior employment or consulting agreements (or similar arrangements), and there is not, under any of the foregoing, any existing
default or breach by Executive with respect thereto, and (iv) Executive’s performance hereunder shall not constitute a default under any contract or other commitment to which the Executive is bound. 
 (c) The Executive has not disclosed any trade secrets, customer lists, confidential information, or proprietary information of any of his prior employers
to the Company, and has been instructed by the Company not to make any such disclosure in the future, and not to use such information in any way in carrying out his duties and responsibilities as a Company executive. 
 (d) All information furnished by Executive to the Company is to the best of Executive’s knowledge, true and complete (including, without limitation,
documentary evidence of Executive’s identity and eligibility for employment in the United States), and Executive will promptly advise the Company with respect to any change in the information of record. 
  

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 (e) Executive is not subject to any order, decree or decision precluding him from performing his duties
as described herein. 
 (f) Executive declares that he has read and understands all the terms of this Agreement; that he has had ample
opportunity to review it with his attorney before signing it; that no promise, inducement, or agreement has been made except as expressly provided in this Agreement; that it contains the entire Agreement between the parties; and that he enters into
this Agreement fully, voluntarily, knowingly and without coercion. 
 (g) Executive acknowledges that the Company reserves the right to
conduct background investigations and/or reference checks on all of its potential employees. By executing this Agreement, Executive authorizes the Company to conduct such an investigation. 
 6. DEATH, DISABILITY AND TERMINATION. 
 (a) Death. In the event of the death of the Executive during the Term or a Renewal Term, the Company shall pay promptly, but not later than 30 days following the Executive’s death, all Accrued Obligations, as that term is
defined below in Section 6(d)(i), to the Executive’s designated beneficiary, or, in the absence of such designation, to the estate or other legal representative of the Executive. The Executive’s designated beneficiary, or, in the
absence of such designation, his estate or other legal representative of the Executive, shall also be entitled to payment of any Final Bonus, as that term is defined in Section 6(d)(i), which shall be determined as provided by Section 2(b)
of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by Section 2(b). Other death benefits will be determined in accordance with the terms of the Company’s benefit programs and plans.

 (b) Disability. 
 (i)
In the event of a termination of the Executive’s employment on account of the Executive’s Disability, as hereinafter defined, the Executive shall be entitled to receive the Executive’s Base Salary, at the annual rate in effect
immediately prior to the termination of the Executive’s employment, for a period of three months from the date on which the Disability has deemed to occur as hereinafter provided below, which amount will be paid in a lump sum within 30 days
following the termination of the Executive’s employment. Any amounts provided for in this Section 6(b) shall be offset by other long-term disability benefits obtained by Executive hereunder. The Executive will also be entitled to payment
of all Accrued Obligations, as that term is defined below in Section 6(d)(i), which will be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is terminated pursuant to this Section 6(b).
The Executive shall also be entitled to payment of any Final Bonus, as that term is defined in Section 6(d)(i), which shall be determined as provided by Section 2(b) of this Agreement. Any such Final Bonus payment shall be made promptly
but not later than as provided by Section 2(b). 
 (ii) “Disability” for purposes of this Agreement, shall be deemed
to have occurred in the event (A) the Executive is unable by reason of sickness or accident to perform the Executive’s duties under this Agreement for a cumulative total of 20 weeks within any one calendar year; (B) the Executive is
unable to perform Executive’s duties for 120 consecutive days; or (C) the 

  

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Executive has a guardian of the person or estate appointed by a court of competent jurisdiction. Termination due to Disability shall be deemed to have
occurred upon the first day of the month following the determination of Disability as defined in the preceding sentence. 
 (c)
Termination by the Company for Cause. 
 (i) Nothing herein shall prevent the Company from terminating Executive for Cause as
hereinafter defined. In that event, the Executive will be entitled to payment of all Accrued Obligations, as that term is defined below in Section 6(d)(i), which will be paid promptly (but not later than 30 days) following the date on which the
Executive’s employment is terminated, but the Executive will not be entitled to Severance Pay or any Final Bonus. Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with the
terms of such other compensation arrangements or such plans or programs. 
 (ii) “Cause” shall mean any of the following:
(A) commission or participation by Executive in an injurious act of personal dishonesty, fraud, gross neglect, or intentional misrepresentation against the Company or any Affiliate, in each case that causes material injury to the Company or any
Affiliate, or the Executive’s embezzlement from the Company or any Affiliate; (B) Executive’s conviction of or plea of nolo contendere to a felony; (C) commission or participation by Executive in any other injurious act or
omission wantonly, willfully, recklessly or in a manner which was grossly negligent against the Company, in each case that causes material injury to the Company or its Affiliates; or (D) continued willful violations by Executive of his
obligations to the Company (provided that, the Company shall have delivered to the Executive a notice of termination stating that the Executive committed one of the types of conduct set forth in this Section 6(c)(ii)(D) and specifying the
particulars thereof and the Executive shall be given a 15-day period to cure such conduct). 
 (d) Termination by the Company other than
for Cause; Termination by the Company through Non-Renewal; Termination by the Executive for Good Reason. 
 (i) The foregoing
notwithstanding, the Company shall have the right, at any time, to terminate the Executive’s employment for whatever reason it deems appropriate. In the event such termination is not based on Cause, as provided in Section 6(c) above, or if
Executive’s employment is terminated under Section 6(f) of this Agreement, the Company shall pay the Executive, promptly (but not later than 30 days) following termination of employment, a lump sum equal to two years of Severance Pay.
“Severance Pay” under this Agreement includes all of the following forms of salary and fringe benefit compensation: (A) Base Salary, using the Executive’s average Base Salary during the year prior to his termination in
making Severance Pay calculations; and (B) fringe benefit compensation, calculated by the Company exercising its discretion reasonably, equivalent to the cost to the Company of providing the Executive, during the period by which the amount of
severance is being measured (i.e., two years or some shorter period specified in the relevant provision), with (1) his group medical and dental insurance (less any deductions for employee contributions), (2) his personal life insurance and
disability insurance (but not more than the $10,000 maximum annual allowance); 

  

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(3) his automobile/country club allowance (but not more than the $2,000 maximum monthly allowance), and (4) Company contributions to any 401(k)
plan or other Company retirement plan on the Executive’s behalf, using the Company’s contributions during the year prior to his termination in making this calculation (Severance Pay for any severance period shall be calculated using this
methodology; in addition, all Severance Pay due and owing under this Agreement shall be subject to payment of payroll taxes required to be withheld by law). The following forms of compensation shall also be paid by the Company to the Executive:
(i) all Base Salary due through the date of termination of employment; (ii) such additional salary as may be due to compensate the Executive for accrued but unused vacation days as of the date of termination of employment, as provided by
Section 2(d) of this Agreement, (iii) compensation for any business or telephone expenses under Section 2(e) of this Agreement, not yet reimbursed, as provided by the Company’s business expense reimbursement policies, and
(iv) all compensation due the Employee as employee benefits under Sections 2(c) and 2(f) of this Agreement, or under the terms of Company employee benefit plans, as provided for and required by the terms of such plans (all such compensation and
benefits are referred to collectively in this Agreement as “Accrued Obligations”). Accrued Obligations shall be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is terminated. In
addition, the Executive shall be paid any earned Bonus, where termination of employment occurs after the end of the fiscal year, but before payment of the Bonus (“Final Bonus”). The Final Bonus shall be determined as provided by
Section 2(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by Section 2(b). 
 (ii) In the event that the Company elects not to renew the Agreement under Section 4 above and terminate the Executive’s employment, by providing a written notice of non-renewal, then promptly (but not later than 30 days)
following termination of the Executive’s employment, the Company shall pay the Executive a lump sum equal to one year of Severance Pay. In lieu of providing the six months advance notice of non-renewal required by Section 4, the Company
may terminate the Executive immediately and pay him an additional six months of Severance Pay, or provide such combination of Severance Pay and advance notice as it desires, on a pro rata basis, in its complete discretion. In addition
to paying the Executive one year of Severance Pay, the Executive shall be paid Mitigated Severance Pay from the first anniversary of the date of termination of his Company employment, until the second anniversary of his Company termination date,
payable on an installment basis at the Company’s regular payroll intervals (as of the date of the Executive’s termination) as if it were salary compensation. “Mitigated Severance Pay,” as used in this Agreement, means
Severance Pay less any salary compensation and fringe benefit compensation, comparable to his Base Salary and fringe benefit compensation under this Agreement, paid to him by any other employer, or received by him through self-employment or in
connection with contract/consulting work during that period. The Executive will also be entitled to payment of all Accrued Obligations, which will be paid promptly (but not later than 30 days) following the date on which the Executive’s
employment is terminated. The Executive shall also be entitled to payment of any Final Bonus, which shall be determined as provided by Section 2(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as
provided by Section 2(b). 
  

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 (iii) The Executive may terminate his employment and this Agreement for Good Reason by written notice to
the Company, and in that event, the Company shall pay Executive promptly (but not later than 30 days) following the termination of his employment a lump sum equal to two years of Severance Pay. “Good Reason,” as used in this
Agreement, shall mean, without limitation, (A) any relocation of the Executive’s principal Company office to a location outside of Broward or Miami-Dade Counties, Florida, (B) any material diminution in the Executive’s authority,
duties and responsibilities, (C) any reduction in the Executive’s Base Salary, (D) any material reduction in the total value of the Executive’s fringe benefit compensation, (E) a material breach by the Company of this
Agreement, (F) the Company’s revocation of its corporate resolution to dispose of the business of Latin Node, Inc. or other action to preclude management from disposing of that business on the timetable that management establishes,
(G) the Company’s failure to receive all contemplated capital infusions from Stanford (or Affiliate(s)) substantially in accordance with Exhibit B attached, or (H) the Company’s failure to provide and maintain Directors and
Officers’ Liability Insurance in agreed amounts. Before terminating this Agreement for Good Reason, the Executive must give the Company a prior written notice indicating his intent to terminate for Good Reason if corrective action is not taken,
and stating the reasons why he believes there are grounds to terminate for Good Reason; after receipt of this notice, the Company shall have 15 days to cure the grounds for Good Reason. In the event of a termination for Good Reason, the Executive
will be entitled to payment of all Accrued Obligations, which will be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is terminated. The Executive shall also be entitled to payment of any Final
Bonus, which shall be determined as provided by Section 2(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by Section 2(b). 
 (e) Voluntary Termination. In the event the Executive terminates the Executive’s employment on the Executive’s own volition (except for
Good Reason) prior to the expiration of the Term or any Renewal Term of this Agreement, such termination shall constitute a voluntary termination and in such event the Executive shall be limited to the same rights and benefits as provided in
connection with Section 6(a), which will be paid promptly (but not later than 30 days) following the date on which the Executive terminated his employment pursuant to this Section 6(e). A termination of the Executive’s employment by
the mutual agreement of the Executive and the Company shall not be deemed a Termination by the Company other than for Cause as provided in Section 6(d). Likewise, any public or published statement by either the Executive or the Company after the
date of Executive’s termination that characterizes the termination of Executive as a “resignation” or other voluntary departure by the Executive shall have no bearing on or otherwise change the determination that Executive’s
termination is a termination by the Company other than for Cause. In the event of a voluntary termination, the Executive will be entitled to payment of all Accrued Obligations, which will be paid promptly (but not later than 30 days) following the
date on which the Executive’s employment is terminated. The Executive shall also be entitled to payment of any Final Bonus, which shall be determined as provided by Section 2(b) of this Agreement. Any such Final Bonus payment shall be made
promptly but not later than as provided by Section 2(b). 
 (f) Termination Following a Change of Control and Compensation
Reduction. In the event that a Change in Control, as hereinafter defined, of the Company shall occur at any time during the Term or Renewal Term, and within 12 months of the 

  

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occurrence of such Change in Control event the Company terminates the Executive without Cause or the Executive shall terminate the Executive’s
employment under this Agreement, then, in any such event such termination shall be deemed to be a termination by the Company other than for Cause and the Executive shall be entitled to such compensation and benefits as set forth in Section 6(d)
of this Agreement, which shall be paid promptly (but not later than 30 days) following the termination of Executive’s employment. 
 For
purposes of this Agreement, a “Change in Control” of the Company shall mean any of the following: 
 (i) a sale of all or
substantially all of the assets of the Company; 
 (ii) the date there shall have been a change in a majority of the Board of Directors of
the Company during a consecutive twelve-month period, after the Board has been reconstituted in accordance with Section 1 of this Agreement, unless the nomination for election by the Company’s shareholders of each new director was approved
by the vote of two-thirds of the directors then still in office who were in office at the beginning of the twelve-month period; 
 (iii) the
date that any person or entity, entities or group of persons (other than Stanford, its affiliates or the Executive) both (A) is or becomes the Beneficial Owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or
indirectly, of securities of the Company representing more than thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities, and (B) has voting control of the Company; 
 (iv) consummation of a merger or consolidation of the Company with any corporation or other entity, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of
the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; 
 (v) a change in ownership of the Company through a transaction or series of transactions, such that any person or entity is or becomes the Beneficial Owner (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing fifty percent (50%) or more of securities of the combined voting power of the Company’s then outstanding securities; provided that, for such purposes, (x) any acquisition by the
Company, in exchange for the Company’s securities, shall be disregarded, and (y) any acquisition of securities of the Company by Stanford or its affiliates, in one transaction or in a series of transactions and regardless of the amount of
securities acquired, shall not constitute a change in ownership or Change in Control; or 
 (vi) the Board (or the stockholders if
stockholder approval is required by applicable law or under the terms of any relevant agreement) shall approve a plan of complete liquidation of the Company. 
  

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 provided, however, that a Change of Control shall expressly not include (A) any consolidation or
merger effected exclusively to change the domicile of the Company, (B) any transaction or series of transactions principally for bona fide equity financing purposes, or (C) unless one of the foregoing events in (i) through
(vi) is triggered, the reduction of Stanford’s interest in the voting stock (including convertible securities) of the Company below 50 percent. 
 (g) Release. The payment of Severance Pay or any other severance amount under this Section 6 is conditioned on the Executive executing and delivering to the Company promptly after the effective date of
termination (without any revocation thereof) a standard waiver and general release of claims. The release will exclude Executive’s equity ownership and rights to purchase equity, his rights to receive payments and reimbursements contemplated
under this Agreement and other agreements with the Company (including all Accrued Obligations and any Final Bonus), his rights under the Company’s benefit plans, and his rights under indemnity agreements or to be indemnified under the
Company’s governing documents. Any such standard waiver and general release of claims shall also contain a mutual release of the Executive to be given by the Company. 
 (h) Specified Employee. Notwithstanding anything to the contrary in this Agreement, if the Executive is a “specified employee” (within
the meaning of the final regulations promulgated under Section 409A of the Code) as of the date of his “separation from service” (within the meaning of Section 409A of the Code) from the Company, no amount that constitutes a
deferral of compensation that is payable upon such separation from services and is subject to the six-month delay rule of Section 409A(a)(2)(B)(i) of the Code shall be paid to Executive before the date (the “Delayed Payment Date”)
that is the first day of the seventh month after the date of the Executive’s separation from service, or, if earlier, the date of the Executive’s death following such separation from service. All such amounts that would, but for this
Section 6(h), become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date. It is intended that (i) each installment under this Agreement be regarded as a separate “payment” for
purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), and (ii) all benefits or payments provided under this Agreement satisfy to the greatest extent possible, the exemptions from application of Section 409A of the Code provided
under Treasury Regulations Sections 1.409A-1(b)(4) (short-term deferral) or 1.409A-1(b)(9) (certain separation pay plans). This Section 6(h) is intended to comply with the requirements of Section 409A(a)(2)(B)(i) of the Code and shall be
interpreted, construed, administered and applied consistently therewith. 
 (i) Distributions on Account of Separation from Service.
If and to the extent required to comply with Section 409A of the Code, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive
incurs a “separation from service” within the meaning of Section 409A of the Code. 
 7. COVENANT NOT TO
COMPETE/NON-SOLICITATION. Executive acknowledges and recognizes the highly competitive nature of the Company’s Business and the goodwill and business strategy of the Company constitute a substantial asset of the Company. Executive further
acknowledges and recognizes that during the course of the Executive’s employment Executive will receive specific knowledge of the Company’s Business, access to trade secrets and Confidential Information (as hereinafter defined), 

  

 11 

 
participate in business acquisitions and decisions, and that it would be impossible for Executive to work for a competitor without using and divulging this
valuable Confidential Information. Executive further acknowledges that this covenant not to compete is an independent covenant within this Agreement. This covenant shall survive this Agreement and shall be treated as an independent covenant for the
purposes of enforcement. Executive agrees to the following: 
 (a) that all times during the Term and any Renewal Terms and for a period of
one year after termination of the Executive’s employment under this Agreement or any renewal or extension thereof (the “Restricted Period”), for whatever reason and in any geographic areas in which the Company operated or was
actively planning on operating as of date of termination of the Executive’s employment (the “Restricted Area”), Executive will not individually or in conjunction with others, directly engage in Competition (as hereinafter
defined) with the Business of the Company, whether as an officer, director, proprietor, employer, employee, partner independent contractor, investor, consultant, advisor, agent or otherwise; provided that this provision shall not apply to the
Executive’s ownership of the capital stock, solely as an investment, of securities of any issuer that is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and that are listed or admitted for
trading on any United States national securities exchange or that are quoted on the National Association of Securities Dealers Automated Quotations System, or any similar system or automated dissemination of quotations of securities prices in common
use, so long as the Executive does not control, acquire a controlling interest in or become a member of a group which exercises direct or indirect control or, more than three percent of any class of capital stock of such corporation; 
 (b) that during the Restricted Period and within the Restricted Area, Executive will not, indirectly or directly, compete with the Company by soliciting,
inducing or influencing any of the Company’s customers that have a business relationship with the Company at any time during the Restricted Period to discontinue or reduce the extent of such relationship with the Company; 
 (c) that during the Restricted Period and within the Restricted Area, Executive will not (i) directly or indirectly recruit any employee of the
Company to discontinue such employment relationship with the Company, or (ii) employ or seek to employ, or cause to permit any business which competes directly or indirectly with the Business of the Company to employ or seek to employ for any
such business any person who is then (or was at any time within six months prior to the date Executive or the competitive business employs or seeks to employ such person) employed by the Company; 
 (d) that during the Restricted Period, Executive will not interfere with, disrupt, attempt to disrupt any past or present relationship contractual or
otherwise, between the Company and any Company’s employees. 
 (e) For purposes hereof, “Competition” shall mean any
company, partnership, limited liability company or other entity any portion of whose business directly or indirectly competes with the Company within the Business in the geographical areas in which the Company conducts the Business. 
  

 12 

 (f) In the event that a court of competent jurisdiction shall determine that any provision of this
Section 7 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Section 7 within the jurisdiction of such court, such provision shall be interpreted and enforced as
if it provided for the maximum restriction permitted under such governing law. 
 (g) If the Executive shall be in violation of any provision
of this Section 7, then each time limitation set forth in this Section 7 shall be extended for a period of time equal to the period of time during which such violation or violations occur. If the Company seeks injunctive relief from such
violation in any court, then the covenants set forth in this Section 7 shall be extended for a period of time equal to the pendency of such proceeding including all appeals by the Executive. 
 8. NON-DISCLOSURE OF CONFIDENTIAL INFORMATION. 
 (a) Executive acknowledges that the Company’s trade secrets, private or secret processes, methods and ideas, as they exist from time to time, and confidential information concerning the Company’s services,
business records and plans, inventions, acquisition strategy, price structure and pricing, discounts, costs, computer programs and listings, source code and/or subject code, copyright trademark proprietary information, formulae, protocols, forms,
procedures, training methods, development technical information, know-how, show-how, new product and service development, advertising budgets, past, present or planned marketing, activities and procedures, method for operating the Company’s
Business, credit and financial data concerning the Company’s customers, as well as confidential information relating to Company advertising, promotional and sales strategies, sales presentations, research information, revenues, acquisitions,
and other information of a confidential nature not known publicly or by other companies selling to the same markets and specifically including information which is mental, not physical (collectively, “Confidential Information”) are
valuable, special and unique assets of the Company, access to and knowledge of which have been provided to Executive only by virtue of Executive’s association with the Company. In light of the highly competitive nature of the Business,
Executive agrees that it is important and appropriate to maintain the secrecy of all such Confidential Information. 
 (b) The Executive
agrees that the Executive shall (i) hold in confidence and not disclose or make available to any third party any such Confidential Information obtained directly or constructively from the Company, unless so authorized in writing by the Company;
(ii) exercise all reasonable efforts to prevent third parties from gaining access to the Confidential Information; (iii) not use, directly or indirectly, Confidential Information, except in order to perform the Executive’s duties and
responsibilities to the Company; (iv) restrict the disclosure or availability of the Confidential Information to those who have a need to know the information and who have signed appropriate confidentiality commitments; (v) not copy or
modify any Confidential Information without prior written consent of the Company, provided, however, that such copy or modification of any Confidential Information does not include any modifications or copying which would otherwise prevent the
Executive from performing his/her duties and responsibilities to the Company; (vi) take such other protective measures as may be reasonably necessary to preserve the confidentiality of the Confidential Information; and (vii) relinquish all
rights he may have in anything, such as drawings, documents, models, samples, photographs, patterns, templates, molds, tools or prototypes, which may contain, embody or make use of the Confidential Information. 
  

 13 

 (c) Executive further agrees (i) that Executive shall promptly disclose in writing to the Company
all ideas, inventions, improvements and discoveries which may be conceived, made or acquired by Executive as the direct or indirect result of the disclosure by the Company of the Confidential Information to Executive, and that is useful to the
Business; (ii) that all such ideas, inventions, improvements and discoveries conceived, made or acquired by Executive, alone or with the assistance of others, relating to the Confidential Information in accordance with the provisions hereof and
that Executive shall not acquire any intellectual property rights under this Agreement except the limited right to use set forth in this Agreement; (iii) that Executive shall assist in the preparation and execution of all applications,
assignments and other documents which the Company may deem necessary to obtain patents, copyrights and the like in the United States and in jurisdictions foreign thereto, and to otherwise protect the Company. 
 (d) Excluded from the Confidential Information, and therefore not subject to the provisions of this Agreement, shall be any information which the
Executive can show (i) at the time of disclosure, is in the public domain as evidenced by printed publications; (ii) after the disclosure, enters the public domain by way of printed publication through no fault of the Executive;
(iii) by written documentation was in his possession at the time of disclosure and which was not acquired directly or indirectly from the Company; or (iv) by written documentation was acquired, after disclosure, from a third party who did
not receive it from the Company, and who had the right to disclose the information without any obligation to hold such information confidential. The foregoing exceptions shall apply only from and after the date that the information becomes generally
available to the public or is disclosed to the Executive by a third party, respectively. Specific information shall not be deemed to be within the foregoing exceptions merely because it is embraced by more general information in the public domain.
Additionally, any combination of features shall not be deemed to be within the foregoing exceptions merely because individual features are in the public domain. If the Executive intends to avail himself of any of the foregoing exceptions, the
Executive shall notify the Company in writing of his intention to do so and the basis for claiming the exception. 
 (e) Upon written request
of the Company, Executive shall immediately return to the Company all written materials containing the Confidential Information as well as any other books, records and accounts relating in any manner to the Company or the Business. Executive shall
also deliver to the Company written statements signed by Executive certifying all materials have been returned within five days of receipt of the request. 
 9. ACKNOWLEDGMENT BY EXECUTIVE. The Executive acknowledges and confirms that (a) the restrictive covenants contained in this Agreement are reasonably necessary to protect the legitimate business interests
of the Company, and (b) the restrictions contained herein (including, without, limitation the length of the term of the provisions of the covenant not to compete) are not overbroad, overlong, or unfair and are not the result of overreaching,
duress or coercion of any kind. The Executive further acknowledges and confirms that his full, uninhibited and faithful observance of each of the covenants contained herein will not cause 

  

 14 

 
him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair his ability to obtain
employment commensurate with his abilities and on terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and his family and the satisfaction of the needs of his creditors. The Executive acknowledges
and confirms that his special knowledge of the business of the Company is such as would cause the Company serious injury or loss if he were to use such ability and knowledge to the benefit of a competitor or were to compete with the Company in
violation of the terms hereof. The Executive further acknowledges that the restrictions contained herein are intended to be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns. 
 10. INJUNCTION. It is recognized and hereby acknowledged by the parties hereto that a breach by the Executive of any of the covenants contained in
Sections 7 and 8 of this Agreement will cause irreparable harm and damage to the Company, the monetary amount of which may be virtually impossible to ascertain. As a result, the Executive recognizes and hereby acknowledges that the Company shall be
entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in Sections 7 and 8 of this Agreement by the Executive or any of his affiliates, associates, partners
or agents, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company may possess. In addition, upon any material violation of the covenants contained in Sections 7 and
8 that is not cured within 20 days of notice by the Company, all severance payments and benefits to which the Executive may be entitled to thereafter shall immediately cease and be without further force and effect. 
 11. SURVIVAL. The provisions of Sections 7 through 25 shall survive the termination of this Agreement, as applicable. 
 12. NOTICES. All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by courier, sent by
registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be deemed given on the date of
delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3) days after deposit in the U.S. mail. Notice shall be sent
to the business address of the Company and to the last known home address of the Executive, or to such other address as either party hereto may from time to time give notice of to the other. 
 13. HEADINGS. All sections and descriptive headings of this Agreement are inserted for convenience only, and shall not affect the construction or
interpretation hereof. 
 14. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which, when executed
and delivered, shall be an original, but all counterparts shall together constitute one and the same instrument. 
  

 15 

 15. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings and arrangements, both oral and written, between the Executive and the Company (or any of its Affiliates) with respect to
such subject matter. This Agreement may not be modified in any way unless by a written instrument signed by both the Company and the Executive. 
 16. GOVERNING LAW; FORUM SELECTION AGREEMENT; ATTORNEY’S FEES. This Agreement is to be construed and enforced according to the laws of the State of Florida. Both parties agree that all disputes, claims, actions or lawsuits
between them, arising out of or relating to this Agreement, or for alleged breach of this Agreement, shall be heard and determined by a state court sitting in Broward County, Florida, or by the United States District Court for the Southern District
of Florida, or by any appellate courts which review decisions of those courts. The parties expressly submit to the jurisdiction of those courts for adjudication of all such disputes, and agree not to bring any such action or proceeding in any other
court. Both parties waive any defense of inconvenient forum as to the maintenance of any action or proceeding brought pursuant to this Agreement in those courts, and waive any bond, surety, or other security that might be required of the other party
with respect to any aspect of such action, to the extent permitted by law. Provided, however, that either party may bring a proceeding in a different court, jurisdiction or forum to obtain collection of any judgment, or to obtain enforcement of any
injunction or order, entered against the other party. The parties also agree to accept any service of process by mail. The prevailing party in any action brought under this Agreement shall be entitled to recover a reasonable attorney’s fee and
costs of action from the non-prevailing party. 
 17. CONSTRUCTION. This Agreement shall not be construed more strictly against one
party than the other, merely by virtue of the fact that it may have been prepared by counsel for one of the parties, it being recognized that both Company and Executive have contributed substantially and materially to the negotiation and preparation
of this Agreement. 
 18. SEVERABILITY. Inapplicability or unenforceability of any provision of this Agreement shall not limit or
impair the operation or validity of any other provision of this Agreement or any such other instrument. 
 19. ASSIGNABILITY. The
Executive shall not have the right to assign or delegate his rights or obligations hereunder, or any portion thereof, to any other person. The Company may assign its rights under this Agreement. The Executive specifically acknowledges that the
Company’s rights under Sections 7 and 8 of this Agreement may be assigned to the Company’s successors. 
 20. WAIVERS. The
waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation. 
 21. INDEMNIFICATION. The Company agrees to execute an indemnity agreement with the Executive in the form of Exhibit C. 
  

 16 

 22. NO THIRD PARTY BENEFICIARY. Nothing expressed or implied in this Agreement is intended, or
shall be construed, to confer upon or give any person other than the Company, the parties hereto and their respective heirs, personal representatives, legal representatives, successors and assigns, any rights or remedies under or by reason of this
Agreement. 
 23. NON-DISPARAGEMENT. During the term of Executive’s employment and thereafter, neither the Executive nor the
Company’s, directors and officers shall disparage each other. 
 24. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE COMPANY ENTERING INTO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR OUT OF THE EMPLOYMENT OF EXECUTIVE BY THE COMPANY, COMPENSATION OR ANY
DAMAGES IN RESPECT THEREOF. 
 25. SECTION 409A. The Company intends that income, bonuses, equity awards and reimbursements provided
to the Executive pursuant to this Agreement will not be subject to taxation under Section 409A of the Code. The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of
Section 409A of the Code or exemptions thereto and the final regulations promulgated thereunder. The Company shall operationally comply at all times from and after the date of this Agreement with the requirements of Section 409A of the
Code or exemptions thereto so that none of the income, bonuses, equity awards or reimbursements is subject to taxation under Section 409A of the Code. 
 [Signatures Begin on Following Page] 
  

 17 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	ELANDIA INTERNATIONAL INC.
		
	By:	 	 /s/ David L. Levine

	Name:	 	 David L. Levine

	Title:	 	 Principle Executive Officer

	
	EXECUTIVE
	
	 /s/ Pedro R. Pizarro

	Pedro R. Pizarro

  

 18 

 EXHIBIT A 
 The Company’s Tax Gross-Up Commitment 
 (a) If any of the payments provided for in this
Agreement (the “Contract Payments”) or any portion of the Total Payments (as defined below) will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Internal Revenue Code (the
“Code”), the Company shall pay to the Executive, no later than thirty (30) days following the Executive’s payment of the Excise Tax (whether such payment is made through withholding by the Company or direct payment to the
IRS by the Executive) an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive, after deduction of any Excise Tax on the Contract Payments and such other Total Payments and any federal and
state and local income, employment and other taxes and Excise Tax upon the payment provided for by this subsection, shall be equal to the Contract Payments and such other Total Payments. 
 (b) For purposes of determining whether any payments will be subject to the Excise Tax and the amount of such Excise Tax, (i) any payments or
benefits, including acceleration of payment or vesting of rights, received or to be received by the Executive in connection with an event described in Section 280(G)(b)(2)(A)(i) of the Code (hereinafter, a “Section 280 Event”),
or the Executive’s termination of employment pursuant to the terms of any plan, arrangement or agreement with the Company, their successors, or any person whose actions result in a Section 280 Event with respect to the Executive (together
with the Contract Payments, the “Total Payments”), shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code except to the extent that, in the opinion of tax counsel selected by the
Company’s independent auditors and acceptable to the Executive, the Total Payments do not constitute parachute payments, (ii) all “excess parachute payments” within the meaning of Section 280G(b)(1) shall be treated as
subject to the Excise Tax except to the extent that, in the opinion of such tax counsel, such excess parachute payments represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4)(B) of the Code in
excess of the base amount within the meaning of Section 280G(b)(3) of the Code, or are otherwise not subject to the Excise Tax, and (iii) the value of any noncash benefits or any deferred payment or benefit shall be determined by the
Company’s independent auditors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at
the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s
residence on the date of termination of his employment, net of the maximum reduction in federal income taxes which could be obtained from deductions of such state and local taxes. 
 (c) In the event that the Excise Tax is subsequently determined to be less than the amount taken into account hereunder, the Executive shall repay to the
Company at the time that the amount of such reduction in Excise Tax is finally determined, the portion of the Gross-Up Payment attributable to such reduction (plus the portion of the Gross-Up Payment attributable to the Excise Tax and federal and
state and local income tax imposed on the Gross-Up Payment being repaid by the Executive if such repayment results in a reduction in Excise Tax and/or a federal and state and local income tax deduction) plus interest on the amount of such repayment
at 

  

 19 

 
the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is determined to exceed the amount taken into account hereunder
at the time of the termination of the Executive’s employment (including by reasons of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an additional Gross-Up Payment
in respect of such excess (plus any interest payable with respect to such excess) at the time that the amount of such excess is fully determined. 
  

 20 

 EXHIBIT B* 
  

 212007 Stock Option and Incentive Plan

 EXHIBIT 10.69 
 ELANDIA, INC. 
 2007 STOCK OPTION AND INCENTIVE PLAN 
  

	SECTION 1.	GENERAL PURPOSE OF THE PLAN; DEFINITIONS 

 (a) Purpose. The name of the plan is the Elandia, Inc. 2007 Stock Option and Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers, employees, directors and other key persons
(including consultants) of Elandia, Inc., a Delaware corporation (the “Company”), and its Subsidiaries (as defined below), upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business,
to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with those of the Company and its stockholders,
thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain with the Company. 
 (b)
Definitions. The following terms shall be defined as set forth below: 
 “Act” means the Securities Act of 1933, as
amended, and the rules and regulations thereunder. 
 “Administrator” is defined in Section 2(a). 
 “Award” or “Awards,” except where referring to a particular category of grant under the Plan, shall include Incentive
Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Phantom Stock Awards, and Stock Awards (which Stock Awards could be restricted, unrestricted, deferred and/or performance based). 
 “Board” means the Board of Directors of the Company. 
 “Change of Control” means the occurrence of one or more of the following events: 
  

	 	(i)	The stockholders of the Company approve a merger or consolidation of the Company with any corporation or other entity, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto continuing to represent (either by renaming outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined
voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; 

	 	(ii)	A change in ownership of the Company through a transaction or series of transactions, such that any person or entity is or becomes the Beneficial Owner (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of securities of the combined voting power of the Company’s then outstanding securities; provided that, for such
purposes, (x) any acquisition by the Company, in exchange for Company’s securities, shall be disregarded and (y) any acquisition of securities of the Company by Stanford International Bank Ltd. or any subsidiary or affiliate thereof,
in one transaction or in a series of transactions and regardless of the amount of securities acquired, shall not constitute a change in ownership or Change of Control; 

  

	 	(iii)	A change in composition of a majority of the members of the Board within any twenty-four (24) month period; 

  

	 	(iv)	The approval by the Board (or by the stockholders if stockholder approval is required by applicable law or under the terms of any relevant agreement) of any agreement for the sale
or disposition of all or substantially all of the Company’s assets or a sale/leaseback of all or substantially all of the Company’s assets (with or without a purchase option); 

  

	 	(v)	A transfer of all or substantially all of the Company’s assets pursuant to a partnership or joint venture agreement where the Company’s resulting interest is or becomes
fifty percent (50%) or less; or 

  

	 	(vi)	The Board (or the stockholders if stockholder approval is required by applicable law or under the terms of any relevant agreement) shall approve a plan of complete liquidation of
the Company. 

 “Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and
related rules, regulations and interpretations.  
 “Committee” means the Compensation Committee of the Board or any
successor committee established by the Board. 
 “Common Stock” or “Stock” means the common stock, par
value $0.00001 per share, of the Company, subject to adjustments pursuant to Section 3. 
 “Covered Employee” means an
employee who is a “Covered Employee” within the meaning of Section 162(m) of the Code. 
 “Deferred Stock
Award” means an Award of shares of Stock to a grantee, payable at the end of a specified deferral period and subject to restrictions and conditions as the Administrator may determine at the time of grant. 
  

 2 

 “Effective Date” means the date on which the Plan is approved by stockholders as set
forth in Section 19. 
 “Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations
thereunder. 
 “Expiration Date” means the day on which a Stock Option or Award is no longer valid and, therefore, ceases to
exist. 
 “Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good
faith by the Administrator; provided, however, that if the Stock is admitted for quotation on the National Market System or a national securities exchange, the determination shall be made by reference to market quotations. If there are no market
quotations for such date, the determination shall be made by reference to the last date preceding such date for which there are market quotations. 
 “Family Member” shall mean a grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household (other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than fifty percent (50%) of the
beneficial interest, a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these persons (or the grantee) own more than fifty percent (50%) of the voting interests. 
 “Incentive Stock Options” means any Stock Option that meets the requirements of Section 422 of the Code. 
 “Misconduct” refers to the termination of an optionee’s or grantee’s employment with the Company due to (i) one or more
demonstrable and material acts of dishonesty, disloyalty, insubordination, or willful misconduct; (ii) the continued failure, in the judgment of the Chief Executive Officer of the Company or the Board, by the optionee or grantee to
substantially perform his or her duties (other than such failure resulting from death or disability); or (iii) termination of employment for “Cause” within the meaning of any written employment agreement between optionee or grantee
and the Company. The Committee, in its sole and absolute discretion, shall determine whether the optionee’s or grantee’s employment is terminated by reason of “misconduct.” 
 “Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option. 
 “Performance Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the Administrator may
select, over which the attainment of one or more performance criteria will be measured for the purpose of determining a grantee’s right to and the payment of a Restricted Stock Award or Deferred Stock Award. 
 “Phantom Stock Award” means an Award entitling the recipient to receive an amount equal to the Fair Market Value of the shares of Common
Stock to which such right relates subject to such restrictions and conditions as the Administrator may determine at the time of grant. 
  

 3 

 “Phantom Stock Unit” means an amount equal to the Fair Market Value of one share of
Common Stock to which such right relates. 
 “Restricted Stock Award” means an Award entitling the recipient to acquire
shares of Stock subject to such restrictions and conditions as the Administrator may determine at the time of grant. 
 “Section
409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder. 
 “Stock”
or “Common Stock” means the common stock, par value $0.00001 per share, of the Company, subject to adjustments pursuant to Section 3. 
 “Stock Appreciation Right” or “Stock Appreciation Rights” means an Award entitling the recipient to receive shares of Stock having a value equal to the excess of the Fair Market Value
of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right (except as otherwise provided for in Section 7). 
 “Stock Awards” means collectively, a Restricted Stock Award, Unrestricted Stock Award, and/or Deferred Stock Award, which may or may not be performance-based. 
 “Stock Option” or “Option” means any option to purchase shares of Stock granted pursuant to Section 5. 

“Subsidiary” means any corporation or other entity (other than the Company) in which the Company has a controlling interest, either
directly or indirectly. 
 “Ten Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution
rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation. 
 “Unrestricted Stock Award” means any Award pursuant to which a grantee may receive shares of Stock free of any restrictions. 

 

	SECTION 2.	ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS 

 (a) Committee. The Plan shall be administered by either the Board or the Committee, as specifically designated by the Board (the
“Administrator”). 
 (b) Powers of Administrator. The Administrator shall have the power and authority to grant Awards
consistent with the terms of the Plan, including the power and authority: 
  

	 	(i)	to select the individuals to whom Awards may from time to time be granted 

  

 4 

	 	(ii)	to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Phantom Stock Awards, Restricted
Stock Awards, Unrestricted Stock Awards and Deferred Stock Awards, or any combination of the foregoing, granted to any one or more grantees; 

  

	 	(iii)	to determine the number of shares of Stock to be covered by any Award; 

  

	 	(iv)	to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may
differ among individual Awards and grantees, and to approve the form of written instruments evidencing the Awards; 

  

	 	(v)	to accelerate at any time the exercisability or vesting of all or any portion of any Award; 

  

	 	(vi)	subject to the provisions of Section 5(d), to extend at any time the period in which Stock Options may be exercised; and 

  

	 	(vii)	at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to
interpret the terms and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and
to otherwise supervise the administration of the Plan. 

 All decisions and interpretations of the Administrator shall be
binding on all persons, including the Company and Plan grantees. 
 (c) Foreign Participants. Notwithstanding any provision of the
Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Committee, in its sole discretion, shall have the power and
authority to: (i) determine which Subsidiaries shall be covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award
granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary
or advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) of the Plan; and
(v) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the
Committee may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law.

  

 5 

 (d) Delegation of Authority to Grant Awards. The Administrator, in its discretion, may delegate to
an officer (including the chief executive officer) of the Company all or part of the Administrator’s authority and duties with respect to the granting of Awards, to individuals who are not subject to the reporting and other provisions of
Section 16 of the Exchange Act or are not Covered Employees. Any such delegation by the Administrator shall include a limitation as to the amount of Awards that may be granted during the period of the delegation and shall contain guidelines as
to the determination of the exercise price of any Stock Option or Stock Appreciation Right, the conversion ratio or price of other Awards and the vesting criteria. The Administrator may revoke or amend the terms of a delegation at any time but such
action shall not invalidate any prior actions of the Administrator’s delegate or delegates that were consistent with the terms of the Plan. 
 (e) Indemnification. Neither the Board nor the Committee, nor any member of either or any delegate thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with
the Plan, and the members of the Board and the Committee (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation,
reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any
indemnification agreement between such individual and the Company. 
  

	SECTION 3.	STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION 

 (a) Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 2,606,700 shares. For purposes of this limitation, the shares of Stock underlying any Awards that are forfeited,
canceled, held back upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by
exercise) shall be added back to the shares of Stock available for issuance under the Plan. Subject to such overall limitations, shares of Stock may be issued up to such maximum number pursuant to any type or types of Award. The shares available for
issuance under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company. 
 (b) Changes in
Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding
shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are
distributed with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged
for a different number or kind of securities of the Company or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate 

  

 6 

 
adjustment in (i) the maximum number of shares reserved for issuance under the Plan, (ii) the maximum number of Incentive Stock Options that may be
issued under the Plan, (iii) the number of Stock Options or Stock Appreciation Rights that can be granted to any one individual grantee and the maximum number of shares that may be granted under a Performance-based Award, (iv) the number
and kind of shares or other securities subject to any then outstanding Awards under the Plan, (v) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award, and (vi) the price for each share subject to any
then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options and Stock Appreciation Rights) as to which such Stock
Options and Stock Appreciation Rights remain exercisable. The adjustment by the Administrator shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the
Administrator in its discretion may make a cash payment in lieu of fractional shares. 
 (c) The Administrator may also adjust the number of
shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration material changes in accounting practices or principles, extraordinary dividends, acquisitions or dispositions of stock or
property or any other event if it is determined by the Administrator that such adjustment is appropriate to avoid distortion in the operation of the Plan, provided that no such adjustment shall be made in the case of a Stock Option or Stock
Appreciation Right, without the consent of the grantee, if it would constitute a modification, extension or renewal of the Option within the meaning of Section 424(h) of the Code or a modification of the Option or Stock Appreciation Right such
that the Option or Stock Appreciation Right becomes treated as “nonqualified deferred compensation” subject to Section 409A. 
 (d) Consolidations, Mergers or Sales of Assets or Stock. Except as otherwise set forth in the Plan, if the Company is to be consolidated with or acquired by another person or entity in a merger, sale of all or substantially all of
the Company’s assets or stock or otherwise (an “Acquisition”), the Committee or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”) shall, with respect to
outstanding Awards or shares acquired upon exercise of any Award, take one or more of the following actions: (i) make appropriate provision for the continuation of such Award by substituting on an equitable basis for the shares then subject to
such Award the consideration payable with respect to the outstanding shares of Common Stock in connection with the Acquisition; (ii) accelerate the date of exercise of such Award or of any installment of any such Award; (iii) upon written
notice to the grantees, provide that all Awards must be exercised, to the extent then exercisable, within a specified number of days of the date of such notice, at the end of which period the Award shall terminate; (iv) terminate all Awards in
exchange for a cash payment equal to the excess of the fair market value of the shares subject to such Award (to the extent then exercisable) over the exercise price thereof; or (v) in the event of a stock sale, require that the grantee sell to
the purchaser to whom such stock sale is to be made, all shares previously issued to such grantee upon exercise of any Award, at a price equal to the portion of the net consideration from such sale which is attributable to such shares. 

(e) Substitute Awards. The Administrator may grant Awards under the Plan in substitution for stock and stock based awards held by officers,
employees, directors or other key persons of another corporation in connection with the merger or consolidation of 

  

 7 

 
the employing corporation or affiliate thereof with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the
employing corporation or affiliate thereof. The Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers appropriate in the circumstances. Any substitute Awards granted under the Plan
shall not count against the share limitation set forth in Section 3(a). 
  

	SECTION 4.	ELIGIBILITY 

 Grantees under the Plan will be
such officers, full or part-time employees, directors and key persons (including consultants) of the Company and its Subsidiaries as are selected from time to time by the Administrator in its sole discretion. 
  

	SECTION 5.	STOCK OPTIONS 

 (a) Generally. Any
Stock Option granted under the Plan shall be in such form as the Administrator may from time to time approve. Stock Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be
granted only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be
deemed a Non-Qualified Stock Option. The grant of a Stock Option is contingent on the grantee executing a Stock Option Agreement. 
 (b)
Grants of Stock Options. Stock Options granted pursuant to this Section shall be subject to the terms and conditions contained in the Plan as well as such additional terms and conditions, not inconsistent with the terms of the Plan, as the
Administrator shall deem advisable. If the Administrator so determines, Stock Options may be granted in lieu of cash compensation at the optionee’s election, subject to such terms and conditions as the Administrator may establish. 

(c) Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section shall be determined
by the Administrator at the time of grant but shall not be less than one hundred percent (100%) of the Fair Market Value on the date of grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the option price of
such Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value on the grant date. 
 (d)
Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than ten (10) years after the date the Stock Option is granted. In the case of an Incentive Stock Option that
is granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five (5) years from the date of grant. 
 (e)
Exercisability; Time of Vesting; Number of Options. Stock Options shall become exercisable only with respect to shares which have vested. The number of Stock Options awarded to an optionee and its applicable vesting schedule shall be as
determined by the Administrator. 
  

 8 

 (f) Rights as a Stockholder. A grantee awarded Stock Options shall have no rights as a stockholder
of the Company unless and until the grantee exercises all or some portion of the Stock Option and then only with respect to the stock issued. 
 (g) Form of Stock Option Agreements. The forms of Incentive Stock Option Agreement and Non-Qualified Stock Option Agreement for optionees pursuant to this Section are attached hereto as Exhibit A and Exhibit B,
respectively. 
  

	SECTION 6.	STOCK APPRECIATION RIGHTS 

 (a) Grant and
Exercise of Stock Appreciation Rights. Stock Appreciation Rights may be granted by the Administrator in tandem with, or independently of, any Stock Option granted pursuant to Section 5 of the Plan. In the case of a Stock Appreciation Right
granted in tandem with a Non-Qualified Stock Option, such Stock Appreciation Right may be granted either at or after the time of the grant of such Option. In the case of a Stock Appreciation Right granted in tandem with an Incentive Stock Option,
such Stock Appreciation Rights may be granted only at the time of the grant of the Option. The grant of a Stock Appreciation Right is contingent on the grantee executing a Stock Appreciation Rights Agreement. 
 (b) Exercise Price. Stock Appreciation Rights shall have an exercise price of not less than one hundred percent (100%) of the Fair Market
Value of the Stock on the date of grant (or more than the option exercise price per share, if the Stock Appreciation Right was granted in tandem with a Stock Option). In the case of a Stock Appreciation right granted to a Ten Percent Owner in tandem
with an Incentive Stock Option, the exercise price shall not be less than one hundred ten percent (110%) of the Fair Market Value on the grant date. 
 (c) Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined from time to time by the Administrator, subject to the
following: 
  

	 	(i)	Stock Appreciation Rights granted in tandem with Options shall be exercisable at such time or times and to the extent that the related Stock Options shall be exercisable;

  

	 	(ii)	Upon exercise of a Stock Appreciation Right, the applicable portion of any related Option shall be surrendered; and 

  

	 	(iii)	A Stock Appreciation Right or applicable portion thereof granted in tandem with a Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the
related Option. 

 (d) Exercisability; Time of Vesting. Stock Appreciation Rights shall become exercisable only with
respect to shares which have vested. The number of shares awarded to a grantee and its applicable vesting schedule shall be as determined by the Administrator. 
 (e) Rights as a Stockholder. A grantee awarded Stock Appreciation Rights shall have no rights as a stockholder of the Company unless and until the grantee exercises all or some portion of the Stock Appreciation
Rights and then only with respect to the stock issued. 
  

 9 

 (f) Form of Stock Appreciation Rights Agreement. The form of Stock Appreciation Rights Agreement
for grantees pursuant to this Section is attached hereto as Exhibit C. 
  

	SECTION 7.	METHOD OF EXERCISE OF STOCK OPTIONS AND STOCK APPRECIATION RIGHTS 

 (a) Manner of Payment. Stock Options and Stock Appreciation Rights may be exercised in whole or in part, by giving written notice of exercise to the Company, specifying the number of shares to be purchased.
Payment of the purchase price may be made by one or more of the following methods to the extent provided in the Award agreement: 
  

	 	(i)	In cash, by certified or bank check or other instrument acceptable to the Administrator; 

  

	 	(ii)	Through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the optionee on the open market or that are beneficially owned by the optionee
and are not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date. To the extent required to avoid variable accounting treatment under SFAS 123R, Share Based Payment,
or other applicable accounting rules, such surrendered shares shall have been owned by the optionee for at least six (6) months; or 

  

	 	(iii)	By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check
payable and acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements of
indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure. 

 (b) Payment
Subject to Collection. Payment instruments will be received subject to collection. The transfer to the optionee of the records of the Company or to the transfer agent of the shares of Stock to be purchased pursuant to the exercise of a Stock
Option or Award will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance with the provisions of the Stock Option or Award) by the Company of the full purchase price for such shares and the fulfillment of
any other requirements contained in the Award agreement or applicable provisions of laws (including the satisfaction of any withholding taxes that the Company is obligated to withhold with respect to the optionee). In the event an optionee chooses
to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee upon the exercise of the Stock Option or Award shall be net of the number of shares attested to.

 (c) Incentive Stock Option Limitation. In the case of a grant of Stock Options, to the extent required for “incentive stock
option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive Stock Options granted under this Plan and any other plan of the
Company or its parent and subsidiary 

  

 10 

 
corporations become exercisable for the first time by an optionee during any calendar year shall not exceed One Hundred Thousand Dollars ($100,000.00). To
the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option. 
  

	SECTION 8.	PHANTOM STOCK AWARDS 

 (a) Grant of
Phantom Stock Awards. A Phantom Stock Award granted to a grantee shall entitle the grantee, upon conversion, to surrender such Phantom Stock Award or any portion thereof, to the extent not then converted, and to receive payment of an amount
computed pursuant to Section 8(e). The grant of a Phantom Stock Award is contingent on the grantee executing a Phantom Stock Award Agreement. The terms and conditions of each such agreement shall be determined by the Administrator, and such
terms and conditions may differ among individual Awards and grantees. 
 (b) Rights as a Stockholder. A grantee awarded Phantom Stock
shall have no rights as a stockholder of the Company. 
 (c) Number of Phantom Stock Units; Vesting. The number of shares of Phantom
Stock awarded to a grantee and its applicable vesting schedule shall be as determined by the Administrator. 
 (d) Conversion. As of
the date the grantee’s Phantom Stock has fully vested, a Phantom Stock Award shall be deemed converted upon receipt by the Company of (i) the Phantom Stock Award Agreement; and (ii) written notice from the grantee instructing the
Company to convert all or any specified portion of such Phantom Stock Award. Upon conversion of a Phantom Stock Award, the grantee shall be entitled to receive payment of an amount determined by multiplying (i) the Fair Market Value of a share
of Common Stock on the date of conversion, by (ii) the number of shares of Common Stock as to which such Phantom Stock Award has been converted. A Phantom Stock Award may be converted in whole or in part with respect to whole shares of Common
Stock, but may not be converted with respect to any fractional share unless the Phantom Stock Award is being converted in whole. To the extent a Phantom Stock Award is converted in part, an appropriate notation will be made on the Phantom Stock
Award Agreement surrendered to the Company and such agreement will be returned to the appropriate grantee. 
 (e) Manner of Payment.
Payment may be made solely in whole shares of Common Stock valued at Fair Market Value on the date of conversion of the Phantom Stock Award or, alternatively, in the discretion of the Committee, solely in cash or a combination of cash and Common
Stock (which may be restricted stock). If the Committee decides to make full payment in shares of Common Stock and the amount payable results in a fractional share, payment for the fractional share shall be made in cash. 
 (f) Form of Phantom Stock Award Agreement. The form of Phantom Stock Award Agreement for grantees pursuant to this Section is attached hereto as
Exhibit D. 
  

 11 

	SECTION 9.	STOCK AWARDS 

 (a) Restricted Stock
Awards. 
  

	 	(1)	The Restricted Stock Awards shall be subject to such restrictions as shall be determined by the Administrator and specifically set forth in a Stock Award Agreement. Such
restrictions, terms and conditions may differ among individual awards and grantees. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The grant of
a Restricted Stock Award is contingent on the grantee executing a Stock Award Agreement. The terms and conditions of each such agreement shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and
grantees. 

  

	 	(2)	Upon execution of a written instrument setting forth the Restricted Stock Award and payment of any purchase price, if applicable, a grantee shall have the rights of a stockholder
with respect to the voting of the Restricted Stock, subject to such conditions contained in the written instrument evidencing the Restricted Stock Award. Unless the Administrator shall otherwise determine, (i) uncertificated Restricted Stock
shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such Restricted Stock is vested as provided in Section 9(a)(3) below; and (ii) certificated
Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in Section 9(a)(3) below, and the grantee shall be required, as a condition of the grant, to deliver to the Company such
instruments of transfer as the Administrator may prescribe. 

  

	 	(3)	The number of shares of Restricted Stock awarded to a grantee hereunder, any restrictions with respect to such Award, and any applicable vesting schedule shall be as determined by
the Administrator. 

  

	 	(4)	The Administrator may, in its sole discretion, grant a Restricted Stock Award to a grantee that is based on continuing employment (or other service relationship) and/or achievement
of pre-established performance goals and objectives. 

 (b) Unrestricted Stock Awards. The Administrator may, in its
sole discretion, grant (or sell at par value or such higher purchase price determined by the Administrator) an Unrestricted Stock Award to any grantee pursuant to which such grantee may receive shares of Stock free of any restrictions under the Plan
or any Stock Award Agreement. The grant of an Unrestricted Stock Award is contingent on the grantee executing a Stock Award Agreement. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of
cash compensation due to such grantee. 
  

 12 

 (c) Deferred Stock Awards. 
  

	 	(1)	The grant of a Deferred Stock Award is contingent on the grantee executing a Stock Award Agreement. The terms and conditions of each such agreement shall be determined by the
Administrator, and such terms and conditions may differ among individual Awards and grantees. At the end of the deferral period, the Deferred Stock Award, to the extent vested, shall be paid to the grantee in the form of shares of Stock.

  

	 	(2)	The Administrator may, in its sole discretion, permit a grantee to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of a Deferred
Stock Award. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the Administrator and in accordance with Section 409A and such other rules and procedures established by the
Administrator. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator deems appropriate. Any
such deferred compensation shall be converted to a fixed number of phantom stock units based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid to the grantee but for the deferral. 

 

	 	(3)	During the deferral period, a grantee shall have no rights as a stockholder. 

  

	 	(4)	The number of shares of Deferred Stock awarded to a grantee hereunder and its applicable vesting schedule and deferral period shall be as determined by the Administrator in its sole
discretion and shall be set forth in the Stock Award Agreement. 

 (d) Performance-Based Awards to Covered Employees.
Notwithstanding anything to the contrary contained herein, if any Restricted Stock Award or Deferred Stock Award granted to a Covered Employee is intended to qualify as “Performance-based Compensation” under Section 162(m) of the Code
and the regulations promulgated thereunder (a “Performance-based Award”), such Award shall comply with the provisions set forth below: 
  

	 	(i)	The performance criteria used in performance goals governing Performance-based Awards granted to Covered Employees may include any or all of the following: (i) the
Company’s return on equity, assets, capital or investment: (ii) pre-tax or after-tax profit levels of the Company or any Subsidiary, a division, an operating unit or a business segment of the Company, or any combination of the foregoing;
(iii) net sales, gross margin, operating income, cash flow, funds from operations or similar measures; (iv) total stockholder return; (v) changes in the market price of the Stock; (vi) sales or market share; (vii) earnings
per share, (viii) status of clinical studies and other regulatory approvals and milestones, (ix) manufacturing developments and/or progress, (x) achievement of sales milestones, and (xi) other operational objectives of the
Company. 

  

 13 

	 	(ii)	With respect to each Performance-based Award granted to a Covered Employee, the Committee shall select, within the first ninety (90) days of a Performance Cycle (or, if
shorter, within the maximum period allowed under Section 162(m) of the Code) the performance criteria for such grant, and the achievement targets with respect to each performance criterion (including a threshold level of performance below which
no amount will become payable with respect to such Award). Each Performance-based Award will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets. The
performance criteria established by the Committee may be (but need not be) different for each Performance Cycle and different goals may be applicable to Performance-based Awards to different Covered Employees. 

  

	 	(iii)	Following the completion of a Performance Cycle, the Committee shall meet to review and certify in writing whether, and to what extent, the performance criteria for the Performance
Cycle has been achieved and, if so, to also calculate and certify in writing the amount of the Performance-based Awards earned for the Performance Cycle. The Committee shall then determine the actual size of each Covered Employee’s
Performance-based Award, and, in doing so, may reduce or eliminate the amount of the Performance-based Award for a Covered Employee if, in its sole judgment, such reduction or elimination is appropriate. 

 (e) Form of Stock Award Agreement. The form of Stock Award Agreement for grantees pursuant to this Section is attached hereto as Exhibit E.

  

	SECTION 10.	TRANSFERABILITY OF AWARDS 

 (a) Board
Approval. Following the review and presentation by the Committee, any Award granted hereunder shall require Board approval. 
 (b)
Transferability. Except as otherwise provided herein, during a grantee’s lifetime, his or her Awards shall be exercisable only by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s
incapacity, and no Awards shall be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, the shares of Common Stock issued upon
exercise or conversion of any award and upon the expiration of any restrictions or vesting periods may be assigned or transferred in compliance with the Act. No Awards shall be subject, in whole or in part, to attachment, execution, or levy of any
kind, and any purported transfer in violation hereof shall be null and void. 
 (c) Committee Action. Notwithstanding
Section 10(b), the Administrator, in its discretion, may provide either in the Award agreement regarding a given Award or by subsequent written approval that the grantee (who is an employee or director) may transfer 

  

 14 

 
his or her Awards to his or her immediate Family Members, to trusts for the benefit of such family members, or to partnerships in which such family members
are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award. 
 (d) Designation of Beneficiary. Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to
exercise any Award or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator and shall not be effective until received by the
Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate. 
  

	SECTION 11.	TAX WITHHOLDING 

 (a) Payment by
Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Stock or other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the
Company, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company with respect to such income. The Company and its Subsidiaries shall,
to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver evidence of book entry (or stock certificates) to any grantee is subject to
and conditioned on tax withholding obligations being satisfied by the grantee. 
 (b) Payment in Stock. Subject to approval by the
Administrator, a grantee may elect to have the Company’s minimum required tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Stock to be issued pursuant to any Award a
number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due; or (ii) transferring to the Company shares of Stock owned by the grantee with an aggregate Fair
Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due. 
  

	SECTION 12.	TERMINATION OF EMPLOYMENT PRIOR TO VESTING 

 (a) Termination for Misconduct. Except as may otherwise be provided herein or in the Agreement granting the Award, any portion of an Option or Award outstanding upon the optionee’s or grantee’s resignation or termination of
employment (or other service relationship) for Misconduct with the Company and its Subsidiaries shall terminate immediately and be of no further force and effect. 
 (b) Termination Other Than for Misconduct. If the optionee’s or grantee’s employment (or other service relationship) with the Company terminates for any reason other than as set forth in
Section 12(a) above, and unless otherwise determined by the Administrator, any portion of the Option or Award outstanding on such date shall become immediately exercisable in full; provided, however, that: 
  

	 	(i)	if the optionee’s or grantee’s employment (or other service relationship) terminates by reason of his or her death, any portion of the Option or Award outstanding on such
date shall, regardless of whether the Option or Award has fully vested in accordance with the terms hereof or the Agreement become fully exercisable and may thereafter be exercised by the optionee’s or grantee’s legal representative or
legatee for a period of six (6) months from the date of death or until the Expiration Date, if earlier; and 

  

 15 

	 	(ii)	if the optionee’s or grantee’s employment (or other service relationship) terminates by reason of his or her grantee’s disability (as determined by the
Administrator), any portion of the Option or Award outstanding on such date shall, regardless of whether the Option or Award has fully vested in accordance with the terms hereof or the Agreement, become fully exercisable and may thereafter be
exercised by the optionee or grantee for a period of twelve (12) months from the date of termination or until the Expiration Date, if earlier. The death of the optionee or grantee during the 12-month period provided in this Section shall extend
such period for another twelve (12) months from the date of death or until the Expiration Date, if earlier. 

 (c)
Binding Nature. The Administrator’s determination of the reason for termination of the optionee’s or grantee’s employment shall be conclusive and binding on the optionee or grantee and his or her representatives or legatees.

  

	SECTION 13.	CHANGE IN CONTROL 

 If a Change in Control
occurs, any Option or Award hereunder shall immediately vest and be held in escrow in a manner determined by the Administrator. If, and to the extent that, the optionee or grantee (i) completes twelve (12) consecutive months of employment
(or other service relationship) with the Company following the Change in Control (as determined by the Administrator); or (ii) is terminated for any reason other than for Misconduct, whichever is earlier, the optionee’s or grantee’s
right to the Option or Award shall become immediately exercisable in full. Termination without “Cause” as used herein shall mean the termination of optionee’s or grantee’s employment (or other service relationship) with the
Company for any reason other than for Misconduct. 
  

	SECTION 14.	ADDITIONAL CONDITIONS APPLICABLE TO NONQUALIFIED DEFERRED COMPENSATION UNDER SECTION 409A 

 In the event any Stock Option or Stock Appreciation Right under the Plan is granted with an exercise price of less than one hundred percent (100%) of
the Fair Market Value on the date of grant (regardless of whether or not such exercise price is intentionally or unintentionally priced at less than Fair Market Value), or such grant is materially modified and deemed a new grant at 

  

 16 

 
a time when the Fair Market Value exceeds the exercise price, or any other Award is otherwise determined to constitute “nonqualified deferred
compensation” within the meaning of Section 409A (a “409A Award”), the following additional conditions shall apply and shall supersede any contrary provisions of this Plan or the terms of any agreement relating to such 409A
Award. 
 (a) Exercise and Distribution. Except as provided in Section 14(b) hereof, no 409A Award shall be exercisable or
distributable earlier than upon one of the following: 
  

	 	(i)	A specified time or a fixed schedule set forth in the written instrument evidencing the 409A Award. 

  

	 	(ii)	Separation from service (within the meaning of Section 409A) by the 409A Award grantee; provided, however, that if the 409A Award grantee is a “key employee” (as
defined in Section 416(i) of the Code without regard to paragraph (5) thereof) and any of the Company’s Stock is publicly traded on an established securities market or otherwise, exercise or distribution under this
Section 14(a)(ii) may not be made before the date that is six (6) months after the date of separation from service. 

  

	 	(iii)	The date of death of the 409A Award grantee. 

  

	 	(iv)	The date the 409A Award grantee becomes disabled (within the meaning of Section 14(c)(ii) hereof). 

  

	 	(v)	The occurrence of an unforeseeable emergency (within the meaning of Section 14(c)(iii) hereof), but only if the net value (after payment of the exercise price) of the number of
shares of Stock that become issuable does not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the exercise, after taking into account the extent to which the emergency
is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the grantee’s other assets (to the extent such liquidation would not itself cause severe financial hardship). 

 

	 	(vi)	The occurrence of a Change in Control Event (within the meaning of Section 14(c)(i) hereof), including the Company’s discretionary exercise of the right to accelerate
vesting of such grant upon a Change in Control Event or to terminate the Plan or any 409A Award granted hereunder within twelve (12) months of the Change in Control Event. 

 (b) No Acceleration. A 409A Award may not be accelerated or exercised prior to the time specified in Section 14(a) hereof, except in the case
of one of the following events: 
  

	 	(i)	The 409A Award may permit the acceleration of the exercise or distribution time or schedule to an individual other than the grantee as may be necessary to comply with the terms of a
domestic relations order (as defined in Section 414(p)(1)(B) of the Code); 

  

 17 

	 	(ii)	The 409A Award may permit the acceleration of the exercise or distribution time or schedule as may be necessary to comply with the terms of a certificate of divestiture (as defined
in Section 1043(b)(2) of the Code); and 

  

	 	(iii)	The Administrator may exercise the discretionary right to accelerate the vesting of such 409A Award upon a Change in Control Event or to terminate the Plan or any 409A Award granted
thereunder within twelve (12) months of the Change in Control Event and cancel the 409A Award for compensation. 

 (c)
Definitions. Solely for purposes of this Section and not for other purposes of the Plan, the following terms shall be defined as set forth below: 
  

	 	(i)	“Change in Control Event” means the occurrence of a change in the ownership of the Company, a change in effective control of the Company, or a change in the ownership of a
substantial portion of the assets of the Company (as defined in Section 1.409A-3(g) of the proposed regulations promulgated under Section 409A by the Department of the Treasury on September 29, 2005 or any subsequent guidance).

  

	 	(ii)	“Disabled” means a grantee who (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the
Company or its Subsidiaries. 

  

	 	(iii)	“Unforeseeable Emergency” means a severe financial hardship to the grantee resulting from an illness or accident of the grantee, the grantee’s spouse, or a dependent
(as defined in Section 152(a) of the Code) of the grantee, loss of the grantee’s property due to casualty, or similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the grantee.

  

	SECTION 15.	TRANSFER, LEAVE OF ABSENCE, ETC. 

 For
purposes of the Plan, the following events shall not be deemed a termination of employment: 
  

	 	(i)	a transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another; or 

  

 18 

	 	(ii)	an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the employee’s right to re-employment is guaranteed either
by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise so provides in writing. 

  

	SECTION 16.	AMENDMENTS AND TERMINATION 

 The Board may,
at any time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights
under any outstanding Award without the holder’s consent. Except as provided in Section 3(b) or 3(c), in no event may the Administrator exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation
Rights or effect repricing through cancellation and re-grants without stockholder approval. Any material Plan amendments (other than amendments that curtail the scope of the Plan), including any Plan amendments that (i) increase the number of
shares reserved for issuance under the Plan; (ii) expand the type of Awards available under, materially expand the eligibility to participate in, or materially extend the term of, the Plan; or (iii) materially change the method of
determining Fair Market Value, shall be subject to approval by the Company stockholders entitled to vote at a meeting of stockholders. In addition, to the extent determined by the Administrator to be required by the Code to ensure that Incentive
Stock Options granted under the Plan are qualified under Section 422 of the Code or to ensure that compensation earned under Awards qualifies as performance-based compensation under Section 162(m) of the Code, Plan amendments shall be
subject to approval by the Company stockholders entitled to vote at a meeting of stockholders. Nothing in this Section shall limit the Administrator’s authority to take any action permitted pursuant to Section 3(c). 
  

	SECTION 17.	STATUS OF PLAN 

 With respect to the portion
of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall
otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with
respect to Awards hereunder, provided that the existence of such trusts or other arrangements is consistent with the foregoing sentence. 
  

	SECTION 18.	GENERAL PROVISIONS 

 (a) No Distribution;
Compliance with Legal Requirements. The Administrator may require each person acquiring Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution
thereof. No shares of Stock shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange or similar requirements have been satisfied. The Administrator may require the placing of such stop-orders and
restrictive legends on certificates for Stock and Awards as it deems appropriate. 
  

 19 

 (b) Delivery of Stock Certificates. Stock certificates to grantees under this Plan shall be deemed
delivered for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company.
Uncertificated Stock shall be deemed delivered for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee,
at the grantee’s last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records). 
 (c) Other Compensation Arrangements; No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting other or
additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any optionee any right to
continued employment for other service relationship with the Company or any Subsidiary. Neither the Plan nor any agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment (or other service
relationship) of the Optionee at any time. 
 (d) Trading Policy Restrictions. Option exercises and other Awards under the Plan shall
be subject to such Company’s insider trading policy and procedures, as in effect from time to time. 
 (e) Forfeiture of Awards under
Sarbanes-Oxley Act. If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any grantee
who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 shall reimburse the Company for the amount of any Award received by such individual under the Plan during the twelve
(12) month period following the first public issuance or filing with the United States Securities and Exchange Commission, as the case may be, of the financial document embodying such financial reporting requirement. 
  

	SECTION 19.	EFFECTIVE DATE OF PLAN 

 This Plan shall become effective upon approval by the holders of a majority of the votes cast at a
meeting of stockholders at which a quorum is present. No grants of Awards may be made hereunder after the tenth (10th) anniversary of the
Effective Date. 
  

	SECTION 20.	GOVERNING LAW 

 This Plan and all Awards and
actions taken hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 
  

 20 

 EXHIBIT A 
 FORM OF INCENTIVE STOCK OPTION AGREEMENT 
 UNDER THE ELANDIA, INC. 
 2007 STOCK OPTION AND INCENTIVE PLAN 
  

			
	Name of Optionee:	 	  

			
		
	No. of Option Shares:	 	  

			
		
	Option Exercise Price per Share: $	 	  

		 	[FMV on Grant Date (110% of FMV if a 10% owner)]

					
			
	Grant Date:	 	  
	 	
			
	Expiration Date:	 	  
	 	
		 	[up to 10 years (5 if a 10% owner)]	 	

 Pursuant to the Elandia, Inc. 2007 Stock Option and Incentive Plan as amended through the date
hereof (the “Plan”), Elandia, Inc. (the “Company”) hereby grants to the Optionee named above an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of
shares of common stock, par value $0.00001 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan. 
 1. Exercisability Schedule. No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except as set forth
below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall become exercisable only with respect to shares which have vested in
accordance with the vesting schedule described as follows: 
  

			
	  

	  

	  

	  

	  
	 	.

 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to
the close of business on the Expiration Date, subject to the provisions hereof and of the Plan. 
 2. Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan. Capitalized terms in this Agreement without definition shall have the meaning specified in the Plan,
unless a different meaning is specified herein. 
 3. Status of the Stock Option. This Stock Option is intended to qualify as an
“incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), but the Company does not represent or warrant that this Stock Option 

  

 A-1 

 
qualifies as such. The Optionee should consult with his or her own tax advisors regarding the tax effects of this Stock Option and the requirements necessary
to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements. To the extent any portion of this Stock Option does not so qualify as an “incentive stock option,”
such portion shall be deemed to be a non-qualified stock option. If the Optionee intends to dispose or does dispose (whether by sale, gift, transfer or otherwise) of any Option Shares within the one-year period beginning on the date after the
transfer of such shares to him or her, or within the two-year period beginning on the day after the grant of this Stock Option, he or she will so notify the Company within thirty (30) days after such disposition. 
 4. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to
the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 
  

			
	ELANDIA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The foregoing Agreement is hereby accepted and the terms and conditions thereof are hereby
agreed to by the undersigned. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:
		 		 		 	  

		 		 		 	  

		 		 		 	  

  

 A-2 

 EXHIBIT B 
 FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT 
 UNDER ELANDIA, INC. 
 2007 STOCK OPTION AND INCENTIVE PLAN 
  

			
	Name of Optionee:	 	  

			
		
	No. of Option Shares:	 	  

			
		
	Option Exercise Price per Share: $	 	  

		 	[FMV on Grant Date]

			
		
	Grant Date:	 	  

					
		
	Expiration Date:	 	  

 Pursuant to the Elandia, Inc. 2007 Stock Option and Incentive Plan (the “Plan”),
Elandia, Inc. (the “Company”) hereby grants to the Optionee named above an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares of common stock, par value
$0.00001 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan. This Stock Option is not intended to be an
“incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended. 
 1. Exercisability
Schedule. No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate
the exercisability schedule hereunder, this Stock Option shall become exercisable only with respect to shares which have vested in accordance with the vesting schedule described as follows: 
  

			
	  

	  

	  

	  

	  
	 	.

 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to
the close of business on the Expiration Date, subject to the provisions hereof and of the Plan. 
 2. Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan. Capitalized terms in this Agreement without definition shall have the meaning specified in the Plan,
unless a different meaning is specified herein. 
 3. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 
  

 B-1 

			
	ELANDIA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The foregoing Agreement is hereby accepted and the terms and conditions thereof are hereby
agreed to by the undersigned. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:
		 		 		 	  

		 		 		 	  

		 		 		 	  

  

 B-2 

 EXHIBIT C 
 FORM OF STOCK APPRECIATION RIGHTS AGREEMENT 
 UNDER ELANDIA, INC. 
 2007 STOCK OPTION AND INCENTIVE PLAN 
  

			
	Name of Grantee:	 	  

			
		
	No. of Shares:	 	  

			
		
	Exercise Price per Share: $	 	  

		 	[FMV on Grant Date]

			
		
	Grant Date:	 	  

					
		
	Expiration Date:	 	  

 Pursuant to the Elandia, Inc. 2007 Stock Option and Incentive Plan (the “Plan”),
Elandia, Inc. (the “Company”) hereby grants to the Grantee named above a Stock Appreciation Right (the “SAR”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares of common stock, par
value $0.00001 per share (the “Stock”), of the Company specified above at the Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan. 
 1. Exercisability Schedule. No portion of this SAR may be exercised until such portion shall have become exercisable. Except as set forth below,
and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this SAR shall become exercisable only with respect to shares which have vested in accordance with the
vesting schedule described as follows: 
  

			
	  

	  

	  

	  

	  
	 	.

 Once exercisable, this SAR shall continue to be exercisable at any time or times prior to the
close of business on the Expiration Date, subject to the provisions hereof and of the Plan. 
 2. Incorporation of Plan.
Notwithstanding anything herein to the contrary, this SAR shall be subject to and governed by all the terms and conditions of the Plan. Capitalized terms in this Agreement without definition shall have the meaning specified in the Plan, unless a
different meaning is specified herein. 
  

 C-1 

 3. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place
of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 
  

			
	ELANDIA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The foregoing Agreement is hereby accepted and the terms and conditions thereof are hereby
agreed to by the undersigned. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
		 		 		 	  

		 		 		 	  

		 		 		 	  

  

 C-2 

 EXHIBIT D 
 FORM OF PHANTOM STOCK AWARD AGREEMENT 
 UNDER ELANDIA, INC. 
 2007 STOCK OPTION AND INCENTIVE PLAN 
 THIS PHANTOM STOCK AWARD AGREEMENT (the “Agreement”) is made and entered into on
                                , 2007 by and between Elandia, Inc., a Delaware
corporation (the “Company”), and                                  (the
“Grantee”). 
 RECITALS: 
 A. The Company desires to provide incentive compensation to the Grantee in the form of a phantom award of common stock, par value $0.00001 per share (the “Common Stock”), of the Company on the terms and
subject to the conditions set forth herein. 
 B. Pursuant to the Elandia, Inc. 2007 Stock Option and Incentive Plan, as amended through the
date hereof (the “Plan”), the Company hereby grants to the Grantee a phantom award of                         
(            ) shares of Common Stock. 
 NOW, THEREFORE, in consideration
of the covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Grant of Phantom Stock. The Company hereby grants to the Grantee named above a phantom award of
                         (            ) shares of
Common Stock (the “Phantom Shares”), subject to the terms and conditions set forth herein and in the Plan (the “Award”). 
 2. Incorporation of Plan Provisions. The Award evidenced hereby is made under and pursuant to the Plan, a copy of which is available from the secretary of the Company and incorporated herein by reference, and the Award is subject to
all of the provisions thereof. Capitalized terms used herein without definition shall have the same meanings given such terms in the Plan, unless a different meaning is specified herein. 
 3. Vesting of Phantom Stock. The Phantom Shares awarded to a Grantee shall vest and become fully payable in accordance with the vesting schedule
described as follows: 
  

			
	  

	  

	  

	  

	  
	 	.

 4. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal
place of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 
  

 D-1 

 5. Entire Agreement; Amendment. This Agreement is intended by the parties hereto to be the final
expression of their agreement with respect to the subject matter hereof and is the complete and exclusive statement of the terms thereof, notwithstanding any representations, statements or agreements to the contrary heretofore made. This Agreement
may not be modified, amended or terminated except by an instrument in writing signed by the parties hereto. 
 6. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
 IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first above written. 
  

			
	GRANTOR
	
	ELANDIA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The foregoing Agreement is hereby accepted and the terms and conditions thereof are hereby
agreed to by the undersigned. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
		 		 		 	  

		 		 		 	  

		 		 		 	  

  

 D-2 

 EXHIBIT E 
 FORM OF STOCK AWARD AGREEMENT 
 [RESTRICTED, UNRESTRICTED, DEFERRED OR PERFORMANCE-BASED]

 UNDER THE ELANDIA, INC. 
 2007 STOCK OPTION AND INCENTIVE PLAN 
 THIS STOCK AWARD AGREEMENT (the “Agreement”) is made and entered
into on                                 , 2007 by and between Elandia, Inc., a
Delaware corporation (the “Company”), and
                                 (the “Grantee”). 
 RECITALS: 
 A. The Company
desires to provide incentive compensation to the Grantee in the form of shares of common stock, par value $0.00001 per share (the “Common Stock”), of the Company on the terms and subject to the conditions set forth herein. 
 B. Pursuant to the Elandia, Inc. 2007 Stock Option and Incentive Plan, as amended through the date hereof (the “Plan”), the Company hereby
grants to the Grantee an award of                         
(            ) shares of common stock (the “Common Stock”), subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the covenants and agreements herein contained and for other good and valuable consideration the receipt, and adequacy
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Grant of Shares.
The Company hereby grants to the Grantee the right to receive              shares of Common Stock (the “Shares”), subject to the terms and conditions set forth herein and
in the Plan. 
 [Insert Paragraph 2 if granting Restricted Stock] 
 2. Restrictions and Conditions. 
  

	 	a.	Shares of Common Stock granted herein are subject to certain other restrictions described as follows: 

  

	
	  

	  

	  

  

	 	b.	Any book entries for the Shares granted herein shall bear an appropriate legend, as determined by the Administrator in its sole discretion, to the effect that such shares are
subject to restrictions as set forth herein and in the Plan. 

  

	 	c.	Shares granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee prior to vesting. 

  

 E-1 

 [Insert Paragraph 3 if the Shares granted are subject to a vesting schedule] 
 3. Vesting of Shares. The Shares awarded to a Grantee shall vest and become fully payable in accordance with the vesting schedule described as
follows: 
  

			
	  

	  

	  

	  

	  
	 	.

 [Insert Paragraphs 4 and 5 if granting a Performance-based Stock Award] 
 4. Performance Vesting Criteria. The Grantee shall be entitled to have issued the Shares upon satisfaction of the performance condition(s) at the
times or within the time frames (the “Performance Period(s)”) set forth below and in the Plan: 
  

			
	  

	  

	  

	  

	  
	 	.

 5. Performance-Based Compensation. The Award is/is not intended to constitute
“qualified performance-based compensation” within the meaning of Section 162(m) of the Internal Revenue Code and regulations thereunder. 
 6. Incorporation of Plan Provisions. The Award evidenced hereby is made under and pursuant to the Plan, a copy of which is available from the secretary of the Company and incorporated herein by reference, and
the Award is subject to all of the provisions thereof. Capitalized terms used herein without definition shall have the same meanings given such terms in the Plan, unless a different meaning is specified herein. 
 [Insert Paragraph 7 if granting Deferred Stock] 
 7.
Short-Term Referral. The Award is intended to constitute an arrangement that qualifies/ does not qualify as a “short-term deferral” exempt from the requirements of Section 409A of the Internal Revenue Code, and shall be
construed accordingly. 
 [Insert Paragraph 8 if Grantee is granted Unrestricted or Restricted Stock] 
 8. Election Under Section 83(b). The Grantee and the Company hereby agree that the Grantee may, within thirty (30) days following the
acceptance of this Award, file with the Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code. In the event the Grantee makes such an election, he or she agrees to provide a copy of the election
to the Company. 
  

 E-2 

 9. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place
of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 
  

			
	GRANTOR
	
	ELANDIA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The foregoing Agreement is hereby accepted and the terms and conditions thereof are hereby
agreed to by the undersigned. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
		 		 		 	  

		 		 		 	  

		 		 		 	  

  

 E-3

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