Document:

Exhibit 10.2

Exhibit 10.2

Loan Agreement United Bank

PROMISSORY NOTE 

	  Principal  

$1,500,000.00
	 Loan Date

01-16-2004
	 Maturity 

07-16-2004
	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:
	Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762
	Lender:

       

       
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

Principal Amount $1,500,000.00        Interest Rate: 5.490%       Date of Note:  January 16, 2004

PROMISE TO PAY. Royal Sons
Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp.
(“Borrower”) jointly and severally promise to pay to United Bank and Trust
Company (“Lender”), or order, in lawful money at the United States of America,
the principal amount of One Million Five Hundred Thousand & 00/100 Dollars
($1,500,000.00), together with interest on the unpaid principal balance from January 16,
2004, until paid in full. 

     PAYMENT.    
          Borrower will pay this loan in one principal payment of $1,500,000.00 plus
          interest in July 16, 2004. This payment due on July 16, 2004, will be for all
          principal and all accrued interest not yet paid. In addition, Borrower will pay
          regular monthly payments of all accrued unpaid interest due as of each payment
          date, beginning February 16, 2004, with all subsequent interest payments to be
          due on the same day of each month after that. Unless otherwise agreed or
          required by applicable law, payments will be applied first to any accrued unpaid
          interest; then to principal; then to any unpaid collection costs; and then to
          any late charges. The annual interest rate for this Note is computed on a
          365/360 basis; that is, by applying the ration of the annual interest rate over
          a year of 360 days, multiplied by the outstanding principal balance, multiplied
          by the actual number of days the principal balance is outstanding. Borrower will
          pay Lender at Lender’s address shown above or at such other place as Lender
          may designate in writing. 

VARIABLE INTEREST RATE. The
interest rate on this Note is subject to change from time to time based on changes in an
index which is the United Bank Prime Rate (the “Index”). The Index is not
necessarily the lowest rate charged by Lender on its loans and is set by Lender in its
sole discretion. If the Index becomes unavailable during the term of this loan, Lender may
designate a substitute index after notifying Borrower. Lender will tell Borrower the
current Index rate upon Borrower’s request. The interest rate change will not occur
more often than each day. Borrower understands that Lender may make loans based on other
rates as well. The Index currently is 4.990% per annum. The interest rate to be applied
to the unpaid principal balance of this Note will be at a rate of 0.500 percentage points
over the Index, resulting in an initial rate of 5.490% per annum. NOTICE: Under no
circumstances will the effective rate of interest on this Note be more than the maximum
rate allowed by applicable law. 

     PREPAYMENT.    
          Borrower agrees that all loan fees and other prepaid finance charges are earned
          fully as of the date of the loan and will not be subject to refund upon early
          payment (whether voluntary or as a result of default), except as otherwise
          required by law. Except for the foregoing, Borrower may pay without penalty all
          or a portion of the amount owed earlier than it is due. Early payments will not,
          unless agreed to by Lender in writing, relieve Borrower of Borrower’s
          obligation to continue to make payments under the payment schedule. Rather,
          early payments will reduce the principal balance due. Borrower agrees not to
          send Lender payments marked “paid in full”, “without
          recourse”, or similar language. If Borrower sends such a payment, Lender
          may accept it without losing any of Lender’s rights under this Note, and
          Borrower will remain obligated to pay any further amount owed to Lender. All
          written communications concerning disputed amounts, including any check or other
          payment instrument that indicates that the payment constitutes “payment in
          full” of the amount owed or that is tendered with other conditions or
          limitations or as full satisfaction of a disputed amount must be mailed or
          delivered to United Bank and Trust Company, P.O. Box 14517, St. Petersburg, FL
          33733. 

LATE CHARGE. If a payment is
10 days or more late, Borrower will be charged 5.000% of the regularly scheduled payment
or $10.00, whichever is greater. 

INTEREST AFTER DEFAULT. Upon
default, including failure to pay upon final maturity, Lender, at its option, may, if
permitted under applicable law, increase the variable interest rate on this Note to
18.000% per annum, if and to the extent that the increase does not cause the interest rate
to exceed the maximum rate permitted by applicable law. 

     DEFAULT.    
          Each of the following shall constitute an event of default (“Event of
          Default”) under this Note: 

	 	
Payment
Default. Borrower fails to make any payment when due under this Note. 

	 	
Other
Defaults. Borrower fails to comply with or to perform any other term, obligation,
covenant or condition contained in this Note or in any of the related documents or to
comply with or to perform any term, obligation, covenant or condition contained in any
other agreement between Lender and Borrower.

	 	
False
Statements. Any warranty, representation or statement made or furnished to Lender by
Borrower or on Borrower’s behalf under this Note or the related documents is false or
misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.

	 	

	 	
Insolvency.The
dissolution or termination of Borrower’s existence as a going           business,
the insolvency of Borrower, the appointment of a receiver for any part           of
Borrower’s property, any assignment for the benefit of creditors, any           type
of creditor workout, or the commencement of any proceeding under any           bankruptcy
or insolvency laws by or against Borrower. 

	 	
Creditor
of Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings,
whether by judicial processing, self-help, repossession or any other method, by any
creditor of Borrower or by any governmental agency against any collateral securing the
loan. This includes a garnishment of any of Borrower’s accounts, including deposit
accounts, with Lender. However, this Event of Default shall not apply if there is a good
faith dispute by Borrower as to the validity or reasonableness of the claim which is the
basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice
of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond
for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
discretion, as being an adequate reserve or bond for the dispute.

	 	
Events
Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor
of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or
disputes the validity of, or liability under, any guaranty of the indebtedness evidenced
by this Note. In the event of a death, Lender, at its option, may, but shall not be
required to, permit the Guarantor’s estate to assume unconditionally the obligations
arising under the guaranty in a manner satisfactory to Lender, and in doing so, cure any
Event of Default.

	 	
Change
in Ownership. Any change in ownership of twenty-five percent (25%) or more of the
common stock of Borrower. 

	 	
Adverse
Change. A material adverse change occurs in Borrower’s financial condition, or
Lender believes the prospect of payment or performance of this Note is impaired.

	 	
Insecurity.          Lender
in good faith believes itself insecure. 

	 	
Cure
Provisions. If any default, other than a default in payment is curable and if Borrower
has not been given a notice of a breach of the same provisions of this Note within the
preceding twelve (12) months, it may be cured (and no event of default will have occurred)
if Borrower, after receiving written notice from lender demanding Cure of such default:
(1) cures the default within five (5) days; or (2) if the cure requires more than five (5)
days, immediately initiates steps which Lender deems in lender’s sole discretion to
be sufficient to cure the default and thereafter continues and completes all reasonable
and necessary steps sufficient to produce compliance as soon as reasonably practical.

LENDER’S RIGHTS. Upon
default, Lender may declare the entire unpaid principal balance in this Note and all
accrued unpaid interest immediately due, and then Borrower will pay that amount. 

ATTORNEYS’ FEES;
EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower
does not pay. Borrower will pay Lender the amount of these costs and expenses, which
includes, subject to any limits under applicable law, Lender’s reasonable
attorneys’ fees and Lender’s legal expenses whether or not there is a lawsuit,
including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings
(including efforts to modify or vacate any automatic stay or injunction), and appeals. If
not prohibited by applicable law, Borrower also will pay any court costs, in addition to
all other sums provided by law. 

JURY WAIVER. Lender and Borrower
hereby waive the right to any jury trial in any action, proceeding, or counterclaim
brought by either Lender or Borrower against the other. 

GOVERNING LAW.  This Note
will be governed by, construed and enforced in accordance with federal law and the laws of
the State of Florida. This note has been accepted by Lender in the State of Florida. 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right to setoff in all Borrower’s
accounts with Lender (whether checking, or savings, or some other account). This includes
all accounts, or any trust accounts for which setoff would be prohibited by law. Borrower
authorizes Lender, to the extent permitted by applicable law, to change or setoff all sums
owning on the indebtedness against any and all such accounts, and, at Lender’s
option, to administratively freeze all such accounts to allow Lender to protect
lender’s charge and setoff rights provided in this paragraph. 

PROMISSORY NOTE 

(Continued) 

Page 2 

     COLLATERAL.    
          Borrower acknowledges this Note is secured by 1966 Mcdonnail Douglas DC- 9-15
          (Serial Number 45731) along with (2) Pratt & Whitney JT8D-7B engines, Serial
          #653906 and 658151. 

SUCCESSOR INTERESTS. The terms
of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal
representatives, successors and assigns, and shall inure to the benefit of Lender and its
successors and assigns. 

NOTIFY US OF INACCURATE
INFORMATION WE REPORT TO SONSUMER REPORTING AGENCIES. Please notify us if we report
any inaccurate information about your account(s) to a consumer reporting agency. Your
written notice describing the specific inaccuracy(ies) should be sent to us at the
following address: United Bank and Trust Company, P.O. Box 14517, St. Petersburg, FL
33733. 

GENERAL PROVISIONS. If any
part of this Note cannot be enforced, this fact will not affect the rest of the Note.
Borrower does not agree or intend to pay, and Lender does not agree or intend to contract
for, charge, collect, take, reserve or receive (collectively referred to herein as
“charge or collect”), any amount in the nature of interest or in the nature of a
fee for this loan, which would in any way or event (including demand, prepayment, or
acceleration) cause Lender to charge or collect more for this loan than the maximum Lender
would be permitted to charge or collect by federal law or the law of the State of Florida
(as applicable). Any such excess interest or unauthorized fee shall, instead of anything
stated to the contrary, be applied first to reduce the principal balance of this loan, and
when the principal has been paid in full, be refunded to Borrower. Lender may delay or
forgo enforcing any of its rights or remedies under this Note without losing them. Each
Borrower understands and agrees that, with or without notice to Borrower, Lender may with
respect to any other Borrower (a) make one or more additional secured or unsecured loans
or otherwise extend additional credit; (b) alter, compromise, renew, extend, accelerate,
or otherwise change one or more times the time for payment or other terms of any
indebtedness, including increases and decreases of the rate of interest on the
indebtedness; (c) exchange, enforce, waive, subordinate, fail or decide not to perfect,
and release any security, with or without the substitution of new collateral; (d) apply
such security and direct the order or manner of sale thereof, including without
limitation, any non-judicial sale permitted by the terms of the controlling security
agreements, as Lender in its discretion may determine; (e) release, substitute, agree not
to sue, or deal with any one or more of Borrower’s sureties, endorsers, or other
guarantors on any terms or in any manner Lender may choose; and (f) determine how, when
and what application of payments and credits shall be made on any other indebtedness owing
by such other Borrower. Borrower and any other person who signs, guarantees or endorses
this Note, to the extent allowed by law, waive presentment, demand for payment, and notice
of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly
stated in writing, no party who signs this Note, whether as maker, guarantor,
accommodation maker or endorser, shall be released from liability. All such parties agree
that Lender may renew or extend (repeatedly and for any length of time) this loan or
release any party or guarantor or collateral; or impair, fail to realize upon or perfect
lender’s security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such parties also
agree that lender may modify this loan without consent of or notice to anyone other than
the party with whom the modification is made. The obligations under this Note are joint
and several. 

PRIOR TO SIGNING THIS NOTE, EACH
BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING VARIABLE INTEREST
RATE PROVISIONS. EACH BORROWER AGREES TO THE TERMS OF THE NOTE. 

BORROWER ACKNOWLEDGES
RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 

BORROWER: 

ROYAL SONS MOTOR YACHT
SALES, INC. DBA ROYAL SONS 

By:__________________________________________________
Frederic
J. Geffon, President of Royal Sons Motor
Yacht sales, Inc. DBA Royal Sons

SKYWAY COMMUNICATIONS
HOLDING CORP. 

By:_____________________________________________
Brent
Kovar, President of Skyway Communications
Holding Corp. 

DISBURESMENT REQUEST
AND AUTHORIZATION 

	  Principal  

$1,500,000.00
	 Loan Date

01-16-2004
	 Maturity 

07-16-2004
	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:

         

         

         

         

Grantor: 

         

         

         
	
Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762

Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons

15875 Fairchild Drive

Clearwater, FL 33762	Lender:
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

LOAN TYPE. This is a Variable
Rate Nondisclosable Loan to 2 Corporations for $1,500,000.00 due on July 16, 2004. The
reference rate (United Bank Prime Rate, currently 4.990%) is added to the margin of
0.500%, resulting in an initial rate of 5.490. 

PRIMARY PURPOSE OF LOAN. The
primary purpose of this loan is for: 

    [   ]       
Personal, Family, or Household Purposes or Personal Investment. 

         [X]       
          Business (Including Real Estate Investment). 

SPECIFIC PURPOSE. Borrower
understands that no loan proceeds will be disbursed until all of Lender’s conditions
for making the loan have been satisfied. Please disburse the loan proceeds of
$1,500,000.00 as follows: 

	Amount paid to Borrower directly:	 	 	$	    1,492,527.00	 
	   $1,492,527.00 Deposited to Checking account # 102635601	 	 
	Other Charges Financed:	 	 	$	        6,823.00	 
	   $1,545.00 Escrow Fee-Aero Space Reports Escrow, Inc.	 	 
	   $28.00 UCC1-filing fee	 	 
	   $5,250.00 Documentary Stamp Tax	 	 
	Total Financed Prepaid Finance Charges:	 	 	$	          650.00	 
	   $650.00 Bank Fee-United Bank	 	 
		
	
	Note Principal:	 	 	$	    1,500,000.00	 

FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE
IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S FINANCIAL CONDITION AS DISCLOSED IN
BORROWER'S MOST RECENT FINANCIAL STATEMENT TO LENDER. THIS AUTHORIZATION IS DATED JANAURY 16, 2004.

BORROWER: 

ROYAL SONS MOTOR YACHT
SALES, INC. DBA ROYAL SONS 

By:__________________________________________________
Frederic
J. Geffon, President of Royal Sons Motor
Yacht sales, Inc. DBA Royal Sons

SKYWAY COMMUNICATIONS
HOLDING CORP. 

By:_____________________________________________
Brent
Kovar, President of Skyway Communications
Holding Corp. 

AGREEMENT TO PROVIDE INSURANCE

	  Principal  

$1,500,000.00
	 Loan Date

01-16-2004
	 Maturity 

07-16-2004
	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:
	Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762
	Lender:

       

       
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

INSURANCE REQUIREMENTS.
Grantor, Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons (“Grantor”),
understands that insurance coverage is required in connection with the extending of a loan
or the providing of other financial accommodations to Royal Sons Motor Yacht Sales, Inc.
DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) by Lender.
These requirements are set forth in the security documents for the loan. The following
minimum insurance coverages must be provided on the following described collateral (the
“Collateral”): 

	Collateral:

           

           

           

           
	1966 McDononnell Douglas DC-9-15 airplane Serial #45731, FAA Registration #120NE and (2) Pratt & Whitney JT8D-7B

engines, Serial # 653906 and 658151.

Type: All risks, including fire, theft and liability.

Amount: Not Applicable.

Basis: Replacement value.
Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or
diminished without a minimum of 10 days prior written notice to Lender. Latest Delivery
Date: By the loan closing date.

INSURANCE COMPANY. Grantor may
obtain insurance from any insurance company Grantor may choose that is reasonably
acceptable to Lender. Grantor understands that credit may not be denied solely because
insurance was not purchased through Lender. 

INSURANCE MAILING ADDRESS. All
documents and other materials relating to insurance for this loan should be mailed,
delivered or directed to the following address: 

United Bank and Trust Company

                  P.O. Box 14517

                  St. Petersburg, Fl 33733

FAILURE TO PROVIDE INSURANCE.
Grantor agrees to deliver to Lender, on the latest delivery date stated above, proof of
the required insurance as provided above, with an effective date of January 16, 2004, or
earlier. Grantor acknowledges and agrees that if Grantor fails to provide any required
insurance or fails to continue such insurance in force, Lender may do so at Grantor’s
expense as provided in the applicable security document. GRANTOR ACKNOWLEDGES THAT IF
LENDER SO PURCHASES ANY SUCH INSURANCE, THE INSURANCE WILL PROVIDE LIMITED PROTECTION
AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO AN AMOUNT EQUAL TO THE LESSER OF (1) THE
UNPAID BALANCE OF THE DEBT, EXCLUDING ANY UNEARNED FINANCE CHARGES, OR (2) THE VALUE OF
THE COLLATERAL; HOWEVER, GRANTOR’S EQUITY IN THE COLLATERAL MAY NOT BE INSURED. IN
ADDITION, THE INSURANCE MAY NOT PROVIDE ANY PUBLIC LIABILITY OR PROPERTY DAMAGE
INDEMNIFICATION AND MAY NOT MEED THE REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY LAWS. 

     AUTHORIZATION.    
          For purposes of insurance coverage on the Collateral, Grantor authorizes Lender
          to provide to any person (including any insurance agent or company) all
          information Lender deems appropriate, whether regarding the Collateral, the loan
          or other financial accommodations, or both. 

GRANTOR ACKNOWLEDGES HAVING READ
ALL THE PROVISIONS OF THIS AGREEMENT TO PROVIDE INSURANCE AND AGREES TO ITS TERMS. THIS
AGREEMENT IS DATED JANUARY 16, 2004. 

GRANTOR: 

ROYAL SONS MOTOR YACHT
SALES, INC. DBA ROYAL SONS 

By:__________________________________________________
Frederic
J. Geffon, President of Royal Sons Motor
Yacht sales, Inc. DBA Royal Sons

     

FOR LENDER USE ONLY 

INSURANCE VERIFICATION 

		
	DATE: __________________	 	 	PHONE: _____________________	 	 
			
	AGENT'S NAME: _______________________	 	 
	AGENCY: ____________________________________	 	 
	INSURANCE COMPANY: _________________________	 	 
	POLICY NUMBER:	 	 
	EFFECTIVE DATES:_______________________________________	 	 
			
	COMMENTS: ____________________________________________	 	 
			

CORPORATE RESOLUTION
TO BORROW 

	  Principal  

$1,500,000.00
	 Loan Date

01-16-2004
	 Maturity 

07-16-2004
	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:

         

         

         

         

Grantor: 

         

         

         
	
Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762

Skyway Communications Holding Corp.
6021 142nd Avenue North

Clearwater, FL 33760	Lender:
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

I, THE UNDERSIGNED, DO
HEREBY CERTIFY THAT: 

THE CORPORATION’S
EXISTENCE. The complete and correct name of the Corporation is Skyway Communications
Holding Corp. (“Corporation”). The Corporation is a corporation for profit which
is, and at all times shall be, duly organized, validly existing, and in good standing
under and by virtue of the laws of the State of Florida. The Corporation is duly
authorized to transact business in all other states in which the Corporation us doing
business, having obtained all necessary filings, governmental licenses and approvals for
each states in which the failure to so qualify would have a material adverse effect on its
business or financial condition. The Corporation has the full power and authority to own
its properties and to transact the business in which it is presently engaged or presently
proposes to engage. The Corporation maintains an office at 6021 142nd Avenue
North, Clearwater, FL 33760. Unless the corporation has designated otherwise in writing,
the principal office is the office at which the Corporation keeps its books and records.
The corporation will notify Lender prior to any change in the location of the
Corporation’s state of organization or any change in the Corporation’s name. The
Corporation shall do all things necessary to preserve and to keep in full force and effect
its existence, rights and privileges, and shall comply with all regulations, rules,
ordinances, statutes, orders and decrees of any governmental or quasi-governmental
authority or court applicable to the Corporation and the Corporation’s business
activities. 

RESOLUTIONS ADOPTED. At a
meeting of the Directors of the Corporation, or if the Corporation is a close corporation
having no Board of Directors then at a meeting of the Corporation’s shareholders,
duly called and held on ________, at which a quorum was present and voting, or by other
duly authorized action in lieu of a meeting, the resolutions set forth in this Resolution
were adopted. 

     OFFICER.    
          The following named person is an officer of Skyway Communications Holding Corp.: 

	NAMES
	TITLES
	AUTHORIZED
	ACTUAL SIGNATURES

	Brent Kovar
	President
	Y
	x________________________

ACTIONS AUTHORIZED. The
authorized person listed above may enter into any agreements of any nature with Lender,
and those agreements will bind the Corporation. Specifically, but without limitation, the
authorized person is authorized, empowered, and directed to do the following for and on
behalf of the Corporation. 

	 	
Borrow
Money. To borrow, as a cosigner or otherwise, from time to time from Lender, on such
terms as may be agreed upon between the Corporation and Lender, such sum or sums of money
as in his or her judgment should be borrowed, without limitation.

	 	
Execute
Notes. To execute and deliver to Lender the promissory note or notes, or other
evidence of the Corporation’s credit accommodations, on Lender’s forms, at such
rates of interest and on such terms as may be agreed upon, evidencing the sums of money so
borrowed or any of the Corporation’s indebtedness to Lender, and also to execute and
deliver to Lender one or more renewals, extensions, modifications, refinancings,
consolidations, or substitutions for one or more of the notes, any portion of the notes,
or any other evidence of credit accommodations.

	 	
Execute
Security Documents. To execute and deliver to Lender the forms of mortgage, deed of
trust, pledge agreement, hypothecation agreement, and other security agreements and
financing statements which Lender may require and which shall evidence the terms and
conditions under any pursuant to which such liens and encumbrances, or any of them, are
given; and also to execute and deliver to Lender any other written instruments, any
chattel paper, or any other collateral, of any kind or nature, which Lender may deem
necessary or proper in connection with or pertaining to the giving of the liens and
encumbrances.

	 	
Negotiate
Items.  To draw, endorse, and discount with Lender all drafts, trade acceptances,
promissory notes, or other evidences of indebtedness payable to or belonging to the
Corporation or in which the Corporation may have an interest, and either to receive cash
for the same or to cause such proceeds to be credited to the Corporation’s account
with Lender, or to cause such other disposition of the proceeds derived therefrom as he or
she may deem advisable.

	 	
Further
Acts. In the case of lines of credit, to designate additional or alternate individuals
as being authorized to request advances under such lines, and in all cases, to do and
perform such other acts and things, to pay any and all fees and costs, and to execute and
deliver such other documents and agreements, including agreements waiving the right to a
trial by jury, as the officer may in his or her discretion deem reasonably necessary or
proper in order to carry into effect the provisions of this Resolution.

ASSUMED BUSINESS NAMES. The
Corporation has filed or recorded all documents or filings required by law relating to all
assumed business names used by the Corporation. Excluding the name of the Corporation, the
following is a complete list of all assumed business names under which the Corporation
does business: None. 

MULTIPLE BORROWERS. The
Corporation may enter into transactions in which there are multiple borrowers on
obligations to Lender and the Corporation understands and agrees that, with or without
notice to the Corporation, Lender may discharge or release any party or collateral
securing an obligation, grant any extension of time for payment, delay enforcing any
rights granted to Lender, or take any other action or inaction, without the loss to Lender
of any of its rights against the Corporation; and that Lender may modify transactions
without the consent of or notice to anyone other than the party with whom the modification
is made. 

NOTICES TO LENDER. The
Corporation will promptly notify Lender in writing at Lender’s address shown above
(or such other addresses as Lender may designate from time to time) prior to any (A)
change in the Corporation’s name; (B) change in the Corporation’s assumes
business name(s); (C) change in the management of the Corporation; (D) change in the
authorized signer(s); (E) change in the Corporation’s principal office address; (F)
change on the Corporation’s state of organization; (G) conversion of the Corporation
to a new or different type of business entity; or (H) change in any other aspect of the
Corporation that directly or indirectly relates to any agreements between the Corporation
and Lender. No change in the Corporation’s name of state of organization will take
effect until after Lender has received notice. 

DEPOSIT ACCOUNTS. The
lender named above is designated as a depository for funds of this corporation. Persons
listed above are authorized to open any deposit or checking account, endorse checks for
the payment of money and withdraw funds on deposit with Lender, authorize stop payments,
and execute any account agreement or contract with the Lender binding the Corporation to
its terms and conditions. 

CERTIFICATION CONCERNING OFFICERS
AND RESOLUTIONS. The officer named above is duly elected, appointed, or employed by or
for the Corporation, as the case may be, and occupies the position set opposite his or her
respective name. This Resolution now stands of record on the books of the Corporation, is
in full force and effect, and has not been modified or revoked in any matter whatsoever. 

NO CORPORATE SEAL. The
Corporation has no corporate seal, and therefore, no seal is affixed to this Resolution. 

CONTINUING VALIDITY. Any and
all acts authorized pursuant to this Resolution and performed prior to the passage of this
Resolution are hereby ratified and approved. This Resolution shall be continuing, shall
remain in full force and effect and Lender may rely on it until written notice of its
revocation shall have been delivered to and received by lender at Lender’s address
shown above (or such addresses as Lender may designate from time to time). Any such notice
shall not affect any of the Corporation’s agreements or commitments in effect at the
time notice is given. 

IN TESTIMONY WHEREOF, I have
hereunto set my hand and attest that the signature set opposite the name listed above is
his or her genuine signature. 

I have read all the provisions of
this resolution, and I personally and on behalf of the Corporation certify that all
statements and representations made in this Resolution are true and correct. This
Corporate Resolution to Borrow is dated ______________________. 

CORPORATE RESOLUTION
TO BORROW 

(Continued) 

Page 2 

     

	 	CERTIFIED TO AND ATTESTED BY: 

x________________________________

 Brent Kovar

NOTE: If the officer signing this
Resolution is designated by the foregoing document as one if the officers authorized to
act on the Corporation’s behalf, it is advisable to have this Resolution signed by at
least one non-authorized officer of the Corporation. 

CORPORATE RESOLUTION
TO BORROW/GRANT COLLATERAL 

	  Principal  

$1,500,000.00
	 Loan Date

01-16-2004
	 Maturity 

07-16-2004
	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:

         

         

         

         

Grantor: 

         

         

         
	
Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762

Royal Sons Motor Yacht Sales, Inc. DBA Royal

Sons
15875 Fairchild Drive

Clearwater, FL 33762	Lender:
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

I, THE UNDERSIGNED, DO
HEREBY CERTIFY THAT: 

THE CORPORATION’S EXISTENCE.
The complete and correct name of the Corporation is Royal Sons Motor Yacht Sales, Inc.
DBA Royal Sons (“Corporation”). The Corporation is a corporation for profit
which is, and at all times shall be, duly organized, validly existing, and in good
standing under and by virtue of the laws of the State of Florida. The Corporation is duly
authorized to transact business in all other states in which the Corporation us doing
business, having obtained all necessary filings, governmental licenses and approvals for
each states in which the failure to so qualify would have a material adverse effect on its
business or financial condition. The Corporation has the full power and authority to own
its properties and to transact the business in which it is presently engaged or presently
proposes to engage. The Corporation maintains an office at 15875 Fairchild Drive,
Clearwater, FL 33762. Unless the corporation has designated otherwise in writing, the
principal office is the office at which the Corporation keeps its books and records. The
corporation will notify Lender prior to any change in the location of the
Corporation’s state of organization or any change in the Corporation’s name. The
Corporation shall do all things necessary to preserve and to keep in full force and effect
its existence, rights and privileges, and shall comply with all regulations, rules,
ordinances, statutes, orders and decrees of any governmental or quasi-governmental
authority or court applicable to the Corporation and the Corporation’s business
activities. 

RESOLUTIONS ADOPTED. At a
meeting of the Directors of the Corporation, or if the Corporation is a close corporation
having no Board of Directors then at a meeting of the Corporation’s shareholders,
duly called and held on ________, at which a quorum was present and voting, or by other
duly authorized action in lieu of a meeting, the resolutions set forth in this Resolution
were adopted. 

     OFFICER.    
          The following named person is an officer of Royal Sons Motor Yacht Sales, Inc.
          DBA Royal Sons: 

	NAMES
	TITLES
	AUTHORIZED
	ACTUAL SIGNATURES

	Fredric J. Geffon
	President
	Y
	x________________________

ACTIONS AUTHORIZED. The
authorized person listed above may enter into any agreements of any nature with Lender,
and those agreements will bind the Corporation. Specifically, but without limitation, the
authorized person is authorized, empowered, and directed to do the following for and on
behalf of the Corporation. 

	 	
Borrow
Money. To borrow, as a cosigner or otherwise, from time to time from Lender, on such
terms as may be agreed upon between the Corporation and Lender, such sum or sums of money
as in his or her judgment should be borrowed, without limitation.

	 	
Execute
Notes. To execute and deliver to Lender the promissory note or notes, or other
evidence of the Corporation’s credit accommodations, on Lender’s forms, at such
rates of interest and on such terms as may be agreed upon, evidencing the sums of money so
borrowed or any of the Corporation’s indebtedness to Lender, and also to execute and
deliver to Lender one or more renewals, extensions, modifications, refinancings,
consolidations, or substitutions for one or more of the notes, any portion of the notes,
or any other evidence of credit accommodations.

	 	
Execute
Security Documents. To execute and deliver to Lender the forms of mortgage, deed of
trust, pledge agreement, hypothecation agreement, and other security agreements and
financing statements which Lender may require and which shall evidence the terms and
conditions under any pursuant to which such liens and encumbrances, or any of them, are
given; and also to execute and deliver to Lender any other written instruments, any
chattel paper, or any other collateral, of any kind or nature, which Lender may deem
necessary or proper in connection with or pertaining to the giving of the liens and
encumbrances.

	 	
Negotiate
Items.  To draw, endorse, and discount with Lender all drafts, trade acceptances,
promissory notes, or other evidences of indebtedness payable to or belonging to the
Corporation or in which the Corporation may have an interest, and either to receive cash
for the same or to cause such proceeds to be credited to the Corporation’s account
with Lender, or to cause such other disposition of the proceeds derived therefrom as he or
she may deem advisable.

	 	
Further
Acts. In the case of lines of credit, to designate additional or alternate individuals
as being authorized to request advances under such lines, and in all cases, to do and
perform such other acts and things, to pay any and all fees and costs, and to execute and
deliver such other documents and agreements, including agreements waiving the right to a
trial by jury, as the officer may in his or her discretion deem reasonably necessary or
proper in order to carry into effect the provisions of this Resolution.

ASSUMED BUSINESS NAMES. The
Corporation has filed or recorded all documents or filings required by law relating to all
assumed business names used by the Corporation. Excluding the name of the Corporation, the
following is a complete list of all assumed business names under which the Corporation
does business: None. 

MULTIPLE BORROWERS. The
Corporation may enter into transactions in which there are multiple borrowers on
obligations to Lender and the Corporation understands and agrees that, with or without
notice to the Corporation, Lender may discharge or release any party or collateral
securing an obligation, grant any extension of time for payment, delay enforcing any
rights granted to Lender, or take any other action or inaction, without the loss to Lender
of any of its rights against the Corporation; and that Lender may modify transactions
without the consent of or notice to anyone other than the party with whom the modification
is made. 

NOTICES TO LENDER. The
Corporation will promptly notify Lender in writing at Lender’s address shown above
(or such other addresses as Lender may designate from time to time) prior to any (A)
change in the Corporation’s name; (B) change in the Corporation’s assumes
business name(s); (C) change in the management of the Corporation; (D) change in the
authorized signer(s); (E) change in the Corporation’s principal office address; (F)
change on the Corporation’s state of organization; (G) conversion of the Corporation
to a new or different type of business entity; or (H) change in any other aspect of the
Corporation that directly or indirectly relates to any agreements between the Corporation
and Lender. No change in the Corporation’s name of state of organization will take
effect until after Lender has received notice. 

DEPOSIT ACCOUNTS. The
lender named above is designated as a depository for funds of this corporation. Persons
listed above are authorized to open any deposit or checking account, endorse checks for
the payment of money and withdraw funds on deposit with Lender, authorize stop payments,
and execute any account agreement or contract with the Lender binding the Corporation to
its terms and conditions. 

CERTIFICATION CONCERNING OFFICERS
AND RESOLUTIONS. The officer named above is duly elected, appointed, or employed by or
for the Corporation, as the case may be, and occupies the position set opposite his or her
respective name. This Resolution now stands of record on the books of the Corporation, is
in full force and effect, and has not been modified or revoked in any matter whatsoever. 

NO CORPORATE SEAL. The
Corporation has no corporate seal, and therefore, no seal is affixed to this Resolution. 

CONTINUING VALIDITY. Any and
all acts authorized pursuant to this Resolution and performed prior to the passage of this
Resolution are hereby ratified and approved. This Resolution shall be continuing, shall
remain in full force and effect and Lender may rely on it until written notice of its
revocation shall have been delivered to and received by lender at Lender’s address
shown above (or such addresses as Lender may designate from time to time). Any such notice
shall not affect any of the Corporation’s agreements or commitments in effect at the
time notice is given. 

CORPORATE RESOLUTION
TO BORROW 

(Continued) 

Page 2 

     

IN TESTIMONY WHEREOF, I have
hereunto set my hand and attest that the signature set opposite the name listed above is
his or her genuine signature. 

I have read all the provisions of
this resolution, and I personally and on behalf of the Corporation certify that all
statements and representations made in this Resolution are true and correct. This
Corporate Resolution to Borrow is dated ______________________. 

	 	CERTIFIED TO AND ATTESTED BY:

x________________________________

   Frederic J. Geffon, President of Royal

  Sons Motor Yacht Sales, Inc. DBA Royal Sons

NOTE: If the officer signing this
Resolution is designated by the foregoing document as one if the officers authorized to
act on the Corporation’s behalf, it is advisable to have this Resolution signed by at
least one non-authorized officer of the Corporation. 

COMMERCIAL GUARANTY 

	  Principal  

	 Loan Date

	 Maturity 

	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:

         

         

         

         

Grantor: 

         

         

         
	
Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762

Frederic J. Geffon

10316 Paradise Blvd.

Treasure Island, FL 33706	Lender:
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

AMOUNT OF GUARANTY.  The amount of
this Guaranty is Unlimited. 

CONTINUING ULIMITED GUARANTY. For
good and valuable consideration, Frederic J. Geffon (“Guarantor”) absolutely and
unconditionally guarantees and promises to pay to the United Bank and Trust Company
(“Lender”) or its order, in legal tender of the United States of America, the
indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA
Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or
any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this
Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are
continuing. 

INDEBTEDNESS GUARNATEED. The
indebtedness guaranteed by this Guaranty includes any and all of Borrower’s
indebtedness to lender and is used in the most comprehensive sense and means and includes
any and all of Borrower’s liabilities, obligations and debts to lender, now existing
or hereinafter incurred or created, including, without limitation, all loans, advances,
interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease
obligations, other obligations, and liabilities of Borrower, or any of them, and any
present or future judgments against Borrower, or any of them; and whether any such
Indebtedness is voluntarily or involuntarily incurred, due or not due, absolute or
contingent, liquidated or unliquidated, determined or undetermined; whether Borrower may
be liable individually or jointly with others, or primarily or secondarily, or as
guarantor or surety; whether recovery on the Indebtedness may be or may become barred or
unenforceable against Borrower for any reason whatsoever; and whether the Indebtedness
arises from transactions which may be voidable on account of infancy, insanity, ultra
vires, or otherwise. 

DURATION OF GUARANTY. This
Guaranty will take effect when received by Lender without the necessity of any acceptance
by Lender, or any notice to Guarantor or to Borrower, and will continue in full force
until all Indebtedness incurred or contracted before receipt by Lender of any notice of
revocation shall have been fully and finally paid and satisfied and all of
Guarantor’s other obligations under this Guaranty shall have been performed in full.
If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing.
Guarantor’s written notice of revocation must be mailed to Lender, by certified mail,
at Lender’s address listed above or such other place as Lender may designate in
writing, Written revocation of this Guaranty will apply only to advances or new
indebtedness created after actual receipt by Lender of Guarantor’s written
revocation. For this purpose and without limitation, the term “new Indebtedness”
does not include Indebtedness which at the time of notice of revocation is contingent,
unliquidated, undetermined or not due and which later becomes absolute, liquidated,
determined or due. This Guaranty will continue to bind Guarantor for all indebtedness
incurred by Borrower or committed by Lender prior to receipt of Guarantor’s written
notice of revocation, including any extensions, renewals, substitutions or modifications
of the Indebtedness. All renewals, extensions, substitutions, and modifications of the
Indebtedness granted after Guarantor’s revocation, are contemplated under this
Guaranty and, specifically will not be considered to be new Indebtedness. This Guaranty
shall bind Guarantor’s estate as to Indebtedness created both before and after
Guarantor’s death or incapacity, regardless of Lender’s actual notice
Guarantor’s death. Subject to the foregoing, Guarantor’s executor or
administrator or other legal representative may terminate this Guaranty in the same manner
in which Guarantor might have terminated it and with the same effect. Release of any other
guarantor or termination of any other guaranty of the Indebtedness shall not affect the
liability of Guarantor under this Guaranty. A revocation Lender receives from any one or
more Guarantors shall not affect the liability of any remaining Guarantors under this
Guaranty. It is anticipated that fluctuations may occur in the aggregate amount of
Indebtedness covered by this Guaranty, and Guarantor specifically acknowledges and agrees
that reductions in the amount of Indebtedness, even to zero dollars (0.00), prior to
Guarantor’s written revocation of this Guaranty shall not constitute a termination of
this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s heirs,
successors and assigns so long as any of the guaranteed Indebtedness remains unpaid and
even though the Indebtedness guaranteed may from time to time be zero dollars ($0.00). 

GUARANTOR’S AUTHORIZATION TO
LENDER. Guarantor authorizes Lender, either before or after any revocation hereof,
without notice or demand and without lessening Guarantor’s liability under this
Guaranty, from time to time: (A) prior to revocation as set forth above, to make one
or more additional secured or unsecured loans to Borrower, to lease equipment or other
goods to Borrower, or otherwise to extend additional credit to Borrower; (B) to alter,
compromise, renew, extend, accelerate, or otherwise change one or more times the time for
payment or other terms of the Indebtedness or any part of the Indebtedness, including
increases and decreases of the rate of interest on the Indebtedness; extensions may be
repeated and may be for longer than the original loan term; (C) to take and hold security
for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release and such security, with or without
the substitution of new collateral; (D) to release, substitute, agree not to sue, or deal
with any one or more of the Borrower’s sureties, endorsers, or other guarantors on
any terms or in any manner Lender may choose; (E) to determine how, when and what
application of payments and credits shall be made on the Indebtedness (F) to apply such
security and direct the order or manner of sale thereof, including without limitation, any
nonjudicial sale permitted by the terms of the controlling security agreement or deed of
trust, as Lender in its discretion may determine; (G) to sell, transfer, assign or grant
participations in all or any part of the Indebtedness; and (H) to assign or transfer this
Guaranty in whole or in part. 

GUARANTOR’S REPRESENTATIONS
AND WARRANTIES. Guarantor represents and warrants to Lender that (A) no
representations or agreements of any kind have been made to Guarantor which would limit or
qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at
Borrower’s request and not at the request of Lender; (C) Guarantor has full power,
right and authority to enter into this Guaranty; (D) the provisions of this Guaranty do
not conflict with or result in a default under any agreement or other instrument binding
upon Guarantor and do not result in a violation of any law, regulation, court decree or
order applicable to Guarantor; (E) Guarantor has not and will not, without the prior
written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or
otherwise dispose of all or substantially all of guarantor’s assets, or any interest
therein; (F) upon Lenders request, Guarantor will provide to Lender financial and credit
information in form acceptable to Lender, and all such financial information which
currently has been, and all future financial information which will be provided to Lender
is and will be true and correct in all material respects and fairly present
Guarantor’s financial condition as of the dates the financial information is
provided; (G) no material adverse change has occurred in Guarantor’s financial
condition since the date of the most recent financial statements provided to Lenderand no
event has occurred which may materially adversely affect Guarantor’s financial
condition; (H) no litigation, claim, investigation, administrative proceeding or similar
action (including those for unpaid taxes) against Guarantor is pending or threatened; (I)
Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and
(J) Guarantor has established adequate means of obtaining from Borrower on a continuing
basis information regarding Borrower’s financial condition. Guarantor agrees to keep
adequately informed from such means of any facts, events, or circumstances which might in
any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees
that, absent a request for information, Lender shall have no obligation to disclose to
Guarantor any information or documents acquired by Lender in the course of its
relationship with Borrower. 

GUARANTOR’S WAIVERS.
Except as prohibited by applicable law, Guarantor waives any right to require Lender (A)
to continue lending money or to extend other credit to Borrower; (B) to make any
presentment, protest, demand, or notice of any kind, including notice of any nonpayment of
the Indebtedness or of any nonpayment related to any collateral, or notice of any action
or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in
connection with the Indebtedness or in connection with the creation of new or additional
loans or obligations; (C) to resort for payment or to proceed directly or at once against
any person, including Borrower or any other guarantor; (D) to proceed directly against or
exhaust any collateral held by Lender from Borrower, any other guarantor, or any other
person; (E) to pursue any other remedy within Lender’s power; or (F) to commit any
act or omission of any kind, or at any time, with respect to any matter whatsoever. 

Guarantor also waives any and all
rights or defenses arising by reason of (A) any “one action” or
“anti-deficiency” law or any other law which may prevent Lender from bringing
any action, including a claim for deficiency, against Guarantor, before or after
Lender’s commencement or completion of any foreclosure action, either judicially or
by exercise of a power of sale; (B) any election of remedies by Lender which destroys or
otherwise adversely affects Guarantor’s subrogation rights or Guarantor’s rights
to proceed against Borrower for reimbursement, including without limitation, any loss of
rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the
Indebtedness; (C) any disability or other defense of Borrower, of any other guarantor, or
of any other person, or by reason of the cessation of Borrower’s liability from any
cause whatsoever, other than payment in full in legal tender, of the Indebtedness of
Borrower to Lender which is not barred by any applicable statute of limitations; or (F)
any defenses given to guarantors at law or in equity other than actual payment and
performance of the Indebtedness. If payment is made by Borrower, whether voluntarily or
otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced to
remit the amount of that payment to Borrower’s trustee in bankruptcy or to any
similar person under any federal or state bankruptcy law or law for the relief of debtors,
the Indebtedness shall be considered unpaid for the purpose of the enforcement of its
Guaranty. 

Guarantor further waives and agrees
not to assert or claim at any time any deductions to the amount guaranteed under this
Guaranty for any claim of setoff, counterclaim, counter demand, recoupment or similar
right, whether such claim, demand or right may be asserted by the Borrower, the Guarantor,
or both. 

COMMERCIAL GUARANTY 

(Continued) 

Page 2 

     

GUARANTOR’S UNDERSTANDING
WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set
forth above is made with Guarantor’s full knowledge of its significance and
consequences and that, under the circumstances, the waivers are reasonable and not
contrary to public policy or law. If any such waiver is determined to be contrary to any
applicable law or public policy, such waiver shall be effective only to the extent
permitted by law or public policy. 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Guarantor’s
accounts with Lender (whether checking, savings, or some other account). This includes all
accounts Guarantor holds jointly with someone else and all accounts Guarantor may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust
accounts for which setoff would be prohibited by law. Guarantor authorizes Lender, to the
extents permitted by applicable law, to hold these funds if there is a default, and Lender
may apply the funds in these accounts to pay what Guarantor owes under the terms of the
Guaranty. 

SUBORDINATION OF BORROWER’S
DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender,
whether now existing or hereafter created, shall be superior to any claim that Guarantor
may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against
Borrower, upon any account whatsoever, to any claim that Lender may now or hereafter have
against Borrower. In the event of insolvency and consequent liquidation of the assets of
Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary
liquidation, or otherwise, the assets of Borrower applicable to the payment of the claims
of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender
to the Indebtedness of Borrower to lender. Guarantor does hereby assign to Lender all
claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for
the purpose of assuring to Lender full payment in legal tender of the Indebtedness. If
Lender so requests, any notes or credit agreements now or hereafter evidencing any debts
or obligations of Borrower to Guarantor shall be marked with a legend that the same are
subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is
hereby authorized, in the name of Guarantor, from time to time to execute and file
financing statements and continuation statements and to execute such other documents and
to take such other actions as Lender deems necessary or appropriate to perfect, preserve
and enforce its rights under this Guaranty. 

     GARNISHMENT.    
          Guarantor consents to the issuance of a continuing writ of garnishment or
          attachment against Guarantor’s disposable earnings, in accordance with
          Section 222.11, Florida Statutes, in order to satisfy, in whole or in part, any
          money judgment entered in favor of Lender. 

MISCELLANEOUS PROVISIONS. The
following miscellaneous provisions are a part of this Guaranty: 

     	 	Amendments.
           This Guaranty, together with any Related Documents, constitutes the entire
          understanding and agreement of the parties as to the matters set forth in this
          Guaranty. No alteration of or amendment to this Guaranty shall be effective
          unless given in writing and signed by the party or parties sought to be charged
          or bound by the alteration or amendment. 

          

	 	
Attorneys’
Fees; Expenses. Guarantor agrees to pay upon demand all of Lender’s costs and
expenses, including lender’s reasonable attorneys’ fees and Lender’s legal
expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or
pay someone else to help enforce this Guaranty, and Guarantor shall pay the costs and
expenses of such enforcement. Costs and expenses include Lender’s reasonable
attorneys’ fees and legal expenses whether or not there is a lawsuit, including
reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. Guarantor also shall pay all court costs
and such additional fees as may be directed by the court.

	 	
Caption
Headings. Caption headings in this Guaranty are for convenience purposes only and are
not to be used to interpret or define the provisions of this Guaranty.

	 	
Governing
Law. This Guaranty will be governed by, construed and enforced in accordance with federal
law and the laws of  the state of Florida. This Guaranty has been accepted by
Lender in the State of Florida.

     	 	Integration.

           Guarantor further agrees that Guarantor has read and fully understands the
          terms of this Guaranty; Guarantor has had the opportunity to be advised by
          Guarantor’s attorney with respect to this Guaranty; the Guaranty fully
          reflects Guarantor’s intentions and parol evidence is not required to
          interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds
          Lender harmless from all losses, claims, damages, and costs (including
          Lender’s attorney’s fees) suffered or incurred by Lender as a result
          of any breach by Guarantor of the warranties, representations and agreements of
          this paragraph. 

          

     		Interpretation.
           In all cases where there is more than one Borrower or Guarantor, then all words
          used in this Guaranty in the singular shall be deemed to have been used in the
          plural where the context and construction so require; and where there is more
          than one Borrower named in this Guaranty or when this Guaranty is executed by
          more than one Guarantor, the words “Borrower” and
          “Guarantor” respectively shall mean all and any one or more of them.
          The words “Guarantor,” “Borrower,” and “Lender”
          include the heirs, successors, assigns, and transferees of each of them. If a
          court finds that any provision of this Guaranty is not valid or should not be
          enforced, that fact by itself will not mean that the rest of this Guaranty will
          not be valid or enforces. Therefore, a court will enforce the rest of the
          provisions of this Guaranty even is a provision of this Guaranty may be found to
          be invalid or unenforceable. If any one or more of Borrower or Guarantor are
          corporations, partnerships, limited liability companies, or similar entities, it
          is not necessary for Lender to inquire into the powers of Borrower or Guarantor
          or of the officers, directors, partners, managers, or other agents acting or
          purporting to act on their behalf, and any Loan indebtedness made or created in
          reliance upon the professed exercise of such powers shall be guaranteed under
          this Guaranty. 

          

     	 	Notices.
           Any notice required to be given under this Guaranty shall be given in writing,
          and, except for revocation notices by Guarantor, shall be effective when
          actually delivered, when actually received by telefacsimile (unless otherwise
          required by law), when deposited with a nationally recognized overnight courier,
          or, if mailed, when deposited in the United States mail, as first class,
          certified or registered mail postage prepaid, directed to the addresses shown
          near the beginning of this Guaranty. All revocation notices by Guarantor shall
          be in writing and shall be effective upon delivery to lender as provided in the
          section of this Guaranty entitles “DURATION OF GUARANTY.” Any party
          may change its address for notices under this Guaranty by giving written notice
          to the other parties, specifying that the purpose of the notice is to change the
          party’s address. For notice purposes, Guarantor agrees to keep Lender
          informed at all times of Guarantor’s current address. Unless otherwise
          provided or required by law, if there is more than one Guarantor, any notice
          given by Lender to any Guarantor is deemed to be notice given to all Guarantors. 

          

	 	
No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this
Guaranty unless such waiver is given in writing and signed by Lender. No delay or omission
on the part of Lender in exercising any right shall operate as a waiver of such right or
any other right. A waiver by Lender of a provision of this Guaranty shall not prejudice or
constitute a waiver of Lender’s right otherwise to demand strict compliance with that
provision or any other provision of this Guaranty. No prior waiver by Lender, nor any
course of dealing between Lender and Guarantor, shall constitute a waiver of any of
Lender’s rights or of any of Guarantor’s obligations as to any future
transactions. Whenever the consent of Lender is required under this Guaranty, the granting
of such consent is required and in all cases such consent may be granted or withheld in
the sole discretion of Lender.

	 	
Successors
and Assigns. Subject to any limitations stated in this Guaranty on transfer of
Guarantor’s interest, this Guaranty shall be binding upon and inure to the benefit of
the parties, their successors and assigns.

	 	
Waive
Jury. Lender and Guarantor hereby waive the right to any jury trial in any action,
proceeding, or counterclaim  brought by either Lender or Borrower against the
other.

SECURITY INTEREST. The Lender
is hereby given a lien for the amount of the liability and indebtedness, whether or not
due and payable, created by this Guaranty upon all property and securities now or
hereafter in the possession or custody of the Lender by or for the account of any or all
of the undersigned or in which any or all Guarantors may have any interest (all
remittances and property to be deemed in the possession or custody of the Lender as soon
as put in transit to it by mail or carrier) and also upon the balance of any deposit
accounts of any or all of the undersigned with the Lender existing from time to time, and
the Lender is hereby authorized and empowered at its option to appropriate any and all
thereof and apply any and all thereof and the proceeds thereof to the payment and
extinguishment of the liability and indebtedness hereby created at any time after such
liability and indebtedness becomes payable. The security interest granted hereby shall
come into existence and continue whether or not any such collateral is deposited to secure
other obligations of the undersigned to the Lender and the Lender is hereby specifically
authorized to retain and keep any such collateral until payment and extinguishment of the
liability and indebtedness created hereby. The undersigned agrees to pay any deficiency
remaining after the Lender realizes on any security (whether furnished by Borrower, the
undersigned (or a third party) but the Lender shall not be required to first proceed
against any such security. 

     DEFINITIONS.    
          The following capitalized words and terms shall have the following meanings
          when used in this Guaranty. Unless specifically stated to the contrary, all
          references to dollar amounts shall mean amounts in lawful money of the United
          States of America. Words and terms used in the singular shall include the
          plural, and the plural shall include the singular, as the context may require.
          Words and terms not otherwise defined in this Guaranty shall have the meanings
          attributed to such terms in the Uniform Commercial Code: 

     	 	
Borrower.
           The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA
          Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers
          and co-makers signing the Note. 

          

     	 	Guarantor.
           The word “Guarantor” means each and every person or entity signing
          this Guaranty, including without limitation Frederic J. Geffon. 

          

COMMERCIAL GUARANTY 

(Continued) 

Page 3 

     

     	 	
           Guaranty.
           The word “Guaranty” means the guaranty from Guarantor to Lender,
          including without limitation a guaranty of all or part of the Note. 

          

     	 	
                Indebtedness.
           The word “Indebtedness” means Borrower’s indebtedness to Lender
          as more particularly described in this Guaranty. 

          

     	 	
Lender.
           The word “Lender” means United Bank and Trust Company, its successors
          and assigns. 

          

     		
Note.
           The word “Note” means and includes without limitation all of
          Borrower’s promissory notes and/or credit agreements evidencing
          Borrower’s loan obligations in favor of Lender, together with all renewals
          of, extensions of, modifications of, refinancings of, consolidations of and
          substitutions for promissory notes or credit agreements. 

          

	 	
Related
Documents. The words “Related Documents” mean all promissory notes, credit
agreements, loan agreements, environmental agreements, guaranties, security agreements,
mortgages, deeds of trust, security deeds, collateral mortgages, and all other
instruments, agreements and documents, whether now or hereafter existing, executed in
connection with the Indebtedness.

EACH UNDERSIGNED GUARANTOR
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THE GUARANTY AND AGREES TO ITS TERMS. IN
ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARNATY IS EFFECTIVE UPON GUARNATOR’S
EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE
UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF
GUARANTY”, NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. THIS GUARANTY IS DATED JANUARY 16,2004. 

GUARANTOR: 

X______________________________________ 
Frederic J. Geffon

COMMERCIAL GUARANTY 

	  Principal  

	 Loan Date

	 Maturity 

	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:

         

         

         

         

Grantor: 

         

         

         
	
Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762

Brent Kovar

1024 Sonata Lane

Apollo Beach, FL 33752	Lender:
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

AMOUNT OF GUARANTY.  The amount of this Guaranty is Unlimited. 

CONTINUING ULIMITED GUARANTY. For
good and valuable consideration, Brent Kovar (“Guarantor”) absolutely and
unconditionally guarantees and promises to pay to the United Bank and Trust Company
(“Lender”) or its order, in legal tender of the United States of America, the
indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA
Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or
any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this
Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are
continuing. 

INDEBTEDNESS GUARNATEED. The
indebtedness guaranteed by this Guaranty includes any and all of Borrower’s
indebtedness to lender and is used in the most comprehensive sense and means and includes
any and all of Borrower’s liabilities, obligations and debts to lender, now existing
or hereinafter incurred or created, including, without limitation, all loans, advances,
interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease
obligations, other obligations, and liabilities of Borrower, or any of them, and any
present or future judgments against Borrower, or any of them; and whether any such
Indebtedness is voluntarily or involuntarily incurred, due or not due, absolute or
contingent, liquidated or unliquidated, determined or undetermined; whether Borrower may
be liable individually or jointly with others, or primarily or secondarily, or as
guarantor or surety; whether recovery on the Indebtedness may be or may become barred or
unenforceable against Borrower for any reason whatsoever; and whether the Indebtedness
arises from transactions which may be voidable on account of infancy, insanity, ultra
vires, or otherwise. 

DURATION OF GUARANTY. This
Guaranty will take effect when received by Lender without the necessity of any acceptance
by Lender, or any notice to Guarantor or to Borrower, and will continue in full force
until all Indebtedness incurred or contracted before receipt by Lender of any notice of
revocation shall have been fully and finally paid and satisfied and all of
Guarantor’s other obligations under this Guaranty shall have been performed in full.
If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing.
Guarantor’s written notice of revocation must be mailed to Lender, by certified mail,
at Lender’s address listed above or such other place as Lender may designate in
writing, Written revocation of this Guaranty will apply only to advances or new
indebtedness created after actual receipt by Lender of Guarantor’s written
revocation. For this purpose and without limitation, the term “new Indebtedness”
does not include Indebtedness which at the time of notice of revocation is contingent,
unliquidated, undetermined or not due and which later becomes absolute, liquidated,
determined or due. This Guaranty will continue to bind Guarantor for all indebtedness
incurred by Borrower or committed by Lender prior to receipt of Guarantor’s written
notice of revocation, including any extensions, renewals, substitutions or modifications
of the Indebtedness. All renewals, extensions, substitutions, and modifications of the
Indebtedness granted after Guarantor’s revocation, are contemplated under this
Guaranty and, specifically will not be considered to be new Indebtedness. This Guaranty
shall bind Guarantor’s estate as to Indebtedness created both before and after
Guarantor’s death or incapacity, regardless of Lender’s actual notice
Guarantor’s death. Subject to the foregoing, Guarantor’s executor or
administrator or other legal representative may terminate this Guaranty in the same manner
in which Guarantor might have terminated it and with the same effect. Release of any other
guarantor or termination of any other guaranty of the Indebtedness shall not affect the
liability of Guarantor under this Guaranty. A revocation Lender receives from any one or
more Guarantors shall not affect the liability of any remaining Guarantors under this
Guaranty. It is anticipated that fluctuations may occur in the aggregate amount of
Indebtedness covered by this Guaranty, and Guarantor specifically acknowledges and agrees
that reductions in the amount of Indebtedness, even to zero dollars (0.00), prior to
Guarantor’s written revocation of this Guaranty shall not constitute a termination of
this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s heirs,
successors and assigns so long as any of the guaranteed Indebtedness remains unpaid and
even though the Indebtedness guaranteed may from time to time be zero dollars ($0.00). 

GUARANTOR’S AUTHORIZATION TO
LENDER. Guarantor authorizes Lender, either before or after any revocation hereof,
without notice or demand and without lessening Guarantor’s liability under this
Guaranty, from time to time: (A) prior to revocation as set forth above, to make one
or more additional secured or unsecured loans to Borrower, to lease equipment or other
goods to Borrower, or otherwise to extend additional credit to Borrower; (B) to alter,
compromise, renew, extend, accelerate, or otherwise change one or more times the time for
payment or other terms of the Indebtedness or any part of the Indebtedness, including
increases and decreases of the rate of interest on the Indebtedness; extensions may be
repeated and may be for longer than the original loan term; (C) to take and hold security
for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release and such security, with or without
the substitution of new collateral; (D) to release, substitute, agree not to sue, or deal
with any one or more of the Borrower’s sureties, endorsers, or other guarantors on
any terms or in any manner Lender may choose; (E) to determine how, when and what
application of payments and credits shall be made on the Indebtedness (F) to apply such
security and direct the order or manner of sale thereof, including without limitation, any
nonjudicial sale permitted by the terms of the controlling security agreement or deed of
trust, as Lender in its discretion may determine; (G) to sell, transfer, assign or grant
participations in all or any part of the Indebtedness; and (H) to assign or transfer this
Guaranty in whole or in part. 

GUARANTOR’S REPRESENTATIONS
AND WARRANTIES. Guarantor represents and warrants to Lender that (A) no
representations or agreements of any kind have been made to Guarantor which would limit or
qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at
Borrower’s request and not at the request of Lender; (C) Guarantor has full power,
right and authority to enter into this Guaranty; (D) the provisions of this Guaranty do
not conflict with or result in a default under any agreement or other instrument binding
upon Guarantor and do not result in a violation of any law, regulation, court decree or
order applicable to Guarantor; (E) Guarantor has not and will not, without the prior
written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or
otherwise dispose of all or substantially all of guarantor’s assets, or any interest
therein; (F) upon Lenders request, Guarantor will provide to Lender financial and credit
information in form acceptable to Lender, and all such financial information which
currently has been, and all future financial information which will be provided to Lender
is and will be true and correct in all material respects and fairly present
Guarantor’s financial condition as of the dates the financial information is
provided; (G) no material adverse change has occurred in Guarantor’s financial
condition since the date of the most recent financial statements provided to Lenderand no
event has occurred which may materially adversely affect Guarantor’s financial
condition; (H) no litigation, claim, investigation, administrative proceeding or similar
action (including those for unpaid taxes) against Guarantor is pending or threatened; (I)
Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and
(J) Guarantor has established adequate means of obtaining from Borrower on a continuing
basis information regarding Borrower’s financial condition. Guarantor agrees to keep
adequately informed from such means of any facts, events, or circumstances which might in
any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees
that, absent a request for information, Lender shall have no obligation to disclose to
Guarantor any information or documents acquired by Lender in the course of its
relationship with Borrower. 

GUARANTOR’S WAIVERS.
Except as prohibited by applicable law, Guarantor waives any right to require Lender (A)
to continue lending money or to extend other credit to Borrower; (B) to make any
presentment, protest, demand, or notice of any kind, including notice of any nonpayment of
the Indebtedness or of any nonpayment related to any collateral, or notice of any action
or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in
connection with the Indebtedness or in connection with the creation of new or additional
loans or obligations; (C) to resort for payment or to proceed directly or at once against
any person, including Borrower or any other guarantor; (D) to proceed directly against or
exhaust any collateral held by Lender from Borrower, any other guarantor, or any other
person; (E) to pursue any other remedy within Lender’s power; or (F) to commit any
act or omission of any kind, or at any time, with respect to any matter whatsoever. 

Guarantor also waives any and all
rights or defenses arising by reason of (A) any “one action” or
“anti-deficiency” law or any other law which may prevent Lender from bringing
any action, including a claim for deficiency, against Guarantor, before or after
Lender’s commencement or completion of any foreclosure action, either judicially or
by exercise of a power of sale; (B) any election of remedies by Lender which destroys or
otherwise adversely affects Guarantor’s subrogation rights or Guarantor’s rights
to proceed against Borrower for reimbursement, including without limitation, any loss of
rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the
Indebtedness; (C) any disability or other defense of Borrower, of any other guarantor, or
of any other person, or by reason of the cessation of Borrower’s liability from any
cause whatsoever, other than payment in full in legal tender, of the Indebtedness of
Borrower to Lender which is not barred by any applicable statute of limitations; or (F)
any defenses given to guarantors at law or in equity other than actual payment and
performance of the Indebtedness. If payment is made by Borrower, whether voluntarily or
otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced to
remit the amount of that payment to Borrower’s trustee in bankruptcy or to any
similar person under any federal or state bankruptcy law or law for the relief of debtors,
the Indebtedness shall be considered unpaid for the purpose of the enforcement of its
Guaranty. 

Guarantor further waives and agrees
not to assert or claim at any time any deductions to the amount guaranteed under this
Guaranty for any claim of setoff, counterclaim, counter demand, recoupment or similar
right, whether such claim, demand or right may be asserted by the Borrower, the Guarantor,
or both. 

COMMERCIAL GUARANTY 

(Continued) 

Page 2 

     

GUARANTOR’S UNDERSTANDING
WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set
forth above is made with Guarantor’s full knowledge of its significance and
consequences and that, under the circumstances, the waivers are reasonable and not
contrary to public policy or law. If any such waiver is determined to be contrary to any
applicable law or public policy, such waiver shall be effective only to the extent
permitted by law or public policy. 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Guarantor’s
accounts with Lender (whether checking, savings, or some other account). This includes all
accounts Guarantor holds jointly with someone else and all accounts Guarantor may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust
accounts for which setoff would be prohibited by law. Guarantor authorizes Lender, to the
extents permitted by applicable law, to hold these funds if there is a default, and Lender
may apply the funds in these accounts to pay what Guarantor owes under the terms of the
Guaranty. 

SUBORDINATION OF BORROWER’S
DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender,
whether now existing or hereafter created, shall be superior to any claim that Guarantor
may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against
Borrower, upon any account whatsoever, to any claim that Lender may now or hereafter have
against Borrower. In the event of insolvency and consequent liquidation of the assets of
Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary
liquidation, or otherwise, the assets of Borrower applicable to the payment of the claims
of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender
to the Indebtedness of Borrower to lender. Guarantor does hereby assign to Lender all
claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for
the purpose of assuring to Lender full payment in legal tender of the Indebtedness. If
Lender so requests, any notes or credit agreements now or hereafter evidencing any debts
or obligations of Borrower to Guarantor shall be marked with a legend that the same are
subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is
hereby authorized, in the name of Guarantor, from time to time to execute and file
financing statements and continuation statements and to execute such other documents and
to take such other actions as Lender deems necessary or appropriate to perfect, preserve
and enforce its rights under this Guaranty. 

     GARNISHMENT.    
          Guarantor consents to the issuance of a continuing writ of garnishment or
          attachment against Guarantor’s disposable earnings, in accordance with
          Section 222.11, Florida Statutes, in order to satisfy, in whole or in part, any
          money judgment entered in favor of Lender. 

MISCELLANEOUS PROVISIONS. The
following miscellaneous provisions are a part of this Guaranty: 

     	 	
          Amendments.This Guaranty, together with any Related Documents, constitutes the entire
          understanding and agreement of the parties as to the matters set forth in this
          Guaranty. No alteration of or amendment to this Guaranty shall be effective
          unless given in writing and signed by the party or parties sought to be charged
          or bound by the alteration or amendment. 

          

	 	
Attorneys’
Fees; Expenses. Guarantor agrees to pay upon demand all of Lender’s costs and
expenses, including lender’s reasonable attorneys’ fees and Lender’s legal
expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or
pay someone else to help enforce this Guaranty, and Guarantor shall pay the costs and
expenses of such enforcement. Costs and expenses include Lender’s reasonable
attorneys’ fees and legal expenses whether or not there is a lawsuit, including
reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. Guarantor also shall pay all court costs
and such additional fees as may be directed by the court.

	 	
Caption
Headings. Caption headings in this Guaranty are for convenience purposes only and are
not to be used to interpret or define the provisions of this Guaranty.

	 	
Governing
Law. This Guaranty will be governed by, construed and enforced in accordance with federal
law and the laws of  the state of Florida. This Guaranty has been accepted by
Lender in the State of Florida.

     		
Integration.
           Guarantor further agrees that Guarantor has read and fully understands the
          terms of this Guaranty; Guarantor has had the opportunity to be advised by
          Guarantor’s attorney with respect to this Guaranty; the Guaranty fully
          reflects Guarantor’s intentions and parol evidence is not required to
          interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds
          Lender harmless from all losses, claims, damages, and costs (including
          Lender’s attorney’s fees) suffered or incurred by Lender as a result
          of any breach by Guarantor of the warranties, representations and agreements of
          this paragraph. 

          

     	 	Interpretation.

           In all cases where there is more than one Borrower or Guarantor, then all words
          used in this Guaranty in the singular shall be deemed to have been used in the
          plural where the context and construction so require; and where there is more
          than one Borrower named in this Guaranty or when this Guaranty is executed by
          more than one Guarantor, the words “Borrower” and
          “Guarantor” respectively shall mean all and any one or more of them.
          The words “Guarantor,” “Borrower,” and “Lender”
          include the heirs, successors, assigns, and transferees of each of them. If a
          court finds that any provision of this Guaranty is not valid or should not be
          enforced, that fact by itself will not mean that the rest of this Guaranty will
          not be valid or enforces. Therefore, a court will enforce the rest of the
          provisions of this Guaranty even is a provision of this Guaranty may be found to
          be invalid or unenforceable. If any one or more of Borrower or Guarantor are
          corporations, partnerships, limited liability companies, or similar entities, it
          is not necessary for Lender to inquire into the powers of Borrower or Guarantor
          or of the officers, directors, partners, managers, or other agents acting or
          purporting to act on their behalf, and any Loan indebtedness made or created in
          reliance upon the professed exercise of such powers shall be guaranteed under
          this Guaranty. 

          

     	 	Notices.

           Any notice required to be given under this Guaranty shall be given in writing,
          and, except for revocation notices by Guarantor, shall be effective when
          actually delivered, when actually received by telefacsimile (unless otherwise
          required by law), when deposited with a nationally recognized overnight courier,
          or, if mailed, when deposited in the United States mail, as first class,
          certified or registered mail postage prepaid, directed to the addresses shown
          near the beginning of this Guaranty. All revocation notices by Guarantor shall
          be in writing and shall be effective upon delivery to lender as provided in the
          section of this Guaranty entitles “DURATION OF GUARANTY.” Any party
          may change its address for notices under this Guaranty by giving written notice
          to the other parties, specifying that the purpose of the notice is to change the
          party’s address. For notice purposes, Guarantor agrees to keep Lender
          informed at all times of Guarantor’s current address. Unless otherwise
          provided or required by law, if there is more than one Guarantor, any notice
          given by Lender to any Guarantor is deemed to be notice given to all Guarantors. 

          

	 	
No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this
Guaranty unless such waiver is given in writing and signed by Lender. No delay or omission
on the part of Lender in exercising any right shall operate as a waiver of such right or
any other right. A waiver by Lender of a provision of this Guaranty shall not prejudice or
constitute a waiver of Lender’s right otherwise to demand strict compliance with that
provision or any other provision of this Guaranty. No prior waiver by Lender, nor any
course of dealing between Lender and Guarantor, shall constitute a waiver of any of
Lender’s rights or of any of Guarantor’s obligations as to any future
transactions. Whenever the consent of Lender is required under this Guaranty, the granting
of such consent is required and in all cases such consent may be granted or withheld in
the sole discretion of Lender.

	 	
Successors
and Assigns. Subject to any limitations stated in this Guaranty on transfer of
Guarantor’s interest, this Guaranty shall be binding upon and inure to the benefit of
the parties, their successors and assigns.

	 	
Waive
Jury. Lender and Guarantor hereby waive the right to any jury trial in any action,
proceeding, or counterclaim  brought by either Lender or Borrower against the
other.

SECURITY INTEREST. The Lender
is hereby given a lien for the amount of the liability and indebtedness, whether or not
due and payable, created by this Guaranty upon all property and securities now or
hereafter in the possession or custody of the Lender by or for the account of any or all
of the undersigned or in which any or all Guarantors may have any interest (all
remittances and property to be deemed in the possession or custody of the Lender as soon
as put in transit to it by mail or carrier) and also upon the balance of any deposit
accounts of any or all of the undersigned with the Lender existing from time to time, and
the Lender is hereby authorized and empowered at its option to appropriate any and all
thereof and apply any and all thereof and the proceeds thereof to the payment and
extinguishment of the liability and indebtedness hereby created at any time after such
liability and indebtedness becomes payable. The security interest granted hereby shall
come into existence and continue whether or not any such collateral is deposited to secure
other obligations of the undersigned to the Lender and the Lender is hereby specifically
authorized to retain and keep any such collateral until payment and extinguishment of the
liability and indebtedness created hereby. The undersigned agrees to pay any deficiency
remaining after the Lender realizes on any security (whether furnished by Borrower, the
undersigned (or a third party) but the Lender shall not be required to first proceed
against any such security. 

     DEFINITIONS.    
          The following capitalized words and terms shall have the following meanings
          when used in this Guaranty. Unless specifically stated to the contrary, all
          references to dollar amounts shall mean amounts in lawful money of the United
          States of America. Words and terms used in the singular shall include the
          plural, and the plural shall include the singular, as the context may require.
          Words and terms not otherwise defined in this Guaranty shall have the meanings
          attributed to such terms in the Uniform Commercial Code: 

     	 	Borrower.
           The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA
          Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers
          and co-makers signing the Note. 

          

     	 	Guarantor.
           The word “Guarantor” means each and every person or entity signing
          this Guaranty, including without limitation Brent Kovar. 

          

COMMERCIAL GUARANTY 

(Continued) 

Page 3 

     

     	 	Guaranty.
           The word “Guaranty” means the guaranty from Guarantor to Lender,
          including without limitation a guaranty of all or part of the Note. 

          

     	 	Indebtedness.
           The word “Indebtedness” means Borrower’s indebtedness to Lender
          as more particularly described in this Guaranty. 

          

     	 	Lender.

           The word “Lender” means United Bank and Trust Company, its successors
          and assigns. 

          

     	 	Note.
           The word “Note” means and includes without limitation all of
          Borrower’s promissory notes and/or credit agreements evidencing
          Borrower’s loan obligations in favor of Lender, together with all renewals
          of, extensions of, modifications of, refinancings of, consolidations of and
          substitutions for promissory notes or credit agreements. 

          

	 	
Related
Documents. The words “Related Documents” mean all promissory notes, credit
agreements, loan agreements, environmental agreements, guaranties, security agreements,
mortgages, deeds of trust, security deeds, collateral mortgages, and all other
instruments, agreements and documents, whether now or hereafter existing, executed in
connection with the Indebtedness.

EACH UNDERSIGNED GUARANTOR
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THE GUARANTY AND AGREES TO ITS TERMS. IN
ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARNATY IS EFFECTIVE UPON GUARNATOR’S
EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE
UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF
GUARANTY”, NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. THIS GUARANTY IS DATED JANUARY 16,2004. 

GUARANTOR: 

X______________________________________ 
Brent
Kovar

COMMERCIAL GUARANTY 

	  Principal  

	 Loan Date

	 Maturity 

	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:

         

         

         

         

Grantor: 

         

         

         
	
Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762

Glenn A. Kovar

1024 Sonata Lane

Apollo Beach, FL 33752	Lender:
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

AMOUNT OF GUARANTY.  The amount of this Guaranty is Unlimited. 

CONTINUING ULIMITED GUARANTY. For
good and valuable consideration, Glenn A. Kovar (“Guarantor”) absolutely and
unconditionally guarantees and promises to pay to the United Bank and Trust Company
(“Lender”) or its order, in legal tender of the United States of America, the
indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA
Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or
any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this
Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are
continuing. 

INDEBTEDNESS GUARNATEED. The
indebtedness guaranteed by this Guaranty includes any and all of Borrower’s
indebtedness to lender and is used in the most comprehensive sense and means and includes
any and all of Borrower’s liabilities, obligations and debts to lender, now existing
or hereinafter incurred or created, including, without limitation, all loans, advances,
interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease
obligations, other obligations, and liabilities of Borrower, or any of them, and any
present or future judgments against Borrower, or any of them; and whether any such
Indebtedness is voluntarily or involuntarily incurred, due or not due, absolute or
contingent, liquidated or unliquidated, determined or undetermined; whether Borrower may
be liable individually or jointly with others, or primarily or secondarily, or as
guarantor or surety; whether recovery on the Indebtedness may be or may become barred or
unenforceable against Borrower for any reason whatsoever; and whether the Indebtedness
arises from transactions which may be voidable on account of infancy, insanity, ultra
vires, or otherwise. 

DURATION OF GUARANTY. This
Guaranty will take effect when received by Lender without the necessity of any acceptance
by Lender, or any notice to Guarantor or to Borrower, and will continue in full force
until all Indebtedness incurred or contracted before receipt by Lender of any notice of
revocation shall have been fully and finally paid and satisfied and all of
Guarantor’s other obligations under this Guaranty shall have been performed in full.
If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing.
Guarantor’s written notice of revocation must be mailed to Lender, by certified mail,
at Lender’s address listed above or such other place as Lender may designate in
writing, Written revocation of this Guaranty will apply only to advances or new
indebtedness created after actual receipt by Lender of Guarantor’s written
revocation. For this purpose and without limitation, the term “new Indebtedness”
does not include Indebtedness which at the time of notice of revocation is contingent,
unliquidated, undetermined or not due and which later becomes absolute, liquidated,
determined or due. This Guaranty will continue to bind Guarantor for all indebtedness
incurred by Borrower or committed by Lender prior to receipt of Guarantor’s written
notice of revocation, including any extensions, renewals, substitutions or modifications
of the Indebtedness. All renewals, extensions, substitutions, and modifications of the
Indebtedness granted after Guarantor’s revocation, are contemplated under this
Guaranty and, specifically will not be considered to be new Indebtedness. This Guaranty
shall bind Guarantor’s estate as to Indebtedness created both before and after
Guarantor’s death or incapacity, regardless of Lender’s actual notice
Guarantor’s death. Subject to the foregoing, Guarantor’s executor or
administrator or other legal representative may terminate this Guaranty in the same manner
in which Guarantor might have terminated it and with the same effect. Release of any other
guarantor or termination of any other guaranty of the Indebtedness shall not affect the
liability of Guarantor under this Guaranty. A revocation Lender receives from any one or
more Guarantors shall not affect the liability of any remaining Guarantors under this
Guaranty. It is anticipated that fluctuations may occur in the aggregate amount of
Indebtedness covered by this Guaranty, and Guarantor specifically acknowledges and agrees
that reductions in the amount of Indebtedness, even to zero dollars (0.00), prior to
Guarantor’s written revocation of this Guaranty shall not constitute a termination of
this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s heirs,
successors and assigns so long as any of the guaranteed Indebtedness remains unpaid and
even though the Indebtedness guaranteed may from time to time be zero dollars ($0.00). 

GUARANTOR’S AUTHORIZATION TO
LENDER. Guarantor authorizes Lender, either before or after any revocation hereof,
without notice or demand and without lessening Guarantor’s liability under this
Guaranty, from time to time: (A) prior to revocation as set forth above, to make one
or more additional secured or unsecured loans to Borrower, to lease equipment or other
goods to Borrower, or otherwise to extend additional credit to Borrower; (B) to alter,
compromise, renew, extend, accelerate, or otherwise change one or more times the time for
payment or other terms of the Indebtedness or any part of the Indebtedness, including
increases and decreases of the rate of interest on the Indebtedness; extensions may be
repeated and may be for longer than the original loan term; (C) to take and hold security
for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release and such security, with or without
the substitution of new collateral; (D) to release, substitute, agree not to sue, or deal
with any one or more of the Borrower’s sureties, endorsers, or other guarantors on
any terms or in any manner Lender may choose; (E) to determine how, when and what
application of payments and credits shall be made on the Indebtedness (F) to apply such
security and direct the order or manner of sale thereof, including without limitation, any
nonjudicial sale permitted by the terms of the controlling security agreement or deed of
trust, as Lender in its discretion may determine; (G) to sell, transfer, assign or grant
participations in all or any part of the Indebtedness; and (H) to assign or transfer this
Guaranty in whole or in part. 

GUARANTOR’S REPRESENTATIONS
AND WARRANTIES. Guarantor represents and warrants to Lender that (A) no
representations or agreements of any kind have been made to Guarantor which would limit or
qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at
Borrower’s request and not at the request of Lender; (C) Guarantor has full power,
right and authority to enter into this Guaranty; (D) the provisions of this Guaranty do
not conflict with or result in a default under any agreement or other instrument binding
upon Guarantor and do not result in a violation of any law, regulation, court decree or
order applicable to Guarantor; (E) Guarantor has not and will not, without the prior
written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or
otherwise dispose of all or substantially all of guarantor’s assets, or any interest
therein; (F) upon Lenders request, Guarantor will provide to Lender financial and credit
information in form acceptable to Lender, and all such financial information which
currently has been, and all future financial information which will be provided to Lender
is and will be true and correct in all material respects and fairly present
Guarantor’s financial condition as of the dates the financial information is
provided; (G) no material adverse change has occurred in Guarantor’s financial
condition since the date of the most recent financial statements provided to Lenderand no
event has occurred which may materially adversely affect Guarantor’s financial
condition; (H) no litigation, claim, investigation, administrative proceeding or similar
action (including those for unpaid taxes) against Guarantor is pending or threatened; (I)
Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and
(J) Guarantor has established adequate means of obtaining from Borrower on a continuing
basis information regarding Borrower’s financial condition. Guarantor agrees to keep
adequately informed from such means of any facts, events, or circumstances which might in
any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees
that, absent a request for information, Lender shall have no obligation to disclose to
Guarantor any information or documents acquired by Lender in the course of its
relationship with Borrower. 

GUARANTOR’S WAIVERS.
Except as prohibited by applicable law, Guarantor waives any right to require Lender (A)
to continue lending money or to extend other credit to Borrower; (B) to make any
presentment, protest, demand, or notice of any kind, including notice of any nonpayment of
the Indebtedness or of any nonpayment related to any collateral, or notice of any action
or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in
connection with the Indebtedness or in connection with the creation of new or additional
loans or obligations; (C) to resort for payment or to proceed directly or at once against
any person, including Borrower or any other guarantor; (D) to proceed directly against or
exhaust any collateral held by Lender from Borrower, any other guarantor, or any other
person; (E) to pursue any other remedy within Lender’s power; or (F) to commit any
act or omission of any kind, or at any time, with respect to any matter whatsoever. 

Guarantor also waives any and all
rights or defenses arising by reason of (A) any “one action” or
“anti-deficiency” law or any other law which may prevent Lender from bringing
any action, including a claim for deficiency, against Guarantor, before or after
Lender’s commencement or completion of any foreclosure action, either judicially or
by exercise of a power of sale; (B) any election of remedies by Lender which destroys or
otherwise adversely affects Guarantor’s subrogation rights or Guarantor’s rights
to proceed against Borrower for reimbursement, including without limitation, any loss of
rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the
Indebtedness; (C) any disability or other defense of Borrower, of any other guarantor, or
of any other person, or by reason of the cessation of Borrower’s liability from any
cause whatsoever, other than payment in full in legal tender, of the Indebtedness of
Borrower to Lender which is not barred by any applicable statute of limitations; or (F)
any defenses given to guarantors at law or in equity other than actual payment and
performance of the Indebtedness. If payment is made by Borrower, whether voluntarily or
otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced to
remit the amount of that payment to Borrower’s trustee in bankruptcy or to any
similar person under any federal or state bankruptcy law or law for the relief of debtors,
the Indebtedness shall be considered unpaid for the purpose of the enforcement of its
Guaranty. 

Guarantor further waives and agrees
not to assert or claim at any time any deductions to the amount guaranteed under this
Guaranty for any claim of setoff, counterclaim, counter demand, recoupment or similar
right, whether such claim, demand or right may be asserted by the Borrower, the Guarantor,
or both. 

COMMERCIAL GUARANTY 

(Continued) 

Page 2 

     

GUARANTOR’S UNDERSTANDING
WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set
forth above is made with Guarantor’s full knowledge of its significance and
consequences and that, under the circumstances, the waivers are reasonable and not
contrary to public policy or law. If any such waiver is determined to be contrary to any
applicable law or public policy, such waiver shall be effective only to the extent
permitted by law or public policy. 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Guarantor’s
accounts with Lender (whether checking, savings, or some other account). This includes all
accounts Guarantor holds jointly with someone else and all accounts Guarantor may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust
accounts for which setoff would be prohibited by law. Guarantor authorizes Lender, to the
extents permitted by applicable law, to hold these funds if there is a default, and Lender
may apply the funds in these accounts to pay what Guarantor owes under the terms of the
Guaranty. 

SUBORDINATION OF BORROWER’S
DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender,
whether now existing or hereafter created, shall be superior to any claim that Guarantor
may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against
Borrower, upon any account whatsoever, to any claim that Lender may now or hereafter have
against Borrower. In the event of insolvency and consequent liquidation of the assets of
Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary
liquidation, or otherwise, the assets of Borrower applicable to the payment of the claims
of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender
to the Indebtedness of Borrower to lender. Guarantor does hereby assign to Lender all
claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for
the purpose of assuring to Lender full payment in legal tender of the Indebtedness. If
Lender so requests, any notes or credit agreements now or hereafter evidencing any debts
or obligations of Borrower to Guarantor shall be marked with a legend that the same are
subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is
hereby authorized, in the name of Guarantor, from time to time to execute and file
financing statements and continuation statements and to execute such other documents and
to take such other actions as Lender deems necessary or appropriate to perfect, preserve
and enforce its rights under this Guaranty. 

     GARNISHMENT.    
          Guarantor consents to the issuance of a continuing writ of garnishment or
          attachment against Guarantor’s disposable earnings, in accordance with
          Section 222.11, Florida Statutes, in order to satisfy, in whole or in part, any
          money judgment entered in favor of Lender. 

MISCELLANEOUS PROVISIONS. The
following miscellaneous provisions are a part of this Guaranty: 

     	 	Amendments.

           This Guaranty, together with any Related Documents, constitutes the entire
          understanding and agreement of the parties as to the matters set forth in this
          Guaranty. No alteration of or amendment to this Guaranty shall be effective
          unless given in writing and signed by the party or parties sought to be charged
          or bound by the alteration or amendment. 

          

	 	
Attorneys’
Fees; Expenses. Guarantor agrees to pay upon demand all of Lender’s costs and
expenses, including lender’s reasonable attorneys’ fees and Lender’s legal
expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or
pay someone else to help enforce this Guaranty, and Guarantor shall pay the costs and
expenses of such enforcement. Costs and expenses include Lender’s reasonable
attorneys’ fees and legal expenses whether or not there is a lawsuit, including
reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. Guarantor also shall pay all court costs
and such additional fees as may be directed by the court.

	 	
Caption
Headings. Caption headings in this Guaranty are for convenience purposes only and are
not to be used to interpret or define the provisions of this Guaranty.

	 	
Governing
Law. This Guaranty will be governed by, construed and enforced in accordance with federal
law and the laws of  the state of Florida. This Guaranty has been accepted by
Lender in the State of Florida.

     	 	Integration.

           Guarantor further agrees that Guarantor has read and fully understands the
          terms of this Guaranty; Guarantor has had the opportunity to be advised by
          Guarantor’s attorney with respect to this Guaranty; the Guaranty fully
          reflects Guarantor’s intentions and parol evidence is not required to
          interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds
          Lender harmless from all losses, claims, damages, and costs (including
          Lender’s attorney’s fees) suffered or incurred by Lender as a result
          of any breach by Guarantor of the warranties, representations and agreements of
          this paragraph. 

          

     	 	Interpretation.

           In all cases where there is more than one Borrower or Guarantor, then all words
          used in this Guaranty in the singular shall be deemed to have been used in the
          plural where the context and construction so require; and where there is more
          than one Borrower named in this Guaranty or when this Guaranty is executed by
          more than one Guarantor, the words “Borrower” and
          “Guarantor” respectively shall mean all and any one or more of them.
          The words “Guarantor,” “Borrower,” and “Lender”
          include the heirs, successors, assigns, and transferees of each of them. If a
          court finds that any provision of this Guaranty is not valid or should not be
          enforced, that fact by itself will not mean that the rest of this Guaranty will
          not be valid or enforces. Therefore, a court will enforce the rest of the
          provisions of this Guaranty even is a provision of this Guaranty may be found to
          be invalid or unenforceable. If any one or more of Borrower or Guarantor are
          corporations, partnerships, limited liability companies, or similar entities, it
          is not necessary for Lender to inquire into the powers of Borrower or Guarantor
          or of the officers, directors, partners, managers, or other agents acting or
          purporting to act on their behalf, and any Loan indebtedness made or created in
          reliance upon the professed exercise of such powers shall be guaranteed under
          this Guaranty. 

          

     	 	Notices.

           Any notice required to be given under this Guaranty shall be given in writing,
          and, except for revocation notices by Guarantor, shall be effective when
          actually delivered, when actually received by telefacsimile (unless otherwise
          required by law), when deposited with a nationally recognized overnight courier,
          or, if mailed, when deposited in the United States mail, as first class,
          certified or registered mail postage prepaid, directed to the addresses shown
          near the beginning of this Guaranty. All revocation notices by Guarantor shall
          be in writing and shall be effective upon delivery to lender as provided in the
          section of this Guaranty entitles “DURATION OF GUARANTY.” Any party
          may change its address for notices under this Guaranty by giving written notice
          to the other parties, specifying that the purpose of the notice is to change the
          party’s address. For notice purposes, Guarantor agrees to keep Lender
          informed at all times of Guarantor’s current address. Unless otherwise
          provided or required by law, if there is more than one Guarantor, any notice
          given by Lender to any Guarantor is deemed to be notice given to all Guarantors. 

          

	 	
No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this
Guaranty unless such waiver is given in writing and signed by Lender. No delay or omission
on the part of Lender in exercising any right shall operate as a waiver of such right or
any other right. A waiver by Lender of a provision of this Guaranty shall not prejudice or
constitute a waiver of Lender’s right otherwise to demand strict compliance with that
provision or any other provision of this Guaranty. No prior waiver by Lender, nor any
course of dealing between Lender and Guarantor, shall constitute a waiver of any of
Lender’s rights or of any of Guarantor’s obligations as to any future
transactions. Whenever the consent of Lender is required under this Guaranty, the granting
of such consent is required and in all cases such consent may be granted or withheld in
the sole discretion of Lender.

	 	
Successors
and Assigns. Subject to any limitations stated in this Guaranty on transfer of
Guarantor’s interest, this Guaranty shall be binding upon and inure to the benefit of
the parties, their successors and assigns.

	 	
Waive
Jury. Lender and Guarantor hereby waive the right to any jury trial in any action,
proceeding, or counterclaim  brought by either Lender or Borrower against the
other.

SECURITY INTEREST. The Lender
is hereby given a lien for the amount of the liability and indebtedness, whether or not
due and payable, created by this Guaranty upon all property and securities now or
hereafter in the possession or custody of the Lender by or for the account of any or all
of the undersigned or in which any or all Guarantors may have any interest (all
remittances and property to be deemed in the possession or custody of the Lender as soon
as put in transit to it by mail or carrier) and also upon the balance of any deposit
accounts of any or all of the undersigned with the Lender existing from time to time, and
the Lender is hereby authorized and empowered at its option to appropriate any and all
thereof and apply any and all thereof and the proceeds thereof to the payment and
extinguishment of the liability and indebtedness hereby created at any time after such
liability and indebtedness becomes payable. The security interest granted hereby shall
come into existence and continue whether or not any such collateral is deposited to secure
other obligations of the undersigned to the Lender and the Lender is hereby specifically
authorized to retain and keep any such collateral until payment and extinguishment of the
liability and indebtedness created hereby. The undersigned agrees to pay any deficiency
remaining after the Lender realizes on any security (whether furnished by Borrower, the
undersigned (or a third party) but the Lender shall not be required to first proceed
against any such security. 

     DEFINITIONS.    
          The following capitalized words and terms shall have the following meanings
          when used in this Guaranty. Unless specifically stated to the contrary, all
          references to dollar amounts shall mean amounts in lawful money of the United
          States of America. Words and terms used in the singular shall include the
          plural, and the plural shall include the singular, as the context may require.
          Words and terms not otherwise defined in this Guaranty shall have the meanings
          attributed to such terms in the Uniform Commercial Code: 

     	 	Borrower.
           The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA
          Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers
          and co-makers signing the Note. 

          

     	 	Guarantor.
           The word “Guarantor” means each and every person or entity signing
          this Guaranty, including without limitation Glenn A. Kovar. 

          

COMMERCIAL GUARANTY 

(Continued) 

Page 3 

     

     	 	Guaranty.

           The word “Guaranty” means the guaranty from Guarantor to Lender,
          including without limitation a guaranty of all or part of the Note. 

          

     	 	Indebtedness.

           The word “Indebtedness” means Borrower’s indebtedness to Lender
          as more particularly described in this Guaranty. 

          

     	 	Lender.

           The word “Lender” means United Bank and Trust Company, its successors
          and assigns. 

          

     	 	Note.

           The word “Note” means and includes without limitation all of
          Borrower’s promissory notes and/or credit agreements evidencing
          Borrower’s loan obligations in favor of Lender, together with all renewals
          of, extensions of, modifications of, refinancings of, consolidations of and
          substitutions for promissory notes or credit agreements. 

          

	 	
Related
Documents. The words “Related Documents” mean all promissory notes, credit
agreements, loan agreements, environmental agreements, guaranties, security agreements,
mortgages, deeds of trust, security deeds, collateral mortgages, and all other
instruments, agreements and documents, whether now or hereafter existing, executed in
connection with the Indebtedness.

EACH UNDERSIGNED GUARANTOR
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THE GUARANTY AND AGREES TO ITS TERMS. IN
ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARNATY IS EFFECTIVE UPON GUARNATOR’S
EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE
UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF
GUARANTY”, NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. THIS GUARANTY IS DATED JANUARY 16,2004. 

GUARANTOR: 

X______________________________________ 
Glenn
A. Kovar

DEPARMENT OF
TRANSPORTAION
FEDERAL AVIATION
ADMINISTRATION
FAA AIRCRAFT REGISTRY 
P.O. Box 25504 
Oklahoma City, Oklahoma
73125 

AIRCRAFT SECURITY
AGREEMENT 

NAME & ADDRESS OF
DEBTOR/BORROWER: 

    Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons

    Skyway Communications Holding Corp.

    15875 Fairchild Drive

    Clearwater, FL 33762

NAME & ADDRESS OF SECURED
PARTY/ASSIGNEE/LENDER: 

    United
Bank and Trust Company
     P.O. Box 14517

     St. Petersburg, FL 33733

NAME OF SECURED PARTY’S
ASSIGNOR/GRANTOR: 

    Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons

    15875 Fairchild Drive

    Clearwater, FL 33762

ABOVE SPACE
FOR FAA
USE ONLY 

THIS AIRCRAFT SECURITY AGREEMENT
dated January 16, 2004, is made and executed among Royal Sons Motor Yacht Sales, Inc. DBA
Royal Sons (“Grantor”); Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and
Skyway Communications Holding Corp. (“Borrower”); and United Bank and Trust
Company (“Lender”). 

GRANT OF SECURITY INTEREST. For
valuable consideration, Grantor grants to Lender a continuing security interest in the
Collateral to secure the Indebtedness and agrees that Lender shall have the rights stated
in the Agreement with respect to the Collateral, in addition to all other rights which
Lender may have by law. 

          	 	COLLATERAL. 	
               The word “Collateral” means the following: 

               

          	 	(A) 	
               The Aircraft 

               

          	 	(B) 	
               The engines and all avionics, including without limitation the following
               specifically described engines or avionics or both: (2) Pratt Whitney JT8D-7B
               Serial #653906 and 658151. 

               

          	 	(C) 	
               All log books, manuals, flight records, maintenance records, inspection reports,
               air worthiness certificates, and other historical records or information
               relating to the Aircraft, including without limitation the following: 

               

          	 	(D) 	
               All attachments, accessions, parts, and additions to and all replacements of and
               substitutions for any property described above. 

               

          	 	(E) 	
               All rents, accounts, chattel paper, general intangibles, and monies, arising out
               of or related to use, rental, sale, lease, or other disposition of any of the
               property described in this Collateral section. 

               

          	 	(F) 	
               All proceeds (including insurance proceeds from the sale or other disposition of
               any of the property described in this Collateral section. 

               

	 	
The
word “Aircraft” means the following described aircraft: 

	 	
1966
McDonnell Douglas DC-9-15 (Serial Number 45731), FAA Registration #120NE 

	 	
The
manufacturer’s serial number for the Aircraft is 45731, and its FAA Registration
Number is 120NE. The word “Aircraft” also means and includes without limitation,
(1) the Airframe, (2) the Engines, and (3) any propellers.

	 	
The
word “Airframe” means the Aircraft’s airframe, together with any and all
parts, appliances, components, instruments, accessories, accessions, attachments,
equipment, or avionics (including, without limitation, radio, radar, navigation systems,
or other electronic equipment) installed in, appurtenant to, or delivered with or in
respect of such airframe.

	 	
The
word “Engines” means any engines described above together with any other
aircraft engines which either now or in the future are installed on, appurtenant to, or
delivered with or in respect of the Airframe, together with any and all parts, appliances,
components, accessories, accessions, attachments or equipment installed on, appurtenant
to, or delivered with or in respect of such engines. The word “Engines” shall
also refer to any replacement aircraft engine which, under this Agreement, is required or
permitted to be installed upon the Airframe.

     CROSS-COLLATERALIZATION.    
          In addition to the Note, this Agreement secures all obligations, debts and
          liabilities, plus interest thereon, of Borrower to Lender, or any one or more of
          them, as well as all claims by Lender against Borrower or any one or more of
          them, whether now existing or hereafter may become barred by any statute of
          limitations, and whether the obligation to repay such amounts may be or
          hereafter may become otherwise unenforceable. 

BORROWER’S WAIVERS AND
RESPONSIILITIES. Except as otherwise required under this agreement or by applicable
law, (A) Borrower agrees that Lender need not tell Borrower about any action or inaction
Lender takes in connection with this Agreement; (B) Borrower assumes the responsibility
for being and keeping informed about the Collateral; (C) Borrower waives and defenses that
may arise because of any action or inaction of Lender, including without limitation any
failure of Lender to realize upon the Collateral or any delay by Lender in realizing upon
the Collateral; and Borrower agrees to remain liable under the Note with Lender no matter
what action Lender takes or fails to take under this Agreement. 

GRANTOR’S REPRESENTATIONS AND
WARRANTIES. Grantor warrants that: (A) this Agreement is executed at Borrower’s
request and not at the request of Lender; (B) Grantor has the full right, power and
authority to enter into this Agreement and to pledge Collateral to Lender; (C) Grantor has
established adequate means of obtaining from Borrower on a continuing basis information
about Borrower’s financial condition; and (D) Lender has made no representation to
Grantor about Borrower or Borrower’s creditworthiness. 

GRANTOR’S WAIVERS.
Grantor waives all requirements of presentment, protest, demand, and notice of
dishonor or non-payment to Borrower or Grantor, or any other party to the Indebtedness or
the Collateral. Lender may do any of the following with respect to any obligation of any
Borrower, without first obtaining the consent of Grantor: (A) grant any extension of time
for any payment, (B) grant any renewal, (C) permit any modification of payment terms or
other terms, or (D) exchange or release any Collateral or other security. No such act or
failure to act shall affect Lender’s rights against Grantor or the Collateral. 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Grantor’s
accounts with Lender (whether checking, savings, or some other account). This includes all
accounts Grantor holds jointly with someone else and all accounts Grantor may open in the
future. However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Grantor authorizes Lender, to the extent
permitted by applicable law, to charge or setoff all sums owning on the Indebtedness
against any and all such accounts, and, at Lender’s option, to administratively
freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights
provided in this paragraph. 

     DURATION.    
          This agreement shall remain in full force and effect until such time as the
          Indebtedness secured hereby, including principal, interest, costs, expenses,
          attorneys’ fees and other fees and charges, shall have been paid in full,
          together with all additional sums that Lender may pay or advance on
          Grantor’s behalf and interest thereon as provided in this Agreement. 

REPRESENTATIONS AND WARRANTIES
CONCERNING COLLATERAL. Grantor represents, warrants and covenants to Lender at all
times while this Agreement is in effect as follows: 

     	 	Title.

           Grantor warrants that Grantor is the lawful owner of the Collateral and holds
          and marketable title to the Collateral, free and clear of all Encumbrances
          except the lien of the Agreement. Grantor is, or concurrent with the completion
          of the transactions contemplated by this Agreement will be, the registered owner
          of the Aircraft pursuant to a proper registration under the Federal Aviation Act
          of 1958, as amended and Grantor qualifies in all respects as a citizen of the
          United States as defined in the Act. Grantor shall defend Lender’s rights
          in the Collateral against the claims and demands of all other persons. The
          Collateral is not and will not be registered under the laws of any foreign
          country, and Grantor is and will remain a citizen of the United States as
          defined in the Federal Aviation Act of 1958, as amended. 

          

AIRCRAFT SECURITY
AGREEMENT 

(Continued) 

Page 2 

     

	 	
Authority;
Binding Effect. Grantor has the full right, power and authority to enter into this
Agreement and to grant a security interest in the Collateral to Lender. This Agreement is
binding upon Grantor as well as Grantor’s successors and assigns, and is legally
enforceable in accordance with its terms. The foregoing representations and warranties,
and all other representations and warranties contained in this Agreement are and shall be
continuing in nature and shall remain in full force and effect until such time as this
Agreement is terminated or cancelled as provided herein.

	 	
Aircraft
and Log Books. Grantor will keep accurate and complete logs, manuals, books, and
records relating to the Collateral, and will provide Lender with copies of such reports
and information relating to the Collateral as Lender may reasonably require from time to
time.

	 	
Perfection
of Security Interest. Grantor agrees to execute financing statements and to take
whatever other actions are requested by Lender to perfect and continue Lender’s
security interest in the Collateral. Upon request of Lender, Grantor will deliver to
Lender any and all of the documents evidencing or constituting the Collateral, and Grantor
will note Lender’s interest upon Lender’s request, each and all of the
following:

          	 	(1) 	
               Record, register and file this Agreement, together with such notices, financing
               statements or other documents or instruments as Lender may request from time to
               time to carry out fully the intent of this Agreement, with FAA in Oklahoma City,
               Oklahoma, United States of America and other governmental agencies, either
               concurrent with the delivery and acceptance of the Collateral or promptly after
               the execution and delivery of this Agreement. 

               

          	 	(2) 	
               Furnish to Lender evidence of every such recording, registering, and filing. 

               

          	 	(3) 	
               Execute and deliver or perform any and all acts and things which may be
               reasonably requested by Lender with respect to complying with or remaining
               subject to the Geneva Convention, the laws and regulations of the FAA, and the
               laws and regulation of any of the various states or countries in which the
               Collateral is or may fly over, operate in, or become located in. 

               

	 	
Grantor
hereby appoints Lender as Grantor’s irrevocable attorney-in-fact for the purpose of
executing any documents necessary to perfect, amend, or to continue the security interests
granted in this Agreement or to demand termination of filings of other secured parties.
Lender may at any time, and without further authorization from Grantor, file a carbon,
photographic or other reproduction of any financing statement or of this Agreements for
use as a financing statement. Grantor will reimburse Lender for all expenses for the
perfection and the continuation of the perfection of Lender’s security interest in
the Collateral.

	 	
Notices
to Lender. Grantor will promptly notify Lender in writing at Lender’s address
shown above (or such other addresses as Lender may designate from time to time) prior to
any (1) change in Grantor’s name; (2) change in Grantor’s assumed business
name(s); (3) change in the management of the Corporation Grantor; (4) change in the
authorized signer(s); (5) change in Grantor’s principal office address; (6) change in
Grantor’s state of organization; (7) conversion of Grantor to a new or different type
of business entity; or (8) change in any other aspect of Grantor that directly or
indirectly relates to any agreements between Grantor and Lender. No change in
Grantor’s name or state of organization will take effect until after Lender has
received notice.

	 	
Removal
of the Collateral. Except or routine use, Grantor shall not remove the Collateral from
its existing location without Lender’s prior written consent. Grantor shall, whenever
requested, advise Lender of the exact location of the Collateral.

	 	
Inspection
of the Collateral. At any reasonable time, on demand by Lender, Grantor shall cause
the Collateral (including the logs, books, manuals, and records comprising the Collateral)
to be exhibited to Lender (or persons designated by Lender) for purposes of inspection and
copying.

	 	
Maintenance,
Repairs, Inspections, and Licenses. Grantor, at its expense, shall do, or cause to be
done, in a timely manner with respect to the Collateral each and all of the following:

          	 	(1) 	
               Grantor shall maintain and keep the Aircraft in good order and repair as it is
               on the date of this Agreement, ordinary wear and tear excepted. 

               

          	 	(2) 	
               Grantor shall maintain and keep the Aircraft in good order and repair and in
               airworthy condition in accordance with the requirements of each of the
               manufacturers’ manuals and mandatory service bulletins and each of the
               manufacturers’ non-mandatory service bulletins which relate to
               airworthiness. 

               

          	 	(3) 	
               Grantor shall replace in or on the Airframe, any and all Engines, parts,
               appliances, instruments or accessories which may be worn out, lost destroyed or
               otherwise rendered unfit for use. 

               

          	 	(4) 	
               Grantor shall cause to be performed, on all parts of the Aircraft, all
               applicable mandatory Airworthiness Directives, Federal Aviation Regulations,
               Special Federal Aviation Regulations, and manufacturers’ service bulletins
               relating to airworthiness, the compliance date of which shall occur while this
               Agreement is in effect. 

               

          	 	(5) 	
               Grantor shall be responsible for all required inspections of the Aircraft and
               licensing or re-licensing of the Aircraft in accordance with all applicable FAA
               and other governmental requirements. Grantor shall at all times cause the
               Aircraft to have on board and in a conspicuous location a current Certificate of
               Airworthiness issued by the FAA. 

               

          	 	(6) 	
               All inspections, maintenance, modifications, repairs, and overhauls of the
               Aircraft (including those performed on the Airframe, the Engines or any
               components, appliances, accessories, instruments, or equipment) shall be
               performed by personnel authorized by the FAA to perform such services. 

               

          	 	(7) 	
               If any Engine, component, appliance, accessory, instrument, equipment or part of
               the Aircraft shall reach such a condition as to require overhaul, repair or
               replacement, for any cause whatever, in order to comply with the standards for
               maintenance and other provisions set forth in this Agreement, Grantor may: 

               

          	 	(a) 	
               Install on or in the Aircraft such items of substantially the same type in
               temporary replacement items must be in such a condition as to be permissible for
               use upon the Aircraft in accordance with the standards for maintenance and other
               provisions set forth in this Agreement; provided further, however, that Grantor
               at all times must retain unencumbered title to any and all items temporarily
               removed; or 

               

          	 	(b) 	
               Install on or in the Aircraft such items of substantially the same type and
               value in permanent replacement of those then installed on the Aircraft;
               provided, however, that such replacement items must be in such condition as to
               be permissible for use upon the Aircraft in accordance with the standard for
               maintenance and other provisions set forth in this Agreement; provided further,
               however, that Grantor must first comply with each of the requirements below. 

               

          	 	(8) 	
               In the event Grantor shall be required or permitted to install upon the Airframe
               or any Engine, components, appliances, accessories, instruments, engines,
               equipment or parts in permanent replacement of those than installed on the
               Airframe or such Engine, Grantor may do so provided that, in addition to any
               other requirements of this Agreement: 

               

          	 	(a) 	
               Lender is not divested of its security interest in and lien upon any item
               removed from the Aircraft and that no such removed item shall be or become
               subject to the lien or claim of any person, unless and until such item is
               replace by an item of the type and condition required by this Agreement, title
               to which, upon its being installed or attached to the Airframe, is validly
               vested in Grantor, free and clear of all liens and claims, of every kind or
               nature, of all persons other than Lender; 

               

          	 	(b) 	
               Grantor’s title to every substituted item shall immediately be and become
               subject to the security interests and liens of Lender and each of the provisions
               of this Agreement, and each such item shall remain so encumbered and so subject
               unless it is, in turn, replaced by a substitute item in the manner permitted in
               the Agreement; and 

               

          	 	(c) 	
               If an item is removed from the Aircraft and replaced in accordance with the
               requirements of this Agreement, including the terms and conditions above, then
               the item which is removed shall thereupon be free and cleat of the security
               interests and liens of Lender. 

               

          	 	(9) 	
               In the event that any Engine, component, appliance, accessory, instrument,
               equipment or part is installed upon the Airframe, and is not in substitution for
               or in replacement of an existing item, such additional item shall be considered
               as an accession to the Airframe. 

               

	 	
Taxes,
Assessments and Liens. Grantor will pay when due all taxes, assessments and liens upon
the Collateral, its use or operation, upon this Agreement, upon the Note, or upon any of
the other Related Documents. Grantor may withhold any such payment or may elect to contest
any lien if Grantor is in good faith conducting an appropriate proceeding to contest the
obligation to pay and so long as Lender’s interest in the Collateral is not
jeopardized in Lender’s sole opinion. If the Collateral is subjected to a lien which
is not discharged within fifteen (15) days, Grantor shall deposit with Lender cash, a
sufficient corporate surety bond or other security satisfactory to Lender in an amount
adequate to provide for the discharge of the lien plus any interest, costs or other
charges that could accrue as a result of foreclosure or sale of the Collateral. In any
contest Grantor shall defend itself and Lender and shall satisfy any final adverse
judgment before enforcement against the Collateral. Grantor shall name as an additional
oblige under any surety bond furnished in the contest proceedings.

AIRCRAFT SECURITY
AGREEMENT 

(Continued) 

Page 3 

     

	 	
Compliance
with Governmental Requirements. Grantor shall comply promptly with all laws,
ordinances and regulations of the FAA and all other governmental authorities applicable to
the use, operation, maintenance, overhauling or condition to Collateral. Grantor may
contest in good faith any such law, ordinance or regulation and withhold compliance during
any proceeding, including appropriate appeals, so long as Lender’s interest in the
Collateral, in Lender’s opinion, is not jeopardized. Without limiting the foregoing,
Grantor agrees that at no time during the effectiveness of this Agreement shall the
Collateral be operated in, located in, or relocated to , any jurisdiction, unless the
Geneva Convention, together with its necessary enacting rules and regulations (or some
comparable treaty and regulations satisfactory to the Lender) shall be in effect in such
jurisdiction and any notices, financing statements, documents, or instruments necessary or
required, in the opinion of Lender, to be filed in such jurisdiction shall have been filed
and file stamped copies thereof shall have been furnished to Lender. Notwithstanding the
foregoing, at no time shall the Collateral be operated in or over any area which may
expose Lender to any penalty, fine, sanction or other liability, whether civil or
criminal, under any applicable law, rule, treaty or convention; nor may the Collateral be
used in any manner which is or may be declared to be illegal and which may thereby render
the Collateral liable to confiscation, seizure, detention or destruction.

	 	
Records
Maintenance. Grantor shall maintain records relating to the Aircraft in accordance
with FAA rules and regulations and from time to time make such records available for
inspection by lender and its duly authorized agents.

	 	
Maintenance
of Casualty Insurance. Grantor shall procure and maintain at all times all risks
insurance on the Collateral, including without limitation fire, theft, liability and hull
insurance, and such other insurance as Lender may require with respect to the Collateral,
in form, amounts, coverages and basis reasonably acceptable to Lender and issued by a
company or companies reasonably acceptable to Lender. Grantor shall further provide and
maintain, at its sole cost and expense, comprehensive public liability insurance, naming
both Grantor and Lender as parties insured, protecting against claims for bodily injury,
death and/or property damage arising out of the use, ownership, possession, operation and
condition of the Aircraft, and further containing a broad form contractual liability
endorsement covering Grantor’s obligations to indemnify Lender as provided under this
Agreement. Such policies of insurance must also contain a provision, in form and substance
acceptable to Lender, prohibiting cancellation or the alteration of such insurance without
at least ten (10) days prior written notice to Lender of such intended cancellation or
alteration. Such insurance policies also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, omission or
default of Grantor or any other person. Grantor agrees to provide Lender with originals or
certified copies of such policies of insurance. Grantor, upon request of Lender, will
deliver to Lender from time to time the policies or certificates of insurance in form
satisfactory to Lender. In connection with all policies covering assets in which Lender
holds or is offered a security interest for the Indebtedness, Grantor will provide Lender
with such lender’s loss payable or other endorsements as Lender may require. Grantor
shall not use or permit the Collateral to be used in any matter or for any purposes
excepted from or contrary to the requirements of any insurance policy or policies required
to be carried and maintained under this Agreement or for any purpose excepted or exempted
from or contrary to the insurance policies, nor shall Grantor do any other act or permit
anything to be done which could reasonably be expected to invalidate or limit any such
insurance policy or policies.

	 	
Application
of Insurance Proceeds. Grantor shall promptly notify Lender of any loss or damage to
the Collateral in excess of $5,000, whether or not such casualty or loss is covered by
insurance. Lender may make proof of loss if Grantor fails to do so within fifteen (15)
days of the casualty. Lender shall have the right to receive directly the proceeds of any
insurance on the Collateral, including accrued proceeds thereon, and to hold the proceeds
as part of the Collateral. If Lender consents to repair or replacement of the damaged or
destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or
reimburse Grantor from the proceeds for the reasonable cost of repair of restoration. If
Lender does not consent to repair or replacement of the Collateral, Lender shall retain a
sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the
balance to Grantor. Any proceeds which have not been disbursed within six (6) months after
their receipt and which Grantor has not committed to the repair or restoration of the
Collateral shall be used to prepay the Indebtedness.

	 	
Insurance
Reports. Grantor, upon request of Lender, shall furnish to Lender reports on each
existing policy of insurance showing such information as Lender may reasonably request
including the following: (1) the name of the insurer; (2) the risks; (3) the amount of the
policy; (4) the property insured; (5) the then current value on the basis of which
insurance has been obtained and the manner of determining that value; and (6) the
expiration date of the policy. In addition, Grantor shall upon request by Lender (however
not more often than annually) have an independent appraiser satisfactory to Lender
determine, as applicable, the cash value or replacement cost of the Collateral.

	 	
Prior
Encumbrances. To the extent applicable, Grantor shall fully and timely perform any and
all of Grantor’s obligations under any prior Encumbrances affecting the Collateral.
Without limiting the foregoing, Grantor shall not commit or permit to exist any breach of
or default under any such prior Encumbrances. Grantor shall further promptly notify Lender
in writing upon the occurrence of any event or circumstances that would, or that might,
result in a breach of or default under any such prior Encumbrance. Grantor shall further
not modify or extend any of the terms of any prior Encumbrance or any indebtedness secured
thereby, or request or obtain any additional loans or other extensions of credit from any
third party creditor or creditors whenever such additional loan advances or other
extensions of credit may be directly or indirectly secured, whether by
cross-collateralization or otherwise, by the Collateral, or any part or parts thereof,
with possible preference and priority over the lien of this Agreement.

	 	
Notice
of Encumbrances and Events of Default. Grantor shall immediately notify Lender in
writing upon the filing of any attachment, lien, judicial process, or claim relating to
the Collateral. Grantor additionally agrees to immediately notify Lender in writing upon
the occurrence of any Event of Default, or event that the passage of time, failure cure,
or giving of notice, may result in an Event of Default under any of Grantor’s
obligations that may be secured by any presently existing or future Encumbrance, or that
may result in an Encumbrance affecting the Collateral, or should the Collateral be seized
or attached or levied upon, or threatened by seizure or attachment or levy, by any person
other than Lender.

PROHIBITIONS REGARDING COLLATERAL.
 Grantor represents, warrants and covenants to Lender while this Agreement remains in
effect as follows: 

	 	
Transactions
Involving Collateral. Grantor shall not sell, offer to sell, or otherwise transfer or
dispose of the Collateral. Grantor shall not pledge, mortgage, encumber or otherwise
permit the Collateral to be subject to any lien, security interest, encumbrance, or
charge, other than the security interest provided for in this Agreement, without the prior
written consent of Lender. This includes security interests even if junior in right to the
security interests granted under this Agreement. Unless waived by Lender, all proceeds
from any disposition of the Collateral (for whatever reason) shall be held in trust for
Lender, and shall not be commingled with any other funds; provided however, this
requirement shall not constitute consent by Lender to any sale of other disposition. Upon
receipt, Grantor shall immediately deliver any such proceeds to Lender.

	 	
No
Commercial Use. Grantor shall not, without the prior written consent of Lender, use
the Collateral, or permit the Collateral to be used in Commercial Operations.

	 	
No
Removal of Parts. Except as permitted or required in the section of this Agreement
titled “Maintenance, Repairs, Inspections, and Licenses,” Grantor shall not
remove or permit the removal of any parts, engines, accessories, avionics or equipment
from the Aircraft without replacing the same with comparable parts, engines, accessories,
avionics and equipment acceptable to Lender and the Aircraft’s manufacturer and
insurer.

	 	
Future
Encumbrances. Grantor shall not, without the prior written consent of Lender, grant
any Encumbrance that may affect the Collateral, or any part or parts thereof, nor shall
Grantor permit or consent to any Encumbrance attaching to or being filed against the
Collateral, or any part or parts thereof, in favor of anyone other than Lender. Grantor
shall further promptly pay when due all statements and charges of airport authorities,
mechanics, laborers, materialmen, suppliers and others incurred in connection with the
use, operation, storage, maintenance and repair of the Aircraft so that no Encumbrance may
attach to or be filed against the Aircraft or other Collateral. Grantor additionally
agrees to obtain, upon request by Lender, and in form and substance as may then be
satisfactory to Lender, appropriate waivers and/or subordinates of any Encumbrances that
may affect the Collateral at any time.

GRANTOR’S RIGHT TO
POSSESSSION. Until default, Grantor shall have possession and beneficial use of the
Collateral and may use it in any lawful manner not inconsistent with this Agreement or the
Related Documents. 

LENDER’S EXPENDITURES. 
If any action or proceeding is commenced that would materially affect Lender’s
interest in the Collateral or if Grantor fails to comply with any provision of this
Agreement or any Related Documents, including but not limited to Grantor’s failure to
discharge or pay when due any amounts Grantor is required to discharge or pay under this
Agreement or any Related Documents, Lender on Grantor’s behalf may (but shall not be
obligated to) take any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and other claims,
at any time levied or placed on the Collateral and paying all costs for insuring,
maintaining and preserving the Collateral. All such expenditures incurred or paid by
Lender for such purposes will then near interest at the rate charged under the Note from
the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses
will become a part of the Indebtedness and, at Lender’s option, will (A) be payable
on demand; (B) be added to the balance of the Note and be apportioned among and be payable
with any installment payments to become due during either (1) the term of any applicable
insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon
payment which will be due and payable at the Note’s maturity. The Agreement also will
secure payment of these amounts. Such right shall be in addition to all other rights and
remedies to which Lender may be entitles upon Default. 

     DEFAULT.
Each of the following shall constitute an Event of Default under this
          Agreement: 

	 	
Payment
Default. Borrower fails to make any payment when due under the Indebtedness. 

	 	
Other
Defaults. Borrower or Grantor fails to comply with or perform any other term,
obligation, covenant or condition contained in this Agreement or in any of the Related
Documents or to comply with or to perform any term, obligation, covenant or condition
contained in any other agreement between Lender and Borrower or Grantor.

AIRCRAFT SECURITY
AGREEMENT 

(Continued) 

Page 4 

     

	 	
False
Statements.  Any warranty, representation or statement made or furnished to Lender by
Borrower or Grantor or on Borrower’s or Grantor’s behalf under this Agreement or
the Related Documents is false or misleading in any material respect, either now or at the
time made or furnished or becomes false or misleading at any time thereafter.

	 	
Defective
Collateralization. This Agreement or any of the Related Documents ceases to be in full
force and effect (including failure of any collateral document to create a valid and
perfected security interest or lien) at any time and for any reason.

     	 	Insolvency.

           The dissolution or termination of Borrower’s or Grantor’s existence
          as a going business, the insolvency of Borrower or Grantor, the appointment of a
          receiver for any part of Borrower’s or Grantor’s property, any
          assignment for the benefit of creditors, any type of creditor workout, or the
          commencement of any proceeding under any bankruptcy or insolvency laws by or
          against Borrower or Grantor. 

          

	 	
Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings,
whether by judicial proceeding, self-help, repossession or any other method, by any
creditor of Borrower or Grantor or by any governmental agency against any collateral
securing the Indebtedness. This includes a garnishment of any of Borrower’s or
Grantor’s accounts, including deposit accounts, with Lender. However, this Event of
Default shall not apply if there is a good faith dispute by Borrower or Grantor as to the
validity or reasonableness of the claim which is the basis of the creditor or forfeiture
proceeding and if Borrower or Grantor gives Lender written notice of the creditor or
forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or
forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being
an adequate reserve or bond for the dispute.

	 	
Events
Affecting Guarantor. Any of the preceding events occurs with respect to Guarantor of
any indebtedness or Guarantor dies or becomes incompetent or revokes or disputes the
validity of, or liability under, any Guaranty of the Indebtedness.

	 	
Adverse
Change. A material adverse change occurs in Borrower’s or Grantor’s
financial condition, or Lender believes the prospect of payment or performance of the
Indebtedness is impaired.

	 	
Insecurity.Lender
in good faith believes itself insecure. 

	 	
Cure
Provisions. If any default, other than a default in payment is curable and if Grantor
has not been given a notice of a breach of the same provision of this Agreement within the
preceding twelve (12) months, it may be cured (and no event of default will have occurred)
if Grantor, after receiving written notice from Lender demanding cure of such default: (1)
cures the default within (5) days; or (2) if the cure requires more than five (5) days,
immediately initiates steps which Lender deems in Lender’s sole discretion to be
sufficient to cure the default and thereafter continues and completes all reasonable and
necessary steps sufficient to produce compliance as soon as reasonably practical.

RIGHTS AND REMEDIES ON
DEFAULT. If an Event of Default occurs under this Agreement, at any time thereafter,
Lender shall have all the rights of a secured party under the Florida Uniform Commercial
Code. In addition and without limitation, Lender may exercise any one or more of the
following rights and remedies: 

	 	
Accelerate
Indebtedness. Lender may declare the entire indebtedness including any prepayment
penalty which Borrower would be required to pay, immediately due and payable, without
notice of any kind to Borrower or Grantor.

	 	
Assemble
Collateral. Lender may require Grantor to deliver to Lender all or any portion of the
Collateral and any and all certificates of title and other documents relating to the
Collateral. Lender may require Grantor to assemble the Collateral and make it available to
Lender at a place to be designated by Lender. Lender also shall have full power to enter
upon the property of Grantor to take possession of and remove the Collateral. If the
Collateral contains other goods not covered by this Agreement at the time of repossession,
Grantor agrees that Lender may take such other goods, provided that Lender makes
reasonable efforts to return them to Grantor after repossession.

	 	
Sell
the Collateral. Lender shall have full power to sell, lease, transfer, or otherwise
deal with the Collateral or proceeds thereof in Lender’s own name or that of Grantor.
Lender may sell the Collateral at public auction or private sale. Unless the Collateral
threatens to decline speedily in value or is of a type customarily sold on a recognized
market, Lender will give Grantor, and other persons required by law, reasonable notice of
the time and place of any public sale, or the time after which any private sale or any
other disposition of the Collateral is to be made. However, no notice need be provided to
any person who, after Event of Default occurs, enters into and authenticates an agreement
waiving that person’s right to notification of sale. The requirements of reasonable
notice shall be met if such notice is given at least ten (10) days before the time of the
sale or disposition. All expenses relating to the disposition of the Collateral, including
without limitation the expenses of retaking, holding, insuring, preparing for sale and
selling the Collateral, shall become a part of the Indebtedness secured by this Agreement
and shall be payable on demand, with interest at the Note rate from date of expenditure
until repaid.

	 	
Appoint
Receiver. In the event of a suit being instituted to foreclose this Agreement, Lender
shall be entitled to apply at any time pending such foreclosure suit to the court having
jurisdiction thereof for the appointment of a receiver of any or all of the Collateral,
and of all rents, incomes, profits, issues and revenues thereof, from whatsoever source.
The parties agree that the court shall forthwith appoint such receiver with the usual
powers and duties of receivers in like cases. Such appointment shall be made by the court
as a matter of strict right to Lender and without notice to Grantor, and without reference
to the adequacy or inadequacy of the value of the Collateral, or to Grantor’s
solvency or any other party defendant to such suit. Grantor hereby specifically waives the
right to object to the appointment of a receiver and agrees that such appointment shall be
made as an admitted equity and as a matter of absolute right to Lender, and consents to
the appointment of any officer or employee of Lender as receiver. Lender shall have the
right to have a receiver appointed to take possession of all or any part of the
Collateral, with the power to protect and preserve the Collateral, to operate the
Collateral preceding foreclosure or sale, and to collect the rents from the Collateral and
apply the proceeds, over and above the cost of the receivership, against the Indebtedness.
The receiver may serve without bond if permitted by law. Lender’s right to the
appointment of a receiver shall exist whether or not the apparent value of the Collateral
exceeds the Indebtedness by a substantial amount. Employment by Lender shall not
disqualify a person from serving as a receiver.

	 	
Obtain
Deficiency. If Lender chooses to sell any or all of the Collateral, Lender may obtain
a judgment against Borrower for any deficiency remaining on the Indebtedness due to Lender
after application of all amounts received from the exercise of the rights provided in this
Agreement.

	 	
Other
Rights and Remedies.  Except as may be prohibited by applicable law, all of
Lender’s rights and remedies, whether evidenced by this Agreement, the Related
Documents, or by any other writing, shall be cumulative and may be exercised singularly or
concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any
other remedy, and an election to make expenditures or to take action to perform an
obligation or Grantor under this Agreement, after Grantor’s failure to perform, shall
not affect Lender’s right to declare a default and exercise its remedies.

INDEMNIFICATION OF LENDER.
Grantor agrees to indemnify, to defend and to save and hold Lender harmless from any and
all claims, suits, obligations, damages, losses, costs and expenses (including, without
limitation, Lender’s reasonable attorneys’ fees), demands, liabilities,
penalties, fines and forfeitures of any nature whatsoever that may be asserted against or
incurred by Lender, its officers, directors, employees, and agents arising out of,
relating to, or in any manner occasioned by this Agreement and the exercise of the rights
and remedies granted Lender under this. The foregoing Indemnity provisions shall survive
in the event that Lender elects to exercise any of the remedies as provided under this
Agreement following default hereunder. 

MICELLANEOUS PROVISIONS. The
following miscellaneous provisions are a part of this Agreement: 

     	 	Amendments.

           This Agreement, together with any Related Documents, constitutes the entire
          understanding and agreement of the parties as to the matters set forth in this
          Agreement. No alteration of or amendment to this Agreement shall be effective
          unless given in writing and signed by the party or parties sought to be changed
          or bound by the alteration or amendment. 

          

	 	
Attorneys’
Fees; Expenses. Guarantor agrees to pay upon demand all of Lender’s costs and
expenses, including lender’s reasonable attorneys’ fees and Lender’s legal
expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or
pay someone else to help enforce this Guaranty, and Guarantor shall pay the costs and
expenses of such enforcement. Costs and expenses include Lender’s reasonable
attorneys’ fees and legal expenses whether or not there is a lawsuit, including
reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. Guarantor also shall pay all court costs
and such additional fees as may be directed by the court.

	 	
Caption
Headings. Caption headings in this Guaranty are for convenience purposes only and are
not to be used to interpret or define the provisions of this Guaranty.

	 	
Governing
Law. This Guaranty will be governed by, construed and enforced in accordance with federal
law and the laws of  the state of Florida. This Guaranty has been accepted by
Lender in the State of Florida.

	 	
Joint
and Several Liability. All obligations of Borrower and Grantor under this Agreement
shall be joint and several, and all references to Grantor shall mean each and every
Grantor, and all referenced to Borrower shall mean each and every Borrower. This means
that each Borrower and Grantor signing below is responsible for all obligations in this
Agreement. Where any one or more of the parties is a corporation, partnership, limited
liability company or similar entity, it is not necessary for Lender to inquire into the
powers of any of the officers, directors, partners, members, or other agents acting or
purporting to act on the entity’s behalf, and any obligations made or created in
reliance upon the professed exercise of such powers shall be guaranteed under this
Agreement.

AIRCRAFT SECURITY
AGREEMENT 

(Continued) 

Page 5 

     

     	 	Notices.

           Any notice required to be given in writing, and shall be affective when
          actually delivered, when actually received by telefacsimile (unless otherwise
          required by law), when deposited with a nationally recognized overnight courier,
          or, if mailed, when deposited in the United States mail, as first class,
          certified or registered mail prepaid, directed to the addresses shown near the
          beginning of this Agreement. Any party may change its address for notices under
          this Agreement by giving written notice to other parties, specifying that the
          purpose of the notice is to change the party’s address. For notice
          purposes, Grantor agrees to keep Lender informed at all times of Grantor’s
          current address. Unless provided or required by law, if there is more than one
          Grantor, any notice given by Lender to any Grantor is deemed to be notice given
          to all Grantors. 

          

     	 	Severability.

           If a court of competent jurisdiction finds any provision of its Agreement to be
          illegal, invalid, or unenforceable as to any circumstance, that finding shall
          not make the offering provision illegal, invalid, or unenforceable as to any
          circumstance. If feasible, the offending provision shall be considered modified
          so that it becomes legal, valid and enforceable. If the offending provision
          cannot be so modified, it shall be considered deleted from this Agreement.
          Unless otherwise required by law, The illegality, the invalidity, or
          unenforceability of any provision of this Agreement shall not effect the
          legality, validity, or enforceability of any other provision of this Agreement. 

          

	 	
Successors
and Assigns. Subject to any limitations stated in this Agreement on transfer of
Grantor’s interest, this Agreement shall be binding upon and inure to the benefit of
the parties, their successors and assigns. If ownership of the Collateral becomes vested
in a person other than Grantor, Lender, without notice to Grantor, may deal with
Grantor’s successors with reference to this Agreement and the Indebtedness by was of
forbearance or extension without releasing Grantor from the obligations of this Agreement
or liability under the indebtedness.

	 	
Survival
of Representations and Warranties. All representations, warranties, and agreements
made by Grantor in this Agreement shall survive the execution and the delivery of this
Agreement, shall be continuing in nature, and shall remain in full force and effect until
such time as Borrower’s Indebtedness shall be paid in full.

	 	
No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this
Agreement unless such waiver is given in writing and signed by Lender. No delay or
omission on the part of Lender in exercising any right shall operate as a waiver of such
right or any other right. A waiver by Lender of a provision of this Agreement shall not
prejudice or constitute a waiver of Lender’s right otherwise to demand strict
compliance with that provision or any other provision of this Agreement. No prior waiver
by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver
of any Lender’s rights or of any Grantor’s obligations as to any future
transactions. Whenever the consent of a Lender is required under this Agreement, the
granting of such consent by Lender in any instance shall not constitute continuing consent
or subsequent instances where such consent is required and in all cases such consent may
be granted or withheld in the sole discretion of Lender.

	 	
Waive
Jury. All parties to this Agreement hereby waive the right to any jury trial in any
action, proceeding, or counterclaim brought by any party against any other party.

DEFINITIONS.The following capitalized word and
terms shall have the following meanings when           used in this Agreement. Unless
specifically stated to the contrary, all           references to dollar amounts shall
mean amounts in lawful money of the United           States of America. Words and terms
used in the singular shall include the           plural, and the plural; shall include
the singular, as the context may require.           Words and terms not otherwise defined
in this Agreement shall have the meanings           attributed to such terms in the
United States Code and Regulations there under           dealing with or involving
Aircraft, commercial instruments relating to such           Aircraft, and in the Uniform
Commercial Code:  

     	 	Agreement.

           The word “Agreement” means this Aircraft Security Agreement may be
          amended or modified from time to time, together with all the exhibits and
          schedules attached to this Aircraft Security Agreement from time to time. 

          

     	 	Borrower.
           The word “borrower” means Royal Sons Motor Yacht Sales, Inc. DBA
          Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers
          co-makers signing the Note. 

          

     	 	Collateral.

           The words “Collateral” means all of Grantors right, title and
          interest in to all the Collateral as described in the Collateral Description
          section of this Agreement. 

          

	 	
Commercial
Operations. The words “Commercial Operations” mean the carriage by aircraft
in air commerce of persons or property for compensation for hire. Commercial Operations do
not include carriage by aircraft in air commerce of Grantor’s employees or invitees
or Grantor’s own property.

     	 	Default.

           The word “Default” means the Default set forth in this Agreement in
          the section titled “Default”. 

          

     	 	Encumbrance.

           The word “Encumbrance” means any and all presently existing or future
          mortgages, liens, privileges and other contractual and statutory interests and
          rights, of every nature and kind, whether in admiralty, at law, of in equity,
          that now and/or in the future may affect the Collateral or any other part or
          parts thereof. 

          

	 	
Event
or Default. The words “Event or Default” mean any of the events of default
set forth in this Agreement in the default section of this agreement.

     	 	FAA.

           The word “FAA” means the United States Federal Aviation
          Administration, or any successor or replacement administration or governmental
          agency having the same or similar authority and responsibilities. 

          

	 	
Geneva
Convention. The words “Geneva Convention” mean the Convention on the
International Recognition of Rights in Aircraft made at Geneva, Switzerland on June 19,
1948,(effective September 17, 1953) together with the necessary enacting rules and
regulations promulgated by any particular signatory country.

     	 	Grantor.

           The word “Grantor” means Royal Son Motor Yacht Sales, Inc. DBA Royal
          Sons. 

          

     	 	Guarantor.

           The word “Guarantor” means any guarantor, surety, or accommodation
          party of any or all of the Indebtedness. 

          

     	 	Guaranty.

           The word “Guaranty” means the guaranty from Guarantor to Lender,
          including without limitation a guaranty of all or part of the Note. 

          

     	 	Indebtedness.

           The word “Indebtedness” means the indebtedness evidenced by the Note
          or Related Documents, including all principal and interest together with all
          other indebtedness and costs and expenses for which Borrower is responsible
          under this Agreement or under any of the Related Documents. 

          

     		Lender.

           The word “Lender” means United Bank and Trust Company, its successors
          and assigns. 

          

     		Note.

           The word “Note” means the Note executed by Royal Sons Motor Yacht
          Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. In the
          principal amount of $1,500,000.00 dated January 16, 2004, together with all
          renewals of, extensions of, modifications of, refinancing of, consolidations of,
          and substitutions for the note of credit agreement. 

          

	 	
Related
Documents. The word “Related Documents” mean all promissory notes, credit
agreements, loan agreements, environmental agreements, guaranties, security agreements,
mortgages, deeds of trust, security deeds, collateral mortgages, and all other
instruments, agreements and documents, whether now or hereafter existing, executed in
connection with the indebtedness.

BORROWER AND GRANTOR ACKNOWLEDGE
HAVING READ ALL THE PROVISIONS OF THIS AIRCRAFT SECURITY AGREEMENT AND BORROWER AND
GRANTOR AGREE TO ITS TERMS. THIS AIRCRAFT SECURITY AGREEMENT IS DATED JANUARY 16, 2004. 

GRANTOR: 

ROYAL SONS MOTOR YACHT
SALES, INC. DBA ROYAL SONS 

By:_____________________
Frederic
J. Geffen, President of Royal Sons Motor
Yacht Sales, Inc. DBA Royal Sons

AIRCRAFT SECURITY
AGREEMENT 

(Continued) 

Page 6 

     

BORROWER: 

ROYAL SONS MOTOR YACHT
SALES, INC. DBA ROYAL SONS 

By:_____________________________________________________Frederic

J. Geffon, President of Royal Sons MotorYacht 
Sales, Inc. DBA Royal Sons 

SKYWAY COMMUNICATIONS
HOLDING CORP. 

By:
___________________________________________Brent 
Kovar, President of Skyway
Communications
Holding Corp. 

COMMERCIAL GUARANTY 

	  Principal  

	 Loan Date

	 Maturity 

	Loan No

       
	Call/Coll
	Account

	Officer

  44
	Initials

References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any
particular loan or item. Any item above containing “***” has been omitted due to
text length limitations. 

	Borrower:

         

         

         

         

Grantor: 

         

         

         
	
Royal Sons Motor Yacht Sales, Inc. DBA Royal
Sons                                        

Skyway Communications Holding Corp.         

15875 Fairchild Drive

Clearwater, FL 33762

Ronna J. Geffon

10316 Paradise Blvd.

Treasure Island, FL 33706	Lender:
	United Bank and Trust Company

P.O. Box 14517

St. Petersburg, FL 33733

     

AMOUNT OF GUARANTY.  The amount of this Guaranty is Unlimited. 

CONTINUING ULIMITED GUARANTY. For
good and valuable consideration, Ronna J. Geffon (“Guarantor”) absolutely and
unconditionally guarantees and promises to pay to the United Bank and Trust Company
(“Lender”) or its order, in legal tender of the United States of America, the
indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA
Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or
any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this
Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are
continuing. 

INDEBTEDNESS GUARNATEED. The
indebtedness guaranteed by this Guaranty includes any and all of Borrower’s
indebtedness to lender and is used in the most comprehensive sense and means and includes
any and all of Borrower’s liabilities, obligations and debts to lender, now existing
or hereinafter incurred or created, including, without limitation, all loans, advances,
interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease
obligations, other obligations, and liabilities of Borrower, or any of them, and any
present or future judgments against Borrower, or any of them; and whether any such
Indebtedness is voluntarily or involuntarily incurred, due or not due, absolute or
contingent, liquidated or unliquidated, determined or undetermined; whether Borrower may
be liable individually or jointly with others, or primarily or secondarily, or as
guarantor or surety; whether recovery on the Indebtedness may be or may become barred or
unenforceable against Borrower for any reason whatsoever; and whether the Indebtedness
arises from transactions which may be voidable on account of infancy, insanity, ultra
vires, or otherwise. 

DURATION OF GUARANTY. This
Guaranty will take effect when received by Lender without the necessity of any acceptance
by Lender, or any notice to Guarantor or to Borrower, and will continue in full force
until all Indebtedness incurred or contracted before receipt by Lender of any notice of
revocation shall have been fully and finally paid and satisfied and all of
Guarantor’s other obligations under this Guaranty shall have been performed in full.
If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing.
Guarantor’s written notice of revocation must be mailed to Lender, by certified mail,
at Lender’s address listed above or such other place as Lender may designate in
writing, Written revocation of this Guaranty will apply only to advances or new
indebtedness created after actual receipt by Lender of Guarantor’s written
revocation. For this purpose and without limitation, the term “new Indebtedness”
does not include Indebtedness which at the time of notice of revocation is contingent,
unliquidated, undetermined or not due and which later becomes absolute, liquidated,
determined or due. This Guaranty will continue to bind Guarantor for all indebtedness
incurred by Borrower or committed by Lender prior to receipt of Guarantor’s written
notice of revocation, including any extensions, renewals, substitutions or modifications
of the Indebtedness. All renewals, extensions, substitutions, and modifications of the
Indebtedness granted after Guarantor’s revocation, are contemplated under this
Guaranty and, specifically will not be considered to be new Indebtedness. This Guaranty
shall bind Guarantor’s estate as to Indebtedness created both before and after
Guarantor’s death or incapacity, regardless of Lender’s actual notice
Guarantor’s death. Subject to the foregoing, Guarantor’s executor or
administrator or other legal representative may terminate this Guaranty in the same manner
in which Guarantor might have terminated it and with the same effect. Release of any other
guarantor or termination of any other guaranty of the Indebtedness shall not affect the
liability of Guarantor under this Guaranty. A revocation Lender receives from any one or
more Guarantors shall not affect the liability of any remaining Guarantors under this
Guaranty. It is anticipated that fluctuations may occur in the aggregate amount of
Indebtedness covered by this Guaranty, and Guarantor specifically acknowledges and agrees
that reductions in the amount of Indebtedness, even to zero dollars (0.00), prior to
Guarantor’s written revocation of this Guaranty shall not constitute a termination of
this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s heirs,
successors and assigns so long as any of the guaranteed Indebtedness remains unpaid and
even though the Indebtedness guaranteed may from time to time be zero dollars ($0.00). 

GUARANTOR’S AUTHORIZATION TO
LENDER. Guarantor authorizes Lender, either before or after any revocation hereof,
without notice or demand and without lessening Guarantor’s liability under this
Guaranty, from time to time: (A) prior to revocation as set forth above, to make one
or more additional secured or unsecured loans to Borrower, to lease equipment or other
goods to Borrower, or otherwise to extend additional credit to Borrower; (B) to alter,
compromise, renew, extend, accelerate, or otherwise change one or more times the time for
payment or other terms of the Indebtedness or any part of the Indebtedness, including
increases and decreases of the rate of interest on the Indebtedness; extensions may be
repeated and may be for longer than the original loan term; (C) to take and hold security
for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release and such security, with or without
the substitution of new collateral; (D) to release, substitute, agree not to sue, or deal
with any one or more of the Borrower’s sureties, endorsers, or other guarantors on
any terms or in any manner Lender may choose; (E) to determine how, when and what
application of payments and credits shall be made on the Indebtedness (F) to apply such
security and direct the order or manner of sale thereof, including without limitation, any
nonjudicial sale permitted by the terms of the controlling security agreement or deed of
trust, as Lender in its discretion may determine; (G) to sell, transfer, assign or grant
participations in all or any part of the Indebtedness; and (H) to assign or transfer this
Guaranty in whole or in part. 

GUARANTOR’S REPRESENTATIONS
AND WARRANTIES. Guarantor represents and warrants to Lender that (A) no
representations or agreements of any kind have been made to Guarantor which would limit or
qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at
Borrower’s request and not at the request of Lender; (C) Guarantor has full power,
right and authority to enter into this Guaranty; (D) the provisions of this Guaranty do
not conflict with or result in a default under any agreement or other instrument binding
upon Guarantor and do not result in a violation of any law, regulation, court decree or
order applicable to Guarantor; (E) Guarantor has not and will not, without the prior
written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or
otherwise dispose of all or substantially all of guarantor’s assets, or any interest
therein; (F) upon Lenders request, Guarantor will provide to Lender financial and credit
information in form acceptable to Lender, and all such financial information which
currently has been, and all future financial information which will be provided to Lender
is and will be true and correct in all material respects and fairly present
Guarantor’s financial condition as of the dates the financial information is
provided; (G) no material adverse change has occurred in Guarantor’s financial
condition since the date of the most recent financial statements provided to Lenderand no
event has occurred which may materially adversely affect Guarantor’s financial
condition; (H) no litigation, claim, investigation, administrative proceeding or similar
action (including those for unpaid taxes) against Guarantor is pending or threatened; (I)
Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and
(J) Guarantor has established adequate means of obtaining from Borrower on a continuing
basis information regarding Borrower’s financial condition. Guarantor agrees to keep
adequately informed from such means of any facts, events, or circumstances which might in
any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees
that, absent a request for information, Lender shall have no obligation to disclose to
Guarantor any information or documents acquired by Lender in the course of its
relationship with Borrower. 

GUARANTOR’S WAIVERS.
Except as prohibited by applicable law, Guarantor waives any right to require Lender (A)
to continue lending money or to extend other credit to Borrower; (B) to make any
presentment, protest, demand, or notice of any kind, including notice of any nonpayment of
the Indebtedness or of any nonpayment related to any collateral, or notice of any action
or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in
connection with the Indebtedness or in connection with the creation of new or additional
loans or obligations; (C) to resort for payment or to proceed directly or at once against
any person, including Borrower or any other guarantor; (D) to proceed directly against or
exhaust any collateral held by Lender from Borrower, any other guarantor, or any other
person; (E) to pursue any other remedy within Lender’s power; or (F) to commit any
act or omission of any kind, or at any time, with respect to any matter whatsoever. 

Guarantor also waives any and all
rights or defenses arising by reason of (A) any “one action” or
“anti-deficiency” law or any other law which may prevent Lender from bringing
any action, including a claim for deficiency, against Guarantor, before or after
Lender’s commencement or completion of any foreclosure action, either judicially or
by exercise of a power of sale; (B) any election of remedies by Lender which destroys or
otherwise adversely affects Guarantor’s subrogation rights or Guarantor’s rights
to proceed against Borrower for reimbursement, including without limitation, any loss of
rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the
Indebtedness; (C) any disability or other defense of Borrower, of any other guarantor, or
of any other person, or by reason of the cessation of Borrower’s liability from any
cause whatsoever, other than payment in full in legal tender, of the Indebtedness of
Borrower to Lender which is not barred by any applicable statute of limitations; or (F)
any defenses given to guarantors at law or in equity other than actual payment and
performance of the Indebtedness. If payment is made by Borrower, whether voluntarily or
otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced to
remit the amount of that payment to Borrower’s trustee in bankruptcy or to any
similar person under any federal or state bankruptcy law or law for the relief of debtors,
the Indebtedness shall be considered unpaid for the purpose of the enforcement of its
Guaranty. 

Guarantor further waives and agrees
not to assert or claim at any time any deductions to the amount guaranteed under this
Guaranty for any claim of setoff, counterclaim, counter demand, recoupment or similar
right, whether such claim, demand or right may be asserted by the Borrower, the Guarantor,
or both. 

COMMERCIAL GUARANTY 

(Continued) 

Page 2 

     

GUARANTOR’S UNDERSTANDING
WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set
forth above is made with Guarantor’s full knowledge of its significance and
consequences and that, under the circumstances, the waivers are reasonable and not
contrary to public policy or law. If any such waiver is determined to be contrary to any
applicable law or public policy, such waiver shall be effective only to the extent
permitted by law or public policy. 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Guarantor’s
accounts with Lender (whether checking, savings, or some other account). This includes all
accounts Guarantor holds jointly with someone else and all accounts Guarantor may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust
accounts for which setoff would be prohibited by law. Guarantor authorizes Lender, to the
extents permitted by applicable law, to hold these funds if there is a default, and Lender
may apply the funds in these accounts to pay what Guarantor owes under the terms of the
Guaranty. 

SUBORDINATION OF BORROWER’S
DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender,
whether now existing or hereafter created, shall be superior to any claim that Guarantor
may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against
Borrower, upon any account whatsoever, to any claim that Lender may now or hereafter have
against Borrower. In the event of insolvency and consequent liquidation of the assets of
Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary
liquidation, or otherwise, the assets of Borrower applicable to the payment of the claims
of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender
to the Indebtedness of Borrower to lender. Guarantor does hereby assign to Lender all
claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for
the purpose of assuring to Lender full payment in legal tender of the Indebtedness. If
Lender so requests, any notes or credit agreements now or hereafter evidencing any debts
or obligations of Borrower to Guarantor shall be marked with a legend that the same are
subject to this Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is
hereby authorized, in the name of Guarantor, from time to time to execute and file
financing statements and continuation statements and to execute such other documents and
to take such other actions as Lender deems necessary or appropriate to perfect, preserve
and enforce its rights under this Guaranty. 

     GARNISHMENT.    
          Guarantor consents to the issuance of a continuing writ of garnishment or
          attachment against Guarantor’s disposable earnings, in accordance with
          Section 222.11, Florida Statutes, in order to satisfy, in whole or in part, any
          money judgment entered in favor of Lender. 

MISCELLANEOUS PROVISIONS. The
following miscellaneous provisions are a part of this Guaranty: 

     		Amendments.

           This Guaranty, together with any Related Documents, constitutes the entire
          understanding and agreement of the parties as to the matters set forth in this
          Guaranty. No alteration of or amendment to this Guaranty shall be effective
          unless given in writing and signed by the party or parties sought to be charged
          or bound by the alteration or amendment. 

          

	 	
Attorneys’
Fees; Expenses. Guarantor agrees to pay upon demand all of Lender’s costs and
expenses, including lender’s reasonable attorneys’ fees and Lender’s legal
expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or
pay someone else to help enforce this Guaranty, and Guarantor shall pay the costs and
expenses of such enforcement. Costs and expenses include Lender’s reasonable
attorneys’ fees and legal expenses whether or not there is a lawsuit, including
reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. Guarantor also shall pay all court costs
and such additional fees as may be directed by the court.

	 	
Caption
Headings. Caption headings in this Guaranty are for convenience purposes only and are
not to be used to interpret or define the provisions of this Guaranty.

	 	
Governing
Law. This Guaranty will be governed by, construed and enforced in accordance with federal
law and the laws of  the state of Florida. This Guaranty has been accepted by
Lender in the State of Florida.

     	 	Integration.

           Guarantor further agrees that Guarantor has read and fully understands the
          terms of this Guaranty; Guarantor has had the opportunity to be advised by
          Guarantor’s attorney with respect to this Guaranty; the Guaranty fully
          reflects Guarantor’s intentions and parol evidence is not required to
          interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds
          Lender harmless from all losses, claims, damages, and costs (including
          Lender’s attorney’s fees) suffered or incurred by Lender as a result
          of any breach by Guarantor of the warranties, representations and agreements of
          this paragraph. 

          

     	 	Interpretation.

           In all cases where there is more than one Borrower or Guarantor, then all words
          used in this Guaranty in the singular shall be deemed to have been used in the
          plural where the context and construction so require; and where there is more
          than one Borrower named in this Guaranty or when this Guaranty is executed by
          more than one Guarantor, the words “Borrower” and
          “Guarantor” respectively shall mean all and any one or more of them.
          The words “Guarantor,” “Borrower,” and “Lender”
          include the heirs, successors, assigns, and transferees of each of them. If a
          court finds that any provision of this Guaranty is not valid or should not be
          enforced, that fact by itself will not mean that the rest of this Guaranty will
          not be valid or enforces. Therefore, a court will enforce the rest of the
          provisions of this Guaranty even is a provision of this Guaranty may be found to
          be invalid or unenforceable. If any one or more of Borrower or Guarantor are
          corporations, partnerships, limited liability companies, or similar entities, it
          is not necessary for Lender to inquire into the powers of Borrower or Guarantor
          or of the officers, directors, partners, managers, or other agents acting or
          purporting to act on their behalf, and any Loan indebtedness made or created in
          reliance upon the professed exercise of such powers shall be guaranteed under
          this Guaranty. 

          

     	 	Notices.

           Any notice required to be given under this Guaranty shall be given in writing,
          and, except for revocation notices by Guarantor, shall be effective when
          actually delivered, when actually received by telefacsimile (unless otherwise
          required by law), when deposited with a nationally recognized overnight courier,
          or, if mailed, when deposited in the United States mail, as first class,
          certified or registered mail postage prepaid, directed to the addresses shown
          near the beginning of this Guaranty. All revocation notices by Guarantor shall
          be in writing and shall be effective upon delivery to lender as provided in the
          section of this Guaranty entitles “DURATION OF GUARANTY.” Any party
          may change its address for notices under this Guaranty by giving written notice
          to the other parties, specifying that the purpose of the notice is to change the
          party’s address. For notice purposes, Guarantor agrees to keep Lender
          informed at all times of Guarantor’s current address. Unless otherwise
          provided or required by law, if there is more than one Guarantor, any notice
          given by Lender to any Guarantor is deemed to be notice given to all Guarantors. 

          

	 	
No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this
Guaranty unless such waiver is given in writing and signed by Lender. No delay or omission
on the part of Lender in exercising any right shall operate as a waiver of such right or
any other right. A waiver by Lender of a provision of this Guaranty shall not prejudice or
constitute a waiver of Lender’s right otherwise to demand strict compliance with that
provision or any other provision of this Guaranty. No prior waiver by Lender, nor any
course of dealing between Lender and Guarantor, shall constitute a waiver of any of
Lender’s rights or of any of Guarantor’s obligations as to any future
transactions. Whenever the consent of Lender is required under this Guaranty, the granting
of such consent is required and in all cases such consent may be granted or withheld in
the sole discretion of Lender.

	 	
Successors
and Assigns. Subject to any limitations stated in this Guaranty on transfer of
Guarantor’s interest, this Guaranty shall be binding upon and inure to the benefit of
the parties, their successors and assigns.

	 	
Waive
Jury. Lender and Guarantor hereby waive the right to any jury trial in any action,
proceeding, or counterclaim  brought by either Lender or Borrower against the
other.

SECURITY INTEREST. The Lender
is hereby given a lien for the amount of the liability and indebtedness, whether or not
due and payable, created by this Guaranty upon all property and securities now or
hereafter in the possession or custody of the Lender by or for the account of any or all
of the undersigned or in which any or all Guarantors may have any interest (all
remittances and property to be deemed in the possession or custody of the Lender as soon
as put in transit to it by mail or carrier) and also upon the balance of any deposit
accounts of any or all of the undersigned with the Lender existing from time to time, and
the Lender is hereby authorized and empowered at its option to appropriate any and all
thereof and apply any and all thereof and the proceeds thereof to the payment and
extinguishment of the liability and indebtedness hereby created at any time after such
liability and indebtedness becomes payable. The security interest granted hereby shall
come into existence and continue whether or not any such collateral is deposited to secure
other obligations of the undersigned to the Lender and the Lender is hereby specifically
authorized to retain and keep any such collateral until payment and extinguishment of the
liability and indebtedness created hereby. The undersigned agrees to pay any deficiency
remaining after the Lender realizes on any security (whether furnished by Borrower, the
undersigned (or a third party) but the Lender shall not be required to first proceed
against any such security. 

     DEFINITIONS.    
          The following capitalized words and terms shall have the following meanings
          when used in this Guaranty. Unless specifically stated to the contrary, all
          references to dollar amounts shall mean amounts in lawful money of the United
          States of America. Words and terms used in the singular shall include the
          plural, and the plural shall include the singular, as the context may require.
          Words and terms not otherwise defined in this Guaranty shall have the meanings
          attributed to such terms in the Uniform Commercial Code: 

     		Borrower.

           The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA
          Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers
          and co-makers signing the Note. 

          

     	 	Guarantor.

           The word “Guarantor” means each and every person or entity signing
          this Guaranty, including without limitation Ronna J. Geffon. 

          

COMMERCIAL GUARANTY 

(Continued) 

Page 3 

     

     	 	Guaranty.

           The word “Guaranty” means the guaranty from Guarantor to Lender,
          including without limitation a guaranty of all or part of the Note. 

          

     		Indebtedness.

           The word “Indebtedness” means Borrower’s indebtedness to Lender
          as more particularly described in this Guaranty. 

          

     		Lender.

           The word “Lender” means United Bank and Trust Company, its successors
          and assigns. 

          

     	 	Note.

           The word “Note” means and includes without limitation all of
          Borrower’s promissory notes and/or credit agreements evidencing
          Borrower’s loan obligations in favor of Lender, together with all renewals
          of, extensions of, modifications of, refinancings of, consolidations of and
          substitutions for promissory notes or credit agreements. 

          

	 	
Related
Documents. The words “Related Documents” mean all promissory notes, credit
agreements, loan agreements, environmental agreements, guaranties, security agreements,
mortgages, deeds of trust, security deeds, collateral mortgages, and all other
instruments, agreements and documents, whether now or hereafter existing, executed in
connection with the Indebtedness.

EACH UNDERSIGNED GUARANTOR
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THE GUARANTY AND AGREES TO ITS TERMS. IN
ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARNATY IS EFFECTIVE UPON GUARNATOR’S
EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE
UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF
GUARANTY”, NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. THIS GUARANTY IS DATED JANUARY 16,2004. 

GUARANTOR: 

X______________________________________ 
Ronna
J. GeffonEXHIBIT 10.8

                        SEARCHHELP, INC. 2004 STOCK PLAN
                        --------------------------------

1.       Purpose.

     The  purpose of the  SearchHelp,  Inc.  2004 Stock Plan (the  "PLAN") is to
encourage key employees of SearchHelp,  Inc. (the  "COMPANY") and of any present
or future parent or subsidiary of the Company (each a "RELATED  CORPORATION" and
collectively,  "RELATED CORPORATIONS") and other individuals who render services
to the  Company  or any  Related  Corporation,  by  providing  opportunities  to
participate  in the ownership of the Company and its future  growth  through (a)
the grant of options which qualify as "incentive  stock options"  ("ISOs") under
Section  422(b) of the Internal  Revenue Code of 1986,  as amended (the "CODE");
(b) the grant of options which do not qualify as ISOs ("NON-QUALIFIED OPTIONS");
(c) awards of stock in the Company  ("AWARDS");  and (d)  opportunities  to make
direct  purchases  of stock in the  Company  ("PURCHASES").  Either  an ISO or a
Non-Qualified  Option is referred to hereafter  individually  as an "Option" and
they  are   collectively   referred  to  as  "Options."   Options,   Awards  and
authorizations  to make  Purchases  are  referred to hereafter  collectively  as
"Stock Rights." As used herein, the terms "parent" and "subsidiary" mean "parent
corporation"  and  "subsidiary  corporation,"  respectively,  as those terms are
defined in Section 424 of the Code.

2.       Administration of the Plan.

     (a) Board or Committee  Administration.  The Plan shall be  administered by
the  Compensation  committee (the  "COMMITTEE") of the Board of Directors of the
Company  (the  "BOARD").  The  Committee  shall  be  comprised  of two  or  more
directors.  All references in this Plan to the Committee shall mean the Board if
no  Committee  has been  appointed.  Subject  to  ratification  of the  grant or
authorization  of each Stock Right by the Board (if so  required  by  applicable
state law), and subject to the terms of the Plan,  the Committee  shall have the
authority to: (i) determine to whom (from among the class of employees  eligible
under  paragraph  3 to receive  ISOs) ISOs shall be  granted,  and to whom (from
among the class of  individuals  and  entities  eligible  under  paragraph  3 to
receive  Non-Qualified  Options and Awards and to make Purchases)  Non-Qualified
Options,  Awards and  authorizations  to make  Purchases  may be  granted;  (ii)
determine  the time or times at which  Options  or Awards  shall be  granted  or
Purchases  made;  (iii)  determine the purchase  price of shares subject to each
Option or  Purchase,  which  prices  shall not be less  than the  Minimum  Price
specified in paragraph 6; (iv) determine whether each Option granted shall be an
ISO or a Non-Qualified  Option;  (v) determine (subject to paragraph 7) the time
or times when each  Option  shall  become  exercisable  and the  duration of the
exercise period;  (vi) extend the period during which outstanding Options may be
exercised;  (vii)  determine  whether  restrictions  are to be imposed on shares
subject to Options, Awards and Purchases and the nature of such restrictions, if
any,  and  (viii)  interpret  the Plan  and  prescribe  and  rescind  rules  and
regulations relating to it. If the Committee determines to issue a Non-Qualified
Option, it shall take whatever actions it deems necessary,  under Section 422 of
the Code and the regulations promulgated thereunder,  to ensure that such Option
is not treated as an ISO. The  interpretation  and construction by the Committee
of any  provisions  of the Plan or of any Stock Right  granted under it shall be
final unless  otherwise  determined by the Board. The Committee may from time to
time adopt such rules and  regulations  for carrying out the Plan as it may deem
advisable.

     (b) Committee  Actions.  The Committee may select one of its members as its
chairman, and shall hold meetings at such time and places as it may determine. A
majority of the  Committee  shall  constitute a quorum and acts of a majority of
the members of the Committee at a meeting at which a quorum is present,  or acts
reduced  to or  approved  in writing by all the  members  of the  Committee  (if
consistent with applicable state law), shall be the valid acts of the Committee.

                                       49
<PAGE>
From time to time the Board may increase the size of the  Committee  and appoint
additional  members thereof,  remove members (with or without cause) and appoint
new members in substitution  therefor,  fill vacancies however caused, or remove
all members of the Committee and thereafter directly administer the Plan.

     (c) Grant of Stock Rights to Board  Members.  Subject to the  provisions of
paragraph 3 below, if applicable,  Stock Rights may be granted to members of the
Board.  All grants of Stock  Rights to  members of the Board  shall in all other
respects be made in accordance  with the  provisions of this Plan  applicable to
other  eligible  persons.  Consistent  with the provisions of paragraph 3 below,
members  of the Board who  either (i) are  eligible  to receive  grants of Stock
Rights  pursuant to the Plan or (ii) have been granted  Stock Rights may vote on
any matters  affecting the  administration of the Plan or the grant of any Stock
Rights  pursuant  to the Plan,  except  that no such  member  shall act upon the
granting  to  himself or herself  of Stock  Rights,  but any such  member may be
counted in  determining  the  existence  of a quorum at any meeting of the Board
during  which  action is taken with  respect to the  granting  to such member of
Stock Rights.

     (d)  Exculpation.  No  member  of the  Board  or  the  Committee  shall  be
personally  liable  for any  action  taken or any  failure to take any action in
connection  with the  Plan or the  granting  of Stock  Rights  under  the  Plan,
provided that this  subparagraph  2(d) shall not apply to (i) any breach of such
member's  duty of  loyalty  to the  Company  or its  stockholders,  (ii) acts or
omissions  not in good faith or involving  intentional  misconduct  or a knowing
violation of law, (iii) acts or omissions  that would result in liability  under
Section 174 of the General Corporation Law of the State of Delaware, as amended,
and (iv) any  transaction  from which the member  derived an  improper  personal
benefit.

      (e)  Indemnification. Service on the Committee shall constitute service as
a member of the Board.  Each member of the Committee  shall be entitled  without
further  act on his or her part to  indemnity  from the  Company to the  fullest
extent provided by applicable law and the Company's Certificate of Incorporation
and/or  By-laws  in  connection  with  or  arising  out of any  action,  suit or
proceeding  with  respect to the  administration  of the Plan or the granting of
Stock Rights  thereunder  in which he or she may be involved by reason of his or
her being or having  been a member of the  Committee,  whether  or not he or she
continues  to be a member of the  Committee  at the time of the action,  suit or
proceeding.

3.       Eligible Employees and Others.

     ISOs  may be  granted  only to  employees  of the  Company  or any  Related
Corporation.  Non-Qualified Options, Awards and authorizations to make Purchases
may be granted to any  employee,  officer or  director  (whether  or not also an
employee) or consultant of the Company or any Related Corporation. The Committee
may  take  into   consideration  a  recipient's   individual   circumstances  in
determining  whether to grant a Stock Right.  The granting of any Stock Right to
any individual or entity shall neither entitle that individual or entity to, nor
disqualify such individual or entity from,  participation  in any other grant of
Stock Rights.

4.       Stock Rights.

     (a) Number of Shares  Subject to Rights.  The stock subject to Stock Rights
shall be  authorized  but unissued  shares of Common  Stock of the Company,  par
value  $0.0001  per share  (the  "Common  Stock"),  or  shares  of Common  Stock
reacquired by the Company in any manner.  The maximum number of shares of Common
Stock which may be issued over the term of the Plan shall  initially  not exceed
1,500,000 shares. The aggregate number of shares which may be issued pursuant to
the Plan is subject to  adjustment  as  provided in  paragraph  13. If any Stock
Right granted  under the Plan shall expire or terminate  for any reason  without
having been exercised in full or shall cease for any reason to be exercisable in

                                       50
<PAGE>
whole or in part,  the shares of Common Stock  subject to such Stock Right shall
again be available for grants of Stock Rights under the Plan.

     (b) Nature of Awards.  In addition to ISOs and Non-Qualified  Options,  the
Committee may grant or award the following  Stock  Rights.  Participants  may be
granted the right to purchase Common Stock,  subject to such restrictions as may
be specified by the  Committee  ("Restricted  Shares").  Such  restrictions  may
include,  but are not limited to, the  requirement of continued  employment with
the Company or a Related Corporation and achievement of performance  objectives.
The Committee shall determine the purchase price of the Restricted  Shares,  the
nature of the restrictions and the performance objectives, all of which shall be
set forth in the agreement relating to each right awarded to purchase Restricted
Shares.  The  performance  objectives  shall consist of (A) one or more business
criteria,  and (B) a target level or levels of performance  with respect to such
criteria.  In addition to the  foregoing,  awards of Common Stock may be made to
participants as bonuses or as additional  compensation,  as may be determined by
the Committee.

5.       Granting of Stock Rights.

     Stock Rights may be granted  under the Plan at any time on or after January
1, 2004 and prior to December 31, 2014. The date of grant of a Stock Right under
the Plan will be the date  specified by the  Committee at the time it grants the
Stock Right; provided, however, that such date shall not be prior to the date on
which the Committee acts to approve the grant.

6.       Minimum Option Price; ISO Limitations.

     (a) Price for  Non-Qualified  Options,  Awards and Purchases.  The exercise
price per share specified in the agreement relating to each Non-Qualified Option
granted,  and the  purchase  price  per share of stock  granted  in any Award or
authorized  as a  Purchase,  under  the Plan  shall in no event be less than the
minimum legal consideration required therefor under the laws of any jurisdiction
in which the Company or its successors in interest may be organized.

     (b) Price for ISOs. The exercise price per share specified in the agreement
relating  to each ISO  granted  under  the Plan  shall not be less than the fair
market value per share of Common Stock on the date of such grant. In the case of
an ISO to be  granted  to an  employee  owning  stock  possessing  more than ten
percent (10%) of the total combined  voting power of all classes of stock of the
Company  or any  Related  Corporation,  the  price per  share  specified  in the
agreement  relating  to such ISO shall not be less than one  hundred ten percent
(110%) of the fair market  value per share of Common Stock on the date of grant.
For purposes of determining  stock ownership under this paragraph,  the rules of
Section 424(d) of the Code shall apply.

     (c) $100,000 Annual  Limitation on ISO Vesting.  Each eligible employee may
be granted  Options  treated as ISOs only to the extent that,  in the  aggregate
under this Plan and all  incentive  stock  option  plans of the  Company and any
Related  Corporation,  ISOs do not become exercisable for the first time by such
employee  during any  calendar  year with  respect to stock having a fair market
value (determined at the time the ISOs were granted) in excess of $100,000.  The
Company intends to designate any Options granted in excess of such limitation as
Non-Qualified Options.

     (d)  Determination  of Fair  Market  Value.  If,  at the time an  Option is
granted under the Plan,  the Company's  Common Stock is publicly  traded,  "fair
market  value" shall be  determined as of the date of grant or, if the prices or
quotes  discussed  in this  sentence  are  unavailable  for such date,  the last
business day for which such prices or quotes are available  prior to the date of
grant and shall mean (i) the average (on that date) of the high and low prices

                                       51
<PAGE>
of the Common Stock on the principal national  securities  exchange on which the
Common  Stock is  traded,  if the  Common  Stock is then  traded  on a  national
securities  exchange;  or (ii) the  closing bid price (or average of bid prices)
last   quoted  (on  that  date)  by  an   established   quotation   service  for
over-the-counter  securities,  if the Common Stock is not reported on a national
securities  exchange.  If the Common Stock is not publicly traded at the time an
Option is granted under the Plan,  "fair market value" shall mean the fair value
of  the  Common  Stock  as  determined  by  the  Committee   after  taking  into
consideration  all  factors  which  it  deems  appropriate,  including,  without
limitation,  recent  sale and  offer  prices  of the  Common  Stock  in  private
transactions negotiated at arm's length.

7.       Option Duration.

     Subject to earlier termination as provided in paragraphs 9 and 10 or in the
agreement  relating  to such  Option,  each  Option  shall  expire  on the  date
specified by the  Committee,  but not more than (i) ten (10) years from the date
of grant in the case of Options generally, and (ii) five (5) years from the date
of grant in the case of ISOs granted to an employee owning stock possessing more
than ten  percent  (10%) of the total  combined  voting  power of all classes of
stock of the Company or any Related  Corporation,  as determined under paragraph
6(b).  Subject to earlier  termination  as provided in  paragraphs 9 and 10, the
term of each ISO shall be the term set forth in the original instrument granting
such ISO.

8.       Exercise of Option and Transfer of Shares Upon Exercise.

     Subject to the  provisions of paragraphs 9 through 12, each Option  granted
under the Plan shall be exercisable as follows:

     (a) Vesting.  The Option shall either be fully  exercisable  on the date of
grant  or  shall  become  exercisable  thereafter  in such  installments  as the
Committee may specify.

     (b) Full Vesting of Installments.  Once an installment becomes exercisable,
it shall remain  exercisable  until  expiration  or  termination  of the Option,
unless otherwise specified by the Committee.

     (c) Partial  Exercise.  Each Option or installment  may be exercised at any
time or from time to time,  in whole or in part,  for up to the total  number of
shares with respect to which it is then exercisable.

     (d)  Acceleration  of  Vesting.  The  Committee  shall  have  the  right to
accelerate  the date that any  installment  of any Option  becomes  exercisable;
provided  that the  Committee  shall not,  without the  consent of an  optionee,
accelerate the permitted  exercise date of any installment of any Option granted
to any employee as an ISO if such acceleration  would violate the annual vesting
limitation  contained in Section  422(d) of the Code,  as described in paragraph
6(c).

     (e) Transfer of Shares Upon Exercise of the Non-Qualified  Options.  In the
event that the shares  received upon the exercise of the  Non-Qualified  Options
are registered  under the  Securities Act of 1933, as amended,  the Optionee may
not sell more than  fifty  percent  (50%) of such  shares  within the first year
following  such  exercise,  and shall be  permitted  to sell all of such  shares
thereafter.  The  certificate(s)  issued reflecting any such shares shall bear a
legend substantially as follows: "No more than fifty percent (50%) of the shares
represented by this  certificate  may be sold within one year following the date
of original issue thereof. All of such shares may be sold thereafter."

                                       52
<PAGE>
9.       Termination of Employment.

     Unless otherwise  specified in the agreements  relating to such ISOs, if an
ISO optionee  ceases to be employed by the Company and all Related  Corporations
other  than by  reason  of death or  disability  or as  otherwise  specified  in
paragraph  10,  no  further  installments  of  his  or  her  ISOs  shall  become
exercisable,  and his or her ISOs shall  terminate  on the earlier of (a) ninety
(90) days after the date of termination of his or her  employment,  or (b) their
specified  expiration  dates. For purposes of this paragraph 9, employment shall
be considered as continuing  uninterrupted during any bona fide leave of absence
(such as those  attributable  to illness,  military  obligations or governmental
service)  provided  that the period of such leave does not exceed 90 days or, if
longer,  any  period  during  which such  optionee's  right to  reemployment  is
guaranteed by statute. A bona fide leave of absence with the written approval of
the Committee shall not be considered an  interruption of employment  under this
paragraph 9, provided  that such written  approval  contractually  obligates the
Company or any Related  Corporation  to continue the  employment of the optionee
after the approved  period of absence.  ISOs granted under the Plan shall not be
affected  by a change of  employment  within or among the  Company  and  Related
Corporations, so long as the optionee continues to be an employee of the Company
or any  Related  Corporation.  Nothing  in the Plan  shall be deemed to give any
grantee  of any Stock  Right the right to be  retained  in  employment  or other
service by the Company or any Related Corporation for any period of time.

10.      Death; Disability; Voluntary Termination; Breach.

     (a) Death.  If an ISO optionee ceases to be employed by the Company and all
Related  Corporations  by  reason  of his or her  death,  any ISO  owned by such
optionee may be exercised,  to the extent  otherwise  exercisable on the date of
death, by the estate,  personal  representative  or beneficiary who has acquired
the ISO by will or by the laws of descent and distribution, until the earlier of
(i) the specified  expiration date of the ISO or (ii) one (1) year from the date
of the optionee's death.

     (b) Disability. If an ISO optionee ceases to be employed by the Company and
all Related Corporations by reason of his or her disability, such optionee shall
have the right to exercise any ISO held by him or her on the date of termination
of employment, for the number of shares for which he or she could have exercised
it on that date,  until the earlier of (i) the specified  expiration date of the
ISO or (ii) one (1) year  from the  date of the  termination  of the  optionee's
employment.  For the  purposes  of the Plan,  the term  "disability"  shall mean
"permanent and total  disability" as defined in Section  22(e)(3) of the Code or
any successor statute.

     (c) Voluntary  Termination;  Breach. If an ISO optionee  voluntarily leaves
the employ of the Company and all Related  Corporations or ceases to be employed
by the  Company  and all  Related  Corporations  by reason  of a finding  by the
Committee, after full consideration of the facts presented on behalf of both the
Company  and  the  Optionee,  that  the ISO  optionee  has  breached  his or her
employment or service contract with the Company or any Related  Corporation,  or
has been engaged in disloyalty to the Company or any Relate  Corporation,  then,
in either such event,  in addition to immediate  termination of the Option,  the
ISO optionee  shall  automatically  forfeit all shares for which the Company has
not yet delivered share  certificates upon refund by the Company of the exercise
price of such  Option.  Notwithstanding  anything  herein to the  contrary,  the
Company may withhold  delivery of share  certificates  pending the resolution of
any inquiry that could lead to a finding resulting in a forfeiture.

                                       53
<PAGE>
11.      Assignability.

     No Stock Right shall be assignable or transferable by the grantee except by
will, by the laws of descent and  distribution  or, in the case of Non-Qualified
Options only,  pursuant to a valid domestic relations order. Except as set forth
in the  previous  sentence,  during the  lifetime of a grantee  each Stock Right
shall be exercisable only by such grantee.

12.      Terms and Conditions of Options.

     Options shall be evidenced by instruments  (which need not be identical) in
such forms as the  Committee  may from time to time  approve.  Such  instruments
shall conform to the terms and  conditions  set forth in paragraphs 6 through 11
hereof and may contain such other  provisions as the Committee  deems  advisable
which are not inconsistent with the Plan, including  restrictions  applicable to
shares of Common Stock  issuable  upon  exercise of Options.  The  Committee may
specify that any  Non-Qualified  Option shall be subject to the restrictions set
forth herein with respect to ISOs, or to such other termination and cancellation
provisions as the Committee may  determine.  The Committee may from time to time
confer authority and responsibility on one or more of its own members and/or one
or more  officers of the Company to execute and deliver  such  instruments.  The
proper  officers of the Company are  authorized and directed to take any and all
action  necessary or advisable  from time to time to carry out the terms of such
instruments.

13.      Adjustments.

     Upon the occurrence of any of the following  events,  an optionee's  rights
with respect to Options granted to such optionee  hereunder shall be adjusted as
hereinafter  provided,  unless  otherwise  specifically  provided in the written
agreement between the optionee and the Company related to such Option:

     (a) Stock  Dividends and Stock Splits.  If the shares of Common Stock shall
be subdivided  or combined into a greater or smaller  number of shares or if the
Company  shall  issue  any  shares of Common  Stock as a stock  dividend  on its
outstanding  Common Stock, the number of shares of Common Stock deliverable upon
the  exercise  of  Options  shall  be   appropriately   increased  or  decreased
proportionately, and appropriate adjustments shall be made in the purchase price
per share to reflect such subdivision, combination or stock dividend.

     (b) Consolidations or Mergers. If the Company is to be consolidated with or
acquired by another entity in a merger,  sale of all or substantially all of the
Company's assets 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,  as  to  outstanding  Options,   either  (i)  make
appropriate  provision for the continuation of such Options by substituting on a
equitable  basis for the  shares  then  subject to such  Options  either (A) the
consideration  payable with respect to the outstanding shares of Common Stock in
connection  with  the  Acquisition,   (B)  shares  of  stock  of  the  surviving
corporation  or  (C)  such  other   securities  as  the  Successor  Board  deems
appropriate,  the fair market value of which shall  approximate  the fair market
value  of the  shares  of  Common  Stock  subject  to such  Options  immediately
preceding the Acquisition; or (ii) upon written notice to the optionees, provide
that all Options 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 Options shall  terminate;  or (iii)  terminate all Options in exchange for a
cash payment equal to the excess of the fair market value of the shares  subject
to such  Options  (to the  extent  then  exercisable)  over the  exercise  price
thereof.

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<PAGE>
     (c) Recapitalization or Reorganization.  In the event of a recapitalization
or  reorganization  of the  Company  (other  than  a  transaction  described  in
subparagraph  (b)  above)  pursuant  to which  securities  of the  Company or of
another  corporation are issued with respect to the outstanding shares of Common
Stock,  an optionee  upon  exercising an Option shall be entitled to receive for
the purchase  price paid upon such exercise the  securities he or she would have
received if he or she had exercised  such Option prior to such  recapitalization
or reorganization.

     (d) Modification of ISO's.  Notwithstanding the foregoing,  any adjustments
made  pursuant to  subparagraphs  (a),  (b) or (c) with respect to ISOs shall be
made only after the Committee,  after  consulting  with counsel for the Company,
determines  whether such adjustments  would constitute a "modification"  of such
ISOs (as that term is  defined in  Section  424 of the Code) or would  cause any
adverse  tax  consequences  for the  holders  of  such  ISOs.  If the  Committee
determines that such  adjustments  made with respect to ISOs would  constitute a
modification  of such  ISOs or  would  cause  adverse  tax  consequences  to the
holders, it may refrain from making such adjustments.

     (e) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company,  each Option will terminate immediately prior to the
consummation  of such proposed  action or at such other time and subject to such
other conditions as shall be determined by the Committee.

     (f)  Issuances of  Securities.  Except as  expressly  provided  herein,  no
issuance  by the  Company  of  shares  of  stock  of any  class,  or  securities
convertible into shares of stock of any class,  shall affect,  and no adjustment
by reason  thereof  shall be made with respect to, the number or price of shares
subject to Options.  No adjustments  shall be made for dividends paid in cash or
in property other than securities of the Company.

     (g) Fractional  Shares. No fractional shares shall be issued under the Plan
and the optionee shall receive from the Company cash in lieu of such  fractional
shares.

     (h)  Adjustments.  Upon the  happening  of any of the events  described  in
subparagraphs  (a), (b) or (c) above,  the class and aggregate  number of shares
set  forth  in  paragraph  4 hereof  that are  subject  to  Stock  Rights  which
previously have been or subsequently may be granted under the Plan shall also be
appropriately  adjusted to reflect the events  described in such  subparagraphs.
The Committee or the Successor Board shall determine the specific adjustments to
be made under this paragraph 13 and,  subject to paragraph 2, its  determination
shall be conclusive.

14.      Means of Exercising Options.

     An Option (or any part or installment thereof) shall be exercised by giving
written  notice to the  Company  at its  principal  office  address,  or to such
transfer  agent as the Company shall  designate.  Such notice shall identify the
Option being  exercised and specify the number of shares as to which such Option
is being  exercised,  accompanied  by full payment of the purchase price thereof
either (a) in United States  dollars in cash or by check,  (b) at the discretion
of the  Committee,  through  delivery  of shares of Common  Stock  having a fair
market value equal as of the date of the exercise to the cash exercise  price of
the Option, (c) at the discretion of the Committee, by delivery of the grantee's
personal  recourse  note bearing  interest  payable not less than annually at no
less than 100% of the  lowest  applicable  Federal  rate,  as defined in Section
1274(d) of the Code, (d) at the discretion of the Committee and consistent  with
applicable  law,  through  the  delivery  of an  assignment  to the Company of a
sufficient  amount of the proceeds  from the sale of the Common  Stock  acquired
upon exercise of the Option and an  authorization to the broker or selling agent
to pay that  amount to the  Company,  which sale  shall be at the  participant's
direction at the time of exercise, or (e) at the discretion of the Committee, by
any combination of (a), (b), (c) and (d) above. If the Committee exercises its

                                       55
<PAGE>
discretion  to permit  payment of the  exercise  price of an ISO by means of the
methods set forth in clauses  (b),  (c), (d) or (e) of the  preceding  sentence,
such  discretion  shall be  exercised in writing at the time of the grant of the
ISO in  question.  The  holder  of an  Option  shall  not have the  rights  of a
shareholder  with respect to the shares covered by such Option until the date of
issuance  of a stock  certificate  to such  holder  for such  shares.  Except as
expressly   provided   above  in   paragraph  13  with  respect  to  changes  in
capitalization and stock dividends, no adjustment shall be made for dividends or
similar  rights  for  which  the  record  date is  before  the date  such  stock
certificate  is issued.  In the absence of an effective  registration  statement
covering the shares issuable upon exercise of any Stock Rights, such notice may,
at the  option of the  Committee,  also  include  a  statement  that the  person
exercising  the Stock Rights is purchasing the Common Stock as an investment and
not with a view to the sale or distribution of any of such Common Stock, and the
holder's  agreement  not to sell any Common Stock  received upon the exercise of
the Stock Rights  except  either (i) in compliance  with the  Securities  Act of
1933,  as amended  (provided  that the Company  shall be under no  obligation to
register  either the Plan, or any securities  obtained by the Optionee  pursuant
thereto,  with the Securities and Exchange  Commission),  or (ii) with the prior
written approval of the Company.

15.      Term and Amendment of Plan.

     This Plan was  adopted  by the Board on October  10,  2003,  subject,  with
respect to the  validation  of ISOs granted  under the Plan,  to approval of the
Plan by the stockholders of the Company at the next Meeting of Stockholders,  or
in lieu thereof,  by written  consent.  If the approval of  stockholders  is not
obtained on or prior to January 1, 2004,  any grants of ISOs under the Plan made
prior to that date will be  rescinded.  The Plan shall  expire at the end of the
day on  December  31,  2014,  (except as to Options  outstanding  on that date).
Subject to the provisions of paragraph 5 above, Options may be granted under the
Plan  prior to the date of  stockholder  approval  of the  Plan.  The  Board may
terminate or amend the Plan in any respect at any time, except that, without the
approval of the stockholders obtained within 12 months before or after the Board
adopts a resolution  authorizing  any of the  following  actions:  (a) the total
number of shares that may be issued under the Plan may not be increased  (except
as provided in paragraph  4(a) or by adjustment  pursuant to paragraph  13); (b)
the  benefits  accruing  to  participants  under the Plan may not be  materially
increased;  (c) the requirements as to eligibility for participation in the Plan
may not be  materially  modified;  (d) the  provisions  of paragraph 3 regarding
eligibility  for  grants  of ISOs may not be  modified;  (e) the  provisions  of
paragraph  6(b)  regarding  the  exercise  price at which  shares may be offered
pursuant to ISOs may not be modified (except by adjustment pursuant to paragraph
13); (f) the expiration date of the Plan may not be extended;  and (g) the Board
may not take any action  which  would cause the Plan to fail to comply with Rule
16b-3. Except as otherwise provided in this paragraph 15, in no event may action
of the Board or  stockholders  alter or impair the rights of a grantee,  without
such grantee's consent, under any Option previously granted to such grantee.

16.      Application of Funds.

     The proceeds  received by the Company  from the sale of shares  pursuant to
Options  granted  and  Purchases  authorized  under  the Plan  shall be used for
general corporate purposes.

17.      Notice to Company of Disqualifying Disposition.

     By accepting an ISO granted under the Plan,  each optionee agrees to notify
the Company in writing  immediately  after such optionee  makes a  Disqualifying
Disposition  (as  described  in  Sections  421,  422  and  424 of the  Code  and
regulations  thereunder) of any stock acquired  pursuant to the exercise of ISOs
granted under the Plan.  Disqualifying  Disposition is generally any disposition
occurring  on or before the later of (a) the date two years  following  the date
the ISO was  granted  or (b) the date one  year  following  the date the ISO was
exercised.

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<PAGE>
18.      Withholding of Additional Income Taxes.

     Upon the exercise of a  Non-Qualified  Option,  the grant of an Award,  the
making of a Purchase of Common  Stock for less than its fair market  value,  the
making of a Disqualifying  Disposition (as defined in paragraph 17), the vesting
or transfer of  restricted  stock or  securities  acquired on the exercise of an
Option hereunder,  or the making of a distribution or other payment with respect
to such  stock or  securities,  the  Company  may  withhold  taxes in respect of
amounts that constitute  compensation  includable in gross income. The Committee
in its discretion may condition (i) the exercise of an Option, (ii) the grant of
an Award,  (iii) the making of a Purchase of Common Stock for less than its fair
market value,  or (iv) the vesting or  transferability  of  restricted  stock or
securities   acquired  by  exercising  an  Option,   on  the  grantee's   making
satisfactory  arrangement  for such  withholding.  Such  arrangement may include
payment  by the  grantee  in cash or by check of the  amount of the  withholding
taxes or, at the  discretion  of the  Committee,  by the  grantee's  delivery of
previously  held shares of Common  Stock or the  withholding  from the shares of
Common Stock  otherwise  deliverable  upon exercise of a Option shares having an
aggregate fair market value equal to the amount of such withholding taxes.

19.      Governmental Regulation.

     The  Company's  obligation  to sell and deliver  shares of the Common Stock
under  this  Plan is  subject  to the  approval  of any  governmental  authority
required in connection with the authorization,  issuance or sale of such shares.
Government  regulations may impose reporting or other obligations on the Company
with respect to the Plan.  For example,  the Company may be required to send tax
information  statements  to employees  and former  employees  that exercise ISOs
under the Plan, and the Company may be required to file tax information  returns
reporting  the income  received by grantees  of Options in  connection  with the
Plan.

20.      Governing Law.

     The validity and  construction of the Plan and the  instruments  evidencing
Stock Rights shall be governed by the laws of Delaware.

                                       57

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