Document:

Exhibit 10.10

 Exhibit 10.10 
  
 FIRST FEDERAL BANC OF THE SOUTHWEST, INC. 
  
 2002 STOCK OPTION AND INCENTIVE PLAN 
  
 1. Plan Purpose. The purpose of the Plan is to promote the long-term interests of the Corporation and its
stockholders by providing a means for attracting and retaining directors, officers and employees of the Corporation and its Affiliates. It is intended that designated Options granted pursuant to the provisions of this Plan to persons employed by the
Corporation or its Affiliates will qualify as Incentive Stock Options. Options granted to persons who are not employees will be Non-Qualified Stock Options. 
  
 2. Definitions. The following definitions are applicable to the Plan: 
  
 “Affiliate” - means any “parent corporation” or “subsidiary corporation” of
the Corporation, as such terms are defined in Section 424(e) and (f), respectively, of the Code. 
  
 “Bank” - means First Federal Bank. 
  
 “Board” - means the Board of Directors of the Corporation. 
  
 “Award” - means the grant of an Incentive Stock Option or a Non-Qualified Stock Option or any
combination thereof, as provided in the Plan. 
  
 “Code” - means the Internal Revenue Code of 1986, as amended. 
  
 “Committee” - means the Committee referred to in Section 3 hereof. 
  
 “Continuous Service” - means the absence of any
interruption or termination of service as a director, advisory director, officer or employee of the Corporation or an Affiliate, except that when used with respect to persons granted an Incentive Stock Option means the absence of any interruption or
termination of service as an employee of the Corporation or an Affiliate. Service shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Corporation or in the case of transfers
between payroll locations of the Corporation or between the Corporation, its parent, its subsidiaries or its successor. With respect to any advisory director, continuous service shall plan mean availability to perform such functions as may be
required of the Bank’s advisory directors. 
  
 “Corporation” - means First Federal Banc of the Southwest, Inc., a Delaware corporation. 
  
 “Employee” - means any person, including an officer or director, who is employed by the Corporation or any Affiliate.

  
 “ERISA” - means the Employee
Retirement Income Security Act of 1974, as amended. 
  
 “Exercise Price” - means the price per Share at which the Shares subject to such Option may be purchased upon exercise of such Option. 
  

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 “Incentive Stock Option” - means an option to purchase Shares granted by the
Committee pursuant to Section 6 hereof which is subject to the limitations and restrictions of Section 8 hereof and is intended to qualify under Section 422 of the Code. 
  
 “Market Value” - means the fair market value of a Share on such date as the Committee shall
determine. 
  
 “Non-Employee Director”
- means a director who (i) is not currently an officer or employee of the Corporation; (ii) is not a former employee of the Corporation who receives compensation for prior services (other than from a tax-qualified retirement plan); (iii) has not
been an officer of the Corporation; (iv) does not receive remuneration from the Corporation in any capacity other than as a director; and (v) does not possess an interest in any other transactions or is not engaged in a business relationship for
which disclosure would be required under Item 404(a) or (b) of Regulation S-K. 
  
 “Non-Qualified Stock Option” - means an option to purchase Shares granted by the Committee pursuant to Section 6 hereof, which
option is not intended to qualify under Section 422(b) of the Code. 
  
 “Option” - means an Incentive Stock Option or a Non-Qualified Stock Option. 
  
 “Participant” - means any director, officer or employee of the Corporation or any Affiliate who is selected by the Committee to
receive an Award and any director or advisory director of the Corporation who is granted an Award pursuant to Section 21 hereof. 
  
 “Plan” - means the 2002 Stock Option and Incentive Plan of the Corporation. 
  
 “Shares” - means the shares of common stock of the
Corporation. 
  
 3. Administration. The Plan shall be
administered by a Committee consisting of two or more members, a majority of whom shall be a Non-Employee Director. The members of the Committee shall be appointed by the Board. The Board shall approve all grants of Awards by the Committee. Except
as limited by the express provisions of the Plan, the Committee shall have sole and complete authority and discretion to (i) select Participants; (ii) grant Awards, subject to approval of the Board; (iii) determine the number of Shares to be subject
to types of Awards generally, as well as to individual Awards granted under the Plan; (iv) determine the terms and conditions upon which Awards shall be granted under the Plan; (v) prescribe the form and terms of instruments evidencing such grants;
and (vi) establish from time to time regulations for the administration of the Plan, interpret the Plan, and make all determinations deemed necessary or advisable for the administration of the Plan. 
  
 A majority of the Committee shall constitute a quorum, and the acts of a
majority of the members present at any meeting at which a quorum is present, or acts approved in writing by a majority of the Committee without a meeting, shall be acts of the Committee. 
  

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 4. Participation in Committee Awards. The Committee may select from time to time Participants in
the Plan from those directors (including advisory directors), officers and employees, of the Corporation or its Affiliates who, in the opinion of the Committee, have the capacity for contributing to the successful performance of the Corporation or
its Affiliates. 
  
 5. Shares Subject to Plan. Subject to
adjustment by the operation of Section 9 hereof, the maximum number of Shares with respect to which Awards may be made under the Plan is 30,000 Shares of the Corporation. The Shares with respect to which Awards may be made under the Plan may be
either authorized and unissued shares or issued shares heretofore or hereafter reacquired and held as treasury shares. An Award shall not be considered to have been made under the Plan with respect to any Option which terminates and new Awards may
be granted under the Plan with respect to the number of Shares as to which such termination has occurred. 
  
 6. General Terms and Conditions of Options. The Committee shall have full and complete authority and discretion, except as expressly limited by the
Plan, to grant Options (subject to the approval of the Board) and to provide the terms and conditions (which need not be identical among Participants) thereof. In particular, the Committee shall prescribe the following terms and conditions: (i) the
Exercise Price of any Option, which shall not be less than the Market Value per Share at the date of grant of such Option, (ii) the number of Shares subject to, and the expiration date of, any Option, which expiration date shall not exceed ten years
from the date of grant, (iii) the manner, time and rate (cumulative or otherwise) of exercise of such Option, and (iv) the restrictions, if any, to be placed upon such Option or upon Shares which may be issued upon exercise of such Option. The
Committee may, as a condition of granting any Option, require that a Participant agree not to thereafter exercise one or more Options previously granted to such Participant. 
  
 7. Exercise of Options. 
  
 (a) Except as provided herein, an Option granted under the Plan shall be exercisable during the lifetime of the Participant to whom such
Option was granted only by such Participant and, except as provided in paragraphs (c) and (d) of this Section 7, no such Option may be exercised unless at the time such Participant exercises such Option, such Participant has maintained Continuous
Service since the date of grant of such Option. 
  
 (b) To exercise an Option under the Plan, the Participant to whom such Option was granted shall give written notice to the Corporation in form satisfactory to the Committee (and, if partial exercises have been permitted by the Committee, by
specifying the number of Shares with respect to which such Participant elects to exercise such Option) together with full payment of the Exercise Price. The date of exercise shall be the date on which such notice is received by the Corporation.
Payment shall be made either (i) in cash (including check, bank draft or money order) or (ii) if permitted by the Committee, by delivering (A) Shares already owned by the Participant and having a fair market value equal to the applicable exercise
price, such fair market value to be determined in such appropriate manner as may be provided by the Committee or as may be required in order to comply with or to conform to requirements of any applicable laws or regulations, or (B) a combination of
cash and such Shares. 
  
 (c) If a Participant to
whom an Option was granted shall cease to maintain Continuous Service for any reason, other than termination for cause, such Participant may, but 

  

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only within the period of three months immediately succeeding such cessation of Continuous Service and in no event after the expiration date of such Option,
exercise such Option to the extent that such Participant was entitled to exercise such Option at the date of such cessation; provided, however, that such right of exercise after cessation of Continuous Service shall not be available to a Participant
if the Committee otherwise determines and so provides in the applicable instrument or instruments evidencing the grant of such Option. If a Participant to whom an Option was granted shall cease to maintain Continuous Service by reason of death,
disability or retirement then, unless the Committee shall have otherwise provided in the instrument evidencing the grant of an Option, all Options granted and not fully exercisable shall become exercisable in full upon the happening of such event
and shall remain so exercisable (i) in the event of death for the period described in paragraph (d) of this Section 7 and (ii) in the event of disability or retirement for a period of three months following such date. If the Continuous Service of a
Participant to whom an Option was granted by the Corporation is terminated for cause, all rights under any Option of such Participant shall expire immediately upon the giving to the Participant of notice of such termination. 
  
 (d) In the event of the death of a Participant while in the
Continuous Service of the Corporation or an Affiliate or within the three month period referred to in paragraph (c) of this Section 7, the person to whom any Option held by the Participant at the time of his death is transferred by will or the laws
of descent and distribution, or in the case of an Award other than an Incentive Stock Option, pursuant to a qualified domestic relations order, as defined in the Code or Title 1 of ERISA or the rules thereunder may, but only to the extent such
Participant was entitled to exercise such Option as set forth in paragraph (c) of this Section 7, exercise such Option at any time within a period of one year succeeding the date of death of such Participant, but in no event later than ten years
from the date of grant of such Option. Following the death of any Participant to whom an Option was granted under the Plan, the Committee may, as an alternative means of settlement of such Option, elect to pay to the person to whom such Option is
transferred by will or by the laws of descent and distribution, or in the case of an Option other than an Incentive Stock Option, pursuant to a qualified domestic relations order, as defined in the Code or Title I of ERISA or the rules thereunder,
the amount by which the Market Value per Share on the date of exercise of such Option shall exceed the Exercise Price of such Option, multiplied by the number of Shares with respect to which such Option is properly exercised. Any such settlement of
an Option shall be considered an exercise of such Option for all purposes of the Plan. 
  
 8. Incentive Stock Options. Incentive Stock Options may be granted only to Participants who are Employees. Any provision of the Plan to the contrary notwithstanding, (i) no Incentive Stock Option shall be
granted more than ten years from the date the Plan is adopted by the Board of Directors of the Corporation and no Incentive Stock Option shall be exercisable more than ten years from the date such Incentive Stock Option is granted, (ii) the Exercise
Price of any Incentive Stock Option shall not be less than the Market Value per Share on the date of grant of such Option, and (iii) any Incentive Stock Option shall not be transferable by the Participant to whom such Incentive Stock Option is
granted other than by will or the laws of descent and distribution, and shall be exercisable during such Participant’s lifetime only by such Participant. 
  

9. Adjustments Upon Changes in Capitalization. In the event of any change in the outstanding Shares subsequent to the effective date of the Plan
by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, merger, 

  

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consolidation or any change in the corporate structure or Shares of the Corporation, the maximum aggregate number, class and exercise price of shares as to
which Awards may be granted under the Plan and the number and class of shares with respect to which Awards theretofore have been granted under the Plan shall be appropriately adjusted by the Committee, whose determination shall be conclusive.

  
 10. Effect of Merger. In the event of any merger,
consolidation or combination of the Corporation (other than a merger, consolidation or combination in which the Corporation is the continuing entity and which does not result in the outstanding Shares being converted into or exchanged for different
securities, cash or other property, or any combination thereof) pursuant to a plan or agreement the terms of which are binding upon all stockholders of the Corporation (except to the extent that dissenting stockholders may be entitled, under
statutory provisions or provisions contained in the certificate of incorporation, to receive the appraised or fair value of their holdings), any Participant to whom an Option has been granted at least 6 months prior to such event shall have the
right (subject to the provisions of the Plan and any limitation applicable to such Option), thereafter and during the term of each such Option, to receive upon exercise of any such Option an amount equal to the excess of the fair market value on the
date of such exercise of the securities, cash or other property, or combination thereof, receivable upon such merger, consolidation or combination in respect of a Share over the Exercise Price of such Option, multiplied by the number of Shares with
respect to which such Option shall have been exercised. Such amount may be payable fully in cash, fully in one or more of the kind or kinds of property payable in such merger, consolidation or combination, or partly in cash and partly in one or more
of such kind or kinds of property, all in the discretion of the Committee. 
  
 11. Effect of Change in Control. Each of the events specified in the following clauses (i) through (ii) of this Section 11 shall be deemed a “change of control”: (i) as a result of, or in connection
with, any cash tender offer, exchange offer, merger or other business combination, sale of assets or contested election, or combination of the foregoing, the persons who were directors of the Corporation shall cease to constitute a majority of the
Board of Directors of the Corporation or (ii) the shareholders of the Corporation shall approve an agreement providing either for a transaction for a sale or other disposition of all or substantially all the assets of the Corporation. If a tender
offer or exchange offer for Shares (other than such an offer by the Corporation) is commenced, or if the event specified in clause (ii) above shall occur, unless the Committee shall have otherwise provided in the instrument evidencing the grant of
an Option, all Options theretofore granted and not fully exercisable shall become exercisable in full upon the happening of such event and shall remain so exercisable for a period of sixty days following such date, after which they shall revert to
being exercisable in accordance with their terms; provided, however, that no Option shall be exercisable by a director, senior officer or ten percent or more beneficial owner of the Corporation within six months of the date of grant of such Option
and no Option which has previously been exercised or otherwise terminated shall become exercisable. 
  
 12. Assignments and Transfers. No Award nor any right or interest of a Participant under the Plan in any instrument evidencing any Award under the
Plan may be assigned, encumbered or transferred except, in the event of the death of a Participant, by will or the laws of descent and distribution or in the case of Awards other than Incentive Stock Options pursuant to a qualified domestic
relations order, as defined in the Code or Title I of ERISA or the rules thereunder. 
  

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 13. Employee Rights Under the Plan. No director, officer or employee shall have a right to be
selected as a Participant nor, having been so selected, to be selected again as a Participant and no director, officer, employee or other person shall have any claim or right to be granted an Award under the Plan or under any other incentive or
similar plan of the Corporation or any Affiliate. Neither the Plan nor any action taken thereunder shall be construed as giving any employee any right to be retained in the employ of the Corporation or any Affiliate. 
  
 14. Delivery and Registration of Stock. The Corporation’s
obligation to deliver Shares with respect to an Award shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the Participant to whom such Shares are to be delivered, in such form as
the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933 or any other Federal, state or local securities legislation or regulation, or any exemptions thereof. 
  
 15. Withholding Tax. Where a Participant or other person is entitled
to receive Shares pursuant to the exercise of an Option pursuant to the Plan, the Corporation may, in its sole discretion, shall have the right to require the Participant or such other person to pay the Corporation the amount of any taxes which the
Corporation is required to withhold with respect to such Shares. 
  
 16. Amendment or Termination. The Board of Directors of the Corporation may amend, suspend or terminate the Plan or any portion thereof at any time, but no amendment shall be made without approval of the stockholders of the
Corporation which shall (i) materially increase the aggregate number of Shares with respect to which Awards may be made under the Plan, (ii) materially increase the aggregate number of Shares which may be subject to Awards to Participants who are
not Employees or (iii) change the class of persons eligible to participate in the Plan; provided, however, that no such amendment, suspension or termination shall impair the rights of any Participant, without his consent, in any Award theretofore
made pursuant to the Plan. 
  
 17. Effective Date and Term of
Plan. The Plan shall become effective upon its ratification by the Corporation’s stockholders. It shall continue in effect for a term of ten years unless sooner terminated under Section 16 hereof. 
  

 6Asset Purchase Agreement

 Exhibit 10.1 
  
 ASSET PURCHASE AGREEMENT 
  
 THIS ASSET PURCHASE AGREEMENT, effective as of August 12, 2005, 2005 (this “Agreement”), by and between Segmentz, Inc., a Delaware corporation
(“Seller”), Bullet Freight Systems & Logistics, Inc, a Florida corporation (“Buyer”), Pedro Betancourt and Maggie Betancourt (collectively the “Betancourts,” and together with Seller and Buyer the
“Parties”). 
  
 WHEREAS, the Parties desire to enter
into this Agreement pursuant to which, upon the terms and subject to the conditions contained in this Agreement, Seller will sell to Buyer, and Buyer will purchase from Seller a unit of Seller’s business (the “Unit”) including certain
assets and liabilities of the Unit; 
  
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 PURCHASE AND SALE 
  
 1.1. Purchase and
Sale. As of the Closing Date (as defined in Section 2.2), Seller shall sell, transfer, convey, assign and deliver to Buyer, as is, and Buyer shall purchase from Seller, all of Seller’s right, title and interest in and to the assets and
personal property constituting the Unit, as set forth on Schedule 1.1 (collectively the “Purchased Assets”). 
  
 1.2. Assumption of Liabilities. As of the Closing Date (as defined in Section 2.2), Buyer shall assume, and shall agree to absolutely and fully
pay, perform and discharge when due, only the liabilities of the Unit as set forth on Schedule 1.2 (collectively, the “Assumed Liabilities”). 
  
 ARTICLE II 
  
 PURCHASE PRICE; DELIVERIES 
  
 2.1. Purchase Price. The aggregate consideration to be paid to Seller for the Purchased Assets of the Unit (the “Purchase Price”) shall consist of (i) the delivery by Buyer to Seller of a promissory
note in the form of the attached Exhibit A (the “Promissory Note”), in the principal amount of $33,000.00, with interest at the rate of 6% per annum, payable in 60 equal monthly payments of principal and interest, which monthly payments of
principal and interest commence on the one year anniversary of the date of issuance, (ii) the assumption by Buyer of the Assumed Liabilities at Closing, and (iii) the delivery by Buyer to Seller of 160,000 shares of Segmentz, Inc. common stock (the
“Shares”). 
  
 2.2. Closing. The Closing (the
“Closing”) shall take place at concurrently with the execution of this Agreement, unless otherwise mutually agreed upon by the parties (the “Closing Date”). 

 2.3. Deliveries by Seller. At the Closing, Seller shall: 
  
 (a) Execute and deliver to Buyer a bill of sale; and 
  
 (b) Deliver to Buyer such other instruments, documents and certificates as
may be reasonably requested by Buyer and are customary for transactions of this nature to effectuate the transactions contemplated hereby. 
  
 2.4. Deliveries by Buyer. At the Closing, Buyer shall: 
  
 (a) Deliver of the Promissory Note; 
  
 (b) Execute and deliver to Seller an instrument or instruments consistent with the terms hereof and reasonably satisfactory in form and substance to
Seller evidencing Buyer’s assumption of the Assumed Liabilities; 
  
 (c) Deliver a certificate or certificates evidencing the Shares duly endorsed for transfer in blank; and 
  
 (d) Deliver to Seller other such instruments, documents and certificates as may be reasonably requested by Seller and are customary for transactions of
this nature to effectuate the transactions contemplated hereby. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES

  
 3.1. Seller represents and warrants to Buyer as follows:

  
 (a) Organization, Good Standing, Power, Etc. Seller
(a) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and (b) has all requisite corporate power and authority (i) to own the Purchased Assets and carry on its business as presently being
conducted and (ii) to execute, deliver and perform this Agreement and all other agreements, documents, and certificates set forth herein (the “Ancillary Documents”) which Seller is required to deliver pursuant hereto, and to
consummate the transactions contemplated hereby and thereby. 
  
 (b) Authorization of Agreement. Seller has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the Ancillary Documents which Seller is required to deliver pursuant hereto
and the consummation of the transactions contemplated hereby and thereby. This Agreement has been, and each of the Ancillary Documents which Seller is required to deliver pursuant hereto has been or will be, duly and validly authorized, executed and
delivered by Seller and this Agreement constitutes, and each of the Ancillary Documents constitutes or will upon execution and delivery constitute, the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its
terms. 
  

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 (c) Title to Properties. The sale of the Purchased Assets is as is. Within 90 days of the Closing,
Seller shall have removed any and all liens and encumbrances on the Purchased Assets. To the extent a lien or encumbrance on a vehicle that is a Purchased Asset prevents the transfer of title to said vehicle to Buyer at Closing, Seller and Buyer
agree that they will enter into a lease agreement with respect to said vehicle pursuant to which Buyer will lease said vehicle from Seller, free of charge, until title is able to be transferred. 
  
 (d) Fees. Seller is not obligated to pay, and has not retained any
broker or finder or any other person or entity who is entitled to, any broker’s or finder’s fee or any other commission or financial advisory fee based on any agreement or undertaking made by Seller in connection with the transactions
contemplated hereby. Buyer shall not, through the transfer of the Purchased Assets or otherwise, have any obligations in respect of any such fees or commissions. 
  
 (e) Accuracy of Information; Full Disclosure. To the knowledge of Seller, none of the representations and warranties
of Seller in this Agreement nor in any Ancillary Document to be furnished by Seller pursuant hereto contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading 
  
 3.2. Buyer represents and warrants to Seller as follows: 
  
 (a) Organization, Good Standing, Power, Etc. Buyer (a) is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida and (b) has all requisite corporate power and
authority (i) to own the Purchased Assets and carry on its business as presently being conducted and (ii) to execute, deliver and perform this Agreement and the Ancillary Documents which Buyer is required to deliver pursuant hereto, and to
consummate the transactions contemplated hereby and thereby. 
  
 (b) Authorization of Agreement. Buyer has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the Ancillary Documents which Buyer is required to deliver pursuant hereto and
the consummation of the transactions contemplated hereby and thereby. This Agreement has been, and each of the Ancillary Documents which Buyer is required to deliver pursuant hereto has been or will be, duly and validly authorized, executed and
delivered by Buyer and this Agreement constitutes, and each of the Ancillary Documents constitutes or will upon execution and delivery constitute, the legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its
terms. 
  
 (c) Fees. Buyer is not obligated to pay, and has
not retained any broker or finder or any other person or entity who is entitled to, any broker’s or finder’s fee or any other commission or financial advisory fee based on any agreement or undertaking made by Buyer in connection with the
transactions contemplated hereby. Seller shall not, through the transfer of the Purchased Assets or otherwise, have any obligations in respect of any such fees or commissions. 
  

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 (d) Accuracy of Information; Full Disclosure. To the knowledge of Buyer, none of the
representations and warranties of Buyer in this Agreement nor in any Ancillary Document to be furnished by Buyer pursuant hereto contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading 
  
 ARTICLE IV 
  
 COVENANTS AND OTHER AGREEMENTS 
  
 4.1. Line of
Credit. Concurrently with the Closing of the transactions set forth herein, Seller will provide Buyer with a two year $200,000 line of credit pursuant to the terms of the Line of Credit Agreement attached hereto as Exhibit B (the “Line of
Credit”). Any outstanding balances at the two year maturity date shall be payable pursuant to a promissory note issued at the maturity date, with interest to accrue at the rate of 6% per annum, payable in 60 equal monthly payments of principal
and interest, which monthly payments of principal and interest shall commence the month following the issuance date of said note (the “Line of Credit Note”). 
  
 4.2. Option Vesting. Concurrently with the Closing of the transactions set forth herein, Seller shall vest all common
stock purchase options issued by Seller to the Betancourts pursuant to the terms of their employment agreements with Seller. 
  
 4.4. CMS Cargo. Seller shall provide Buyer with a limited one year license to use Seller’s CMS Cargo software (the “Software”) free
of charge commencing with the Closing Date, provided, however, that Buyer acknowledges that Seller shall have no obligation to update the Software or provide support with respect to the Software, and that Seller shall not be liable in any manner for
any damages or losses in any way related to the Software or Buyer’s use thereof. 
  
 4.5. Release of Earn-Out Obligations. Buyer and the Betancourts hereby release Seller from any and all earn-out obligations of Seller under the certain Stock Purchase Agreement between Seller and the
Betancourts, dated September 30, 2003. The foregoing release shall be effective as of the Closing Date. 
  
 4.6. Consulting Agreements. The Betancourts hereby agree and acknowledge that each of them will make themselves available to the Seller, for up to
two (2) hours per week each, for a period of six months commencing with the Closing Date, as reasonably requested by Seller, to assist Seller with the collection of the Division’s accounts receivable that remain with Seller post Closing, and
other transitional issues as identified by Seller’s executive officers. In consideration for the services to be provided under this Section 4.6, Seller shall pay each of the Betancourts $10,000 (a collective total of $20,000), payable on the
Closing Date. 
  
 4.7. Further Assurances. Each of the
parties agrees at any time and from time to time after the date hereof, at the request of the other party hereto, to execute and deliver such other documents and instruments of transfer or assignment or assumption and to do all such further acts and
things as shall reasonably be necessary or desirable to effectuate the transactions contemplated hereby, including, but not limited to, issues related to collections of accounts receivable, transfer of expenses, transfer of titles, etc. 

 

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 ARTICLE V 
  

INDEMNIFICATION 
  
 5.1. Losses and Limitation. For purposes of this Agreement, the term “Loss” or “Losses” shall mean each and all of the
following items: claims, losses, liabilities, obligations, payments, damages, judgments, fines, penalties, amounts paid in settlement, and any related reasonable costs and expenses (including, without limitation, interest which may be imposed in
connection therewith, costs and expenses of investigation, actions, suits, proceedings, demands, assessments and reasonable fees and disbursements of counsel and other experts) incurred by the person or entity seeking indemnification (the
“Indemnitee”) (whether relating to claims asserted by or against third parties or to claims asserted against the party providing indemnification (the “Indemnitor”)). In the event there is a determination by any court of competent
jurisdiction, appropriate regulatory body or alternative dispute resolution entity so authorized to make such determination, which shall make a finding apportioning liability, each party shall accordingly be liable to the extent of such finding of
apportionment. 
  
 5.2. Indemnification by Seller. From and
after the Closing Date, Seller shall defend, indemnify and hold harmless Buyer, its affiliates, and their respective officers, directors, employees, agents, consultants, representatives and successors (collectively, the “Buyer Indemnified
Group”) from and against any and all Losses incurred by any of them arising out of or resulting from any of the following: 
  
 (a) the breach by Seller of any of their representations or warranties in this Agreement; and 
  
 (b) any failure by Seller to perform any of their covenants or agreements
contained in this Agreement. 
  
 5.3. Indemnification by
Buyer. From and after the Closing Date, Buyer shall indemnify and hold harmless Seller, its affiliates, and their respective officers, directors, employees, agents, consultants, representatives and successors, and the Betancourts (collectively,
the “Seller Indemnified Group”) from and against any and all Losses incurred by any of them arising out of or resulting from any of the following: 
  
 (a) the breach by Buyer of any of its representations or warranties in this Agreement; 
  
 (b) any failure by Buyer to perform any of its covenants or agreements contained in this Agreement; 
  
 (c) any failure by Buyer to pay, perform or discharge when due any of the
Assumed Liabilities; 
  

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 (d) the conduct of the business of the Buyer after the Closing Date; and 
  
 (e) the status of the Betancourts as employees of the Seller from the period
commencing with the closing of the transactions set forth in the Stock Purchase Agreement and ending on the Closing Date. 
  
 5.4. Procedure for Indemnification. In the event that any Indemnitee shall incur or suffer any Losses in respect of which indemnification may be
sought hereunder from Seller or the Betancourts, on the one hand, or Buyer, on the other hand, the Indemnitee shall assert a claim for indemnification by written notice (the “Notice”) to the Indemnitor stating the nature and basis of such
claim. Promptly after receipt by an Indemnitee of written notice of the assertion of a claim or the commencement of any action, litigation or proceeding by any third party (a “Third-Party Claim”) with respect to any matter for which
indemnification is or may be owing pursuant to Section 5.2 or 5.3, the Indemnitee shall give Notice to the Indemnitor and shall thereafter keep the Indemnitor informed of all other information it receives with respect thereto; provided, that failure
of the Indemnitee to give the Indemnitor prompt notice and such other information as provided herein shall not relieve the Indemnitor of any of its obligations hereunder unless and then only to the extent that the Indemnitor shall have been actually
prejudiced thereby. Buyer and Seller each agree to cooperate and will cause each Indemnitee to cooperate with and render such assistance as may reasonably be requested in order to insure the proper and adequate defense of any such Third-Party Claim
or proceeding, which assistance shall include, without limitation, making appropriate personnel reasonably available for any discovery or trial. If the Indemnitor fails or refuses to undertake the defense of any such Third-Party Claim within thirty
(30) days after delivery of the Notice, the Indemnitee shall have the right to take exclusive control of the defense, negotiation and/or settlement of such Third-Party Claim at the Indemnitor’s expense. The Indemnitor shall not settle or
compromise any Third-Party Claim without the consent of the Indemnitee, which consent shall not be unreasonably withheld or delayed (it being understood and agreed that it shall not be unreasonable to withhold consent if the settlement does not
provide for an unconditional release of the Indemnitee from all liabilities or obligations relating to the Third-Party Claim). 
  
 5.5. Payment. With respect to Third-Party Claims for which indemnification is payable under this Agreement, such indemnification shall be paid by
the Indemnitor promptly upon (i) the entry of a final judgment against the Indemnitee and the expiration of any applicable appeal period; (ii) the entry of a non-appealable judgment or final appellate decision against the Indemnitee; (iii) the
entering into of any settlement agreement in accordance with the provisions of this Article V (or at such other time or times as shall permit compliance with the terms of such settlement agreement); or (iv) the entry of any consent order or decree
binding upon the Indemnitee. Notwithstanding the foregoing, reasonable expenses of the Indemnitee, which constitute Losses hereunder shall be reimbursed on a current basis by the Indemnitor. 
  

 6 

 ARTICLE VI 
  

MISCELLANEOUS 
  
 6.1. Entire Agreement. This Agreement constitutes the entire understanding and agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, whether oral and written, between the parties hereto, with respect to such subject matter, all of which are merged herein. 
  
 6.2. Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver
of Jury Trial. This Agreement shall be deemed to be made in and in all respects shall be interpreted, construed and governed by and in accordance with the laws of the State of Florida without regard to the conflict of law principles thereof.
Each party hereto agrees that it shall bring any action or proceeding in respect of any claim arising out of or related to this Agreement, or in respect of the transactions contemplated thereby, whether in tort or contract or at law or in equity,
exclusively in the courts of the State of Florida located in Dade County or in the federal courts of the United States of America located in Southeastern District of Florida (the “Chosen Courts”). Solely in connection with such
actions, proceedings and claims, the parties irrevocably submit to the jurisdiction of the chosen courts, and agree not to assert as a defense in any such action, suit or proceeding that such party is not subject to the jurisdiction of the chosen
courts, that such action, proceeding or claim may not be brought or is not maintainable in the chosen courts, that venue is not appropriate in the chosen courts, or that this Agreement may not be enforced in the chosen courts. Each of the parties
agrees that service of process or other papers upon such party in any such action or proceeding shall be effective if notice is given in accordance with the provisions on notice contained in this Agreement. Each party acknowledges and agrees that
any controversy that may arise under this Agreement is likely to involve complicated and difficult issues, and therefore each such party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any
litigation directly or indirectly arising out of or relating to this Agreement or the transactions contemplated by this Agreement. 
  
 6.3. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and
all of which, when together, shall constitute one and the same instrument. 
  
 6.4. Successors and Assigns; Third Party Beneficiaries. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties hereto;
provided, however, that this Agreement may not be assigned by either party without the prior written consent of the other. Notwithstanding, Buyer may assign this Agreement to a wholly owned entity. Nothing in this Agreement, express or implied, is
intended to confer any rights or remedies under this Agreement on any person or entity other than Buyer, the Betancourts, or Seller, and their respective successors and permitted assigns. 
  
 6.5. Modification and Waiver. No amendment, modification or alteration of the terms or provisions of this Agreement
shall be binding unless the same shall be in writing and duly executed by each of the parties hereto, except that any of the terms or provisions of this 

  

 7 

 
Agreement may be waived in writing at any time by the party entitled to the benefits of such waived terms or provisions. No waiver of any of the provisions
of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar). No delay on the part of any party in exercising any right, remedy, power or privilege hereunder shall operate as a waiver
thereof or of any other right, remedy, power or privilege. 
  
 6.6. Notices. Any notice, request, claim, instruction or other document to be given hereunder by any party hereto to any other party shall be in writing and delivered personally or sent by registered or certified mail (postage
prepaid return receipt requested): 
  

	
	 If to Seller, to:

	
	 Segmentz, Inc.

	 18302 Highwoods Preserve Parkway

	 Tampa, Florida 33647

	 Attn: Andrew Norstrud

	
	 with a copy to:

	
	 Adorno & Yoss, P.A.

	 Attn: Clint J. Gage

	 350 East Las Olas Blvd., Suite 1700

	 Fort Lauderdale, FL 33301

	
	 If to Buyer or the Betancourts, to:

	
	 Pedro Betancourt

	 7270 N.W. 35th Terrace

	 Miami, FL 33122

	
	 With a copy to”

	 Brown, Garganese, Weiss & D’Agresta, P.A.

	 Attn: J. W. Taylor

	 Two Landmark Center

	 225 East Robinson St., Suite 660

	 Orlando, FL 32802-2873

  
 or at such other address for a party
as shall be specified by like notice. Any notice which is delivered in the manner provided herein shall be deemed to have been duly given to the party to whom it is directed upon actual receipt by such. 
  
 6.7. Severability. If any provision of this Agreement or the
application of any such provision to any person or circumstances shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not effect any other
provision hereof and this Agreement shall remain in force and be effectuated as if such illegal, invalid or unenforceable provision is not part of this Agreement. 
  

 8 

 6.8. Enforcement. Should it become necessary for any party to institute legal action to enforce
the terms and conditions of this Agreement, the successful party will be awarded reasonable attorneys’ fees at all trial and appellate levels, expenses and costs. 
  
 [SIGNATURES ARE ON THE FOLLOWING PAGE] 
  
  

 9 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed on its behalf as
of the date first above written. 
  

			
	Segmentz, Inc.
		
	By:	 	 /s/ Mike Welch

	Name:	 	Mike Welch
	Title:	 	Chief Executive Officer
	
	Bullet Freight Systems & Logistics, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 /s/ Pedro Betancourt

	Pedro Betancourt
	
	 /s/ Maggie Betancourt

	Maggie Betancourt

  
  

 10 

 Schedule 1.1 
  
 Purchased Assets 
  

	1.	Cash accounts in the amount of $136,000. 

  

	2.	All right, title, and interest of Seller to the name “Bullet” and all derivatives thereof. 

  

	3.	Those assets set forth on the following three pages. 

  

 11 

 Schedule 1.2 
  
 Assumed Liabilities 
  

							
	1.	  	Employment Agreements with the following employees:
	 	  	a.	  	Pedro Betancourt
	 	  	b.	  	Maggie Betancourt
		
	2.	  	The following facility leases (attached):
	 	  	a.	  	Premises:	  	1100 Barnett Drive, Lake Worth, Florida (Unit 52)
	 	  	 	  	Landlord:	  	PGA Storage, a FL general partnership
	 	  	 	  	Lease Date:	  	December 7, 2001
				
	 	  	b.	  	Premises:	  	7270 NW 35th Terrace, Miami, Florida 33122
	 	  	 	  	Landlord:	  	Whitefield & Bloom CO
	 	  	 	  	Lease Date:	  	March 14, 2003
				
	 	  	c.	  	Premises:	  	 13,000 sq/ft parcel of undeveloped land immediately north of NW 15th Street,
 and between NW 89th Court and NW 88th Avenue.

	 	  	 	  	Landlord:	  	Germico, Inc.
	 	  	 	  	Lease Date:	  	September 24, 2003
		
	3.	  	The following equipment leases (attached):
				
	 	  	a.	  	Equipment:	  	Forklift – Nissan Cushion Model JC30LP (#2000032709650101)
	 	  	 	  	Lessor:	  	RVL Equipment, Inc.
	 	  	 	  	Lease Date:	  	March 23, 2000
				
	 	  	b.	  	Equipment:	  	Panasonic Copier Model DP-150FX
	 	  	 	  	Lessor:	  	Citicorp Vendor Finance, Inc.
	 	  	 	  	Lease Date:	  	 
				
	 	  	c.	  	Equipment:	  	Panasonic Fax Machine Model UF 585
	 	  	 	  	Lessor:	  	Wells Fargo Financial Leasing, Inc.
	 	  	 	  	Lease Date:	  	January 23, 2002
				
	 	  	d.	  	Equipment:	  	Gestetner 2712 Digital Copier
	 	  	 	  	Lessor:	  	Wells Fargo Financial Leasing, Inc.
	 	  	 	  	Lease Date:	  	June 6, 2002
				
	 	  	e.	  	Equipment:	  	2001 Nissan Forklift Model JC50LP
	 	  	 	  	Lessor:	  	RVL Equipment, Inc.
	 	  	 	  	Lease Date:	  	December 21, 2001
				
	 	  	f.	  	Equipment:	  	Mitsubishi Forklift Model FGC25K
	 	  	 	  	Lessor:	  	Citicorp Del-Lease, Inc. (d/b/a Citicorp Dealer Finance)
	 	  	 	  	Lease Date:	  	December 28, 1999

  

 12 

 Exhibit A 
  
 Promissory Note 
  
  

 13 

 Exhibit B 
  
 Line of Credit Promissory Note 
  
  

 14 

 Exhibit C 
  
 Form of Vehicle Lease 
  

 15

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