Document:

Amendment to Dasher Express, Inc. Agreement

 Exhibit 10.1 
  
 AMENDMENT TO 
 STOCK PURCHASE AGREEMENT 
  
 This Amendment To
Stock Purchase Agreement (the “Amendment”) is entered into on September 14, 2004, by and among (i) Segmentz, Inc., a Delaware corporation (the “Buyer”), and (ii) Brad Kelley (“BK”), and Jeff
Wiseman (“JW” and together with “BK” collectively the “Sellers”). The Buyer and the Sellers are referred to collectively herein as the “Parties.” 
  
 W I T N E S S E T H: 
  
 WHEREAS, on December 1, 2003, the Parties entered into that certain Stock
Purchase Agreement (the “Dasher Stock Agreement”) pertaining to the purchase by Buyer of all of the outstanding capital stock of Dasher Express, Inc., a Kentucky corporation (referred to herein as “Dasher Express”);

  
 WHEREAS, the closing of the transactions contemplated in the
Dasher Stock Agreement took place on or about December 31, 2003; 
  
 WHEREAS, on August 9, 2004, the Buyer entered into a Stock Purchase Agreement (the “Express-1 Stock Agreement”) with Mike Welch, John Welch, Jim Welch, Keith Avery and Ralf Mojsiejenko (the “Express-1 Sellers”),
pertaining to the purchase by Buyer of all of the outstanding capital stock of Express-1, Inc., a Michigan corporation (referred to herein as “Express-1”); 
  
 WHEREAS, the closing of the transactions contemplated in the Express-1 Stock Agreement took place on September 1, 2004;

  
 WHEREAS, the Sellers desire to consent to an election by Buyer
under Section 338(h)(10) of the Internal Revenue Code; and 
  
 WHEREAS, the Parties desire to revise the Dasher Stock Agreement as provided for in this Amendment; 
  
 NOW THEREFORE, for and in consideration of the mutual covenants and provisions set forth herein, and for other good and valuable consideration, the
receipt, sufficiency and mutuality of which are hereby acknowledged, Buyer and Sellers hereby agree as follows: 
  
 1. Except as otherwise defined herein, all capitalized terms used in this Amendment shall have the respective meanings ascribed thereto in the Dasher
Stock Agreement. 
  
 2. Sellers hereby consent to the joint
election by the Sellers and Buyer under Section 338(h)(10) of the Internal Revenue Code (the “IRS Election”). Sellers agree to execute such documents and instruments as Buyer may reasonably request to accomplish the IRS Election.

  

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 3. Buyer hereby covenants and agrees, at Buyer’s sole cost and expense, that Buyer shall indemnify,
protect and save Sellers, and each and every one of them, harmless from and against any and all Adverse Consequences of any kind or of any nature whatsoever which may at any time be imposed upon, incurred by or asserted or awarded against Sellers,
or any one or more of them, in direct connection with or directly arising from or out of the IRS Election or Sellers’ consent thereto (collectively, the “Indemnified Matters”), including but not limited to: 
  

	 	a.	Taxes, interest, penalties and/or fees imposed by the Internal Revenue Service, the Kentucky Revenue Cabinet and any other taxing authority against Sellers, or any one or more of
them, in connection with the IRS election; and 

  

	 	b.	Taxes, interest, penalties and/or fees imposed by the Internal Revenue Service, the Kentucky Revenue Cabinet and any other taxing authority against Sellers, or any one or more of
them, in connection with the performance of Buyer’s obligations for the Indemnified Matters; and 

  

	 	c.	Attorneys, accountants and experts fees and costs of investigations incurred in defending against and/or settling such Indemnified Matters and any amounts paid in settlement
thereof, with legal counsel and experts to be selected by Buyer; and 

  

	 	d.	Reasonable attorneys, accountants and experts fees incurred in connection with the negotiation and preparation of this Amendment. 

  
 Buyer’s obligations for the Indemnified Matters and pursuant to the
provisions of this Section (i) shall survive the termination or expiration of the Dasher Stock Agreement and the closing of the transactions contemplated therein, (ii) shall not be deemed to preclude or otherwise limit in any way the exercise of any
other rights or the pursuit of any other remedies by Sellers against Buyer under the terms of the Dasher Stock Agreement, and (iii) shall not be deemed to preclude or otherwise limit in any way the exercise of any other rights or the pursuit of any
other remedies by the Buyer against the Sellers under the terms of the Dasher Stock Agreement. The Buyer shall wire transfer immediately available funds totaling Two Hundred and Sixty-Five Thousand Dollars ($265,000) (the “Estimated
Payment”) to Sellers not later than September 15, 2004, which sum represents a preliminary estimate of the total amount which Buyer will owe to Sellers for the Indemnified Matters. Buyer and Sellers each hereby acknowledge that the Estimated
Payment shall not be construed as liquidated damages nor final payment for the Indemnified Matters, nor shall the Estimated Payment limit in any way Buyer’s obligations for the Indemnified Matters pursuant to this Amendment. After the IRS
Election is made, no later than June 30, 2005, a declaration 
  

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 of actual cost to the Sellers for the Indemnified Matters through April 30, 2005 shall be made to the Buyer requesting
additional payments for actual costs in excess of the Estimated Payment or returning the amount by which the Estimated Payment exceeds the actual costs of the Indemnified Matters through April 30, 2005. Supporting documentation must accompany the
declaration. The Buyer and Sellers agree that the declaration of actual costs to Sellers through April 30, 2005 does not in any way limit the obligation of the Buyer for the Indemnified Matters. 
  
 4. The definition of “Revenues” as set forth in Section 1 of the
Dasher Stock Agreement is deleted and the following is hereby inserted in lieu thereof: 
  
 “Revenues” means all existing and future revenues of Dasher Express; plus all existing and future revenues of Express-1; plus all revenue generated by after acquired entities that handle expedite business;
plus all revenue from expedites handled through the central call center operations from Buyer’s network of terminals. For the year ended December 31, 2004, “Revenues” shall also include all revenues of Express-1 prior to its closing
date. 
  
 5. For purposes of this Amendment and the Dasher Stock
Agreement, “Change in Control” of the Buyer shall mean a change in control (a) as set forth in Section 280G of the Internal Revenue Code or (b) of a nature that would be required to be reported in response to Item 1 of the current report
on Form 8K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); provided that, without limitation, such a change in control shall be deemed to have occurred at such
time as: (i) any “person”, other than the Sellers, (as such term is used in Section 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Buyer representing fifty percent (50%) or more of the combined voting power of the Buyer’s outstanding securities then having the right to vote at elections of directors; or (ii) there is a failure to elect
three or more (or such number of directors as would constitute a majority of the Board of Directors) candidates nominated by management of the Buyer to the Board of Directors; or (iii) the individuals who at the commencement date of the Dasher Stock
Agreement constitute the Board of Directors cease for any reason to constitute a majority thereof unless the election, or nomination for election, or each new director was approved by a vote of at least two thirds of the directors then in office who
were directors at the commencement of the Dasher Stock Agreement; or (iv) the business of Dasher Express is disposed of by the Buyer pursuant to a partial or complete liquidation of the Buyer, a sale of assets (including stock of a subsidiary of the
Buyer) or otherwise. 
  
 6. For purposes of this Amendment and the
Dasher Stock Agreement, “Gross Profit Margins” means the Net Revenues minus cost of goods sold as determined by GAAP accounting methods. 
  

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 7. For purposes of this Amendment and the Dasher Stock Agreement, “Net Revenues” means Revenue
less returns, allowances, and cash discounts taken by customers. 
  
 8. Section 2(b)(iii) of the Dasher Stock Agreement is hereby deleted in its entirety, and the following is inserted in lieu thereof: 
  

	 	(iii)	An Annual Payment Amount for each of calendar years 2004 through 2007 (a “Year”), to be determined as follows: 

  
 (A) Each Year shall have an established Revenue and Gross
Profit threshold (respectively the “Revenue Benchmark” and “Gross Profit Margins” for such Year). The Revenue Benchmarks and Gross Profit Margins for each Year are as follows: 
  

					
	 Year Ended

	  	 Revenue Benchmark

	  	 Gross Profit Margins

	 12/31/2004
	  	$19,000,000	  	NA
	 12/31/2005
	  	$22,000,000	  	15%
	 12/31/2006
	  	$26,000,000	  	15%
	 12/31/2007
	  	$30,000,000	  	15%

  
 As shown above, with
respect to a Year (except the Year ending 12/31/2004, where only the Revenue Benchmark shall apply) where Revenue equals or exceeds both the Revenue Benchmark and the Gross Profit Margins for such Year, the Buyer shall pay to the Sellers for such
Year an Annual Payment Amount of Two Hundred Ten Thousand Dollars ($210,000) (or immediately available funds or in Buyer’s Shares as detailed in subsection (C) hereof). 
  
 (B) Not later than 45 days after the end of each year through 2008, Buyer shall (i) review Dasher Express
and Express-1’s combined financial performance for the prior year, (ii) shall compile calculations setting forth in sufficient detail Dasher Express and Express-1’s combined Revenues for the prior year, and any resulting Annual Payment
Amount due as a result thereof (an “APA Report”), and (iii) shall deliver the APA Report to Sellers. Sellers shall have 15 days after the date of mailing (the “APA Objection Period”) to provide Buyer, in writing, with any
objections Sellers shall have to the calculations set forth in the APA Report (“APA Objections”). In the event Buyer has not received any such APA Objections within the APA Objection Period, the APA Report shall be considered final and
conclusive, and any Annual Payment Amount due thereunder shall be paid by Buyer to Sellers within 15 days after the expiration of the APA Objection Period. In the event Buyer receives one or more APA Objections within the APA Objection Period, the
Parties hereto shall collectively agree upon an outside, independent accounting firm which shall then be engaged to compile the information required to be 
  

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 included in the APA Report. Once completed, the APA Report compiled by the outside independent accounting
firm shall be conclusive, and any Annual Payment Amount due thereunder shall be paid by Buyer to Sellers within 15 days of the date thereof. Any costs associated with the engagement of an outside independent accounting firm shall be shared equally
by the Parties. 
  
 (C) Each Annual Payment
Amount shall be paid, at the Sellers’ option, in either immediately available funds or in Buyer Shares that will be registered for sale within 90 days of Sellers notification of intent to have payment made in Buyer Shares. If the Sellers chose
to have the payment made in Buyers Shares, the value used for determining the number of shares issued will be the average market price per share determined by a weighted average of the closing price of the stock over the ten trading days ending
March 15 immediately following the Benchmark Year. 
  
 (D) Sellers shall have the right at any time and from time to time during normal business hours at their sole cost and expense to personally examine or to have agents appointed by them to examine the books and records of Dasher Express,
Express-1, and Buyer’s Affiliated Group to verify the correctness of the computation of Revenues. 
  
 (E) In the event one or more of the Annual Payment Amounts is not earned as a result of a failure to meet the Benchmark for any such Year
as set forth above, and Revenue in the amount of $30,000,000 is achieved for the fiscal year ending December 31, 2008, then, and in that event, Buyer shall pay to Sellers any Annual Payment Amounts not previously earned. 
  
 (F) In the event of a “Change of Control” prior to
fiscal year ending December 31, 2008, all Annual Payment Amounts will be considered earned and the Buyer shall pay to the Sellers all remaining Annual Payment Amounts within 180 days after the event. 
  
 (G) In the event Buyer terminates the employment of 3 or
more of the Express-1 Sellers without cause as defined in each Express-1 Seller’s employment agreement, all Annual Payment Amounts due to Sellers will be considered earned and the Buyer shall pay to the Sellers all remaining Annual Payments
Amounts within 180 days after the event. 
  
 (H)
In the event Buyer terminates the employment of both the Sellers without cause as defined in the Employment Agreements, all Annual Payment Amounts due to Sellers will be considered earned and the Buyer shall pay to the Sellers all remaining Annual
Payments Amounts within 180 days after the event. 
  

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 (I) On the date of this agreement the Sellers will be granted two hundred and eighty
thousand (280,000) common stock purchase warrants, with an exercise price of $1.75, exercisable as follows: 
  

							
	 Number of Warrants

	  	 Exercise Period

	  	 	  	 
	 70,000
	  	May 15, 2005 to June 15 2005	  	 	  	 
	 70,000
	  	May 15, 2006 to June 15 2006	  	 	  	 
	 70,000
	  	May 15, 2007 to June 15 2007	  	 	  	 
	 70,000
	  	May 15, 2008 to June 15 2008	  	 	  	 

  
 In the event of a
conflict between the terms of this Amendment and the terms of the Dasher Stock Agreement, the terms of this Amendment shall apply. Except as expressly modified by this Amendment, all remaining provisions of the Dasher Stock Agreement are hereby
ratified and confirmed and shall remain in full force and effect. Buyer and Sellers confirm that the Revenue Benchmark for the period ending December 31, 2004 has been reached and satisfied as of the date of this Amendment. 
  
 IN WITNESS WHEREOF, this Amendment to Stock Purchase Agreement has been
executed by the undersigned as of the date first written above. 
  

			
	BUYER:
	
	SEGMENTZ, INC., a Delaware corporation
		
	By:	 	 /s/ Andrew J. Norstrud

	 	 	Andrew Norstrud, CFO
	
	SELLERS:
		
	 	 	 /s/ Brad Kelly

	 	 	BRAD KELLEY
		
	 	 	 /s/ Jeff Wiseman

	 	 	JEFF WISEMAN

  

 6Chief Financial Officer Employment Agreement

 Exhibit 10.2 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of the 12th day of July, 2004
and will be effective as of the 12th day of July, 2004 (the “Effective Date”), between Segmentz, Inc., a Florida corporation, whose principal place of business is 18302 Highwoods Preserve Parkway, Suite 100, Tampa, Florida 33467 (the
“Company”) and Andrew Norstrud, an individual whose address is Tampa, Florida 33615 (the “Executive”). This agreement supersedes any and all previous employment agreements as of the effective date. 
  
 RECITALS 
  
 A. The Company is a Delaware corporation and is principally engaged in the business of Third Party Logistics (the
“Business”). 
  
 B. The Executive has extensive
experience in financial management and financial management, accounting and SEC reporting. 
  
 C. The Company desires to employ the Executive and the Executive desires to be employed by the Company. 
  
 D. The parties agree that a covenant not to compete is essential to the growth and stability of the Business of the Company. 
  
 NOW, THEREFORE, in consideration of the mutual agreements herein made, the
Company and the Executive do hereby agree as follows: 
  
 1.
Recitals. The above recitals are true, correct, and are herein incorporated by reference. 
  
 2. Employment. The Company hereby employs the Executive, and the Executive hereby accepts employment, upon the terms and conditions hereinafter set
forth. 
  
 3. Authority and Power During Employment Period.

  
 a. Duties and Responsibilities. During the term of
this Agreement, the Executive shall serve as the Chief Financial Officer for the Company and shall have general executive operating supervision over the accounting and information technology departments of the Company, its subsidiaries and
divisions, subject to the guidelines and direction of the Board of Directors of the Company. 
  
 b. Time Devoted. Throughout the term of the Agreement, the Executive shall devote most of the Executive’s business time and attention to the business and affairs of the Company consistent with the
Executive’s position with the Company. 
  

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 4. Term. The Term of employment hereunder will commence on the date as set forth above and
terminate five (5) years from the Effective Date, and such term shall automatically be extended for a one (1) year term thereafter at the request of the Company. For purposes of this Agreement, the Term (the “Term”) shall include the
initial term and all renewals thereof. 
  
 5. Compensation and
Benefits. 
  
 a. Salary. The Executive shall be paid a
base salary (the “Base Salary”) at an annual rate of One Hundred and Twenty-Five Thousand Dollars ($125,000) beginning at the Effective Date of this Agreement for the first year and an increase in base salary of between Seven Thousand Five
Hundred Dollars and Fifteen Thousand Dollars ($7,500 to $15,000) each year. The range of the raise will be at the discretion of the compensation committee. In addition the Executive will receive a car allowance of $600.00 per month during the term
of this agreement 
  
 b. Performance Based Bonus. As
additional compensation, the Executive shall be entitled to receive a bonus (“Bonus”) for each fiscal year during the Term of the Executive’s employment by the Company in an amount determined by the compensation committee and paid in
either stock, stock options and or cash. 
  
 c. Options. On
July 12, the Employee shall be granted cashless options to purchase 150,000 shares at $1.45 per share, which shall vest proportionately over a two-year period and will be exercisable for five (5) years. In addition options will be issued to the
employee as approved by the compensation committee each year. 
  
 d. Executive Benefits. The Executive shall be entitled to participate in benefit programs of the Company currently existing or hereafter made available to comparable executives, including, but not limited to, group life insurance and
health insurance. 
  
 e. Vacation. During each fiscal year
of the Company, the Executive shall be entitled to four (4) weeks paid-time-off per year as defined in the Company’s employee handbook. 
  
 f. Business Expense Reimbursement. During the Term of employment, the Executive shall be entitled to receive proper reimbursement for all
reasonable, out-of-pocket expenses incurred by the Executive (in accordance with the policies and procedures established by the Company for its senior executive officers) in performing services hereunder, provided the Executive properly accounts
therefore. 
  

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 6. Consequences of Termination of Employment. 
  
 a. Death. In the event of the death of the Executive during the Term,
salary and earned bonus shall be paid to the Executive’s designated beneficiary, or, in the absence of such designation, to the estate or other legal representative of the Executive until the date of death. Other death benefits will be
determined in accordance with the terms of the Company’s benefit programs and plans. 
  
 b. Disability. 
  
 (1) In the event of the Executive’s disability, as hereinafter defined, the Executive shall be entitled to compensation in accordance with the Company’s disability compensation practice for senior executives, including any
separate arrangement or policy covering the Executive, but in all events the Executive shall continue to receive the Executive’s salary for a period, at the annual rate in effect immediately prior to the commencement of disability, of five (5)
days from the date on which the disability has been deemed to occur as hereinafter provided below. Any amounts provided for in this Section 6(b) shall be offset by other long-term disability benefits provided to the Executive by the Company.

  
 (2) “Disability,” for the purposes
of this Agreement, shall be deemed to have occurred in the event (A) the Executive is unable by reason of sickness or accident to perform the Executive’s duties under this Agreement for an aggregate of 30 days in any twelve-month period or (B)
the Executive has a guardian of the person or estate appointed by a court of competent jurisdiction. Termination due to disability shall be deemed to have occurred upon the first day of the month following the determination of disability as defined
in the preceding sentence. 
  
 Anything herein to
the contrary notwithstanding, if, following a termination of employment hereunder due to disability as provided in the preceding paragraph, the Executive becomes reemployed, whether as an Executive or a consultant to the Company, any salary, annual
incentive payments or other benefits earned by the Executive from such reemployment shall offset any salary continuation due to the Executive hereunder commencing with the date of re-employment. 
  
 c. Termination by the Company for Cause. 
  
 (1) Nothing herein shall prevent the Company from
terminating Employment for “Cause,” as hereinafter defined. The Executive shall continue to receive salary only for the period ending twenty (20) days after the date of such termination plus any accrued Bonus through such date of
termination. Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with the terms of such other compensation arrangements or such plans or programs. 
  

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 (2) “Cause” shall mean and include those actions or events specified below in
subsections (A) through (G) to the extent the same occur, or the events constituting the same take place, subsequent to the date of execution of this Agreement: (A) Committing or participating in an injurious act of fraud, gross neglect or
embezzlement against the Company; (B) committing or participating in any other injurious act or omission in a manner which was negligent against the Company, monetarily or otherwise; (C) engaging in a criminal enterprise involving moral turpitude;
(D) conviction of an act or acts constituting a felony under the laws of the United States or any state thereof; (E) any assignment of this Agreement by the Executive in violation of Section 14 of this Agreement; (F) failure to discharge duties
under this Agreement; (G) failure to reorganize accounting department or reduce overhead; or (H) general failure to satisfy Board of Directors or President as to performance of duties. No actions, events or circumstances occurring or taking place at
any time prior to the date of this Agreement shall in any event constitute or provide any basis for any termination of this Agreement for Cause; 
  
 (3) Notwithstanding anything else contained in this Agreement, this Agreement will not be deemed to have been terminated for Cause unless
and until there shall have been delivered to the Executive a notice of termination stating that the Executive committed one of the types of conduct set forth in this Section 6(c) contained in this Agreement and specifying the particulars thereof and
the Executive shall be given a ten (10) day period to cure such conduct, if possible. 
  
 d. Termination by the Company Other than for Cause. The foregoing notwithstanding, the Company may terminate the Executive’s employment for whatever reason it deems appropriate; provided, however, that in
the event such termination is not based on Cause, as provided in Section 6(c) above, the Company may terminate this Agreement upon giving three (3) months’ prior written notice. During such three (3) month period, the Executive shall continue
to perform the Executive’s duties pursuant to this Agreement, and the Company shall continue to compensate the Executive in accordance with this Agreement. After the three (3) month the company will continue to pay the Executive his salary for
the lesser of twelve (12) months or the remainder of this agreement. All granted options vest immediately upon termination other than cause. 
  
 e. Voluntary Termination. In the event the Executive terminates the Executive’s employment on the Executive’s own volition (except as
provided in Section 6(f) and/or Section 6(g)) prior to the expiration of the Term of this Agreement, including any renewals thereof, Executive shall be limited to salary, vested options and earned bonus to date of voluntary termination. The
Executive will be expected to give ample notice of termination to allow the company a transition period to the new executive. 
  

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 f. Termination Following a Change of Control. 
  
 (1) In the event that a “Change in Control” of the
Company shall occur at any time during the Term hereof, the Executive shall have the right to terminate the Executive’s employment under this Agreement upon thirty (30) days written notice given at any time within one year after the occurrence
of such event, and such termination of the Executive’s employment with the Company pursuant to this Section 6(g)(1), and, in any such event, Executive shall be entitled to (A) vesting of all options; and (B) payment of remaining salary and
benefits for the greater of the Term of contract at salary or one year. 
  
 (2) For purposes of this Agreement, a “Change in Control” of the Company shall mean a change in control (A) as set forth in Section 280G of the Internal Revenue Code or (B) of a nature that would be required
to be reported in response to Item 1 of the current report on Form 8K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); provided that, without limitation, such a
change in control shall be deemed to have occurred at such time as: 
  
 (A) any “person”, other than the Executive, (as such term is used in Section 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s outstanding securities then having the right to vote at elections of directors; or, 
  
 (B) There is a failure to elect three or more (or such
number of directors as would constitute a majority of the Board of Directors) candidates nominated by management of the Company to the Board of Directors; or 
  

(C) The individuals who at the commencement date of the Agreement constitute the Board of Directors cease for any reason to constitute
a majority thereof unless the election, or nomination for election, of each new director was approved by a vote of at least two thirds of the directors then in office who were directors at the commencement of the Agreement; or 
  
 (D) the business of the Company for which the
Executive’s services are principally performed is disposed of by the Company pursuant to a partial or complete liquidation of the Company, a sale of assets (including stock of a subsidiary of the Company) or otherwise. 
  

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 Anything herein to the contrary notwithstanding, this Section 6(g)(2) will not apply where the Executive gives the
Executive’s explicit written waiver stating that for the purposes of this Section 6(g)(2) a Change in Control shall not be deemed to have occurred. The Executive’s participation in any negotiations or other matters in relation to a Change
in Control shall in no way constitute such a waiver which can only be given by an explicit written waiver as provided in the preceding sentence. 
  
 g. Change of Primary Administrative Location. If the Company determines that for the Executive to effectively perform his duties the Executive must
relocate to a location more than 50 miles from 18302 Highwoods Preserve Parkway, Suite 100, Tampa, Florida 33467 or require the CFO to travel from this location on average more than 15 days per month, the Company can continue to keep this employment
contract in force by increasing the Executives current salary by 60% and giving the executive a one time travel expense allotment of $10,000. Once this increase has occurred, all commuting expenses to and from the new primary administrative location
will be the responsibility of the Executive, if the Executive elects to not change the location of his personal residence. If the company chooses not to increase the Executive’s salary it will be considered a termination by the company for
other than cause, under 6 (d). 
  
 7. Covenant Not to Compete
and Non-Disclosure of Information. 
  
 a. Covenant Not to
Compete. The Executive acknowledges and recognizes the highly competitive nature of the Company’s business and the goodwill, continued patronage, and specifically the names and addresses of the Company’s Clients (as hereinafter
defined) constitute a substantial asset of the Company having been acquired through considerable time, money and effort. Accordingly, in consideration of the execution of this Agreement, in the event the Executive’s employment is terminated by
reason of disability pursuant to Section 6(b) or for Cause pursuant to Section 6(c), then the Executive agrees to the following: 
  
 (1) That during the Restricted Period (as hereinafter defined) and within the Restricted Area (as hereinafter defined), the Executive will
not, individually or in conjunction with others, directly or indirectly, engage in any Competitive Business Activities (as hereinafter defined), whether as an officer, director, proprietor, employer, partner, independent contractor, investor (other
than as a holder solely as an investment of less than 1% of the outstanding capital stock of a publicly traded corporation), consultant, advisor or agent. 
  
 (2) That during the Restricted Period and within the Restricted Area, the Executive will not, directly or indirectly, compete with the
Company by soliciting, inducing or influencing any of the Company’s Clients which have a business relationship with the Company at the time during the Restricted Period to discontinue or reduce the extent of such relationship with the Company.

  

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 b. Non-Disclosure of Information. In the event Executive’s employment has been terminated
pursuant to either Section 6(b) or Section 6(c) hereof, Executive agrees that, during the Restricted Period, Executive will not use or disclose any Proprietary Information of the Company for the Executive’s own purposes or for the benefit of
any entity engaged in Competitive Business Activities. As used herein, the term “Proprietary Information” shall mean trade secrets or confidential proprietary information of the Company which are material to the conduct of the business of
the Company. No information can be considered Proprietary Information unless the same is a unique process or method material to the conduct of Company’s Business, or is a customer list or similar list of persons engaged in business activities
with Company, or if the same is otherwise in the public domain or is required to be disclosed by order of any court or by reason of any statute, law, rule, regulation, ordinance or other governmental requirement. Executive further agrees that in the
event his employment is terminated pursuant to Sections 6(b) or 6(c) above, all Documents in his possession at the time of his termination shall be returned to the Company at the Company’s principal place of business. 
  
 c. Documents. “Documents” shall mean all original written,
recorded, or graphic matters whatsoever, and any and all copies thereof, including, but not limited to: papers; books; records; tangible things; correspondence; communications; telex messages; memoranda; work-papers; reports; affidavits; statements;
summaries; analyses; evaluations; client records and information; agreements; agendas; advertisements; instructions; charges; manuals; brochures; publications; directories; industry lists; schedules; price lists; client lists; statistical records;
training manuals; computer printouts; books of account, records and invoices reflecting business operations; all things similar to any of the foregoing however denominated. In all cases where originals are not available, the term
“Documents” shall also mean identical copies of original documents or non-identical copies thereof. 
  
 d. Company’s Clients. The “Company’s Clients” shall be deemed to be any partnerships, corporations, professional associations
or other business organizations for whom the Company has performed Business Activities. 
  
 e. Restrictive Period. The “Restrictive Period” shall be deemed to be twelve (12) months following termination of this Agreement pursuant to Sections 6(b) or 6(c) of this Agreement. 
  
 f. Competitive Business Activities. The term “Competitive
Business Activities” as used herein shall be deemed to mean the Business. 
  
 g. Covenants as Essential Elements of this Agreement. It is understood by and between the parties hereto that the foregoing covenants contained in Sections 7(a) and (b) are essential elements of this Agreement,
and that but for the agreement by the Executive to comply with such covenants, the Company would not have agreed to enter into this Agreement. Such covenants by the Executive shall be construed to be agreements independent of any other provisions of
this Agreement. The existence of any other claim or cause of action, whether predicated on any other provision in this Agreement, or otherwise, as a result of the relationship between the parties shall not constitute a defense to the enforcement of
such covenants against the Executive. 
  

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 h. Survival After Termination of Agreement. Notwithstanding anything to the contrary contained in
this Agreement, the covenants in Sections 7(a) and (b) shall survive the termination of this Agreement and the Executive’s employment with the Company. 
  
 i. Remedies. 
  
 (1) The Executive acknowledges and agrees that the Company’s remedy at law for a breach or threatened breach of any of the provisions
of Section 7(a) or (b) herein would be inadequate and a breach thereof will cause irreparable harm to the Company. In recognition of this fact, in the event of a breach by the Executive of any of the provisions of Section 7(a) or (b), the Executive
agrees that, in addition to any remedy at law available to the Company, including, but not limited to monetary damages, all rights of the Executive to payment or otherwise under this Agreement and all amounts then or thereafter due to the Executive
from the Company under this Agreement may be terminated and the Company, without posting any bond, shall be entitled to obtain, and the Executive agrees not to oppose the Company’s request for equitable relief in the form of specific
performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available to the Company. 
  
 (2) The Executive acknowledges that the granting of a temporary injunction, temporary restraining order or permanent injunction merely
prohibiting the use of Proprietary Information would not be an adequate remedy upon breach or threatened breach of Section 7(a) or (b) and consequently agrees, upon proof of any such breach, to the granting of injunctive relief prohibiting any form
of competition with the Company. Nothing herein contained shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach. 
  
 8. Indemnification. 
  
 a. The Executive shall continue to be covered by the Articles of
Incorporation and/or the Bylaws of the Company with respect to matters occurring on or prior to the date of termination of the Executive’s employment with the Company, subject to all the provisions of Florida and Federal law and the Articles of
Incorporation and Bylaws of the Company then in effect. Such reasonable expenses, including attorneys’ fees that may be covered by the Articles of Incorporation and/or Bylaws of the Company shall be paid by the Company on a current basis in
accordance with such provision, the Company’s Articles of Incorporation and Florida law. To the extent that any such payments by the Company pursuant to the Company’s Articles of Incorporation and/or Bylaws may be subject to repayment by
the Executive pursuant to the provisions of the Company’s Articles of Incorporation or Bylaws, or pursuant to Florida or Federal law, such repayment shall be 
  

 8 

 due and payable by the Executive to the Company within twelve (12) months after the termination of all proceedings, if
any, which relate to such repayment and to the Company’s affairs for the period prior to the date of termination of the Executive’s employment with the Company and as to which Executive has been covered by such applicable provisions.

  
 b. The Company specifically acknowledges and agrees that the
Executive has personally guaranteed certain obligations on behalf of the Company and further that the Executive is personally liable for certain obligations of the Company. The Company shall indemnify and hold the Executive harmless from any and all
obligations that the Executive may incur, including, without limitation, costs and attorneys fees in connection with such guaranties or personal liabilities. Any costs or expenses that may be incurred by the Executive in connection with such
liabilities or guaranties shall be reimbursed to the Executive, upon receipt by the Company of documented evidence of such liabilities, within three (3) business days of the receipt of such documented evidence. 
  
 9. Withholding. Anything to the contrary notwithstanding, all payments
required to be made by the Company hereunder to the Executive or the Executive’s estate or beneficiaries shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably
determine it should withhold pursuant to any applicable law or regulation. In lieu of withholding such amounts, the Company may accept other arrangements pursuant to which it is satisfied that such tax and other payroll obligations will be satisfied
in a manner complying with applicable law or regulation. 
  
 10.
Notices. Any notice required or permitted to be given under the terms of this Agreement shall be sufficient if in writing and if sent postage prepaid by registered or certified mail, return receipt requested; by overnight delivery; by
courier; or by confirmed telecopy, in the case of the Executive to the Executive’s last place of business or residence as shown on the records of the Company, or in the case of the Company to its principal office as set forth in the first
paragraph of this Agreement, or at such other place as it may designate. 
  
 11. Waiver. Unless agreed in writing, the failure of either party, at any time, to require performance by the other of any provisions hereunder shall not affect its right thereafter to enforce the same, nor
shall a waiver by either party of any breach of any provision hereof be taken or held to be a waiver of any other preceding or succeeding breach of any term or provision of this Agreement. No extension of time for the performance of any obligation
or act shall be deemed to be an extension of time for the performance of any other obligation or act hereunder. 
  
 12. Completeness and Modification. This Agreement constitutes the entire understanding between the parties hereto superseding all prior and
contemporaneous agreements or understandings among the parties hereto concerning the Employment Agreement. This Agreement may be amended, modified, superseded or canceled, and any of the terms, covenants, representations, warranties or conditions
hereof may be waived, only by a written instrument executed by the parties or, in the case of a waiver, by the party to be charged. 
  

 9 

 13. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original but all of which shall constitute but one agreement. 
  
 14. Binding Effect/Assignment. This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. This Agreement shall not be assignable by the Executive but
shall be assignable by the Company in connection with the sale, transfer or other disposition of its business or to any of the Company’s affiliates controlled by or under common control with the Company. 
  
 15. Governing Law. This Agreement shall become valid when executed and
accepted by Company. The parties agree that it shall be deemed made and entered into in the State of Florida and shall be governed and construed under and in accordance with the laws of the State of Florida. Anything in this Agreement to the
contrary notwithstanding, the Executive shall conduct the Executive’s business in a lawful manner and faithfully comply with applicable laws or regulations of the state, city or other political subdivision in which the Executive is located.

  
 16. Further Assurances. All parties hereto shall
execute and deliver such other instruments and do such other acts as may be necessary to carry out the intent and purposes of this Agreement. 
  
 17. Headings. The headings of the sections are for convenience only and shall not control or affect the meaning or construction or limit the scope
or intent of any of the provisions of this Agreement. 
  
 18.
Survival. Any termination of this Agreement shall not, however, affect the ongoing provisions of this Agreement which shall survive such termination in accordance with their terms. 
  
 19. Severability. The invalidity or unenforceability, in whole or in part, of any covenant, promise or undertaking,
or any section, subsection, paragraph, sentence, clause, phrase or word or of any provision of this Agreement shall not affect the validity or enforceability of the remaining portions thereof. 
  
 20. 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. 
  
 21. Venue. Company and Employee acknowledge and agree that the 13th
Judicial Circuit (or its successor) in and for Hillsborough County, Florida, shall be the venue and exclusive proper forum in which to adjudicate any case or controversy arising either, directly or indirectly, under or in connection with this
Agreement and the parties further 
  

 10 

 agree that, in the event of litigation arising out of or in connection with this Agreement in these courts, they will not
contest or challenge the jurisdiction or venue of these courts. 
  
 22. Construction. This Agreement shall be construed within the fair meaning of each of its terms and not against the party drafting the document. 
  
 THE EXECUTIVE ACKNOWLEDGES THAT HE HAS READ THIS ENTIRE AGREEMENT, HAS HAD THE OPPORTUNITY TO DISCUSS THIS WITH HIS COUNSEL AND FURTHER
ACKNOWLEDGES THAT HE UNDERSTANDS THE RESTRICTIONS, TERMS AND CONDITIONS IMPOSED UPON THE EXECUTIVE BY THIS AGREEMENT AND UNDERSTANDS THAT THESE RESTRICTIONS, TERMS AND CONDITIONS MAY BE BINDING UPON THE EXECUTIVE DURING AND AFTER TERMINATION OF THE
EMPLOYMENT OF THE EXECUTIVE. 
  
 IN WITNESS WHEREOF, the parties
have executed this Agreement as of date set forth in the first paragraph of this Agreement. 
  

					
	Witness:	 	The Company:
		
	 	 	SEGMENTZ, INC.
			
	  

	 	By:	 	 /s/ Allan Marshall

	 	 	 	 	Allan Marshall
	 	 	 	 	Chief Executive Officer
		
	Witness:	 	The Executive
			
	  

	 	 	 	 /s/ Andrew J. Norstrud

	 	 	 	 	Andrew J. Norstrud
	 	 	 	 	Chief Financial Officer

  

 11

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