Document:

License Agreement between Tower Top Investments, Inc.

 Exhibit 10.36 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered effective as of February 1, 2006, between Elandia, Inc., a Delaware corporation, (the “Company”), whose principal place of business is 1500 Cordova Road, Suite 300, Fort
Lauderdale, Florida 33316 and Michael Ah Koy, an individual (the “Executive”), whose address is 1 Sunrise Avenue, Mairangi Bay, Auckland, New Zealand. 
 RECITALS: 
 A. The Company provides telecommunications design, sale and installation services
(the “Business”). 
 B. The Executive has extensive experience in the industry and has extensive experience as a Chief Operating Officer.

 C. The Company wishes to employ Executive. 
 NOW, THEREFORE, in consideration of the mutual agreements herein made, the Company and the Executive hereby agree as follows: 
 1. EMPLOYMENT. The Company hereby agrees to employ Executive and Executive hereby accepts such employment in his capacity of Chief Operating Officer, upon the terms and conditions hereinafter set forth.
The Company may also direct Executive to perform such duties for other entities which are now or may in the future be affiliated with the Company (the “Affiliates”), subject to the limitation that Executive’s overall time commitment
is comparable to similarly situated executives. Executive shall serve the Company and the Affiliates faithfully, diligently and to the best of his ability. Executive agrees during the Term (as hereinafter defined) of this Agreement to devote all of
his full-time business efforts, attention, energy and skill to the performance of his employment to furthering the interest of Employer and the Affiliates. During the “Term” (including any renewals thereof) as defined herein Executive
shall have such duties and responsibilities commensurate with said position. 
 2. COMPENSATION/BENEFITS.

 a. Salary. Company shall pay Executive an annual base salary (the “Base Salary”), of Two Hundred Ten
Thousand ($210,000) Dollars. Said salary shall be paid consistent with the Company’s payroll policies and procedures for all employees. 
 b. Performance Bonus. Executive may receive an annual bonus (“Bonus”) at the discretion of the Board of Directors, or pursuant to one or more written plans adopted by the board of directors of the
Company. 
 c. Employee Benefits. The Executive shall be entitled to participate in all benefit programs of the Company
currently existing or hereafter made available to executives and/or other executive employees, subject to the eligibility requirements, restrictions and limitations of any such programs, including, but not limited to, pension and other retirement
plans, including any 401K Plan, sick leave, salary continuation, vacation and holidays and other 

 
fringe benefits. Notwithstanding the foregoing, the Company shall not be required to provide to Executive any of the insurance benefits described in
subsection d., below. 
 d. Insurance/Insurance Policy Benefits. Subject to the Company’s prior written consent of
the coverage and cost of the subject insurance, Executive shall obtain health, dental, hospitalization, surgical, major medical, long-term disability insurance coverage for the Executive and Executive’s family. Promptly upon receipt by the
Company of invoices or other statements evidencing the actual costs of such insurance coverage, the Company (on behalf of Executive) shall directly pay the applicable insurance carrier(s) the amounts set forth in such invoices or statements.

 e. Vacation. During each fiscal year of the Company, the Executive shall be entitled to four (4) weeks of
vacation time to be utilized or paid for each year, or accrue and carry over into the following year. 
 f. Business
Expense Reimbursement; Telephone Expenses. The Executive shall be provided with Company credit cards, and the Executive shall be entitled to receive proper reimbursement for all reasonable, out-of-pocket expenses incurred. In addition, the
Company shall provide the Executive with an automobile telephone and/or portable cellular telephone and pager. 
 3. TERM. The
Term of employment hereunder will commence on the date hereof, and end five (5) years from the Effective Date (“Term”), unless terminated pursuant to Section 5 of this Agreement. The Term shall automatically renew (“Renewal
Term”) for successive two (2) year terms, unless written notification is provided by either party no less than 120 days prior to the expiration of the Term. 
 4. DEATH, DISABILITY AND TERMINATION. 
 a. Death. In the event of the
death of the Executive during the Term or of the Renewal Term of the Agreement, accrued salary, vacation and expense reimbursement 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. 
 b. Disability. 
 (i) In the event of the Executive’s disability, as hereinafter defined, the Executive shall be entitled to receive only the long-term
disability benefits obtained by Executive as described in 2.d., of this agreement. 
  

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 (ii) “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 a cumulative total of twelve (12) weeks within any one calendar year or (b) the
Executive is unable to perform Executive’s duties for ninety (90) consecutive days or (c) 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, any salary, annual incentive payments or other benefits earned by the Executive from such employment shall offset any salary continuation due to the Executive hereunder commencing with the date of reemployment. 
 c. Termination by the Company for Cause. 
 (i) 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 with the date of such termination as provided in this Section 4(c). Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with
the terms of such other compensation arrangements or such plans or programs. 
 (ii) “Cause” shall mean a
determination in good faith by the board of directors of the Company that the Executive has (a) committed or participated in an injurious act of fraud, gross neglect, misrepresentation or embezzlement against the Company; or (b) committed
or participated in any other injurious act or omission wantonly, willfully, recklessly or in a manner which was grossly negligent against the Company. 
 (iii) 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 4(c) contained in this Agreement and specifying the particulars thereof and the Executive shall be given a thirty (30) day period to
cure such conduct set forth in Section 4(c). 
 d. Termination by the Company Other than for Cause. 
 (i) 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 4(c) above, or if Executive’s employment is terminated under Sections 4(f) or 4(g) hereto the Company shall continue to be obligated to pay
to Executive his Salary for twelve (12) months and the Company shall waive any lapse provisions of stock options or restricted stock grants made theretofore by the Company that have vested. 
  

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 (ii) In the event that the Executive’s employment with the Company is terminated
pursuant to this Section 4(d) or Section 4(g), then Section 6 of this Agreement and all references thereto shall be inapplicable as to the Executive and the Company. 
 e. Voluntary Termination. In the event the Executive terminates the Executive’s employment on the Executive’s own
volition (except as provided in Section 4(g)) prior to the expiration of the Term or Renewal Term of this Agreement, including any renewals thereof, such termination shall constitute a voluntary termination and in such event the Executive shall
be limited to the same rights and benefits as provided in connection with Section 4(a). 
 f. INTENTIONALLY OMITTED.
 
 g. Termination Following a Change of Control and Compensation Reduction. 
 (i) In the event that a “Change in Control,” as hereinafter defined, of the Company shall occur at any time during the Term or
Renewal Term 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 (1) year after the occurrence of such event and
such termination of the Executive’s employment with the Company pursuant to this Section 4(g)(i), then, in any such event such termination shall be deemed to be a Termination by the Company Other than for Cause and the Executive shall be
entitled to such Compensation and Benefits as set forth in Subsection 4(d) of this Agreement. 
 (ii) For purposes of this
Agreement, a “Change in Control” of the Company shall mean a change in control (a) as set forth in Section 28OG of the Internal Revenue Code or (b) of a nature that would be required to be reported in response to Item I
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”). 
  

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 5. INTENTIONALLY OMITTED. 
 6. Covenant Not to Compete. Executive acknowledges and recognizes the highly competitive nature of Company’s Business and the goodwill and
business strategy of the Company, continued patronage constitute a substantial asset of the Company. Executive further acknowledges and recognizes that during the course of the Executive’s employment Executive will receive specific knowledge of
Company’s Business, access to trade secrets and Confidential Information, as defined in Section 7, participate in business acquisitions corporation and decisions, and that it would be impossible for Executive to work for a competitor
without using and divulging this valuable confidential information. That Executive acknowledges that Company is without an adequate remedy at law in the event this covenant is violated. Executive further acknowledges that this covenant not to
compete is an independent covenant within this Agreement. This covenant shall survive this Agreement and shall be treated as an independent covenant for the purposes of enforcement; provided, however, that the provisions of this Section 6 shall
not apply if Executive’s employment is terminated without cause as provided in Section 4(c) above, or if Executive’s employment is terminated under Section 4(g) hereof. The Executive recognizes that the terms of this covenant are
reasonable and necessary for the protection of the Company’s business because the value of Executive’s services will be enhanced by his association with Company. Accordingly, Executive agrees to the following: 
 a. that for a period of two (2) years after termination of the Executive’s employment under this Agreement or any renewal or
extension thereof (the Restricted Period’), for whatever reason and anywhere within Miami-Dade, Broward, Palm Beach, Treasure Coast, and Daytona Beach County as well as any other geographic areas in which the Company operated or was actively
planning on operating as of date of termination of the Executive’s employment (the “Restricted Area”), Executive will not individually or in conjunction with others, directly engage in any Business Activities, whether as an officer,
director, proprietor, employer, employee, partner independent contractor, investor (other than as a holder of less than five percent (5%) of the outstanding capital stock of a publicly traded corporation), consultant, advisor, agent or
otherwise. 
 b. that during the Restricted Period and within the Restricted Area, Executive will not, indirectly or directly,
compete with the Company by soliciting, inducing or influencing any of the Company’s customers that have a business relationship with the Company at any time during the Restricted Period to discontinue or reduce the extent of such relationship
with the Company. 
 c. That during the Restricted Period and within the Restricted Area, Executive will not (a) directly
or indirectly recruit any employee of the Company to discontinue such employment relationship with the Company, or (b) employ or seek to employ, or cause to permit any business which competes directly or indirectly with the Business of the
Company (the “Competitive Business”) to employ or seek to employ for any Competitive Business any person 

  

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who is then (or was at any time within six (6) months prior to the date Executive or the Competitive Business employs of seeks to employ such person)
employed by the Company. 
 d. That during the Restricted Period, Executive will not interfere with, disrupt attempt to
disrupt any past or present relationship contractual or otherwise, between the Company and any Company’s employees. 
 e.
The provision of paragraph 6 will not be in effect for any corporation or partnership Employer is a direct or indirect shareholder interest holder, and/or has entered into any kind of joint venture relationship or partnership with the Company.

 7. Non-Disclosure of Confidential Information. 
 a. Executive acknowledges that the Company’s trade secrets, private or secret processes, methods and ideas, as they exist from time
to time, patient fists and information concerning the Company’s services, business records and plans, inventions, acquisition strategy, price structure and pricing, discounts, costs, computer programs and listings, source code and/or subject
code, copyright trademark proprietary information, formulae, protocols, forms, procedures, training methods, development technical information, know-how, show-how, new product and service development, advertising budgets, past, present or planned
marketing, activities and procedures, method for operating the Company’s Business, credit and financial data concerning the Company’s customers, and marketing; advertising, promotional and sales strategies, sales presentations, research
information, revenues, acquisitions, practices and plans and information which is embodied in written or otherwise recorded form, and other information of a confidential nature not known publicly or by other companies selling to the same markets and
specifically including information which is mental, not physical (collectively, the “Confidential Information”) are valuable, special and unique assets of the Company, access to and knowledge of which have been provided to Executive by
virtue of Executive’s association with the Company. In light of the highly competitive nature of the industry in which the Company’s business is conducted, Executive agrees that all Confidential Information, heretofore or in the future
obtained by Executive as a result of Executive’s association with the Company shall be considered confidential. 
 b. The
Executive agrees that the Executive shall (1) hold in confidence and not disclose or make available to any third party any such Confidential Information obtained directly or constructively from the Company, unless so authorized in writing by
the Company; (2) exercise all reasonable efforts to prevent third parties from gaining access to the Confidential Information; (3) not use, directly or indirectly. the Confidential information in order to perform the Executive’s
duties and responsibilities to the Company; (4) restrict the disclosure or availability of the Confidential Information to those who have read and understand this Agreement and who have a need to know the information in order to achieve the
purposes of this Agreement without the prior consent of the Company; (5) not copy or modify any Confidential Information without prior written consent of the Company, provided, however, that such copy or modification of any Confidential
Information does not include any modifications or copying which would otherwise prevent the Executive from performing his/her duties and responsibilities to the Company; (6) take such other protective measures as may be reasonably necessary to
preserve the confidentiality of the Confidential Information; and (7) relinquish and require all of its employees to relinquish all rights it may have in any matter, such as drawings, documents, models, samples, photographs, patterns,
templates, molds, tools or prototypes, which may contain, embody or make use of the Confidential Information; promptly delivery to the Company any such matter as the Company may direct at any time, and not retain any copies or other reproductions
thereof. 
  

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 c. Executive further agrees (1) that Executive shall promptly disclose in writing to
the Company all ideas, inventions, improvements and discoveries which may be conceived, made or acquired by Executive as the direct or indirect result of the disclosure by the Company of the Confidential Information to Executive; (2) that all
such ideas, inventions, improvements and discoveries conceived, made or acquired by Executive, alone or with the assistance of others, relating to the Confidential Information in accordance with the provisions hereof and that Executive shall not
acquire any intellectual property rights under this Agreement except the limited right to use set forth in this Agreement; (3) that Executive shall assist in the preparation and execution of all applications, assignments and other documents
which the Company may deem necessary to obtain patents, copyrights and the like in the United States and in jurisdictions foreign thereto, and to otherwise protect the Company. 
 d. Excluded from the Confidential Information, and therefore not subject to the provisions of this Agreement, shall be any information
which the Executive can show (1) at the time of disclosure, is in the public domain as evidenced by printed publications; (2) after the disclosure, enters the public domain by way of printed publication through no fault of the Executive;
(3) by written documentation was in its possession at the time of disclosure and which was not acquired directly or indirectly from the Company; or (4) by written documentation was acquired, after disclosure, from a third party who did not
receive it from the Company, and who had the right to disclose the information without any obligation to hold such information confidential. The foregoing exceptions shall apply only from and after the date that the information becomes generally
available to the public or is disclosed to the Executive by a third party, respectively. Specific information shall not be deemed to be within the foregoing exceptions merely because it is embraced by more general information in the public domain.
Additionally, any combination of features shall not be deemed to be within the foregoing exceptions merely because individual features are in the public domain. If the Executive intends to avail himself/herself of any of the foregoing exceptions,
the Executive shall notify the Company in writing of his/her intention to do so and the basis for claiming the exception. 
 e. Upon written request of the Company, Executive shall return to the Company all written materials containing the Confidential Information. Executive shall also deliver to the Company written statements signed by Executive certifying all
materials have been returned within five (5) days of receipt of the request. 
 8. AMENDMENTS. This Agreement shall not be
modified or amended except by written agreement duly executed by the parties hereto. 
 9. HEADINGS. All sections and descriptive
headings of this Agreement are inserted for convenience only, and shall not affect the construction or interpretation hereof. 
 10.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute on e and the same instrument. 
 11. ENTIRE AGREEMENT. This Agreement hereto constitutes the entire understanding between the parties. Nothing in this Agreement will prevent or
restrict Executive from serving on the Board of Directors of public or private companies and receive compensation from such service. 
  

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 12. GOVERNING LAW. This Agreement is to be construed and enforced according to the laws of the
State of Florida. 
 13. CONSTRUCTION. This Agreement shall not be construed more strictly against one party than the other, merely by
virtue of the fact that it may have been prepared by counsel for one of the parties, it being recognized that both Company and Executive have contributed substantially and materially to the negotiation and preparation of this Agreement. 

14. VENUE. Venue in any action arising from this Agreement shall be in Broward County, Florida. 
 15. SEVERABILITY. Inapplicability or unenforceability of any provision of this Agreement shall not limit or impair the operation or validity of
any other provision of this Agreement or any such other instrument. 
 16. NON-ASSIGNABILITY. This Agreement is personal in nature and
not assignable by any party hereto. 
 17. BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the
parties, its’ successors, transferees and assigns. 
 18. CONSTRUCTION. In construing this Agreement, the singular shall include
the plural and the plural shall include the singular, and the use of any gender shall include every other and all genders. 
 [Signatures
Begin on Following Page] 
  

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

			
	ELANDIA, INC.
		
	By:	 	 /s/ Harley L. Rollins

			
	Name:	 	 Harley L. Rollins

	Its:	 	 Chief Financial Officer

			
	
	EXECUTIVE
		
	By:	 	 /s/ Michael Ah Koy

		 	 Michael Ah Koy

  

 9Note Purchase Agreement

 Exhibit 10.37 
 NOTE PURCHASE AGREEMENT 
 THIS NOTE PURCHASE AGREEMENT (this “Agreement”) is
dated as of February 10, 2006, between Elandia, Inc., a Delaware corporation (the “Company”), and Stanford International Bank Ltd., a corporation organized under the laws of Antigua and Barbuda (the
“Purchaser”). 
 WHEREAS, subject to the terms and conditions set forth in this Agreement, the Company desires to
issue and sell to Purchaser, and Purchaser desires to purchase from the Company, a certain promissory note of the Company as more fully described in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, and other good and valuable consideration exchanged between the parties, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree that the foregoing recitals are true and correct and further agree as follows: 
 ARTICLE I - DEFINITIONS 
 Section 1.1 Definitions. In addition to terms defined elsewhere in this Agreement, the
following terms have the meanings indicated which meanings shall be equally applicable to both the singular and the plural forms of such terms: 
 1.1.1 “Affiliate” shall mean any Person which directly or indirectly through one or more intermediaries controls, or is controlled by or is under common control, with a Company, or 5% or more of the
equity interest of which is held beneficially or of record by any of the Company. The term “control” means the possession, directly of indirectly, of the power to cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise. 
 1.1.2 “Agreement” means this Note
Purchase Agreement, as the same may from time to time be amended. 
 1.1.3 “Business Day” shall mean a day on
which commercial banks are open for business in the state of Florida. 
 1.1.4 “Company” has the meaning
assigned to that term in the introduction to this Agreement. 
 1.1.5 “Default” means any event which, with
the lapse of time, the giving of notice, or both, would become an Event of Default. 
 1.1.6 “Effective Date”
means the date all parties hereto have executed this Agreement and the Note. 
 1.1.7 “Event of Default” has
the meaning assigned to that term in Section 5.1 hereof. 

 1.1.8 “Governmental Authority” shall mean any court, board, agency,
commission, office or authority of any nature whatsoever or any governmental unit (federal, provincial, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
 1.1.9 “Indebtedness” of any Person shall mean (i) all indebtedness or liability for borrowed money or for the
deferred purchase price of any property (including accounts payable to trade creditors under customary trade credit terms) or services for which the Person is liable as principal, (ii) all indebtedness (excluding unaccrued finance charges)
secured by a Lien on property owned or being purchased by the Person, whether or not such indebtedness shall have been assumed by the Person, (iii) any arrangement (commonly described as a sale-and-leaseback transaction) with any financial
institution or other purchaser or investor providing for the leasing to the Person of property which at the time has been or is to be sold or transferred by the Person to the Purchaser or investor, or which has been or is being acquired from another
Person, and (iv) all obligations of partnerships or joint ventures in respect of which the Person is primarily or secondarily liable as a partner or joint venturer or otherwise (provided that in any event for purposes of determining the amount
of the Indebtedness, the full amount of such obligations, without giving effect to the contingent liability or contributions of other participants in the partnership or joint venture, shall be included). 
 1.1.10 “Lien” shall mean a mortgage, pledge, lien, hypothecation, assignment, security interest or other charge or
encumbrance or any segregation of assets or revenues or other preferential arrangement (whether or not constituting a security interest) with respect to any present or future assets, including fixtures, revenues or rights to the receipt of income of
the Person referred to in the context in which the term is used. 
 1.1.11 “Maturity Date” shall mean
December 31, 2007. 
 1.1.12 “Note” shall mean the Promissory Note of even date in the principal amount
of $2,300,000 bearing interest at 8% per annum and maturing on the Maturity Date issued by the Company and payable to the order of the Purchaser, substantially in the form of Exhibit “A” attached hereto, and any modifications,
renewals, replacements or substitutions therefor made from time to time hereafter, and to the extent applicable. 
 1.1.13
“Obligations” shall mean the Note and any and all liabilities, obligations, covenants, duties and debts, owing by the Company to the Purchaser, arising under this Agreement or the Note, including without limitation, all interest,
charges, indemnities, expenses, fees, attorneys’ fees, filing fees and any other sums chargeable to the Company hereunder or under the Note, or any other contractual agreement between the Purchaser and the Company. 
 1.1.14 “Person” shall mean any natural person, corporation, unincorporated organization, trust, joint-stock company,
joint venture, association, limited liability company, partnership or government, or any agency or political subdivision of any government, or other entity of whatever nature. 
  

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 1.1.15 “Purchaser” has the meaning assigned to that term in the
introduction to this Agreement. 
 Section 1.2 Accounting Terms. Accounting terms not specifically defined in this Agreement shall
have the meaning given to them under accounting principles and practices generally accepted in the Ecuador, applied on a consistent basis with the financial statements referred to in Section 3.3 hereof, and shall be determined both as to
classification of items and amounts in accordance therewith. 
 Section 1.3 Other Definitional Provisions. The words
“hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Subsection and
Exhibit references are to this Agreement unless otherwise specified. 
 ARTICLE II - SALE OF NOTE 
 Section 2.1 Purchase and Sale. Upon the terms and subject to the conditions set forth herein, concurrent with the execution and delivery of this
Agreement by the parties hereto, the Company agrees to sell, and Purchaser agrees to purchase, the Note for a price of $2,300,000 (the “Purchase Price”). Purchaser shall deliver to the Company via wire transfer or a certified check
immediately available funds equal to the Purchaser Price as follows: (a) $500,000 on the Closing Date; (b) $300,000 on or prior to February 28, 2006; (c) $400,000 on or prior to March 31, 2006; (d) $500,000 on or prior
to June 30, 2006; (e) $300,000 on or prior to September 30, 2006; and (f) $300,000 on or prior to December 31, 2006. 
 Section 2.2 Closing. The Closing of the sale of the Note shall take place on or before February 10, 2006 (the “Closing Date”), at such place and time as the parties shall mutually agree (the
“Closing”). 
 Section 2.3 Conditions to Closing. Upon satisfaction or waiver by the party sought to be benefited
thereby of the conditions set forth in this Section 2.2, the Closing shall occur. 
 2.3.1 At or prior to the Closing,
the Company shall deliver or cause to be delivered to Purchaser the following: 
  

	 	(i)	the Note registered in the name of Purchaser; 

  

	 	(ii)	this Agreement, duly executed by the Company; and 

  

	 	(iii)	such other documents as Purchaser shall reasonably request. 

 2.3.2 At or prior to the Closing, Purchaser shall deliver or cause to be delivered to the Company the following: 
  

	 	(i)	that portion of the Purchase Price due at Closing; 

  

	 	(ii)	this Agreement, duly executed by Purchaser; and 

  

	 	(iii)	such other documents as Company shall reasonably request. 

  

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 2.3.3 All representations and warranties of the parties contained herein shall remain
true and correct as of the Closing Date and all covenants of the parties shall have been performed if due prior to such date. 
 2.3.4 There shall have been no material adverse effect with respect to the Company since the date hereof. 
 2.3.5
The Purchaser shall have completed a due diligence review, including a legal and financial review of the Company and its business, which review shall be satisfactory to the Purchaser, in its sole discretion. 
 Section 2.4 Fees and Expenses. The Company shall bear their own costs, including attorney’s fees, incurred in the negotiation of this
Agreement and consummation of the transactions contemplated herein and the corporate proceedings of the Company in contemplation hereof and thereof. At the Closing, the Company shall reimburse the Purchaser for all of its reasonable out-of-pocket
expenses incurred in connection with the negotiation or performance of this Agreement, including, but not limited to, the reasonable fees and expenses of counsel to the Purchaser. At the Closing and thereafter, the Company shall pay all taxes and
governmental fees and charges applicable to the transactions contemplated hereby other than taxes on Purchaser’s income. In addition, the Company shall pay directly to Stanford Group Company, an affiliate of the Purchaser, a placement fee in an
amount equal to $50,000 concurrent with the funding identified in Section 2.1(c), above. 
 Section 2.5 Assignment;
Participation. Purchaser may assign to one or more Persons or sell participations to one or more such Persons, all or a portion of its rights and obligations hereunder and under the Note and, in connection with any such assignment or sale of a
participation, may assign its rights and obligations under this Agreement and the Note, subject to compliance with any applicable legal requirements. Purchaser shall have no obligation to give notice to the Company of any such assignment or sale of
a participation. Purchaser may, in connection with any assignment or proposed assignment or sale or proposed sale of a participation, disclose to the assignee or proposed assignee or participant or proposed participant any information relating to
the Company furnished to the Purchaser by or on behalf of the Company. 
 Section 2.6 Mandatory Prepayment of Note. Notwithstanding
anything herein or in the Note to the contrary, the entire unpaid principal balance and all accrued and unpaid interest on the Note shall be immediately due and payable if at any time following the date hereof the Company consummates any equity
investment or subordinated debt financing transaction resulting in gross proceeds to the Company of at least $8.0 million. In such event, all amounts due under the Note shall be paid immediately upon the closing of such transaction. 
 ARTICLE III - REPRESENTATIONS AND WARRANTIES 
 In order to induce the Purchaser to enter into this Agreement and to purchase the Note as set forth herein, the Company makes the following representations and warranties to the Purchaser all of 

  

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which shall also be true and correct as of the Closing date and shall survive the execution and delivery of this Agreement and the Note: 
 Section 3.1 Corporate Existence and Power. The Company is duly incorporated, validly existing and in good standing under the laws of its state of
incorporation, and is duly qualified or licensed to transact business in all places where such qualification or license is necessary. The Company has the corporate power to make and perform this Agreement and the Note, and this Agreement does, and
the Note when duly executed and delivered for value will, constitute the legal, valid and binding obligations of the Company enforceable in accordance with their respective terms, to the extent that each has executed such documents. 
 Section 3.2 Authority. The making and performance by the Company of this Agreement, the Note, and any additional documents pursuant hereto, has
been duly authorized by all necessary legal action of the Company, and does not and will not violate any provision of law or regulation, or any writ, order or decree of any court or governmental or regulatory authority or agency, and does not and
will not, with the passage of time or the giving of notice, result in a breach of, or constitute a default or require any consent under, or result in the creation of any lien, charge or encumbrance upon any property or assets of the Company pursuant
to, any instrument or agreement to which the Company is a party or by which the Company or its properties may be bound or affected. 
 Section 3.3 Financial Condition. The audited financial statements of the Company as of and for the year ended December 31, 2004 and the unaudited financial statements for the nine-month period ending September 30, 2005 (the
“Financial Statements”) were prepared in accordance with generally accepted accounting principles consistently applied, are complete and correct and fairly present in all material respects the results of operations and financial
condition of the Company and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments. Other than as disclosed by the Financial Statements, the Company has no direct or contingent obligations or liabilities which would be material to the financial position of the Company, nor any material unrealized or anticipated losses
from any commitments of the Company. Since December 31, 2005, there has been no material adverse change in the business or financial condition of the Company. 
 Section 3.4 Full Disclosure. The Financial Statements do not, nor does this Agreement, nor any written statement furnished by the Company to the Purchaser in connection with the negotiation of this Agreement or
the Note, contain any untrue statement of a material fact or omit a material fact necessary to make the statements contained therein or herein not misleading. There is no fact which the Company has not disclosed to the Purchaser in writing which
materially and adversely affects nor, so far as the Company can now foresee, is reasonably likely to materially and adversely affect the business or financial condition of the Company or the ability of the Company to perform this Agreement or the
Note. 
 Section 3.5 Litigation. Except to the extent disclosed in the Financial Statements, there are no suits, actions or
proceedings pending, or to the knowledge of the Company, threatened, before any court or by or before any governmental or regulatory authority, commission, bureau or agency or public regulatory body against or affecting the Company. 
  

 5 

 Section 3.6 Payment of Taxes. The Company has filed or caused to be filed, or has obtained
extensions to file, all federal, provincial, state and local tax returns which are required to be filed, and has paid or caused to be paid, or has reserved on its books amounts sufficient for the payment of, all taxes as shown on said returns or on
any assessment received by them, to the extent that the taxes have become due, except as otherwise permitted by the provisions hereof. The Company has set up reserves which are reasonably believed by the Company to be adequate for the payment of
said taxes for the years that have not been audited by the respective tax authorities. 
 Section 3.7 No Adverse Restrictions or
Defaults. The Company is not a party to any agreement or instrument nor subject to any court order or judgment, governmental decree, charter or other restriction materially adversely affecting its business, properties or assets, operations or
condition (financial or otherwise). The Company is not in material default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material agreement or instrument to which it is a party or
by which the Company or its properties may be bound or affected, or under any material law, regulation, decree, order or the like, which default would have a material adverse effect on the Company. 
 Section 3.8 Authorizations. All material authorizations, consents, approvals and licenses required under applicable law or regulation for the
ownership or operation of the property owned or operated by the Company or required for the conduct of business in which the Company is engaged, have been duly issued and are in full force and effect, and to the best of Company’s actual
knowledge, the Company is not in default under any material order, decree, ruling, regulation, agreement or other decision or instrument of any government commission, bureau or other administrative agency or public regulatory body having
jurisdiction over the Company. No approval, consent or authorization of or filing or registration with any governmental commission, bureau or other regulatory authority or agency or any other third party is required with respect to the execution,
delivery or performance of this Agreement or the Note. 
 Section 3.9 Title to Property. The Company has good and marketable fee title
to all real property, and good and marketable title to all other property and assets, reflected in the latest Financial Statements or purported to have been acquired by any of them subsequent to such date, except property and assets sold or
otherwise disposed of subsequent to such date in the ordinary course of business. All property and assets of any kind of the Company are free from any liens except as disclosed on the Financial Statements and other matters such as easements,
covenants, and restrictions that do not materially adversely affect their use or enjoyment of such property. The Company enjoys peaceful and undisturbed possession under all of the leases under which they are operating, none of which contains any
provisions that will materially impair or adversely affect the operations of the Company, as the case may be. 
 Section 3.10 Books and
Records. The books of account, minute books, stock record books and other records of the Company, all of which have been made available to the Purchaser, are complete and accurate and have been maintained in accordance with sound business
practices. The minute book of the Company contains complete and accurate records of all meetings held, and all corporate actions taken, by the shareholders or board of directors of the Company (or any committee of the board of directors). As of the
Closing Date, all of these books and records will be in the possession of the Company. 
  

 6 

 Section 3.11 Condition of Assets. The real and personal property (whether owned or leased) of the
Company are in good and operable condition and repair, normal wear and tear excepted, and such real property and personal property are sufficient for the continuation of the business of the Company following the Closing in the manner and on the
scale conducted prior to the Closing. 
 Section 3.12 Certain Fees. Except for the placement fee due to Stanford Group Company, no
brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by
this Agreement, and the Company has not taken any action that would cause Purchaser to be liable for any such fees or commissions. The Company agrees that Purchaser shall have no obligation with respect to any fees or with respect to any claims made
by or on behalf of any Person for fees of the type contemplated by this Section with the transactions contemplated by this Agreement. 
 Section 3.13 Use of Proceeds. The proceeds of the sale of the Note shall be used by the Company exclusively for working capital purposes and related transaction costs, and not for the satisfaction of any portion of the Company’s
debt (other than payment of trade payables, capital lease obligations, and accrued expenses in the ordinary course of the Company’s business and prior practices). 
 ARTICLE IV - AFFIRMATIVE COVENANTS 
 The Company covenants and agrees that, until payment in full of
the principal of and interest and other charges on the Note, unless the Purchaser shall otherwise consent in writing, the Company will: 
 Section 4.1 Loan Proceeds. Use the proceeds of the sale of the Note only for the purposes set forth in Section 3.12 and furnish the Purchaser with all evidence that it may reasonably require with respect to such use. 

Section 4.2 Corporate Existence. Do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified in each jurisdiction where qualification is necessary or desirable in view of its business operations or the ownership of its
properties. 
 Section 4.3 Maintenance of Business and Property. Continue to conduct and operate its business substantially as
conducted and operated during the present and preceding calendar year; at all times maintain, preserve and protect all franchises, licenses and trade names and preserve all of its property used or useful in the conduct of its business and keep the
same in good repair, working order and condition, and from time to time make, or cause to be made, all necessary and proper repairs, replacements, betterments and improvements thereto so that the business carried on in connection therewith may be
conducted properly and advantageously at all times. 
  

 7 

 Section 4.4 Insurance. Insure and keep insured in good and financially sound and responsible
insurance company reasonably satisfactory to the Purchaser, all insurable property owned by it which is of a character usually insured by companies similarly situated and operating like properties, against loss or damage from such hazards or risks,
including fire, earthquake, flood, and windstorm, as are insured by companies similarly situated and operating like properties, insure and keep insured employers’ and public liability risks in responsible insurance company to the extent usually
insured by companies similarly situated; and maintain such other insurance as may be required by law or as may reasonably be required in writing by the Purchaser. 
 Section 4.5 Payment of Indebtedness, Taxes, Etc. 
 4.5.1 Pay all of its indebtedness
and obligations promptly and in accordance with normal terms; and 
 4.5.2 Pay and discharge or cause to be paid and
discharged promptly all taxes, assessments and governmental charges or levies imposed upon it or upon its property or upon any part thereof, before the same shall become in default, as well as all lawful claims for labor, materials and supplies or
otherwise which, if unpaid, might become a lien or charge upon such properties or any part thereof; provided however, that the Company shall not be required to pay and discharge or to cause to be paid and discharged any tax, assessment, charge, levy
or claim so long as the validity thereof shall be contested in good faith by appropriate proceedings and the Company shall have set aside on its books adequate reserves with respect to any tax, assessment, charge, levy or claim, so contested.

 Section 4.6 Compliance with Laws and Contracts. Duly observe and comply with all laws, decisions, judgments, rules, regulations and
orders of all governmental authorities and all material contracts relative to the conduct of its business, its properties and assets, except those being contested in good faith by appropriate proceedings diligently pursued and maintain and keep in
full force and effect all licenses and permits necessary to the proper conduct of its business. 
 Section 4.7 Notice of Default. Upon
the occurrence of any Default or Event of Default, promptly furnish written notice thereof to the Purchaser. 
 Section 4.8
Inspection. At reasonable times and after reasonable prior written notice, the Company shall permit any representatives of the Purchaser to visit and inspect any of the properties of the Company, to examine and copy all of the Company’s
books of account, records, reports and other files, and to discuss the affairs, finances and accounts with the Company’s employees and independent accountants at all such reasonable times and as often as may be reasonably requested. 

Section 4.9 Notice of Litigation and Other Proceedings. Give prompt notice in writing to the Purchaser of the commencement of (a) all
material litigation which, if adversely determined, might adversely affect the business or financial condition of the Company; (b) all other litigation involving a claim against the Company for $25,000 or more in excess of any applicable
insurance coverage; and (c) any citation, order, decree, ruling or decision issued by, or any denial of any application or petition to, or any proceeding before any governmental commission, bureau or other administrative agency public
regulatory body against or affecting the Company, or any property of 

  

 8 

 
the Company or any lapse, suspension or other termination or modification of any certification, license, consent or other authorization of any agency or
public regulatory body, or any refusal of any thereof to grant any application therefor, in connection with the operation of any business conducted by any of the Company. 
 ARTICLE V - EVENTS OF DEFAULT 
 Section 5.1 Events of Default. If any one of the following
“Events of Default” shall occur and shall not have been remedied: 
 5.1.1 Any representation or warranty
made or deemed made by the Company herein, or in any certificate or report furnished by the Company at any time to the Purchaser, shall prove to have been incorrect, incomplete or misleading in any material respect on or as of the date made or
deemed made; or 
 5.1.2 The Company shall fail to pay any principal of or interest or other charges on the Note within 10
days after the due date thereof; or 
 5.1.3 The Company shall default in any material respect in the performance of any
agreement, covenant or obligation contained herein not provided for elsewhere in this Article V, if the default continues for a period of 30 days after notice of default to the Company by the Purchaser; or 
 5.1.4 Final judgment for the payment of money in an amount in excess of $50,000 shall be rendered against the Company and the same shall
remain undischarged for a period of 30 days, during which period execution shall not effectively be stayed, provided the Company will have the right to contest the judgment in good faith by appropriate proceedings and provided the Company shall have
set aside adequate reserves for payment of such judgment; or 
 5.1.5 The Company’s default in the performance of its
obligations as lessor or as lessee under any lease of all or any portion of its property, after the provision of written notice and the expiration of cure periods provided in such documents; or 
 5.1.6 The Company shall cease to exist or to be qualified to do or transact business in any jurisdiction in which its business is located,
or shall be dissolved or terminated or shall be a party to a merger or consolidation, or shall sell all or substantially all of its assets; or 
 5.1.7 The Company shall (i) voluntarily terminate operations or apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of the Company or of a
substantial part of the assets of the Company, (ii) admit in writing its inability, or be generally unable, to pay its debts as the debts become due, (iii) make a general assignment for the benefit of its creditors, (iv) commence a
voluntary case under the applicable bankruptcy code (as now or hereafter in effect), (v) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of
debts, (vi) fail to controvert in a timely and 

  

 9 

 
appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the applicable bankruptcy code, or (vii) take
any corporate action for the purpose of effecting any of the foregoing; or 
 5.1.8 The Note is declared unenforceable in
whole or in part by the Company or any court or other governmental authority or agency; or 
 5.1.9 There shall occur any
condemnation, seizure, expropriation, nationalization or other materially adverse governmental action with respect to the Company or its assets. 
 THEREUPON, in the case of any such event the Purchaser may (i) by written notice to the Company, at its option (i) declare the principal of, and interest accrued on, the Note immediately due and payable and (ii) exercise all
of its rights hereunder and under applicable law. 
 ARTICLE VI - MISCELLANEOUS 
 Section 6.1 No Waiver, Remedies Cumulative. No failure on the part of the Purchaser to exercise and no delay in exercising any right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and are not exclusive
of any remedies provided by law. 
 Section 6.2 Survival of Representations. All representations and warranties made herein shall
survive the sale and the delivery of the Note, and shall continue in full force and effect so long as the Note is outstanding. 
 Section 6.3
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns; provided, however, that no Company may assign any of its rights hereunder without the
prior written consent of the Purchaser, which may be withheld in Purchaser’s sole and absolute discretion. 
 Section 6.4
Currency. All references to money in this Agreement shall be to United States dollars. 
 Section 6.5 Counterparts. This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to an original and all of which when taken together shall constitute but
one and the same instrument. 
 Section 6.6 Headings. The headings are for convenience only and are not to affect the construction of
or to be taken into account in interpreting the substance of this Agreement. 
 Section 6.7 Severability. In the event that any one or
more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this
Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 
  

 10 

 Section 6.8 Entire Agreement. This Agreement is intended by the parties as a final expression of
their agreement with respect to the subject matter hereof and is intended as a complete and exclusive statement of the terms and conditions thereof, and this Agreement supersedes and replaces all prior negotiations, understandings and agreements
between the parties hereto, or any of them, whether oral or written. Each of the parties hereto acknowledges that no other party, agent or attorney of any other party, has made any promise, representation or warranty whatsoever, expressed or
implied, not contained or referenced herein concerning the subject matter hereof to induce the other party to execute this Agreement or any of the other documents referred to herein, and each party hereto acknowledges that it has not executed this
Agreement or such other documents in reliance upon any such promise, representation or warranty not contained or referenced herein. 
 Section 6.9 Joint Drafting. This Agreement and the Note were drafted with the joint participation of the Company and the Purchaser, and shall be construed neither against nor in favor of any of them, but rather in accordance with the
fair meaning thereof. 
 Section 6.10 Course of Dealing; Amendment; Supplemental Agreements. No course of dealing among the
parties shall be effective to amend, modify or change any provision of this Agreement. This Agreement, the Note or any document executed in connection herewith, may not be amended, modified, or changed in any respect except by agreement in writing
signed by the Purchaser and the Company. 
 Section 6.11 Further Assurances. The parties shall cooperate in good faith and take such
action, execute such documents and provide such further assurances as may be reasonably necessary to consummate the transactions contemplated hereby. Each party shall cause all Persons controlled by it to fulfill such Persons’ obligations
hereunder. 
 Section 6.12 Indemnification of Purchaser. Subject to the provisions of this Section, the Company will indemnify and
hold the Purchaser and its directors, officers, shareholders, partners, employees and agents (each, an “Indemnified Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and
expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Indemnified Party may suffer or incur as a result of or relating to any breach of any of the
representations, warranties, covenants or agreements made by the Company in this Agreement or in any document executed in connection herewith. If any action shall be brought against any Indemnified Party in respect of which indemnity may be sought
pursuant to this Agreement, such Indemnified Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing. Any Indemnified Party shall have the right to
employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party except to the extent that (i) the employment thereof has been
specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate
counsel, a material conflict on any material issue between the position of the Company and the position of such Indemnified Party. The Company will not be liable to any Indemnified Party under this Agreement for any settlement by an Indemnified
Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed. 
  

 11 

 Section 6.13 Notices. Any notice required or permitted hereunder shall be given in writing (unless
otherwise specified herein) and shall be effective upon personal delivery, via facsimile (upon receipt of confirmation of error-free transmission and mailing a copy of such confirmation, postage prepaid by certified mail, return receipt requested)
or two business days following deposit of such notice with an internationally recognized courier service, with postage prepaid and addressed to each of the other parties thereunto entitled at the following addresses, or at such other addresses as a
party may designate by five days advance written notice to each of the other parties hereto. 
  

			
	Company:	  	Elandia, Inc.
		  	1500 Cordova Road
		  	Suite 300
		  	Fort Lauderdale, Florida 33316
		  	Attention: Harley L. Rollins
		  	Telephone: (954) 728-9090
		  	Facsimile: (954) 728-9080
		
	Purchaser:	  	Stanford International Bank Ltd.
		  	c/o Stanford Venture Capital Holdings, Inc.
		  	6075 Poplar Avenue
		  	Memphis, TN 38119
		  	Attention: James M. Davis, President
		  	Telephone: (901) 680-5260
		  	Facsimile: (901) 680-5265
		
	with a copy to:	  	Stanford Financial Group
		  	5050 Westheimer
		  	Houston, TX 77056
		  	Attention: Mauricio Alvarado, Esq.
		  	Telephone: (713) 964-5145
		  	Facsimile: (713) 964-5245

 Section 6.14 Governing Law; Venue; Waiver of Jury Trial. All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida, without regard to the principles of conflicts of law thereof. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Miami-Dade County, Florida for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve 

  

 12 

 
process in any manner permitted by law. The parties hereby waive all rights to a trial by jury. If either party shall commence an action or proceeding to
enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such action or proceeding. 
 Section 6.15 Payment Set Aside. To the extent that the Company makes a payment or payments to
Purchaser under the Note or Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or
federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such enforcement or setoff had not occurred. 
 Section 6.16 Usury. To the extent it may lawfully do so, the Company
hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection
with any claim, action or proceeding that may be brought by Purchaser in order to enforce any right or remedy hereunder. Notwithstanding any provision to the contrary contained herein or in the Note, it is expressly agreed and provided that the
total liability of the Company hereunder and thereunder for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing, in no
event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the Note exceed such Maximum Rate. It is agreed that if the maximum
contract rate of interest allowed by law and applicable to the Note is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum
Rate applicable to the Note from the effective date forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to Purchaser with respect to
indebtedness evidenced by the Note, such excess shall be applied by Purchaser to the unpaid principal balance of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at Purchaser’s election. 

[Signatures Begin on Following Page] 
  

 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Note Purchase Agreement to be duly executed by
their respective authorized signatories as of the date first indicated above. 
  

			
	ELANDIA, INC.
		
	By:	 	 /s/ Harley L. Rollins

		 	 Harley L. Rollins

		 	 Chief Financial Officer

	
	STANFORD INTERNATIONAL BANK LTD.
		
	By:	 	 /s/ James M. Davis

		 	 James M. Davis

		 	 Chief Financial Officer

  

 14 

 EXHIBIT “A” 
 Form of Note 
 PROMISSORY NOTE 
  

			
	$2,300,000.00	  	February 10, 2006

 FOR VALUE RECEIVED, ELANDIA, INC., a Florida corporation (the “Maker”), with its
principal address at 1500 Cordova, Suite 300, Fort Lauderdale, Florida 33316, unconditionally promises to pay to the order of STANFORD INTERNATIONAL BANK LTD. (the “Payee”), having an office at No. 11 Pavilion Drive, St.
John’s, Antigua, West Indies, the principal amount of TWO MILLION THREE HUNDRED THOUSAND AND 00/100 ($2,300,000.00) DOLLARS, or so much thereof as the Payee advances to the Maker, pursuant hereto, together with interest on the unpaid principal
balance from time to time outstanding under this promissory note (this “Note”), at the rate of eight percent (8.00%) per annum, compounding on the basis of a 360-day year for the actual number of days elapsed from the date hereof
through, until and including December 31, 2007 (the “Maturity Date”) at which time the entire unpaid principal balance and all accrued and unpaid interest shall become due and payable, if the same had not become due and payable prior
to said date, or unless the Maturity Date is extended pursuant to Maker’s option to extend set forth herein below. Interest payments on this Note shall be payable quarterly on the first business day of each quarter, commencing on April 1,
2006. The principal amount of this Note, together with any accrued but unpaid interest thereon, shall be payable in one balloon payment on the Maturity Date. Notwithstanding anything herein to the contrary, the entire unpaid principal balance and
all accrued and unpaid interest thereon shall be immediately due and payable upon the consummation of any equity investment or subordinated debt financing transaction resulting in gross proceeds to the Maker of at least $8.0 million. 
 Advances under this Note shall be made by the Payee to the Maker as follows: (a) $500,000 on the date hereof; (b) $300,000 on or prior to
February 28, 2006; (c) $400,000 on or prior to March 31, 2006; (d) $500,000 on or prior to June 30, 2006; (e) $300,000 on or prior to September 30, 2006; and (f) $300,000 on or prior to December 31, 2006.

 All payments of interest and of principal shall be payable in lawful money of the United States of America in immediately available funds,
without setoff, counterclaim or deduction of any kind. Each payment hereunder shall first be applied to accrued and unpaid interest and then in reduction of the outstanding principal balance, unless other costs and charges are payable pursuant to
the terms of this Note, in which event, in Payee’s sole discretion, such costs and charges shall first be paid. This Note shall be construed and enforced in accordance with Florida law (the “Applicable Law”). This Note may be prepaid
in whole or in part at any time without premium or penalty. 
 Maker agrees to pay all costs and expenses incurred by Payee, including
reasonable attorneys’ fees and legal costs and expenses, in collecting any sums due under this Note or in enforcing the terms and conditions of the Note, whether for services incurred in collection, litigation proceedings at pre-trial, trial
and appellate levels, bankruptcy proceedings or otherwise. 
  

 15 

 Any notice, consent, approval or communication given pursuant to the provisions of this Note shall
(except where otherwise permitted by this Note) be in writing and shall be (a) delivered by hand, (b) mailed by certified mail or registered mail, return receipt requested, postage prepaid, or (c) delivered by a nationally recognized
overnight courier, U.S. Post Office Express Mail, or similar overnight courier which delivers only upon signed receipt of the addressee. The time of the giving of any notice shall be the time of receipt thereof by the addressee or any agent of the
addressee, except that in the event the addressee or such agent of the addressee shall refuse to receive any notice given as above provided or there shall be no person available at the time of delivery thereof to receive such notice, the time of the
giving of such notice shall be the time of such refusal or the time of such delivery, as the case may be. Such notices shall be given to the Maker and the Payee at the addresses provided herein. 
 The following are events of default hereunder: (a) the failure of Maker to pay any obligation, liability or indebtedness to the Payee, whether under
this Note, as and when due (whether upon demand, at maturity or by acceleration) including, without limitation, those existing as of the date of execution; (b) the commencement of a proceeding against Maker for dissolution or liquidation (which
proceeding is not discharged within 45 days after commencement), the voluntary or involuntary termination or dissolution of Maker or the merger or consolidation of Maker with or into another entity; (c) the insolvency of, the business failure
of, the appointment of a custodian, trustee, liquidator or receiver for or for any of the property of, the assignment for the benefit of creditors by, or the filing of a petition under bankruptcy, insolvency or debtor’s relief law (which
petition is not discharged within 45 days after filing) or the filing of a petition for any adjustment of indebtedness, composition or extension by or against Maker (which petition is not discharged within 45 days after filing); (d) the breach
of any covenant made by the Maker to the Payee; (e) the entry of a material judgment against Maker not paid or bonded within 45 days after entry; (f) the seizure or forfeiture of, or the issuance of any writ of possession, garnishment or
attachment, or any turnover order for any property of Maker; or (g) the occurrence of a material adverse change in the financial condition of Maker. 
 Whenever there is an event of default under this Note (a) the entire balance outstanding hereunder and all other obligations of Maker to the Payee (however acquired or evidenced) shall, at the option of Payee,
become immediately due and payable, and/or (b) to the extent permitted by law, the rate of interest on the unpaid principal shall be increased at the Payee’s discretion up to 15% per annum (the “Default Rate”). The
provisions herein for a Default Rate and a delinquency charge shall not be deemed to extend the time for any payment hereunder or to constitute a “grace period” giving Maker a right to cure any default. At the Payee’s option, any
accrued and unpaid interest, fees or charges may, for purposes of computing and accruing interest on a daily basis after the due date of this Note or any installment thereof, be deemed to be a part of the principal balance, and interest shall accrue
on a daily compounded basis after such date at the Default Rate provided in this Note until the entire outstanding balance of principal and interest is paid in full. 
 The remedies of Payee as provided herein shall be cumulative and concurrent and may be pursued singly, successively, or together at the sole discretion of Payee and may be exercised as often as occasion therefore
shall arise. The acceptance by Payee of any payment under this Note which is less than the amount then due or the acceptance of any amount after the due date thereof, shall not be 

  

 16 

 
deemed a waiver of any right or remedy available to Payee nor nullify the prior exercise of any such right or remedy by Payee. None of the terms or
provisions of this Note may be waived, altered, modified or amended except by a written document executed by Payee and the Maker, and then only to the extent specifically recited therein. No course of dealing or conduct shall be effective to waive,
alter, modify or amend any of the terms or provisions hereof. The failure or delay to exercise any right or remedy available to Payee shall not constitute a waiver of the right of the Payee to exercise the same or any other right or remedy available
to Payee at that time or at any subsequent time. 
 Notwithstanding any provision of this Note, the Payee does not intend to charge and Maker
shall not be required to pay any amount of interest or other charges in excess of the maximum rate permitted by Applicable Law as amended from time to time. Should any interest payment or other payment of the loan evidenced by this Note result in
the computation or earning of interest in excess of the highest rate permissible under Applicable Law, then any and all such excess shall be and the same is hereby waived by Payee, and all such excess shall be credited by Payee against the unpaid
principal balance of this Note or paid by Payee to Maker or to any parties liable for the repayment of the loan evidenced by this Note, in the sole discretion of Payee. It is the intent of the parties hereto that neither Maker, nor any parties
liable for the repayment of the loan evidenced by this Note, shall be required to pay interest in excess of the highest rate permissible under Applicable Law as amended from time to time. 
 If any provision of this Note shall be deemed invalid, illegal or unenforceable under Applicable Law, such invalidity, illegality or unenforceability
shall not affect any other provision (or remaining part of the affected provision) of this Note and this Note shall be construed as if such invalid, illegal or unenforceable provision (or part thereof) had not been contained herein. 
 To the fullest extent permitted by law, Maker and all sureties, endorsers and guarantors of this Note, if any, hereby (a) waive demand, presentment
for payment, notice of nonpayment, protest, notice of protest, and all other notice, filing of suit, and diligence in collecting this Note; (b) agree to the addition or release of any party or person primarily or secondarily liable hereon;
(c) waive any right to immunity from any action or proceeding brought in connection with this Note or any instrument securing it and waive any immunity or exemption of any property, wherever located, from garnishment, levy, execution, seizure
or attachment prior to or in execution of judgment, or sale under execution or other process for the collection of debts; (d) waive any right to interpose any setoff or counterclaim or to plead any statute of limitations as a defense in any
such action or proceeding, and waive all statutory provisions and requirements for the benefit of Maker, now or hereafter in force; (e) agree that Payee shall not be required first to institute any suit or to exhaust its remedies against Maker
or any other person or party liable hereunder in order to enforce payment for this Note; and (f) consent to any extension, rearrangement, renewal, or postponement of time of payment of this Note and to any other indulgency with respect thereto
without notice, consent or consideration to any of them. 
 MAKER IRREVOCABLY AGREES THAT ANY ACTION OR PROCEEDING ARISING HEREUNDER OR
RELATING HERETO THAT IS BROUGHT BY MAKER SHALL BE TRIED BY THE COURTS OF THE STATE OF FLORIDA SITTING IN MIAMI-DADE COUNTY, OR THE UNITED STATES DISTRICT COURTS SITTING THERE. MAKER IRREVOCABLY 

  

 17 

 
SUBMITS, IN ANY SUCH ACTION OR PROCEEDING THAT IS BROUGHT BY PAYEE, TO THE NON-EXCLUSIVE JURISDICTION OF EACH SUCH COURT, IRREVOCABLY WAIVES THE DEFENSE OF
AN INCONVENIENT FORUM WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING, AND AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE MADE UPON MAKER BY MAILING A COPY THEREOF TO MAKER AT THE ADDRESS SET FORTH HEREIN (AS WELL AS BY ANY
OTHER LAWFUL METHOD). 
 PAYEE AND MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY AND
TO BRING ANY ACTION IN THE NATURE OF A PERMISSIVE COUNTERCLAIM WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE ENTERING INTO THE LOAN TRANSACTION EVIDENCED BY THIS NOTE. 
 Dated and executed this 10th day of February, 2006. 
  

			
	MAKER:
	
	ELANDIA, INC.
		
	By:	 	 /s/ Harley L. Rollins

		 	 Harley L. Rollins

		 	 Chief Financial Officer

  

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