Document:

EX-10.4

 Exhibit 10.4 
 AVIATION LIQUID FUEL SUPPLY AGREEMENT 
 ENTERED INTO BETWEEN ORGANIZACION
TERPEL S.A. AND AEROVIAS DEL 
 CONTINENTE AMERICANO S.A., AVIANCA 

Between the undersigned, ORGANIZACION TERPEL S.A., with registered offices in the city of Bogota, D.C., incorporated under
the laws of Colombia by means of Public Deed No. 6038 of November 21, 2001, issued by the Sixth
(6th) Notary Public of the Bogota D.C. circuit, as
evidenced in the certificate of existence and legal representation issued by the Bogota Chamber of Commerce, and represented herein by SYLVIA ESCOVAR GOMEZ, of legal age, domiciled in the city of Bogota, identified with identification
document No. 51.615.762 issued in Bogota, acting in her capacity as Alternate Legal Representative, as established in the certificate of existence and representation (hereinafter, “TERPEL”), on the one hand, and on the other,
AEROVIAS DEL CONTINENTE AMERICANO S.A., AVIANCA, with registered offices in the city of Barranquilla, incorporated under the laws of Colombia by means of Public Deed No. 2374 of December 19, 1919, issued by the Second 2nd Notary Public of the Barranquilla Circuit, as evidenced in the
certificate of existence and legal representation issued by the Barranquilla Chamber of Commerce, and represented herein by ELISA MURGAS DE MORENO, of legal age, domiciled in the city of Bogota, identified with identification document
No. 41.614.534 issued in Bogota, acting in her capacity as Legal Representative, as established in the certificate of existence and representation (hereinafter, the “COMPANY” or “AVIANCA”), have agreed to enter
into this Aviation Oil Derived Liquid Fuel Supply Agreement (hereinafter, the “Agreement”), in accordance with the terms and conditions stated below: 
 FIRST. PURPOSE. With the signing of this Agreement, TERPEL is required to supply at the process described in Annex No. 1 and during the term of the business relation, 100% of the JET A1
aviation fuel (hereinafter, the “Product” or “Products”) that the COMPANY requires for use on its aircraft in domestic and international flights from the following airports, Alfonso Bonilla Aragon of Cali, Ernesto
Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro, Rafael Nuñez of Cartagena, Simon Bolivar of Santa Marta, Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of
Pereira. 
 The supply Agreement is carried out taking into account the total estimated consumption of the COMPANY at these airports in a volume
per number of gallons, as indicated in Annex No. 1 that is an integral part of this Agreement. 
 In turn, with the signing of this
Agreement, the COMPANY is required to purchase from TERPEL, the amounts of fuel (JET-A1) subject matter of this legal transaction, provided TERPEL has the necessary technical and operational infrastructure in place for the supply of such volumes.

 FIRST PARAGRAPH: The Agreement is signed on the basis of the current estimated consumption of the COMPANY indicated in Annex
No. 1. Should the COMPANY notify a considerable increase in such consumption, TERPEL is required to use its best efforts to adapt its installed capacity to the new needs of the COMPANY so that the COMPANY does not suffer any disruption in
the supply of the volumes required. In the event where TERPEL states not being capable of meeting such increased consumption, it must inform the COMPANY as soon as possible and the COMPANY will freely seek other fuel suppliers for them to meet the
surplus volume without any breach being generated under the terms of this Agreement. 
 SECOND. TERM. The Agreement will be deemed valid
from its date of execution until November 30, 2012. 
 The Agreement will be deemed automatically extended for successive periods of one
year, if TERPEL or the COMPANY do not express their intention to terminate this business relation, in the case of the first extension, by means of a brief sent with no less than thirty (30) days’ notice relative to the deadline of such
term provided for in this clause. For subsequent years, with no less than thirty (30) days’ notice relative to the date of expiration of the respective annual period. 

 PARAGRAPH: TERPEL may perform the supply subject matter of the Agreement, using its own or
third-party infrastructure, under a leasing, gratuitous loan or operational agreement, among others, as determined by TERPEL itself. In any case, TERPEL will be responsible for having the infrastructure required and it shall not be excused from
complying with its obligations described in the Agreement, due to its own or third-party acts that affect or may affect the availability of the infrastructure required for carrying out the supply under the terms of this legal transaction, except in
cases of duly proven acts of God or force majeure. 
 THIRD. PERCENTAGE OF THE TOTAL VOLUME REQUIRED BY THE COMPANY AND SUPPLIED BY
TERPEL. With the signing of this Agreement, the COMPANY is required to acquire and TERPEL is required to deliver to the COMPANY the volume required pursuant to Annex No. 1. 
 FOURTH. DETERMINATION OF THE VOLUME TO BE SUPPLIED PER FLIGHT. The COMPANY will deliver to TERPEL every day in the morning, a copy of the itinerary of its flights. The amount of fuel to be deliver
for each flight will be notified through a Fueling Order that will be delivered when performing the fueling operation. 
 FIFTH. DELIVERY,
TITLE AND RISK OF LOSS. The receipt of the fuel by the COMPANY will be performed as follows: 
 TERPEL will carry out the delivery of the
volume of fuel to aircraft scheduled to flight to the airports of Cali, Barranquilla, Rionegro, Cartagena, Simon Bolivar of Santa Marta, Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and
Matecaña of Pereira, as requested by the COMPANY. 
 The title and risk of loss of the fuel will be transferred from TERPEL to the
COMPANY as soon as it is delivered to the aircraft. It will be understood that a delivery has been made to the aircraft in any of the following events: 
  

	 	(i)	When the fuel goes through the adapter under the wing, or 

  

	 	(ii)	When the fuel goes through the fueling connection or hose on the wing, depending on the aircraft to be fueled. Thereafter, the COMPANY will be solely responsible for
any detriment or loss. 

 SIXTH. TERPEL’S OBLIGATIONS. With the signing of this Agreement, TERPEL is required to:

  

	 	a)	Have the infrastructure required to guarantee the supply to the COMPANY. 

  

	 	b)	Deliver to the COMPANY the volume of the Product that had been requested, taking into account the aspects of the COMPANY’s operation and consumption and
maintenance requirements and other cases, except when acts of God or force majeure events prevent TERPEL from delivering the fuel. TERPEL will use its best efforts to minimize and mitigate the propagation of the event that gave rise to the force
majeure. For the duration of TERPEL’s inability to provide the fuel due to force majeure events, the COMPANY may seek other suppliers to meet its operational needs without such situation entailing a breach to the exclusivity indicated in clause
third. 

  

	 	c)	Guarantee the quality of the Products delivered. 

  

	 	d)	In case of a risk of shortage or events of actual shortage from TERPEL’s regular supply source, TERPEL shall act with utmost diligence to seek alternative supply
sources and give the COMPANY first priority for deliveries of fuel to its aircraft, ensuring that none is left without the Product. 

  

	 	e)	Not use the name of the COMPANY, its trademarks or slogans without prior express authorization from the COMPANY. For business purposes, TERPEL may include the COMPANY
in its customer list. 

  

	 	f)	Comply with the requirements of environmental standards and hold the COMPANY unharmed against such risks. 

	 	g)	Hold and maintain in force all licenses and permits that may be required by reason of its operation. 

 

	 	h)	Agree with the respective manager of the Airport, on the terms of the permits and authorizations required for meeting the supply under the conditions required by the
COMPANY. 

  

	 	i)	Meet the safety, operational and quality standards required to the COMPANY by certifying and control entities, if the same are applicable to the process that TERPEL
must develop due to the functions under its responsibility hereunder. The COMPANY and TERPEL will carry out the coordination that may be necessary to guarantee the fulfillment, disclosure and application of said standards. It is clarified that the
quality standards referred to herein are specified in clauses Eleven and Twelve of the Agreement, in the event where there is an additional requirement by the COMPANY, it will be notified in writing to TERPEL, and the application thereof will be
agreed between the parties. 

  

	 	j)	All those expressed in the Agreement, as well as those relating to the nature or that may be essential for this legal transaction. 

SEVENTH. OBLIGATIONS OF THE COMPANY. With the signing of this Agreement, the COMPANY in required to: 

 

	 	a)	Receive from TERPEL the volume of fuel required for the supply of its aircraft, unless due to force majeure events invoked by the COMPANY that prevents it from
accepting the delivery of the Products. The COMPANY will use its best efforts to minimize and mitigate the propagation that gave rise to the force majeure. Upon the cessation of the event that originated the COMPANY’S inability to receive the
Products, the COMPANY will continue to be required to receive from TERPEL the Products necessary for the supply of its Aircraft and Equipment and to comply with all the obligations derived from the execution of the Agreement.

  

	 	b)	Issue the Fueling Orders and supply TERPEL with information that allows to anticipate an increase or decrease in consumption. 

 

	 	c)	Pay the value of the supply within the deadlines agreed upon. 

  

	 	d)	Not use the name of TERPEL, its trademarks or slogans, without prior express authorization from TERPEL. 

 

	 	e)	The COMPANY will support TERPEL when so requested, in the coordination of all other suppliers that service the aircraft in order to carry out the fuel supply operation
in a quick and safe manner. 

  

	 	f)	All those expressed in the Agreement, as well as those relating to the nature or that may be essential for this legal transaction. 

EIGHTH. TERMINATION OF THE AGREEMENT DUE TO THE CANCELLATION OF TERPEL OR THE COMPANY’S OBLIGATIONS. In the event where TERPEL or the
COMPANY’s operations are terminated by any cause at the airports listed in clause first of the Agreement, the terms and conditions of the same will be deemed terminated. TERPEL or the COMPANY as appropriate, may cancel its operations and
withdraw from the airport without them having any further responsibility, provided that the withdrawing party notifies the other with an advance of not less than six (6) months, except in the case where the cancellation or withdrawal decision
is due to a determination made by the Government, or the owner and/or manager of the airport, and that said decision requires the cancellation or withdrawal within shorter period. 
 In case that the decision to cancel the operation by the COMPANY us due to the transfer of its operation to another airport, the COMPANY will be required to give TERPEL first choice for it to be its
supplier at the new airport so as to guarantee, at least, the consumption subject matter of this Agreement. 

 The termination of this Agreement shall not be produced in the case of a complete sale of assets,
transformation or merger of the COMPANY. 
 NINTH. RESPONSIBILITY OF TERPEL AND THE COMPANY. With the signing of this Agreement, TERPEL
will be responsible for all damages and losses caused to the COMPANY, its parent company, affiliates, subsidiaries and/or related companies of the same, as well as the employees, contractors and dependents of these and/or third parties, due to any
action or omission incurred or contributed by TERPEL or any of its employees or dependents during the performance, or by reason of the total or partial performance of the Agreement, and is required to hold any such persons harmless against all
claims, suits or any legal action that may arise. In the event where any of these is required to the payment of any sum of money by reason of the responsibility described herein, TERPEL is required to reimburse the appropriate amount, and in case
the COMPANY has any sum of money outstanding in favor of TERPEL, it accepts that the COMPANY may deduct the corresponding amount from the value payable, upon submission of the invoices or billing statements. 

The COMPANY will be responsible for any damages or losses caused to TERPEL, its parent company, affiliates, subsidiaries and/or related companies of the
same, as well as the employees, contractors and dependents of these and/or third parties, due to any action or omission incurred or contributed by the COMPANY or any of its employees or dependents during the performance, or by reason of the total or
partial performance of the Agreement, and is required to hold any such persons harmless against all claims, suits or any legal action that may arise. In the event where any of these is required to the payment of any sum of money by reason of the
responsibility described herein, the COMPANY is required to reimburse the appropriate amount, upon submission of the invoices or billing statements. 
 The COMPANY shall not be responsible for and there will be no indemnification whatsoever for any damages or losses that the assets and personnel of TERPEL may suffer or any person under its responsibility
or its assets, in the development of the tasks of this Agreement, unless such damages or losses are attributable to the COMPANY. 
 TENTH.
GUARANTEES. TERPEL offers to maintain, pay on its own account and timely renew with an insurance company and under acceptable conditions in the opinion of the COMPANY, the following insurance policies: 

 

	 	a)	Performance: Its purpose is to guarantee all and each of the fuel supply obligations derived from this Agreement, for an amount equivalent to TEN percent
(10%) of the total value of the annual supply. The estimated value of the supply for the first year is ONE HUNDRED FIFTY-NINE BILLION ONE HUNDRED SEVENTY-THREE MILLION TWO HUNDRED THREE THOUSAND FOUR HUNDRED SIXTEEN COLOMBIAN PESOS LEGAL TENDER
($159,173,203,416.00). Coverage must be in force for one year from the tenth (10) business day following the date of execution of this Agreement, and it must be renewed every year until covering the entire period for the supply of fuels in
accordance with the validity established in clause second. The value of the policy will be recalculated by the COMPANY 30 days before its expiration. The bonded party will be TERPEL and AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA will be the
insured party and beneficiary. 

  

	 	b)	Tort: For a value of FIVE HUNDRED MILLION DOLLARS (US$ 500,000,000) per claim, but in the aggregate with respect to ANV 52G civil and product liability,
whose purpose is guaranteeing any damages or losses caused to the COMPANY and/or third parties due to the performance, nonperformance or undue performance of the supply. Coverage must be in force throughout the term of the Agreement and four
(4) months more. The insured parties will be TERPEL and AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA and the beneficiaries will be any third parties affected. 

 PARAGRAPH: The value of the corresponding premiums shall be assumed by TERPEL and failure to pay will allow the COMPANY to apply the penalties described in the Agreement, or alternatively, to
terminate the same unilaterally and on an early basis without generating any responsibility to the COMPANY for this event. The COMPANY may claim any damages caused by this termination to TERPEL. 

 Civil liability policies must name the COMPANY and other persons listed in this paragraph and must include a
clause for the separation of interests, primary insurance and no right to contribution and a clause of no adverse material amendment or cancellation, with thirty (30) calendar days’ or ten (10) business days’ prior notice in the
cases of war risks. TERPEL, as proof of having taken the aforementioned policies, will submit the same within a term not exceeding ten (10) business days, from the date of execution of the Agreement. 

TERPEL must submit the renewal of the policies no later than 15 days before the expiry thereof. 
 Failure to have the policy required in paragraph b of this clause within five (5) business days following the signing of the Agreement, or the renewal of the same for subsequent periods, the COMPANY
may take the policy on behalf and at the expense of TERPEL, who expressly accepts that the values paid by the COMPANY on account of the premiums will be deducted directly from the amount payable. 

ELEVENTH. TECHNICAL SPECIFICATIONS OF THE FUEL. With the signing of this Agreement, TERPEL will acquire from ECOPETROL and provide to the COMPANY,
the JET-A1 fuel with the specifications stipulated by standards ICONTEC 1899 (ATA Guidance Material for Aviation Fuel), NTC 4642 STORAGE, NTC 4643 SUPPLY latest update. In the event where the fuel fails to meet the previous specifications, the
COMPANY will be released from the obligation to buy from TERPEL the fuel required at the places where such failure occurred, until the technical specifications of the fuel meet the aforementioned standards. If TERPEL is not capable of supplying the
fuel acquired from ECOPETROL with the specifications offered, TERPEL will notify the COMPANY on the deviations of the product with respect to the conditions described and will allow the COMPANY to chose accepting or rejecting the fuel. The decision
by the COMPANY regarding this situation will not involve any responsibility whatsoever to TERPEL. 
 It is understood that TERPEL will be
responsible for carrying out with ECOPETROL the efforts aimed at resolving any differences as to the quality or specifications of the fuel according to the claims made by the COMPANY on the matter. 

TERPEL will indicate, in the tickets of the different deliveries made of the Products, the following data: Density, product temperature at the time of
fueling and time of delivery. 
 TERPEL may import the Product that is required to supply to the COMPANY provided it meets the specifications
stipulated by standards ICONTEC 1899 (ATA Guidance Material for Aviation Fuel), NTC 4642 STORAGE, NTC 4643 SUPPLY latest update. 
 TWELFTH.
QUALITY AND QUANTITY CONTROL OF THE PRODUCTS. 
 A) QUALITY CONTROL. TERPEL will fulfill the procedures and tests described and in
the time periods specified in the FUEL PROCEDURE MANUAL of the COMPANY and in the QUALITY CONTROL MANUAL of TERPEL. Should there be any discrepancy, the most favorable Manual for the COMPANY will be applied. 

Furthermore, if the Quality Assurance Department of the COMPANY so requires it, TERPEL will send the tests and/or analyses of the fuel (JET-A1) conducted
at plants and Airports to guarantee that the products conforms to the specifications. 
 The tests and their frequency are as follows:

  

			
	TYPE OF TEST	  	FREQUENCY
	 Complete Tests
	  	For each Tender dispatch by the supplier.
	 Basic Tests
	  	For each Tender received at the plant.
	 Shortened Tests
	  	For each Tender received at the airport.

 TERPEL will conduct appearance and water tests on the fuel on a daily basis, with the presence of the
COMPANY’s maintenance representative. 
 The results and reports of the tests and/or analyses, including complete tests by ECOPETROL, will
be available to the COMPANY at the plants and airports where TERPEL operates and will be provided when required and, in any case, those referring to complete and Millipore color tests made at the airports at least automatically. The COMPANY will be
entitled at any time to take samples of the fuel (JET A-1) supplied, but such samples must be taken with the presence of TERPEL’s authorized representative. 
 B) QUANTITY CONTROL. The volumetric measurements submitted by TERPEL will be accepted by the COMPANY as proof the quantities delivered. TERPEL undertakes to maintain the gauges in perfect
operational conditions calibrating them every six (6) months (NTC 4643 SUPPLY), it being understood that the COMPANY may verify at any time the calibration of the gauges used by TERPEL. Should the COMPANY have any claim due to variations
registered by a gauge, TERPEL will perform the calibration with the presence of a representative from the COMPANY and if any failure in the calibration is verified, TERPEL will recognize to the COMPANY the appropriate percentage, deducting applying
it to the volume delivered to the COMPANY by such gauge, rom the date of the last calibration until the date when it is calibrated again in presence of the COMPANY’s representatives, to the complete satisfaction of the same. Likewise, TERPEL
will bear any transportation and support expenses, if any, incurred by two officials of the COMPANY, who will travel to the places where the supply services is provided to verify the proper calibration of the gauges, provided there had been any
difference attributable to TERPEL. 
 THIRTEENTH. FUEL PRICE. During the period between the date of execution of this Agreement and
November 30, 2012, fuel sale prices (“PF”) (JET-A1) for domestic and international lights of the COMPANY, will be those resulting from the sum of the following components: 
 Sale prices will be determined by the following formulae: 
 PF1 = (PE + MA) x
TRM 
 or 
 PF2 = (PE * TRM) + DIF 
 Where: 
 PF1: Invoice price for the fuel (Colombian Pesos/Gallon) for airports Alfonso Bonilla Aragon of Cali, Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro and Rafael Nuñez of
Cartagena. 
 PF2: Invoice price of the fuel (Colombian Pesos/Gallon) for airports Simon Bolivar of Santa Marta that established in Baranoa,
Palonegro of Bucaramanga that established in Bucaramanga, Camilo Daza of Cucuta. 
 PE: Price established by ECOPETROL in each of the airports
Alfonso Bonilla Aragon of Cali, Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro, Rafael Nuñez of Cartagena, and as detailed below for the following airports: Simon Bolivar of Santa Marta that established in Baranoa,
Palonegro of Bucaramanga that established in Bucaramanga, Camilo Daza of Cucuta that established in Bucaramanga, Los Garzones of Monteria that established in Baranoa, Yariguies of Barrancabermeja that established in Bucaramanga and Matecaña
of Pereira that established in Medellin (USD/Gallon). 
 TRM: Representative Market exchange rate on the date of delivery of the Product.

 MA: Difference given by TERPEL for the domestic and international volume of the COMPANY at the airports Alfonso Bonilla Aragon of Cali,
Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro, Rafael Nuñez of Cartagena, the value of which is 0.066 $USD/gallon in seven (7) days post-paid form or as established in clause fourteenth depending on the form of
payment chosen by the COMPANY. 

 DIF: Difference given by TERPEL for the domestic and international volume of the COMPANY at the airports
Simon Bolivar of Santa Marta, Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of Pereira which value is $2,950/gallon in seven (7) days post-paid form or as established
in clause fourteenth depending on the form of payment chosen by the COMPANY. 
 FIRST PARAGRAPH: The price formula does not include the
value of any fees, sums or contributions decreed by the National Government, by the civil Aviation Authority or those imposed by the operating company and/or concessionaire of the airports Alfonso Bonilla Aragon of Cali, Ernesto Cortizzos of
Barranquilla, Jose Maria Cordova of Rionegro, Rafael Nuñez of Cartagena, Simon Bolivar of Santa Marta, Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of Pereira in
addition to those existing at the date of execution of the Agreement, which, if decreed by the competent authorities, will increase the invoice price for the fuel. 
 SECOND PARAGRAPH: On the date of signing of the Agreement, there are no fees, sums or contribution decreed by the National Government or the Special Administrative Unit of Civil Aeronautics, or
imposed by operating companies and/or concessionaires of the airports Alfonso Bonilla Aragon of Cali, Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro, Rafael Nuñez of Cartagena, Simon Bolivar of Santa Marta, Palonegro of
Bucaramanga, Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of Pereira other than the payments derived from leasing agreements No. CC027-2007 for Barranquilla, No. CO-009-04 for Cali,
No. 0221-CON for Rionegro and Concession Agreement SACSA 121/2007 for Cartagena, No. SM-AR-005-03 for Santa Marta, BG-AR-034-08 for Bucaramanga, No. CC-AR-033-08 for Cúcuta, No. MR-AR-002-06 for Monteria, No. EJ-AR-035-08 for
Barrancabermeja and 2008068 for Pereira which, on the current value and projected increases, were included for the determination of the price of this Agreement until the last day of validity hereof. 

THIRD PARAGRAPH: The difference of the airports Simon Bolivar of Santa Marta, Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los Garzones of
Monteria, Yariguies of Barrancabermeja and Matecaña of Pereira will be updated according to the annual variation percentage of the CPI for the period January-December of the year prior to the first day of January of each year. 

FOURTH PARAGRAPH: When the monthly consumption of the airports Simon Bolivar of Santa Marta, Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los
Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of Pereira exceed the average expected in Annex No. 1 to this Agreement, the difference in fuel will be that established in said Annex No. 1 that is an
integral part of this Agreement. 
 FOURTEENTH. INVOICING AND PAYMENTS. TERPEL must established in coordination with the COMPANY, a
mechanisms for generating information containing the following data: Base, invoice number, gallons supplied, type of domestic or international operation, delivery ticket number, exchange rate and price per gallon. The payment of fuel for domestic
and international flights will be as follows: 
  

	 	a.	TERPEL will invoice the consumption per airport every day to the COMPANY, according to the domestic and international destination and as per the terms of clause four of
the Agreement, it will send all corresponding invoices on a daily basis including delivery tickets, which must at least contain the following information: Date, airplane, amount supplied, flight number, base, time of supply, temperature and density
of the Product and the signature of a representative of the COMPANY. 

  

	 	b.	TERPEL will send account statements to the COMPANY monthly in arrears and within the first five (5) calendar days of the following months, the statement of
invoices delivered by TERPEL and outstanding, information that will be sent to the following email genconciliaciones@avianca.com. The report must be in an Excel file, with the following information as a minimum: provided such information can be
obtained from the system currently used by TERPEL: (i) Complete business name of TERPEL; (ii) TIN; (iii) invoice numbers; (iv) date of issue of invoices; (v) date of filing of invoices; (vi) value of the invoices before
and after taxes; and (vii) date of expiry of invoices, as well as any modification to the data of TERPEL, such as its address, name of the legal representative of the COMPANY. 

 

	 	c.	The COMPANY will have a period of seven (7) calendar days to make the payment from the date of the invoice. If the amounts owed have not been paid after ten
(10) calendar days from the supply, subsequent supplies will be suspended. 

 FIFTEENTH. UNFUELING OF AIRCRAFT. TERPEL
is required to provide at no cost for the COMPANY, the unfueling service of aircraft only at the airports El Dorado of Bogota, Terminal Puente Aereo of Bogota and Jose Maria Cordova of Rionegro, at night operating times. 

The unfueling is divided into two (2) categories: 
 1. Return of the fuel to TERPEL. TERPEL will prepare the unfueling tickets, which must include the same information as delivery tickets (date, registration, unfueled volume, airport, signatures,
etc.) and will append them to the corresponding credit note in favor of the COMPANY. Such credit note must differentiate the value of the fuel unfueled at the price prevailing at the place and time of unfueling. 

2. In the event where the unfueled fuel fails to meet quality parameters, it will be downgraded to ground fuel (Diesel) and in this case, TERPEL
will prepare the credit note corresponding to the price of Diesel prevailing at the place and time of unfueling. The transportation cost of unfueled fuel from the airport to the supply plant will be borne by the COMPANY. 

SIXTEENTH. TECHNICAL ASSISTANCE. TERPEL is required to provide, free of cost, technical and training assistance to personnel designated by the
COMPANY, on the management and quality control of the fuel subject matter of this Agreement, when so required by the COMPANY and upon an agreement between the parties. Likewise, the COMPANY will provide at no cost, technical and training assistance
to TERPEL’s personnel in the operation, transit and circulation, signage and safety for the supply of fuel to its aircraft and the operation at the platform. 
 SEVENTEENTH. FORCE MAJEURE. Neither TERPEL nor the COMPANY will be liable for delays or complete or partial failures to comply with the obligations under their responsibility derived from the
execution and performance of this legal transaction, due to the occurrence of any unforeseeable and unavoidable events that according to the Colombian law constitute force majeure or acts of God. For the purposes of the Agreement, the following
events, among others, are understood as such: Deficiencies or interruptions in the sea, river or ground transportation of fuel or through pipelines, beyond TERPEL’s control; strikes or stoppages when the cause thereof is beyond TERPEL’s
control; mutinies or revolutions, recognized or de facto political or administrative acts from the government, compliance with requests or orders from authorities, expropriation, confiscation or nationalization, restrictions in production or import
of crude oil or fuel by the government or ECOPETROL, rationing or imposition of fees by the government or any of its instrumentalities, accident of aircrafts or vehicles that interrupt the provision of the service due to their magnitude, provided
this is beyond the control of the COMPANY. 
 If TERPEL is unable to make timely deliveries of the fuel requested by the COMPANY in accordance
with this Agreement, due to force majeure or acts of God, the COMPANY will be entitled to make other arrangements to purchase the same in the amounts required until TERPEL is able to make deliveries again when required by the COMPANY. The COMPANY
will be entitled to use the fuel purchased from any other person other than TERPEL to use it during the time when TERPEL was unable to provide it before resuming fuel purchases made from TERPEL. In force majeure events of acts of God with respect to
the COMPANY, it will not be required to purchase fuel form TERPEL. TERPEL guarantees that irrespective of the cause why at any given time it is incapable of providing the fuel, if there is a shortage in any supply source that renders TERPEL unable
to meet its formal commitments subject matter of this Agreement, TERPEL will use its best efforts and will provide all information available for the fees that may be established by the competent authority to be established on a fair and reasonable
basis. 

 EIGHTEENTH. PENALTIES. When by fault exclusively attributable to TERPEL or its personnel or
subcontractors, according to the operative procedures indicated in Annex No. 2, there is a delay in the departure of an aircraft, the COMPANY may deduct from the value payable, either as a prepayment or as an installment, on the basis of
the value for the consumption of the day when the delay occurred, the following percentages: 
 MAIN AIRPORTS 

 

	 	a)	For each delay in the departure of the aircraft of less than or equal to twenty (20) minutes at the airport Alfonso Bonilla Aragon of Cali, Ernesto Cortizzos of
Barranquilla, Jose Maria Cordova of Rionegro and Rafael Nuñez of Cartagena, twenty percent (20%) of the value of the fuel for the flight in respect of which the delay occurred. 

 

	 	b)	For each delay in the departure of the aircraft of less than or equal to forty (40) minutes and greater than twenty (20) minutes at the airport Alfonso
Bonilla Aragon of Cali, Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro and Rafael Nuñez of Cartagena, thirty percent (30%) of the value of the fuel for the flight in respect of which the delay occurred.

  

	 	c)	For each delay in the departure of the aircraft of less than or equal to sixty (60) minutes and greater than forty (40) minutes at the airport Alfonso Bonilla
Aragon of Cali, Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro and Rafael Nuñez of Cartagena, forty percent (40%) of the value of the fuel for the flight in respect of which the delay occurred.

  

	 	d)	For each delay in the departure of the aircraft greater than sixty (60) minutes at the airport Alfonso Bonilla Aragon of Cali, Ernesto Cortizzos of Barranquilla,
Jose Maria Cordova of Rionegro and Rafael Nuñez of Cartagena, seventy percent (70%) of the value of the fuel for the flight in respect of which the delay occurred. 

 REGIONAL AIRPORTS 
  

	 	a)	For each delay in the departure of the aircraft of less than or equal to twenty (20) minutes at the airport Simon Bolivar of Santa Marta, Palonegro of Bucaramanga,
Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of Pereira, ten percent (10%) of the value of the fuel for the flight in respect of which the delay occurred. 

 

	 	b)	For each delay in the departure of the aircraft of less than or equal to forty (40) minutes and greater than twenty (20) minutes at the airport Alfonso
Bonilla Aragon of Cali, Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro and Rafael Nuñez of Cartagena, fifteen percent (15%) of the value of the fuel for the flight in respect of which the delay occurred.

  

	 	c)	For each delay in the departure of the aircraft of less than or equal to sixty (60) minutes and greater than forty (40) minutes at the airport Alfonso Bonilla
Aragon of Cali, Ernesto Cortizzos of Barranquilla, Jose Maria Cordova of Rionegro and Rafael Nuñez of Cartagena, twenty percent (20%) of the value of the fuel for the flight in respect of which the delay occurred.

  

	 	d)	For each delay in the departure of the aircraft greater than sixty (60) minutes at the airport Alfonso Bonilla Aragon of Cali, Ernesto Cortizzos of Barranquilla,
Jose Maria Cordova of Rionegro and Rafael Nuñez of Cartagena, thirty-five percent (35%) of the value of the fuel for the flight in respect of which the delay occurred. 

These penalties will be applied notwithstanding the right of the COMPANY to terminate the Agreement and claim for any duel proven additional damages or
losses that may have been caused. 

 NINETEENTH. BREACH. Both TERPEL and the COMPANY may terminate this Agreement by the failure to comply
with any of the obligations under TERPEL or the COMPANY responsibility, an event that may only be argued by the party in compliance, provided the breach of the obligation had not been remedied within thirty (30) calendar days following the
receipt of the written notice of the same. 
 PARAGRAPH: The early termination of the business relation by breach of either party, will
give rise to the party terminating the Agreement, to charge the party in default, by way of indemnification, a sole amount equivalent to multiplying the value of the difference offered by TERPEL in each of the airports, by the volume missing to
complete the volumes estimated (Annex No. 1) as the sole amount and previous assessment of the damages if the relation is terminated before reaching the volume estimated. 
 Said amount will be enforceable by means of this Agreement signed by the Parties. 
 TWENTIETH.
ASSIGNMENT OF THE AGREEMENT. The benefits and obligations derived from the execution and performance of this Agreement cannot be assigned, completely or partially, by neither Party without the prior written consent from the other, but it is
previously accepted that they may be assigned in the event of the complete sale of assets, transformation or merger of any of the Parties. The liquidation or settlement or economic restructuring process of the COMPANY or TERPEL, will terminate this
Agreement on an early basis, without this being considered as a breach unless such early termination is not allowed by the applicable legal rules. 
 TWENTY-FIRST. INDEPENDENCE. TERPEL represents and warrants that it is not and will not act in any case as a representative, agent, intermediary or principal of the COMPANY, Consequently, it will
only acquire the obligations set out in this legal transaction once the Agreement has been signed. TERPEL represents and warrants that will not enter into any act or contract on behalf or in representation of the COMPANY. 

TWENTY-SECOND. AUTONOMY. TERPEL and the COMPANY will perform the obligations derived from the Agreement using their own means, with complete
freedom and technical, economic and financial autonomy, without any subordination of any kind from one to the other. In this regard, the Parties accept that they are not attorneys in fact, representatives or partners, or associates in joint
accounts, and that neither them nor the personnel related to them will be considered at any time as bound to the other by any contractual or employment relation. Accordingly, each of the Parties will assume the responsibilities imposed by the law in
relation to their own or affiliated personnel used for the performance of the obligations derived from the Agreement, which for all intents and purposes will be considered as contractually and exclusively related to the other, and in relation to
these persons, there may not be any legal or contractual dependence or subordination of any kind to the other Party. In the event where TERPEL or the COMPANY is required to pay any sum originated from the responsibility of the other Party, the Party
making such payment, notwithstanding the legal penalties established in its favor, may deduct or invoice, as the case may be, the value paid. 

TWENTY-THIRD. STAMP TAX. No stamp tax is generated with the signing of this Agreement in pursuance with Law 1111/2006 and paragraph 2 of Article
519 of the Colombian Tax Code. However, if the stamp tax is generated by any reason, it will be proportionately assumed by the Parties, as well as the penalties that may be applicable in relation thereto. 

TWENTY-FOURTH. DISPUTE RESOLUTION. Any dispute or difference relating to the execution, performance and liquidation of this Agreement, will be
firstly resolved between the Parties by direct settlement. Upon the occurrence of an event originating a dispute, either Party may take the initiative to send to the other, no later that within the following 3 days, a notice of the commencement of
the direct settlement stage. If the dispute has not been resolved one calendar month after the notice of the commencement of the direct settlement stage, any Party will be free to go to an arbitration tribunal that will be subject to the rules of
the Arbitration and Conciliation Center of the Bogota Chamber of Commerce according to the following rules: i) The Arbitration Tribunal will be composed of three (3) arbitrators, who must be certified attorneys at law and will be appointed by the
parties by mutual agreement. For this purpose, the Party requesting the arbitration tribunal will inform the other in writing on this event to be designated by the Parties by mutual agreement at four in the afternoon (4:00 p.m.) on the following
fifth (5) business 

 
day (Saturdays will not be taken into account) at the offices of the COMPANY. In the event where any of the Parties does not designate the arbitrator corresponding to it, the arbitrators that
have not been elected or designated will be appointed by the Bogota Chamber of Commerce from the list of arbitrators registered in such Chamber of Commerce. 
  

	ii)	The Tribunal will decide according to law. 

  

	iii)	The fees, costs and expenses caused in instances of the Arbitration, will be borne by the defeated party and the fees and expenses associated with the enforcement of
the arbitration award will be paid by the Party against which the decision is rendered. 

  

	iv)	The Tribunal will be based in the city of Bogota. 

  

	v)	The Tribunal will rule in the city of Bogota. 

TWENTY-FIFTH. CONFIDENTIALITY. This Agreement and its conditions and terms are confidential, therefore, neither Party may, without the prior
written consent from the other, communicate or disclose to any third party, the existence or contents of the same or any other information obtained by reason of the execution of performance thereof, except to its executives and directors, legal and
financial counselors, auditors, insurance brokers and/or insurers, or when: (a) the information is requested by a court or administrative order from any competent authority; (b) is disclosed in accordance with any enforceable law or
regulation; or (c) is disclosed according to a legal requirement from any competent authority, and which the disclosing party is required to comply with. Notwithstanding the foregoing, the Parties may share without the need of prior
authorization, the information contained in this Agreement or any other additional information obtained by reason of the execution of performance of the same with its holding company and/or the holding company of the latter and/or with the companies
controlled by it and/or with the companies that are under common control with any of these, including the executives and directors, legal and financial counselors, auditors, underwriters, insurance brokers and/or insurers of each of them.

 In the event where any of the Parties is required through an administrative or judicial resolution issued by a competent authority, to
disclose any confidential information, it must notify the other on such situation within the following five (5) business days from the date of receipt of such notification, for the other to be able to perform any such acts that may be desirable
in its opinion, including obtaining any adequate protective order, cautionary measures or other appropriate remedy to prevent the disclosure of the confidential information required, and must indicate to the requiring authority that pursuant to the
terms of this Agreement, it is obliged to comply with a duty of confidentiality. 
 FIRST PARAGRAPH: For the purposes of this Agreement,
Confidential Information means any information referring to the business or properties of the Parties, which is verbally, in writing or otherwise delivered or made available to any of the Parties for the purposes provided for herein. Confidential
Information is also understood as that which may be known by the Parties during conversations, discussions, or any third party related to the execution and performance of the Agreement. 
 For the purposes of this Agreement, the following information will not be considered as Confidential Information: 
  

	 	a)	That which the Parties have proven to be aware of on the date of disclosure under this Agreement; 

 

	 	b)	That which is publicly known at the time of being disclosed by any of the Parties, insofar as this is not caused by any action or omission of either Party.

  

	 	c)	That provided to any of the Parties by third parties that are not bound to keep it in confidence, without this constituting a breach to this Agreement.

  

	 	d)	That which disclosure is required by any law, order, decree, regulation, judicial resolution or decision from any competent governmental entity.

 The Parties are required to maintain the Confidential Information in strict confidence and are obliged to
not sale, exchange or transfer the Confidential Information in any way and on any account. Likewise, the Parties are required to not publish or reveal the Confidential Information in any way to any person or entity, on any medium, including
photocopies, faxes or any other kind of reproduction, without prior written authorization from the other Party. 
 SECOND PARAGRAPH: the
Parties may disclose the Confidential Information to an Affiliate, without prior written authorization from the other Party. In this case, before disclosing the Confidential information, the disclosing Party must obtain a strict written
confidentiality and nondisclosure commitment to ensure at least the same guarantees, with respect to the preservation of the confidentiality of the Confidential Information, that those contained in this Agreement. To this end, an
“Affiliate” will be understood as any corporation or legal person where the Parties hold an interest equal to or greater than 50% or any corporation or legal person that has an interest equal to or greater than 50% in any of the Parties,
or any legal person that: (a) directly or indirectly controls either Party, (b) is directly or indirectly controlled by the same legal person that controls either Party, or (c) is directly or indirectly controlled by either Party. For
the purposes of this clause “Control” is understood as the ownership, directly or indirectly, of more than 50% of the share capital with voting rights, that allows the person or entity exercising the same to prevail in all decisions taken
at a meeting and, in particular, in the election of directors. 
 The Parties will be responsible for ensuring that the persons or entities
referred to above will maintain the Confidential Information in strict confidence and will not disclose, sell, exchange or transfer it in any way or on any other account. Each Party will be responsible for any direct damages caused to the other
Party and/or to its Affiliates, as a direct consequence of the breach of the confidentiality obligation agreed upon herein. Neither Party will be responsible, in an action initiated by one against the other, for any especial, indirect or
consequential damages resulting or emerging from this Agreement, including but not limited to, loss of profits and business interruptions. 

The Confidential Information will continue to be owned by each of the Parties, being these able to request its return at any time, having to notify the
other Party in writing. Within a period of five (5) calendar days from the receipt of such notice, the Party will return all written and electronic originals, copies and reproductions in its possession and will formally request the destruction
of the Confidential Information held by the persons to whom it disclosed the aforementioned information. 
 The Parties represent and warrant
that they are entitled and have the authority to disclose the Confidential Information to the other Party. The Confidential Information provided under the terms of this Agreement is the best information available to the Parties, reason why they do
not guarantee, expressly or implicitly, the quality, accurateness or integrity of the Confidential Information revealed, a circumstance that is known and accepted by the Parties, as well as the inherent risk of errors in the acquisition, processing
and interpretation of said information. 
 The Parties are obliged to keep in confidence all the information and documents related to the
development and performance of this Agreement for a term of three (3) years from the date of execution. 
 TWENTY-SIXTH. CONTRACTUAL
DOMICILE. For all legal intents and purposes, the contractual domicile will be the city of Bogota D.C. 
 TWENTY-SEVENTH. STATEMENT OF
THE LAWFUL ORIGIN OF ASSETS AND LACK OF RECORDS OR INVESTMENT RISKS FOR UNLAWFUL ACTIVITIES. 
 The Legal Representatives of TERPEL and the
COMPANY, acting on their own behalf as natural persons, and as legal representatives for TERPEL and the COMPANY, to the best of their knowledge and on the basis of good faith, as they have carried out the inquiries that are reasonably in their
reach, make the following statements, that must be held as valid for the entire term of the Agreement. 

 First: That the assets that comprise the assets of TERPEL and the COMPANY, as well as the assets of
the partners, shareholders, legal representatives or managers of TERPEL and the COMPANY, do not directly or indirectly come from the exercise of activities considered unlawful, and have not been used as means or instruments for committing the same,
as established in the following provisions: Law 190/1995, whereby rules aimed at preserving the morality in the public administration are issued and other provisions are set in order to eradicate administrative corruption; Law 747/2002, whereby
reforms to the Criminal Code are established, which typifies Asset Laundering; Law 1121/2006, whereby rules are issued for the prevention, detection, investigation and penalization of terrorism financing and other provisions are issued; and Law
360/1986, whereby the National Drug Code is adopted and other provisions are issued; as well as any other amending, supplementing or clarifying rules. 
 Second: That in respect of which there are not and they are not aware of, in relation to each of the persons mentioned above, of the existence of records of definitive penalties or the existence of
ongoing investigations, as a consequence of legal actions of a civil, criminal, administrative or fiscal nature or processes of any sort by Colombian or foreign authorities, related to the unlawful activities described above, and that testify that
on the date of execution of this Agreement, none of the abovementioned parties have negative records in national or international asset laundering or terrorism financing lists. 
 Third: That in the event where provisions are issued that typify new unlawful conducts with respect of which the COMPANY or TERPEL requires a statement with a similar scope to that of the foregoing
statements, it shall timely proceed to make it as required. 
 Fourth: That with the signing of this Agreement they accept the previous
statements and in the event where the COMPANY or TERPEL is aware by any means that the same have ceased to be valid, with respect to the COMPANY or TERPEL from any of the persons mentioned, or in the event of a refusal to make a statement with a
similar scope regarding new conducts typified as unlawful, it will be understood that the COMPANY or TERPEL are empowered to unilaterally terminate this Agreement on an early and justified basis without the payment of any indemnification in their
favor or in favor of such persons, and under the responsibility of the COMPANY or TERPEL. 
 TWENTY-EIGHTH. BUSINESS ETHICS AND CONFLICTS OF
INTEREST OF TERPEL. Based on the best practices for the prevention of corruption in the applicable legal rules, the COMPANY declares: 
 1.
That for the purposes of this document, a Public Official is any person that is employed, provides its services directly or indirectly or represents a government or power (either executive, legislative or judicial), or a national state agency or
entity or an international public agency; or any candidate to a political position or any representative of a political party, provided that in any of the previous cases the person or entity with whom any action must be carried out or intervene by
reason of the performance of the purpose of this Agreement refers to a Public Official. 
 2. That it has not performed or taken part, and it
does not have evidence that any of its main shareholders, managers, employees or any other persons works representing the same (including, with no limitation, one of its affiliates or subordinates, contractors, subcontractors, consultants) has
performed or has taken part, either directly or indirectly, in: 
  

	 	(i)	A Prohibited Payment, with respect to this Agreement, which is defined as any offer, gift, payment, promise to pay or authorization to pay any sum of money or anything
valuable, with the purpose of: (a) have influence on any act or decision of the Public Official in his official capacity, (b) induce the Public Official to perform or omit any act in violation of his lawful duty, (c) obtain any
improper advantage, (d) induce the Public Official to use his influence with a government or any of its instrumentalities to affect or have influence over any act of said government or instrumentality in order to assist in obtaining anything in
relation to this Agreement. 

  

	 	(ii)	A Prohibited Transaction with respect to this business relation, the definition of which includes the following: 

 

	 	a.	Receive, transfer, transport, retain, use, structure, deviate or conceal the proceeds of any unlawful activity, including fraud and the bribing of any Public Official;

	 	b.	Take part or finance or fund, facilitate or grant donations to any person, activity or organization involved with terrorism; 

 

	 	c.	Participate in any transaction or conduct business in any other way with a person or entity included in any prohibitive or restricting list issued by any national or
international governmental entity with respect to money laundering, terrorism financing, drug trafficking or economic or weapons embargoes. 

  

	 	(iii)	That it has received a copy of TERPEL’s Code of Conduct and agrees that its actions will be subject to the principles indicated in said Code.

  

	 	(iv)	That neither it nor its employees, contractors, subcontractors or attorneys in fact are Public Officials. 

During the performance of this Agreement the COMPANY is required to: 
  

	 	1.	Not make and take reasonable steps to prevent Prohibited Payments or Prohibited Transactions or payments for bribing purposes to be made directly or through its
employees or through a third party. 

  

	 	2.	To immediately report to TERPEL any Prohibited Payment or Prohibited Transaction it is aware of. 

 

	 	3.	That it will carry out a due diligence process, according to the circumstances, regarding the reputation of contractors, subcontractors, attorneys in fact or
representatives employed for performing tasks in the development of this Agreement. 

 The Parties agree that any failure to
comply with these provisions will entitle TERPEL to terminate this Agreement as well as any other that the COMPANY has entered into with TERPEL on an early basis, with no indemnification whatsoever. In this case TERPEL will only pay to the COMPANY
the sums of money corresponding to services that have been already provided. 
 The COMPANY will be responsible for any damage or loss in favor
of TERPEL pursuant to any applicable laws. 
 TWENTY-NINTH. AVIANCA’S POLICY ON CONFLICTS OF INTEREST. During the term of this
Agreement, each Party will use utmost diligence and care to prevent any action that may result in a conflict of interest with AVIANCA and/or any of its subsidiaries. 
 AVIANCA will not allow or accept negotiations of its contractors or contracting parties, as applicable, with any director, employee or third party related to the COMPANY and/or any of its subsidiaries,
whatever their level may be, in the event where any of them and/or their spouse and/or permanent companion and/or family member until the fourth degree of consanguinity, second of affinity or first by adoption, have a direct or indirect interest in
the properties of their contractor or contracting party, as the case may be. 
 Unless the conflict is revealed by the contractor or contracting
party and AVIANCA has given express authorization therefor, it will be understood that the existence of such conflict may cause the decision to unilaterally terminate the Agreement on a justified basis without any indemnification whatsoever.

 Similarly, the contractor or contracting party, as the case may be, must take into account that: AVIANCA does not authorize its directors,
employees or related third parties and/or directors, employees or related third parties from any of its subsidiaries, to accept from its contractor or contracting party, as applicable, either directly or through any other person, payments, services,
loans, retributions of any kind or benefits other than those purely related to advertisement or universally accepted in a business environment. 

 For the purposes of the interpretation of this clause, the following concepts are defined below: 

Directors are the persons who hold the position of member of the Board of Directors, President, Vice-presidents, Human Resource Business Manager, General
Secretary or whoever exercises legal representation functions. 
 Employees are any persons that are enrolled through an employment agreement.

 Related thirds parties are any natural persons, other than directors and employees, that while are at the service of any third party
contractor or supplier of goods or services for AVIANCA and/or any of its subsidiaries, performs operational, technical, administrative or business support functions for the benefit of AVIANCA and/or any of its subsidiaries. 

AVIANCA’s subsidiaries are: Avianca Inc., Aviation Leasing Services (ALS), Investments S.A., Aviation Leasing Services (ALS) Inc., International
Trade Marks Agency Inc. and Latin Logistics LLC and those that may be established in the future. 
 THIRTIETH. TERPEL’S POLICY ON
CONFLICTS OF INTEREST. A conflict of interest is understood by the Parties as any situation derived from the inability to simultaneously satisfy two interests, namely that from the manager of a company as this term is defined in the law and that
from the company managed, either because the interest is from the manager or a third party with which the manager as any relation. This is, when there is any personal or business interest that interferes or affects his independent judgment and
objectivity in relation to the best interests of the company managed. According to the foregoing, with the execution of this Agreement the COMPANY declares the following under oath: 

 

	 	a)	That neither the COMPANY not its partners, legal representative(s), directors, members of the board of directors, have degrees of consanguinity to the fourth
(4) degree, or affinity to the second (2) degree or fist (1) by adoption, with any of the legal representative(s), or members of the board of directors of Organizacion Terpel S.A. 

 

	 	b)	That it is aware of and understands the regulations provided for in the Colombian law with respect to conflicts of interest. 

 

	 	c)	That it has studied the previous provisions and any factual circumstances to guarantee that neither the COMPANY nor its partners, legal representative(s), directors,
members of the board of directors violate the provisions of this clause and that its performance, liquidation or termination or any other relation that it has had with TERPEL will not be infringed during the negotiation stage prior to the execution
of this Agreement, or during the execution of this Agreement. 

  

	 	d)	That in case of being involved in any conflict of interest, this event was previously informed in writing to TERPEL’s Aviation and Maritime Management, i.e., that
it was revealed by the COMPANY and known by TERPEL, so that the contracting made with the COMPANY was subject to the rigorous process established by TERPEL. 

 

	 	e)	That in the event where the COMPANY or its legal representative(s), directors, members of the board of directors, at any time, are involved in any of the cases
described in this clause, not having previously served the notice referred to in the above subsection, the COMPANY authorizes TERPEL to terminate this Agreement or any other contractual relationship existing by breach of this duty of information and
transparency. 

 In witness whereof, it is signed in the city of Bogota on November 1, 2010. 

AEROVIAS DEL CONTINENTE AMERICANO S.A., AVIANCA. 
  

	
	
	/s/ ELISA MURGAS DE MORENO
	ELISA MURGAS DE MORENO
	 I.D. No. 41.614.534 issued in Bogota
 Second Alternate of the President

  

	
	ORGANIZACION TERPEL S.A.
	
	/s/ SYLVIA ESCOVAR GOMEZ
	SYLVIA ESCOVAR GOMEZ
	 I.D. No. 51.615.762 issued in Bogota
 Alternate Legal Representative

 Rectangular Wet Ink Stamp 
 RECORD OF NOTIFICATION AND APPEARANCE 
 SEVENTY-THIRD NOTARY PUBLIC OF THE BOGOTA
CIRCUIT 
 Before this Notary Public appeared Elise Murgas de Moreno, identified with I.D. No. 41.614.534 issued in Bogota, who stated
that the signature appearing in this document belongs to her that that the contents of the same are true. 
  

	
	
	/s/ Hector Cortes Diaz
	
	Bogota D.C., January 11, 2011

 Circular Wet Ink Stamp 
 REPUBLIC OF COLOMBIA 
 SEVENTY-THIRD NOTARY PUBLIC 

Hector Cortes Diaz 
 Notary Public 

 ANNEX No. 1 

DELIVERY AIRPORT, ESTIMATES VOLUMES, PERCENTAGES AND PRICES 
 Seller: Organizacion Terpel S.A. 
 Buyer: Aerovias del Continente Americano S.A. Avianca

 Fuel: JET A1 in American gallons 

Term of the supply: from July 1, 2010 until November 30, 2012. 
 1. MAIN AIRPORTS: 
  

	Airport:	Cali – Alfonso Bonilla Aragon 

	    	Rionegro – Jose Maria Cordova 

	    	Barranquilla – Ernesto Cortizzos 

	    	Cartagena – Rafael Nuñez 

  

					
	 Airport
	  	 Estimated Volume (USG)
	  	 Formula

	 Cali
	  	22,517,494	  	PF = (PE + MA) * TRM
	 Barranquilla
	  	12,043,646	  	PF = (PE + MA) * TRM
	 Rionegro – Medellin
	  	17,188,131	  	PF = (PE + MA) * TRM
	 Cartagena
	  	15,327,179	  	PF = (PE + MA) * TRM

 Where: 
 PF:
Invoice price of fuel (Colombian Pesos/Gallon). 
 PE: Price established by ECOPETROL at each of the airports of Cali, Barranquilla and Rionegro
(USD/Gallon). 
 TRM: Market exchange rate at the time of delivery of the Product. 
 MA: Difference given by TERPEL for the domestic and international volume of the COMPANY at the airports of Cali, Barranquilla and Rionegro and whose value is USD 0.066/gal according to 7-day credit
option. 
 2. REGIONAL AIRPORTS: 
  

	Airport:	Simon Bolivar – Santa Marta 

	    	Palonegro – Bucaramanga 

	    	Camilo Daza – Cucuta 

	    	Los Garzones – Monteria 

	    	Yariguies – Barrancabermeja 

	    	Matecaña – Pereira 

  

							
	 Airport
	  	 Estimated Volume (USG)
	  	 Formula
	  	 Applicable Product

	 Santa Marta
	  	2.390.351	  	PF = (PE + MA) * TRM	  	Baranoa
	 Bucaramanga
	  	1.757.512	  	PF = (PE + MA) * TRM	  	Bucaramanga
	 Cucuta
	  	1.419.169	  	PF = (PE + MA) * TRM	  	Bucaramanga
	 Monteria
	  	1.181.716	  	PF = (PE + MA) * TRM	  	Baranoa
	 Barrancabermeja
	  	439.514	  	PF = (PE + MA) * TRM	  	Bucaramanga
	 Pereira
	  	1.709.847	  	PF = (PE + MA) * TRM	  	Medellin

 Where: 
 PF: Invoice price of fuel (Colombian Pesos/Gallon). 
 PE: Price established by ECOPETROL at each
of the airports of Cali, Barranquilla and Rionegro (USD/Gallon). 
 TRM: Market exchange rate at the time of delivery of the Product.

 MA: Difference given by TERPEL for the domestic and international volume of the COMPANY at the airports of Simon Bolivar of Santa Marta,
Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of Pereira and whose value is USD $2,980/gallon in 7 days post-paid form. 

3. ADDITIONAL CONSUMPTION IN REGIONAL AIRPORTS: 
 When the monthly consumption of the airports Simon Bolivar of Santa Marta, Palonegro of Bucaramanga, Camilo Daza of Cucuta, Los Garzones of Monteria, Yariguies of Barrancabermeja and Matecaña of
Pereira exceed the average expected in Annex No. 1 to this Agreement, the fuel difference for incremental volumes will be as follows: 
  

							
	 Airport
	  	 Formula
	  	Applicable Product	  	DIF
	 Santa Marta
	  	PF = (PE + MA) * TRM	  	Puente Aranda	  	0.072 USD/gal
	 Bucaramanga
	  	PF = (PE + MA) * TRM	  	Puente Aranda	  	0.072 USD/gal
	 Cucuta
	  	PF = (PE + MA) * TRM	  	Puente Aranda	  	0.072 USD/gal
	 Monteria
	  	PF = (PE + MA) * TRM	  	Puente Aranda	  	0.072 USD/gal
	 Barrancabermeja
	  	PF = (PE + MA) * TRM	  	Puente Aranda	  	0.072 USD/gal
	 Pereira
	  	PF = (PE + MA) * TRM	  	Medellin	  	0.15 USD/gal

 Where: 
 PF:
Invoice price of fuel (Colombian Pesos/Gallon). 
 PE: Price established by ECOPETROL. 
 TRM: Market exchange rate at the time of delivery of the Product. 
 MA: Difference given by TERPEL
for the domestic and international volume of the COMPANY at the airports in 7 days post-paid form, or as established in clause fourteenth depending on the form of payment chosen by the COMPANY.EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

AGREEMENT made as of the 30th day of September, 2013 (the “Commencement Date”)
by and between O’Connell Benjamin (hereinafter referred to as the “Employee”) and Authentidate Holding Corp., a Delaware corporation with principal offices located at 300 Connell Drive, Berkeley Heights, NJ 07922. 

W I T N E S S E T H: 

WHEREAS, Authentidate Holding Corp. and its subsidiaries (the “Company”) are engaged in the business of providing Internet and
software-based document authentication services, tele-health services and related business enterprises; and 
 WHEREAS, the Company desires
to continue the employment of the Employee for the purpose of securing for the Company the experience, ability and services of the Employee; and 

WHEREAS, the Employee desires to continue employment with the Company pursuant to the terms and conditions herein set forth, superseding all
prior oral and written employment agreements and term sheets and letters between the Company, its subsidiaries and/or predecessors and Employee. 

NOW, THEREFORE, it is mutually agreed by and between the parties hereto as follows: 

Article I. 
 Definitions

 1.1 Accrued Compensation. “Accrued Compensation” shall mean an amount which shall include all amounts earned or
accrued through the “Termination Date” (as defined below) but not paid as of the Termination Date, including: (a) Base Salary, (b) reimbursement for business expenses incurred by the Employee on behalf of the Company, pursuant to
the Company’s expense reimbursement policy in effect at such time, (c) expense allowance, (d) vacation pay per Company policy, and (e) unpaid bonuses and incentive compensation earned and awarded prior to the Termination Date.

 1.2 Cashflow Breakeven. “Cashflow Breakeven” shall mean that the Company has achieved positive cash flow from operations
for a full fiscal quarter, determined by reference to the revenues and other amounts received by the Company from its operations; provided, however, that for the purpose of the definition of the term “Cashflow Breakeven”, the term
“cash flow from operations” shall not include: 
 (a) amounts received from the sale, lease or disposition of (i) fixed or
capital assets, except for amounts received in the ordinary course of business; or (ii) any subsidiary company; 

  
 1 

 (b) capital expenditures; 

(c) “extraordinary items” of gain or loss as such term is defined in generally accepted accounting principles in the U.S., 

(d) interest income and expense; and 

(e) other non-operating items as determined in accordance with generally accepted accounting principles in the United States as consistently
applied during the periods involved. 
 1.3 Cause. “Cause” shall mean: 

(a) willful disobedience by the Employee of a reasonable, material and lawful instruction of the Board of Directors of the Company consistent
with the duties and functions of Employee’s position; 
 (b) conviction of the Employee of any misdemeanor involving fraud or
embezzlement or similar crime, or any felony; 
 (c) conduct amounting to fraud, gross negligence or willful misconduct in the performance
of any material duties to the Company; or 
 (d) excessive absences from work, other than for illness or Disability; 

provided that the Company shall not have the right to terminate the employment of Employee pursuant to the foregoing clauses (a), (c) or (d) above
unless written notice specifying such breach shall have been given to the Employee and, in the case of breach which is capable of being cured, the Employee shall have failed to cure such breach within thirty (30) days after his receipt of such
notice. 
 1.4 Change in Control. “Change in Control” shall mean any of the following events: 

(a) An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any
“Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) immediately after which such Person has “Beneficial Ownership”
(within the meaning of Rule 13d-3 promulgated under the 1934 Act) of forty percent (40%) or more of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, that in determining whether a Change
in Control has occurred, Voting Securities which are acquired in a “Non-Control Acquisition” (as defined below) shall not constitute an acquisition which would cause a Change in Control. 

  
 2 

 (i) A “Non-Control Acquisition” shall mean an acquisition by (1) an employee
benefit plan (or a trust forming a part thereof) maintained by (x) the Company or (y) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by
the Company (a “Subsidiary”), or (2) the Company or any Subsidiary. 
 (ii) Notwithstanding an acquisition as described in
this subparagraph (a), a Change in Control shall not be deemed to occur solely because a Person (the “Subject Person”) gained Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the
acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which
increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

(b) The individuals who, as of the date this Agreement is approved by the Board, are members of the Board (the “Incumbent Board”),
cease for any reason to constitute at least two-thirds of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds of the
Incumbent Board, such new director shall, for purposes of this Agreement, be considered and defined as a member of the Incumbent Board; and provided, further, that no individual shall be considered a member of the Incumbent Board if such individual
initially assumed office as a result of either an actual “Election Contest” (as described in Rule 14a-11 promulgated under the 1934 Act) or other solicitation of proxies or consents by or on behalf of a Person other than the Board (a
“Proxy Contest”); 
 (c) Approval by stockholders of the Company of: 

(i) A merger, consolidation or reorganization involving the Company, unless: (1) the stockholders of the Company, immediately before
such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least sixty percent (60%) of the combined voting power of the outstanding voting securities of the
corporation resulting from such merger or consolidation or reorganization (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or
reorganization, (2) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least two-thirds of the members of the
board of directors of the Surviving Corporation, and (3) no Person (other than the Company, any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Corporation or any Subsidiary)
becomes 

  
 3 

 
Beneficial Owner of forty percent (40%) or more of the combined voting power of the Surviving Corporation’s then outstanding voting securities as a result of such merger, consolidation
or reorganization, a transaction described in clauses (1) through (3) shall herein be referred to as a “Non-Control Transaction”; or 

(ii) an agreement for the sale or other disposition of all or substantially all of the assets of the Company, to any Person, other than a
transfer to a Subsidiary, in one transaction or a series of related transactions; or 
 (iii) the stockholders of the Company approve any
plan or proposal for the liquidation or dissolution of the Company. 
 (d) Notwithstanding anything contained in this Agreement to the
contrary, if the Employee’s employment is terminated prior to a Change in Control and the Employee reasonably demonstrates that such termination (i) was at the request of a third party who has indicated an intention or taken steps
reasonably calculated to effect a Change in Control (a “Third Party”) or (ii) otherwise occurred in connection with, or in anticipation of, a Change in Control, then for all purposes of this Agreement, the date of a Change in Control
with respect to the Employee shall mean the date immediately prior to the date of such termination of the Employee’s employment. 
 1.5
Continuation Benefits. “Continuation Benefits” shall be the continuation of the Benefits, as defined in Section 5.1, for the period from the Termination Date to either (i) the later of the Expiration Date, or the end of
the month in which the one-year anniversary of the Termination Date occurs, or (ii) such other period as specifically stated by this Agreement (the “Continuation Period”), at the Company’s expense, less any normal payroll
deductions, on behalf of the Employee and his dependents; provided, however, if any of the Benefits required to be provided by the Company during the Continuation Period under the Company’s benefit plans are, pursuant to the terms of such
plans, not available to non-employees of the Company, the Company, at its sole cost and expense, less any normal payroll deductions, shall be required to provide such benefits as shall be reasonably available and substantially similar to the
benefits provided to employees of the Company. The Company’s obligation hereunder with respect to the foregoing benefits shall also be limited to the extent that if the Employee obtains such benefits pursuant to a subsequent employer’s
benefit plan, the Company may reduce the coverage of any benefits it is required to provide the Employee hereunder as long as the aggregate coverage and benefits of the combined benefit plans is no less favorable to the Employee than the coverage
and benefits required to be provided hereunder. This definition of Continuation Benefits shall not be interpreted so as to limit any benefits to which the Employee, his dependents or beneficiaries may be entitled under any of the Company’s
employee benefit plans, programs or practices following the Employee’s termination of employment, including, without limitation, retiree medical and life insurance benefits. 

  
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 1.6 Disability. “Disability” shall mean a physical or mental infirmity which
impairs the Employee’s ability to substantially perform his duties with the Company for a period of ninety (90) consecutive days, and the Employee has not returned to his full time employment prior to the Termination Date as stated in the
“Notice of Termination” (as defined below). 
 1.7 Good Reason. “Good Reason” shall mean without the written
consent of the Employee: 
 (a) a material breach of any provision of this Agreement by the Company; 

(b) failure by the Company to pay when due any compensation to the Employee; 

(c) a reduction in the Employee’s Base Salary; 

(d) failure by the Company to maintain the Employee in the positions referred to in Section 2.1 of this Agreement, unless such change was
due to a Change of Control; 
 (e) assignment to the Employee of any duties materially and adversely inconsistent with the Employee’s
positions, authority, duties, responsibilities, powers, functions, reporting relationship or title as contemplated by Section 2.1 of this Agreement or any other action by the Company that results in a material diminution of such positions,
authority, duties, responsibilities, powers, functions, reporting relationship or title, unless such change was due to a Change of Control; 

(f) relocation of the principal office of the Company or the Employee’s principal place of employment to a location outside a 15
(fifteen) mile radius of the present location in Berkeley Heights, New Jersey, without the Employee’s written consent; or 
 (g) a
Change in Control, provided the event on which the Change of Control is predicated occurs not less than 90 nor more than 150 days of the service of the Notice of Termination by the Employee, it being understood that Employee shall have the right to
terminate his employment under this Section 1.7(g) for any reason or no reason within such 60 day period; 
 and provided further, however, that the
Employee agrees not to terminate his employment for Good Reason pursuant to clauses (a) through (f) unless (A) the Employee has given the Company at least 30 days’ prior written notice of his intent to terminate his employment
for Good Reason, which notice shall specify the facts and circumstances constituting Good Reason; and (B) the Company has not remedied such facts and circumstances constituting Good Reason to the reasonable and good faith satisfaction of the
Employee within a 30-day period after receipt of such notice. 

  
 5 

 1.8 Notice of Termination. “Notice of Termination” shall mean a written notice
from the Company, or the Employee, of termination of the Employee’s employment which indicates the specific termination provision in this Agreement relied upon, if any, and which sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Employee’s employment under the provision so indicated. 
 1.9 Severance
Payment. “Severance Payment” shall mean an amount equal to 12 months of Employee’s Base Salary in effect on the Termination Date, but no less than $290,000. 

1.10 Telehealth Products. “Telehealth Products” shall mean the remote patient monitoring products and services commercialized
by the Company and/or its Express MD Solutions LLC subsidiary (or any successors thereto), including the products and services currently offered by the Company (and its subsidiaries) and derivatives thereof. 

1.11 Termination Date. Termination Date shall mean: 

(a) in the case of the Employee’s death, his date of death; 

(b) in the case of Good Reason, 30 days from the date the Notice of Termination is given to the Company, provided the Company has not remedied
such facts and circumstances constituting Good Reason to the reasonable and good faith satisfaction of the Employee; 
 (c) in the case of
termination of employment on or after the Expiration Date, the last day of employment; and 
 (d) in all other cases, the date specified in
the Notice of Termination; provided, however, if the Employee’s employment is terminated by the Company for any reason except Cause, the date specified in the Notice of Termination shall be at least 30 days from the date the Notice of
Termination is given to the Employee, and provided further that in the case of Disability, the Employee shall not have returned to the full-time performance of his duties during such period of at least 30 days. 

Article II. 
 Employment

 2.1 Subject to and upon the terms and conditions of this Agreement, the Company hereby agrees to continue the employment of the
Employee, and the Employee hereby accepts such continued employment in his capacity as President and Chief Executive Officer. The Employee’s position includes acting as an officer and/or director of any of the Company’s subsidiaries as
determined by the Board of Directors. The Company shall nominate Employee, and use its best efforts to have Employee elected to the Board of Directors of the Company (the “Board”) throughout the term of this Agreement. The Employee agrees
to resign from the Board upon the termination of employment for any reason. 

  
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 Article III. 

Duties 
 3.1 The Employee
shall, during the term of his employment with the Company, and subject to the direction and control of the Board, report directly to the Board and shall exercise such authority, perform such executive duties and functions and discharge such
responsibilities as are reasonably associated with his executive position or as may be reasonably assigned or delegated to him from time to time by the Board, consistent with his position as President and Chief Executive Officer. In general,
Employee shall have management authority with respect to, and responsibility for, the overall operations and day-to-day business and affairs of the Company and all major operating units. 

3.2 During the term of this Agreement and excluding periods of vacation and sick leave to which the Employee is entitled, the Employee agrees
to devote substantially all of his business time and attention to the affairs of the Company and, to the extent necessary to discharge the responsibilities assigned hereunder, use his best efforts in the performance of his duties for the Company and
any subsidiary corporation of the Company. During the term of this Agreement the Employee may, so long as it does not materially interfere with his duties hereunder: (i) subject to Article VII hereof, serve on the board of directors (or
equivalent bodies) of civic, non-profit, or charitable organizations or entities unaffiliated with the Company, (ii) deliver lectures or otherwise participate in speaking engagements, and (iii) manage his personal investments and affairs.

 3.3 Employee shall undertake regular travel to the Company’s executive and operational offices, and such other occasional travel
within or outside the United States as is or may be reasonably necessary in the interests of the Company. All such travel shall be at the sole cost and expense of the Company, and all airplane travel shall be first or business class, or otherwise
fully reimbursed at cost, to the extent that such reimbursements do not exceed the approximate equivalent published fare for first or business class. Other expenses shall be reimbursed in accordance with the Company’s policies for executive
travel. 
 Article IV. 

Compensation 
 4.1 During
the term of this Agreement, Employee shall receive base compensation at the rate of $290,000 per annum (the “Base Salary”); however Employee agrees and acknowledges that from the Commencement Date and until the first to occur of
(i) January 15, 2014 or (ii) such time as the Company achieves Cashflow Breakeven for two consecutive fiscal quarters, 30% of such Base Salary shall be paid in equity-based awards granted to Employee pursuant to that certain
Compensation Modification Agreement dated as of January 15, 2013 (the 

  
 7 

 
“Modification Agreement”) and the terms and conditions of the awards granted to Employee pursuant to such Modification Agreement shall be governed solely by such Modification Agreement.

 (a) Notwithstanding the terms of the Modification Agreement, however, Employee agrees that in the event that the Company does not achieve
Cashflow Breakeven for two consecutive fiscal quarters prior to January 15, 2014, as required by the Modification Agreement, then the reduction in Base Salary required by the Modification Agreement shall continue through the first to occur of
either (i) such time as the Company achieves Cashflow Breakeven for two consecutive fiscal quarters or (ii) the Termination Date; provided, however, that the amount of the continuing salary reduction shall be adjusted to be 15% of the Base
Salary payable hereunder. Employee hereby agrees that in the event his Base Salary continues to be reduced subsequent to January 15, 2014 pursuant to this Section, that the compensation payable to Employee hereunder and the other benefits
provided for in this Agreement constitute sufficient and good consideration for the agreement to continue to accept the reduced Base Salary contemplated by this Section 4.1 and further, Employee agrees that the arrangements set forth herein
shall not constitute “Good Reason” as defined above. 
 (b) Employee further agrees to continue the arrangements contemplated by
the Modification Agreement during the term of this Agreement if such continuance is authorized and approved by the Board or the Management Resources and Compensation Committee of the Board (the “Committee”) and the Company has not achieved
Cashflow Breakeven. 
 4.2 Base Salary shall be paid to the Employee in regular installments on each of the Company’s regular pay dates
for executives, but no less frequently than monthly. 
 4.3 Employee shall receive a one-time bonus (the “Breakeven Bonus”) of up
to $75,000 in the event that the Company achieves Cashflow Breakeven by the close of the Company’s fiscal year ending June 30, 2014 in accordance with the following parameters: 

(a) If the Company achieves Cashflow Breakeven as of the end of the fiscal quarter ending March 31, 2014, the Breakeven Bonus shall be
$75,000; and 
 (b) If the Company achieves Cashflow Breakeven as of the end of the fiscal year ending June 30, 2014, the Breakeven
Bonus shall be $50,000. 
 4.4 Employee shall receive a one-time bonus (the “Fixed Bonus”) of $150,000 if the Company’s
Common Stock has a closing price at or above $5.00 (as shall be adjusted to give effect to any stock splits, reverse stock splits, stock dividends, recapitalizations and other similar transactions after the Commencement Date) for 15 consecutive
trading days during the Company’s fiscal year ending June 30, 2014. For the purpose of determining the closing price of the Company’s Common Stock, the closing price of a share of Common Stock shall mean (i) if the Common Stock
is traded on a national securities exchange, including on the Nasdaq Stock Market (“Nasdaq”), the per share closing price of the Common Stock shall be the reported 

  
 8 

 
closing price on the principal securities exchange on which they are listed or on Nasdaq, as the case may be, on the date of determination (or if there is no closing price for such date of
determination, then the last preceding business day on which there was a closing price); or (ii) if the Common Stock is traded in the over-the-counter market and last sales prices for the Common Stock are reported by Bloomberg, L.P. (or a
comparable reporting service of national reputation selected by the Company and reasonably acceptable to the Employee if Bloomberg, L.P. is not then reporting sales prices of such security), the per share closing price of the Common Stock shall be
the closing price reported on Bloomberg, L.P., on the date of determination (or if there is no closing price for such date of determination, then the last preceding business day on which there was a closing price). 

4.5 Any bonus which may be awarded to Employee pursuant to Section 4.3 shall be paid to the Employee within ten business days from the
date that the Audit Committee of the Company’s Board of Directors has reasonably determined that the Company has achieved Cashflow Breakeven. The Fixed Bonus provided for in Section 4.4, if earned, shall be paid to Employee within ten
business days from the date on which it is determined that the Fixed Bonus has been earned. 
 4.6 The Company shall deduct from
Employee’s compensation all federal, state, and local taxes which it may now or may hereafter be required to deduct under applicable law. 

4.7 The Committee will perform an annual review of Employee’s performance and compensation at the commencement of each fiscal year.
Employee may receive such other additional compensation as may be determined from time to time by the Board or Committee including increases in base salary, bonuses and other long term compensation plans. Nothing in this paragraph 4.7 shall be
deemed or construed to require the Board or Committee to award any bonus or additional compensation. 
 4.8 For the purpose of determining
whether (i) the Company achieves Cashflow Breakeven prior to the end of a given financial reporting period or (ii) the Company (or a subsidiary, including Express MD Solutions, LLC, or any successor entity) executes firm sales contracts
resulting in the sale, during the fiscal year ending June 30, 2014, of at least 8,000 units of the Company’s Telehealth Products, such determination shall be made in good faith by the Audit Committee of the Company’s Board of
Directors in connection with its review of, (A) in the case of determining whether Cashflow Breakeven has been achieved, the Company’s financial statements for the fiscal quarter or fiscal year period in question, which determination shall
be made prior to the time and date that the Company files the relevant Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be, with the Securities and Exchange Commission; and (B) in the case of determining whether the
target number of units of Telehealth Products have been contracted, the Company’s audited financial statements for the fiscal year ending June 30, 2014, which determination shall be made prior to the time and date that the Company files
its Annual Report on Form 10-K for the fiscal year ending June 30, 2014 with the Securities and Exchange Commission. Accordingly, the determination as to whether 

  
 9 

 
Employee is entitled to the Breakeven Bonus contemplated in Section 4.3, or to the vesting of the Performance Options as contemplated in Section 11.1, shall be made upon the foregoing
determination by the Audit Committee and shall be effective as of the date of determination by the Audit Committee. 
 Article V. 

Benefits 
 5.1 During the
term hereof, the Company shall provide Employee with the following benefits, as such benefits may change from time to time (the “Benefits”): (i) group health care and insurance benefits as generally made available to the
Company’s senior management; and (ii) such other benefits (including insurance related benefits, holiday, sick leave, personal days, etc.) obtained by the Company or made generally available to the Company’s senior management. 

5.2 The Company shall reimburse Employee, upon presentation of the Company’s standard expense report accompanied by appropriate vouchers
and other suitable documentation, incurred by Employee on behalf of the Company, provided such expenditure is consistent with Company policy. 

5.3 In the event the Company wishes to obtain Key Man life insurance on the life of Employee, Employee agrees to cooperate with the Company in
completing any applications necessary to obtain such insurance and promptly submit to such physical examinations and furnish such information as any proposed insurance carrier may request. 

5.4 For the term of this Agreement, Employee shall be entitled to paid vacation at the rate of (4) weeks per annum or otherwise in
accordance with current Company policy. 
 Article VI. 

Non-Disclosure 
 6.1 The
Employee shall not, at any time during or after the termination of his employment hereunder, except when acting on behalf of and with the authorization of the Company, or when required by law or legal process, or where appropriate in response to
regulatory authorities, make use of or disclose to any person, corporation, or other entity, for any purpose whatsoever, any trade secret or other confidential information concerning the Company’s business, finances, marketing, Internet and
software-based document authentication services, digital image authentication services, telehealth products and services, and related business enterprises of the Company and its subsidiaries, including information relating to any customer of the
Company, or any other nonpublic business information of the Company and/or its subsidiaries learned as a consequence of Employee’s employment with the Company, except for information available publicly or from other non-confidential sources
(collectively referred to as the “Proprietary Information”). The Employee acknowledges that Proprietary Information, 

  
 10 

 
as they may exist from time to time, are valuable and unique assets of the Company, and that disclosure of any such information would cause substantial injury to the Company. Proprietary
Information shall cease to be Proprietary Information, as applicable, at such time as such information becomes public other than through disclosure, directly or indirectly, by Employee in violation of this Agreement. 

6.2 If Employee is requested or required (by oral questions, interrogatories, requests for information or document subpoenas, civil
investigative demands, or similar process) to disclose any Proprietary Information, Employee shall, unless prohibited by law, promptly notify the Company of such request(s) so that the Company may seek an appropriate protective order. 

Article VII. 

Restrictive Covenant 
 7.1
In the event of the termination of Employee’s employment with the Company at any time, Employee agrees that he will not, for a period of one (1) year following such termination, directly or indirectly, enter into or become associated with
or engage in any other business (whether as a partner, officer, director, shareholder, employee, consultant, or otherwise), which business is primarily involved in Internet and software-based document authentication services, digital image
authentication services, delivery of health-related services and information via telecommunications technologies, and related business enterprises or is otherwise engaged in the same or similar business as the Company in direct competition with the
Company, or which the Company was in the process of developing during the term of Employee’s employment with the Company and such development is based on actual or demonstrative anticipated research. Notwithstanding the foregoing, (x) the
ownership by Employee of less than five percent of the shares of any publicly held corporation shall not violate the provisions of this Article VII, and (y) the Employee shall not be required to comply with any provision of this Article VII
following termination of this Agreement if the amounts required to be paid under Article IX are not timely paid. 
 7.2 In furtherance of
the foregoing, Employee shall not during the aforesaid period of non-competition, directly or indirectly, in connection with any business primarily involved in the Internet and software-based document authentication services and related business
enterprises, or digital image authentication services, or any business similar to the business in which the Company was engaged, or in the process of developing during Employee’s tenure with the Company and such development is based on actual
or demonstrative anticipated research, solicit any customer or employee of the Company who was a customer or employee of the Company within one year of the Termination Date. 

7.3 Except as otherwise may be agreed by the Company in writing, in consideration of the employment of Employee by the Company, and free of
any additional obligations of the Company to make additional payment to Employee, Employee agrees to irrevocably assign to the Company any and all inventions, software, manuscripts, documentation, improvements or

  
 11 

 
other intellectual property whether or not protectable by any state or federal laws relating to the protection of intellectual property, relating to the present or future business of the Company
that are developed by Employee during the term of his/her employment with the Company, either alone or jointly with others, and whether or not developed during normal business hours or arising within the scope of his/her duties of employment.
Employee agrees that all such inventions, software, manuscripts, documentation, improvement or other intellectual property shall be and remain the sole and exclusive property of the Company and shall be deemed the product of work for hire. Employee
hereby agrees to execute such assignments and other documents as the Company may consider appropriate to vest all right, title and interest therein to the Company and hereby appoints the Company Employee’s attorney-in-fact with full powers to
execute such document itself in the event employee fails or is unable to provide the Company with such signed documents. Notwithstanding the foregoing, this provision does not apply to an invention for which no equipment, supplies, facility, or
trade secret information of the Company was used and which was developed entirely on Employee’s own time, unless (a) the invention relates (i) to the business of the Company, or (ii) to the Company’s actual or demonstrably
anticipated research or development, or (b) the invention results from any work performed by Employee for the Company. 
 7.4 If any
court shall hold that the duration of non-competition or any other restriction contained in this Article VII is unenforceable, it is our intention that same shall not thereby be terminated but shall be deemed amended to delete therefrom such
provision or portion adjudicated to be invalid or unenforceable or, in the alternative, such judicially substituted term may be substituted therefor. 

Article VIII. 
 Term

 8.1 This Agreement shall be effective upon execution by both parties hereto and the employment term (the “Initial Term”)
shall commence on the Commencement Date and terminate on September 30, 2014 (the “Expiration Date”), unless sooner terminated upon the death of the Employee, or as otherwise provided herein. 

8.2 The Company shall notify the Employee in writing of the Company’s intention to continue Employee’s employment after the
Expiration Date no less than 90 days prior to the Expiration Date. 
 8.3 Upon termination of the Employee’s employment with the
Company, the Company shall pay Employee, in addition to any other payments due hereunder, the amounts due under Article IX. 

  
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 Article IX. 

Termination 
 9.1 The
Company may terminate this Agreement by giving a Notice of Termination to the Employee in accordance with this Agreement: 
 (a) for
Disability; 
 (b) for Cause 

(c) without Cause. 
 9.2
Employee may terminate this Agreement at any time by giving 30 days prior written Notice of Termination to the Company in accordance with this Agreement. 

9.3 If the Employee’s employment with the Company shall be terminated, the Company shall pay and/or provide to the Employee the following
compensation and benefits: 
 (a) if the Employee was terminated by the Company for Cause, or the Employee terminates without Good Reason,
the Accrued Compensation; 
 (b) if the Employee was terminated by the Company for Disability, the Accrued Compensation, the Severance
Payment and the Continuation Benefits; or 
 (c) if termination was due to the Employee’s death, the Accrued Compensation; or 

(d) if the Employee was terminated by the Company without Cause or the Employee terminates this Agreement for Good Reason, (i) the
Accrued Compensation; (ii) the Severance Payment; and (iii) the Continuation Benefits. 
 (e) In the event the Company fails to
notify the Employee in accordance with Section 8.2, or after notifying the Employee fails to reach an agreement on a new employment agreement prior to the Expiration Date, Employee’s employment shall terminate on the Expiration Date and
the Company shall pay the Employee the Severance Payment; Accrued Compensation, and the Continuation Benefits. 
 9.4 The amounts payable
under this Section 9.3, shall be paid as follows: 
 (a) Accrued Compensation shall be paid on the first regular pay date after the
Termination Date (or earlier, if required by applicable law). 
 (b) If the Continuation Benefits are paid in cash, the payments shall be
made on the first day of each month during the Continuation Period (or earlier, if required by applicable law). 

  
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 (c) The Severance Payments shall be paid in equal installments in accordance with the
Company’s regular pay dates for executives (or earlier, if required by applicable law) during a period of one year commencing with the first regular pay date after the Termination Date. 

9.5 The Employee shall not be required to mitigate the amount of any payment, including the value of any Continuation Benefit, provided for in
this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent employment except as provided in Sections 1.5. 

9.6 For a period of three years following the termination of this Agreement, Employee agrees that he will not make any negative or derogatory
statements in verbal, written, electronic or any other form about the Company, including, but not limited to, a negative or derogatory statement made in, or in connection with, any article or book, on a website, in a chat room or via the internet
except where such statement is required by law or regulation. During such three year period, none of the executive officers and directors shall make any negative or derogatory statements in verbal, written, electronic or any other form about the
Employee, including, but not limited to, a negative or derogatory statement made in, or in connection with, any article or book, on a website, in a chat room or via the internet except where such statement is required by law or regulation. 

Article X. 
 Termination
of Prior Agreements 
 10.1 This Agreement, and the stock option, bonus plan and benefit plans, sets forth the entire agreement between
the parties and supersedes all prior agreements, letters and understandings between the parties, whether oral or written prior to the effective date of this Agreement, except for the terms of employee stock option plans and option certificates
granted prior to the Commencement Date. 
 Article XI. 

Stock Options 
 11.1 As an
inducement to Employee to enter into this Agreement, the Company hereby grants to Employee, as of the date of execution of this Agreement, options to purchase shares of the Company’s Common Stock, $.001 par value, as follows: subject to the
terms and conditions of the Company’s 2011 Omnibus Equity Incentive Plan (the “Plan”), and the terms and conditions set forth in the Stock Option Agreement which are incorporated herein by reference, the Employee is hereby granted the
following options pursuant to the Plan: 
 (a) Options to purchase 300,000 shares of the Company’s Common Stock (the “Time-Based
Options”), which shall vest as follows: 
  

	 	(i)	100,000 shares covered by the Time-Based Options shall vest on the Commencement Date; 

  
 14 

	 	(ii)	Provided the Employee remains as an employee of the Company as of each of the subsequent vesting dates, but subject to Section 11.2 hereof, an additional 100,000 shares covered by the Time-Based Options shall vest
on each of the one year and two year anniversaries of the Commencement Date. 

 (b) Options to purchase 150,000 shares of the
Company’s Common Stock shall vest in the event the Company (or a subsidiary, including Express MD Solutions, LLC, or any successor entity) executes firm sales contracts resulting in the sale, prior to end of the fiscal year ending June 30,
2014, of at least 8,000 units of the Company’s Telehealth Products during the Company’s fiscal year ending June 30, 2014; and 

(c) Options to purchase a maximum of 150,000 shares of the Company’s Common Stock shall vest in the event the Company achieves Cashflow
Breakeven prior to the end of the fiscal year ending June 30, 2014 in accordance with the following parameters: 
  

	 	(i)	if the Company achieves Cashflow Breakeven as of the end of the fiscal quarter ending March 31, 2014, a total of 150,000 additional options shall vest; and 

 

	 	(ii)	if the Company achieves Cashflow Breakeven as of the end of the fiscal year ending June 30, 2014, a total of 100,000 additional options shall vest. 

 

	 	(iii)	If the Company does not achieve Cashflow Breakeven as of the end of the fiscal year ending June 30, 2014, all of the options described in this Section 11.1(c) shall expire and be forfeited. 

(d) The Options described in subparagraphs 11.1(b) and 11.1(c) may be separately referred to elsewhere in this Agreement as the
“Performance Options”. 
 (e) The exercise price of the Options shall be the fair market value per share of the Company’s
Common Stock (as determined in accordance with the Plan) as of the Commencement Date, shall be exercisable for a term of ten years from the Commencement Date and shall contain such other terms and conditions as set forth in the stock option
agreement. The Options provided for herein are not transferable by Employee and shall be exercised only by Employee, or by his legal representative or executor, as provided in the Plan. The Options shall terminate as provided in the Plan, except as
otherwise modified by this Agreement. 

  
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 11.2 In the event of a termination of Employee’s employment with the Company pursuant to
Section 9.1(c) or 9.3(e) or by the Employee for Good Reason, notwithstanding anything herein or in any stock option agreement to the contrary, (a) the Employee’s right to purchase shares of Common Stock of the Company pursuant to any
unexpired stock option granted as of or prior to the effective date of this Agreement, other than the Performance Options, shall immediately fully vest and become exercisable, (b) the exercise period in which Employee may exercise his options,
other than Performance Options, to purchase Company common stock shall be extended to the duration of their original term, as if Employee remained an employee of the Company, and the terms of such options shall be deemed amended to take into account
the foregoing provisions. 
 (a) Notwithstanding the foregoing, in the event of a termination of Employee’s employment with the Company
pursuant to Section 9.1(c) or 9.3(e) or by the Employee for Good Reason, some or all of the Performance Options may also immediately fully vest and be exercisable for the remainder of their original term if it is determined by the Audit
Committee of the Board of Directors, in accordance with Section 4.8 of this Agreement, that the Company has achieved the following criteria on or before the date of such termination, as set forth below: 

(i) With respect to the Performance Options described in Section 11.1(b), such options will vest and remain exercisable in accordance
with this Section 11.2 to the extent that, prior to the date of termination, the Company entered into firm sales contracts resulting in the sale of at least 6,000 units of the Company’s Telehealth Products prior to the end of the fiscal
year ending June 30, 2014. 
 11.3 In the event of a termination of Employee’s employment with the Company pursuant to
Section 9.1(c) or 9.3(e) or by the Employee for Good Reason prior to the vesting of either of the Performance Options, notwithstanding anything herein or in any stock option agreement to the contrary, the unvested Performance Options granted
pursuant to this Agreement shall remain outstanding and eligible to vest in accordance with their terms until the Audit Committee of the Board of Directors has determined whether the vesting conditions have been achieved in accordance with
Section 4.8 of this Agreement. If it is determined by the Audit Committee that the vesting criteria of one or both of the Performance Options are satisfied in full, or that either of them is eligible for vesting pursuant to Section 11.2,
then the Performance Options for which the vesting criteria has been satisfied (or which is eligible under Section 11.2) shall be immediately exercisable to the extent it is entitled to vest in accordance with the provisions of this Agreement,
for the duration of their original term. If it is determined by the Audit Committee that the vesting criteria of one or both of the Performance Options has not been satisfied, then the Performance Options for which the vesting criteria has not been
satisfied shall immediately expire and be void. 
 11.4 For purposes of clarity, Employee and Company agree that the occurrence of a Change
in Control shall not affect the provisions of Sections 11.2 and 11.3. 

  
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 11.5 In the event of a termination of Employee’s employment with the Company pursuant to
Section 9.1(b), Options granted and not exercised as of the Termination Date shall terminate immediately and be null and void. 
 11.6
In the event of a termination of Employee’s employment with the Company due to any other reason, the Options granted shall be exercisable only in accordance with the Plan. 

Article XII. 

Arbitration and Indemnification 

12.1 Any dispute arising out of the interpretation, application, and/or performance of this Agreement with the sole exception of any claim,
breach, or violation arising under Articles VI or VII hereof shall be settled through final and binding arbitration before a single arbitrator in the State of New Jersey in accordance with the Rules of the American Arbitration Association. The
arbitrator shall be selected by the American Arbitration Association and shall be an attorney-at-law experienced in the field of corporate law. Any judgment upon any arbitration award may be entered in any court, federal or state, having competent
jurisdiction of the parties. 
 12.2 The Company hereby agrees to indemnify, defend, and hold harmless the Employee for any and all claims
arising from or related to his employment by the Company at any time asserted, at any place asserted, to the fullest extent permitted by law. The Company shall maintain such insurance as is necessary and reasonable (with minimum coverage of not less
than $5,000,000) to protect the Employee from any and all claims arising from or in connection with his employment by the Company during the term of Employee’s employment with the Company and for a period of six (6) years after the date of
termination of employment for any reason. The provisions of this Section are in addition to and not in lieu of any indemnification, defense or other benefit to which Employee may be entitled by statute, regulation, common law or otherwise. 

Article XIII. 

Section 409A Compliance 

13.1 To the extent applicable, it is intended that any amounts payable under this Agreement shall either be exempt from Section 409A of
the Code or shall comply with Section 409A (including Treasury regulations and other published guidance related thereto) so as not to subject Employee to payment of any additional tax, penalty or interest imposed under Section 409A of the
Code. The provisions of this Agreement shall be construed and interpreted to the maximum extent permitted to avoid the imputation of any such additional tax, penalty or interest under Section 409A of the Code yet preserve (to the nearest extent
reasonably possible) the intended benefit payable to Employee. Notwithstanding the foregoing, the Company makes no representations regarding the tax treatment of any payments hereunder, and the Employee shall be responsible for any and all
applicable taxes, other than the Company’s share of employment taxes on the severance payments provided by the Agreement. Employee acknowledges that Employee has been advised to obtain independent legal, tax or other counsel in connection with
Section 409A of the Code. 

  
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 13.2 Notwithstanding any provisions of this Agreement to the contrary, if Employee is a
“specified employee” (within the meaning of Section 409A of the Code and the regulations adopted thereunder) at the time of Employee’s separation from service and if any portion of the payments or benefits to be received by
Employee upon separation from service would be considered deferred compensation under Section 409A of the Code and the regulations adopted thereunder (“Nonqualified Deferred Compensation”), amounts that would otherwise be payable
pursuant to this Agreement during the six-month period immediately following Employee’s separation from service that constitute Nonqualified Deferred Compensation and benefits that would otherwise be provided pursuant to this Agreement during
the six-month period immediately following Employee’s separation from service that constitute Nonqualified Deferred Compensation will instead be paid or made available on the earlier of (i) the first business day of the seventh month
following the date of Employee’s separation from service and (ii) Employee’s death. Notwithstanding anything in this Agreement to the contrary, distributions upon termination of Employee’s employment shall be interpreted to mean
Employee’s “separation from service” with the Company (as determined in accordance with Section 409A of the Code and the regulations adopted thereunder). Each payment under this Agreement shall be regarded as a
“separate payment” and not of a series of payments for purposes of Section 409A of the Code. 
 13.3 Except as otherwise
specifically provided in this Agreement, if any reimbursement to which the Employee is entitled under this Agreement would constitute deferred compensation subject to Section 409A of the Code, the following additional rules shall apply:
(i) the reimbursable expense must have been incurred, except as otherwise expressly provided in this Agreement, during the term of this Agreement; (ii) the amount of expenses eligible for reimbursement during any taxable year will not
affect the amount of expenses eligible for reimbursement in any other taxable year; (iii) the reimbursement shall be made as soon as practicable after Employee’s submission of such expenses in accordance with the Company’s policy, but
in no event later than the last day of Employee’s taxable year following the taxable year in which the expense was incurred; and (iv) the Employee’s entitlement to reimbursement shall not be subject to liquidation or exchange for
another benefit. 

  
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 Article XIV. 

Severability 
 14.1 If any
provision of this Agreement shall be held invalid and unenforceable, the remainder of this Agreement shall remain in full force and effect. If any provision is held invalid or unenforceable with respect to particular circumstances, it shall remain
in full force and effect in all other circumstances. 
 Article XV. 

Notice 
 15.1 For the
purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when (a) personally delivered or (b) sent by (i) a nationally recognized
overnight courier service or (ii) certified mail, return receipt requested, postage prepaid and in each case addressed to the respective addresses as set forth below or to any such other address as the party to receive the notice shall advise
by due notice given in accordance with this paragraph. All notices and communications shall be deemed to have been received on (A) if delivered by personal service, the date of delivery thereof; (B) if delivered by a nationally recognized
overnight courier service, on the first business day following deposit with such courier service; or (C) on the third business day after the mailing thereof via certified mail. Notwithstanding the foregoing, any notice of change of address
shall be effective only upon receipt. 
 The current addresses of the parties are as follows: 

 

					
	IF TO THE COMPANY:	 	Authentidate Holding Corp.	  	
		 	Connell Corporate Center	  	
		 	300 Connell Drive, Fifth Floor	  	
		 	Berkeley Heights, NJ 07922	  	
			
	WITH A COPY TO:	 	Victor J. DiGioia	  	
		 	Becker & Poliakoff, LLP	  	
		 	45 Broadway	  	
		 	New York, NY 10006	  	
			
	IF TO THE EMPLOYEE:	 	O’Connell Benjamin	  	

  
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 Article XVI. 

Benefit 
 16.1 This
Agreement shall inure to, and shall be binding upon, the parties hereto, the successors and assigns of the Company, and the heirs and personal representatives of the Employee. 

Article XVII. 
 Waiver

 17.1 The waiver by either party of any breach or violation of any provision of this Agreement shall not operate or be construed as a
waiver of any subsequent breach of construction and validity. 
 Article XVIII. 

Governing Law and Jurisdiction 

18.1 This Agreement has been negotiated and executed in the State of New Jersey. The law of the State of New Jersey shall govern the
construction and validity of this Agreement. 
 18.2 Any or all actions or proceedings which may be brought by the Company or Employee under
this Agreement shall be brought in courts having a situs within the State of New Jersey, and Employee and the Company each hereby consent to the jurisdiction of any local, state, or federal court located within the State of New Jersey. 

Article XIX. 
 Entire
Agreement 
 19.1 This Agreement contains the entire agreement between the parties hereto. No change, addition, or amendment shall be
made hereto, except by written agreement signed by the parties hereto. 
 Remainder of page intentionally left blank. Signature page
follows. 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement and affixed their
hands and seals the day and year first above written. 
  

			
	Authentidate Holding Corp.
		
	By:	 	 /s/ Charles C. Lucas III

		 	Charles C. Lucas III
		 	Chairman of the Compensation Committee
	
	Employee
	
	 /s/ O’Connell Benjamin

	O’Connell Benjamin
	Employee

  
 21

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