Document:

Convertible Note Purchase Agreement

 EXHIBIT 10.1 
 CONVERTIBLE NOTE PURCHASE AGREEMENT 
 THIS
CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of 16th day of February,
2007, between ELANDIA, INC., a Delaware corporation (the “Company”), and STANFORD INTERNATIONAL BANK LIMITED, a corporation organized under the laws of Antigua and Barbuda (the “Purchaser”). 
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as
amended (the “Securities Act”), the Company desires to issue and sell to Purchaser, and Purchaser desires to purchase from the Company, a certain convertible promissory note of the Company as more fully described in this Agreement.

 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, and other good and
valuable consideration exchanged between the parties, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the foregoing recitals are true and correct and further agree as follows: 
 ARTICLE I—DEFINITIONS 
 Section 1.1 Definitions. In addition to terms defined elsewhere in this Agreement, the following terms have the meanings indicated which meanings shall be equally applicable to both the singular and the plural forms of such
terms: 
 “Affiliate” shall mean any Person which directly or indirectly through one or more intermediaries controls, or is
controlled by or is under common control, with a Person, as such terms are used in and construed under Rule 144 under the Securities Act. The term “control” means the possession, directly of indirectly, of the power to cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. “Closing” means the closing of the purchase and sale of the Note pursuant to Section 2.1.

 “Closing Date” means February 16, 2007, or such other date as the parties may agree in writing. 
 “Collateral Assignment of Note” means the Collateral Assignment of Promissory Note, dated the Closing Date, among the Company and
Purchaser, in the form of Exhibit F. 
 “Commission” means the Securities and Exchange Commission. 
 “Common Stock” means the common stock of the Company, par value $0.00001 per share, and any securities into which such common stock
shall hereinafter have been reclassified into. 
 “Effective Date” means the date that the initial Registration Statement
filed by the Company pursuant to the Registration Rights Agreement is first declared effective by the Commission. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “GAAP” shall have the meaning ascribed to such term in Section 3.1(h) hereof. 
 “Latin Node” shall mean Latin Node, Inc., a Florida corporation. 
 “Liens” shall have the meaning ascribed to such term in Section 3.1(a) hereof. 
 “Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b) hereof. 
 “Note” means the 10% Convertible Promissory Note due four (4) years from the date of issuance, issued by the Company to Purchaser
hereunder, in the form of Exhibit B. 
 “Old Note” means that certain promissory note, dated as of July 24,
2006, in the original principal amount of $3,300,000, executed by the Company in favor of the Purchaser and issued pursuant to that certain Note Purchase Agreement, dated as of February 10, 2006, as amended by that certain First Amendment to
Note Purchase Agreement, dated as of July 24, 2006, by and between the Company and the Purchaser. 
 “Person” means an
individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Pledge Agreement” means the Stock Pledge Agreement, dated the Closing Date, among the Company and Purchaser, in the form of Exhibit
E. 
 “Principal Market” means initially the OTC Bulletin Board and shall also include, the NASDAQ Capital Market or the
NASDAQ Global Market, whichever is at the time the principal trading exchange or market for the Common Stock, based upon share volume. 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Registration Statement” means the registration statement to be filed by the Company pursuant to the Registration Rights Agreement.

 “Registration Rights Agreement” means the Registration Rights Agreement, dated the Closing Date, among the Company,
Purchaser and SGC, in the form of Exhibit C. 
 “Required Approvals” shall have the meaning ascribed to such term in
Section 3.1(e) hereof. 
  

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 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act,
as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h) hereof. 
 “Securities” means the Note, the Warrants and the Underlying Shares. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Series A Preferred Stock” means the Series A Convertible Preferred Stock of the
Company and any securities into which such preferred stock shall hereinafter have been reclassified into the terms of which are as set forth in the Certificate of Designation of Series A Convertible Preferred Stock attached hereto as Exhibit
A. The Series A Preferred Stock shall be convertible into shares of Common Stock pursuant to the terms set forth in the Series A Certificate of Designation. 
 “SGC” means Stanford Group Company, a Texas corporation. 
 “Short Term
Note” means that certain promissory note, dated as of February 5, 2007, in the original principal amount of $12,000,000, executed by the Company in favor of the Purchaser. 
 “Subscription Amount” means $25,300,000. 
 “Subsidiary” means any subsidiary of the Company as set forth on Schedule 3.1(a) attached hereto. 
 “Trading Day” means any day during which the Principal Market shall be open for business. 
 “Transaction
Documents” means this Agreement, the Note, the Warrants, the Registration Rights Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder. 
 “Underlying Shares” means the shares of Common Stock issuable upon conversion of the Series A Preferred Stock issuable upon conversion
of the Note and upon exercise of the Warrants. 
 “Warrants” means collectively the Common Stock purchase warrants, in the
form of Exhibit D delivered to Purchaser, SGC and to the Persons identified on Schedule 1 hereto at the Closing in accordance with Section 2.2 hereof. In connection with the purchase of the Note, the Company shall issue to Purchaser
and its assigns 1,320,000 Warrants and in connection with the refinancing of the Old Note, as described herein, the Company shall issue to Purchaser and its assigns 198,000 Warrants. In addition, in connection with the purchase of the Note, the
Company shall issue to SGC 200,000 Warrants. 
  

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 “Warrant Shares” means the shares of Common Stock issuable upon exercise of the
Warrants. 
 Section 1.2 Accounting Terms. Accounting terms not specifically defined in this Agreement shall have the meaning
given to them under accounting principles and practices generally accepted in the Ecuador, applied on a consistent basis with the financial statements referred to in Section 3.3 hereof, and shall be determined both as to classification of items
and amounts in accordance therewith. 
 Section 1.3 Other Definitional Provisions. The words “hereof,”
“herein,” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Subsection and Exhibit references are
to this Agreement unless otherwise specified. 
 ARTICLE II—PURCHASE AND SALE 
 Section 2.1 Purchase of Note; Closing. Upon the terms and subject to the conditions set forth herein, concurrent with the execution and
delivery of this Agreement by the parties hereto, the Company agrees to sell, and Purchaser agrees to purchase, the Note in the principal amount of $25,300,000. Purchaser shall deliver to the Company the Subscription Amount via wire transfer or a
certified check immediately available funds as follows: (a) $17,300,000 on the Closing Date ($3,300,000 of which shall be used to refinance the Old Note and $2,000,000 of which shall be paid to SGC as described in Section 3.1(r), below);
and (b) $8,000,000 on or prior to February 15, 2007. At the Closing, the Company shall deliver to Purchaser the Note evidencing a principal amount equal to $25,300,000 and the other items set forth in Section 2.2. 
 Section 2.2 Conditions to Closing. Upon satisfaction or waiver by the party sought to be benefited thereby of the conditions set forth in
this Section 2.2, the Closing shall occur. 
 (a) At or prior to the Closing, the Company shall deliver or cause to be delivered to
Purchaser the following: 
 (i) the Note duly exacted by the Company and registered in the name of Purchaser; 
 (ii) Warrants registered in the names of the Persons set forth on Schedule 1 attached hereto to purchase an aggregate of 1,518,000 shares of Common
Stock, with a term of seven (7) years and an initial exercise price equal to $5.00 per share of Common Stock, subject to adjustment therein; 
 (iii) Warrants registered in the names of SGC to purchase an aggregate of 200,000 shares of Common Stock, with a term of seven (7) years and an initial exercise price equal to $5.00 per share of Common Stock, subject to adjustment
therein; 
  

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 (iv) the Registration Rights Agreement duly executed by the Company; 
 (v) the Pledge Agreement duly executed by the Company; 
 (vi) the Collateral Assignment (along with original promissory note identified therein) duly executed by the Company; and 
 (vii) this Agreement, duly executed by the Company. 
 (b) At or prior to the Closing, Purchaser shall
deliver or cause to be delivered to the Company the following: 
 (i) that portion of the Subscription Amount due at Closing; 
 (ii) the Registration Rights Agreement duly executed by Purchaser and SGC; 
 (iii) the Pledge Agreement duly executed by the Purchaser; 
 (iv) the original Old Note and the Short Term Note, each marked for cancellation; and 
 (v) this Agreement,
duly executed by Purchaser. 
 (c) All representations and warranties of the other party contained herein shall remain true and correct as of
the Closing Date and all covenants of the other party shall have been performed if due prior to such date. 
 (d) There shall have been no
Material Adverse Effect (as defined in Section 3.1(b)) with respect to the Company since the date hereof. 
 (e) The Company shall have
delivered to the Purchaser a duly executed and binding securities purchase agreement between the Company and Latin Node, on terms and conditions acceptable to the Purchaser in its sole and absolute discretion. 
 (f) The Purchaser shall have completed its customary due diligence of the Company, including legal and financial review, to its absolute satisfaction.

 (g) The Purchaser shall have completed its customary due diligence of Latin Node, including legal and financial review, to its absolute
satisfaction 
 (h) The Company shall have paid to the Purchaser all accrued and unpaid interest owing through the Closing Date on the Old
Note. 
  

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 ARTICLE III—REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth below to
Purchaser. 
 (a) Subsidiaries. Except as set forth in Schedule 3.1(a) attached hereto, the Company has no direct or indirect
subsidiaries. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction
(collectively, “Liens”), and all the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights. 
 (b) Organization and Qualification. Each of the Company and the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own and use its properties and assets and to carry on its business as currently
conducted. Neither the Company nor any Subsidiary is in violation of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is
duly qualified to do business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to
be so qualified or in good standing, as the case may be, could not, individually or in the aggregate: (i) adversely affect the legality, validity or enforceability of any Transaction Document, (ii) have or result in or be reasonably likely
to have or result in a material adverse effect on the results of operations, assets, prospects, business or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) adversely impair the Company’s
ability to perform fully on a timely basis its obligations under any of the Transaction Documents (any of (i), (ii) or (iii), a “Material Adverse Effect”). 
 (c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder or thereunder. The execution and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions
contemplated hereby or thereby have been duly authorized by all necessary action on the part of the Company and no further consent or action is required by the Company other than Required Approvals. Each of the Transaction Documents has been (or
upon delivery will be) duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to
applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally and general principles of equity. Neither the Company nor any Subsidiary is in violation of
any of the provisions of its respective certificate or articles of incorporation, by-laws or other organizational or charter documents. 
 (d) No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated thereby do not and will not: (i) conflict with or violate
any provision of the 

  

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Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) subject
to obtaining the Required Approvals, conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, or (iii) result, in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which
the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii),
such as could not, individually or in the aggregate, have or result in a Material Adverse Effect. 
 (e) Filings, Consents and
Approvals. Neither the Company nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than (i) the filings required under Section 4.7 and (ii) the filing with the Commission of the
Registration Statement (collectively, the “Required Approvals”). 
 (f) Issuance of the Securities. The Securities
are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens. The Company has reserved from its duly authorized
capital stock a number of shares of Common Stock for issuance of the Underlying Shares. The Company has not, and to the knowledge of the Company, no Affiliate of the Company has sold, offered for sale or solicited offers to buy or otherwise
negotiated in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the
Securities to Purchaser, or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Principal Market. 
 (g) Capitalization. On the date hereof, the authorized capital of the Company consists of (i) 50,000,000 shares of Common Stock, par value $0.00001 per share, of which 13,060,314 shares are issued and
outstanding excluding shares of Common Stock reserved for issuance pursuant to the Company’s employee stock option plan and (ii) 6,000,000 shares of Series A Preferred Stock, of which -0- shares are issued and outstanding. Except as a
result of the purchase and sale of the Securities, no securities of the Company are entitled to preemptive or similar rights, and no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate
in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, script rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of 

  

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Common Stock, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional
shares of Common Stock, or securities or rights convertible or exchangeable into shares of Common Stock. The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other
than Purchaser) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under such securities. 
 (h) SEC Reports; Financial Statements. Except as set forth on Schedule 3.1(h), the Company has filed all reports required to be filed by it under the Exchange Act, including pursuant to Section 13(a) or
15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law to file such material) (the foregoing materials being collectively referred to herein as the “SEC Reports”). As of
their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of
filing. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such
financial statements or the notes thereto, and fairly present in all material respects the financial position of the Company and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 
 (i) Material
Changes. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in the SEC Reports: (i) there has been no event, occurrence or development that has had or that could
result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice
and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting or the
identity of its auditors, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock,
and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option or similar plans or for other compensatory purposes. 
 (j) Litigation. Except as disclosed in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority
(federal, state, county, local or foreign) (collectively, an “Action”) which: (i) adversely 

  

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affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an
unfavorable decision, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. The Company does not have pending before the Commission any request for confidential treatment of information. There has
not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order
or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. 
 (k) Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would
result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is
or has been in violation of any statute, rule or regulation of any governmental authority, except in each case as could not, individually or in the aggregate, have or result in a Material Adverse Effect. 
 (l) Labor Relations. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the
Company. 
 (m) Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by
the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not, individually or in the aggregate,
have or reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material
Permit. 
 (n) Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property
owned by them that is material to the business of the Company and the Subsidiaries and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear
of all Liens, except for Liens that do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries. Any real property and facilities
held under lease by the Company and the Subsidiaries are held under valid, subsisting and enforceable leases of which the Company and the Subsidiaries are in compliance. 
  

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 (o) Patents and Trademarks. The Company and the Subsidiaries have, or have rights to use, all
patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, licenses and other similar rights necessary or material for use in connection with their respective businesses as described in the SEC Reports
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). Neither the Company nor any Subsidiary has received a written notice that the Intellectual Property Rights
used by the Company or any Subsidiary violates or infringes upon the rights of any Person. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the
Intellectual Property Rights. 
 (p) Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. To the best of Company’s knowledge, such insurance contracts and policies are
accurate and complete. Neither the Company nor any Subsidiary has any reason to believe it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue its business without a significant increase in cost. 
 (q) Transactions With Affiliates and Employees. Except
as required to be set forth in the SEC Reports, none of the officers or directors of the Company and, to the knowledge of the Company, none of the employees of the Company is presently a party to any transaction with the Company or any Subsidiary
(other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner.

 (r) Certain Fees. Except for the placement and advisory fees to be paid to SGC, no brokerage or finder’s fees or commissions
are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement, and the Company has not taken any
action that would cause Purchaser to be liable for any such fees or commissions. The Company agrees that Purchaser shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of any Person for fees of the
type contemplated by this Section with the transactions contemplated by this Agreement. 
 (s) Private Placement. Assuming the
accuracy of the representations and warranties of Purchaser set forth in Sections 3.2(b)-(f), the offer, issuance and sale of the Securities to Purchaser as contemplated hereby are exempt from the registration requirements of the Securities Act. The
issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Principal Market. 
  

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 (t) Listing and Maintenance Requirements. The Company has not, in the 12 months preceding the date
hereof, received notice from any Principal Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Principal Market. The Company is,
and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. 
 (u) Registration Rights. Except as disclosed in the SEC Reports, the Company has not granted or agreed to grant to any Person any rights (including “piggy-back” registration rights) to have any
securities of the Company registered with the Commission or any other governmental authority that have not been satisfied. 
 (v)
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided Purchaser or its agents or counsel with any information that constitutes or might constitute material, nonpublic information. The Company
understands and confirms that Purchaser will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to Purchaser regarding the Company, its business and the transactions contemplated
hereby, including the Schedules to this Agreement, furnished by or on behalf of the Company with respect to the representations and warranties made herein are true and correct with respect to such representations and warranties and do not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that
Purchaser has not made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof. 
 (w) Tax Status. The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other tax returns,
reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those disclosed in the SEC Reports and being
contested in good faith and has set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim, except as disclosed in the SEC Reports. The Company has not executed a waiver with respect to the statute of
limitations relating to the assessment or collection of any foreign, federal, statue or local tax. None of the Company’s tax returns is presently being audited by any taxing authority. 
 (x) Acknowledgment Regarding Purchaser’s Acquisition of Securities. The Company acknowledges and agrees that Purchaser is acting solely in
the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby. The Company further acknowledges that Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any
similar capacity) with respect to this Agreement and the transactions 

  

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contemplated hereby and any statement made by Purchaser or any of its representatives or agents in connection with this Agreement and the transactions
contemplated hereby is not advice or a recommendation and is merely incidental to Purchaser’s purchase of the Securities. The Company further represents to Purchaser that the Company’s decision to enter into this Agreement has been based
solely on the independent evaluation of the Company and its representatives. 
 (y) No General Solicitation or Advertising in Regard to
this Transaction. Neither the Company nor, to the knowledge of the Company, any of its directors or officers (i) has conducted or will conduct any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general
advertising with respect to the sale of the Note or the Warrants, or (ii) made any offers or sales of any security or solicited any offers to buy any security under any circumstances that would require registration of the Note, the Underlying
Shares or the Warrants under the Securities Act. 
 Purchaser acknowledges and agrees that the Company does not make or has not made any
representations or warranties with respect to the transactions contemplated hereby other than those specifically se forth in this Section 3.1. 
 Section 3.2 Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to the Company as follows: 
 (a) Organization; Authority. Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with the requisite corporate or partnership power and authority to enter
into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations thereunder. The purchase by Purchaser of the Securities hereunder has been duly authorized by all necessary action on the
part of Purchaser. Each of this Agreement and the Registration Rights Agreement has been duly executed by Purchaser, and when delivered by Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of
Purchaser, enforceable against it in accordance with its terms. 
 (b) No Conflicts. The execution, delivery and performance of the
Transaction Documents by Purchaser and the consummation by Purchaser of the transactions contemplated thereby do not and will not: (i) conflict with or violate any provision of Purchaser’s certificate or articles of incorporation, bylaws
or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Purchaser debt or otherwise) or other understanding to which Purchaser is a party or by which any
property or asset of Purchaser is bound or affected, or (iii) result, in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which Purchaser is subject
(including federal and state securities laws and regulations), or by which any property or asset of Purchaser is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not, individually or in the aggregate, have
or result in a material adverse effect on Purchaser. 
  

 12 

 (c) Investment Intent. Purchaser is acquiring the Securities as principal for its own account for
investment purposes only and not with a view to or for distributing or reselling such Securities or any part thereof, without prejudice, however, to Purchaser’s right, subject to the provisions of this Agreement, at all times to sell or
otherwise dispose of all or any part of such Securities pursuant to an effective registration statement under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities laws.
Nothing contained herein shall be deemed a representation or warranty by Purchaser to hold Securities for any period of time. Purchaser is acquiring the Securities hereunder in the ordinary course of its business. Purchaser does not have any
agreement or understanding, directly or indirectly, with any Person to distribute any of the Securities. 
 (d) Purchaser Status. At
the time Purchaser was offered the Securities, it was, and at the date hereof it is, and on each date on which it exercises any Warrants or converts any Note it will be, an “accredited investor” as defined in Rule 501(a) under the
Securities Act. Purchaser has not been formed solely for the purpose of acquiring the Securities. Purchaser is not a registered broker-dealer under Section 15 of the Exchange Act. 
 (e) Experience of Purchaser. Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in
business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Purchaser is able to bear the economic risk of an
investment in the Securities and, at the present time, is able to afford a complete loss of such investment. Purchaser has had the opportunity to ask the representatives of the Company questions about the Company’s business and financial
condition and the terms of this offering and has obtained such information as it has requested to the extent it has deemed necessary to permit it to fully evaluate the merits and risks of its investment in the Company. Purchaser also represents that
it has had the opportunity to examine all material books and records of the Company and all material contracts and documents relating to his investment. Further, Purchaser has consulted with such other of his investment and/or accounting and/or
legal and/or tax advisors as it has deemed necessary and appropriate in making its decision to invest in the Company on the terms described herein. 
 (f) General Solicitation. Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar or any other general solicitation or general advertisement. 
 The Company acknowledges
and agrees that Purchaser does not make or has not made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in this Section 3.2. 
 ARTICLE IV—OTHER AGREEMENTS OF THE PARTIES 
 Section 4.1 Transfer Restrictions. 
 (a) The Securities may only be disposed of in compliance
with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an 

  

 13 

 
effective registration statement, to the Company or to an Affiliate of Purchaser, the Company may require the transferor thereof to provide to the Company an
opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such
transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights of Purchaser under this Agreement and the Registration
Rights Agreement. 
 (b) Purchaser agrees to the imprinting, so long as is required by this Section 4.1(b), of the following legend on
any certificate evidencing Securities: 
 [NEITHER] THESE SECURITIES [NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE [EXERCISABLE]
[CONVERTIBLE]] HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR REASONABLY ACCEPTABLE TO THE COMPANY TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
 (c) Certificates evidencing Underlying Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while
a registration statement (including the Registration Statement) covering the resale of such security is effective under the Securities Act (unless, subsequent to the date hereof, the Commission enacts any new rules or regulations which specifically
requires a legend on the certificates until a sale is made by the holder thereof), or (ii) following any sale of such Underlying Shares pursuant to Rule 144, or (iii) if such Underlying Shares are eligible for sale under Rule 144(k), or
(iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission); provided, however, in connection with the
issuance of the Underlying Shares, Purchaser hereby agrees to adhere to and abide by all prospectus delivery requirements under the Securities Act and rules and regulations of the Commission. If all or any portion of the Note or Warrant is converted
or exercised (as applicable) at a time when there is an effective registration statement to cover the resale of the Underlying Shares, or if such Underlying Shares may be sold under Rule 144(k) or if such 

  

 14 

 
legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations thereof) then such Underlying Shares
shall be issued free of all legends. The Company agrees that following the Effective Date or at such time as such legend is no longer required under this Section 4.1(c), it will, no later than three Trading Days following the delivery by
Purchaser to the Company or the Company’s transfer agent of a certificate representing Underlying Shares issued with a restrictive legend, deliver or cause to be delivered to Purchaser a certificate representing such shares that is free from
all restrictive and other legends. The Company may not make any notation on its records or give instructions to any transfer agent of the Company that enlarge the restrictions on transfer set forth in this Section. 
 Section 4.2 Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the
outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including without limitation its obligation to issue the
Underlying Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have
against Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company. 
 Section 4.3 Furnishing of Information. As long as Purchaser owns Securities, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to the Exchange Act. Upon the request of Purchaser, the Company shall deliver to Purchaser a written certification of a duly authorized officer as to whether it has complied with the preceding
sentence. As long as Purchaser owns Securities, if the Company is not required to file reports pursuant to such laws, it will prepare and furnish to Purchaser and make publicly available in accordance with Rule 144(c) such information as is required
for Purchaser to sell the Securities under Rule 144. The Company further covenants that it will take such further action as any holder of Securities may reasonably request, all to the extent required from time to time to enable such Person to sell
such Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. 
 Section 4.4 Integration. The Company shall not, and shall use its best efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as
defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities to Purchaser, or that would be
integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Principal Market. 
 Section 4.5
Reservation of Securities. 
 (a) The Company shall maintain a reserve from its duly authorized shares of Series A Preferred Stock for
issuance pursuant to the Transaction Documents in such amount as may be required to fulfill its obligations in full under the Transaction Documents. In addition, the Company will at all times have authorized and reserved for the purpose of issuance
a sufficient number of shares of Common Stock to provide for the conversion of the Series A Preferred Stock and the exercise of the Warrants. 
  

 15 

 (b) The Company shall not undertake a reverse or forward stock split or reclassification of the Common
Stock without the prior written consent of Purchaser. 
 Section 4.6 Conversion and Exercise Procedures. The Purchaser
acknowledges that, as of the Closing Date, the Series A Preferred Stock has not been authorized by the Company. Accordingly, the Purchaser agrees that it shall not convert the Note pursuant to the terms hereof until the Series A Preferred Stock has
been properly authorized by the Company. The form of Notice of Exercise included in the Warrants and the form of Notice of Conversion included in the Note set forth the totality of the procedures required of Purchaser in order to exercise the
Warrants or convert the Note. No additional legal opinion or other information or instructions shall be required of Purchaser to exercise their Warrants or convert the Note. The Company shall honor exercises of the Warrants and conversions of the
Note and shall deliver Underlying Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents. 
 Section 4.7 Securities Laws Disclosure; Publicity. The Company shall, by the fourth Trading Day following the Closing Date, issue a press release or file a Current Report on Form 8-K reasonably acceptable to Purchaser disclosing
all material terms of the transactions contemplated hereby. The Company and Purchaser shall consult with each other in issuing any press releases with respect to the transactions contemplated hereby. Notwithstanding the foregoing, other than in any
registration statement filed pursuant to the Registration Rights Agreement and filings related thereto, the Company shall not publicly disclose the name of Purchaser, or include the name of Purchaser in any filing with the Commission or any
regulatory agency or Principal Market, without the prior written consent of Purchaser, except to the extent such disclosure is required by law or Principal Market regulations, in which case the Company shall provide Purchaser with prior notice of
such disclosure. 
 Section 4.8 Non-Public Information. The Company covenants and agrees that neither it nor any other Person
acting on its behalf will provide Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto Purchaser shall have executed a written agreement regarding the
confidentiality and use of such information. The Company understands and confirms that Purchaser shall be relying on the foregoing representations in effecting transactions in securities of the Company. 
 Section 4.9 Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder (following the payment of the
fees and expenses described in Section 5.1, below, as well as the $2,000,000 placement and advisory fee due to SGC as described herein) for the acquisition of a controlling interest in the issued and outstanding capital stock of Latin Node, the
refinancing of the Old Note under the same terms and conditions set forth herein as well as general working capital purposes and not for the satisfaction of any portion of the Company’s debt (other than payment of trade payables, capital lease
obligations, and accrued expenses in the ordinary course of the Company’s business and prior practices), to redeem any Company equity or equity-equivalent securities or to settle any outstanding litigation. 
  

 16 

 Section 4.10 Reimbursement. If Purchaser becomes involved in any capacity in any Proceeding
by or against any Person who is a stockholder of the Company, solely as a result of Purchaser’s acquisition of the Securities under this Agreement and without causation by any other activity, obligation, condition or liability on the part of,
or pertaining to Purchaser and not to the purchase of Securities pursuant to this Agreement, the Company will reimburse Purchaser, to the extent such reimbursement is not provided for in Section 4.11, for its reasonable legal and other expenses
(including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith, as such expenses are incurred. The reimbursement obligations (and limitations thereon) of the Company under this paragraph
shall be in addition to any liability which the Company may otherwise have, shall extend upon the same terms and conditions to any Affiliates of Purchaser who are actually named in such action, proceeding or investigation, and partners, directors,
agents, employees and controlling persons (if any), as the case may be, of Purchaser and any such Affiliate, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Company, Purchaser
and any such Affiliate and any such Person. The Company also agrees that neither Purchaser nor any such Affiliates, partners, directors, agents, employees or controlling persons shall have any liability to the Company or any Person asserting claims
on behalf of or in right of the Company solely as a result of acquiring the Securities under this Agreement except to the extent any covenant or warranty owing to the Company is breached. 
 Section 4.11 Indemnification of Purchaser. Subject to the provisions of this Section 4.11, each party (the “Indemnifying
Party”) will indemnify and hold the other parties and their directors, officers, shareholders, partners, employees and agents (each, an “Indemnified Party”) harmless from any and all losses, liabilities, obligations,
claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Indemnified Party may suffer or incur as a result of
or relating to any breach of any of the representations, warranties, covenants or agreements made by the Indemnifying Party in this Agreement or in the other Transaction Documents. If any action shall be brought against any Indemnified Party in
respect of which indemnity may be sought pursuant to this Agreement, such Indemnified Party shall promptly notify the Indemnifying Party in writing, and the Indemnifying Party shall have the right to assume the defense thereof with counsel of its
own choosing. Any Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party except to the
extent that (i) the employment thereof has been specifically authorized by the Indemnifying Party in writing, (ii) the Indemnifying Party has failed after a reasonable period of time to assume such defense and to employ counsel or
(iii) in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between the position of the Indemnifying Party and the position of such Indemnified Party. The Indemnifying Party will
not be liable to any Indemnified Party under this Agreement (i) for any settlement by an Indemnified Party effected without the Indemnifying Party’s prior written consent, which shall not be unreasonably withheld or delayed; or
(ii) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Indemnified Party’s breach of any of the representations, warranties, covenants or agreements made by Purchaser in this Agreement or
in the other Transaction Documents. In no event shall the liability of Purchaser hereunder be greater in amount than the dollar amount of the net proceeds received by Purchaser upon the sale of the Securities. 
  

 17 

 Section 4.12 Additional Funding Commitment. The Purchaser shall provide up to $5,000,000 in
additional financing (inclusive of an additional placement and advisory fee to SGC of $500,000) to the Company, on the same terms and conditions as described herein (including the issuance by the Company of an additional convertible promissory note
as well as the issuance of warrants in accordance with Schedule 2 attached hereto and the corresponding registration rights with respect to the shares of Common Stock underlying such warrants and the shares of Common Stock issuable upon conversion
of the Series A Preferred Stock issuable upon conversion of this additional debt), subject to Latin Node obtaining at least $5,000,000 in third party debt financing within the next twelve (12) months. In addition to the placement and advisory
fee to SGC described in the preceding sentence, upon the funding of the additional financing, the Company shall issue to 7-year SGC warrants (along with corresponding registration rights) to purchase 50,000 shares of Common Stock exercisable at
$5.00 per share. 
 Section 4.13 Authorization of Series A Preferred Stock. Promptly after the Closing Date, the Board of
Directors of the Company shall use commercially reasonable efforts to amend the Company’s certificate of incorporation to authorize the creation of the Series A Preferred Stock including taking all steps necessary to have such amendment
approved by the shareholders of the Company. Purchaser shall take such actions as may be reasonably required to support such shareholder approval. 
 Section 4.14 Right of First Refusal. At all times while the Purchaser (or an affiliate thereof) is a shareholder of the Company, the Company grants to the Purchaser (or an affiliate thereof) the right of first refusal, with
respect to any future financings of the Company exceeding $5,000,000, to provide such financings upon the same terms and conditions set forth herein. 
 Section 4.15 Preemptive Rights. At all times while the Purchaser (or an affiliate thereof) is a shareholder of the Company, the Purchaser shall have the right to purchase a pro rata percentage of
securities the Purchaser owns in the Company, in any privately placed securities offering made by the Company. This preemptive right to acquire securities shall not apply to any shares granted to employees of the Company or other persons in
connection with any employee or stock ownership plan or otherwise. If the Company proposes to issue further equity securities as described above, the Company shall provide written notice to the Purchaser setting forth the price, terms and conditions
upon which the securities are being offered. The Purchaser shall have the right to purchase the amount of securities described in this Section above, at such price and upon such terms and conditions set forth in the notice, if within thirty
(30) days after the notice thereof, the Purchaser gives notice to the Company of its intention to exercise its preemptive right. 
 Section 4.16 Consent Rights. So long as any shares of Series A Preferred Stock remain outstanding, the Company shall not, without first obtaining the approval of the Purchaser, enter into any transaction the value of which
exceeds $15,000,000. 
 Section 4.17 Additional Agreements. The Company shall use its reasonable best efforts to cause the
following to occur: (a) the filing, by an appropriate NASD market maker on behalf of the Company, of a Form 15-C-211 with the NASD within 30 days from the Closing Date; (b) the Company shall obtain its initial listing on the OTC Bulletin
Board by May 31, 2007; (c) the Company shall file, not later than July 31, 2007, a listing application for the NASDAQ Capital 

  

 18 

 
Market; and (d) the Company’s Common Stock shall commence trading on the NASDAQ Capital not later than October 31, 2007. With respect to the
actions listed in (a), (b) and (d), above, the Company shall fully cooperate with all third parties and promptly provide all information necessary for the occurrence of such actions it being understood by the parties hereto that the occurrence
of such events are not fully within the control of the Company. 
 ARTICLE V—MISCELLANEOUS 
 Section 5.1 Fees and Expenses. The Company shall bear its own costs, including attorney’s fees, incurred in the negotiation of this
Agreement and consummating of the transactions contemplated herein and the corporate proceedings of the Company in contemplation hereof and thereof. The Company shall reimburse Purchaser for all of Purchaser’s reasonable out-of-pocket expenses
incurred in connection with the negotiation or performance of this Agreement, including without limitation reasonable fees and disbursements of counsel to the Purchaser. The Company shall pay all transfer agent fees, stamp taxes and other taxes and
duties levied in connection with the issuance of any Securities. 
 Section 5.2 Entire Agreement. The Transaction Documents,
together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which
the parties acknowledge have been merged into such documents, exhibits and schedules. 
 Section 5.3 Notices. Any notice required
or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be effective upon personal delivery, via facsimile (upon receipt of confirmation of error-free transmission and mailing a copy of such confirmation,
postage prepaid by certified mail, return receipt requested) or two business days following deposit of such notice with an internationally recognized courier service, with postage prepaid and addressed to each of the other parties thereunto entitled
at the following addresses, or at such other addresses as a party may designate by five days advance written notice to each of the other parties hereto. 
  

							
	 Company:
	 	Elandia, Inc.	  		  	
		 	1500 Cordova Road, Suite 312	  	
		 	Ft. Lauderdale, Florida 33316	  		  	
		 	Attention: Harley L. Rollins	  		  	
		 	Telephone: (954) 728-9090	  		  	
		 	Facsimile: (954) 728-9080	  		  	
				
	 with a copy to:
	 	Carlton Fields, P.A.	  		  	
		 	100 S.E. Second Street, Suite 4000	  	
		 	Miami, Florida 33131	  		  	
		 	Attention: Seth P. Joseph, Esq.	  	
		 	Telephone: (305) 530-0050	  		  	
		 	Facsimile: (305) 530-0055	  		  	

  

 19 

							
			
	 Purchaser:
	  	Stanford International Bank Ltd.	 	
		  	No. 11 Pavilion Drive	 		 	
		  	St. John’s, Antigua, West Indies	 	
		  	Attention: James M. Davis, President	 	

 Section 5.4 Amendments; Waivers. No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by the Company and Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission
of either party to exercise any right hereunder in any manner impair the exercise of any such right. 
 Section 5.5 Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party. 
 Section 5.6
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the
prior written consent of Purchaser. Purchaser may assign its rights under this Agreement and the Registration Rights Agreement to any Person to whom Purchaser assigns or transfers any Securities. 
 Section 5.7 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 
 Section 5.8
Governing Law; Venue; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the
State of Florida, without regard to the principles of conflicts of law thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Miami-Dade County, Florida for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in
effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. The parties hereby waive all rights to a trial by jury. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be
reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 
  

 20 

 Section 5.9 Survival. The representations, warranties, agreements and covenants contained
herein shall survive the Closing and the delivery, exercise and/or conversion of the Securities, as applicable for the applicable statue of limitations. 
 Section 5.10 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when
counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof. 
 Section 5.11 Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and
upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 Section 5.12 Remedies. In addition to being
entitled to exercise all rights provided herein or granted by law, including recovery of damages, Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be
adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation the defense that a remedy at law would be
adequate. 
 Section 5.13 Payment Set Aside. To the extent that the Company makes a payment or payments to Purchaser pursuant to
any Transaction Document or Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or
federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such enforcement or setoff had not occurred. 
 Section 5.14 No Usury. To the extent it may lawfully do so, the
Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in
connection with any claim, action or proceeding that may be brought by Purchaser in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is
expressly agreed and provided that the total liability of the Company under the Transaction 

  

 21 

 
Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum
Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the
Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental action subsequent
to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date forward, unless such application is precluded by applicable law. If under any
circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to Purchaser with respect to indebtedness evidenced by the Transaction Documents, such excess shall be applied by Purchaser to the unpaid principal balance of
any such indebtedness or be refunded to the Company, the manner of handling such excess to be at Purchaser’s election. 
 [Signatures Begin on Following Page] 
  

 22 

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

			
	ELANDIA, INC.
		
	By:	 	 /s/ Harry Hobbs

		 	Harry Hobbs
		 	Chief Executive Officer
	
	STANFORD INTERNATIONAL BANK LIMITED
		
	By:	 	 /s/ James M. Davis

		 	James M. Davis
		 	Chief Financial Officer

  

 23Convertible Promissory Note

 EXHIBIT 10.2 
 THIS NOTE AND THE SHARES OF PREFERRED STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS NOTE AND THE SHARES OF PREFERRED STOCK ISSUABLE UPON
CONVERSION OF THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO ELANDIA, INC. THAT SUCH
REGISTRATION IS NOT REQUIRED. 
 CONVERTIBLE PROMISSORY NOTE 
  

			
	$25,300,000.00	  	February 16, 2007

 FOR VALUE RECEIVED, ELANDIA, INC., a Florida corporation (the “Maker”), with its
principal address at 1500 Cordova, Suite 312, Fort Lauderdale, Florida 33316, unconditionally promises to pay to the order of STANFORD INTERNATIONAL BANK LIMITED or its assigns (the “Payee”), having an office at No. 11 Pavilion
Drive, St. John’s, Antigua, West Indies, the principal amount of TWENTY FIVE MILLION THREE HUNDRED THOUSAND AND 00/100 ($25,300,000.00) DOLLARS, or so much thereof as the Payee advances to the Maker, pursuant hereto, together with interest on
the unpaid principal balance from time to time outstanding under this promissory note (this “Note”), at the rate of ten percent (10.00%) per annum, compounding on the basis of a 360-day year for the actual number of days elapsed from
the date hereof through, until and including February 15, 2011 (the “Maturity Date”) at which time the entire unpaid principal balance and all accrued and unpaid interest shall become due and payable, if the same had not been
converted in accordance with the terms hereof. This Note is being issued pursuant to and in accordance with the terms and conditions of that Convertible Note Purchase Agreement, of even date herewith, between the Payee and the Maker (the
“Purchase Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Purchase Agreement. 
 The Maker also agrees as follows: 
  

	 	1.	Payment of Interest, Principal and Fees. 

 a.
Interest. The first interest payment on this Note (equivalent to 24 months of accrued interest) shall be due and payable on the 24-month anniversary of the date hereof. Thereafter, interest payments on this Note shall be payable quarterly in
arrears commencing on April 1, 2009 and on the first business day of each quarter thereafter until the Maturity Date. 
 b.
Principal. To the extent not previously converted pursuant to the terms hereof, all outstanding principal, together with accrued and unpaid interest thereon, shall be due and payable, and shall be paid, to the Payee on the Maturity Date.

  

	 	2.	Place and Application of Payments; Prepayment. 

 a. All payments of interest and of principal shall be payable in lawful money of the United States of
America in immediately available funds, without setoff, counterclaim or deduction of any kind to the Payee’s address above. Each payment hereunder shall first be applied to accrued and unpaid interest and then in reduction of the outstanding
principal balance, unless other costs and charges are payable pursuant to the terms of this Note, in which event, in Payee’s sole discretion, such costs and charges shall first be paid. This Note shall be construed and enforced in accordance
with Florida law (the “Applicable Law”). 
 b. This Note may be prepaid in whole or in part, with 30 days prior written notice to
the Payee, without premium or penalty; provided, however, that upon receipt of such notice of the Maker’s intent to prepay, the Payee shall have the option, in its sole discretion, to convert all or any amounts due hereunder prior to such
prepayment (in accordance with the terms hereof), in which case the Payee shall be granted a reasonable amount of time to execute said conversion. 
 3. Use of Proceeds. All amounts advanced hereunder shall be used by Maker solely for the purposes set forth in the Purchase Agreement. 
  

	 	4.	Conversion. 

 a. Conversion Price and Conversion
Shares. All amounts due hereunder, including principal and any accrued and unpaid interest thereof, may be converted at the option of the Payee into shares of Series A Convertible Preferred Stock of the Maker (the “Series A Preferred
Stock”) at the rate of $5.00 per share (the “Conversion Price”). This initial Conversion Price shall be subject to adjustment to offset the effect of stock splits, stock dividends, recapitalizations and pro rata distributions of
property or equity interests to the Maker’s shareholders. The number of shares of Series A Preferred Stock into which this Note may be converted (“Conversion Shares”) shall be determined by dividing the aggregate principal amount,
plus any accrued and unpaid interest thereon, by the Conversion Price in effect at the time of such conversion. 
 b. Voluntary
Conversion. Any Payee of this Note has the right, at the Payee’s option, at any time after the date hereof to convert this Note, in accordance with the provisions of Section 4(a) and 4(d), in whole or in part, into fully paid and
nonassessable shares of Series A Preferred Stock. 
 c. Conversion Procedure. The Payee shall give notice of its decision to exercise
its right to convert the Note or any part thereof by faxing an executed and completed notice of conversion in the form attached (“Notice of Conversion”) to the Maker via confirmed facsimile transmission. The Payee will not be required to
surrender the Note until the Note has been fully converted or satisfied. Each date on which a Notice of Conversion is faxed to the Maker in accordance with the provisions of this Section shall be deemed a “Conversion Date”. 
 d. Delivery of Stock Certificates. As promptly as practical after the conversion, the Maker will instruct or cause its transfer agent to deliver
the Series A Preferred Stock certificates representing the shares issuable upon conversion of the Note to the Payee via express courier for receipt by such Payee within three (3) business days after receipt by the Maker of the Notice of
Conversion (the “Delivery Date”). A Note representing the balance of any Note not so 

  

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converted will be provided to the Payee, if requested by the Payee provided an original Note is delivered to the Maker. To the extent that a Payee elects not
to surrender a Note for reissuance upon partial payment or conversion, the Payee indemnifies the Maker against any and all loss or damage attributable to a third-party claim in an amount in excess of the actual amount then due under the Note.

  

	 	5.	Adjustments for Stock Splits and Subdivisions. 

 a.
In the event the Maker should at any time or from time to time after the date of issuance hereof fix a record date for the effectuation of a split or subdivision of the outstanding shares of common stock, or the issuance by reclassification of
shares of Common Stock any shares of capital stock of the Maker or the determination of holders of common stock entitled to receive a dividend or other distribution payable in additional shares of common stock or other securities or rights
convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares of common stock (hereinafter referred to as the “Common Stock Equivalents”) without payment of any consideration by such holder for the
additional shares of common stock or the Common Stock Equivalents (including the additional shares of common stock issuable upon conversion or exercise thereof), then, as of such record date, (or the date of such dividend distribution, split or
subdivision if no record date is fixed), the Conversion Price of this Note shall be appropriately decreased, as the case shall be, so that the number of shares of Series A Preferred Stock issuable upon conversion of this Note shall be increased in
proportion to such increase of outstanding shares. 
 b. If the number of shares of Common Stock outstanding any time after the date of
issuance of the Note is decreased by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the conversion price of this Note shall be appropriately increased so that the number of shares of
Series A Preferred Stock issuable on conversion hereof shall be decreased in proportion to such decrease in outstanding shares. 
 c. If the
Maker at any shall fix a record date for the issuance of rights, options, warrants or other securities to all the holders of its Common Stock entitling them to subscribe for or purchase, convert to, exchange for or otherwise acquire shares of Common
Stock for no consideration or at a price per share less than the Conversion Price, the Conversion Price shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such
issuance or sale plus the number of shares of Common Stock which the aggregate consideration received by the Maker would purchase at the Conversion Price, and the denominator of which shall be the number of shares of Common Stock outstanding
immediately prior to such issuance date plus the number of additional shares of Common Stock offered for subscription, purchase, conversion, exchange or acquisition, as the case may be. Such adjustment shall be made whenever such rights, options,
warrants or other securities are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options, warrants or other securities. 
 d. If the Maker at any time shall fix a record date for the distribution to holders of its Common Stock, evidence of its indebtedness or assets or
rights, options, warrants or other security entitling them to subscribe for or purchase, convert to, exchange for or 

  

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otherwise acquire any security (excluding those referred to in Sections 5(a) and 5(c) above), then in each such case the Conversion Price shall thereafter be
determined by multiplying the Conversion Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the per-share market price on such record date less the then fair market value at such record date of the
portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of Common Stock as determined by the Board of Directors of the Maker in good faith, and the denominator of which shall be the Conversion Price as
of such record date. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 
 e. Whenever the Conversion Price is adjusted pursuant to this Section, the Maker shall promptly mail to the Payee a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. 
 6. Reservation of Stock Issuable upon Conversion. The Maker covenants that it will at all
times reserve and keep available out of its authorized and unissued shares of Series A Preferred Stock solely for the purpose of issuance upon conversion of the Note, as herein provided, free from preemptive rights or any other actual contingent
purchase rights of persons other than the Payee, not less than such number of shares of the Series A Preferred Stock as shall (subject to any additional requirements of the Maker as to reservation of such shares set forth in the Purchase Agreement)
be issuable (taking into account the adjustments and restrictions herein) upon the conversion of the outstanding principal amount of the Note. The Maker covenants that all shares of Series A Preferred Stock that shall be so issuable shall, upon
issue, be duly and validly authorized, issued and fully paid, nonassessable and, if the Registration Statement is then effective under the Securities Act, the shares of Common Stock issuable upon the conversion of such shares of Series A Preferred
Stock shall be registered for public sale in accordance with such Registration Statement. 
 7. Stock Pledge Agreement. The
obligations of the Maker hereunder and under the Transaction Documents shall be secured by a pledge of all of the shares of the common stock of Latin Node, Inc. now held or acquired hereafter by the Maker. 
 8. Fees and Expenses. Maker agrees to pay all costs and expenses incurred by Payee, including reasonable attorneys’ fees and legal costs and
expenses, in connection with the preparation, negotiation and delivery hereof and in collecting any sums due under this Note or in enforcing the terms and conditions of the Note or any other Transaction Document, whether for services incurred in
collection, litigation proceedings at pre-trial, trial and appellate levels, bankruptcy proceedings or otherwise. Without limiting the generality of the foregoing, the Maker shall be responsible to pay to Stanford Group Company a placement and
advisory fee in the amount of $2,000,000 in connection with the transactions contemplated by the Purchase Agreement. 
 9. Notices.
Any notice, consent, approval or communication given pursuant to the provisions of this Note shall (except where otherwise permitted by this Note) be in writing and shall be (a) delivered by hand, (b) mailed by certified mail or registered
mail, return receipt requested, postage prepaid, or (c) delivered by a nationally recognized overnight courier, U.S. Post Office Express Mail, or similar overnight courier which delivers only upon signed receipt of 

  

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the addressee. The time of the giving of any notice shall be the time of receipt thereof by the addressee or any agent of the addressee, except that in the
event the addressee or such agent of the addressee shall refuse to receive any notice given as above provided or there shall be no person available at the time of delivery thereof to receive such notice, the time of the giving of such notice shall
be the time of such refusal or the time of such delivery, as the case may be. Such notices shall be given to the Maker and the Payee at the addresses provided herein. 
 10. Events of Default. The following are events of default hereunder: (a) the failure of Maker to pay any obligation, liability or indebtedness to the Payee, whether under this Note, as and when due
(whether upon demand, at maturity or by acceleration) including, without limitation, those existing as of the date of execution; (b) the commencement of a proceeding against Maker for dissolution or liquidation (which proceeding is not
discharged within 45 days after commencement), the voluntary or involuntary termination or dissolution of Maker or the merger or consolidation of Maker with or into another entity; (c) the insolvency of, the business failure of, the appointment
of a custodian, trustee, liquidator or receiver for or for any of the property of, the assignment for the benefit of creditors by, or the filing of a petition under bankruptcy, insolvency or debtor’s relief law (which petition is not discharged
within 45 days after filing) or the filing of a petition for any adjustment of indebtedness, composition or extension by or against Maker (which petition is not discharged within 45 days after filing); (d) the breach of any covenant or other
agreement made by the Maker to the Payee in any of the Transaction Documents or otherwise which has remain uncured after a period of 30 days following notice from Payee of such breach; or (e) the entry of a material judgment against Maker not
paid or bonded within 45 days after entry. 
  

	 	11.	Remedies. 

 a. Whenever there is an event of default
under this Note (a) the entire balance outstanding hereunder and all other obligations of Maker to the Payee (however acquired or evidenced) shall, at the option of Payee, become immediately due and payable, and/or (b) to the extent
permitted by law, the rate of interest on the unpaid principal shall be increased at the Payee’s discretion up to 15% per annum (the “Default Rate”). The provisions herein for a Default Rate and a delinquency charge shall not be
deemed to extend the time for any payment hereunder or to constitute a “grace period” giving Maker a right to cure any default. At the Payee’s option, any accrued and unpaid interest, fees or charges may, for purposes of computing and
accruing interest on a daily basis after the due date of this Note or any installment thereof, be deemed to be a part of the principal balance, and interest shall accrue on a daily compounded basis after such date at the Default Rate provided in
this Note until the entire outstanding balance of principal and interest is paid in full. In addition to the foregoing, the Payee shall have all rights and remedies provided for by Applicable Law (including all forms of legal and equitable relief).

 b. The remedies of Payee as provided herein shall be cumulative and concurrent and may be pursued singly, successively, or together at the
sole discretion of Payee and may be exercised as often as occasion therefore shall arise. The acceptance by Payee of any payment under this Note which is less than the amount then due or the acceptance of any amount after the due date thereof, shall
not be deemed a waiver of any right or remedy available to Payee nor nullify the prior exercise of any such right or remedy by Payee. None of the terms or provisions of this Note may be waived, altered, modified or amended except by a written
document executed by Payee and the Maker, and then only to the extent specifically recited 

  

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therein. No course of dealing or conduct shall be effective to waive, alter, modify or amend any of the terms or provisions hereof. The failure or delay to
exercise any right or remedy available to Payee shall not constitute a waiver of the right of the Payee to exercise the same or any other right or remedy available to Payee at that time or at any subsequent time. 
 12. Usury. Notwithstanding any provision of this Note, the Payee does not intend to charge and Maker shall not be required to pay any amount of
interest or other charges in excess of the maximum rate permitted by Applicable Law as amended from time to time. Should any interest payment or other payment of the loan evidenced by this Note result in the computation or earning of interest in
excess of the highest rate permissible under Applicable Law, then any and all such excess shall be and the same is hereby waived by Payee, and all such excess shall be credited by Payee against the unpaid principal balance of this Note or paid by
Payee to Maker or to any parties liable for the repayment of the loan evidenced by this Note, in the sole discretion of Payee. It is the intent of the parties hereto that neither Maker, nor any parties liable for the repayment of the loan evidenced
by this Note, shall be required to pay interest in excess of the highest rate permissible under Applicable Law as amended from time to time. 
 13. No Set-Off. Maker acknowledges that its obligations to make payments hereunder are absolute and unconditional, and agrees that such payments shall not be requested to be, and shall not be, subject to any defense, set-off or
counterclaim of any kind or nature, or any other action similar to the foregoing. 
 14. Severability. If any provision of this Note
shall be deemed invalid, illegal or unenforceable under Applicable Law, such invalidity, illegality or unenforceability shall not affect any other provision (or remaining part of the affected provision) of this Note and this Note shall be construed
as if such invalid, illegal or unenforceable provision (or part thereof) had not been contained herein. 
 15. Additional Agreements.
To the fullest extent permitted by law, Maker and all sureties, endorsers and guarantors of this Note, if any, hereby (a) waive demand, presentment for payment, notice of nonpayment, protest, notice of protest, and all other notice, filing of
suit, and diligence in collecting this Note; (b) agree to the addition or release of any party or person primarily or secondarily liable hereon; (c) waive any right to immunity from any action or proceeding brought in connection with this
Note or any instrument securing it and waive any immunity or exemption of any property, wherever located, from garnishment, levy, execution, seizure or attachment prior to or in execution of judgment, or sale under execution or other process for the
collection of debts; (d) waive any right to interpose any setoff or counterclaim or to plead any statute of limitations as a defense in any such action or proceeding, and waive all statutory provisions and requirements for the benefit of Maker,
now or hereafter in force; (e) agree that Payee shall not be required first to institute any suit or to exhaust its remedies against Maker or any other person or party liable hereunder in order to enforce payment for this Note; and
(f) consent to any extension, rearrangement, renewal, or postponement of time of payment of this Note and to any other indulgency with respect thereto without notice, consent or consideration to any of them. 
 16. JURISDICTION. MAKER IRREVOCABLY AGREES THAT ANY ACTION OR PROCEEDING ARISING HEREUNDER OR RELATING HERETO THAT IS BROUGHT 

  

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BY MAKER SHALL BE TRIED BY THE COURTS OF THE STATE OF FLORIDA SITTING IN MIAMI-DADE COUNTY, OR THE UNITED STATES DISTRICT COURTS SITTING THERE. MAKER
IRREVOCABLY SUBMITS, IN ANY SUCH ACTION OR PROCEEDING THAT IS BROUGHT BY PAYEE, TO THE NON-EXCLUSIVE JURISDICTION OF EACH SUCH COURT, IRREVOCABLY WAIVES THE DEFENSE OF AN INCONVENIENT FORUM WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING, AND AGREES
THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE MADE UPON MAKER BY MAILING A COPY THEREOF TO MAKER AT THE ADDRESS SET FORTH HEREIN (AS WELL AS BY ANY OTHER LAWFUL METHOD). 
 17. WAIVER OF JURY TRIAL. PAYEE AND MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY AND TO
BRING ANY ACTION IN THE NATURE OF A PERMISSIVE COUNTERCLAIM WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE ENTERING INTO THE LOAN TRANSACTION EVIDENCED BY THIS NOTE. 
 Dated and executed this 16th day of February 2007. 
  

			
	 MAKER:

	
	 ELANDIA, INC.

		
	 By:
	 	 /s/ Harry Hobbs

		 	Harry Hobbs
		 	Chief Executive Officer

  

 7 

 NOTICE OF CONVERSION 
 OF 
 CONVERTIBLE PROMISSORY NOTE 
 DUE FEBRUARY 15, 2011 
 (To be Executed by the Payee in order to Convert
the Note) 
 The undersigned irrevocably elects to convert $
                     of the principal amount, together with the accrued interest thereon, of the above Note into Shares of Series A
Convertible Preferred Stock of Elandia, Inc. (the “Company”) according to the conditions of the Convertible Promissory Note, dated February 16, 2007. 
  

			
	Conversion Date:	 	 

  

			
	Applicable Conversion Price:	 	 

  
  

			
	 
	 Name:
	 	 
	Address:	 	 
	  

  

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