Document:

Co-Sale and First Refusal Agreement

 Exhibit 4.1 
  

CO-SALE AND FIRST REFUSAL AGREEMENT 
  
 This CO-SALE AND FIRST REFUSAL AGREEMENT (this “Agreement”) is entered into as of
                    , 2005, by and between Stanford International Bank, Ltd., an Antiguan corporation (“Stanford”) and
W&R South Pacific, L.P., a Washington limited partnership (“W&R”). This Agreement shall become effective as of the Closing (as defined therein) of that certain Agreement and Plan of Merger dated as of July 25,
2005 among eLandia Solutions, Inc., a Delaware corporation (the “Company”), eLandia AST Acquisition, Inc., a Delaware corporation (“Merger Sub”), AST Telecom, L.L.C., a Delaware limited liability
company (“AST”), Stanford and W&R (the “Merger Agreement”). Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Merger Agreement. 
  
 WHEREAS, pursuant to the Merger Agreement, Merger Sub shall merge with
and into AST and W&R shall surrender all of its membership interest units of AST in consideration of its agreement to approve the Merger and the issuance to it of 2,496,673 shares of common stock of the Company; 
  
 WHEREAS, the Company’s and W&R’s respective obligations
under the Merger Agreement are conditioned upon the execution and delivery of this Agreement; and 
  
 WHEREAS, the parties hereto desire to enter into the other agreements set forth herein; 
  
 NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
promises hereinafter set forth, the parties agree as follows: 
  
 ARTICLE 1 
  
 RESTRICTIONS ON TRANSFERS

  
 Section 1.1 General Prohibition on Transfers;
Permitted Transfers. 
  
 (a) Except as otherwise permitted
hereby, Stanford and W&R shall not directly or indirectly sell, assign, pledge, dispose, convey, gift, hypothecate, encumber or otherwise transfer (each, a “Transfer”) to any person (a
“Transferee”) any shares of common stock of eLandia (“Shares”) unless Stanford or W&R have complied with all of the terms of this Agreement. Any purported Transfer in violation of any provision of
this Agreement shall be void and ineffective and shall not operate to transfer any interest or title to the purported Transferee. 
  
 (b) The restrictions contained in this Section 1 shall not apply to any Transfer by Stanford or W&R: (i) to any family member or trust or
other similar entity for the benefit of Stanford or W&R, (ii) by will or the laws of descent and distribution, (iii) to any person who is an Affiliate or employee of Stanford or W&R, as such term is defined below;
(iv) as approved in writing by the Company; (v) in a Qualified Public Offering as such term is defined below; or (vi) by W&R to Liamatua Tufele, Jr. and Dr. Cecilia Alailima and Dr. Richard Gibson an
aggregate amount not to exceed 24,967 Shares (collectively, “Permitted Transferees”); provided, however, that any Transfer made by to a Permitted Transferee pursuant to this Section 

  

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1.1 (b) may only be made if the Permitted Transferee, prior to the time of Transfer, agrees in writing to be bound by the terms of this Agreement and
provides written notice of such Transfer; further provided, that the obligation to be bound by the terms hereof shall not apply to any compensatory Shares transferred to a Permitted Transferee. 
  
 (c) This Agreement shall not be deemed to modify, amend or diminish the
effect of that certain Lock-Up Agreement between the Company and W&R of even date herewith (the “Lock-Up Agreement”). 
  
 (d) For purposes of this Section: 
  
 “Affiliate” means, with respect to any Person, (i) any other Person of which securities or other ownership interests
representing more than fifty percent (50%) of the voting interests are, at the time such determination is being made, owned, Controlled or held, directly or indirectly, by such Person or (ii) any other Person which, at the time such
determination is being made, is Controlling, Controlled by or under common Control with, such Person. As used herein, “Control”, whether used as a noun or verb, refers to the possession, directly or indirectly, of the power
to direct, or cause the direction of, the management or policies of a Person, whether through the ownership of voting securities or otherwise. 
  
 “Person” means an individual, corporation, trust, partnership, limited liability company, joint venture, unincorporated
organization, government body or any agency or political subdivision thereof, or any other entity. 
  
 “Qualified Public Offering” means a firm commitment underwritten public offering pursuant to a registration statement filed with
the Securities and Exchange Commission and declared effective under the Securities Act of 1933, as amended, that results in cash proceeds to the Company (after deducting applicable underwriting discounts and commissions) of not less than $10
million. 
  
 Section 1.2 Right of First Refusal.

  
 (a) Except as otherwise permitted in Section 1.1(b),
Transfers of Shares by Stanford or W&R shall not be permitted unless Stanford or W&R has complied with this Section 1.2. If Stanford or W&R intends to Transfer any of its Shares (a “Proposed Seller”), the
Proposed Seller shall give prompt written notice (the “Seller’s Notice”) to either Stanford or W&R (as appropriate) at least thirty (30) days prior to the closing of such Transfer, stating that the Proposed
Seller intends to make such a Transfer, identifying the name and address of the prospective purchaser or transferee (the “Proposed Transferee”), specifying the number of Shares proposed to be purchased or acquired pursuant to
the offer (the “First Refusal Shares”) and specifying the per Share purchase price which the Proposed Transferee has offered to pay for the First Refusal Shares (the “Sale Price”), which Seller’s
Notice shall constitute an irrevocable election to sell. A copy of the offer, if available, and a statement of the number of Shares held by the Proposed Seller shall be attached to the Seller’s Notice. The Proposed Transferee shall be
unaffiliated with the Proposed Seller. 
  
 (b) i) Stanford and
W&R shall have the irrevocable and exclusive option to purchase up to the number of the First Refusal Shares at the Sale Price. Within twenty (20)

  

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calendar days of delivery of the Seller’s Notice, the non-selling party shall deliver a written notice to the Proposed Seller stating whether it elects
to exercise its option under this Section 1.2(b) and the number of Shares that it desires to purchase, and such notice shall constitute an irrevocable commitment to purchase such Shares. 
  
 ii) W&R and Stanford shall be entitled to assign their rights pursuant
to Section 1.2 to any Affiliate. 
  
 iii) If any Shares are
not elected to be purchased pursuant to this Section 1.2, then, subject to Section 1.3 hereof, the Proposed Seller shall be free, for a period of ninety (90) days from the date of the Seller’s Notice, to sell the Shares to the
Proposed Transferee, at a price equal to or greater than the Sale Price and upon terms no more favorable to the Proposed Transferee than those specified in the Seller’s Notice. Any Transfer of the remaining First Refusal Shares by the Proposed
Seller after the end of such ninety (90) day period or any change in the terms of the sale as set forth in the Notice which are more favorable to the Proposed Transferee shall require a new Seller’s Notice to be delivered and shall give
rise anew to the rights provided in the preceding paragraphs. 
  
 (c) If Stanford or W&R elects to purchase any or all of the First Refusal Shares mentioned in the Seller’s Notice, the non-selling party shall have the right to purchase the First Refusal Shares for cash consideration whether or
not all of the consideration specified in the Seller’s Notice is cash. If any of the consideration to be paid for the First Refusal Shares as stated in the Seller’s Notice is other than cash, the price stated in such Seller’s Notice
shall be deemed to be the sum of the cash consideration, if any, specified in such Seller’s Notice, plus the fair market value of the non-cash consideration. The fair market value of the non-cash consideration shall be determined in good faith
by the Board of Directors of the Company, and its judgment shall be binding upon the parties to this Agreement. 
  
 Section 1.3 Right of Co-Sale. 
  
 (a) In addition to the First Refusal right under Section 1.2, Stanford and W&R shall also have a right to participate in the Proposed
Seller’s sale of Shares to the Proposed Transferee at the Sale Price (“Co-Sale Right”) on a pro-rata basis. The non-selling party may exercise its Co-Sale Right by delivering written notice to the Proposed Seller within
twenty (20) calendar days of delivery of the Seller’s Notice referenced in Section 1.2(a). To the extent Stanford or W&R exercises a Co-Sale Right in accordance with the terms and conditions set forth below, the number of Shares
that the Proposed Seller may sell to the Proposed Transferee shall be correspondingly reduced. 
  
 (b) The Co-Sale Right notice shall identify the number of shares Stanford or W&R proposes to sell, which may be up to that number of the Company’s Shares held by such stockholder equal to the product obtained
by multiplying (i) the aggregate number of Shares proposed for sale in the Seller’s Notice by (ii) a fraction, the numerator of which is the number of Shares owned by the party exercising its Co-Sale Right at the time of the sale or
transfer and the denominator of which is the total number of Shares owned by the Proposed Seller and the exercising party at the time of the sale or transfer. 
  

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 (c) Each exercising party shall effect its participation in the Proposed Seller’s sale of Shares by
promptly delivering its Share certificates to the Proposed Seller for transfer to the Proposed Transferee, properly endorsed for transfer, which represent that number of Shares which such exercising party elects to sell. 
  
 (d) Upon completion of the Transfer pursuant to this Agreement and the
Seller’s Notice, the Proposed Seller shall remit to the appropriate parties that portion of the sale proceeds to which each party is entitled by reason of its participation in such sale. To the extent that any Proposed Transferee refuses to
purchase from any stockholder exercising its Co-Sale Rights, the Proposed Seller shall not sell to such Proposed Transferee any of the Shares unless and until, simultaneously with such sale, the Proposed Seller shall purchase such Shares from the
exercising stockholder on the same terms as the Proposed Transfer described in the Seller’s Notice. 
  
 Section 1.4 Additional Transactions. 
  
 The exercise or non-exercise of the rights of Stanford or W&R hereunder to participate in one or more sales made by a Proposed Seller shall not
adversely affect their rights to participate in subsequent sales. 
  
 ARTICLE 2 
  
 CERTIFICATE LEGEND

  
 Section 2.1 Legend on the Shares. 

 
 Each certificate representing Shares held by Stanford or W&R or their
Permitted Transferees shall be endorsed with the following legend: 
  
 “THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR IN ANY MANNER DISPOSED OF EXCEPT IN CONFORMITY WITH THE TERMS OF A CO-SALE AND FIRST REFUSAL AGREEMENT AMONG THE HOLDER AND
CERTAIN OTHER STOCKHOLDERS OF THE COMPANY. THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 
  
 The legend required under Section 2.1 shall be removed upon termination of this Agreement. 
  

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 ARTICLE 3 
  

GENERAL 
  
 Section 3.1 Tax Matters. 
  
 In the event that it is determined by the Internal Revenue Service (“IRS”), on a final and binding basis, that the Merger does not qualify as a
tax-free transaction to W&R under the Internal Revenue Code, then (upon the written request of the Rose Group) Stanford shall loan an amount not to exceed $1 million to the Rose Group (the “Loan”). The Loan shall be available to the
Rose Group at any time following the closing of the Merger and for a period of six years thereafter. The Loan shall be evidenced by a promissory note to be executed by the Rose Group in favor of Stanford (the “Note”). The principal amount
of the Note shall bear interest at 8.00% per annum. The entire principal amount of the Note together with all accrued interest thereon shall be due and payable: (i) on the six-year anniversary date of the closing of the Merger or
(ii) three years from the date of the IRS determination described above, whichever is later. In order to secure its obligations under the Note, the Rose Group shall grant to Stanford a first priority security interest (with recourse solely
against the Shares) in that amount of Shares held by the Rose Group equal to a fraction, the numerator of which is the principal amount of the Loan and the denominator of which is 2.24. The Rose Group shall deliver to Stanford certificates
evidencing such Shares duly endorsed in blank and such Shares shall be held by Stanford until the Rose Group’s obligations under the Note have been fully satisfied. All documents evidencing the loan from Stanford, including the Note and stock
pledge agreement, shall be in form and substance satisfactory to Stanford in its sole discretion. 
  
 Section 3.2 Termination. 
  
 Articles I and II of this Agreement shall terminate upon the earlier to occur of: (a) immediately upon the closing of a Qualified Public Offering;
(b) upon the occurrence of either the liquidation, dissolution or winding up of the Company, (either voluntary or involuntary), the acquisition of the Company by another entity by means of any transaction or series of related transactions
(including, without limitation, any reorganization, merger, other combination or consolidation) or a sale, transfer, lease or other conveyance of all or substantially all of the assets of the Company; unless the Company’s stockholders of record
as constituted immediately prior to such acquisition or sale will, immediately after such acquisition or sale (by virtue of securities issued as consideration for the Company’s acquisition or sale or otherwise) hold greater than 50% of the
voting power of the surviving or acquiring entity; (c)the mutual agreement of W&R and Stanford; (d) two years from the Effective Time (as defined in the Merger Agreement); or (e) termination of the Lock-Up Agreement. 
  
 Section 3.3 Further Assurances. 
  
 The parties agree to take such actions and execute and deliver such other
documents or agreements as may be necessary or desirable to implement this Agreement and the consummate transactions contemplated hereby. 
  
 Section 3.4 Consent to Service of Process. 
  
 Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action or proceeding by the mailing of a
copy thereof in accordance with the provisions of Section 3.5 hereof. 
  

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 Section 3.5 Notices. 
  
 Any notice, request, demand or other communication required or permitted to be given to a party pursuant to the provisions
of this Agreement will be in writing and will be effective and deemed given under this Agreement on the earliest of: (a) the date of personal delivery, (b) the date of transmission by facsimile, with confirmed transmission and receipt,
(c) two (2) days after deposit with a nationally-recognized courier or overnight service such as Federal Express, or (d) five (5) days after mailing via certified mail, return receipt requested. All notices not delivered
personally or by facsimile will be sent with postage and other charges prepaid and properly addressed to the party to be notified at the address set forth for such party: 
  

	 	(i)	If to W&R: 

  
 W&R South Pacific, L.P. 
 c/o Rose Joneson Vargas, P.C. 
 P.O. Box 3501, Pago Pago, American Samoa 96799 

Attn: Barry Rose, Esq. 
 Fax: 684-699-2105 
  
 with a copy to (which shall not constitute notice): 
  
 Joseph P. Whitford, Esq. 
 Davis Wright Tremaine LLP 
 2600 Century Square 
 1501 Fourth Avenue 
 Seattle, WA 98101 
  

	 	(ii)	if to Stanford: 

  
 James M. Davis, Chief Financial Officer 
 Stanford International Bank, Ltd. 
 6075 Poplar Avenue, Suite 300 
 Memphis, TN 38119 
  
 with copies to (which shall not constitute notice): 
  
 Seth P. Joseph, Esq. 
 Adorno & Yoss, P.A. 
 2525 Ponce de Leon Boulevard, Suite 400 
 Coral Gables, FL 33134 
  
 Any party hereto (and such party’s permitted assigns) may change such
party’s address for receipt of future notices hereunder by giving written notice to the Company and the other parties hereto. 
  
 Section 3.6 Governing Law. 
  
 This Agreement and the performance of the transactions and the obligations of the parties hereunder will be governed by and construed and enforced in
accordance with the laws of the State of Delaware, without giving effect to any choice of law principles. 
  

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 Section 3.7 Entire Agreement. 
  
 This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matters
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 
  
 Section 3.8 Counterparts; Facsimile. 
  
 This Agreement may be executed in two or more counterparts, and by facsimile
signatures, each of which will be deemed an original but all of which together will constitute one and the same instrument. 
  
 Section 3.9 Amendments and Waivers. 
  
 No provisions hereof may be waived or amended without the written consent of W&R and Stanford. The waiver by any party hereto of a breach of any
provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. 
  
 Section 3.10 Successors and Assigns. 
  
 This Agreement and the rights and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, their respective successors,
assigns and legal representatives. Unless otherwise provided herein, neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the parties hereto, without the prior written
consent of the other party, except for assignments to affiliates, which can be made without consent of the other party and which shall not constitute a breach of this Agreement. A party that assigns to an affiliate shall provide reasonable
post-assignment notice to the other party. 
  
 Section 3.11 Severability. 
  
 The
provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision hereof will not affect the validity or enforceability of the other provisions hereof. 
  
 Section 3.12 Titles and Subtitles. 
  
 The article and Section headings contained in this Agreement are inserted
for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
  

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 Section 3.13 Third Parties. 
  
 Nothing in this Agreement, express or implied, is intended to confer upon any third party other than the parties hereto and
their successors and assigns, any rights or remedies under or by reason of this Agreement. 
  
 Section 3.14 Construction. 
  
 The parties hereto have jointly participated in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and
no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local or foreign law will also be deemed to refer to such law as
amended and all rules and regulations promulgated thereunder, unless the context otherwise requires. The word “including” means “including without limitation”. Pronouns in masculine, feminine and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement”, “herein”, “hereof”,
“hereby”, “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. 
  
 Section 3.15 Remedies. 
  

The parties hereto shall have all remedies for breach of this Agreement available to them as provided by law or equity. Without limiting the generality
of the foregoing, the parties agree that in addition to any other rights and remedies available at law or in equity, the parties shall be entitled to obtain specific performance of the obligations of each party to this Agreement and immediate
injunctive relief and that, in the event any action or proceeding is brought in equity or to enforce the same, no party will urge, as a defense, that there is an adequate remedy at law. No single or partial assertion or exercise of any right, power
or remedy of a party hereunder shall preclude any other or further assertion or exercise thereof. 
  
 Section 3.16 Attorneys’ Fees. 
  
 If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement or any other agreement or document to be executed or
delivered pursuant hereto, the prevailing party shall be entitled to reasonable attorneys’ fees, costs, and disbursements in addition to any other relief to which such party may be entitled. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties have executed this Co-Sale and First Refusal Agreement on the day
and year indicated above. 
  

					
	W&R:	 	 W&R South Pacific, L.P.

		
	 	 	By W&R, INC., Its General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	Barry Rose, President
		
	STANFORD:	 	STANFORD INTERNATIONAL BANK, LTD.
			
	 	 	By:	 	  

	 	 	 	 	James M. Davis, Chief Financial Officer

  

 9Security Agreement

 EXHIBIT 4.2 
  
 SECURITY AGREEMENT 
  
 THIS SECURITY AGREEMENT (“Security Agreement”), dated as of October 25, 2004, by and among by and among CENTRA INDUSTRIES,
INC., a Delaware corporation (“Centra”) and MIDWEST CABLE COMMUNICATIONS OF ARKANSAS, INC., an Arkansas corporation (“Midwest” and together with Centra collectively referred to as the “Debtor”), and
STANFORD VENTURE CAPITAL HOLDINGS, INC., a Delaware corporation (together with its successors and assigns, the “Secured Party”). 
  
 RECITALS 
  
 A. On August 1, 2003 and on January 8, 2004, respectively, Midwest and Centra each filed voluntary petitions for bankruptcy under Chapter 11 of
Title 11 of the United States Code in the United States Bankruptcy Court for the Western District of Arkansas, Fayetteville Division (the “Bankruptcy Court”). On July 2, 2004, the Debtor filed a Joint Plan of Reorganization (the
“Plan”). By Order dated September 14, 2004, the Bankruptcy Court issued an Order Confirming Joint Plan of Reorganization and granting Debtor’s motion to Substantially Consolidate Bankruptcy Cases. All capitalized terms used
herein, unless otherwise defined herein, shall have the meanings ascribed to such terms in the Plan. 
  
 B. Pursuant to the Plan and that certain Secured Revolver Note in the original principal amount of $2,500,000.00 dated as of the date hereof (the
“Note”) from the Debtor to the Secured Party, the Secured Party has agreed to extend credit upon the terms and subject to the conditions set forth therein. 
  
 C. The Note is issued pursuant to and is the Secured Revolver Note referred to in the Plan and represents a conversion of a
portion of (i) Lender’s Supplemental Super Priority Claim under the Plan; (ii) accrued interest, fees, and costs as of the Confirmation Date attributable to the DIP Loan and subject of Lender’s Super Priority Claim; and
(iii) accrued interest, fees and costs as of the Confirmation Date attributable to Lender’s Secured Claim pursuant to the terms of the Plan. 
  
 F. It is a condition precedent to the Secured Party’s acceptance of the Note that the Debtor shall have executed and delivered this Security
Agreement to the Secured Party. 
  
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Definitions. All terms used in this Security Agreement that are defined in the Uniform Commercial Code as of the date hereof in effect in the
State of Florida (the “UCC”) and which are not otherwise defined herein shall have the meanings set forth therein. 
  
 2. Grant of Security Interest in the Collateral. To secure the prompt payment and performance in full when due, whether by lapse of time,
acceleration, mandatory prepayment or otherwise, of the Secured Obligations (as defined in Section 3 hereof), the Debtor hereby grants to 

  

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the Secured Party a continuing security interest in, and a right to set off against, any and all right, title and interest of the Debtor in and to the
personal property of the Debtor, whether now owned or existing or owned, acquired, or arising hereafter (collectively, the “Collateral”), including, without limitation, the following: 
  
 (a) all Accounts; 
  
 (b) all cash and currency; 
  
 (c) all Chattel Paper; 
  
 (d) all Deposit Accounts; 
  
 (e) all Documents; 
  
 (f) all Equipment; 
  
 (g) all Fixtures; 
  
 (h) all General Intangibles; 
  
 (i) all Goods; 
  
 (j) all Instruments; 
  
 (k) all Inventory; 
  
 (l) all Investment Property; 
  
 (m) all books, records, ledger cards, files, correspondence,
computer programs, tapes, disks, and related data processing software that at any time evidence or contain information relating to any Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon; and

  
 (n) to the extent not otherwise included, all
Proceeds and products of any and all of the foregoing. 
  
 The Debtor and the
Secured Party hereby acknowledge and agree that the security interest created hereby in the Collateral constitutes a first-priority, continuing collateral security for all of the Secured Obligations, whether now existing or hereafter arising.

  
 3. Security for Obligations. The security interest
created hereby in the Collateral constitutes continuing collateral security for the Debtor’s prompt performance and observance of all obligations of the Debtor (whether contingent or otherwise) under the Note and this Security Agreement (the
“Secured Obligations”). The Note, this Security Agreement, any Uniform Commercial Code or other applicable financing statements executed by Debtor in connection 

  

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therewith, any and all other documents representing or securing the obligations of the Debtor to the Secured Party or of the Lender in connection with the
Collateral and any and all guaranties of the Debtor’s obligations under any of the foregoing, each as amended, modified, restated or supplemented from time to time, shall be referred to herein collectively as the “Loan Documents”.

  
 4. Filing of Financing Statements, Notices, etc. Debtor
hereby authorizes the Secured Party to prepare and file such Uniform Commercial Code or other applicable financing statements (including renewal statements) or amendments thereof as the Secured Party may from time to time deem necessary or
appropriate in order to perfect and maintain the security interest created hereby in the Collateral. Debtor also shall execute and deliver to the Secured Party such other applicable agreements, assignments or instruments (including affidavits,
notices, reaffirmations and amendments and restatements of existing documents) as may be reasonably requested by the Secured Party in order to perfect, maintain and protect the security interest created hereby in the Collateral. 
  
 5. Representations and Warranties. The Debtor hereby further
represents and warrants to the Secured Party that so long as any of the Secured Obligations remain outstanding: 
  
 (a) Legal Name of Debtor. The Debtor’s exact legal name is as shown in this Security Agreement. The Debtor has not in the past
three months changed its name, been party to a merger, consolidation or other change in structure or used any tradename. 
  
 (b) Authorization. The Debtor has taken all necessary action to authorize the execution, delivery and performance of this Security
Agreement. Centra Industries, Inc., is duly organized, validly existing and in good standing under the laws of the State of Delaware and is possessed of all requisite power and authority to carry on its business and to own and operate the business.

  
 (c) No Conflicts. Neither the
execution and delivery of this Security Agreement, nor the performance of or compliance with the terms and provisions hereof by Debtor will (i) violate, contravene or conflict with the organizational documents of the Debtor,
(ii) materially violate, contravene or conflict with any requirement of law or any other law, regulation, order, writ, judgment, injunction, decree or permit applicable to Debtor, or (iii) violate, contravene or conflict with contractual
provisions of, or cause an event of default under, any indenture, loan agreement, mortgage, deed of trust, contract or other agreement or instrument to which Debtor is a party, or by which Debtor may be bound. 
  
 (d) Consents. Except for consents, approvals and
authorizations which have been obtained, no consent, approval, authorization or order of, or notice to or filing, registration or qualification with, any governmental authority or third party is required either (i) for the pledge made by the
Debtor or for the granting of the security interest by the Debtor pursuant to this Security Agreement or (ii) for the exercise by the Secured Party of its rights and remedies hereunder, except for any such authorization, approval, order,
notice, filing, registration or qualification that has been obtained, taken, sent or made. 
  

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 (e) Enforceable Obligations. This Security Agreement has been duly executed and
delivered, and Debtor intends for this Security Agreement to constitute legal, valid and binding obligations of the Debtor in accordance with its terms, except as may be limited by bankruptcy or insolvency laws or similar laws affecting
creditors’ rights generally or by general equitable principles. 
  
 (f) Title. The Debtor has good and marketable title to the Collateral. 
  
 (g) Location of Collateral. The office where the Debtor keeps its records concerning the Collateral and the Debtor’s principal
place of business and chief executive office are located at the address set forth on the signature page of this Security Agreement. The Debtor’s chief executive offices and all of the Collateral will be and remain located only at the foregoing
location unless Debtor gives the Secured Party twenty (20) days notice of any relocation thereof and, prior to such relocation, executes and delivers such items as are required by Section 6(c) hereof. 
  
 6. Covenants. The Debtor hereby covenants that, so long as any of the
Secured Obligations remain outstanding or any Credit Document is in effect, the Debtor shall: 
  
 (a) Books and Records. Mark its books and records to reflect the security interest granted to the Secured Party pursuant to this
Security Agreement. 
  
 (b) Defense of
Title. At all times be the legal and beneficial owner of the Collateral free and clear of any lien, other than the liens created hereby in favor of the Secured Party, will warrant and defend title to and ownership of the Collateral at
Debtor’s own expense against the claims and demands of all other parties claiming an interest therein, keep the Collateral free from all liens other than liens in favor of the Secured Party, and not sell, exchange, transfer, assign, lease or
otherwise dispose of Collateral or any interest therein other than in the ordinary course of business. 
  
 (c) Further Assurances. Promptly execute and deliver all further instruments and documents and take all further action that may be
reasonably necessary and desirable or that the Secured Party may reasonably request in order to (i) perfect and protect the security interest created hereby in the Collateral (including without limitation any and all action reasonably necessary
to satisfy the Secured Party that the Secured Party has obtained a perfected security interest in any Collateral and that such security interest is not subordinate or junior to the security interest, lien or claim of any other person, including any
governmental authority; (ii) enable the Secured Party to exercise and enforce its rights and remedies hereunder in respect of the Collateral; and (iii) otherwise effect the purposes of this Security Agreement. 
  
 (d) Amendments. Not make or consent to any amendment
or other modification or waiver with respect to any of the Collateral or enter into any agreement or allow to exist any restriction with respect to any of the Collateral which would adversely affect the rights of the Secured Party hereunder other
than pursuant hereto. 
  

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 (e) Notices. Promptly notify the Secured Party of (i) any lien or claim made
or threatened against the Collateral; and (ii) the occurrence or existence of any Event of Default (as defined hereunder) or the occurrence or existence of any condition or event that, with the giving of notice or lapse of time or both, would
be an Event of Default. 
  
 (f) Copies of
Notices. Promptly deliver to the Secured Party a copy of each notice or other communication received by it that is likely to affect in any material respect the Secured Party’s security interest in the Collateral or the value of the
Collateral. 
  
 (g) Actions. Not take or
fail to take any action that would impair in any material respect the value of or the enforceability of the Secured Party’s security interest in any of the Collateral. 
  
 (h) Continuing Authorization. Continue to be (i) duly organized, validly existing and in good
standing under the laws of its respective jurisdiction of organization and (ii) possessed of all requisite power and authority to carry on its business and to own and operate its business. 
  
 7. Advances by the Secured Party. Upon the failure of the Debtor to
perform any of the covenants and agreements contained herein, the Secured Party may, at its option and in its discretion, perform the same, or cause the performance of the same, and in so doing may expend such sums as the Secured Party may
reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a lien or potential lien, expenditures made in defending against
any adverse claim and all other expenditures which the Secured Party may make for the protection of the security hereof or which it may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Debtor
promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate specified in the Note. No such performance of any covenant
or agreement by the Secured Party on behalf of the Debtor, and no such advance or expenditure therefor, shall relieve the Debtor of any default under the terms of this Security Agreement. The Secured Party may make any payment hereby authorized in
accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment,
sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by the Debtor in appropriate proceedings and against which adequate reserves are being maintained. 
  
 8. Events of Default. The occurrence of an event of default under the
Note, a demand for payment under the Note, or a default under any document relating to the Note shall be an Event of Default hereunder (an “Event of Default”). 
  
 9. Remedies. 
  
 (a) General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the Secured Party shall have,
in respect of the Collateral, in addition to the rights and remedies provided herein, in the Loan Documents or by law, the rights and remedies of a secured party under the UCC or any other applicable law. 
  

 5 

 (b) Sale of Collateral. Upon the occurrence of an Event of Default and during the
continuation thereof, without limiting the generality of this Section and without notice, the Secured Party may, in its discretion, sell or otherwise dispose of or realize upon the Collateral, or any part thereof, in one or more parcels, at public
or private sale, at any exchange or broker’s board or elsewhere, at such price or prices and on such other terms as the Secured Party may deem commercially reasonable, for cash or credit or otherwise in accordance with applicable law. To the
extent permitted by law, the Secured Party may in such event bid for the purchase of all or any part of the Collateral. The Debtor agrees that, to the extent notice of sale shall be required by law and has not been waived by the Debtor, any
requirement of reasonable notice shall be met if notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to the Debtor, at the address for the Debtor
set forth on the signature page of this Security Agreement, at least 10 days before the time of such sale. The Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Secured Party may
adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
  
 (c) Private Sale. Upon the occurrence of an Event of
Default and during the continuation thereof, the Debtor recognizes that the Secured Party may deem it impracticable to effect a public sale of all or any part of the Collateral and that the Secured Party may, therefore, determine to make one or more
private sales of any such Collateral to a restricted group of purchasers. The Debtor acknowledges that any such private sale may be at prices and on terms less favorable to the Debtor than the prices and other terms which might have been obtained at
a public sale and notwithstanding the foregoing, agrees that such private sale shall be deemed to have been made in a commercially reasonable manner. 
  
 (d) Retention of Collateral. In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default, the
Secured Party may, after providing the notices required by the UCC or otherwise complying with the requirements of applicable law of the relevant jurisdiction (including the UCC), retain all or any portion of the Collateral in full satisfaction of
the Secured Obligations. Unless and until the Secured Party shall have provided such notices, however, the Secured Party shall not be deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason. 
  
 (e) Deficiency. In the event that the proceeds of any
sale, collection or realization are insufficient to pay all amounts to which the Secured Party is legally entitled, the Debtor shall be liable for the deficiency, together with interest thereon at the default rate specified in the Note, together
with the costs of collection and the reasonable fees of attorneys employed by the Secured Party to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Debtor or
to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 
  

 6 

 10. Rights of the Secured Party. 
  
 (a) Power of Attorney. In addition to other powers of attorney contained herein, the Debtor hereby
designates and appoints the Secured Party and each of its designees or agents as attorney-in-fact of the Debtor, irrevocably and with power of substitution, with authority to take any or all of the following actions upon the occurrence and during
the continuance of an Event of Default: 
  
 (i)
to demand, collect, settle, compromise, adjust and give discharges and releases concerning the Collateral, all as the Secured Party may reasonably determine; 
  

(ii) to commence and prosecute any actions at any court for the purposes of collecting any of the Collateral and enforcing any other
right in respect thereof; 
  
 (iii) to defend,
settle or compromise any action brought and, in connection therewith, give such discharge or release as the Secured Party may deem reasonably appropriate; 
  
 (iv) to pay or discharge taxes, liens, security interests, or other encumbrances levied or placed on or threatened against the Collateral;

  
 (v) to direct any parties liable for any
payment under any of the Collateral to make payment of any and all monies due and to become due thereunder directly to the Secured Party or as the Secured Party shall direct; 
  
 (vi) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become
due at any time in respect of or arising out of any Collateral; 
  
 (vii) to sign and endorse any drafts, assignments, proxies, stock or transfer powers, verifications, notices and other documents relating to the Collateral; 
  
 (viii) to settle, compromise or adjust any suit, action or
proceeding described above and, in connection therewith, to give such discharges or releases as the Secured Party may deem reasonably appropriate; 
  
 (ix) to execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements, security
agreements, affidavits, notices and other agreements, instruments and documents that the Secured Party may determine necessary in order to perfect and maintain the security interests and liens granted in this Security Agreement and in order to fully
consummate all of the transactions contemplated herein; 
  

 7 

 (x) to sell, assign, transfer, make any agreement in respect of, or otherwise deal with
or exercise rights in respect of, any Collateral or the goods or services which have given rise thereto, as fully and completely as though the Secured Party were the absolute owner thereof for all purposes; and 
  
 (xi) to do and perform all such other acts and things as the
Secured Party may reasonably deem to be necessary or proper in connection with the Collateral. 
  
 This power of attorney is a power coupled with an interest and shall be irrevocable (i) for so long as any of the Secured Obligations
remain outstanding or any Credit Document is in effect and (ii) until the commitments under the Loan Documents, if any, shall have been terminated. The Secured Party shall be under no duty to exercise or withhold the exercise of any of the
rights, powers, privileges and options expressly or implicitly granted to the Secured Party in this Security Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Secured Party shall not be liable for any act or
omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This power of attorney is
conferred on the Secured Party solely to protect, preserve and realize upon their security interest in the Collateral. 
  
 (b) Performance by the Secured Party of Debtor’s Obligations. If the Debtor fails to perform any agreement or obligation
contained herein, the Secured Party itself may perform, or cause performance of, such agreement or obligation, and the expenses of the Secured Party incurred in connection therewith shall be payable by the Debtor pursuant to Section 7 hereof.

  
 (c) Assignment by the Secured Party.
The Secured Party may from time to time assign the Secured Obligations or any portion thereof and/or the Collateral or any portion thereof to a successor lender or holder, and the assignee shall be entitled to all of the rights and remedies of the
assigning Secured Party under this Security Agreement in relation thereto. 
  
 (d) The Secured Party’s Duty of Care. Other than the exercise of reasonable care to ensure the safe custody of the Collateral while being held by the Secured Party hereunder, the Secured Party shall have
no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the Debtor shall be responsible for preservation of all rights in the Collateral, and the Secured Party shall be relieved of all responsibility for
Collateral upon surrendering it or tendering the surrender of it to the Debtor. The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is accorded
treatment substantially equal to that which the Secured Party accords its own property, 

  

 8 

 
which shall be no less than the treatment employed by a reasonable and prudent secured party in the industry, it being understood that the Secured Party
shall not have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not the Secured Party has or is deemed to have
knowledge of such matters; or (ii) taking any necessary steps to preserve rights against any parties with respect to any Collateral. 
  
 (e) Release of Collateral. The Secured Party may release any of the Collateral from this Security Agreement or may substitute any
of the Collateral for other Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Security Agreement as to any Collateral not expressly released or substituted, and this Security
Agreement shall continue as a perfected lien on all Collateral not expressly released or substituted. If the Secured Party releases any of the Collateral from this Security Agreement, the Secured Party shall execute and deliver such UCC release
filings or termination statements and such other documents as the Debtor may reasonably request with respect to the released Collateral. 
  
 11. Application of Proceeds. Upon the occurrence and during the continuance of an Event of Default, any payments in respect of the Secured
Obligations and any proceeds of any Collateral, when received by the Secured Party in cash or its equivalent, will be applied in reduction of the Secured Obligations, and the Debtor irrevocably waives the right to direct the application of such
payments and proceeds and acknowledges and agrees that the Secured Party shall have the continuing and exclusive right to apply and reapply any and all such payments and proceeds in the Secured Party’ sole discretion, notwithstanding any entry
to the contrary upon any of their books and records. 
  
 12.
Costs of Counsel. At all times hereafter, the Debtor agrees to promptly pay upon demand any and all reasonable costs and expenses including, without limitation, any and all reasonable legal fees and disbursements, of the Secured Party as
necessary to protect the Collateral or to exercise any rights or remedies under this Security Agreement or with respect to any Collateral. All of the foregoing costs and expenses shall constitute Secured Obligations hereunder. 
  
 13. Continuing Agreement. 
  
 (a) This Security Agreement shall be a continuing agreement
in every respect and shall remain in full force and effect so long as any of the Secured Obligations remain outstanding (even if contingent). Upon repayment and termination of all of the Secured Obligations, this Security Agreement shall be
automatically terminated, and the Secured Party shall, upon the request of the Debtor, forthwith release all of its liens and security interests hereunder and execute all documents reasonably necessary to effectuate the same. Notwithstanding the
foregoing, all releases and indemnities provided hereunder shall survive termination of this Security Agreement. 
  
 (b) This Security Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment, in
whole or in part, of any of the 

  

 9 

 
Secured Obligations is rescinded or must otherwise be restored or returned as a preference, fraudulent conveyance or otherwise under any bankruptcy,
insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and expenses
(including without limitation any reasonable legal fees and disbursements) incurred by the Secured Party in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations. 
  
 14. Amendments; Waivers; Modifications. This Security Agreement and
the provisions hereof may not be amended, waived, modified, changed, discharged or terminated except in written document executed by the Secured Party and the Debtor. 
  
 15. Successors in Interest. This Security Agreement shall create a continuing security interest in the Collateral and
shall be binding upon the Debtor, and the Debtor’s successors and assigns, and shall inure, together with the rights and remedies of the Secured Party hereunder, to the benefit of the Secured Party and its successors and permitted assigns;
provided, however, that the Debtor may not assign its rights or delegate its duties hereunder without the prior written consent of the Secured Party. To the fullest extent permitted by law, the Debtor hereby releases the Secured Party,
and its successors and assigns, from any liability for any act or omission relating to this Security Agreement or the Collateral, except for any liability arising from the gross negligence or willful misconduct of the Secured Party, or its officers,
employees or agents. 
  
 16. Notices. All notices required
or permitted to be given under this Security Agreement shall be made to the address for the Debtor and the Secured Party set forth on the signature page of this Security Agreement. 
  
 17. Counterparts. This Security Agreement may be executed in any number of counterparts, each of which where so
executed and delivered shall be an original, but all of which shall constitute one and the same instrument. 
  
 18. Headings. The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or
construction of any provision of this Security Agreement. 
  
 19. Governing Law. THIS SECURITY AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA. IN ADDITION, THE PARTIES HEREBY
WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS SECURITY AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR IN CONNECTION HEREWITH.

  
 20. Severability. If any provision of the Security
Agreement is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions. 
  

 10 

 21. Entirety. This Security Agreement and the other Loan Documents represent the entire agreement
of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the pledge of the Collateral. 
  
 22. Survival. All representations and warranties of the Debtor
hereunder shall survive the execution and delivery of this Security Agreement and the other Loan Documents. 
  
 23. Other Security. To the extent that any of the Secured Obligations are now or hereafter secured by property other than the Collateral
(including, without limitation, real and other personal property owned by the Debtor), or by a guarantee, endorsement or property of any other person, then the Secured Party shall have the right to proceed against such other property, guarantee or
endorsement upon the occurrence of any Event of Default, and the Secured Party shall have the right, in their sole discretion, to determine which rights, security, liens, security interests or remedies the Secured Party shall at any time pursue,
relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or any of the Secured Party’ rights or the Secured Obligations under this Security Agreement or under any other of the related
documents. 
  
 [remainder of page left intentionally blank]

  

 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be executed by their
authorized representatives as of the date first above written. 
  

			
	 DEBTOR:

	
	CENTRA INDUSTRIES, INC.
		
	By:	 	  

	 	 	Sydney D “Trip” Camper, President
	
	1500 Cordova Road
	Suite 300
	Fort Lauderdale, FL 33316
	Telecopier No.: (954) 728-9080
	
	MIDWEST CABLE COMMUNICATIONS OF ARKANSAS, INC.
		
	By:	 	  

	 	 	Sydney D “Trip” Camper, President
	
	1500 Cordova Road
	Suite 300
	Fort Lauderdale, FL 33316
	Telecopier No.:(954) 728-9080
	
	SECURED PARTY:
	
	STANFORD VENTURE CAPITAL HOLDINGS, INC.
		
	By:	 	  

	 	 	James M. Davis, President
	
	6075 Poplar Avenue
	Suite 202
	Memphis, Tennessee
	Attention: James M. Davis
	Telecopier No.: (614) 481-5751

  

 12

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