Document:

Promissory Note dated February 5, 2007

 EXHIBIT 10.5 
 PROMISSORY NOTE 
  

			
	$12,000,000.00	  	February 5, 2007

 FOR VALUE RECEIVED, ELANDIA, INC., a Delaware corporation (the “Maker”), with its
principal address at 1500 Cordova, Suite 300, Fort Lauderdale, Florida 33316, unconditionally promises to pay to the order of STANFORD INTERNATIONAL BANK LTD. (the “Payee”), having an office at No. 11 Pavilion Drive, St.
John’s, Antigua, West Indies, the principal amount of TWELVE MILLION AND 00/100 ($12,000,000.00) 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 the maturity
date of this Note. All interest amounts on this Note shall be payable on the maturity date hereof. 
 All amounts advanced hereunder shall be
used by Maker solely for the following purposes (i) to make one or more loans to Latin Node, Inc. and its subsidiaries (“Latin Node”) and (ii) to pay all costs and expenses of this financing. 
 Any amounts under this Note which have not been advanced to Latin Node by Maker within 30 days of the date hereof shall be immediately returned to Payee.
All amounts under this Note which have been advanced to Latin Node by Maker, up to a maximum principal amount of $5,000,000, together with any accrued but unpaid interest thereon, shall be payable on or before March 5, 2007; provided that Maker
shall have the right to extend the maturity of up to $5,000,000 hereof by providing all of the fees, warrants, rights and other benefits to Payee set forth in Schedule 1 hereto. All amounts under this Note which have been advanced to Latin Node by
Maker in excess of $5,000,000, together with any accrued but unpaid interest thereon, shall be due and payable 30 days from the date hereof. 
 All payments of interest and of principal shall be payable in lawful money of the United States of America in immediately available funds, without setoff, counterclaim or deduction of any kind. Each payment hereunder shall first be applied
to accrued and unpaid interest and then in reduction of the outstanding principal balance, unless other costs and charges are payable pursuant to the terms of this Note, in which event, in Payee’s sole discretion, such costs and charges shall
first be paid. This Note shall be construed and enforced in accordance with Florida law (the “Applicable Law”). This Note may be prepaid in whole or in part at any time without premium or penalty. 
 Any notice, consent, approval or communication given pursuant to the provisions of this Note shall (except where otherwise permitted by this Note) be in
writing and shall be (a) delivered by hand, (b) mailed by certified mail or registered mail, return receipt requested, postage prepaid, or (c) delivered by a nationally recognized overnight courier, U.S. Post Office Express Mail, or
similar overnight courier which delivers only upon signed receipt of the addressee. The time of the giving of any notice shall be the time of receipt thereof by the addressee or any agent of the addressee, except that in the event the addressee or
such agent of the addressee shall refuse to receive any notice given as above provided or there shall be no person available at the time of delivery thereof to 

 
receive such notice, the time of the giving of such notice shall be the time of such refusal or the time of such delivery, as the case may be. Such notices
shall be given to the Maker and the Payee at the addresses provided herein. 
 The following are events of default hereunder: (a) the
failure of Maker to pay any obligation, liability or indebtedness to the Payee, whether under this Note, as and when due (whether upon demand, at maturity or by acceleration) including, without limitation, those existing as of the date of execution;
(b) the commencement of a proceeding against Maker for dissolution or liquidation (which proceeding is not discharged within 45 days after commencement), the voluntary or involuntary termination or dissolution of Maker or the merger or
consolidation of Maker with or into another entity; (c) the insolvency of, the business failure of, the appointment of a custodian, trustee, liquidator or receiver for or for any of the property of, the assignment for the benefit of creditors
by, or the filing of a petition under bankruptcy, insolvency or debtor’s relief law (which petition is not discharged within 45 days after filing) or the filing of a petition for any adjustment of indebtedness, composition or extension by or
against Maker (which petition is not discharged within 45 days after filing); (d) the breach of any covenant made by the Maker to the Payee; (e) the entry of a material judgment against Maker not paid or bonded within 45 days after entry;
(f) the seizure or forfeiture of, or the issuance of any writ of possession, garnishment or attachment, or any turnover order for any property of Maker; or (g) the occurrence of a material adverse change in the financial condition of
Maker. 
 Whenever there is an event of default under this Note (a) the entire balance outstanding hereunder and all other obligations
of Maker to the Payee (however acquired or evidenced) shall, at the option of Payee, become immediately due and payable, and/or (b) to the extent permitted by law, the rate of interest on the unpaid principal shall be increased at the
Payee’s discretion up to 15% per annum (the “Default Rate”). The provisions herein for a Default Rate and a delinquency charge shall not be deemed to extend the time for any payment hereunder or to constitute a “grace
period” giving Maker a right to cure any default. At the Payee’s option, any accrued and unpaid interest, fees or charges may, for purposes of computing and accruing interest on a daily basis after the due date of this Note or any
installment thereof, be deemed to be a part of the principal balance, and interest shall accrue on a daily compounded basis after such date at the Default Rate provided in this Note until the entire outstanding balance of principal and interest is
paid in full. 
 The remedies of Payee as provided herein shall be cumulative and concurrent and may be pursued singly, successively, or
together at the sole discretion of Payee and may be exercised as often as occasion therefore shall arise. The acceptance by Payee of any payment under this Note which is less than the amount then due or the acceptance of any amount after the due
date thereof, shall not be deemed a waiver of any right or remedy available to Payee nor nullify the prior exercise of any such right or remedy by Payee. None of the terms or provisions of this Note may be waived, altered, modified or amended except
by a written document executed by Payee and the Maker, and then only to the extent specifically recited therein. No course of dealing or conduct shall be effective to waive, alter, modify or amend any of the terms or provisions hereof. The failure
or delay to exercise any right or remedy available to Payee shall not constitute a waiver of the right of the Payee to exercise the same or any other right or remedy available to Payee at that time or at any subsequent time. 

 Notwithstanding any provision of this Note, the Payee does not intend to charge and Maker shall not be
required to pay any amount of interest or other charges in excess of the maximum rate permitted by Applicable Law as amended from time to time. Should any interest payment or other payment of the loan evidenced by this Note result in the computation
or earning of interest in excess of the highest rate permissible under Applicable Law, then any and all such excess shall be and the same is hereby waived by Payee, and all such excess shall be credited by Payee against the unpaid principal balance
of this Note or paid by Payee to Maker or to any parties liable for the repayment of the loan evidenced by this Note, in the sole discretion of Payee. It is the intent of the parties hereto that neither Maker, nor any parties liable for the
repayment of the loan evidenced by this Note, shall be required to pay interest in excess of the highest rate permissible under Applicable Law as amended from time to time. 
 If any provision of this Note shall be deemed invalid, illegal or unenforceable under Applicable Law, such invalidity, illegality or unenforceability
shall not affect any other provision (or remaining part of the affected provision) of this Note and this Note shall be construed as if such invalid, illegal or unenforceable provision (or part thereof) had not been contained herein. 
 To the fullest extent permitted by law, Maker and all sureties, endorsers and guarantors of this Note, if any, hereby (a) waive demand, presentment
for payment, notice of nonpayment, protest, notice of protest, and all other notice, filing of suit, and diligence in collecting this Note; (b) agree to the addition or release of any party or person primarily or secondarily liable hereon;
(c) waive any right to immunity from any action or proceeding brought in connection with this Note or any instrument securing it and waive any immunity or exemption of any property, wherever located, from garnishment, levy, execution, seizure
or attachment prior to or in execution of judgment, or sale under execution or other process for the collection of debts; (d) waive any right to interpose any setoff or counterclaim or to plead any statute of limitations as a defense in any
such action or proceeding, and waive all statutory provisions and requirements for the benefit of Maker, now or hereafter in force; (e) agree that Payee shall not be required first to institute any suit or to exhaust its remedies against Maker
or any other person or party liable hereunder in order to enforce payment for this Note; and (f) consent to any extension, rearrangement, renewal, or postponement of time of payment of this Note and to any other indulgency with respect thereto
without notice, consent or consideration to any of them. 
 MAKER IRREVOCABLY AGREES THAT ANY ACTION OR PROCEEDING ARISING HEREUNDER OR
RELATING HERETO THAT IS BROUGHT BY MAKER SHALL BE TRIED BY THE COURTS OF THE STATE OF FLORIDA SITTING IN MIAMI-DADE COUNTY, OR THE UNITED STATES DISTRICT COURTS SITTING THERE. MAKER IRREVOCABLY SUBMITS, IN ANY SUCH ACTION OR PROCEEDING THAT IS
BROUGHT BY PAYEE, TO THE NON-EXCLUSIVE JURISDICTION OF EACH SUCH COURT, IRREVOCABLY WAIVES THE DEFENSE OF AN INCONVENIENT FORUM WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING, AND AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE
MADE UPON MAKER BY MAILING A COPY THEREOF TO MAKER AT THE ADDRESS SET FORTH HEREIN (AS WELL AS BY ANY OTHER LAWFUL METHOD). 

 PAYEE AND MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL
BY JURY AND TO BRING ANY ACTION IN THE NATURE OF A PERMISSIVE COUNTERCLAIM WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE ENTERING INTO THE LOAN TRANSACTION EVIDENCED BY THIS NOTE. 
 Dated and executed this 5th day of February, 2007. 
  

			
	 MAKER:

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

		 	Harley L. Rollins
		 	Chiesf Financial OfficerAmendment No. 1 to 2006 Incentive Award Plan

			
	 PART II - OTHER INFORMATION
	  	EXHIBIT 10.24

 AMENDMENT NO. 1 TO THE RESMED INC. 2006
INCENTIVE AWARD PLAN 
 This Amendment No. 1 to the ResMed Inc. 2006 Incentive Award Plan (“Amendment”) is adopted by
ResMed Inc., a Delaware corporation (the “Company”), is effective as of November 9, 2006. 
 RECITALS 
  

	 	 A.
	 The ResMed Inc. 2006 Incentive Award Plan (the “Plan”) was approved by the stockholders of the Company on November 9, 2006. Section 11.2 of
the Plan provides that the Plan may be wholly or partially amended at any time from time to time by the Administrator of the Plan. 

  

	 	 B.
	 The Board of Directors and the Compensation Committee have determined that it is in the best interests of the Company and its stockholders to amend the Plan to
provide that the fair market value of the Common Stock of the Company shall be defined as the closing sale price on the date of grant. 

  

	 	 C.
	 Capitalized terms used in this Amendment shall have the meanings assigned to them in the Plan. 

 AMENDMENT 
 Section 1.20 of the Plan is hereby amended to read in its entirety as follows: 
 “1.20
“Fair Market Value” means, as of any date: 
  

	 	 (a)
	 If the Common Stock is listed on any established stock exchange (such as the New York Stock Exchange) or any national market system, including without limitation
any market system of The NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for a share of Common Stock as quoted on such exchange or system on such date, as reported in The Wall Street Journal or such other source as the
Administrator deems reliable; 

  

	 	 (b)
	 If the Common Stock is regularly quoted by a recognized securities dealer but closing sales prices are not reported, its Fair Market Value shall be the mean of
the high bid and low asked prices on such date (or if no such sales price is quoted on such date, then it shall be the closing sale price on the last preceding date for which such information exists) for which such information exists), as reported
in The Wall Street Journal or such other source as the Administrator deems reliable; or 

  

	 	 (c)
	 If the Common Stock is neither listed on an established stock exchange or a national market system nor regularly quoted by a recognized securities dealer, the
Fair Market Value thereof shall be established by the Administrator in good faith.” 

 ************************** 
 I hereby certify that the foregoing Amendment No. 1 to the ResMed Inc. 2006 Incentive
Award Plan of ResMed Inc. was duly adopted by the Compensation Committee of the Board of Directors and the Board of Directors on November 9, 2006. Executed this 10th day of November 2006. 
  

	
	 /s/  DAVID PENDARVIS
 ..................................................

	 David Pendarvis

	 Global General Counsel; Sr. Vice President and Corporate Secretary

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