Document:

Form of Performance Unit Grant

 Exhibit 10.63 
  

			
	Callaway Golf Company	 	Recipient: 
	Performance Unit Grant	 	Effective Grant Date:
		 	Number of Performance Units: 
		 	Plan: 2004 Equity Incentive Plan

 CALLAWAY GOLF COMPANY, a Delaware corporation (the “Company”), has elected to
grant to you, the Recipient named above, a Performance Unit award subject to the restrictions and on the terms and conditions set forth below, in consideration for your services to the Company. Terms not otherwise defined in this Performance Unit
Grant Agreement (“Agreement”) will have the meanings ascribed to them in the Plan identified above (the “Plan”). 
  

	1.	Governing Plan. The Recipient hereby acknowledges receipt of a copy of the Plan and a prospectus for the Plan (the “Plan Prospectus”). This
Performance Unit award is subject in all respects to the applicable provisions of the Plan, which are incorporated herein by this reference. In the case of any conflict between the provisions of the Plan and this Agreement, the provisions of the
Plan will control. 

  

	2.	Grant of Performance Unit. Effective as of the Effective Grant Date identified above, the Company has granted and issued to the Recipient the Number of Performance
Units identified above (the “PUs”), representing an unfunded, unsecured promise of the Company to deliver cash in the future, subject to the claims of the Company’s creditors and the terms, conditions and restrictions set forth
in this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between Recipient and the Company or any other person.

  

	3.	Restrictions on the PU. The PU is subject to the following restrictions: 

  

	 	(a)	No Transfer. The PU and the cash payment right it represents may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered until
the cash payment is actually made to the Recipient when the restrictions set forth in paragraph 4 expire, and any additional requirements or restrictions contained in this Agreement have been satisfied, terminated or waived by the Company in
writing. 

  

	 	(b)	Cancellation of Unvested Portion of PU. In the event Recipient ceases to provide “Continuous Service” (as defined below) for any reason before the
restrictions set forth in paragraph 4 expire, this award shall be cancelled with respect to any then unvested portion and no additional portion shall vest or become payable; provided, however, that the Board of Directors or a
designated Board committee (the “Board”) may, in its discretion, determine not to cancel and void all or part of such unvested award, in which case the Board may impose whatever conditions it considers appropriate with respect to
such portion of the unvested award. 

 For purposes of this Agreement, “Continuous Service” means that the
Recipient’s service with the Company or its “parent” or “subsidiary” as such terms are defined in Rule 405 of the Securities Act (each an “Affiliate” and together “Affiliates”), whether as
an employee, director or consultant, is not interrupted or terminated. The Board shall have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition of
Affiliate. A change in the capacity in which the Recipient renders service to the Company or an Affiliate as an employee, consultant or director or a change in the entity for which the Recipient renders such service, provided that there is no
interruption or termination of the Recipient’s service with the 

 
Company or an Affiliate, shall not terminate a Recipient’s Continuous Service. For example, a change in status from a director of the Company to a
consultant of a subsidiary or to an employee shall not constitute an interruption of Continuous Service. To the extent permitted by law, the Board, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in
the case of any leave of absence approved by that party, including sick leave, military leave or any other personal leave. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for purposes of vesting in the PU
only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Recipient, or as otherwise required by law. 
  

	4.	Lapse of Restrictions. The restrictions imposed under paragraph 3 above will lapse and expire, and the PU will vest, in accordance with the following:

  

	 	(a)	Vesting Schedule. Subject to earlier cancellation, and subject to the accelerated vesting provisions, if any, set forth in any agreement between Recipient and the
Company or its Affiliate, as the same may be amended, modified, extended or renewed from time to time, the restrictions imposed under paragraph 3 will lapse and be removed in accordance with the vesting schedule set forth in Exhibit B
attached hereto (the “Vesting Schedule”). 

 The Board, however, may, in its discretion, accelerate the Vesting
Schedule (in which case, the Board may impose whatever conditions it considers appropriate on the accelerated portion). In addition, the restrictions imposed under paragraph 3 will automatically lapse and be removed immediately prior to any
Change in Control, if the Recipient is providing Continuous Service to the Company or its Affiliate at that time, provided, however, that the Board, in its sole discretion, may provide that such restrictions do not automatically lapse
immediately prior to any such Change in Control, and instead provide that the PUs shall continue under the same terms and conditions or shall continue under the same terms and conditions under a similar award with reference to the performance
metrics of a successor company that may be issued in exchange or settlement of such PUs in connection with a Change in Control. Notwithstanding the foregoing, if the Board elects to provide that such restrictions do not lapse in connection with a
Change in Control and Recipient’s Continuous Service is terminated for any reason within one year following such Change in Control, then such restrictions shall lapse and be removed immediately upon such termination of Continuous Service. For
purposes hereof, “Change in Control” shall have the meaning set forth in Exhibit A attached hereto. 
  

	 	(b)	Effect of Vesting. Unless deferred under a deferred compensation plan sponsored by the Company, effective as of the date the PU vests, the Company shall deliver to the
Recipient a cash payment in accordance with the payout levels described on Exhibit B attached hereto. 

  

	 	(c)	Payment of Taxes. Recipient authorizes the Company and/or its Affiliate to withhold all applicable tax-related items legally payable by Recipient from his or her wages
or other cash compensation paid to Recipient by the Company and/or its Affiliate and from the cash payment contemplated by this Agreement in connection with the vesting of the PU. The Company shall reduce the cash payment by the amount of cash
sufficient to cover all withholding taxes applicable to the cash payment. Recipient acknowledges that the ultimate liability for all tax-related items legally due by Recipient is and remains Recipient’s responsibility and that Company and/or
Recipient’s employer (1) make no representations or undertakings regarding the treatment of any tax-related items in connection with any aspect of the PU grant, including the grant, vesting or payment of the PU, and (2) do not commit
to structure the terms of the grant or any aspect of the PU to reduce or eliminate Recipient’s liability for tax-related items. 

  

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	5.	Nature of Grant. In accepting the grant, Recipient acknowledges that: 

  

	 	(a)	the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless
otherwise provided in the Plan and this Agreement; 

  

	 	(b)	the grant of the PU is voluntary and occasional and does not create any contractual or other right to receive future grants of PUs, or benefits in lieu of PUs, even if PUs
have been granted repeatedly in the past, and all decisions with respect to future PU grants, if any, will be at the sole discretion of the Company; 

  

	 	(c)	Recipient’s participation in the Plan shall not create a right to Continued Service with the Company or an Affiliate and shall not interfere with the ability the Company
or an Affiliate to terminate Recipient’s service relationship at any time with or without cause; 

  

	 	(d)	Recipient is voluntarily participating in the Plan; 

  

	 	(e)	the PU is an extraordinary benefit and is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance,
resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for
the Company or an Affiliate; and 

  

	 	(f)	in consideration of the grant of the PU, no claim or entitlement to compensation or damages shall arise from termination of the PU or diminution in value of the PU resulting
from termination of Recipient’s Continuous Service by the Company or an Affiliate (for any reason whatsoever) and Recipient irrevocably releases the Company and its Affiliates from any such claim that may arise; if, notwithstanding the
foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, Recipient shall be deemed irrevocably to have waived his or her entitlement to pursue such claim. 

  

	6.	Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the PU and participation in the Plan or future PUs that may be
granted under the Plan by electronic means or to request Recipient consent to participate in the Plan by electronic means. Recipient hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the
Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

  

	7.	Taxable Event. The Recipient acknowledges that the PU will have significant tax consequences to the Recipient and Recipient is hereby advised to consult with
Recipient’s own tax advisors concerning such tax consequences. A general description of the U.S. federal income tax consequences related to awards under the Plan is set forth in the Plan Prospectus. 

  

	8.	 Amendment. This Agreement may be amended only by a writing executed by the Company and Recipient which specifically states that it is amending this
Agreement. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a writing which specifically 

  

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states that it is amending this Agreement, so long as a copy of such amendment is delivered to Recipient, and provided that no such amendment adversely
affecting Recipient’s rights hereunder may be made without Recipient’s written consent. Without limiting the foregoing, the Board reserves the right to change, by written notice to Recipient, the provisions of this Agreement in any way it
may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change will be applicable only to
rights relating to that portion of the award which is then subject to restrictions as provided herein. 

  

	9.	Miscellaneous. 

  

	 	(a)	The rights and obligations of the Company under this Agreement will be transferable by the Company to any one or more persons or entities, and all covenants and agreements
hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

  

	 	(b)	Recipient agrees upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or
intent of this Agreement. 

  

	 	(c)	Recipient acknowledges that the PU award granted to Recipient under the Plan is subject to all general Company policies as amended from time to time.

  

	10.	Severability. The provisions of this Agreement shall be deemed to be severable and the invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or any circumstance, is held to be invalid or unenforceable under present or future laws effective during the term of this
Agreement, such provision shall be fully severed, and in lieu thereof there shall automatically be added as part of this Agreement a suitable and equitable provision in order to carry out, so far as may be valid and enforceable, the intent and
purpose of such invalid or unenforceable provision. 

  

	11.	Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware and applicable federal law.

  

	12.	Irrevocable Arbitration of Disputes. 

  

	 	(a)	You and the Company agree that any dispute, controversy or claim arising hereunder or in any way related to this Agreement, its interpretation, enforceability, or
applicability, that cannot be resolved by mutual agreement of the parties shall be submitted to binding arbitration. The parties agree that arbitration is the parties’ only recourse for such claims and hereby waive the right to pursue such
claims in any other forum, unless otherwise provided by law. Any court action involving a dispute which is not subject to arbitration shall be stayed pending arbitration of arbitrable disputes. 

  

	 	(b)	You and the Company agree that the arbitrator shall have the authority to issue provisional relief. You and the Company further agree that each has the right, pursuant to
California Code of Civil Procedure section 1281.8, to apply to a court for a provisional remedy in connection with an arbitrable dispute so as to prevent the arbitration from being rendered ineffective. 

  

	 	(c)	Any demand for arbitration shall be in writing and must be communicated to the other party prior to the expiration of the applicable statute of limitations.

  

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	 	(d)	The arbitration shall be administered by JAMS pursuant to its Employment Arbitration Rules and Procedures. The arbitration shall be conducted in San Diego by a former or
retired judge or attorney with at least 10 years experience in employment-related disputes, or a non-attorney with like experience in the area of dispute, who shall have the power to hear motions, control discovery, conduct hearings and otherwise do
all that is necessary to resolve the matter. The parties must mutually agree on the arbitrator. If the parties cannot agree on the arbitrator after their best efforts, an arbitrator will be selected from JAMS pursuant to its Employment Arbitration
Rules and Procedures. The Company shall pay the costs of the arbitrator’s fees. 

  

	 	(e)	The arbitration will be decided upon a written decision of the arbitrator stating the essential findings and conclusions upon which the award is based. The arbitrator shall
have the authority to award damages, if any, to the extent that they are available under applicable law(s). The arbitration award shall be final and binding, and may be entered as a judgment in any court having competent jurisdiction. Either party
may seek review pursuant to California Code of Civil Procedure section 1286, et seq. 

  

	 	(f)	It is expressly understood that the parties have chosen arbitration to avoid the burdens, costs and publicity of a court proceeding, and the arbitrator is expected to handle
all aspects of the matter, including discovery and any hearings, in such a way as to minimize the expense, time, burden and publicity of the process, while assuring a fair and just result. In particular, the parties expect that the arbitrator will
limit discovery by controlling the amount of discovery that may be taken (e.g., the number of depositions or interrogatories) and by restricting the scope of discovery only to those matters clearly relevant to the dispute. However, at a minimum,
each party will be entitled to at least one (1) deposition and shall have access to essential documents and witnesses as determined by the arbitrator. 

  

	 	(g)	The provisions of this Section shall survive the expiration or termination of the Agreement, and shall be binding upon the parties. 

 THE PARTIES HAVE READ SECTION 12 AND IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE IDENTIFIED ABOVE. 
  

			
	              (Recipient)
	  	             (Company)

  

	13.	Data Privacy. Recipient hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as
described in this document by and among, as applicable, Recipient’s employer, and the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing Recipient’s participation in the Plan.

 Recipient understands that the Company and Recipient’s employer may hold certain personal information about Recipient,
including, but not limited to, Recipient’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company,
details of all PUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Recipient’s favor, for the purpose of implementing, administering and managing the Plan (“Data”).
Recipient understands that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in Recipient’s country or elsewhere, and that the
recipients’ country may have different data privacy laws and protections than Recipient’s country. Recipient understands that he or she may request a list with the names and addresses of any 

  

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potential recipients of the Data by contacting the local human resources representative. Recipient authorizes the recipients to receive, possess, use, retain
and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Recipient’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other
third party with whom Recipient may elect to deposit any proceeds acquired upon vesting of the PU. Recipient understands that Data will be held only as long as is necessary to implement, administer and manage Recipient’s participation in the
Plan. Recipient understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, without cost, by
contacting in writing the local human resources representative. Recipient understands, however, that refusing or withdrawing consent may affect Recipient’s ability to participate in the Plan. For more information on the consequences of refusal
to consent or withdrawal of consent, Recipient understands that he or she may contact the local human resources representative. 
 IN WITNESS
WHEREOF, the Company and Recipient have executed this Agreement effective as of the Effective Grant Date. 
  

					
	CALLAWAY GOLF COMPANY	 	RECIPIENT
			
	By:	 	  
	 	  

  

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 EXHIBIT A 
 A “Change in Control” means the following and shall be deemed to occur if any of the following events occurs: 
  

	 	(a)	Any person, entity or group, within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) but excluding the Company and
its subsidiaries and any employee benefit or stock ownership plan of the Company or its subsidiaries and also excluding an underwriter or underwriting syndicate that has acquired the Company’s securities solely in connection with a public
offering thereof (such person, entity or group being referred to herein as a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either the then outstanding shares
of Common Stock or the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors; or 

  

	 	(b)	Individuals who, as of the effective date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board of Directors of the Company, provided that any individual who becomes a director after the effective date hereof whose election, or nomination for election by the Company’s shareholders, is approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be considered to be a member of the Incumbent Board unless that individual was nominated or elected by any Person having the power to exercise, through beneficial ownership, voting
agreement and/or proxy, 20% or more of either the outstanding shares of Common Stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors, in which case that
individual shall not be considered to be a member of the Incumbent Board unless such individual’s election or nomination for election by the Company’s shareholders is approved by a vote of at least two-thirds of the directors then
comprising the Incumbent Board; or 

  

	 	(c)	Consummation by the Company of the sale, lease, exchange or other disposition (in one transaction or a series of related transactions) by the Company of all or substantially all of
the Company’s assets or a reorganization or merger or consolidation of the Company with any other person, entity or corporation, other than 

  

	 	(i)	a reorganization or merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto (or, in the case of a reorganization or
merger or consolidation that is preceded or accomplished by an acquisition or series of related acquisitions by any Person, by tender or exchange offer or otherwise, of voting securities representing 5% or more of the combined voting power of all
securities of the Company, immediately prior to such acquisition or the first acquisition in such series of acquisitions) continuing to represent, either by remaining outstanding or by being converted into voting securities of another entity, more
than 50% of the combined voting power of the voting securities of the Company or such other entity outstanding immediately after such reorganization or merger or consolidation (or series of related transactions involving such a reorganization or
merger or consolidation), or 

  

	 	(ii)	a reorganization or merger or consolidation effected to implement a recapitalization or reincorporation of the Company (or similar transaction) that does not result in a material
change in beneficial ownership of the voting securities of the Company or its successor; or 

  

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	 	(d)	Approval by the shareholders of the Company or an order by a court of competent jurisdiction of a plan of complete liquidation or dissolution of the Company.

  

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 EXHIBIT B 
 Vesting of PUs: 
 The PUs will vest, if at all, on             ,
subject to achievement of the Threshold performance metrics described below. Upon vesting, the recipient will be entitled to a cash payment based upon the number of PUs that vest determined under the payout levels described below. No PUs will vest
if the Threshold performance targets are not met. No additional PUs will vest for exceeding the Maximum performance targets. If the vesting of the PUs accelerates in connection with a Change in Control pursuant to Section 4(a) of the Agreement,
the PUs will be paid out at the Target performance level. 
 Performance Metric 
 Definitions 
 Payout Levels 
 Performance between target payout levels will be interpolated, as determined by the Board 
  

 -1-Executive Employment Agreement between the Company and Harry G. Hobbs

 Exhibit 10.3 
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered August 25, 2006, effective as of September 1, 2006 (the “Effective Date”), between ELANDIA, INC., a Delaware corporation, (the
“Company”), with a principal place of business at 1500 Cordova Road, Suite 300, Fort Lauderdale, Florida 33316 and HARRY HOBBS, an individual (the “Executive”), whose address is 17971 Yatton Road, Round Hill, Virginia
20141. 
 RECITALS: 
 A.
The Company provides wireless telecommunications services and information solutions and services (the “Business”). 
 B. The
Executive has extensive experience in the industry and has extensive experience as a chief executive officer. 
 C. The Company wishes to
employ Executive. 
 D. The Company has in effect a policy of director and officer liability insurance. 
 NOW, THEREFORE, in consideration of the mutual agreements herein made, the Company and the Executive hereby agree as follows: 
 AGREEMENT 
 1.
EMPLOYMENT. The Company hereby agrees to employ Executive and Executive hereby accepts such employment in his capacity of President and Chief Executive Officer, upon the terms and conditions hereinafter set forth. The Executive shall
diligently perform all services as may be assigned to him by the Board of Directors of the Company (the “Board”), and shall exercise such power and authority as may from time to time be delegated to him by the Board. The Company may also
direct Executive to perform such duties for other entities which are now or may in the future be affiliated with the Company (the “Affiliates”), subject to the limitation that Executive’s overall time commitment is comparable to
similarly situated executives. Executive shall serve the Company and the Affiliates faithfully, diligently and to the best of his ability. Executive agrees during the Term (as hereinafter defined) of this Agreement to devote all of his full-time
business efforts, attention, energy and skill to the performance of his employment to furthering the interest of the Company and the Affiliates. The Executive shall render such services at the Company’s location at 1500 Cordova Road, Suite 300,
Fort Lauderdale, Florida 33316, or at another suitable location selected by the Company. During the Term, Executive shall not engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior
written consent of the Board; provided however, that Executive shall be entitled to serve as a non-executive director of up to two other companies, as long as such companies do not compete with the Company or its subsidiaries. 

 2. COMPENSATION/BENEFITS. 
 (a) Salary. Company shall pay Executive a base salary (the “Base Salary”), of $300,000. Said salary shall be paid consistent with the
Company’s payroll policies and procedures for all employees. The Base Salary shall be reviewed, at least annually, for merit increases and may, by action and in the sole discretion of the Board, be increased at any time or from time to time.

 (b) Performance Bonus. During the Term, Executive shall be eligible to receive an annual bonus (“Bonus”) at the
discretion of the Board, or pursuant to one or more written plans adopted by the Board of the Company. The amount of any such Bonus, assuming Executive’s achievement of applicable milestones (as determined by the Board from time to time), shall
be based primarily upon the overall performance of the Company. The Bonus, if any, shall be payable on an annual basis at such time as the Board shall determine. In respect of calendar year 2006, Executive will be guaranteed 60% ($75,000) of the
pro-rated maximum bonus amount of $125,000, with the balance of $50,000 to be subject to the achievement of milestones for calendar year 2006 to be established by the Compensation Committee of the Board of Directors in September 2006. 
 (c) Employee Benefits. Executive shall be entitled to participate in all benefit programs of the Company currently existing or hereafter made
available to executives and/or other executive employees, subject to the eligibility requirements, restrictions and limitations of any such programs, including, but not limited to, health, dental, hospitalization, surgical and major medical
coverage, pension and other retirement plans, including any 401K Plan, sick leave, salary continuation, vacation and holidays and other fringe benefits. 
 (d) Vacation. Executive shall be entitled to four weeks of vacation each calendar year during the Term, to be taken at such times as the Executive and the Company shall mutually determine and provided that no
vacation time shall interfere with the duties required to be rendered by the Executive hereunder. Any vacation time not taken by Executive during any calendar year may not be carried forward into any succeeding calendar year and is not cumulative:
provided that Executive shall be entitled to carry forward into the next year up to (10) unused vacation days for such year. 
 (e)
Business Expense Reimbursement; Telephone Expenses. Upon the submission of proper substantiation by Executive, and subject to such rules and guidelines as the Company may from time to time adopt, the Company shall reimburse Executive for all
reasonable expenses actually paid or incurred by the Executive during the Term in the course of and pursuant to the business of the Company. The Executive shall account to the Company in writing for all expenses for which reimbursement is sought and
shall supply to the Company copies of all relevant invoices, receipts or other evidence reasonably requested by the Company. This reimbursement shall cover, among other things, the cost of Executive’s cellular telephone use in connection with
his employment hereunder. 
  

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 (f) Start-Up Living Expenses. During a transitional period ending December 31, 2006, the
Company will reimburse to the Executive upon receipt of proper documentation, his living expenses within the Broward County, Florida area, not to exceed $10,000. 
 3. STOCK OPTIONS. Following the adoption by the Company and stockholder approval of a stock option plan, the Company shall grant to the Executive options (the “Stock Option”) to purchase up to 636,200
shares of common stock (the “Common Stock”) of the Company under (and therefore subject to all terms and conditions of) the Company’s stock option plan, as may be amended from time-to-time, and any successor plan thereto (the
“Stock Option Plan”) and all rules of regulation of the Securities and Exchange Commission applicable to stock option plans then in effect. The Stock Option shall have an exercise price per share equal to the fair market value of the
Common Stock on the date of the grant, as determined by the Board (or the Compensation Committee thereof). The Stock Option will vest, subject to continued employment as of the vesting date, as follows: (i)  1/4 will vest and become exercisable on the first anniversary of the Effective Date; and (ii) an additional
1/48th will vest and become exercisable at the end of each one-month period thereafter, so as to become 100% vested
by the fourth anniversary of the Effective Date. No right to any Common Stock is earned or accrued until such time that vesting occurs (subject to Executive being employed and in good standing hereunder on each vesting date), nor does the grant
confer any right to continued vesting or employment. The Stock Option shall lapse as provided in the Stock Option Plan. 
 4.
TERM. The Term of employment hereunder will commence on the Effective Date, and end four years thereafter (the “Term”), unless terminated earlier pursuant to Section 6 of this Agreement. The Term shall automatically
renew (“Renewal Term”) for successive one year terms, unless written notification of non-renewal is provided by either party no less than 30 days prior to the expiration of the Term or the then current Renewal Term. 
 5. REPRESENTATIONS AND WARRANTIES OF EXECUTIVE. The Executive represents and warrants to the Company as follows: 
 (a) Executive has the full right to enter into this Agreement and perform all duties hereunder, and has made no contract or other commitment in
contravention of the terms hereof (including, without limitation, contracts or obligations respecting trade secrets or proprietary information or otherwise restricting competition), or which would prevent Executive from using his best efforts in the
performance of his duties hereunder. Executive has fulfilled all of his obligations under all prior employment or consulting agreements (or similar arrangements), and there is not, under any of the foregoing, any existing default or breach by
Executive with respect thereto. 
 (b) Executive’s performance hereunder shall not constitute a default under any contract or other
commitment to which the Executive is bound. 
 (c) All information furnished by Executive to the Company is to the best of Executive’s
knowledge, true and complete (including, without limitation, documentary evidence of Executive’s identity and 

  

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eligibility for employment in the United States), and Executive will promptly advise the Company with respect to any change in the information of record.

 (d) Executive is not subject to any order, decree or decision precluding him from performing his duties as described herein. 

(e) Executive declares that he has read and understands all the terms of this Agreement; that he has had ample opportunity to review it with his
attorney before signing it; that no promise, inducement, or agreement has been made except as expressly provided in this Agreement; that it contains the entire Agreement between the parties; and that he enters into this Agreement fully, voluntarily,
knowingly and without coercion. 
 (f) Executive acknowledges that the Company reserves the right to conduct background investigations and/or
reference checks on all of its potential employees. By executing this Agreement, Executive authorizes the Company to conduct such an investigation. Executive further acknowledges that his employment is contingent upon a clearance of such a
background investigation and/or reference check. 
 6. DEATH, DISABILITY AND TERMINATION. 
 (a) Death. In the event of the death of the Executive during the Term of the Agreement, accrued Base Salary, vacation and expense reimbursement
shall be paid to the Executive’s designated beneficiary, or, in the absence of such designation, to the estate or other legal representative of the Executive. Other death benefits will be determined in accordance with the terms of the
Company’s benefit programs and plans. 
 (b) Disability. 
 (i) In the event of the Executive’s disability, as hereinafter defined, the Executive shall be entitled to receive the Executive’s Base Salary,
at the annual rate in effect immediately prior to the commencement of disability, for a period of not less than three months from the date on which the disability has deemed to occur as hereinafter provided below. Any amounts provided for in this
Section 6(b) shall be offset by other long-term disability benefits obtained by Executive hereunder. 
 (ii) “Disability” for
purposes of this Agreement, shall be deemed to have occurred in the event (1) the Executive is unable by reason of sickness or accident to perform the Executive’s duties under this Agreement for a cumulative total of 12 weeks within any
one calendar year; (2) the Executive is unable to perform Executive’s duties for 90 consecutive days; or (3) the Executive has a guardian of the person or estate appointed by a court of competent jurisdiction. Termination due to
disability shall be deemed to have occurred upon the first day of the month following the determination of disability as defined in the preceding sentence. 
 (iii) Anything herein to the contrary notwithstanding, if, following a termination of employment hereunder due to disability as provided in the preceding paragraph, the Executive becomes reemployed by the Company,
whether as an employee or a consultant, 

  

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any salary, annual incentive payments or other benefits earned by the Executive from such employment shall offset any salary continuation due to the
Executive hereunder commencing with the date of re-employment. 
 (c) Termination by the Company for Cause. 
 (i) Nothing herein shall prevent the Company from terminating Executive for “Cause” as hereinafter defined. The Executive shall continue to
receive the Base Salary only for the period ending with the date of such termination as provided in this Section 6(c). Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with
the terms of such other compensation arrangements or such plans or programs. 
 (ii) “Cause” shall mean any of the following:
(1) commission or participation by Executive in an injurious act of personal dishonesty, fraud, gross neglect, misrepresentation or embezzlement against the Company or any Affiliate; (2) Executive’s conviction of or plea of nolo
contendere to a felony; (3) commission or participation by Executive in any other injurious act or omission wantonly, willfully, recklessly or in a manner which was grossly negligent against the Company; or (4) continued willful violations
by Executive of his obligations to the Company (provided that, the Company shall have delivered to the Executive a notice of termination stating that the Executive committed one of the types of conduct set forth in this Section 6(c)(ii)(4) and
specifying the particulars thereof and the Executive shall be given a 15 day period to cure such conduct). 
 (d) Termination by the
Company Other than for Cause. 
 (i) The foregoing notwithstanding, the Company shall have the right, at any time, to terminate the
Executive’s employment for whatever reason it deems appropriate upon written notice to the Executive. In the event such termination is not based on Cause, as provided in Section 6(c) above, or if Executive’s employment is terminated
under Sections 6(f) or 6(g) hereto, the Company shall continue to pay the Executive’s Base Salary for a period of 12 months from notice of termination hereunder payable in installments consistent with the Company’s normal payroll schedule,
subject to applicable withholding and other taxes. In addition, subject to the Executive’s timely electing COBRA continuation coverage, the Company will continue to pay health insurance premiums in the same proportion as if Executive had
remained an active employee for purposes of group medical coverage for Executive and his family (as in effect immediately prior to Executive’s termination) until the earlier of: (1) 12 months from the effective date of termination; or
(2) the date upon which Executive becomes eligible for coverage under the group health plans of another employer. 
 For all purposes
under this Agreement, the failure by Company to offer to renew the Agreement following the expiration of the initial Term or any Renewal Term on the same terms and conditions hereunder shall not be treated as if the Company terminated this Agreement
pursuant to this Section 6(d). 
  

 5 

 (e) Voluntary Termination. In the event the Executive terminates the Executive’s employment
on the Executive’s own volition (except as provided in Section 6(g)) prior to the expiration of the Term or any Renewal Term of this Agreement, including any renewals thereof, such termination shall constitute a voluntary termination and
in such event the Executive shall be limited to the same rights and benefits as provided in connection with Section 6(a). A termination of the Executive’s employment by the mutual agreement of the Executive and the Company shall not be
deemed a Termination by the Company Other than for Cause as provided in Section 6(d). Likewise, any public or published statement by either the Executive or the Company after the date of Executive’s termination that characterizes the
termination of Executive as a “resignation” or other voluntary departure by the Executive shall have no bearing on or otherwise change the determination that Executive’s termination is a Termination by the Company Other than for
Cause. 
 (f) Termination Following a Change of Control and Compensation Reduction. 
 (i) In the event that a “Change in Control,” as hereinafter defined, of the Company shall occur at any time during the Term or Renewal Term
hereof, and within 12 months of the occurrence of such “Change in Control” event the Company terminates the Executive without Cause or the Executive shall terminate the Executive’s employment under this Agreement, then, in any such
event such termination shall be deemed to be a Termination by the Company Other than for Cause and the Executive shall be entitled to such compensation and benefits as set forth in Section 6(d) of this Agreement. In addition, upon the effective
date of such termination, the vesting of the Stock Option or any other shares of capital stock of the Company subject to all equity awards granted during the Term or any Renewal Term that remain outstanding as of the time of such termination, shall
accelerate as to 50% of the then unvested equity awards. 
 (ii) For purposes of this Agreement, a “Change in Control”‘ of the
Company shall mean any of the following: 
 (1) a sale of all or substantially all of the assets of the Company; 
 (2) the acquisition of more than 50% of the Common Stock of the Company (with all classes or series thereof treated as a single class) by any person or
group of persons; provided, that, the acquisition of 50% or more of the Common Stock of the Company by Stanford International Bank Ltd. or any of its affiliates (collectively, “Stanford”) shall not be deemed a “Change in Control”
hereunder; 
 (3) a reorganization of the Company whereby the holders of Common Stock of the Company receive stock in another company (other
than a subsidiary of the Company), a merger of the Company with another company whereby there is a 50% or greater change in the ownership of the Common Stock of the Company as a result of such merger, or any other transaction in which the Company
(other than as the parent corporation) is consolidated for federal income tax purposes or is eligible to be consolidated for federal income tax purposes with another corporation; or 
 (4) in the event that the Common Stock of the Company is traded on an established securities market, a public announcement that any person (other than
Stanford) has acquired or has the right to acquire beneficial ownership of more than 50% of the then-outstanding Common Stock; for purposes hereof the terms “person” and “beneficial ownership” shall have the meanings provided in
Section 13(d) of the Securities and Exchange 

  

 6 

 
Act of 1934, as amended, or related rules promulgated by the Securities and Exchange Commission, or the commencement of or public announcement of an
intention to make a tender offer or exchange offer for more than 50% of the then outstanding shares of Common Stock; provided, however, that a Change of Control shall expressly not include (x) any consolidation or merger effected
exclusively to change the domicile of the Company, or (y) any transaction or series of transactions principally for bona fide equity financing purposes. 
 (g) Constructive Termination. Notwithstanding anything herein to the contrary, the Executive shall have the right, upon written notice to the Company, to terminate his employment in the event of the occurrence
of “Constructive Termination” (as hereinafter defined). For purposes hereof, “Constructive Termination” shall be deemed to occur if, without the Executive’s written consent: (i) Executive is assigned a title, duties or
responsibilities below the senior executive officer level (provided, however, that there shall not be a Constructive Termination if Executive is assigned a comparable title, duties or responsibilities with respect to the acquired or surviving entity
or a division or unit thereof resulting from a transaction involving the Company or its assets (e.g., the senior executive of a business unit or president of the subsidiary of an acquirer)); (ii) there is a material reduction by the Company of
the Executive’s Base Salary as in effect immediately prior to such reduction (except as part of a base salary reduction generally applicable to all executives of the Company); or (iii) Executive is relocated to a facility or a location
more than 35 miles from the Company’s current offices; provided, however, that the Company shall have a period of 15 days following receipt of written notice from the Executive specifying the grounds for a purported Constructive Termination to
cure any event or failure that would otherwise constitute a Constructive Termination. 
 (h) Release. The payment of any
severance amount under this Section 6 is conditioned on the Executive executing and delivering to the Company a standard waiver and general release of claims promptly after the effective date of termination (without any revocation thereof).

 7. COVENANT NOT TO COMPETE/NON-SOLICITATION. Executive acknowledges and recognizes the highly competitive nature of the
Company’s Business and the goodwill and business strategy of the Company constitute a substantial asset of the Company. Executive further acknowledges and recognizes that during the course of the Executive’s employment Executive will
receive specific knowledge of the Company’s Business, access to trade secrets and Confidential Information (as hereinafter defined), participate in business acquisitions and decisions, and that it would be impossible for Executive to work for a
competitor without using and divulging this valuable Confidential Information. Executive further acknowledges that this covenant not to compete is an independent covenant within this Agreement. This covenant shall survive this Agreement and shall be
treated as an independent covenant for the purposes of enforcement. Executive agrees to the following: 
 (a) that all times during the Term
and any Renewal Terms and for a period of one year after termination of the Executive’s employment under this Agreement or any renewal or extension thereof (the “Restricted Period’), for whatever reason and in any geographic areas in
which the Company operated or was actively planning on operating as of date of termination of the Executive’s employment (the “Restricted Area”), Executive will not individually or in 

  

 7 

 
conjunction with others, directly engage in Competition (as hereinafter defined) with the Business of the Company, whether as an officer, director,
proprietor, employer, employee, partner independent contractor, investor, consultant, advisor, agent or otherwise; provided that this provision shall not apply to the Executive’s ownership of the capital stock, solely as an investment, of
securities of any issuer that is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and that are listed or admitted for trading on any United States national securities exchange or that are quoted on the
National Association of Securities Dealers Automated Quotations System, or any similar system or automated dissemination of quotations of securities prices in common use, so long as the Executive does not control, acquire a controlling interest in
or become a member of a group which exercises direct or indirect control or, more than three percent of any class of capital stock of such corporation; 
 (b) that during the Restricted Period and within the Restricted Area, Executive will not, indirectly or directly, compete with the Company by soliciting, inducing or influencing any of the Company’s customers
that have a business relationship with the Company at any time during the Restricted Period to discontinue or reduce the extent of such relationship with the Company; 
 (c) that during the Restricted Period and within the Restricted Area, Executive will not (i) directly or indirectly recruit any employee of the Company to discontinue such employment relationship with the
Company, or (ii) employ or seek to employ, or cause to permit any business which competes directly or indirectly with the Business of the Company to employ or seek to employ for any such business any person who is then (or was at any time
within six months prior to the date Executive or the competitive business employs or seeks to employ such person) employed by the Company; 
 (d) that during the Restricted Period, Executive will not interfere with, disrupt attempt to disrupt any past or present relationship contractual or otherwise, between the Company and any Company’s employees. 
 (e) For purposes hereof, “Competition” shall mean any company, partnership, limited liability company or other entity any portion of whose
business directly or indirectly competes with the Business of the Company. 
 (f) In the event that a court of competent jurisdiction shall
determine that any provision of this Section 7 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Section 7 within the jurisdiction of such court, such provision
shall be interpreted and enforced as if it provided for the maximum restriction permitted under such governing law. 
 (g) If the Executive
shall be in violation of any provision of this Section 7, then each time limitation set forth in this Section 7 shall be extended for a period of time equal to the period of time during which such violation or violations occur. If the
Company seeks injunctive relief from such violation in any court, then the covenants set forth in this Section 7 shall be extended for a period of time equal to the pendency of such proceeding including all appeals by the Executive. 

 

 8 

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

  

 9 

 
improvements and discoveries conceived, made or acquired by Executive, alone or with the assistance of others, relating to the Confidential Information in
accordance with the provisions hereof and that Executive shall not acquire any intellectual property rights under this Agreement except the limited right to use set forth in this Agreement; (iii) that Executive shall assist in the preparation
and execution of all applications, assignments and other documents which the Company may deem necessary to obtain patents, copyrights and the like in the United States and in jurisdictions foreign thereto, and to otherwise protect the Company.

 (d) Excluded from the Confidential Information, and therefore not subject to the provisions of this Agreement, shall be any information
which the Executive can show (i) at the time of disclosure, is in the public domain as evidenced by printed publications; (ii) after the disclosure, enters the public domain by way of printed publication through no fault of the Executive;
(iii) by written documentation was in its possession at the time of disclosure and which was not acquired directly or indirectly from the Company; or (iv) by written documentation was acquired, after disclosure, from a third party who did
not receive it from the Company, and who had the right to disclose the information without any obligation to hold such information confidential. The foregoing exceptions shall apply only from and after the date that the information becomes generally
available to the public or is disclosed to the Executive by a third party, respectively. Specific information shall not be deemed to be within the foregoing exceptions merely because it is embraced by more general information in the public domain.
Additionally, any combination of features shall not be deemed to be within the foregoing exceptions merely because individual features are in the public domain. If the Executive intends to avail himself/herself of any of the foregoing exceptions,
the Executive shall notify the Company in writing of his/her intention to do so and the basis for claiming the exception. 
 (e) Upon written
request of the Company, Executive shall immediately return to the Company all written materials containing the Confidential Information as well as any other books, records and accounts relating in any manner to the Company or the Business. Executive
shall also deliver to the Company written statements signed by Executive certifying all materials have been returned within five days of receipt of the request. 
 9. ACKNOWLEDGMENT BY EXECUTIVE. The Executive acknowledges and confirms that (a) the restrictive covenants contained in this Agreement are reasonably necessary to protect the legitimate business interests
of the Company, and (b) the restrictions contained herein (including without limitation the length of the term of the provisions of the covenant not to compete) are not overbroad, overlong, or unfair and are not the result of overreaching,
duress or coercion of any kind. The Executive further acknowledges and confirms that his full, uninhibited and faithful observance of each of the covenants contained herein will not cause him any undue hardship, financial or otherwise, and that
enforcement of each of the covenants contained herein will not impair his ability to obtain employment commensurate with his abilities and on terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and
his family and the satisfaction of the needs of his creditors. The Executive acknowledges and confirms that his special knowledge of the business of the Company is such as would cause the Company serious injury or loss if he were to use such ability
and knowledge to the benefit of a competitor or were to compete with the Company in violation of the terms hereof. The Executive further acknowledges that the restrictions contained herein are intended to 

  

 10 

 
be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns. 
 10. INJUNCTION. It is recognized and hereby acknowledged by the parties hereto that a breach by the Executive of any of the covenants contained in
Sections 7 and 8 of this Agreement will cause irreparable harm and damage to the Company, the monetary amount of which may be virtually impossible to ascertain. As a result, the Executive recognizes and hereby acknowledges that the Company shall be
entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in Sections 7 and 8 of this Agreement by the Executive or any of his affiliates, associates, partners
or agents, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company may possess. In addition, upon any violation of the covenants contained in Sections 7 and 8, all
severance payments and benefits to which the Executive may be entitled to hereunder shall immediately cease and be without further force and effect. 
 11. SURVIVAL. The provisions of Sections 7 through 24 shall survive the termination of this Agreement, as applicable. 
 12. NOTICES. All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by courier, sent by registered or certified mail, return receipt requested or sent by
confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be
deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3) days after deposit in the U.S. mail. Notice shall be sent to the addresses set forth in the introductory paragraph of this
Agreement, or to such other address as either party hereto may from time to time give notice of to the other. 
 13. HEADINGS. All
sections and descriptive headings of this Agreement are inserted for convenience only, and shall not affect the construction or interpretation hereof. 
 14. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute on e and the same
instrument. 
 15. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings and arrangements, both oral and written, between the Executive and the Company (or any of its Affiliates) with respect to such subject matter.
This Agreement may not be modified in any way unless by a written instrument signed by both the Company and the Executive. 
 16.
GOVERNING LAW. This Agreement is to be construed and enforced according to the laws of the State of Florida. The prevailing party shall be entitled to recover legal fees and costs from the other party in any dispute hereunder. The parties
agree to accept any service of 

  

 11 

 
process by mail and to the exclusive venue of courts of competent jurisdiction located in Broward County, Florida in any dispute arising out of the
employment by the Company of the Executive, compensation or any damages in respect thereof. 
 17. CONSTRUCTION. This Agreement shall
not be construed more strictly against one party than the other, merely by virtue of the fact that it may have been prepared by counsel for one of the parties, it being recognized that both Company and Executive have contributed substantially and
materially to the negotiation and preparation of this Agreement. 
 18. SEVERABILITY. Inapplicability or unenforceability of any
provision of this Agreement shall not limit or impair the operation or validity of any other provision of this Agreement or any such other instrument. 
 19. NON-ASSIGNABILITY. The Executive shall not have the right to assign or delegate his rights or obligations hereunder, or any portion thereof, to any other person. 
 20. BINDING EFFECT. This Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs, personal
representatives, legal representatives, successors and, where applicable, assigns, including, without limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise. 
 21. WAIVERS. The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not operate nor be
construed as a waiver of any subsequent breach or violation. 
 22. INDEMNIFICATION. The Company agrees that if the Executive is made
a party or is threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that the Executive is or was a trustee, director or officer of
the Company or any subsidiary of the Company or is or was serving at the request of the Company or any subsidiary as a trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other
enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity as a trustee, director, officer, member, employee or agent while serving
as a trustee, director, officer, member, employee or agent, the Executive shall be indemnified and held harmless by the Company to the fullest extent authorized by Delaware law, as the same exists or may hereafter be amended, against all expenses
incurred or suffered by the Executive in connection therewith, and such indemnification shall continue as to the Executive even if the Executive has ceased to be an officer, director, trustee or agent, or is no longer employed by the Company and
shall inure to the benefit of his heirs, executors and administrators. 
 23. NO THIRD PARTY BENEFICIARY. Nothing expressed or implied
in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Company, the parties hereto and their respective heirs, personal representatives, legal representatives, successors and assigns, any rights or
remedies under or by reason of this Agreement. 
 24. NON-DISPARAGEMENT. During the term of Executive’s employment and
thereafter, neither the Executive nor the Company’s, directors and officers shall disparage each other. 
 25. WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION HEREWITH, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE COMPANY ENTERING INTO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR OUT OF THE EMPLOYMENT OF
EXECUTIVE BY THE COMPANY, COMPENSATION OR ANY DAMAGES IN RESPECT THEREOF. 
 [Signatures Begin on Following Page] 
  

 12 

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

  

			
	ELANDIA, INC.
		
	By:	 	/s/ Michael J. Ah Koy
	Name:	 	 Michael J. Ah Koy

	Title:	 	Acting Chief Executive Officer
	
	EXECUTIVE
	
	/s/ Harry Hobbs
	      Harry Hobbs

  

 13

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