Document:

Exhibit
10.3

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of the __ day of March, 2021 (the “Effective Date”),
by and between Orbsat Corp., a Nevada corporation (the “Company”), and David Phipps (the “Executive”).
The Company and the Executive are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

WITNESSTH:

 

WHEREAS,
the Executive has served as the President and Chief Executive Officer of the Company pursuant to that certain Employment Agreement
dated June 14, 2018, as extended by the Parties (the “Prior Agreement”); and

 

WHEREAS,
the Prior Agreement has expired, and the Company desires to employ the Executive, and the Executive desires to accept such
employment with the Company, in each case upon the terms and conditions set forth herein.

 

 Agreement:

 

1.
Term: The term of this Agreement shall start on the Effective Date and end on the one (1) year anniversary of the
Effective Date, which will be automatically extended for additional one (1) year terms thereafter unless terminated by the Company
or the Executive by written notice to the other Party not later than ninety (90) days prior to the end of the initial term or
any extension term, as applicable, subject in all events to early termination pursuant to Section 5 (as so extended or terminated,
the “Term”). Notwithstanding any other provisions this Agreement, the Company shall have an obligation to make any
payments to Executive for Base Salary and Bonuses, as defined below and as required by this Agreement.

 

2.
Services and Exclusivity of Services: So long as this Agreement shall continue in effect, Executive shall devote
substantially all of his business time and attention to the performance of the Executive’s duties hereunder as assigned
by the Board of Directors of the Company (the “Board”) to the extent consistent with Section 3. Executive shall use
Executive commercially reasonable efforts and abilities to promote the Company’s interests and shall perform the services
contemplated by this Agreement in accordance with the policies established by and under the direction of the Board, to the extent
consistent with Section 3. Executive agrees to faithfully and diligently promote the business affairs and interests of the Company
and its subsidiaries.

 

3.
Duties and Responsibilities: Executive shall serve as the President and Chief Executive Officer of the Company,
with such duties, responsibilities and authority commensurate and consistent with such positions, as may be, from time to time,
assigned to him by the Board. The Executive shall report directly to the Board. Executive shall render his services from Poole,
England, and will not be required to relocate his residence from Poole, England at any time during the Term hereof. Executive
agrees to travel as and to the extent reasonably requested by the Board in connection with the performance of his services hereunder.

 

Notwithstanding
the foregoing, the expenditure of reasonable amounts of time by the Executive for the making of passive personal investments,
the conduct of private business affairs (including other future directorships other than serving on the Board of Directors of
a competing business) and charitable and professional activities shall be allowed, provided such activities do not materially
interfere with the services required to be rendered by the Executive to the Company hereunder and do not violate the confidentiality
provisions set forth in Section 7 or the non-competition and non-solicitation provisions set forth in Section 8 below. The Company
understands and acknowledges, consistent with the foregoing, that Executive currently has other personal passive investment interests
in addition to his position hereunder as President and Chief Executive Officer of the Company.

 

    	 

     

    

 

4.
Compensation:

 

(a)
Base Compensation: The Executive’s annual base salary shall be an aggregate of (i) $180,000 per year, and (ii) £50,000
(approximately $70,000) per year (collectively, the “Base Salary”), which shall be paid by the Company to the Executive
through the Company’s wholly owned subsidiary, Global Telesat Communications Ltd. (“GTC”), in accordance with
GTC’s customary payroll practices, subject to (i) customary periodic review, modification and increase by the Board, (ii)
periodic review, modification and increase by the Board in connection with material Company events, including, but not limited
to, the Company’s successful listing of the Company’s capital stock on a national securities exchange such as the
Nasdaq Capital Markets or the NYSE (the “listing”), as may be delegated by the Board to the Compensation Committee
(as defined below) (references herein to the Compensation Committee shall include reference to the Board if no such Committee
exists at any time).

 

(b)
Bonuses: Executive shall be entitled to (A) receive an annual cash bonus in an amount equal to up to 150% of the Base Salary
if the Company meets or exceeds criteria adopted by the Compensation Committee of the Board (the “Compensation Committee”);
(B) receive any additional bonuses as determined by the Board; and (C) participate in any other executive compensation plans adopted
by the Board.

 

(c)
Additional Benefits: The Company agrees to provide the following “Additional Benefits” to Executive:

 

	 	(i)	Medical
    plan coverage for Executive, his spouse and dependents during the Term, if any, at the expense of the Company, with such coverage
    or comparable coverage to continue following termination of employment, other than for Cause (as defined below) or without
    Good Reason (as defined below), as each term is defined in this Agreement in Section 5(d) for the remainder of the Term;
	 	 	 
	 	(ii)	All
    rights and benefits for which Executive is otherwise eligible under any pension plan profit-sharing plan, dental, disability,
    or insurance plan or policy or other plan or benefit that the Company or its affiliates may provide (provided Executive is
    eligible under applicable law) for employees of the Company generally, as from time to time in effect, during the term of
    this Agreement;
	 	 	 
	 	(iii)	An
    automobile allowance for Executive in the amount of $1,500 per month; and
	 	 	 
	 	(iv)	Executive
    shall be eligible for four (4) weeks annual paid vacation during each year of the Term. Any vacation days not taken in a one
    (1) year period during the Term shall accrue and shall carry over to the subsequent year, provided that Executive may take
    up to a maximum of six (6) weeks’ annual paid vacation in a one (1) year period during the Term.

 

(d)
Equity Awards. During the Term, the Executive shall be entitled to receive, subject to approval by the Board, equity incentive
grants, such as common stock or stock options of the Company: (i) commensurate with the Executive’s position and performance,
and (ii) reflective of the executive compensation plans that the Company has in place at such time.

 

5.
Termination: This Agreement and all obligations hereunder except the obligations contained in sections 4, 7, 8,
and 9 (Additional Benefits, Confidential Information and Noncompetition and Non-Solicitation) which shall survive any termination
hereunder shall terminate upon the earliest to occur of any of the following:

 

(a)
Expiration of Term: The expiration of the Term provided for in Section 1 herein.

 

    	 

     

    

 

(b)
Death or Disability of Executive: The “Total Disability” of Executive for the purposes of this Agreement shall
be defined as, the Executive has failed to perform his regular and customary duties to the Company for a period of 180 days out
of any 360-day period as determined by a medical expert appointed by the Company’s disability insurance carrier, who will
examine the Executive. The Executive hereby consents to such examination and consultation regarding his health and ability to
perform as aforesaid. If Executive shall become subject to a Total Disability, Executive’s employment may be terminated
by written notice from the Company to Executive.

 

(c)
For Cause or Without Good Reason: The Company may terminate Executive’s employment and all of Executive’s rights
to receive the Base Salary and Bonuses hereunder for Cause upon the resignation of Executive without Good Reason. For purposes
of this Agreement, the term “Cause” shall be limited to the willful commission of a felony or other act of moral turpitude,
which directly and demonstrably causes material, tangible harm to the Company. “Good Reason” shall be defined as the
(i) demotion of Executive from the position of President and Chief Executive Officer; (ii) a material diminution by the Company
in the Employee’s authority, duties, or responsibilities from those specified in Section 3, (iii) the Executive ceasing
to communicate or report to the Board, (iv) without the consent of Executive, any attempt to materially decrease Executive’s
Base Salary or Bonuses; (v) any breach of this Agreement by the Company; and (vi) a change by the Company of the principal location
at which the Executive is required to perform his duties for Company to a new location that is more than twenty-five miles from
Poole, England, without the Executive’s consent.

 

Notwithstanding
the foregoing, Executive should not be terminated for Cause pursuant to this section 5(c) unless and until Executive has received
notice of a proposed termination for Cause an Executive has had an opportunity to be heard before at least the majority of the
members of the Board. Executive shall be deemed to have had such opportunity is given written or telephonic notice at least 72
hours in advance of the meeting. The initial determination that Cause exists shall be made by the Board.

 

(d)
Without Cause or With Good Reason: Notwithstanding any other provision of this Section 5, the Board shall have the right
to terminate Executive’s appointment with the Company with or without Cause, and Executive shall have the right to resign
with or without Good Reason, at any time. If the Company terminates Executive without Cause or Executive resigns for Good Reason
then the Company shall: (A) within 10 days of such termination or resignation make an immediate lump sum payment to Executive
in the amount of (i) two (2) times the then-applicable Base Salary, subject to withholding required by applicable law, and (ii)
Base Salary and Bonuses for the remainder of the Term (based on the assumption that the Company would achieve all performance
targets for all Bonuses), (B) provide the Additional Benefits provided for under Section 4 for the remainder of the Term, (C)
full vesting of any stock options, restricted stock or other equity or equity-related incentives, e.g. SARs, then held by the
Executive, and (D) a cash “gross up” payment equal to the aggregate amount of federal, state and local taxes resulting
from the other payments made to Executive under this Section 9(d), assuming an aggregate incremental tax rate of 39%. The present
value of the aggregate unpaid Base Salary and Bonuses shall be determined using the then applicable federal rate under the Internal
Revenue Code.

 

(e)
Change in Control: Termination of the Executive’s appointment with the Company as a result of, or in connection with,
a Change in Control shall be treated as a termination without Cause, entitling the Executive to the compensation and other benefits
provided for in Section 5(d), provided, however in no event shall such compensation as provided for in Section 5(d) be less than
Executive’s total compensation during the year preceding the Change in Control. “Change in Control” shall mean
the occurrence of any one or more of the following: (i) in any transaction or series of related transactions, the accumulation
(if over time, in any consecutive twelve (12) month period), whether directly, indirectly, beneficially or of record, by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of 50.1%
or more of the shares of the outstanding common stock of the Company, whether by merger, consolidation, sale, issuance or other
transfer of shares of common stock (other than a merger or consolidation where the stockholders of the Company prior to the merger
or consolidation are the holders of a majority of the voting securities of the entity that survives such merger or consolidation),
(ii) a sale of all or substantially all of the assets of the Company, or (iii) during any period of twelve (12) consecutive months,
the individuals who, at the beginning of such period, constituted the members of the Board, no longer constitute the members of
the Board at the end of such period.

 

    	 

     

    

 

6.
Business Expenses: The Executive shall be entitled to receive reimbursement for all reasonable business expenses
incurred by him in connection with his duties under this Agreement. The Company understands that the Executive will maintain his
primary residence elsewhere and any reasonable related travel fees incurred on behalf of Executive for business purposes, relating
but not limited to corporate housing, business class hotel accommodations, business class airfare, and car rental will be reimbursed.

 

7.
Confidential Information:

 

(a)
The Executive recognizes, acknowledges and agrees that he has had and will continue to have access to secret and confidential
information regarding the Company, its subsidiaries and their respective businesses (“Confidential Information”),
including but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data,
know-how, trade secrets and business plans, provided such information is not in or does not hereafter become part of the public
domain, or become known to others through no fault of the Executive. The Executive acknowledges that such information is of great
value to the Company, is the sole property of the Company, and has been and will be acquired by his in confidence. In consideration
of the obligations undertaken by the Company herein, the Executive will not, at any time, during or after his employment hereunder,
reveal, divulge or make known to any person, any information acquired by the Executive during the course of his/her employment,
which is treated as confidential by the Company, and not otherwise in the public domain. The provisions of this Section 7 shall
survive the termination of the Executive’s employment hereunder for a period of one (1) year.

 

(b)
The Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary
information of any prior employer(s) in providing services to the Company or its subsidiaries.

 

(c)
In the event that the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith
to the Company any and all originals and copies, including those in electronic or digital formats, of Confidential Information;
provided, however, Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but not
limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information
showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed
for tax purposes, and (iv) copies of plans, programs and. agreements relating to his employment, or termination thereof, with
the Company.

 

8.
Non-Competition and Non-Solicitation:

 

(a)
The Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive
is valuable to the Company and the Company and that its protection and maintenance constitutes a legitimate business interest
of the Company and the Company, to be protected by the non-competition restrictions set forth herein. The Executive agrees and
acknowledges that the non-competition restrictions set forth herein are reasonable and necessary and do not impose undue hardship
or burdens on the Executive. The Executive also acknowledges that the Company’s and its subsidiaries’ businesses are
conducted worldwide, and that the territory and scope of prohibited competition, and time duration set forth in the non-competition
restrictions set forth below are reasonable and necessary to maintain the value of the Confidential Information, and to protect
the goodwill and other legitimate business interests of the Company, its subsidiaries, affiliates and/or its clients or customers.
The provisions of this Section 8 shall survive the termination of the Executive’s employment hereunder for the time periods
specified below.

 

    	 

     

    

 

(b)
The Executive hereby agrees and covenants that during the Term and the period thereafter provided below, he shall not without
the prior written consent of the Company, directly or indirectly, in any capacity whatsoever, including, without limitation, as
an employee, employer, consultant, principal, partner, shareholder, officer, director or any other individual or representative
capacity (other than (A) as a holder of less than five (5%) percent of the outstanding securities of a company whose shares are
traded on any national securities exchange or (B) as a limited partner or passive minority interest holder in a venture capital
fund, private equity fund or similar investment entity which holds or may hold an equity or debt position in portfolio companies
that are competitive with the Company; provided, however, that the Executive shall be precluded from serving as an operating partner,
general partner, manager or governing board designee with respect to such portfolio companies):

 

(i)
engage, own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership,
management, operation or control of any business in competition with the Business of the Company, as defined in the next sentence.
For purposes hereof, the term “Business” shall mean the sales and service of satellite voice and data equipment, and
satellite-enabled voice, data, tracking and IoT connectivity services;

 

(ii)
recruit, solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Company to leave
the employment (or independent contractor relationship) thereof, whether or not any such employee or independent contractor is
party to an employment agreement, for the purpose of competing with the Business of the Company;

 

(iii)
attempt in any manner to solicit or accept from any customer of the Company, with whom Executive had significant contact during
Executive’s employment by the Company (whether under this Agreement or otherwise), business of the kind or competitive with
the Business done by the Company with such customer or to persuade or attempt to persuade any such customer to cease to do business
or to reduce the amount of business which such customer has customarily done or might do with the Company, or if any such customer
elects to move its business to a person other than the Company, provide any services of the kind or competitive with the Business
of the Company for such customer, or have any ·discussions regarding any such service with such customer, on behalf of
such other person for the purpose of competing with the Business of the Company; or

 

(iv)
interfere with any relationship, contractual or otherwise, between the Company and any other party, including, without limitation,
any supplier, distributor, co-venturer or joint venturer of the Company, for the purpose of soliciting such other party to discontinue
or reduce its business with the Company for the purpose of competing with the Business of the Company.

 

With
respect to the activities described in subparagraphs (i), (ii), (iii) and (iv) above, the restrictions of this Section 8 shall
continue during the Term hereof and, upon termination of the Executive’s employment pursuant to Section 5 for a period of
one (1) year thereafter.

 

    	 

     

    

 

9.
Indemnification:

 

(a)
Indemnification of Executive. To the fullest extent permitted by the Nevada Revised Statutes, the Company shall indemnify,
hold harmless and advance expenses to the Executive, and shall reimburse the Executive for, any loss, liability, claim, damage,
expense (including, but not limited to, costs of investigation and defense and reasonable attorneys’ fees) arising from
or in connection with the Executive’s performance of his duties of employment under this Agreement. Such indemnification
shall exclude, however, those claims for which it is proven that: (i) the Executive’s actions or failure to act constituted
a breach of his or his fiduciary duties as a director or officer, and (ii) the breach of those duties involved intentional misconduct,
fraud or a knowing violation of law (each such claim an “Excluded Claim”).

 

(b)
Defense of Claims. In the event that any action, suit or proceeding is brought against the Executive with respect to which
the Company may have liability under this Section 9, the Company shall have the right, at its cost and expense, to defend such
action, suit or proceeding in the name and on behalf of the Executive; provided, however, that the Executive shall have
the right to retain his or his own counsel, with fees and expenses paid by the Company, if representation of the Executive by
counsel retained by the Company would be inappropriate because of actual or potential differing interests between the Company
and the Executive. In connection with any action, suit or proceeding subject to this Section 9, the Company and the Executive
agree to render to each other such assistance as may reasonably be required in order to ensure proper and adequate defense of
such action, suit or proceeding. The Company shall not, without the prior written consent of the Executive, settle or compromise
any action, suit or proceeding if such settlement or compromise does not include an irrevocable and unconditional release of the
Executive for any liability arising out of such action, suit or proceeding.

 

10.
Miscellaneous.

 

(a)
The Executive acknowledges that the services to be rendered by his under the provisions of this Agreement are of a special, unique
and extraordinary character and that it would be difficult or impossible to replace such services. Accordingly, the Executive
agrees that any breach or threatened breach by him of Sections 7 or 8 of this Agreement shall entitle the Company, in addition
to all other legal remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or
threatened breach. The parties understand and intend that each restriction agreed to by the Executive hereinabove shall be construed
as separable and divisible from every other restriction, that the unenforceability of any restriction shall not limit the enforceability,
in whole or in part, of any other restriction, and that one or more or all of such restrictions may be enforced in whole or in
part as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive than permitted by law
in the jurisdiction in which the Company seeks enforcement thereof, such restriction shall be limited to the extent permitted
by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any other rights or remedies
that the Company may have at law or in equity.

 

(b)
Neither the Executive nor the Company may assign or delegate any of their rights or duties under this Agreement without the express
written consent of the other; provided, however that the Company shall have the right to delegate its obligation of payment of
all sums due to the Executive hereunder, provided that such delegation shall not relieve the Company of any of its obligations
hereunder and the Company shall have the right to assign this Agreement in the event of the consummation of a Change in Control
transaction (provided that Executive does not exercise his termination rights with respect thereto), provided that the Company
requires any successor entity or person to expressly assume, be bound by, and agree to perform the Company’s obligations
under this Agreement and provides Executive with an instrument executed by any such successor entity or person confirming the
foregoing.

 

    	 

     

    

 

(c)
This Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Company (it being understood that any equity incentive arrangements shall be governed by the terms of the documents
for such equity incentive arrangements, provided that in the event of a conflict between this Agreement and the terms of the documents
for such equity incentive arrangements, this Agreement will control and govern)supersedes all prior understandings and agreements,
whether oral or written, between the Executive and the Company with respect thereto, and shall not be amended, modified or changed
except by an instrument in writing executed by the Party to be charged. The invalidity or partial invalidity of one or more provisions
of this Agreement shall not invalidate any other provision of this Agreement. No waiver by any Party of any provision or condition
to be performed hereunder shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or any prior
or subsequent time, unless the instrument of waiver expressly provides otherwise.

 

(d)
This Agreement shall inure to the benefit of, be binding upon and enforceable against, the Parties hereto and their respective
successors, heirs, beneficiaries, personal representatives, and permitted assigns.

 

(e)
The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

(f)
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given when personally delivered, receipt acknowledged, sent by registered or certified mail, return
receipt requested, postage prepaid, or by private overnight mail service (e.g., Federal Express), receipt acknowledged, to the
Party at the addresses set forth below or to such other address as any Party may hereafter give notice of in accordance with the
provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third business day after sending.

 

(g)
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Nevada without reference
to principles of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal
and state courts located in the State of Nevada. The parties hereto shall initially attempt to resolve all claims, disputes or
controversies arising under, out of or in connection with this Agreement by conducting good faith negotiations amongst themselves.
If the parties hereto are unable to resolve the matter following good faith negotiations, the matter shall thereafter be resolved
by binding arbitration and each Party hereto hereby waives any right it may otherwise have to the resolution of such matter by
any means other than binding arbitration pursuant to this Agreement. Whenever a Party shall decide to institute arbitration proceedings,
it shall provide written notice to that effect to the other parties hereto. The Party giving such notice shall, however, refrain
from instituting the arbitration proceedings for a period of sixty (60) days following such notice. During this period, the parties
shall make good faith efforts to amicably resolve the claim, dispute or controversy without arbitration. Any arbitration hereunder
shall be conducted in the English language under the commercial arbitration rules of the American Arbitration Association. Any
such arbitration shall be conducted in Miami, Florida by a panel of three arbitrators: one arbitrator shall be appointed by each
of the Executive and the Company; and the third shall be appointed by the American Arbitration Association. The panel of arbitrators
shall have the authority to grant specific performance. Judgment upon the award so rendered may be entered in any court having
jurisdiction in the State of Nevada or application may be made to such court for judicial acceptance of any award and an order
of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal
or equitable proceeding based on the claim, dispute or controversy in question would be barred under this Agreement or by the
applicable statute of limitations. The prevailing Party in any arbitration in accordance with this Agreement shall be entitled
to recover from the other Party, in addition to any other remedies specified in the award, all reasonable costs, attorneys’
fees and other expenses incurred by such prevailing Party to arbitrate the claim, dispute or controversy.

 

    	 

     

    

 

(h)
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date
set forth above.

 

(i)
The Company shall maintain during the Term, Directors’ and Officers’ Professional Liability Insurance providing coverage
to the Executive in amounts customary for public companies of the same size and scope of operations as the Company.

 

(j)
The Executive and the Company acknowledge that each of the payments and benefits promised to Executive under this Agreement must
either comply with the requirements of Section 409A of the Code (“Section 409A”), and the regulations thereunder or
qualify for an exception from compliance. To that end, the Executive and the Company agree that the severance payments described
herein are intended to be excepted from compliance with Section 409A as a short-term deferral pursuant to Treasury Regulation
Section 1.409A-1(b)(4). In the case of a payment that is not excepted from compliance with Section 409A, and that is not otherwise
designated to be paid immediately upon a permissible payment event within the meaning of Treasury Regulation Section 1.409A-3(a),
the payment shall not be made prior to, and shall, if necessary, be deferred to and paid on the later of the date sixty (60) days
after the Executive’s earliest separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)) and,
if the Executive is a specified employee (within the meaning of Treasury Regulation Section 1.409A-1(i)) of the Company on the
date of his separation from service, the first day of the seventh month following the Executive’s separation from service.
Furthermore, this Agreement shall be construed and administered in such manner as shall be necessary to effect compliance with
Section 409A. 

 

Notices:

 

If
to the Company:

 

Orbsat
Corp.

18851
NE 29th Avenue, Suite 700

Aventura,
FL 33180

Attention:
Board of Directors

 

If
to the Executive:

 

David
Phipps

19-25
Nuffield Road Poole, BH17

ORU United Kingdom

 

[Signature
Page Follows]

 

    	 

     

    

 

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

 

Acknowledged
and accepted:

 

	COMPANY:
    	 	 	 
	 	 	 	 	 
	ORBSAT
    CORP. 	 	 	 
	 	              	 	Date:	_____________
	By:
    	 	 	 	 
	Name:
    	 	 	 	 
	Title:
    	 	 	 	 
	 	 	 	 	 
	EXECUTIVE: 	 	 	 
	 	 	 	 	 
	DAVID
    PHIPPS 	 	 	 
	 	 	 	 
	 	 	 	 
	David Phipps 	 	Date:	_____________Exhibit
10.4

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is
entered into
as of
the __ day
of March, 2021 (the “Effective Date”), by
and between Orbsat Corp., a Nevada
corporation (the “Company”), and Thomas
Seifert (the “Executive”). The Company and the Executive are sometimes referred to herein individually as a “Party”
and collectively as the “Parties.”

 

WITNESSTH:

 

WHEREAS,
the Company desires to employ the Executive on the terms and conditions set forth herein;
and

 

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

 

 Agreement:

 

1.
Term: The term of this Agreement shall start on the Effective Date and end
on the one (1) year anniversary of the Effective Date, which will be automatically extended for additional one (1) year terms
thereafter unless terminated by the Company or the Executive by written notice to the other Party not later than ninety (90) days
prior to the end of the initial term or any extension term, as applicable, subject in all events to early termination pursuant
to Section 5 (as so extended or terminated, the “Term”). Notwithstanding any
other provisions this Agreement, the Company shall
have an obligation to make any payments to Executive
for Base Salary and Bonuses, as defined below and as required by this
Agreement.

 

2.
Services and Exclusivity
of Services: So long as
this Agreement shall continue in effect, Executive shall devote substantially all of his business time and attention to the performance
of the Executive’s duties hereunder as assigned by the CEO and the Board of Directors of the Company (the “Board”),
to the extent consistent with Section 3, provided that the Company acknowledges that Executive maintains a consulting business
which does not conflict or interfere with the services, duties and responsibilities of Executive hereunder, and, as such, the
Company does not object to Executive’s continued operation of his consulting business during the Term. Executive shall use
Executive’s commercially reasonable efforts and abilities to promote the Company’s
interests and shall perform the services contemplated by
this Agreement in
accordance with the policies established by and under
the direction of the CEO and the Board, to the extent consistent with Section 3.
Executive agrees to faithfully and diligently promote the business affairs and interests of the Company and
its subsidiaries.

 

3.
Duties and Responsibilities:
Executive shall serve as the Chief Financial Officer of the Company,
with such duties, responsibilities and authority commensurate
and consistent with such positions, as may be, from time to time, assigned
to him by the CEO
and the Board. The
Executive shall report directly to the CEO. Executive shall render his services from
Parker, Colorado, and will not be required to relocate his
residence from Parker, Colorado at any time
during the Term hereof. Executive agrees to travel as and to the extent reasonably
requested by the Board in connection with
the performance of his services hereunder.

 

Notwithstanding
the foregoing, the expenditure of reasonable amounts of time by
the Executive for the making of passive
personal investments, the conduct of private business affairs (including other future directorships other than serving on the
Board of Directors of a competing business) and charitable and professional
activities shall be allowed, provided
such activities do not materially interfere with the services required to be rendered
by the Executive to the Company hereunder and do not violate the confidentiality
provisions set forth in Section 7 or the non-competition and non-solicitation
provisions set forth in Section 8 below. The Company understands and acknowledges,
consistent with the foregoing, that Executive
currently has other personal passive investment interests in addition to his position
hereunder as Chief Financial Officer of the Company.

 

    	 

     

    

 

4.
Compensation:

 

(a)
Base Compensation:
The Executive’s annual base salary shall be $150,000 per year, (the “Base Salary”), subject to (i) customary
periodic review, modification and increase by the Board, (ii) periodic review, modification and increase by the Board in connection
with material Company events, including, but not limited to, the Company’s successful listing of the Company’s capital
stock on a national securities exchange such as the Nasdaq Capital Markets or the NYSE (the “listing”), as may be
delegated by the Board to the Compensation Committee (as defined below) (references herein to the Compensation Committee shall
include reference to the Board if no such Committee exists at any time), which such Base Salary shall be paid by the Company to
the Executive in accordance with the Company’s customary payroll practices, subject to customary withholding as required
by applicable law.

 

(b)
Bonuses: Executive shall be entitled to
(A) receive an annual cash bonus in an amount equal to up to 150% of the Base Salary if the Company meets or exceeds criteria
adopted by the Compensation Committee of the Board (the “Compensation Committee”); (B) receive any additional bonuses
as determined by the Board; and (C) participate in any other executive compensation plans adopted by the Board.

 

(c)
Additional Benefits: The Company agrees to
provide the following “Additional Benefits”
to Executive:

 

	 	(i)	Medical
    plan coverage for Executive,
    his spouse and dependents during the
    Term, if any, at the expense of the Company,
    with such coverage or comparable coverage to continue
    following termination of employment hereunder, other than for Cause (as defined below) or without Good Reason (as defined
    below), as each term is defined in this Agreement in Section 5(d) for the remainder of the Term; provided that during the
    interim period prior to and until the Company’s obtaining medical plan coverage for its employees, Executive shall receive
    $1,000 per month in lieu of medical plan coverage, which such monthly payment shall cease to be paid upon the Company obtaining
    a medical coverage plan for its employees;
	 	 	 
	 	(ii)	All
    rights and benefits for which
    Executive is otherwise eligible under any pension plan profit-sharing
    plan, dental, disability, or insurance plan or policy or other plan or benefit that the Company or its affiliates may
    provide (provided Executive is eligible
    under applicable law) for employees of the Company generally, as from time to
    time in effect, during the term of this Agreement;
	 	 	 
	 	(iii)	 An
    automobile allowance for Executive in the amount of $750 per month; and
	 	 	 
	 	(iv)	 Executive
    shall be eligible
    for four (4) weeks annual paid vacation during each year of the Term.
    Any vacation days not taken in a one (1) year period during the Term shall accrue
    and shall carry over
    to the subsequent year, provided
    that Executive may take up to a maximum of six (6) weeks’ annual paid vacation in a one (1) year period during the Term.

 

(d)
Equity Awards. During the Term, the Executive shall be entitled to receive, subject to approval by the Board, equity incentive
grants, such as common stock or stock options of the Company: (i) commensurate with the Executive’s position and performance,
and (ii) reflective of the executive compensation plans that the Company has in place at such time.

 

    	 

     

    

 

5.
Termination: This Agreement
and all obligations hereunder
except the obligations contained in sections 4, 7, 8, and 9 (Additional
Benefits, Confidential Information and Noncompetition and Non-Solicitation) which shall survive
any termination hereunder shall terminate
upon the earliest to occur of any of
the following:

 

(a)
Expiration of Term: The expiration of the Term provided for in
Section 1 herein.

 

(b)
Death or
Disability of Executive:
The “Total Disability” of Executive for the purposes
of this Agreement shall be defined as, the Executive
has failed to perform his regular and
customary duties to the Company for a period of 180 days out of any
360-day period as determined by a medical expert appointed by the Company’s
disability insurance carrier, who will examine the Executive. The Executive hereby consents to such examination and consultation
regarding his health and ability to perform as aforesaid. If Executive shall become subject to a Total Disability, Executive’s
employment may be terminated by written notice from the Company to Executive.

 

(c)
For
Cause or Without Good Reason:
The Company may
terminate Executive’s employment and all of Executive’s rights to receive
the Base Salary and
Bonuses hereunder for Cause upon the resignation of Executive without Good
Reason. For purposes of this Agreement,
the term “Cause” shall be limited
to the willful commission of a felony or
other act of moral turpitude, which
directly and demonstrably causes material, tangible harm to the Company. “Good
Reason” shall be defined as the (i) demotion of Executive from the position
of Chief Financial Officer; (ii) A material diminution by the Company in the Employee’s authority, duties, or responsibilities
from those specified in Section 3, (iii) the Executive ceasing to communicate or report to the Board, (iv) without the consent
of Executive, any attempt to decrease Executive’s Base Salary or Bonuses; (v) any breach of
this Agreement by the
Company; and (vi) a change by the Company of the principal location at which the Executive is required to perform his duties
for Company to a new location that is outside of Parker, Colorado, without the Executive’s
consent

 

Notwithstanding
the foregoing, Executive should not be terminated
for Cause pursuant to this section
5(c) unless and until executive has received notice of
a proposed termination for Cause an
Executive has had an opportunity to be
heard before at least the majority of the members
of the Board. Executive shall be deemed
to have had such opportunity is given written or telephonic notice at least 72 hours in advance of the meeting. The initial
determination that Cause exists shall be made by the
Board.

 

(d)
Without Cause or With Good
Reason: Notwithstanding any
other provision of this Section 5, the Board
shall have the right to terminate Executive’s appointment with the Company
with or without Cause, and Executive shall have the right to
resign with or without Good Reason, at any
time. If the
Company terminates Executive without Cause or Executive resigns for Good Reason then
the Company shall: (A) within 10 days of
such termination or resignation make an immediate lump sum payment to Executive
in the amount of (i) two (2) times the
then-applicable Base Salary, subject
to withholding required by applicable law, and (ii) Base Salary and Bonuses for the
remainder of the Term (based on the assumption that the Company would achieve all performance targets for all Bonuses),
(B) provide the Additional Benefits provided for under
Section 4 for the remainder of the Term, (C) full
vesting of any stock options, restricted
stock or other equity or equity-related incentives, e.g. SARs, then held by the Executive, and (D) a cash “gross
up” payment equal to the aggregate amount of federal, state and local taxes resulting from the other payments made
to Executive under this Section 9(d), assuming an aggregate incremental tax rate of 39%.
The present value of the aggregate unpaid Base Salary and Bonuses shall be determined using the then applicable
federal rate under the Internal Revenue Code.

 

    	 

     

    

 

(e)
Change in
Control:
Termination of the Executive’s
appointment with the Company as a result
of, or in connection with, a Change in Control
shall be treated as a termination without
Cause, entitling the Executive to the
compensation and other benefits provided for in Section 5(d), provided, however in no event shall such compensation as
provided for in Section 5(d) be less than Executive’s total compensation during the year preceding the Change in Control.
“Change in Control” shall mean the occurrence of any
one or more of the following:
(i) in any transaction or series of related transactions, the accumulation (if over time, in
any consecutive twelve (12) month period), whether directly, indirectly, beneficially
or of record, by any individual,
entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended) of 50.1% or more of the
shares of the outstanding common stock of the Company,
whether by merger, consolidation,
sale, issuance or other transfer of shares of
common stock (other than a merger or consolidation
where the stockholders of the Company prior to the merger
or consolidation are the holders of a majority
of the voting securities of the entity that survives such merger or consolidation), (ii) a sale
of all or substantially all of the assets of the Company, or (iii) during
any period of twelve (12)
consecutive months, the individuals who, at the beginning of such period, constituted
the members of the Board, no
longer constitute the members of the Board at the end of such period.

 

6.
Business Expenses: The Executive shall be entitled to receive reimbursement
for all reasonable business expenses incurred by him in connection with his duties under this Agreement. The Company understands
that the Executive will maintain his primary residence elsewhere and any reasonable
related travel fees incurred on behalf of Executive for business purposes, relating but not limited to corporate housing,
business class hotel accommodations, business class airfare, and car rental will be reimbursed.

 

7.
Confidential Information:

 

(a)
The Executive recognizes, acknowledges and agrees that he has had and will continue to
have access to secret and confidential information
regarding the Company, its subsidiaries and their respective
businesses (“Confidential Information”), including but not limited
to, its products, methods, formulas, software code, patents, sources of supply,
customer dealings, data, know-how, trade
secrets and business plans, provided such information is not in or
does not hereafter become part of the public domain, or become
known to others through no fault of the Executive. The Executive acknowledges that such information is of great
value to the Company, is the sole property of the Company,
and has been and will be acquired by
his in confidence. In consideration
of the obligations undertaken by
the Company herein, the Executive will not, at any
time, during or after his employment hereunder, reveal, divulge or
make known to any person, any information acquired
by the Executive during the course
of his/her employment,
which is treated as confidential by
the Company, and not otherwise in the public domain.
The provisions of this Section 7 shall
survive the termination of the Executive’s employment hereunder
for a period of one (1) year.

 

(b)
The Executive affirms
that he does not possess and will not rely upon the protected
trade secrets or confidential or proprietary
information of any prior employer(s) in providing
services to the Company or its subsidiaries.

 

(c)
In the
event that the Executive’s employment with the Company
terminates for any reason, the Executive
shall deliver forthwith to the Company
any and all originals and copies, including those in electronic
or digital formats, of Confidential
Information; provided, however,
Executive shall be entitled
to retain (i) papers and other materials of a personal
nature, including, but not limited to, photographs, correspondence, personal
diaries, calendars and rolodexes, personal files and phone books, (ii) information showing his compensation
or relating to reimbursement of expenses, (iii) information that he reasonably believes
may be needed for tax purposes, and (iv)
copies of plans, programs and. agreements relating to
his employment, or termination thereof,
with the Company.

 

    	 

     

    

 

8.
Non-Competition
and Non-Solicitation:

 

(a)
The Executive agrees
and acknowledges
that the Confidential Information
that the Executive has already
received and will receive is valuable
to the Company and the Company and that
its protection and maintenance constitutes
a legitimate business interest of
the Company and
the Company, to be protected by
the non-competition restrictions set forth
herein. The Executive agrees and acknowledges that the
non-competition restrictions set forth herein
are reasonable and necessary and
do not impose undue hardship or
burdens on the Executive.
The Executive also
acknowledges that the Company’s and its subsidiaries’ businesses
are conducted worldwide,
and that the territory and scope
of prohibited competition, and time
duration set forth in the non-competition
restrictions set forth below are reasonable and necessary to maintain the
value of the Confidential
Information, and to protect the
goodwill and other legitimate business interests
of the Company, its subsidiaries,
affiliates and/or its clients
or customers. The provisions
of this Section 8 shall
survive the termination of
the Executive’s employment hereunder for
the time periods specified below.

 

(b)
The Executive hereby
agrees and covenants
that during
the Term and the period thereafter provided below, he shall
not without the prior written
consent of the Company, directly
or indirectly, in any capacity
whatsoever, including, without limitation, as an employee, employer,
consultant, principal, partner, shareholder, officer, director or any other
individual or representative capacity
(other than (A) as a holder of less
than five (5%) percent of the
outstanding securities of a company whose
shares are traded
on any national securities exchange
or (B) as a limited
partner or passive minority interest holder
in a venture capital fund,
private equity fund or similar
investment entity which holds or may hold
an equity or debt position in portfolio
companies that are competitive with the Company;
provided, however, that
the Executive shall be precluded
from serving as an operating partner, general
partner, manager or governing board designee
with respect to such portfolio companies):

 

(i)
engage, own, manage, operate, control, be employed
by, consult for, participate in,
or be connected in any
manner with the ownership, management,
operation or control of any business
in competition with the Business
of the Company, as
defined in the next
sentence. For purposes hereof, the
term “Business” shall mean
the sales and service
of satellite voice and data equipment,
and satellite-enabled voice, data, tracking and IoT connectivity services;

 

(ii)
recruit, solicit or hire,
or attempt to recruit, solicit
or hire, any employee, or independent contractor
of the Company to leave the
employment (or independent
contractor relationship) thereof, whether or not any such
employee or independent contractor
is party to anemployment agreement,
for the purpose of competing
with the Business of
the Company;

 

(iii)
attempt in any manner to solicit
or accept from any customer
of the Company, with
whom Executive had significant contact
during Executive’s employment by
the Company (whether under this Agreement
or otherwise), business of the kind or
competitive with the Business
done by the Company with such
customer or to persuade or attempt
to persuade any such customer
to cease to do business or
to reduce the amount
of business which such customer has customarily done
or might do with the Company,
or if any such customer
elects to move its business to
a person other than the
Company, provide any services of
the kind or competitive with the
Business of the Company
for such customer, or
have any ·discussions regarding any such
service with such customer,
on behalf of such
other person for the purpose of
competing with the Business
of the Company; or

 

(iv)
interfere with any relationship,
contractual or otherwise, between the
Company and any other
party, including, without limitation, any supplier,
distributor, co-venturer or joint venturer
of the Company, for
the purpose of soliciting
such other party
to discontinue or reduce
its business with the Company for the purpose
of competing with the
Business of the Company.

 

With
respect to
the activities described in subparagraphs
(i), (ii), (iii) and (iv) above,
the restrictions of this
Section 8 shall continue during
the Term hereof
and, upon termination of the Executive’s
employment pursuant to Section 5 for
a period of one (1)
year thereafter.

 

    	 

     

    

 

9.
Indemnification:

 

(a)
Indemnification of
Executive.
To the fullest extent permitted by the Nevada
Revised Statutes, the Company shall indemnify,
hold harmless and advance expenses to the Executive, and shall reimburse the Executive
for, any loss, liability, claim, damage,
expense (including, but not limited to, costs of investigation and defense
and reasonable attorneys’ fees) arising from or in connection with the Executive’s
performance of his duties of employment under this Agreement. Such indemnification
shall exclude, however, those claims
for which it is
proven that: (i) the Executive’s
actions or failure to
act constituted a breach of
his or his fiduciary
duties as a director
or officer, and
(ii) the breach
of those duties involved
intentional misconduct, fraud or
a knowing violation of law (each
such claim an “Excluded Claim”).

 

(b)
Defense
of Claims.
In the
event that any action,
suit or proceeding is brought against the
Executive with respect to which the Company may
have liability under this Section 9,
the Company shall have the right, at its cost and expense, to defend
such action, suit or proceeding
in the name and on behalf of the Executive; provided, however, that the Executive
shall have the right to retain his or his own counsel, with fees and expenses
paid by the Company, if representation
of the Executive by counsel retained
by the Company would be inappropriate because
of actual or potential differing interests
between the Company and the Executive. In
connection with any action,
suit or proceeding subject to this Section 9, the Company and the Executive agree
to render to each other such assistance as may reasonably be required in order
to ensure proper and adequate defense
of such action, suit or proceeding.
The Company shall not, without the prior written
consent of the Executive, settle
or compromise any action,
suit or proceeding if such settlement or compromise does not
include an irrevocable and unconditional release of the Executive
for any liability arising out
of such action, suit or proceeding.

 

10.
Miscellaneous.

 

(a)
The Executive acknowledges
that the services
to be
rendered by his under
the provisions of this
Agreement are of
a special, unique and extraordinary
character and that it would be
difficult or impossible to
replace such services. Accordingly, the
Executive agrees that any breach
or threatened breach by him of Sections
7 or 8 of this Agreement shall
entitle the Company, in addition
to all other legal remedies available
to it, to apply to
any court of competent jurisdiction to
seek to enjoin such
breach or threatened breach. The
parties understand and intend that each
restriction agreed to by
the Executive hereinabove shall
be construed as separable
and divisible from every other restriction,
that the unenforceability of
any restriction shall not limit
the enforceability, in whole or in part,
of any other restriction, and
that one or more or all of such
restrictions may be enforced in
whole or in part as the circumstances
warrant. In the event that any
restriction in this Agreement is more
restrictive than permitted by
law in the jurisdiction in which
the Company seeks enforcement thereof,
such restriction shall be limited
to the extent permitted by
law. The remedy of
injunctive relief herein set forth shall
be in addition to, and
not in lieu of, any other
rights or remedies that
the Company may have at
law or in equity.

 

(b)
Neither the
Executive nor
the Company may assign
or delegate any of their rights
or duties under this Agreement
without the express written consent of
the other; provided, however that the Company
shall have the right
to delegate its obligation of
payment of all sums
due to the Executive hereunder, provided
that such delegation shall not
relieve the Company
of any of its obligations hereunder and the
Company shall have the right to assign this
Agreement in the event of
the consummation of a Change
in Control transaction (provided that
Executive does not exercise
his termination rights with respect thereto),
provided that the Company requires
any successor entity or person
to expressly assume, be bound
by, and agree to perform
the Company’s obligations under this Agreement and provides Executive with an
instrument executed by any
such successor entity or person
confirming the foregoing.

 

    	 

     

    

 

(c)
This Agreement constitutes
and embodies the
full and complete understanding
and agreement
of the parties
with respect
to the
Executive’s employment by the Company
(it being understood that any equity incentive arrangements shall be governed by the terms of the documents for such equity incentive
arrangements, provided that in the event of a conflict between this Agreement and the terms of the documents for such equity incentive
arrangements, this Agreement will control and govern)supersedes all prior
understandings and agreements, whether
oral or written, between the Executive
and the Company with respect thereto,
and shall not be
amended, modified or changed except
by an instrument in writing
executed by the
Party to be charged. The invalidity
or partial invalidity of
one or more provisions of this
Agreement shall not invalidate any other provision of this
Agreement. No waiver by
any Party of any provision or
condition to be performed
hereunder shall be deemed a waiver
of similar or dissimilar provisions
or conditions at the same time or any
prior or subsequent time, unless the
instrument of waiver
expressly provides otherwise.

 

(d)
This Agreement
shall inure to the benefit of,
be binding upon and enforceable against,
the Parties hereto and their
respective successors, heirs, beneficiaries, personal representatives, and
permitted assigns.

 

(e)
The headings contained
in this
Agreement are for convenience
of reference only and shall not affect
in any way the meaning
or interpretation of
this Agreement.

 

(f)
All notices, requests,
demands and other communications
required or permitted
to be given hereunder shall be
in writing and shall be deemed
to have been duly
given when personally delivered, receipt
acknowledged, sent by registered
or certified mail, return receipt requested, postage prepaid,
or by private overnight mail service
(e.g., Federal Express),
receipt acknowledged, to the Party at
the addresses set forth below or
to such other address as any Party
may hereafter give notice of
in accordance with the provisions
hereof. Notices shall be deemed given on
the sooner of the date
actually received or the third business
day after sending.

 

(g)
This Agreement shall be
governed by
and construed in accordance with the internal
laws of the State of Nevada without reference to principles
of conflicts of laws and each
of the parties hereto irrevocably consents
to the jurisdiction and venue of the
federal and state courts located in the State of Nevada.
The parties hereto shall initially attempt to resolve all claims, disputes
or controversies arising under, out of or in connection with this Agreement by
conducting good faith negotiations amongst
themselves. If the parties hereto are unable
to resolve the matter following
good faith negotiations, the matter shall thereafter
be resolved by binding arbitration and
each Party hereto hereby waives any
right it may otherwise have to
the resolution of such matter by any
means other than binding arbitration pursuant to this Agreement.
Whenever a Party shall decide to institute arbitration proceedings,
it shall provide written notice to that effect to the
other parties hereto. The Party giving such notice shall, however, refrain from instituting
the arbitration proceedings for a period of sixty (60)
days following such notice. During this
period, the parties shall make good
faith efforts to amicably resolve the claim, dispute or controversy without
arbitration. Any arbitration hereunder shall
be conducted in the English language
under the commercial arbitration rules of the American Arbitration Association. Any such arbitration
shall be conducted in Miami, Florida by
a panel of three arbitrators: one arbitrator shall be appointed
by each of
the Executive and the Company;
and the third shall be appointed by the
American Arbitration Association. The panel of arbitrators shall have the authority to grant
specific performance. Judgment upon the award so rendered may be entered
in any court having jurisdiction
in the State of Nevada or application
may be made to such court for judicial acceptance
of any award and an order of enforcement, as the case may be.
In no event shall a demand
for arbitration be made after the date when institution of a legal
or equitable proceeding based on the claim, dispute or controversy in question would
be barred under this Agreement or by
the applicable statute of limitations. The prevailing Party in
any arbitration in accordance with this
Agreement shall be entitled to recover
from the other Party, in addition to any other remedies
specified in the award, all reasonable costs, attorneys’ fees and other expenses
incurred by such prevailing Party
to arbitrate the claim, dispute or controversy.

 

    	 

     

    

 

(h)
This Agreement
may be executed simultaneously
in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one
of the same instrument. The parties hereto
have executed this Agreement as of the date set forth above.

 

(i)
The Company shall
maintain during the Term,
Directors’ and Officers’ Professional Liability Insurance providing coverage to the Executive in amounts customary
for public companies of the same size and scope of operations as the Company.

 

(j)
The Executive and the Company acknowledge that each of the payments and benefits promised to Executive under this Agreement must
either comply with the requirements of Section 409A of the Code (“Section 409A”), and the regulations thereunder or
qualify for an exception from compliance. To that end, the Executive and the Company agree that the severance payments described
herein are intended to be excepted from compliance with Section 409A as a short-term deferral pursuant to Treasury Regulation
Section 1.409A-1(b)(4). In the case of a payment that is not excepted from compliance with Section 409A, and that is not otherwise
designated to be paid immediately upon a permissible payment event within the meaning of Treasury Regulation Section 1.409A-3(a),
the payment shall not be made prior to, and shall, if necessary, be deferred to and paid on the later of the date sixty (60) days
after the Executive’s earliest separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)) and,
if the Executive is a specified employee (within the meaning of Treasury Regulation Section 1.409A-1(i)) of the Company on the
date of his separation from service, the first day of the seventh month following the Executive’s separation from service.
Furthermore, this Agreement shall be construed and administered in such manner as shall be necessary to effect compliance with
Section 409A. 

 

Notices:

 

If
to the Company:

 

Orbsat
Corp.

18851
NE 29th
Avenue, Suite
700

Aventura,
FL 33180

Attention:
Board of Directors

 

If
to
the
Executive:

 

Thomas
Seifert

22384
Quail Run Drive ORU

Parker, Colorado 80138

 

[Signature
Page
Follows]

 

    	 

     

    

 

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

 

Acknowledged
and accepted:

 

	COMPANY:	 	 	 
	 	 	 	 	 
	ORBSAT CORP.	 	Date:	____________
	 	 	 	 	 
	By:	           	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	EXECUTIVE:	 	 	 
	 	 	 	 	 
	THOMAS SEIFERT	 	 	 
	 	 	 	 	 
	 	 	 	 
	Thomas Seifert	 	Date:	____________

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