Document:

DC5471.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
Exhibit 10.2

MARRIOTT INTERNATIONAL, INC.

EXECUTIVE DEFERRED COMPENSATION PLAN

Amended and Restated as of January 1, 2009

432916v4

	
TABLE OF CONTENTS
	
	
 
	
	
 
	
	
PREAMBLE 
		
 		
1 
	
	
 
	
	
ARTICLE I - DEFINITIONS 
		
 		
2 
	
	
    1.1 
		
 		
ACCOUNT 
		
 		
2 
	
	
    1.2 
		
 		
ADMINISTRATOR 
		
 		
2 
	
	
    1.3 
		
 		
CODE 
		
 		
2 
	
	
    1.4 
		
 		
COMMITTEE 
		
 		
2 
	
	
    1.5 
		
 		
COMPANY 
		
 		
2 
	
	
    1.6 
		
 		
COMPANY ACCRUALS 
		
 		
2 
	
	
    1.7 
		
 		
COMPENSATION 
		
 		
2 
	
	
    1.8 
		
 		
DEFFERAL PERCENTAGE 
		
 		
2 
	
	
    1.9 
		
 		
DEFERRED COMPENSATION 
		
 		
2 
	
	
    1.10 
		
 		
DEFERRED COMPENSATION RESERVE 
		
 		
2 
	
	
    1.11 
		
 		
EFFECTIVE DATE 
		
 		
3 
	
	
    1.12 
		
 		
ELECTION 
		
 		
3 
	
	
    1.13 
		
 		
ELECTION YEAR 
		
 		
3 
	
	
    1.14 
		
 		
EMPLOYEE 
		
 		
3 
	
	
    1.15 
		
 		
FISCAL YEAR 
		
 		
3 
	
	
    1.16 
		
 		
HR OFFICER 
		
 		
3 
	
	
    1.17 
		
 		
IN-SERVICE
WITHDRAWAL 
		
 		
3 
	
	
    1.18 
		
 		
LTCI COMPENSATION 
		
 		
3 
	
	
    1.19 
		
 		
NON-EMPLOYEE
DIRECTOR 
		
 		
3 
	
	
    1.20 
		
 		
PARTICIPANT 
		
 		
3 
	
	
    1.21 
		
 		
PERMANENT DISABILITY 
		
 		
4 
	
	
    1.22 
		
 		
PLAN 
		
 		
5 
	
	
    1.23 
		
 		
REINSTATEMENT OR REINSTATED 
		
 		
5 
	
	
    1.24 
		
 		
RETIRE OR RETIREMENT 
		
 		
5 
	
	
    1.25 
		
 		
RETIREMENT SAVINGS PLAN 
		
 		
5 
	
	
    1.26 
		
 		
SEPERATION FROM SERVICE 
		
 		
5 
	
	
    1.27 
		
 		
SUBSIDIARY 
		
 		
5 
	
	
    1.28 
		
 		
VESTED PORTION 
		
 		
5 
	
	
    1.29 
		
 		
YEAR OF SERVICE 
		
 		
5 
	
	
 
	
	
ARTICLE II - PARTICIPANT ELECTIONS 
		
 		
6 
	
	
    2.1 
		
 		
DEFERRED COMPENSATION RESERVE 
		
 		
6 
	
	
    2.2 
		
 		
ELECTIONS 
		
 		
6 
	
	
    2.3 
		
 		
FORM OF ELECTION 
		
 		
7 
	
	
 
	
	
ARTICLE III - PARTICPANT ACCOUNTS 
		
 		
8 
	
	
    3.1 
		
 		
INDIVIDUAL ACCOUNTS 
		
 		
8 
	
	
    3.2 
		
 		
COMPANY ACCRUALS 
		
 		
8 
	
	
    3.3 
		
 		
VESTING 
		
 		
9 
	
	
    3.4 
		
 		
FORFEITURES 
		
 		
10 
	
	
    3.5 
		
 		
CREDITING OF EARNINGS 
		
 		
10 
	
	
    3.6 
		
 		
ACCOUNTS DO
NOT RESULT IN PROPERTY RIGHTS 
		
 		
11 
	
	
    3.7 
		
 		
NO ASSIGNMENT OF INTERESTS 
		
 		
11 
	
	
    3.8 
		
 		
FEDERAL AND STATE TAXES 
		
 		
11 
	
	
 
	
	
ARTICLE IV - DISTRIBUTIONS 
		
 		
12 
	
	
    4.1 
		
 		
ELECTION OF DISTRIBUTION 
		
 		
12 
	
	
    4.2 
		
 		
FORM AND TIMING OF DISTRIBUTION 
		
 		
12 
	
	
    4.3 
		
 		
TAX IMPACT 
		
 		
15 
	
	
    4.4 
		
 		
CHANGES IN DISTRIBUTION ELECTION 
		
 		
15 
	
	
    4.5 
		
 		
BENEFICIARIES 
		
 		
16 
	
	
    4.6 
		
 		
DISCHARGE OF OBLIGATION FOR PAYMENT 
		
 		
16 
	
	
 
	
	
 
		
 		
                                                                      
                         - i - 
		
 		
 
	

	
ARTICLE V - ADMINISTRATION 
		
 		
17 
	
	
    5.1 
		
 		
ADMINISTRATOR 
		
 		
17 
	
	
    5.2 
		
 		
EXPENSES 
		
 		
17 
	
	
 
	
	
ARTICLE VI - CLAIMS PROCEDURE 
		
 		
18 
	
	
    6.1 
		
 		
INITIAL CLAIMS 
		
 		
18 
	
	
    6.2 
		
 		
APPEALS 
		
 		
18 
	
	
 
	
	
ARTICLE VII - MISCELLANEOUS 
		
 		
19 
	
	
    7.1 
		
 		
PLAN NOT
AN EMPLOYMENT CONTRACT 
		
 		
19 
	
	
    7.2 
		
 		
NO TRUST
CREATED 
		
 		
19 
	
	
    7.3 
		
 		
AMENDMENT OR TERMINATION OF PLAN 
		
 		
19 
	
	
    7.4 
		
 		
EFFECT OF PLAN 
		
 		
19 
	
	
    7.5 
		
 		
SEVERABILITY 
		
 		
19 
	
	
    7.6 
		
 		
APPLICABLE LAW 
		
 		
20 
	
	
 
	
	
APPENDIX A 
		
 		
21 
	
	
    BENCHMARK FUNDS 
		
 		
21 
	

- ii-

MARRIOTT INTERNATIONAL, INC. EXECUTIVE DEFERRED COMPENSATION PLAN

	
PREAMBLE

     WHEREAS, as of March 27, 1998, the Company established an unfunded deferred compensation arrangement known as the Marriott International, Inc. Executive Deferred Compensation Plan (the
“Plan”) for the benefit of a select group of management and highly compensated employees of the Company and its subsidiaries; and

     WHEREAS, effective January 1, 2001, the Plan was amended and restated to reflect amendments made to the Plan following March 27, 1998; and

     WHEREAS, effective October 1, 2004, the Plan was amended and restated to reflect amendments made to the Plan following January 1, 2001; and

     WHEREAS, effective January 1, 2008, the Plan was amended and restated to reflect amendments made following the October 1, 2004 restatement and certain administrative changes, and to comply with
section 409A of the Internal Revenue Code; and

     WHEREAS, the Company wishes to amend and restate the Plan again to clarify or modify additional administrative practices.

     NOW THEREFORE, the Plan, as herein amended and restated, shall be effective as of January 1, 2009.

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ARTICLE I

DEFINITIONS

     For purposes of this Plan, unless the context requires otherwise, the following words and phrases, when used herein with initial capital letters, shall have the meanings indicated:

     1.1 "Account" shall mean, with respect to each Participant, the amount of Company Accruals, Deferred Compensation and earnings credited to a
Participant under the Deferred Compensation Reserve.

     1.2 "Administrator" means the Company’s Senior Vice President for Executive Compensation.

     1.3 "Code" means the Internal Revenue Code of 1986, as amended, or any successor statute, including the regulations issued
thereunder.

     1.4 "Committee" means the Compensation Policy Committee appointed by the Board of Directors of Marriott International, Inc.

     1.5 "Company" means Marriott International, Inc. and any Subsidiary that (a) elects to join the Plan, and (b) obtains the consent of the
Committee to do so.

     1.6 "Company Accruals" means the amounts credited to the Deferred Compensation Reserve pursuant to Section 3.2.

     1.7 "Compensation" means (a) with respect to Employees, Compensation as defined for purposes of computing contributions under the Retirement
Savings Plan, determined, however, by including LTCI Compensation and without regard to any Elections made by the Employee to defer any compensation under this Plan; and (b) with respect to Non-Employee Directors, fees payable by the Company during
the Election Year.  Notwithstanding the preceding sentence, Compensation shall include payments other than severance made or payable at any time after the Employee’s Separation from Service.

     1.8 "Deferral Percentage" means the percentage of a Participant's Compensation for the Election Year to be deferred in accordance with an
Election pursuant to Article II of this Plan.

     1.9 "Deferred Compensation" means Compensation with respect to which a Participant has made an Election to defer receipt thereof in
accordance with Article II of this Plan.

     1.10 "Deferred Compensation Reserve" means the book reserve reflecting the total aggregate amounts credited to the individual accounts of
Participants under Articles II and III of this Plan.

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     1.11 "Effective Date" means January 1, 2009, the effective date of this restatement of the Plan, except as otherwise indicated herein.  The
Plan was originally effective March 27, 1998.

     1.12 "Election" means an election made by a Participant in accordance with Article II of this Plan.

     1.13 "Election Year" means, for an Employee, the calendar year for which a Participant makes an Election with respect to Compensation
received during such calendar year pursuant to Article II of this Plan. “Election Year” means, for a Non-Employee Director, the one-year period that begins immediately following the first Annual Meeting of Shareholders which is subsequent
to the Election period and ends on the next Annual Meeting of Shareholders.

     1.14 "Employee" means any individual employed by the Company.  Any Employee who, at the request and on the assignment of the Company
specifically referencing this provision of the Plan, becomes an employee of another employer shall continue to be treated as an Employee for all purposes hereunder during the period of such assignment.

     1.15 "Fiscal Year" means each year beginning on the first day of each fiscal year of Marriott International, Inc. and ending on the last day
of each fiscal year of Marriott International, Inc.  The fiscal year of Marriott International, Inc. is currently an annual period which varies from 52 to 53 weeks and ends on the Friday closest to December 31. A reference to a Fiscal Year preceding
an Election Year means the Fiscal Year ending closest to the first day of the Election Year.

     1.16 "HR Officer" means the most senior human resources executive of the Company, as designated by the President of the Company.

     1.17 "In-Service Withdrawal" means a distribution of Deferred Compensation and the earnings thereon, in accordance with a Participant’s
Election under Section 4.1, before a Participant incurs a Separation from Service from the Company.

     1.18 "LTCI Compensation" means any compensation payable under a plan, agreement or award designated as a long term incentive or premium
incentive plan, agreement or award.

     1.19 "Non-Employee Director" means an individual who is not an Employee and (i) is a member of the Board of Directors of Marriott
International, Inc., or (ii) has been elected to serve as such for a term which will begin at a subsequent point in time.

     1.20 "Participant" means an individual who meets the requirements of any of the following paragraphs (a) through (f):

     (a) Employees who are eligible to participate in the Retirement Savings Plan and have at least one Year of Service as of a date in the Election Year and Compensation, as defined below, greater than or
equal to $165,000 or such higher Compensation limitation as may be determined for such Election Year by the Administrator on advice of counsel; provided,

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however, that such Employee’s Election shall be effective solely with respect to Compensation paid or payable on or after the date such Employee has completed one Year of Service.

For purposes of this Section 1.20(a), "Compensation" means:

     With respect to Employees other than commissioned sales executive Employees of the Marriott Vacation Club International Division of the Company, the sum of the following: (i) the rate of base pay as
of November 1 (or such other date as may be specified by the Administrator) immediately preceding the Election Year, annualized; (ii) the executive bonuses, commissions and management quarterly banquet awards received from January 1 through October
31 (or such other date as may be specified by the Administrator) of the year preceding the Election Year; and (iii) with respect to Employees who have review dates between October 31 (or such other date as may be specified by the Administrator) of
the year preceding the Election Year and the last day of February of the Election Year, the annualized base pay as determined in (i), above, times 1.04.

     With respect to commissioned sales executive Employees of the Marriott Vacation Club International division of the Company, the commissions received from January 1 through October 31 (or such other
date as may be specified by the Administrator) of the year preceding the Election Year, annualized.

     (b) Select management or highly compensated employees of a business acquired by the Company who, prior to that acquisition, were covered by a nonqualified deferred compensation program of such
acquired business;

     (c) Employees with whom the Company has entered into a deferred compensation agreement under this Plan;

	
(d)      		
Non-Employee Directors;	
	 
	
(e)      		
Former Participants, terminated Participants, and their beneficiaries, as	
	 

	
appropriate to the context; and

(f) Such other individuals as shall be designated by the HR Officer.

     Except with respect to the Participants described in Section 1.20(d) through (f), in no event shall an individual be a Participant in this Plan unless the Administrator has invited such individual to
participate in the Plan.

     1.21 "Permanent Disability" means that the Participant, as a result of a disability, will be prevented on a permanent basis from engaging in
any occupation for which he or she is reasonably qualified by education, training or experience as certified by a competent medical authority designated by the Named Fiduciary of the Retirement Savings Plan to make such determination. The foregoing
shall include disability attributable to the permanent loss of or loss of use of a member or function of the body, or to the permanent disfigurement of the Participant. The determination of the existence of a Permanent Disability shall be made by
the Administrator and shall be final and binding upon the Participant and all other parties.

	
- 4 -

     1.22 "Plan" means the Marriott International, Inc. Executive Deferred Compensation Plan, as described herein and as may be amended from time
to time.

     1.23 "Reinstatement" or "Reinstated" means any Employee or Non-Employee Director
who is reemployed or reinstated by the Company following a Separation from Service.

     1.24 "Retire" or "Retirement" means to have a Separation from Service, other than
due to death or Permanent Disability, on or after (i) attainment of age fifty-five (55) and the completion of ten (10) Years of Service, or (ii) completion of 240 whole months of service with the Company, including Service, as defined in the
Retirement Savings Plan, and service as a Non-Employee Director. A whole month of service is a monthly period that begins on the date of the month on which service began and ends on the date preceding the same date in the next month.

     1.25 "Retirement Savings Plan" means the Marriott International, Inc. Employees' Profit Sharing, Retirement and Savings Plan and
Trust.

     1.26 "Separation from Service" means a termination of service with the Company that constitutes a “separation from service” within
the meaning of Treasury Regulation section 1.409A-1(h).

     1.27 "Subsidiary" means either (a) a member of a controlled group of corporations of which the Company is a member as determined in
accordance with the provisions of Code Section 414(b), or (b) an unincorporated trade or business which is under common control by or with the Company as determined in accordance with Section 414(c) of the Code.

     1.28 "Vested Portion" of a Participant's Deferred Compensation Reserve account means (i) one hundred percent (100%) of the Deferred
Compensation credited to the account, and earnings thereon, and (ii) the portion of the Company Accruals credited to the account, and earnings thereon, which have vested in accordance with the terms of Section 3.3 of the Plan.

     1.29 "Year of Service" means, for Employees, a Year of Service as defined in the Retirement Savings Plan and, for Non-Employee Directors, a
twelve (12) consecutive month period of service as a Non-Employee Director. If an Employee terminates employment with the Company after at least one Year of Service and subsequently resumes employment with the Company, the Employee's Years of
Service, for eligibility purposes under this Plan, shall be determined in accordance with Article II of the Retirement Savings Plan.

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ARTICLE II

	
PARTICIPANT ELECTIONS

	 	
2.1 Deferred Compensation Reserve.

     The Company shall establish and maintain a book reserve (the "Deferred Compensation Reserve") to which it shall credit the amounts of Deferred Compensation determined in accordance with Section 2.3,
Company Accruals under Section 3.2, as well as earnings allocated thereto under Section 3.5.  The Deferred Compensation credited each Election Year shall be based on their Elections as provided in Sections 2.2. The Company shall maintain a separate
Account under the Deferred Compensation Reserve with respect to each Participant.

	
2.2      		
Elections.	
	 
	 	
(a) Each Participant (other than a Participant under subsections 1.20(e)) shall	
	 

have the option each calendar year to designate in an Election, in the form prescribed in Section 2.3, a percentage (the "Deferral Percentage"), specified in multiples of one percent (1%), of such Participant's Compensation for
the pertinent Election Year, to be credited to the Deferred Compensation Reserve; provided, however, that the Administrator shall have the right to approve or disapprove such Election by any Participant, in whole or in part, in the sole discretion
of the Administrator.  The Administrator shall, in its discretion, establish a maximum Deferral Percentage for the Compensation with respect to which a Participant may make an Election for the Election Year (including LTCI Compensation, subject to
the election requirements in (b) below). In accordance with procedures established by the Administrator, a Participant may make a separate election under this Section 2.2(a) with respect to regular pay and to bonus.

     (b) Elections described in Section 2.2(a) shall be made in accordance with procedures prescribed by the Administrator on or before (i) the last day of the calendar year immediately preceding the
Election Year or (ii) such other earlier date as designated by the Administrator, provided such date precedes any service period during which the Participant earns the Compensation for which the election is made; provided, further, that an Election
to have a portion or all of a Participant’s LTCI Compensation for an Election Year credited to the Deferred Compensation Reserve shall be made on or before (i) the last business day of the calendar year preceding the calendar year which
precedes the Election Year or (ii) such other date as may be designated by the Administrator that satisfies the election rules for performance-based compensation under Code section 409A(a)(4)(B)(iii). Notwithstanding the preceding sentence,
effective January 1, 2005, with respect to Deferred Compensation subject to Code section 409A relating all or in part to services performed on or before December 31, 2005, an Election may be made any time on or before March 15, 2005; provided that
on or before the date of such Election the subject Deferred Compensation has not been paid or become payable to the Participant. Late Elections shall be invalid.

     (c) Except as provided in Article IV, an Election shall be irrevocable with respect to all Compensation payable for an Election Year that is subject to the Election.  A Participant’s Election
made for an Election Year shall remain in effect for all subsequent

	
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Election Years unless the Participant notifies the Administrator, in accordance with procedures specified by the Administrator, of such Participant’s desire to modify his or her Election.

     (d) If an Employee or Non-Employee Director is a Participant for an Election Year and incurs a Separation from Service, upon the subsequent Reinstatement of such Employee or Non-Employee Director
within the same Election Year, the Employee or Non-Employee Director shall immediately be reinstated as a Participant and shall be subject to the same deferral Elections as were in effect immediately prior to such Employee’s or Non-Employee
Director’s Separation from Service.

	
2.3      		
Form of Election.	
	 
	 	
(a) Each Election shall be made on a form provided by the Administrator	
	 

within the period described in Section 2.2(b), and shall designate a Deferral Percentage. Such Elections shall designate a distribution commencement date and manner of distribution in accordance with Article IV.  If no designation
is received by the Administrator within the prescribed time period, the Administrator shall select the time and manner of distribution within the period described in Section 2.2(b) and notify the Participant of such selection.

     (b) For purposes of this Section 2.3, Participants eligible to make Elections provided herein shall include only Participants described in Sections 1.20(a), (b), (c), (d) and (f), and shall exclude
all other Participants.

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ARTICLE III

	
PARTICIPANT ACCOUNTS

	 	
3.1 Individual Accounts.

     The Administrator shall establish and maintain records reflecting each Participant's Account in the Deferred Compensation Reserve to which the Administrator shall credit Deferred Compensation in
accordance with each Participant's Election pursuant to Section 2.3, Company Accruals pursuant to Section 3.2 and earnings pursuant to Section 3.5.

	
3.2      		
Company Accruals.	
	 
	 	
(a) Discretionary Company Accruals. The Company may make discretionary	
	 

Company Accruals for each Election Year to be allocated to the Deferred Compensation Reserve on behalf of Participants. In any Election Year for which the Company makes such discretionary Company Accrual, the Company Accrual shall
be calculated as follows:

	
(i)      		
for Participants whose Compensation is equal to or greater than a threshold dollar amount established for that Election Year by the Administrator in its sole discretion (which threshold shall apply to each future Election Year
unless changed by the Administrator) but less than the compensation threshold established under the	
	 

following subparagraph (ii): a percentage of the first three percent (3%) of Compensation deferred by the Participant under the Plan for the Election Year.

	
(ii)      		
for Participants whose Compensation is equal to or greater than a threshold dollar amount established for that Election Year by the Administrator in its sole discretion (which threshold shall apply to each future Election Year
unless changed by the Administrator): a percentage of the first six percent (6%) of Compensation deferred under the Plan for the Election Year.	
	 

Notwithstanding the preceding sentence, a Participant shall only be eligible for Company Accruals for Compensation earned during periods in which the Participant is eligible to participate in the Retirement Savings Plan.

     (b) Additional discretionary Company Accruals may be made by the Company from time to time.  Such additional Company Accruals may be made in
accordance with procedures established by the Company at the time such Company Accruals are allocated to a Participant’s Account.

     (c) Company Accruals under this Section 3.2 shall be allocated only on behalf of Participants in the Plan who are actively employed (including Participants on approved leaves of absence) by the
Company or serving as Non-Employee Directors as of the last day of the

- 8 -

Fiscal Year of the Company for which the allocation is made. Notwithstanding the preceding sentence, Participants who incur a Separation from Service before the last day of the Fiscal Year because they Retire, have a Permanent
Disability, or die, or because they are employed by a business unit which is sold or otherwise disposed of on or after January 3, 1998, shall be eligible to have Company Accruals credited to the Deferred Compensation Reserve on their behalf in
accordance with the provisions of Sections 3.2(a) and (b).

     (d) Notwithstanding paragraph (c) above, a Participant who incurs a Separation from Service during an Election Year and is Reinstated as an Employee or a Non-Employee Director prior to the end of such
Election Year and remains employed as of the last day of the Fiscal Year shall be credited with Company Accruals in accordance with this Section 3.2 for such Election Year if such Participant otherwise satisfies the requirements of the first
sentence of paragraph (c).

	
3.3      		
Vesting.	
	 
	 	
(a) Deferred Compensation. Participants shall be immediately vested in	
	 

Deferred Compensation and the related earnings allocated to their account under the Deferred Compensation Reserve.

     (b) Company Accruals.  For Company Accruals attributable to Deferred Compensation for periods prior to January 1, 2001, Participants shall be
one hundred percent (100%) vested in Company Accruals allocated to their accounts under the Deferred Compensation Reserve.  Participants shall become vested in Company Accruals allocated in accordance with Section 3.2(a) at the rate of twenty-five
percent (25%) for each Year of Service of the Participant following the date on which such Company Accrual is allocated to the Participant’s Account under the Deferred Compensation Reserve. For purposes of the preceding sentence, Company
Accruals allocated in a given calendar year shall be deemed allocated on March 1 of such calendar year. Notwithstanding the foregoing of this Section 3.3(b), and subject to the approval of the HR Officer, a Participant shall become fully vested in
Company Accruals and the related earnings allocated to the Participant’s account if the Participant’s Separation from Service is due to Retirement, Death or Permanent Disability.

- 9 -

     (c) Notwithstanding anything to the contrary in the foregoing provisions of this Section 3.3(b), effective November 7, 2008, if a Participant who is actively employed by the Company as an Executive
Vice President or above or in a position at market reference code 18 or above incurs a Covered Termination of Employment within three (3) months preceding or twelve (12) months following a Change in Control, then upon the later date to occur of such
Covered Termination of Employment or Change in Control, the Participant shall become fully vested in Company Accruals and the related earnings allocated to the Participant’s account. For purposes of the preceding sentence, “Covered
Termination of Employment” and “Change in “Control” shall have the meanings of those terms as set forth in Article 15 of the Marriott International, Inc. Stock and Cash Incentive Plan, as amended and restated effective November
7, 2008, and as subsequently amended.

     (d) Additional Discretionary Company Accruals.  Additional discretionary Company Accruals made under Section 3.2(c) shall vest in accordance
with a schedule established by the Company at the time such Company Accruals are allocated to a Participant’s Account.

     (e) Forfeiture for Failure to Comply with Non-Competition Requirements. All vesting on Company Accruals is subject to a Participant’s
compliance with the Company’s Non-Competition Agreement.  A Participant shall be deemed to comply with the Non-Competition Agreement if such Participant does not engage in activities in Competition with the business of the Company.
“Competition” shall mean (i) engaging, individually or as an employee, consultant, owner (more than five percent (5%)) or agent of any entity, in or on behalf of any business engaged in significant competition (or that transacts or
cooperates with another business in activities of significant competition) with any business operated by the Company or with interests adverse to those of the Company; (ii) soliciting and hiring a key employee of the Company in another business,
whether or not in significant competition with any business operated by the Company; or (iii) using or disclosing confidential or proprietary Company information, in each case, without the approval of the Company. Determination of whether or not
particular activities are in competition will be made by the Company in its reasonable judgment.

	 	
3.4 Forfeitures.

     The non-Vested Portion of a Participant’s Account shall be forfeited upon the Participant’s Separation from Service or if a Participant is found to have engaged in Competition with the
Company.  Notwithstanding the foregoing, if a Participant who has incurred a Separation from Service is Reinstated within ninety (90) days of the Separation date, such Participant’s forfeited Account balance shall be reinstated in the Plan with
his original service history and shall continue to vest in his Account.

	 	
3.5 Crediting of Earnings.

At the time a Participant makes an Election for the amount to be deferred for an

Election Year in accordance with Section 3.2, such Participant may elect that a specified

- 10 -

percentage of the Deferred Compensation be credited with hypothetical earnings in accordance with the performance of designated funds selected by the Company or its delegate (“Benchmark Funds”), as described in Appendix
A. The Company shall credit such earnings to the Deferred Compensation Reserve on a daily basis. If a Participant does not make an allocation election, the Participant’s account will be credited with the rate of return on the money market fund
included in the Benchmark Funds. Once a Participant has allocated amounts in the Participant’s Account to Benchmark Funds, the Participant may elect to change the allocation of all or a portion of his Account among the Benchmark Funds on a
periodic basis in accordance with procedures established by the Administrator.  Notwithstanding the foregoing of this Section 3.5, the hypothetical earnings credited to a Participant’s or beneficiary’s Account may be adjusted in accordance
with Section 5.2.  A Reinstated Participant whose forfeited Account balance is reinstated in accordance with Section 3.4 shall not be credited with earnings after the date of his original Separation from Service and before the date the Account
balance is reinstated.

	
3.6      		
Accounts Do Not Result in Property Rights.	
	 
	 	
(a) The Deferred Compensation Reserve and the accounts maintained	
	 

thereunder on behalf of each Participant are for administrative purposes only, and do not vest in the Participants any right, title or interest in such reserve or such accounts, except as expressly set forth in this
Plan.

     (b) Title to and beneficial ownership of any assets, whether cash or investments which the Company may designate to make payments of Deferred Compensation hereunder, shall at all times remain in the
Company, and no Participant shall have any property interest whatsoever in any specific assets of the Company.

	 	
3.7 No Assignment of Interests.

     The rights of Participants or any other persons to the payment of amounts from the Deferred Compensation Reserve under this Plan shall not be assigned, transferred, pledged or encumbered except by
will or by the laws of descent and distribution.

	 	
3.8 Federal and State Taxes.

     Federal and state payroll taxes or state, local or foreign income taxes required to be withheld on Deferred Compensation credited to a Participant’s Deferred Compensation Reserve shall be
withheld from other Compensation paid to the Participant at the time of deferral. Notwithstanding the preceding sentence, if a Participant’s other Compensation is insufficient to pay such amounts, the amount of Deferred Compensation credited to
the Deferred Compensation Reserve on the Participant's account shall be reduced, at the time amounts are to be credited, to the extent necessary to cover all required withholding taxes.

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ARTICLE IV

DISTRIBUTIONS

	
4.1      		
Election of Distribution.	
	 
	 	
(a) For each Election Year, a Participant shall designate in an Election made	
	 

in accordance with Section 2.3 whether distribution of amounts credited to the Participant’s Deferred Compensation Reserve for such Election Year as Deferred Compensation are to be distributed following Separation from
Service or as an In-Service Withdrawal.  A Participant may make a separate distribution election for each Election Year; provided, however, that such election shall apply to any regular pay and bonus deferred with respect to that Election Year.
Elections for distribution following Separation from Service will continue from Election Year to Election Year unless a new election is made by the Participant. A Participant must affirmatively elect an In-Service Withdrawal for an Election Year or
the Participant shall be deemed to have elected a distribution following Separation from Service.

     Notwithstanding the preceding paragraph, the Vested Portion of a Participant's Company Accruals and the earnings thereon shall become distributable only following such Participant's Separation from
Service; such distribution shall be made to the Participant in the manner specified in paragraph (a) of Section 4.2.

     (b) Each participant may elect, on a form provided by the Administrator, that distributions which are to be made to the Participant in installments following Separation from Service shall be deemed to
come first from the money market fund included as a Benchmark Fund, in Appendix A, to the extent the Participant’s hypothetical Account is invested in such money market fund. If a Participant does not make such an election, the distribution
shall be deemed to come proportionally from each Benchmark Fund in which the Participant’s Account is deemed to be invested.  If a Participant makes such election and the amount allocated to the money market fund in the Participant’s
Account is less than the amount of the distribution, the remaining portion of the distribution shall be deemed to come proportionally from the remaining Benchmark Funds in which the Participant’s Account is deemed to be invested. Any election
under this subsection 4.1(b) shall be effective as soon as practicable after the election is received by the Administrator.

	
4.2      		
Form and Timing of Distribution.	
	 
	 	
(a) Distribution Following Separation from Service. Any amounts credited to	
	 

the Participant’s Account for which the Participant has elected distribution following Separation from Service may be distributed in any of the following forms, as elected by the Participant: (i) a lump sum cash payment
within the ninety (90) days immediately following the Participant’s Separation from Service; (ii) annual cash installments payable each January over a designated term not to exceed twenty (20) years, commencing in the January immediately
following the year of the Participant’s Separation from Service; or (iii) five (5) annual cash installments commencing in the sixth (6th) January following such Participant’s
Separation from Service and

- 12 -

continuing in each of the four (4) immediately following Januaries.  Notwithstanding the preceding sentence, if the balance credited to a Participant’s Deferred Compensation Reserve Account is less than $10,000 upon a
Participant’s Separation from Service, such Participant’s Deferred Compensation Reserve Account shall be paid to the Participant in a lump sum within the ninety (90) days immediately following the Participant’s Separation from
Service.  If a Participant has elected distribution following Separation from Service for an Election Year and has incurred a Separation from Service during such Election Year, upon the subsequent Reinstatement of such Participant within the same
Election Year, such election shall apply to any additional deferrals made for such Election Year.

     (b) In-Service Withdrawal.  Subject to procedures established by the Administrator, at the time that a Participant makes an Election for an
Election Year, the Participant may elect to receive an In-Service Withdrawal, occurring or beginning in a future calendar year specified by the Participant, of the Deferred Compensation attributable to that Election (specified as a dollar amount or
as a percentage); provided, however, that the year in which such withdrawal begins shall be no earlier than the third (3rd) calendar year following the calendar year in which the
Deferred Compensation is credited to the Participant’s Account. The Participant may elect to have amounts subject to an In-Service Withdrawal election distributed in annual cash installments paid over a term of two (2) to five (5) years or as a
single lump sum cash payment.  Notwithstanding the preceding two sentences, if the balance credited to a Participant’s Deferred Compensation Reserve is $10,000 or less on the date an In-Service Withdrawal is scheduled to commence in
installments, payment will be in the form of a single lump sum cash payment.

     Notwithstanding the preceding paragraph, Company Accruals and related earnings are not available for scheduled In-Service Withdrawals.

     (c) Installments. For purposes of Section 4.2(a) and (b), the amount of any installment payment shall be computed as the Participant’s
current distributable interest divided by the remaining unpaid installments (including the installment being computed).

     (d) Separation from Service Prior to Receipt of In-Service Withdrawal. If a Participant incurs a Separation from Service prior to the date
elected by the Participant for an In-Service Withdrawal, the portion of the Participant’s Account subject to the In-Service Withdrawal election shall be distributed in a lump sum cash payment within the ninety (90) days immediately following
the Participant’s Separation from Service.  If a Participant receiving scheduled in-service annual installment distributions incurs a Separation from Service prior to receiving the last of the installments, the Participant will receive the
remaining installments in a lump sum within the ninety (90) days immediately following the Participant’s Separation from Service.

- 13 -

     (e) Failure to Elect Form of Distribution.  Notwithstanding paragraphs (a) through (d), amounts allocated to the Participant’s Account
for which no distribution election has been made shall be distributed in the form of a single lump sum cash payment made within the ninety (90) days immediately following the Participant’s Separation from Service.

     (f) Distribution Following Death of Participant. If the Participant dies before distribution of his or her account has begun or after
distribution has begun but before the Vested Portion of the Participant's Account is fully distributed, the undistributed Vested Portion of the account shall be distributed to the Participant's beneficiary in a single lump sum cash payment within
the ninety (90) days immediately following the Participant's death. If a Participant fails to designate a beneficiary in accordance with Section 4.5, or if the beneficiary designated by the Participant does not survive the Participant, the default
beneficiary shall be determined in accordance with Section 4.5 and the distribution to such default beneficiary shall be in the form of a single lump sum as provided above, notwithstanding any designation by the Participant.

     (g) Non-Vested Amounts.  Upon a Participant's Separation from Service, except as provided under Section 3.4, the Company shall have no
further obligation to the Plan or to the Participant for the part of the Participant's account that is not the Vested Portion.

     (h) Permissible Delays in Distribution. Notwithstanding elections made under Section 4.1, distributions may be delayed in accordance with the
following provisions of this Section 4.2(h), provided that any such distribution shall be made solely in the discretion of the Administrator without regard to the request, intent or wishes of any Participant or beneficiary:

     (i) Delay for Specified Employees. Distributions on account of a Separation from Service of a Participant who is a Specified Employee (as
defined as follows) shall be made or commence not before the date which is six (6) months following the Separation from Service, except in the event of the Participant’s death. For this purpose, a Specified Employee is a person described under
Treasury Regulation section 1.409A-1(i), applying the default rules thereunder.

     (ii) Section 162(m) Delays. Subject to the requirements of Treasury Regulations section 1.409A-2(b)(7)(i), the Administrator, in its sole
discretion, may delay distributions to a Participant to the extent necessary to avoid application of the deduction limitation under Code section 162(m). 

     (iii) Violations of Law. Subject to the requirements of Treasury Regulation section 1.409A-2(b)(7)(ii), the Administrator may delay
distributions to a Participant or beneficiary to the extent that it reasonably anticipates that the distribution, if paid, will violate Federal securities laws or other applicable law.

     (i) Permissible Accelerated Distributions.  Distributions shall not be accelerated except solely at the discretion of the Administrator,
subject to the following provisions of this Section 4.2(i):

- 14 -

     (i) Employment Taxes.  To the extent that federal payroll taxes are required to be withheld on a Participant’s Account as it vests,
including, but not limited to, taxes due under Code section 3101, the Company will determine these amounts and collect them as follows:

     (I) If the Participant is an Employee at the time the tax is determined, the tax will be deducted from the Employee’s non-Deferred Compensation.

     (II) If the Participant is a current or former Non-Employee Director at the time Deferred Compensation or Company Accruals are credited to the Participant’s account under this Plan, no tax shall
be paid with respect to such amounts and no reduction to reflect such taxes shall be made in the amounts credited.

     (III) Otherwise, the Participant’s Account shall be reduced to the extent permitted under Treasury Regulation section 1.409A-3(j)(4)(vi) as necessary to satisfy the amount of any applicable taxes
payable.

     (ii) Other Taxes.  State, local and foreign tax withholding may be satisfied a similar manner as under Section 4.2(i)(i) above, to the extent
permitted under Treasury Regulation section 1.409A-3(j)(4)(xi).

     (iii) Section 409A Inclusion. If a determination is made by the Internal Revenue Service that the Plan or any part thereof fails to meet the
requirements of Code section 409A, the Account balance of any Participant shall be immediately distributed to the Participant to the extent of the amount required to be included in the Participant’s income as a result of the failure to comply
with section 409A.

     (iv) Violations of Ethics Laws. A Participant’s Account balance or portion thereof may be distributed at the sole discretion of the
Administrator to the extent reasonably necessary to avoid the violation of an applicable Federal, state, local or foreign ethics law or conflict of interest law.

     4.3 Tax Impact.  The gross amount of any payment due in accordance with this subsection shall be reduced to reflect applicable federal and
state income tax withholding prior to payment to the Participant or beneficiary.

	
4.4      		
Changes in Distribution Election.	
	 
	 	
(a) Notwithstanding anything in Section 4.1 to the contrary, a Participant who	
	 

is employed by the Company or serving on the Company's Board of Directors shall be entitled to change the manner of distribution of his or her account under Section 4.2(a) or (b), provided that such change shall be made (i) using
a form provided by the Administrator, (ii) in accordance with procedures established by the Administrator, and (iii) subject to the following limitations: (A) any such change in distribution election must be made and be irrevocable at least twelve
(12)

- 15 -

months before the date the distribution originally was scheduled to occur or commence, (B) the only distribution elections which may be changed are lump sum distributions payable upon a Separation from Service and In-Service
Withdrawals, and (C) all such changes in distribution elections must provide for distributions to be paid in five (5) installments commencing with the sixth (6th) January following
Separation from Service, except upon death or Permanent Disability.

     (b) A separate change may be made with respect to each Election Year beginning on or after January 1, 2001, and with respect to the Participant’s Account attributable to Deferred Compensation and
Company Accruals as of December 31, 2000. A request for change shall become effective on the first anniversary (the "Anniversary Date") of the date such request was received by the Administrator, provided such request shall be invalid if the
Participant has a Separation from Service as described in Section 1.26 (but not including Section 1.26(d) or (e)) prior to the Anniversary Date, or, as to Deferred Compensation relating to any Election Year, if any amount of such Deferred
Compensation for an Election Year would otherwise become distributable prior to the Anniversary Date.

	 	
4.5 Beneficiaries.

     Each Participant may designate a beneficiary on a form, provided by the Administrator, to receive distributions made pursuant to Section 4.2.  If no beneficiary is designated under this Plan, or if
the beneficiary shall not survive the Participant, the Participant shall be deemed to have designated (i) the Participant's surviving spouse; or (ii) if the Participant is not married or the spouse died before the Participant, the Participant's
estate.

	 	
4.6 Discharge of Obligation For Payment.

     If a legal guardian or conservator is appointed for any person to whom any payment is payable under this Plan, then, upon proof to the Administrator of such appointment, amounts which would otherwise
be paid under this Plan to such person shall be paid to the legal guardian or conservator. Any such payment shall be complete discharge of the liabilities of the Company under this Plan.

- 16 -

	
ARTICLE V

ADMINISTRATION

	 	
5.1 Administrator.

     The Company shall appoint an Administrator who shall be responsible for the management, operation and administration of the Plan. Except as provided in Section 6.2, the Administrator shall have full
power and authority to interpret, construe and administer this Plan and the Administrator's interpretations and construction thereof, and actions hereunder, including any valuation of the Deferred Compensation Reserve, or the amount or recipient of
the payment to be made therefrom, shall be binding and conclusive on all persons for all purposes. The HR Officer shall have full power and authority to interpret, construe and administer this Plan in performing his or her functions under Section
6.2, and the HR Officer’s interpretations and construction thereof, and actions under those Sections shall be binding and conclusive on all persons.  The Company shall not be liable to any person for any action taken or omitted in connection
with the interpretation and administration of this Plan unless attributable to willful misconduct or lack of good faith by the Company.

	 	
5.2 Expenses.

     The Administrator may offset the Company’s costs of administering the Plan by allocating a charge against the Deferred Compensation Reserve of each Participant in a manner to be determined by the
Administrator.

- 17 -

	
ARTICLE VI

	
CLAIMS PROCEDURE

	 	
6.1 Initial Claims.

     A Participant or a beneficiary of a Participant may submit a written claim for benefits under this Plan with the Administrator.  The Administrator shall notify the claimant within a reasonable period
of time but no later than ninety (90) days after the written claim is received by the Administrator whether the claim is wholly or partially denied, unless the claimant receives a written notice from the Administrator prior to the end of the ninety
(90) day period stating that special circumstances require an extension of the time for the decision. Such extension shall not exceed a period of ninety (90) days from the end of the initial ninety (90) day period and such extension shall be in
writing indicating the special circumstances requiring an extension of time and the date by which the Administrator expects to render the decision.  The notice of the decision by the Administrator shall be in writing and in a manner calculated to be
understood by the claimant, and, if a denial of the claim, must contain the following information: (i) the specific reason or reasons for the denial; (ii) the specific reference to pertinent provisions of the Plan on which the denial is based; (iii)
if applicable, a description of any additional information or material necessary for the claimant to perfect the claim; and (iv) an explanation of the Plan’s claim review procedures and the time limits applicable to such procedures, including a
statement of the claimant’s right to bring a civil action under section 502(a) of ERISA.

	 	
6.2 Appeals.

     A claimant is entitled to request a final review by the HR Officer of any denial of the claim by the Administrator.  The request for review must be submitted to the HR Officer in writing within sixty
(60) days of the Participant’s receipt of the Administrator’s notice of denial. Absent a request for review within the sixty (60) day period, the claim will be deemed to be conclusively denied. The HR Officer shall provide the claimant,
upon request and free of charge, reasonable access to, and copies of, all pertinent documents and shall afford the claimant the opportunity to submit issues, comments and other information relating to the claim in writing and the HR Officer shall
render a decision in writing no later than sixty (60) days after receipt of a request for a review, provided that the HR Officer determines that special circumstances require an extension of the time for the decision. Such extension shall not exceed
a period of sixty (60) days from the end of the initial sixty (60) day period and such extension will be in writing indicating the special circumstances requiring an extension of time and the date by which the HR Officer expects to render the
decision on review. The claimant shall receive written notice of the HR Officer's decision and such written notice shall be written in a manner calculated to be understood by the claimant, indicating the specific reason or reasons for the decision;
reference to the pertinent provisions of the Plan on which the decision is based; a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claimant’s claim for benefits; and a statement of the claimant’s right to bring an action under section 502(a) of ERISA.

- 18 -

	
ARTICLE VII

MISCELLANEOUS

	 	
7.1 Plan Not An Employment Contract.

     Nothing contained herein shall be construed as conferring upon any Participant the right to continue in the employ of the Company as an Employee or in any other capacity.

	 	
7.2 No Trust Created.

     Nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company
and any person, including any Participant or any other person. Any amounts which may be credited to the Deferred Compensation Reserve shall continue for all purposes to be a part of the general funds of the Company and no person other than the
Company shall by virtue of the provisions of this Plan have any interest in such funds.  To the extent that any person acquires a right to receive payments from the Company under this Plan, such right shall be no greater than the right of any
unsecured general creditor of the Company. 

	
7.3      		
Amendment or Termination of Plan.	
	 
	 	
(a) The Board of Directors of the Company may amend the Plan at any time	
	 

and from time to time, or terminate and liquidate the Plan pursuant to written resolutions adopted by such Board of Directors, provided that any termination of the Plan shall comply with the requirements of Treasury Regulation
section 1.409A-3(j)(ix).

     (b) In no event will any such amendment or termination of the Plan have the effect of reducing the accrued account balance or the Vested Portion of any Participant's account under this Plan. The Board
may delegate its authority to amend the Plan to the HR Officer or other Company representatives pursuant to written resolutions adopted by such Board of Directors.

	 	
7.4 Effect of Plan.

     This Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Participants and their heirs, beneficiaries, executors, administrators and legal
representatives.

	 	
7.5 Severability.

     If any provision of this Plan shall for any reason be invalid or unenforceable, the remaining provisions shall nevertheless remain in full force and effect.

- 19 -

7.6 Applicable Law.

     This Plan shall be construed in accordance with and governed by the laws of the State of Maryland.

- 20 -

APPENDIX A

BENCHMARK FUNDS

As of January 1, 2008, the following Benchmark Funds are available for selection by participants:

Money Market Fund – Vanguard Money Market Bond Fund – PIMCO Total Return Balanced Fund – Vanguard Balanced Portfolio S&P 500 Index – Fidelity VIP Index 500 Large Core Fund – Fidelity VIP Contrafund
Large Cap Value – Vanguard Diversified Value Portfolio Large Growth Fund – Vanguard Capital Growth Portfolio Mid Core Fund – Vanguard Mid-Cap Index Small Growth Fund – Royce Small Cap Foreign Fund – Vanguard International
Portfolio

The Company has the right to change the benchmark funds from time to time.

- 21 -Executive Employment Agreement

 Exhibit 10.1 
 Execution Copy 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into on this
         day of November, 2008, effective as of September 1, 2008 (the “Effective Date”), between ELANDIA INTERNATIONAL INC., a Delaware corporation (the
“Company”), with a principal place of business at 133 Sevilla Ave., Coral Gables, FL 33134, and HARLEY L. ROLLINS, an individual (the “Executive”). 
 RECITALS: 
 A. The Company provides wireless telecommunications services and
information solutions and services (the “Business”). 
 B. The Executive has extensive experience in the Business and has
extensive experience as a Chief Financial Officer of companies whose securities are registered under the Securities Exchange Act of 1934, as amended. 
 C. The Company and Executive have previously entered into that certain Executive Employment Agreement dated July 1, 2005, as amended by that certain First Amendment To Executive Employment Agreement dated
February 28, 2008 (together, the “Previous Employment Agreements”). 
 D. The parties wish to terminate the Previous
Employment Agreements by mutual agreement and enter into this Agreement which shall supersede the Previous Employment Agreements and govern the relationship of the parties at all times from the Effective Date. 
 E. 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. TERMINATION
OF PREVIOUS EMPLOYMENT AGREEMENTS. The Company and Executive hereby agree to terminate the Previous Employment Agreements as of the Effective Date. The Company and Executive further agree that neither of them shall have any rights, obligations
or liabilities with respect to the other party arising pursuant to or in connection with the Previous Employment Agreements, from and after the Effective Date. 
 2. EMPLOYMENT.  
 (a) General. The Company hereby agrees to employ Executive and
Executive hereby accepts such employment in the capacity of Chief Financial Officer. As Chief Financial Officer, the Executive shall report to the Company’s Chief Executive Officer (“CEO”). The Executive shall diligently
perform all services as may be assigned to him by the Board of Directors of the Company (the “Board”) and the CEO. Executive shall have such duties and responsibilities commensurate with those of the CFO of a public 

 
company including, without limitation, the duties described in Section 2(b) below. In performing his duties, the Executive agrees that he will conduct
himself at all times consistent with the highest ethical standards, especially in carrying out his responsibilities with regard to disclosure obligations. The Company may also direct Executive to render services to 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
duties under this Agreement and to furthering the interests of the Company and its Affiliates. The Executive shall render such services at the Company’s offices at 133 Sevilla Ave., Coral Gables, FL 33134, or at other suitable location(s)
selected by the Company. During the Term, Executive shall not engage in any other employment, occupation, directorship, or consulting activity for any direct or indirect remuneration, or for no remuneration at all, without the prior written consent
of the Board; provided, however, that this provision shall not be construed as preventing the Executive from investing savings or other assets in such form or manner as will not require any services on the part of the Executive. 
 (b) Specific Duties. The duties of the Executive shall include, without limitation, the following: (i) responsibility for developing and
maintaining a system of internal controls over financial reporting for the Company and its Affiliates through appropriate policies and procedures sufficient to ensure the proper and timely dissemination of material financial information;
(ii) oversee the proper staffing of the Company’s finance department as well as coordination of consultants for finance and tax matters affecting the Company to ensure that the Company’s periodic reports are prepared sufficiently in
advance to provide the Company’s independent auditors ample opportunity for the proper review of such periodic reports prior to filing with the Securities and Exchange Commission; and (iii) provide updates to all material information which
the Executive becomes aware of through the implementation of internal controls to the Board, the Audit Committee of the Board, the independent auditors of the Company and both internal and external counsel for the Company. 
 3. COMPENSATION/BENEFITS. 
 (a)
Salary. The Company shall pay Executive a base salary (the “Base Salary”) of at least $250,000 per year. This Base Salary shall be paid consistent with the Company’s payroll policies and procedures for all employees. The
Base Salary shall be reviewed for potential merit increases, at least annually, and the Executive’s Base Salary may be increased by the Board, in its sole discretion, as a result of such reviews. 
 (b) Performance Bonus. Simultaneous with the execution of this Agreement Executive shall receive a bonus of $125,000 for the year ended
December 31, 2008. Beginning with the year ended December 31, 2009, and for the duration of the Term, and each Renewal Term, Executive shall be eligible to receive an annual bonus (“Bonus”) of up to 50% of the
Executive’s Base Salary, based upon a written bonus plan (the “Senior Management Incentive Compensation Plan”), which shall be drafted at the direction of the Board, and approved by the Board in final form. Bonus criteria for
the Executive under the Senior Management Incentive 

  

 2 

 
Compensation Plan shall be reasonable and consistent with the Company’s annual business plan approved by the Board of Directors. The Senior Management
Incentive Compensation Plan shall provide for bonuses to be paid on or before the next payroll to occur after filing of the Company’s Annual Report on Form 10-K for the applicable year, but not later than March 31 of the ensuing year.
Bonuses under the Senior Management Incentive Compensation Plan shall be awarded at the discretion of the Board consistent with the Company’s annual business plan approved by the Board of Directors. In the event the Senior Management Incentive
Compensation Plan is not adopted by the Board of Directors, the Bonus shall be determined in the sole and absolute discretion of the Board. In the event of termination of employment, Section 7(d)(i) defines additional conditions of eligibility
for payment of a Bonus. 
 (c) Employee Benefits. Executive shall be entitled to participate in all benefit plans or programs of the
Company currently existing or hereafter made available to executives and/or other employees, subject to the eligibility requirements, restrictions and limitations of any such plans or programs, including, but not limited to, the Company’s group
health insurance plan, any Company group dental insurance plan, the Company’s 401(k) plan and any other Company retirement plan. 
 (d)
PTO. Executive shall be entitled to take twenty (20) business days of paid time off (“PTO”) per year as vacation and sick days; provided, that no PTO time shall interfere with the duties required to be rendered by the
Executive hereunder. Any PTO days 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 PTO 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 or any
Renewal Term in the course of and pursuant to the business of the Company, including business travel, meal, and customer entertainment expenses, etc. 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. 
 (f) Reimbursement of Automobile Expenses. The Executive may incur, and the Company agrees
to reimburse, up to $800 per month of the Executive’s automobile expenses. 
 4. ELANDIA EQUITY COMMITMENTS. 
 (a) The Company has a stock option plan (this plan, as amended from time to time, is referred to hereinafter as the “Stock Option Plan”).
The Company shall grant to the Executive options (“Stock Options”) to purchase up to 415,000 shares of common stock (the “Common Stock”) of the Company under (and therefore subject to all terms and conditions of)
the Stock Option Plan and all rules and regulations of the Securities and Exchange Commission applicable to stock option plans then in effect. The Stock Options shall have an exercise price of $3.08 per share. The Stock Options will vest, subject to
continued employment as of the 

  

 3 

 
vesting date, as follows: (i)  1/4 will vest and become exercisable on the first anniversary of the Effective Date; (ii) and 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 Options shall lapse as provided in the Stock Option Plan. If at the time the Executive exercises his stock options, (a) the Company’s common stock is publicly traded, the parties agree that the fair market
value of the Company’s common stock for federal, state and local tax purposes will not be higher than the closing price of the Company’s common stock as of the date of exercise, or, if the date of exercise is not a trading day, the trading
day before such date or (b) the Company’s common stock is not publicly traded, the parties will mutually agree to the fair market value of the Company’s common stock as of the exercise date for federal, state and local tax purposes.
The Executive will have at least 90 days from the termination date of his employment to exercise his vested stock options. Also, if there is a Change of Control, as defined below by this Agreement, then all options granted to the Executive shall
fully vest on an accelerated basis. The Executive’s stock option rights shall be described more fully in one or more separate stock option agreements. The Stock Options granted to the Executive pursuant to this Section 4(a) shall be in
addition to those previously granted to the Executive as set forth Section 4(b). 
 (b) At a meeting of the Board of
Directors held December 3, 2007, the executive was granted options to purchase 170,000 shares of the Company’s common stock, at an exercise price of $3.18 per share. The parties acknowledge and agree that, as had been set forth in the
Previous Employment Agreements, 50% of those options, or options to purchase 85,000 shares, shall vest on September 1, 2008 and that the remaining shares shall vest equally over four years commencing December 2, 2008. 
 5. TERM. The Term of employment hereunder will commence on the Effective Date, and end three years thereafter (the “Term”),
unless terminated earlier pursuant to Section 7 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 thirty (30) days prior to the expiration of the Term or the then current Renewal Term. In addition, if a Change of Control as defined in Section 7(f) occurs when less than one (1) year remains prior to the expiration of this
Agreement, the Term shall automatically be extended until the first anniversary of the date on which the Change of Control occurred. 
 6.
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. 
  

 4 

 (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 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 and/or reference check. 
 7. DEATH, DISABILITY AND TERMINATION. 
 (a) Death. In the event of the death of the Executive during the Term or a Renewal Term, the Company shall pay promptly, but not later than 30 days
following the Executive’s death, all Accrued Obligations, as that term is defined below in Section 7(d)(i), to the Executive’s designated beneficiary, or, in the absence of such designation, to the estate or other legal representative
of the Executive. The Executive’s designated beneficiary, or, in the absence of such designation, his estate or other legal representative of the Executive, shall also be entitled to payment of any Final Bonus, as that term is defined in
Section 7(d)(i), which shall be determined as provided by Section 3(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by Section 3(b). 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 a termination of the Executive’s employment on account 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 termination of the Executive’s employment, for a period of three months from the date on which the Disability has deemed to
occur as hereinafter provided below, which amount will be paid in a lump sum within 30 days following the termination of the Executive’s employment. Any amounts provided for in this Section 7(b) shall be offset by other long-term
disability benefits 

  

 5 

 
obtained by Executive hereunder. The Executive will also be entitled to payment of all Accrued Obligations, as that term is defined below in
Section 7(d)(i), which will be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is terminated pursuant to this Section 7(b). The Executive shall also be entitled to payment of any Final
Bonus, as that term is defined in Section 7(d)(i), which shall be determined as provided by Section 3(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by Section 3(b).

 (ii) “Disability” for purposes of this Agreement, shall be deemed to have occurred in the event (A) 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; (B) the Executive is unable to perform Executive’s duties for 90
consecutive days; or (C) 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. 
 (c) Termination by the Company for Cause. 
 (i) Nothing herein shall prevent the Company from terminating Executive for Cause as hereinafter defined. In that event, the Executive will be entitled
to payment of all Accrued Obligations, as that term is defined below in Section 7(d)(i), which will be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is terminated, but the Executive will
not be entitled to Severance Pay or any Final Bonus. 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: (A) any serious act of misconduct in connection with work
by the Executive, including, but not limited to, the following acts or omissions: breach of the Executive’s duty to act at all times consistent with the highest ethical standards, in particular those ethical standards relating to disclosure
obligations; falsification of Company or Affiliate documents; personal dishonesty in connection with Company or Affiliate business; intentional misrepresentations to the Company’s Chief Executive Officer, or to the Company’s Board of
Directors; breach of the Executive’s duty of loyalty to the Company through appropriation or attempted appropriation of corporate opportunities for the Executive’s own advantage, or through other conflicts of interest where the Executive
intentionally acts for the Executive’s own personal benefit, instead of for the benefit of the Company or its Affiliates; or conduct by the Executive that adversely affects, or could reasonably be expected to adversely affect, the business or
reputation of the Company or any of its Affiliates in a material way; or (B) any act or omission by Executive which would be either a felony under applicable law, or a misdemeanor involving moral turpitude under applicable law, regardless of
whether or not the Executive is prosecuted for this crime, and if prosecuted, regardless of the eventual disposition of the case; or (C) the continued failure by the Executive to satisfactorily perform Executive’s duties including, without
limitation, the duties identified in Section 2(b) (other than any such failure resulting from Executive’s disability), over a period of not less than thirty (30) days after a written warning requiring corrective action is delivered to
the Executive, which written warning identifies the 

  

 6 

 
manner in which it is believed that Executive has not satisfactorily performed Executive’s duties and identifies the corrective actions that must be
taken by the Executive to cure such unsatisfactory performance. 
 (d) Termination by the Company other than for Cause; Termination by the
Company through Non-Renewal; Termination by the Executive for Good Reason. 
 (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. In the event such termination is not based on Cause, as provided in Section 7(c) above, or if Executive’s employment is
terminated under Section 7(f) of this Agreement, the Company shall pay Severance Pay to the Executive. The term “Severance Pay,” as used in this Agreement, means twelve months of the Executive’s Base Salary, paid on an
installment basis as if it were salary compensation, subject to payment of all payroll taxes required to be withheld by law, and disbursed to the Executive in accordance with the Company’s regular payroll practices. The following forms of
compensation shall also be paid by the Company to the Executive: (i) all Base Salary due through the date of termination of employment; (ii) such additional salary as may be due to compensate the Executive for accrued but unused PTO days
as of the date of termination of employment, as provided by Section 3(d) of this Agreement, (iii) compensation for any business or telephone expenses under Section 3(e) of this Agreement, not yet reimbursed, as provided by the
Company’s business expense reimbursement policies, (iv) all compensation due the Employee as employee benefits under Sections 3(c) and 3(f) of this Agreement, or under the terms of Company employee benefit plans, as provided for and
required by the terms of such plans, and (v) all other amounts, if any, required to be paid to the Executive under Florida law (all such compensation and benefits are referred to collectively in this Agreement as “Accrued
Obligations”). Accrued Obligations shall be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is terminated. In addition, the Executive shall be paid any earned Bonus, where termination
of employment occurs after the end of the fiscal year, but before payment of the Bonus (“Final Bonus”); thus, the Executive must work for the Company for the entire fiscal year to be eligible for a Bonus. The Final Bonus shall be
determined as provided by Section 3(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by Section 3(b). 
 (ii) In the event that the Company elects not to renew the Agreement under Section 5 above and terminate the Executive’s employment, by providing a written notice of non-renewal, then the Executive shall not
be entitled to Severance Pay. However, in that event, the Executive will be entitled to payment of all Accrued Obligations, which will be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is
terminated. The Executive shall also be entitled to payment of any Final Bonus, which shall be determined as provided by Section 3(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by
Section 3(b). 
 (iii) In the event that the Executive terminates this Agreement for Good Reason, as defined below, then the Executive
shall be entitled to receive Severance Pay. In addition, the Executive will be entitled to payment of all Accrued Obligations, which will be paid promptly (but not later than 30 days) following the date on which the Executive’s employment is
terminated. The Executive shall also be entitled to payment of any Final Bonus, which shall be determined as provided by 

  

 7 

 
Section 3(b) of this Agreement. Any such Final Bonus payment shall be made promptly but not later than as provided by Section 3(b). “Good
Reason,” as used in this Agreement, means (A) the assignment of duties to the Executive that are materially inappropriate for a Chief Financial Officer, (B) demotion of the Executive to a position with lesser duties and
responsibilities, (C) any decrease in the Executive’s Base Salary or any material reduction in the total value of the Executive’s benefits and Bonus compensation. Before terminating this Agreement for Good Reason, the Executive must
give the Company a prior written notice indicating his intent to terminate for Good Reason if corrective action is not taken, and stating the reasons why he believes there are grounds to terminate for Good Reason. After receipt of this notice, the
Company shall have 15 days to cure the grounds for Good Reason. In addition, any ground for Good Reason shall be deemed waived by the Executive if not asserted in such a notice within ninety (90) days of the occurrence of the event alleged to
be Good Reason. 
 (e) Voluntary Termination. In the event the Executive terminates the Executive’s employment on the
Executive’s own volition prior to the expiration of the Term or any Renewal Term of this Agreement, 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 7(a), which will be paid promptly (but not later than 30 days) following the date on which the Executive terminated his employment pursuant to this Section 7(e). 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 7(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. In the event of a voluntary termination, the Executive will be entitled to payment of all Accrued Obligations, which will be paid promptly (but not later than 30
days) following the date on which the Executive’s employment is terminated. The Executive shall also be entitled to payment of any Final Bonus, which shall be determined as provided by Section 3(b) of this Agreement. Any such Final Bonus
payment shall be made promptly but not later than as provided by Section 3(b). 
 (f) Termination Following a Change of Control.
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, and within twelve (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 7(d)(i) of this Agreement. 
 For purposes of this Agreement, a
“Change in Control” means the occurrence of one or more of the following events: 
 (i) a sale of all or substantially all
of the assets of the Company; 
  

 8 

 (ii) the stockholders of the Company approve a merger or consolidation of the Company with any
corporation or other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; 
 (iii) a change in ownership of the Company through a transaction or series of transactions, such that any person or entity is or becomes the Beneficial
Owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of securities of the combined voting power of the Company’s then outstanding securities;
provided that, for such purposes, (x) any acquisition by the Company, in exchange for the Company’s securities, shall be disregarded, and (y) any acquisition of securities of the Company by Stanford or its affiliates, in one
transaction or in a series of transactions and regardless of the amount of securities acquired, shall not constitute a change in ownership or Change in Control; or 
 (iv) the Board (or the stockholders if stockholder approval is required by applicable law or under the terms of any relevant agreement) shall approve a plan of complete liquidation of the Company. 
 provided, however, that a Change of Control shall expressly not include (A) any consolidation or merger effected exclusively to change the domicile of
the Company, or (B) any transaction or series of transactions principally for bona fide equity financing purposes. 
 (g)
Release. The payment of Severance Pay or any other severance amount under this Section 7 is conditioned on the Executive executing and delivering to the Company promptly after the effective date of termination (without any revocation
thereof) a standard waiver and general release of claims. 
 8. 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) At all times during the Term and any Renewal Terms and for a period of eighteen (18) months 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 

  

 9 

 
Executive’s employment (the “Restricted Area”), Executive will not individually or in 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 13(b) or 13(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) 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) 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) 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) The Executive will not, at any time during or after his Company
employment, disparage the Company or its officers or its directors. 
 (f) 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 Company within the Business in the geographical areas in which the Company conducts the Business. 
 (g) In the event that a court of competent jurisdiction shall determine that any provision of this Section 8 is invalid or more restrictive than
permitted under the governing law of such jurisdiction, then only as to enforcement of this Section 8 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. 
 (h) If the Executive shall be in violation of any of the covenants in Sections 8(a), 8(b), 8(c), or
8(d), then each time limitation set forth in such covenants shall be extended for a period of time equal to the period of time during which such violation or 

  

 10 

 
violations occur. If the Company seeks injunctive relief from such violation in any court, then those covenants shall be extended for a period of time equal
to the pendency of such proceeding including all appeals by the Executive. 
 9. 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 confidential 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, as well as confidential information relating to Company advertising, promotional and sales
strategies, sales presentations, research information, revenues, acquisitions, 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, “Confidential Information”) are valuable, special and unique assets of the Company, access to and knowledge of which have been provided to Executive only by virtue of Executive’s association
with the Company. In light of the highly competitive nature of the Business, Executive agrees that it is important and appropriate to maintain the secrecy of all such Confidential Information. 
 (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, Confidential Information, except 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 a
need to know the information and who have signed appropriate confidentiality commitments; (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 all rights he may have in anything, such as drawings, documents, models, samples, photographs, patterns, templates, molds, tools or prototypes,
which may contain, embody or make use of the Confidential Information. 
 (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, and that is useful to the Business; (ii) that all such ideas, inventions, improvements and discoveries conceived, made or acquired by Executive, alone or with the assistance of others, relating 

  

 11 

 
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 his 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 of any of the foregoing exceptions, the Executive shall notify the Company in writing of his 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. 
 10. 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 be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns. 
  

 12 

 11. 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 8 and 9 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 8 and 9 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
material violation of the covenants contained in Sections 8 and 9 that is not cured within 20 days of notice by the Company, all severance payments and benefits to which the Executive may be entitled to thereafter shall immediately cease and be
without further force and effect. 
 12. SURVIVAL. The provisions of Sections 8 through 25 shall survive the termination of this
Agreement, as applicable. 
 13. 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 business address of the Company and to the last known home address of the Executive, or to such other address as either party hereto may from time to time give notice of to the other. 
 14. HEADINGS. All sections and descriptive headings of this Agreement are inserted for convenience only, and shall not affect the construction or
interpretation hereof. 
 15. 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 one and the same instrument. 
 16. 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, including, but not limited to the Previous Employment Agreements, as noted above; provided, however, that nothing in this Agreement is
intended to nor shall supersede any separate indemnity agreement between the Executive and the Company. This Agreement may not be modified in any way unless by a written instrument signed by both the Company and the Executive. 
  

 13 

 17. GOVERNING LAW; FORUM SELECTION AGREEMENT; ATTORNEY’S FEES. This Agreement is to be
construed and enforced according to the laws of the State of Florida. Both parties agree that all disputes, claims, actions or lawsuits between them, arising out of or relating to this Agreement, or for alleged breach of this Agreement, shall be
heard and determined by a state court sitting in Broward County, Florida, or by the United States District Court for the Southern District of Florida, or by any appellate courts which review decisions of those courts. The parties expressly submit to
the jurisdiction of those courts for adjudication of all such disputes, and agree not to bring any such action or proceeding in any other court. Both parties waive any defense of inconvenient forum as to the maintenance of any action or proceeding
brought pursuant to this Agreement in those courts, and waive any bond, surety, or other security that might be required of the other party with respect to any aspect of such action, to the extent permitted by law. Provided, however, that either
party may bring a proceeding in a different court, jurisdiction or forum to obtain collection of any judgment, or to obtain enforcement of any injunction or order, entered against the other party. The parties also agree to accept any service of
process by mail. The prevailing party in any action brought under this Agreement shall be entitled to recover a reasonable attorney’s fee and costs of action from the non-prevailing party. 
 18. 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. 
 19. 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. 
 20. 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. The Company may assign its rights under this Agreement. The Executive specifically acknowledges that the Company’s rights under Sections 8 and
9 of this Agreement may be assigned to the Company’s successors. 
 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’s indemnity obligations to the Executive are set forth in a separate indemnification agreement. 
 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. 
  

 14 

 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] 
  

 15 

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

  

			
	ELANDIA INTERNATIONAL INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	EXECUTIVE
	
	  

	 Harley L. Rollins

  

 16

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