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                                                                    EXHIBIT 10.2

                       TERREMARK SYSTEM LICENSE AGREEMENT

This License Agreement (the "Agreement") is made and entered into as of this 13
day of June 2002 by and between TERREMARK WORLDWIDE, INC., a Delaware
corporation ("Licensor"), having offices at 2601 So. Bayshore Drive, Miami, FL
33133 and NAP DE LAS AMERICAS - MADRID, S.A., a Spanish limited liability
company having offices at Camara Oficial de Comercio e Industria de Madrid,
Plaza de la Independencia, n(0)1 Madrid, Spain (the "Licensee"). Licensor and
Licensee are each individually referred to herein as a "Party" and are
collectively referred to as the "Parties".

WHEREAS, Licensor and its Affiliates (defined below) have developed and continue
to develop methods of operating carrier-neutral Tier-1 Network Access Points
("Tier-1 NAPs") that feature a distinctive facility format and utilize
distinctive uniform business formats, signs, equipment, layouts, systems,
Know-how (defined below), methods, procedures, inventory specifications,
training, maintenance, refurbishment, remodeling and refit procedures, designs
and marketing and advertising standards and formats, all of which Licensor may
modify from time to time (the "Terremark System"); and

WHEREAS, Licensor and its Affiliates operate and grant to certain qualified
persons or entities, the right to develop and use the Terremark System; and

WHEREAS, Licensee was formed for the purpose of developing, owning and operating
carrier-neutral Tier-1 NAPs in the Territory using the Terremark System (the
"Business"); and

WHEREAS, Licensor wishes to license to Licensee the exclusive use of the
Terremark System in the Territory;

NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Parties agree as follows:

1. LICENSE OF INTELLECTUAL PROPERTY

1.1 GRANT OF RIGHTS. In exchange for the consideration set forth in paragraph
1.2 and the Stockholder's Agreement among Licensor, Licensee, and Licensee's
Stockholders on 31 May, 2002 (the "Stockholders Agreement"), Licensor grants to
Licensee, and Licensee accepts, a nontransferable, royalty-free, fully-paid and
exclusive right and license to use, copy and exploit all the intellectual
property, Know-how, Licensor's Confidential Information (as defined below),
Copyrighted Works and Marks comprising the Terremark System, including without
limitation, all trade secrets, know-how, show-how, methodologies and processes
set forth on Schedule A hereto (collectively, the "Intellectual Property") in
connection with operating the Business in the Territory during the Term (the
"License").

         (i)      The term "Know-how" means a package of non-patented practical
                  information resulting from experience and testing by Licensor
                  that is secret, substantial and identified and forms part of
                  the Terremark System. For these purposes "secret" means that
                  the know-how as a body or in its precise configuration is not
                  easily accessible and "substantial" means that the know-how
                  includes information that is important and useful to Licensee
                  in developing and operating Tier-1 NAPs in Spain.

         (ii)     The term "Marks" mean the trademarks, service marks and other
                  commercial symbols which Licensor authorizes its licensees to
                  use from time to time to identify the products and services
                  offered used in connection with the Terremark System, whether
                  by TerreNAP Data Center or otherwise, including the marks "NAP
                  of the Americas," "NAP de Las Americas" and "TerreNAP" and the
                  Know-how.

         (iii)    The term "Copyrighted Works" means certain copyrighted or
                  copyrightable works that are created by or for Licensor
                  (including, without limitation, the Methods and Procedures
                  Manuals, Basis of Design Drawings and Specifications) and
                  which Licensor licenses to Licensee from time to time for use
                  in the operation of the Business in the Territory.

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         (iv)     The term "Affiliate" shall mean any person or entity that (a)
                  directly or indirectly owns or controls, (b) is directly or
                  indirectly owned or controlled by, or (c) is under common
                  control with Licensor or Licensee, as applicable. For purposes
                  of this definition, "control" means holding a majority of the
                  equity or otherwise having the power to direct or cause the
                  direction of the management and policies of an entity.

         (v)      The term "Territory" shall mean the country of Spain as its
                  borders and possessions are constituted on the date hereof.

         (vi)     No change in the ownership or control of Licensee contemplated
                  by the Stockholders Agreement shall be deemed to violate the
                  provisions of this Agreement prohibiting Licensee from
                  transferring the License.

Licensee acknowledges that Licensor is engaged, or may in the future engage, in
the Business in territories other than the Territory, and agrees that Licensor
has the right use and exploit the Intellectual Property in connection therewith
outside the Territory.

1.2 CONSIDERATION. Licensee shall grant to Licensor (or its designated
Affiliate) an initial ten percent (10%) equity interest in Licensee, with the
right to acquire up to an additional thirty -percent (30%), in accordance with
the provisions of the Stockholders Agreement (for an aggregate of 40%). In
addition, as a condition precedent to this License becoming effective, Licensee
shall have purchased and fully paid for 5,000,000 shares of Licensor common
stock pursuant that certain Stock Purchase Agreement between Licensor and
Licensee dated 11 June, 2002.

1.3 REPRESENTATIONS AND WARRANTIES. Licensor represents and warrants that (i) it
owns or has full right and authority to use, exploit and license to Licensee all
the Intellectual Property; (ii) the Intellectual Property is free and clear of
any outstanding injunction, judgment, order or decree; (iii) this License
Agreement and the transactions contemplated hereby have been duly authorized by
all necessary corporate action on the part of Licensor; (iv) the Intellectual
Property licensed to Licensee hereunder comprises all of Licensor's intellectual
property necessary for Licensee to operate the Business; (v) no action, suit,
claim or demand is pending or, to the knowledge of Licensor, is threatened which
challenges the ownership, validity, enforceability, license or use of any item
of Intellectual Property; (vi) the use or exploitation of the Intellectual
Property by Licensee in accordance with this Agreement will not interfere with,
infringe upon, misappropriate or otherwise come into conflict with any
intellectual property or other proprietary right of any third party; and (vii)
to the extent that any interest in the Intellectual Property has been pledged or
encumbered by Licensor, Licensor has received no notice of default under any
such pledge or security agreement and has committed no act that, with the
passage of time or the giving of notice, would constitute an event of default
thereunder.

2. TERM. Subject to the provisions of this Agreement, the term of the License
granted hereby to Licensee (the "Term") for the use of (a) the Marks shall be
for twenty (20) years and (b) all other Intellectual Property licensed hereunder
shall be for 15 years.

3. THE MARKS AND COPYRIGHTED WORKS.

3.1 OWNERSHIP AND GOODWILL. Licensee acknowledges that the Marks, Know-how and
Copyrighted Works are the sole and exclusive property of Licensor and its
Affiliates. Licensee acknowledges that its License to use the Marks, Know-how
and Copyrighted Works are derived solely from this Agreement and are limited to
the operation of the Business by Licensee pursuant to and in compliance with
this Agreement and the applicable standards, specifications, and operating
procedures prescribed by Licensor from time to time during the Term that are
designed to reasonably ensure that the quality of the products and services
provided by Licensee are commercially comparable to those provided by Licensor
or its Affiliates under the Terremark System. Any unauthorized use of the Marks,
Know-how and Copyrighted Works or any attempt by Licensee to appropriate or
claim ownership of any other name, mark, symbol or designation used by Licensor
or its Affiliates anywhere in the world, shall constitute a breach of this

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Agreement and an infringement of the rights of Licensor and its Affiliates.
Licensee acknowledges and agrees that all usage of the Marks, Know-how,
Intellectual Property and Copyrighted Works by Licensee and any goodwill
established thereby shall inure to the benefit of Licensor and that this
Agreement does not confer any goodwill or other interest in the Marks, Know-how
or Copyrighted Works upon Licensee, other than as expressly set forth in this
Agreement. All provisions of this Agreement applicable to the Marks, Know-how
and Copyrighted Works shall apply to any other trademarks, service marks,
commercial symbols and copyrighted materials hereafter authorized for use by or
licensed to Licensee by the Licensor whether or not registered or subject to
legal protection in the Territory. In the event Licensee acquires rights in any
Marks, Know-how Copyrighted Works or other trademarks, service marks, commercial
symbols and copyrighted materials from Licensor and in connection with the
operation of the Business the Territory, Licensee undertakes that it will
execute all documents in form and substance reasonably acceptable to Licensee
and reasonably necessary or desirable to vest ownership of such rights in the
Licensor or its Affiliates.

3.2 LIMITATIONS ON USE OF MARKS AND COPYRIGHTED WORKS. Except for the Mark "NAP
de Las Americas," Licensee shall not use any Mark as part of any corporate or
trade name or with any prefix, suffix, or other modifying words, terms, designs,
or symbols, or in any modified form, nor may Licensee use any Mark or
Copyrighted Work in connection with anything other than the Business or in any
other manner not expressly authorized herein or in any other writing by
Licensor. Licensee agrees to display the Marks in the manner reasonably
prescribed by Licensor and in connection with only those advertising and
marketing materials approved by Licensor, which approval shall not be
unreasonably withheld. Licensee agrees to give such notices of trademark and
service mark registrations and appropriate copyright notices as Licensor
reasonably specifies. If Licensor authorizes Licensee to prepare any adaptation,
translation or derivative work of the Copyrighted Works, Licensee hereby agrees
that such adaptation, translation or derivative work shall be the property of
Licensor and be deemed included in the Intellectual Property Licensed to
Licensee under this Agreement, and Licensee hereby assigns all its right, title
and interest therein to Licensor. Licensee agrees to execute any documents in
form and substance reasonably acceptable to Licensee, in recordable form, which
Licensor determines are reasonably necessary to reflect ownership by Licensor of
such work. Licensee shall submit all such adaptations, translations or
derivative works to Licensor for approval prior to use, which approval shall not
be unreasonably withheld.

3.3 NOTIFICATION OF INFRINGEMENTS AND CLAIMS. Licensee shall notify Licensor
promptly after it acquires knowledge of any apparent infringement of or
challenge to Licensee's use of any Mark, Know-how, Copyrighted Work, Licensor's
Confidential Information or other intellectual property rights licensed under
this Agreement, or claim by any person of any rights in any Mark, Know-how,
Copyrighted Work, Licensor's Confidential Information or other intellectual
property rights licensed under this Agreement, and Licensee shall not
communicate with any person other than Licensee's counsel, Licensor and its
counsel in connection with any such infringement, challenge or claim. Licensor
shall have sole discretion to take such action as it deems appropriate in
connection with the foregoing, and the right to control exclusively any
settlement, litigation or other proceeding arising out of any such alleged
infringement, challenge or claim or otherwise relating to any Mark, Know-how,
Copyrighted Work, Licensor's Confidential Information or other intellectual
property rights licensed under this Agreement, and to retain all proceeds of any
litigation or settlement. Licensee agrees to execute any and all instruments and
documents, render such assistance, and do such acts and things as may, in the
opinion of Licensor's counsel, be reasonably necessary or advisable to protect
and maintain the interests of Licensor and its Affiliates in any litigation or
other proceeding or to otherwise protect and maintain the interests of Licensor
and its Affiliates in the Marks, Know-how, Copyrighted Works, Licensor's
Confidential Information and other intellectual property rights licensed under
this Agreement.

3.4 RECORDAL OF LICENSES AND REGISTERED USER AGREEMENTS. Licensee shall, at the
request and expense of Licensor, do all acts and execute all documents
reasonably necessary or desirable in Licensor's opinion for establishing
Licensee as a user of the Marks hereunder and where required for the
registration of Licensee's permitted use with governmental agencies.

4. INDEMNIFICATION.

4.1 INDEMNIFICATION BY LICENSEE. Licensee covenants and agrees to defend,
indemnify and save and hold harmless Licensor, together with its officers,
directors, partners, shareholders, employees, trustees, affiliates, beneficial
owners, attorneys and representatives, from and against any and all losses,
costs, expenses, liabilities, claims or legal damages (including, without
limitation, reasonable fees and disbursements of counsel and accountants and
other reasonable costs and expenses incident to any actual or threatened claim,

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suit, action or proceeding, whether incurred in connection with a claim against
Licensee or a third party claim) arising out of or resulting from: (i) any
material inaccuracy in or breach of any representation, warranty, covenant or
agreement made by Licensee in this Agreement; (ii) the failure of Licensee to
perform or observe fully any material covenant, agreement or provision to be
performed or observed by it pursuant to this Agreement..

4.2. INDEMNIFICATION BY LICENSOR. Licensor covenants and agrees to defend,
indemnify and save and hold harmless Licensee, together with its officers,
managers, partners, members, employees, trustees, affiliates, beneficial owners,
attorneys and representatives, from and against any and all losses, costs,
expenses, liabilities, claims or legal damages (including, without limitation,
reasonable fees and disbursements of counsel and accountants and other
reasonable costs and expenses incident to any actual or threatened claim, suit,
action or proceeding, whether incurred in connection with a claim against
Licensor or a third party claim) arising out of or resulting from: (i) any
material inaccuracy in or breach of any representation, warranty, covenant or
agreement made by Licensor in this Agreement; and (ii) the failure of Licensor
to perform or observe fully any material covenant, agreement or provision to be
performed or observed by it pursuant to this Agreement; (iii) Licensee's
compliance with the terms and provisions of Section 3.3, above; and (iv) in
connection with any infringement or claims of infringement of the Intellectual
Property on the intellectual proprietary rights of third parties

4.3. PROCEDURE. Each party entitled to be indemnified pursuant to Sections 4.1
and 4.2 (each, an "Indemnified Party") shall notify the other party in writing
of any action against such Indemnified Party in respect of which the other party
is or may be obligated to provide indemnification on account of Section 4.1 or
4.2, promptly after the receipt of notice or knowledge of the commencement
thereof. The omission of any Indemnified Party so to notify the other party of
any such action shall not relieve such other party from any liability which it
may have to such Indemnified Party, except to the extent the other party shall
have been materially prejudiced by the omission of such Indemnified Party so to
notify it pursuant to this Section 4.3. In case any such action shall be brought
against any Indemnified Party and it shall notify the other party of the
commencement thereof, the other party shall be entitled to participate therein
and to assume and pay for the defense thereof, with counsel reasonably
satisfactory to such Indemnified Party, and after notice from it to such
Indemnified Party of its election so to assume and pay for the defense thereof,
the other party will not be liable to such Indemnified Party under Section 4.1
or 4.2 for any legal or other expense subsequently incurred by such Indemnified
Party with other counsel in connection with the defense thereof nor for any
settlement thereof entered into without the consent of the other party;
PROVIDED, HOWEVER, that (i) if the other party shall elect not to assume the
defense of such claim or action or (ii) if the Indemnified Party reasonably
determines (x) that there may be a conflict between the positions of the other
party and of the Indemnified Party in defending such claim or action or (y) that
there may be legal defenses available to such Indemnified Party different from
or in addition to those available to the other party, then separate counsel for
the Indemnified Party shall be entitled to participate in and conduct the
defense, in the case of (i) and (ii)(x), or such different defenses, in the case
of (ii)(y), and the other party shall be liable for any reasonable legal or
other expenses incurred by the Indemnified Party in connection with the defense.

4.4. INDEMNIFICATION NON-EXCLUSIVE. The foregoing indemnification provisions are
in addition to, and not in derogation of, any statutory, equitable or common-law
remedy any party may have for breach of representation, warranty, covenant or
agreement.

5. CONFIDENTIAL INFORMATION. Either Party and its Affiliates (the "Receiving
Party") possess and may further develop and acquire certain confidential and
proprietary information and trade secrets including but not limited to the
categories of information, methods, techniques, procedures, and knowledge
developed or to be developed by the other Party or its Affiliates (the
"Disclosing Party") (the "Confidential Information"). Licensor shall disclose to
Licensee such Confidential Information as may be required for the development
and operation of the Business in the Territory. Such disclosures may be made
during training and in guidance and assistance furnished to Licensee under this
Agreement. The Receiving Party may also learn or otherwise obtain from the
Disclosing Party additional or other Confidential Information during the term
hereof. The Receiving Party acknowledges and agrees that neither the Receiving
Party nor any other person or entity will acquire any interest in or right to

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use the Disclosing Party's Confidential Information, other than as may be set
forth herein, and that the use or duplication of the Confidential Information
for any other purpose would constitute an unfair method of competition with the
Disclosing Party. The Receiving Party agrees to disclose the Confidential
Information to its employees, consultants, agents or other advisors or
Stockholders who are bound by nondisclosure obligations not to disclose the
Confidential Information and only to the extent reasonably necessary for the
development and operation of the Business in the Territory. The Receiving Party
shall take all other steps reasonably required and/or appropriate to ensure
compliance with the obligations set forth herein.

5.1. NONDISCLOSURE OBLIGATION. The Receiving Party acknowledges and agrees that
the Confidential Information is confidential to and a valuable asset of the
Disclosing Party, is proprietary, includes trade secrets of the Disclosing Party
and is disclosed to the Receiving Party solely on the condition that the
Receiving Party its Stockholders, employees, consultants, agents or other
advisors who have access to Confidential Information agree, and the Receiving
Party does hereby agree that the Receiving Party:

         (i)      will not use the Confidential Information in any business or
                  capacity other than for the purpose of the development and
                  operation of the Business;

         (ii)     will maintain at all times the absolute confidentiality of the
                  Confidential Information and not disclose it to any third
                  parties;

         (iii)    will not at any time make unauthorized copies of any portion
                  of the Confidential Information disclosed in written or other
                  tangible form; and

         (iv)     will adopt and implement all reasonable procedures prescribed
                  from time to time by the Disclosing Party to prevent
                  unauthorized use or disclosure of the Confidential
                  Information.

Nothing contained herein shall be construed to prohibit Licensee from using
Licensor's Confidential Information in connection with the development and
operation of the Business.

5.2. EXCEPTIONS TO NONDISCLOSURE OBLIGATION. Notwithstanding anything to the
contrary contained in this Agreement, the restrictions on disclosure and use of
the Confidential Information shall not apply to the following:

         (i)      Confidential Information if and only to the extent that it is
                  or has become generally known or easily accessible, other than
                  through disclosure (whether deliberate or inadvertent) by the
                  Receiving Party, its employees, consultants, agents, advisors
                  or Stockholders or by third parties in violation of
                  confidentiality obligations to the Disclosing Party, or become
                  available to the Receiving Party on a non-confidential basis
                  from a source that s entitled to so disclose it; and

         (ii)     the disclosure of the Confidential Information in judicial or
                  administrative proceedings to the extent that the Receiving
                  Party is legally compelled to disclose such information,
                  provided Receiving Party has notified the Disclosing Party
                  prior to disclosure and shall have used its best efforts to
                  obtain, and shall have afforded the Disclosing Party the
                  opportunity to obtain, an appropriate protective order or
                  other assurance satisfactory to the Disclosing Party of
                  confidential treatment for the information required to be so
                  disclosed.

5.3. DERIVATIVE WORKS. Licensee agrees to disclose to Licensor all ideas,
concepts, methods, techniques and products relating to the development and
operation of carrier-neutral Tier-1 NAPs conceived or developed by Licensee
during the term of this Agreement. Licensee hereby grants to Licensor a
perpetual, non-exclusive and worldwide right to use such works and license same
for use in all carrier-neutral Tier-1 NAPs operated by Licensor or its
Affiliates. Licensor and its Affiliates shall have no obligation to make any
payment to Licensee or its employees, Stockholders or Affiliates with respect to
any such idea, concept, method, technique or product.

5.4. The Parties agree to keep the terms and conditions of this Agreement
confidential and not to disclose the contents of this Agreement to any third
party (other than to each Party's attorneys and accountants for purposes of
their rendering their professional services to Licensee) except as may otherwise
be required by law.

5.5. All rights and obligations under this Section 5 shall remain in full force
and effect notwithstanding any termination of this Agreement.

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6. TERMINATION OF AGREEMENT.

6.1 Termination. If a Party materially breaches this Agreement, the
non-breaching party may terminate this Agreement effective 30 days after
delivery of written notice of termination if the non-breaching Party gives
written notice of such breach to the breaching Party and the breaching Party
does not correct such breach within 30 days after delivery of such notice of
material breach; or if such breach cannot reasonably be cured within 30 days
after delivery of such notice, undertake within 10 days after delivery of such
notice, and continue until completion, efforts to cure such breach.

6.2 Licensor may terminate this license immediately if Licensee or any of its
Stockholders challenges or seeks to claim rights in or to challenge the validity
of (a) the Marks or Licensor's rights in any other names, marks or commercial
symbols used by Licensor or its Affiliates anywhere in the world or Licensed
hereunder by Licensee in connection with the operation or promotion of the
Business, whether registered or unregistered, (b) the Licensor Confidential
Information, (c) the Know-how, (d) the Copyrighted Works or (e) any other
intellectual property rights licensed under this Agreement.

6.3 In the event (i) of any termination by Licensee pursuant to this section;
(ii) that Licensor makes an assignment of the Intellectual Property for the
benefit of creditors; (iii) that any petition shall be filed by or against
Licensor under any section or chapter of the United States Bankruptcy Code, as
amended, or under any similar law or statute of the United States or any state
thereof, which petition is not dismissed within sixty (60) days after the filing
thereof, or Licensor shall be adjudged bankrupt or insolvent in proceedings
filed thereunder; or (iv) a receiver or trustee shall be appointed for all or
substantially all of the assets of Licensor; then, Licensee shall, effective as
of the date of such termination automatically and without further action, have a
perpetual license to use the Intellectual Property without further charge or
fee, but otherwise subject to and in accordance with the provisions and
limitations of this Agreement.

7. RIGHTS AND OBLIGATIONS UPON TERMINATION OR EXPIRATION OF THIS AGREEMENT.

7.1 Upon termination or expiration of the Term, Licensee shall return the
Intellectual Property to Licensor. All obligations of Licensor and Licensee
under this Agreement that expressly or by their nature survive or are intended
to survive the expiration or termination of this Agreement or the Agreement Term
shall continue in full force and effect subsequent to and notwithstanding its
expiration or termination and until they are satisfied in full or by their
nature expire.

7.2 Licensee shall not at any time after expiration of the Term or termination
of this Agreement adopt, use or claim ownership rights adverse to those of
Licensor or its Affiliates in or to any Licensor name, trade name, trademark,
service mark, logo, Know-how component, get up, commercial symbol, design or
device (including, without limitation, the Marks, the Know-how and the
Copyrighted Works) used by Licensor or its Affiliates anywhere in the world or
used by Licensee in connection with the operation or promotion of the Business.
This undertaking and agreement shall survive the termination or expiration of
this Agreement and shall be binding on Licensee, its officers, owners,
directors, agents, employees, heirs, successors and assigns.

7.3 Nothing in this Agreement shall prohibit Licensee from challenging the
validity of the intellectual property rights licensed under this Agreement.
Licensee acknowledges and agrees that if it were to so challenge the validity of
such rights, the provisions of Section 6.2 of this Agreement shall apply. With
respect to the provisions of this Agreement regarding restrictions upon Licensee
of the use of any name, trade name, trade mark, service mark, logo, Know-how
component, get up, commercial symbol, design or device of Licensor subsequent to
the expiration or termination of this Agreement, nothing in this Agreement shall
be interpreted as granting additional rights to Licensor that it would not
otherwise have under applicable law.

8. MISCELLANEOUS.

8.1 PUBLICITY. Neither of the Parties shall issue, publish or disseminate, or
cause to be issued, published or disseminated, any press release or public

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communication relating to this Agreement or any of the transactions contemplated
herein using the name or any trade mark, logo, trade name, Know-how or other
intellectual property or otherwise referring to Licensor or Licensee, without
the prior written consent of such other party.

8.2 LIABILITY: In no event shall either party be liable, one to the other, for
any indirect, special or consequential damages arising out of or in connection
with this Agreement.

8.3 EXCUSABLE DELAYS: In no event shall either party be liable to the other for
any delay or failure to perform due to causes beyond the control and without the
fault or negligence of the party claiming excusable delay.

8.4 GOVERNING LAW; SUBMISSION TO JURISDICTION. This Agreement shall be governed
by and construed in accordance with the laws of the State of Florida applicable
to contracts made and to be performed entirely within such State. Each of the
Parties hereby submits to the nonexclusive jurisdiction of the courts in
Miami-Dade County for purposes of all legal proceedings arising out of or
relating to this Agreement and the transactions contemplated hereby. Each of the
Parties irrevocably waives, to the fullest extent permitted by law, any
objection which it may now or hereafter have to the laying of the venue of any
such proceeding brought in such a court and any claim that any such proceeding
brought in such a court has been brought in an inconvenient forum. In the event
of any litigation regarding the rights and obligations under this Agreement, the
prevailing party shall be entitled to recover reasonable attorneys' fees and
court costs in addition to any other relief that may be granted. The "prevailing
party" means the party who receives substantially the relief desired, whether by
settlement, dismissal, summary judgment, judgment or otherwise after the
expiration of the time to appeal any such judgment.

8.5 WAIVER OF JURY TRIAL. Each of the Parties hereby waives its rights to a jury
trial of any claim or cause of action based upon or arising out of this
Agreement or the subject matter hereof. The scope of this waiver is intended to
be all-encompassing of any and all disputes that may be filed in any court and
that relate to the subject matter of this transaction, including, without
limitation, contract claims, tort claims, breach of duty claims, and all other
common law and statutory claims. This Section has been fully discussed by each
of the Parties and these provisions shall not be subject to any exceptions. Each
of the Parties hereby further warrants and represents that such party has
reviewed this waiver with its legal counsel, and that such party knowingly and
voluntarily waives its jury trial rights following consultation with legal
counsel. This waiver is irrevocable, meaning that it may not be modified either
orally or in writing, and this waiver shall apply to any subsequent amendments,
supplements or modifications to (or assignments of) this Agreement. In the event
of litigation, this Agreement may be filed as a written consent to a trial
(without a jury) by the court.

8.6 COUNTERPARTS/CAPTIONS AND HEADINGS. This Agreement may be executed in
counterparts, each of which shall be deemed an original, and all of which
together shall be deemed to constitute one and the same instrument. The captions
and headings used in this Agreement are for convenience only and are not to be
considered in construing or interpreting this Agreement.

8.7 NOTICES. Unless otherwise provided, any notice or other communication
required or permitted to be given or effected under this Agreement shall be in
writing and shall be deemed effective upon personal or facsimile delivery to the
party to be notified or two business days after deposit with an internationally
recognized courier service, delivery fees prepaid, and addressed to the party to
be notified at the following respective addresses, or at such other addresses as
may be designated by written notice; PROVIDED, HOWEVER, that any notice of
change of address shall be deemed effective only upon receipt:

If to Licensor:     Terremark Worldwide, Inc.
                    2601 South Bayshore Drive
                    Miami, FL 33133
                    Attn:  Chief Operating Officer
                    Fax: 305-860-8190

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                    With a copy to

                    Terremark Worldwide, Inc.
                    2601 South Bayshore Drive
                    Miami, FL 33133
                    Attn:  General Counsel
                    Fax: 305-250-4290

If to Licensee:     NAP de Las Americas - Madrid, S.A.
                    Camara Oficial de Comercio e Industria de Madrid, Plaza de
                    la Independencia, n(0)1 Madrid, Spain
                    Attn: President
                    Fax:

8.8 SEVERABILITY/ENTIRE AGREEMENT/COSTS. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such provisions
shall be excluded from this Agreement and the balance of this Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms. This Agreement (and the Exhibits hereto) constitutes
the entire agreement among the parties with respect to the subject matter hereof
and supersedes all prior agreements, understandings and discussions between
them. Except as otherwise provided for herein, each of the Parties shall pay all
expenses incurred by it or on its behalf in connection with this Agreement or
any of the transactions contemplated hereby.

8.9 SURVIVAL OF REPRESENTATION, WARRANTIES AND COVENANTS. Notwithstanding
anything herein to the contrary, the representation, warranties and covenants
contained herein shall survive termination or expiration of this Agreement.

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

                                     Terremark Worldwide, Inc.

                                     By: /s/ Manuel D. Medina
                                         ------------------------------------
                                           Name: Manuel D. Medina
                                           Title: President and CEO

                                     NAP de Las Americas - Madrid, S.A.

                                     By:
                                         ------------------------------------
                                           Name:
                                           Title:

TERREMARK SYSTEM LICENSE - SPAIN
Page 8<PAGE>
                                                                    EXHIBIT 10.3

                              EMPLOYMENT AGREEMENT

         This Employment Agreement ("Agreement") is made and entered into on
this 3 day of March, 2003, effective as of the date set forth in paragraph 2.1
below, and is by and between Terremark Worldwide, Inc., a Delaware corporation
(the "Company"), and Brian K. Goodkind (hereinafter called the "Executive").

                                 R E C I T A L S

         A.       The Executive possesses knowledge and skills which the Company
believes will be of substantial benefit to its operations and success, and the
Company desires to employ the Executive on the terms and conditions set forth
below, on its behalf or on behalf of one or more of its subsidiaries or
affiliates.

         B.       The Executive is willing to make his services available to the
Company and its subsidiaries and affiliates on the terms and conditions set
forth below.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth herein, the parties agree as follows:

         1.       Employment.

                  1.1      Employment and Term. The Company hereby agrees to
employ the Executive, and the Executive hereby agrees to serve the Company, on
the terms and conditions set forth herein.

                  1.2      Duties of Executive. During the Term of Employment
under this Agreement, the Executive shall serve as the Executive Vice President
and Chief Operating Officer of the Company, shall diligently perform all
services as may be assigned to him by the Board (provided that, such services
shall not materially differ from the services currently provided by the
Executive), and shall exercise such power and authority as may from time to time
be delegated to him by the Board. The Executive shall devote his full time and
attention to the business and affairs of the Company, render such services to
the best of his ability, and use his best efforts to promote the interests of
the Company. It shall not be a violation of this Agreement for the Executive to
(i) serve on corporate, civic or charitable boards or committees, (ii) deliver
lectures, fulfill speaking engagements or teach at educational institutions, or
(iii) manage personal investments, so long as such activities do not
significantly interfere with the performance of the Executive's responsibilities
to the Company in accordance with this Agreement.

         2.       Term.

                  2.1      Commencement of Employment. The employment of the
Executive under this Agreement shall commence on the date set forth above (the
"Commencement Date").

                  2.2 Termination of Employment. The period during which the
Executive shall be employed by the Company pursuant to the terms of this
Agreement is sometimes referred to in this Agreement as the "Term of
Employment". The Executive's employment hereunder, and the Term of

<PAGE>

Employment, shall terminate upon notice by either the Company or the Executive
in accordance with Section 5, below.

         3.       Compensation.

                  3.1      Base Salary. The Executive shall receive a base
salary at the annual rate of $250,000.00 (the "Base Salary") during the Term of
Employment, with such Base Salary payable in installments consistent with the
Company's normal payroll schedule, subject to applicable withholding and other
taxes. The Base Salary shall be reviewed, at least annually, for merit increases
and may, by action and in the sole discretion of the Board, be increased at any
time or from time to time.

                  3.2      Bonuses. During the Term of Employment, the Executive
shall be eligible to receive bonuses in such amounts and at such times as the
Board shall determine in its sole discretion.

         4.       Expense Reimbursement and Other Benefits.

                  4.1      Reimbursement of Expenses. Upon the submission of
proper substantiation by the Executive, and subject to such rules and guidelines
as the Company may from time to time adopt, the Company shall reimburse the
Executive for all reasonable expenses actually paid or incurred by the Executive
during the Term of Employment in the course of and pursuant to the business of
the Company. The Executive shall account to the Company in writing for all
expenses for which reimbursement is sought and shall supply to the Company
copies of all relevant invoices, receipts or other evidence reasonably requested
by the Company.

                  4.2      Compensation/Benefit Programs. During the term of
Employment, the Executive shall be entitled to participate in all medical,
dental, hospitalization, accidental death and dismemberment, disability, travel
and life insurance plans, and any and all other plans as are presently and
hereinafter offered by the Company to its executives, including savings,
pension, profit-sharing and deferred compensation plans, subject to the general
eligibility and participation provisions set forth in such plans.

                  4.3      Working Facilities. During the Term of Employment,
the Company shall furnish the Executive with an office, administrative
assistance and such other facilities and services suitable to his/her position
and adequate for the performance of his/her duties hereunder.

                  4.4      Stock Options. During the Term of Employment, the
Executive shall be eligible to be granted options (the "Stock Options") to
purchase common stock (the "Common Stock") of the Company under (and therefore
subject to all terms and conditions of) the Company's 2000 Stock Option Plan, as
amended, and any successor plan thereto (the "Stock Option Plan") and all rules
of regulation of the Securities and Exchange Commission applicable to stock
option plans then in effect. The number of Stock Options and terms and
conditions of the Stock Options shall be determined by the Committee appointed
pursuant to the Stock Option Plan, or by the Board of Directors of the Company,
in its sole discretion and pursuant to the Stock Option Plan.

                  4.5      Other Benefits. The Executive shall be entitled to
three weeks of vacation each calendar year during the Term of Employment,
(subject to the general eligibility provisions set forth in Company's personnel
policy), to be taken at such times as the Executive and the Company shall
mutually determine and provided that no vacation time shall interfere with the
duties required to be rendered by the Executive hereunder. Any vacation time not
taken by Executive during any calendar year may not be carried forward into any
succeeding calendar year, except in accordance with general Company policy in

                                      -2-
<PAGE>

effect from time to time. The Executive shall receive such additional benefits,
if any, as the Board of the Company shall from time to time determine.

         5.       Termination.

                  5.1      Termination for Cause. The Company shall at all times
have the right, without notice, to terminate the Term of Employment, for Cause.
For purposes of this Agreement, the term "Cause" shall mean (i) an action or
omission of the Executive which constitutes a willful and material breach of, or
failure or refusal (other than by reason of his disability) to perform his
duties under, (ii) fraud, embezzlement, misappropriation of funds or breach of
trust in connection with his services hereunder, (iii) conviction of a felony or
any other crime which involves dishonesty or a breach of trust, (iv) gross
negligence in connection with the performance of the Executive's duties
hereunder, (v) insubordination or other refusal to adhere to Company policy or
the instructions of a superior, or (vi) negligence by commission or omission
that results in injury or damage to the Company. Any termination for Cause shall
be made in writing to the Executive, which notice shall set forth in detail all
acts or omissions upon which the Company is relying for such termination. Upon
any termination pursuant to this Section 5.1, the Company shall only be
obligated to pay to the Executive his Base Salary to the date of termination.
The Company shall have no further liability hereunder (other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the provisions of Section 4.1).

                  5.2      Disability. The Company shall at all times have the
right, upon written notice to the Executive, to terminate the Term of
Employment, if the Executive shall become entitled to benefits under the
Company's group disability policy or any individual disability policy then in
effect, or, if the Executive shall as the result of mental or physical
incapacity, illness or disability, become unable to perform his obligations
hereunder for a period of 90 days in any 12-month period. The Company shall have
sole discretion based upon competent medical advice to determine whether the
Executive continues to be disabled. Upon any termination pursuant to this
Section 5.2, the Company shall (i) pay to the Executive any unpaid Base Salary
through the effective date of termination specified in such notice, (ii) pay to
the Executive a severance payment equal to one month of the Executive's Base
Salary at the time of the termination of the Executive's employment with the
Company. The Company shall have no further liability hereunder (other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however to the provisions of Section 4.1).

                  5.3      Death. Upon the death of the Executive during the
Term of Employment, the Company shall pay to the estate of the deceased
Executive any unpaid Base Salary through the Executive's date of death. The
Company shall have no further liability hereunder (other than for reimbursement
for reasonable business expenses incurred prior to the date of the Executive's
death, subject, however to the provisions of Section 4.1).

                  5.4      Termination Without Cause. At any time the Company
shall have the right to terminate the Term of Employment by written notice to
the Executive. Upon any termination pursuant to this Section 5.4 (that is not a
termination under any of Sections 5.1, 5.2, 5.3, 5.5 or 5.6), the Company shall
(i) pay to the Executive any unpaid Base Salary through the effective date of
termination specified in such notice, (ii) continue to pay the Executive's Base
Salary for a period (the " Continuation Period") of six (6) months from the
effective date of termination hereunder, provided, however, Executive shall have
been employed by Company for a period of at least one hundred eighty (180) days
to be eligible for such payment, (iii) continue to provide the Executive with
the benefits he/she was receiving under Sections 4.2 and 4.4 hereof (the
"Benefits") through the end of the Continuation Period in the manner and at such
times as the Incentive Compensation or Benefits otherwise would have been
payable or

                                       -3-
<PAGE>

provided to the Executive, provided, however, Executive shall have been employed
by Company for a period of at least one hundred eighty (180) days to be eligible
for such Benefits or payment of the cash value of such Benefits, as set forth
below. In the event that the Company is unable to provide the Executive with any
Benefits required hereunder by reason of the termination of the Executive's
employment pursuant to this Section 5.4, then the Company shall pay the
Executive cash equal to the value of the Benefit that otherwise would have
accrued for the Executive's benefit under the plan, for the period during which
such Benefits could not be provided under the plans. The Company's good faith
determination of the amount that would have been contributed or the value of any
Benefits that would have accrued under any plan shall be binding and conclusive
on the Executive. For this purpose, the Company may use as the value of any
Benefit the cost to the Company of providing that Benefit to the Executive.
Further, the vesting of the Executive's Stock Options, if any, shall be subject
to the terms of the Stock Option Plan. The Company shall have no further
liability hereunder (other than for (x) reimbursement for reasonable business
expenses incurred prior to the date of termination, subject, however, to the
provisions of Section 4.1, and (y) payment of compensation for unused vacation
days accumulated in accordance with the Company's then general policy).

                  5.5      Termination by Executive.

                           (a)      The Executive shall at all times have the
right, upon sixty (60) days written notice to the Company, to terminate the Term
of Employment.

                           (b)      Upon termination of the Term of Employment
pursuant to this Section 5.5 (that is not a termination under Section 5.6) by
the Executive without Good Reason, the Company shall pay to the Executive any
unpaid Base Salary through the effective date of termination specified in such
notice. The Company shall have no further liability hereunder (other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the provisions of Section 4.1). At the
Company's sole option, upon receipt of notice from the Executive pursuant to
this Section, the Company may immediately terminate the Term of Employment, in
which case, in addition to the covenants set forth above, the Company shall pay
the Executive 60 days of Base Salary.

                           (c)      Upon termination of the Term of Employment
pursuant to this Section 5.5 (that is not a termination under Section 5.6) by
the Executive for Good Reason, the Company shall pay to the Executive the same
amounts that would have been payable by the Company to the Executive under
Section 5.4 of this Agreement if the Term of Employment had been terminated by
the Company without Cause. The Company shall have no further liability
hereunder.

                           (d)      For purposes of this Agreement, "Good
Reason" shall mean (i) the assignment to the Executive of any duties or
responsibilities inconsistent in any respect with the Executive's position or a
similar position in the Company or one of its subsidiaries, as contemplated by
Section 1.2 of this Agreement, or any other action by the Company which results
in a substantial and compelling diminution in such position, authority, duties
or responsibilities, excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive; (ii) any
failure by the Company to comply with any of the provisions of Article 3 of this
Agreement, other than an isolated, insubstantial and inadvertent failure not
occurring in bad faith and which is remedied by the Company promptly after
receipt of notice thereof given by the Executive; (iii) the Company's requiring
the Executive to be based at any office or location outside of the area for
which Executive was originally hired to work except for travel reasonably
required in the performance of the Executive's responsibilities. For purposes of
this Section 5.5(d), any good faith determination of "Good Reason" made by the
Board shall be conclusive.

                                       -4-
<PAGE>

                  5.6      Change in Control of the Company.

                           (a)      In the event that (i) a Change in Control
(as defined in paragraph (b) of this Section 5.6) in the Company shall occur
during the Term of Employment, and (ii) within one year after the date of the
Change in Control, either (x) the Term of Employment is terminated by the
Company without Cause, pursuant to Section 5.4 hereof or (y) the Executive
terminates the Term of Employment for Good Reason, the Company shall (1) pay to
the Executive any unpaid Base Salary through the effective date of termination,
(2) pay to the Executive as a single lump sum payment, within 30 days of the
termination of his employment hereunder, a lump sum payment equal to the sum of
(x) two times the sum of Executive's annual Base Salary, Incentive Compensation,
and the value of the annual fringe benefits (based upon their cost to the
Company) required to be provided to the Executive under Sections 4.2 and 4.4
hereof, for the year immediately preceding the year in which his employment
terminates, plus (y) the value of the portion of his benefits under any savings,
pension, profit sharing or deferred compensation plans that are forfeited under
those plans by reason of the termination of his employment hereunder. The
Company shall have no further liability hereunder (other than for (1)
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the provisions of Section 4.1, and (2) payment
of compensation for unused vacation days that have accumulated during the
calendar year in which such termination occurs).

                           (b)      For purposes of this Agreement, the term
"Change in Control" shall mean:

                                    (i)      Approval by the shareholders of the
Company of (x) a reorganization, merger, consolidation or other form of
corporate transaction or series of transactions, in each case, with respect to
which persons who were the shareholders of the Company immediately prior to such
reorganization, merger or consolidation or other transaction do not, immediately
thereafter, own more than 50% of the combined voting power entitled to vote
generally in the election of directors of the reorganized, merged or
consolidated company's then outstanding voting securities, in substantially the
same proportions as their ownership immediately prior to such reorganization,
merger, consolidation or other transaction, or (y) a liquidation or dissolution
of the Company or (z) the sale of all or substantially all of the assets of the
Company (unless such reorganization, merger, consolidation or other corporate
transaction, liquidation, dissolution or sale is subsequently abandoned);

                                    (ii)     the acquisition (other than from
the Company) by any person, entity or "group", within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act, of more than 30% of either
the then outstanding shares of the Company's Common Stock or the combined voting
power of the Company's then outstanding voting securities entitled to vote
generally in the election of directors (hereinafter referred to as the ownership
of a "Controlling Interest") excluding, for this purpose, any acquisitions by
(1) the Company or its Subsidiaries, (2) any person, entity or "group" that as
of the Commencement Date of this Agreement owns beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Securities Exchange Act) of a
Controlling Interest or (3) any employee benefit plan of the Company or its
Subsidiaries.

                                    (iii)    The resignation of Manuel D. Medina
as both Chairman and CEO of the Company, his death, or his absence from the day
to day business affairs of the Company for more than 90 consecutive days due to
disability or incapacity.

                  5.7      Resignation. Upon any notice or termination of
employment pursuant to this Article 5, the Executive shall automatically and
without further action be deemed to have resigned as an

                                       -5-
<PAGE>

officer, and if he or she was then serving as a director of the Company, as a
director, and if required by the Board, the Executive hereby agrees to
immediately execute a resignation letter to the Board.

                  5.8      Survival. The provisions of this Article 5 shall
survive the termination of this Agreement, as applicable.

         6.       Restrictive Covenants.

                  6.1      Non-competition. At all times while the Executive is
employed by the Company and for a one year period after the termination of the
Executive's employment with the Company for any reason (other than by the
Company without Cause (as defined in Section 5.1 hereof) or by the Executive for
Good Reason (as defined in Section 5.5(d) hereof)), the Executive shall not,
directly or indirectly, engage in or have any interest in any sole
proprietorship, partnership, corporation or business or any other person or
entity (whether as an employee, officer, director, partner, agent, security
holder, creditor, consultant or otherwise) that directly or indirectly (or
through any affiliated entity) engages in competition with the Company (based on
the business in which the Company was engaged or was actively planning on being
engaged as of the date of termination of the Employee's employment and in the
geographic areas in which the Company operated or was actively planning on
operating as of date of termination of the Employee's employment); provided that
such provision shall not apply to the Executive's ownership of: Common Stock of
the Company or the acquisition by the Executive, solely as an investment, of
securities of any issuer that is registered under Section 12(b) or 12(g) of the
Securities Exchange Act of 1934, as amended, and that are listed or admitted for
trading on any United States national securities exchange or that are quoted on
the National Association of Securities Dealers Automated Quotations System, or
any similar system or automated dissemination of quotations of securities prices
in common use, so long as the Executive does not control, acquire a controlling
interest in or become a member of a group which exercises direct or indirect
control or, more than five percent of any class of capital stock of such
corporation.

                  6.2      Nondisclosure. The Executive shall not at any time
divulge, communicate, use to the detriment of the Company or for the benefit of
any other person or persons, or misuse in any way, any Confidential Information
(as hereinafter defined) pertaining to the business of the Company. Any
Confidential Information or data now or hereafter acquired by the Executive with
respect to the business of the Company (which shall include, but not be limited
to, information concerning the Company's financial condition, prospects,
technology, customers, suppliers, sources of leads and methods of doing
business) shall be deemed a valuable, special and unique asset of the Company
that is received by the Executive in confidence and as a fiduciary, and
Executive shall remain a fiduciary to the Company with respect to all of such
information. For purposes of this Agreement, "Confidential Information" means
information disclosed to the Executive or known by the Executive as a
consequence of or through his employment by the Company (including information
conceived, originated, discovered or developed by the Executive) prior to or
after the date hereof, and not generally known, about the Company or its
business. Notwithstanding the foregoing, nothing herein shall be deemed to
restrict the Executive from disclosing Confidential Information to the extent
required by law.

                  6.3      Nonsolicitation of Employees and Clients. At all
times while the Executive is employed by the Company and for a two (2) year
period after the termination of the Executive's employment with the Company for
any reason, the Executive shall not, directly or indirectly, for himself or for
any other person, firm, corporation, partnership, association or other entity
(a) employ or attempt to employ or enter into any contractual arrangement with
any employee or former employee of the Company, unless such employee or former
employee has not been employed by the Company for a period in excess of six
months, and/or (b) call on or solicit any of the actual or targeted prospective

                                       -6-
<PAGE>

clients of the Company on behalf of any person or entity in connection with any
business competitive with the business of the Company, nor shall the Executive
make known the names and addresses of such clients or any information relating
in any manner to the Company's trade or business relationships with such
customers, other than in connection with the performance of Executive's duties
under this Agreement.

                  6.4      Ownership of Developments. All copyrights, patents,
trade secrets, or other intellectual property rights associated with any ideas,
concepts, techniques, inventions, processes, or works of authorship developed or
created by Executive during the course of performing work for the Company or its
clients (collectively, the "Work Product") shall belong exclusively to the
Company and shall, to the extent possible, be considered a work made by the
Executive for hire for the Company within the meaning of Title 17 of the United
States Code. To the extent the Work Product may not be considered work made by
the Executive for hire for the Company, the Executive agrees to assign, and
automatically assign at the time of creation of the Work Product, without any
requirement of further consideration, any right, title, or interest the
Executive may have in such Work Product. Upon the request of the Company, the
Executive shall take such further actions, including execution and delivery of
instruments of conveyance, as may be appropriate to give full and proper effect
to such assignment.

                  6.5      Books and Records. All books, records, and accounts
relating in any manner to the customers or clients of the Company, whether
prepared by the Executive or otherwise coming into the Executive's possession,
shall be the exclusive property of the Company and shall be returned immediately
to the Company on termination of the Executive's employment hereunder or on the
Company's request at any time.

                  6.6      Definition of Company. Solely for purposes of this
Article 6, the term "Company" also shall include any existing or future
subsidiaries of the Company that are operating during the time periods described
herein and any other entities that directly or indirectly, through one or more
intermediaries, control, are controlled by or are under common control with the
Company during the periods described herein.

                  6.7      Acknowledgment by Executive. The Executive
acknowledges and confirms that (a) the restrictive covenants contained in this
Article 6 are reasonably necessary to protect the legitimate business interests
of the Company, and (b) the restrictions contained in this Article 6 (including
without limitation the length of the term of the provisions of this Article 6)
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 in this Article 6 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 of this Article 6. The Executive further acknowledges that the
restrictions contained in this Article 6 are intended to be, and shall be, for
the benefit of and shall be enforceable by, the Company's successors and
assigns.

                  6.8      Reformation by Court. In the event that a court of
competent jurisdiction shall determine that any provision of this Article 6 is
invalid or more restrictive than permitted under the governing law of such
jurisdiction, then only as to enforcement of this Article 6 within the
jurisdiction of

                                       -7-
<PAGE>

such court, such provision shall be interpreted and enforced as if it provided
for the maximum restriction permitted under such governing law.

                  6.9      Extension of Time. If the Executive shall be in
violation of any provision of this Article 6, then each time limitation set
forth in this Article 6 shall be extended for a period of time equal to the
period of time during which such violation or violations occur. If the Company
seeks injunctive relief from such violation in any court, then the covenants set
forth in this Article 6 shall be extended for a period of time equal to the
pendency of such proceeding including all appeals by the Executive.

                  6.10     Survival. The provisions of this Article 6 shall
survive the termination of this Agreement, as applicable.

         7.       Injunction. It is recognized and hereby acknowledged by the
parties hereto that a breach by the Executive of any of the covenants contained
in Article 6 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 Article 6 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.

         8.       Assignment. Neither party shall have the right to assign or
delegate his rights or obligations hereunder, or any portion thereof, to any
other person.

         9.       Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida.

         10.      Section 162(m) Limits. Notwithstanding any other provision of
this Agreement to the contrary, if and to the extent that any remuneration
payable by the Company to the Executive for any year would exceed the maximum
amount of remuneration that the Company may deduct for that year under Section
162(m) ("Section 162(m)") of the Internal Revenue Code of 1986, as amended (the
"Code"), payment of the portion of the remuneration for that year that would not
be so deductible under Section 162(m) shall, in the sole discretion of the
Board, be deferred and become payable at such time or times as the Board
determines that it first would be deductible by the Company under Section
162(m), with interest at the "short-term applicable rate" as such term is
defined in Section 1274(d) of the Code. The limitation set forth under this
Section 10 shall not apply with respect to any amounts payable to the Executive
pursuant to Article 5 hereof.

         11.      Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof
and, upon its effectiveness, shall supersede all prior agreements,
understandings and arrangements, both oral and written, between the Executive
and the Company (or any of its affiliates) with respect to such subject matter.
This Agreement may not be modified in any way unless by a written instrument
signed by both the Company and the Executive.

         12.      Notices: All notices required or permitted to be given
hereunder shall be in writing and shall be personally delivered by courier, sent
by registered or certified mail, return receipt requested or sent by confirmed
facsimile transmission addressed as set forth herein. Notices personally
delivered, sent by facsimile or sent by overnight courier shall be deemed given
on the date of delivery and notices mailed in accordance with the foregoing
shall be deemed given upon the earlier of receipt by the addressee, as evidenced
by the return receipt thereof, or three (3) days after deposit in the U.S. mail.

                                       -8-
<PAGE>

Notice shall be sent (i) if to the Company, addressed to Terremark Worldwide,
Inc., 2601 S. Bayshore Drive, 9th Floor, Miami, Florida 33133, Attn: Brian K.
Goodkind, Executive Vice-President and Chief Operating Officer, and (ii) if to
the Executive, to his address as reflected on the payroll records of the
Company, or to such other address as either party hereto may from time to time
give notice of to the other.

         13.      Benefits; Binding Effect. This Agreement shall be for the
benefit of and binding upon the parties hereto and their respective heirs,
personal representatives, legal representatives, successors and, where
applicable, assigns, including, without limitation, any successor to the
Company, whether by merger, consolidation, sale of stock, sale of assets or
otherwise.

         14.      Severability. The invalidity of any one or more of the words,
phrases, sentences, clauses or sections contained in this Agreement shall not
affect the enforceability of the remaining portions of this Agreement or any
part thereof, all of which are inserted conditionally on their being valid in
law, and, in the event that any one or more of the words, phrases, sentences,
clauses or sections contained in this Agreement shall be declared invalid, this
Agreement shall be construed as if such invalid word or words, phrase or
phrases, sentence or sentences, clause or clauses, or section or sections had
not been inserted. If such invalidity is caused by length of time or size of
area, or both, the otherwise invalid provision will be considered to be reduced
to a period or area which would cure such invalidity.

         15.      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.

         16.      Damages. Nothing contained herein shall be construed to
prevent the Company or the Executive from seeking and recovering from the other
damages sustained by either or both of them as a result of its or his breach of
any term or provision of this Agreement. In the event that either party hereto
brings suit for the collection of any damages resulting from, or the injunction
of any action constituting, a breach of any of the terms or provisions of this
Agreement, then the party found to be at fault shall pay all reasonable court
costs and attorneys' fees of the other.

         17.      Section Headings. The section headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

         18.      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.

         19.      Indemnification. The indemnification obligations of the
Company to Executive shall be in accordance with the Company's standard
indemnity agreement.

         20.      Attorneys' Fees. In the event of any litigation arising out of
or in any way related to this Agreement, the prevailing party shall be entitled
to an award of reasonable attorneys' fees and costs incurred in connection
therewith.

         21.      Controlling Agreement. This Agreement shall supercede, replace
and be considered a novation of any prior agreements, contracts, offer letters,
oral promises and the like regarding compensation, employment, benefits or any
other subject addressed herein.

                                       -9-
<PAGE>

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

                                    COMPANY:

                                    TERREMARK WORLDWIDE, INC.

                                    By: /s/ Jose E. Gonzalez
                                       --------------------------------
                                    Name: Jose E. Gonzalez
                                    Title: Sr. V.P. and General Counsel

                                    EXECUTIVE:

                                    /s/ Brian K. Goodkind
                                    ------------------------
                                    Name: Brian K. Goodkind

                                      -10-

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