Document:

Amendment to Executive Employment Agreement

 Exhibit 10.3 
 AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT dated
as of February 6, 2009 (the “Amendment”), is entered into by and between ELANDIA INTERNATIONAL INC., a Delaware corporation (the “Company”) and PETE R. PIZARRO, an individual (the
“Executive”). Capitalized terms used in this Amendment and not otherwise defined in this Amendment have the meanings assigned to them in the Original Employment Agreement (defined below). 
 RECITALS 
 WHEREAS, the Company
and the Executive entered into that certain Executive Employment Agreement, dated as of February 15, 2008, as amended April 29, 2008, and further amended August 13, 2008 (the “Original Employment
Agreement”), whereby the Company agreed to employ the Executive as its President and Chief Executive Officer on the terms and conditions set forth in the Original Employment Agreement; and 
 WHEREAS, the Company and Stanford International Bank Ltd. entered into that certain Credit Agreement, dated as of July 21, 2008, as amended
by (i) that certain First Amendment to Credit Agreement dated as of September 5, 2008, (ii) that certain Fourth Amendment to Preferred Stock Purchase Agreement and Second Amendment to Credit Agreement dated as of September 17,
2008 and (iii) that certain Third Amendment to Credit Agreement dated as of November 14, 2008 (the foregoing amendments together with the original Credit Agreement, collectively, the “Credit Agreement”),
whereby Stanford committed to loan the Company up to $40,000,000 on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, Stanford’s funding commitment under the Credit Agreement was a material inducement for the Executive to enter into the Original Employment Agreement with the Company; 
 WHEREAS, as of the date hereof, the Company and Stanford have entered into a modification agreement, a copy of which is attached as Exhibit
“A” hereto (the “Modification Agreement”), pursuant to which, among other things, the Company has agreed to amend the Credit Agreement in order to terminate Stanford’s obligation to fund any further
amounts thereunder; 
 WHEREAS, the consummation of certain of the transactions contemplated by the Modification Agreement may
constitute a breach by the Company of the Original Employment Agreement or otherwise allow the Executive to terminate the Original Employment Agreement for “Good Reason”; 
 WHEREAS, the Company has not yet adopted any bonus plan for Executive as otherwise required by Section 2(b) of the Original Employment
Agreement; 

 WHEREAS, the Company and the Executive wish to amend the Original Employment Agreement as provided
herein to, among other things, provide additional compensatory benefits to the Executive in consideration for his waiver of any breach by the Company of the Original Employment Agreement which may result from the consummation of the transactions
contemplated by the Modification Agreement, and to agree upon terms for Executive’s 2009 bonus and set a timetable for adoption of Executive’s bonus plan for future years; and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company (acting on the recommendation of an independent compensation advisor)
has (i) determined that this Amendment is advisable, (ii) determined that this Amendment and the transactions contemplated hereby, including the additional compensation to be provided to the Executive, are fair to and in the best interests
of the Company, and (iii) approved this Amendment and the transactions contemplated hereby all upon the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows: 
 AGREEMENT 
 1.
Modification of Stanford Financing Commitment. The Executive acknowledges and agrees that the modifications to the financing commitment made by Stanford in favor of the Company as set forth in the Modification Agreement shall not
constitute: (A) a breach of any of the obligations of the Company under the terms and conditions of the Original Employment Agreement including, without limitation, the provisions of Sections 3 and 6(d)(iii) thereof, (B) a circumstance
allowing the Executive to terminate the Original Employment Agreement for “Good Reason” as defined in Section 6(d)(iii) thereof, nor (C) grounds for the Executive to otherwise terminate the Original Employment Agreement. The
modifications to Stanford’s financing obligations under the Credit Agreement include, without limitation, the following: 
 (a) The
termination of any further obligation of Stanford to fund amounts under the Credit Agreement along with the cancellation of all loan documents related thereto; 
 (b) The conversion by Stanford of all amounts currently outstanding under the Credit Agreement ($12,000,000 plus accrued interest thereon) into 1,555,556 shares of Series B Convertible Preferred Stock of the Company;
and 
 (c) The surrender by Stanford to the Company of 16,148,612 shares of common stock for cancellation as a result of which Stanford shall
beneficially own no more than 49.9% of the issued and outstanding common stock of the Company. 
 The Executive hereby waives any rights or remedies he may
have under the Original Employment Agreement, as amended hereby, arising from any matter described in this Section 1. The Executive, on behalf of himself and his heirs, administrators and personal representatives (the
“Releasors”), hereby irrevocably and forever releases and discharges the Company and its stockholders, affiliates, 

  

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directors, officers, employees, legal advisors and other representatives, and the respective successors and assigns of each of them (the
“Releasees”) from any and all claims, demands, actions, obligations, and liabilities whatsoever, whether absolute or contingent, liquidated or unliquidated, both at law and in equity which the Executive or any other
Releasor now has, has ever had or may hereafter have against the respective Releasees arising contemporaneously with or prior to the date hereof on account of or arising out of any matter described in this Section 1. Nothing in this Amendment
shall constitute or be construed as a waiver by Executive of any subsequent breach or violation of the Original Employment Agreement (as amended by this Amendment) by the Company, or a limitation on the rights of Executive to terminate the Original
Employment Agreement for other circumstances constituting Good Reason. 
 2. Additional Compensatory Benefits. In connection with the
Modification Agreement and the transactions contemplated thereby and in consideration of the Executive’s acknowledgment and waiver of rights and remedies set forth in Section 1, above, the Executive shall be entitled to the following
additional compensatory benefits: 
 (a) The exercise price with respect to the options to purchase 3,122,000 shares of common stock of the
Company previously granted to the Executive pursuant to the Original Employment Agreement and that certain Incentive Stock Option Agreement, dated February 15, 2008, shall be reduced from $3.07 per share to an amount equal to the fair market
value of the Company’s common stock as determined by the Company’s Compensation Committee, based on the mean average of the high and low trading price of the Company’s common stock as traded on the public market for such common stock
on the day of the effectiveness of the re-pricing amendment of the Company’s 2008 Executive Incentive Plan pursuant to SEC Rule 14c-2(b) which, in any case, shall be at least five business days following the later of (i) the public
disclosure of the Modification Agreement and (ii) the public disclosure of the Company’s presently pending proposed material acquisition, or the adoption of a resolution by its Board of Directors to terminate efforts to conclude such
proposed transaction; 
 (b) Upon the re-pricing of the presently outstanding options set forth in Section 2(a) hereof, the Executive
will be granted options to purchase an additional 1,000,000 shares of common stock of the Company, subject to vesting and other terms and conditions set forth in an Incentive Stock Option Agreement in the form attached as Exhibit “B”
hereto; at an exercise price per share equal to the fair market value of the Company’s common stock as determined by the Company’s Compensation Committee, based on the mean average of the high and low trading price of the Company’s
common stock as traded on the public market for such common stock on the day of the effectiveness of the re-pricing amendment of the Company’s 2008 Executive Incentive Plan pursuant to SEC Rule 14c-2(b) which, in any case, shall be at least
five business days following the later of (i) the public disclosure of the Modification Agreement and (ii) the public disclosure of the Company’s presently pending proposed material acquisition, or the adoption of a resolution by its
Board of Directors to terminate efforts to conclude such proposed transaction; 
 (c) Any “unvested” shares of common stock of the
Company granted to the Executive as a part of the 750,000 share restricted stock award pursuant to the Original Employment Agreement shall immediately vest, and any and all other contractual restrictions imposed by virtue of Section 2 of the
Executive’s Stock Award Agreement, dated as of February 15, 2008, or other agreements or 

  

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documents shall immediately terminate, and the Company shall deliver to the Executive the certificate(s) evidencing such shares without any legend thereon
(except for any legend required by applicable securities laws); and 
 (d) The Executive’s full bonus for 2008 in the amount of
$375,000, as provided in the Original Employment Agreement, shall be paid to the Executive within five business days of the execution of this Amendment. 
 The Company and the Executive acknowledge and agree that on execution of this Amendment the exercise price for each stock option described above is at least the fair market value of the Company’s common stock, and intend for such stock
options to be exempt from Section 409A of the Code. 
 3. Amendments to Agreement. The Original Employment Agreement is further
amended as follows: 
 (a) The last sentence of Section 1 of the Original Employment Agreement is amended and restated to read as
follows: “During the Term, Executive shall not engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior written consent of the Board; provided, however, that Executive shall be
entitled to serve as a partner in Sprimont Capital and to serve on one outside “for-profit” board of directors (or, if the Executive is no longer a partner in Sprimont Capital, to serve on up to two outside “for-profit” boards of
directors), and on the boards of two civic/community organizations or charitable institutions, as long as that service does not conflict with the Executive’s full-time commitment to the Company.” 
 (b) Section 2(b) of the Original Employment Agreement is amended as follows: 
 (i) The fifth sentence thereof is amended by replacing “March 31” with “March 15.” 
 (ii) The following is added at the end thereof: “Notwithstanding the foregoing, (x) for 2009, Executive will be paid a guaranteed bonus of
$375,000; payable in equal installments (twice a month) during the remainder of 2009 in accordance with the Company’s normal payroll practices, commencing with the Company’s first payroll date in February, 2009, and (y) a written
Senior Management Incentive Compensation Plan applicable to years 2010 and beyond shall be adopted no later than December, 2009.” 
 (c)
The following is added after Section 2(i) of the Original Employment Agreement as new Section 2(j): 
 “(j) Approval of Trading
Plan. The Company shall amend its Policy Governing Insider Trading (the “Policy”), consistent with reasonable and customary market practices, by March 31, 2009, to (a) permit, with the approval of the Company, the adoption of
written plans for trading Company securities in accordance with all applicable federal securities laws, including, but not limited to, Securities and Exchange Commission Rule 10b5-1(c) (17 C.F.R. Section 240.10b5-1(c)) (a “Trading
Plan”), and (b) exempt transactions made pursuant to approved Trading Plans from the Policy. After such amendment to the Policy is adopted, the 

  

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Company shall, subject to compliance with applicable requirements, approve a Trading Plan for the Executive with respect to shares of the Company’s
common stock owned by the Executive.” 
 4. Miscellaneous. 
 (a) The Original Employment Agreement is reaffirmed and ratified in all respects, except as expressly provided herein. 
 (b) The Executive’s representations and warranties contained in the Original Employment Agreement are true and correct in all respects on and as of
the date hereof, as though made on and as of such date, except to the extent that any such representation or warranty relates solely to an earlier date, in which case such representation or warranty is true and correct in all respects on and as of
such earlier date. The Executive has performed all covenants and agreements required to be performed pursuant to the Original Employment Agreement in all respects on and as of the date hereof and as of the date hereof there exists no violation or
default by Executive (or any event which with the giving of notice, or lapse of time or both, would result in a violation or become a default by Executive) under the Original Employment Agreement. 
 (c) In the event of any conflict between the terms or provisions of this Amendment and the Original Employment Agreement, then this Amendment shall
prevail in all respects. Otherwise, the provisions of the Original Employment Agreement shall remain in full force and effect. 
 (d) The
parties shall execute and deliver any other instruments or documents and take any further actions after the execution of this Amendment, which may be reasonably required for the implementation of this Amendment and the transactions contemplated
hereby. 
 (e) This Amendment may be executed simultaneously in two or more counterparts, each of which will be deemed to be an original copy
of this Amendment and all of which together will be deemed to constitute one and the same agreement. A facsimile or PDF copy of a signature shall be deemed an original signature. 
 (f) The Company agrees to pay all reasonable legal fees and expenses incurred by the Executive in connection with negotiation of this Amendment and
related transactions. 
 [Remainder of Page Intentionally Left Blank] 
  

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

  

			
	 COMPANY:

	
	 ELANDIA INTERNATIONAL INC.

		
	By:	 	 /s/ Harley L. Rollins

	Name:	 	Harley L. Rollins
	Title:	 	Chief Financial Officer
	
	 EXECUTIVE:

	
	 /s/ Pete R. Pizarro

	Pete R. PizarroAdditional Modification Agreement

 Exhibit 10.4 
 ADDITIONAL MODIFICATION AGREEMENT 
 THIS ADDITIONAL MODIFICATION AGREEMENT (this
“Agreement”) is dated as of February 6, 2009, by and between ELANDIA INTERNATIONAL INC., a Delaware corporation (the “Company”) and STANFORD INTERNATIONAL BANK LTD., an Antiguan banking corporation (“Stanford”).

 RECITALS 
 WHEREAS, the
Company and Stanford entered into that certain Modification Agreement as of the date hereof (the “Modification Agreement”); and 
 WHEREAS, in partial consideration of the Company agreeing to the amendment of the Credit Agreement described in the Modification Agreement, Stanford has also agreed to (i) transfer and exchange $2,325,000 in indebtedness due from Desca
Holding LLC originally to Stanford Bank (Panama), S.A. under the Contrato de Limea de Adelantos dated April 16, 2008 and related documentation (the “Transferred Debt”) into 344,444 shares of Series B Convertible Preferred Stock of the
Company (the “Additional Series B Preferred Stock”) in accordance with the terms and conditions set forth herein, and (ii) cancel any accrued and unpaid interest outstanding on such principal amount. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows: 
 AGREEMENT 
 1. Transfer and Exchange. Stanford hereby agrees, subject to the issuance of the Additional Series B Preferred Stock as provided in Section 2
below and the transfer in due form by Stanford of the promissory note(s) evidencing the Transferred Debt, to transfer the Transferred Debt, free and clear of any liens, claims or encumbrances, to the Company at any time on or before
February 28, 2009 (the “Outside Transfer Date”). Following such transfer, the Transferred Debt shall remain the lawful indebtedness of the Maker to the Company. 
 2. Issuance of Additional Series B Preferred Stock. At the time of transfer, the Company shall, and hereby agrees to issue one or more stock
certificates evidencing the Additional Series B Preferred Stock which stock shall initially be registered in the name of Stanford and, subject to the effectiveness of such agreement at the time of transfer of the Transferred Debt, transferred to the
trustee on the date of issuance pursuant to the Voting Trust Agreement among Stanford, the Company and Pete Pizarro (the “Voting Trust Agreement”). The Additional Series B Preferred Stock shall have the terms set forth in the Amended and
Restated Certificate of Designations, Rights and Preferences of the Additional Series B Preferred Stock in the form attached as Exhibit “C” to the Modification Agreement (the “Amended and Restated Certificate of Designation”).
Simultaneously with the execution hereof, the Board of Directors of the Company shall cause the Company’s certificate of incorporation to be amended to incorporate the terms and provisions of the Amended and Restated Certificate of Designation.

 3. Failure to Accomplish Transfer. In the event Stanford does not transfer the Transferred Debt by
the Outside Transfer Date, the parties hereby agree that the Transferred Debt shall not be transferred, and in lieu of such transfer, Stanford, or the trustee under the Voting Trust Agreement if then effective, shall surrender and deliver to the
Company for cancellation 1,801,740 shares of Common Stock on March 1, 2009. 
 4. Representations and Warranties of the Company.
The Company represents and warrants to Stanford as follows: 
 a. Corporate Existence and Power. The Company is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization and is duly qualified or licensed to transact business in all places where such qualification or license is necessary. The Company has the power to enter into and
perform this Agreement and the other documents contemplated hereby, and such documents when duly executed and delivered for value will, constitute the legal, valid and binding obligations of the Company enforceable in accordance with their
respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles. 
 b. Authority. The making and performance by the Company and the additional documents pursuant hereto, has been duly authorized by all necessary
legal action of the Company, and does not and will not violate any provision of law or regulation, or any writ, order or decree of any court, governmental, regulatory authority or agency, and does not and will not, with the passage of time or the
giving of notice, result in a breach of, or constitute a default or require any consent under, or result in the creation of any lien, charge or encumbrance upon any property or assets of the Company, pursuant to any instrument or agreement to which
the Company is a party or by which the Company or its properties may be bound or affected. 
 c. Concerning the Common Stock and the
Preferred Stock. The Additional Series B Preferred Stock, the Option and the Common Stock issuable upon conversion of the Additional Series B Preferred Stock when issued and delivered and paid for in compliance with the provisions of this
Agreement, are and shall be duly and validly issued, fully paid and non-assessable and will not subject the holder thereof to personal liability by reason of being such a holder. 
 5. Representations and Warranties of Stanford. Stanford represents and warrants to the Company as follows: 
 a. Corporate Existence and Power. Stanford is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization and is duly qualified or licensed to transact business in all places where such qualification or license is necessary. Stanford has the power to enter into and perform this Agreement and the other documents contemplated hereby, and such
documents when duly executed and delivered for value will, constitute the legal, valid and binding obligations of Stanford 

  

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enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws
relating to the enforcement of creditors’ rights generally and by general equitable principles. 
 b. Authority. The making and
performance by Stanford and the additional documents pursuant hereto, has been duly authorized by all necessary legal action of Stanford, and does not and will not violate any provision of law or regulation, or any writ, order or decree of any
court, governmental, regulatory authority or agency, and does not and will not, with the passage of time or the giving of notice, result in a breach of, or constitute a default or require any consent under, or result in the creation of any lien,
charge or encumbrance upon any property or assets of Stanford, pursuant to any instrument or agreement to which Stanford is a party or by which Stanford or its properties may be bound or affected. 
 c. Investment Purpose. Stanford is acquiring the Additional Series B Preferred Stock and the shares of Common Stock of the Company issuable
upon the conversion of any Additional Series B Preferred Stock (collectively, the “Securities”), for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution
thereof, except pursuant to sales registered or exempted under the Securities Act of 1933, as amended (the “Securities Act”). 
 d.
Accredited Investor Status. Stanford is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act. Stanford has not been formed solely for the purpose of acquiring the Additional
Series B Preferred Stock or other Securities. 
 e. Reliance on Exemptions. Stanford understands that the Securities are being
offered and sold to it in reliance on specific exemptions from the registration requirements of the Securities Act and state securities laws and that the Company is relying in part upon the truth and accuracy of, and Stanford’s compliance with,
the representations, warranties, agreements, acknowledgments and understandings of Stanford set forth herein in order to determine the availability of such exemptions and the eligibility of Stanford to acquire such Securities. 
 f. Transfer or Resale. Stanford understands that the Securities have not been registered under the Securities Act or any state securities laws,
and may not be offered for sale, sold, assigned, pledged, hypothecated or transferred unless (A) subsequently registered thereunder, (B) Stanford shall have delivered to the Company an opinion of counsel, in a form reasonably satisfactory
to the Company, to the effect that such Securities may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) Stanford provides the Company with such documents and certificates as the Company may reasonably
request to demonstrate to its satisfaction that such Securities can be sold, assigned or transferred pursuant to Rule 144 promulgated under the Securities Act (or a successor rule thereto). 
 g. No General Solicitation. Stanford is not acquiring the Securities as a result of any advertisement, article, notice or other communication
regarding any Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement. 
  

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 h. Adequate Information. Stanford is aware of the Company’s business affairs and financial
condition, and has acquired information about the Company sufficient to reach an informed and knowledgeable decision to acquire the Securities. 
 i. Sophistication and Experience. Stanford, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks
of the prospective investment in the Securities and has so evaluated the merits and risks of such investment. 
 j. Ability to Bear
Risk. Stanford is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. 
 k. Legend. Stanford understands that the stock certificates representing the Securities shall bear a restrictive legend in substantially the following form (or another legend substantially in such form as
the transfer agent for the Company may from time to time use generally on certificates evidencing restricted securities of the Company): 
 “The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or applicable state securities laws. Such securities have been acquired for investment and
may not be offered for sale, sold, transferred or assigned in the absence of an effective registration statement or an opinion of counsel, in a form reasonably satisfactory to the issuer, that registration is not required under said Act or
applicable state securities laws.” 
 l. Transferred Debt. The Transferred Debt represents the total obligations of Desca
Holding LLC issued and outstanding to Stanford Bank (Panama) S.A. Stanford owns title to the Transferred Debt free and clear of any liens, claims or encumbrances. 
 6. Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be effective upon personal delivery, via facsimile (upon receipt of confirmation of
error-free transmission and mailing a copy of such confirmation, postage prepaid by certified mail, return receipt requested) or two business days following deposit of such notice with an internationally recognized courier service, with postage
prepaid and addressed to each of the other parties thereunto entitled at the following addresses, or at such other addresses as a party may designate by five days advance written notice to each of the other parties hereto. 
  

			
	If to the Company:	  	eLandia International Inc.
		  	133 Sevilla Avenue
		  	Coral Gables, Florida
		  	Attention: Pete R. Pizarro
		  	Telephone: 305-415-8830
		  	Facsimile: 786-413-1913

  

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	With a copy to:	  	Carlton Fields P.A.
		  	4000 International Place
		  	100 SE 2nd Street
		  	Miami, Florida 33131
		  	Attention: Seth P. Joseph
		  	Telephone: 305-530-0050
		  	Facsimile: 305-530-0055
		
	If to Stanford:	  	Stanford International Bank Ltd.
		  	No. 11 Pavilion Drive
		  	St. John’s, Antigua
		  	West Indies
		  	Attention: James M. Davis, Chief Financial Officer
		  	Telephone: 901-680-5260
		  	Facsimile: 901-680-5265
		
	With a copy to:	  	Akerman Senterfitt
		  	One S.E. 3rd Avenue, 28th Floor
		  	Miami, Florida 33131
		  	Attention: Carl Roston
		  	Telephone: 305-374-5600
		  	Facsimile: 305-349-4799

 7. Governing Law; Jurisdiction. This Agreement shall be governed in all respects by the
laws of the State of Florida. All suits, actions or proceedings arising out of, or in connection with, this Agreement or the transactions contemplated by this Agreement shall be brought in any federal or state court of competent subject matter
jurisdiction sitting in Miami-Dade County, Florida. 
 8. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. This Agreement may be delivered by facsimile, and facsimile signatures shall be treated as
original signatures for all applicable purposes. 
 9. Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof. 
 10. Amendment; Waiver. This Agreement and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought. This Agreement may be amended only by a writing executed by all parties hereto. 
  

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 11. Further Assurances. At any time, and from time to time, after the effective date, each party
will execute such additional instruments and take such action as may be reasonably requested by the other party to confirm or perfect title to any property interests transferred hereunder or otherwise to carry out the intent and purposes of this
Agreement. 
 [Signatures Begin on Following Page] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized signatories as of the date first indicated above. 
  

			
	 ELANDIA INTERNATIONAL INC.

		
	By:	 	 /s/ Pete R. Pizarro

		 	Pete R. Pizarro
		 	Chief Executive Officer
	
	STANFORD INTERNATIONAL BANK LTD.
		
	By:	 	 /s/ James M. Davis

		 	James M. Davis
		 	Chief Financial Officer

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