Document:

Exhibit 10.3

 

FMC
GlobalSat Holdings, Inc.

 

2017
EQUITY INCENTIVE PLAN

 

STOCK
OPTION AWARD AGREEMENT

 

Unless
otherwise defined herein, the terms defined in the FMC GlobalSat Holdings, Inc. 2017 Equity Incentive Plan (the “Plan”)
will have the same defined meanings in this Stock Option Award Agreement (the “Award Agreement”).

 

	I.	NOTICE OF STOCK OPTION GRANT

 

Participant
Name: _______________

 

Address:
_____________________

 

You
have been granted an Option to purchase Common Stock of FMC GlobalSat Holdings, Inc. (the “Company”), subject
to the terms and conditions of the Plan and this Award Agreement, as follows:

 

	 	Grant
    Number	___
	 	 	 
	 	Date
    of Grant	[Date
    of Board approval]
	 	 	 
	 	Vesting
    Commencement Date	[Earlier
    of date of hire or Board approval]
	 	 	 
	 	Exercise
    Price per Share	$___
	 	 	 
	 	Total
    Number of Options Granted	________
	 	 	 
	 	Total
    Exercise Price	$________
	 	 	 
	 	Type
    of Option:	Nonstatutory
    Stock Option
	 	 	 
	 	Term/Expiration
    Date:	[10
    years from grant date]
	 	 	 
	 	Vesting
    Schedule:	 
	 	 	 
	 	[insert
    vesting schedule]	 
	 	 	 
	 	Termination
    Period:	 

 

This
Option will be exercisable for three months after Participant ceases to be a Service Provider, unless such termination is due
to Participant’s death or Disability, in which case this Option will be exercisable for six months after Participant ceases
to be Service Provider. Notwithstanding the foregoing, in no event may this Option be exercised after the Term/Expiration Date
as provided above and may be subject to earlier termination as provided in Section 15 of the Plan.

 

     

     

    

 

By
Participant’s signature and the signature of the Company’s representative below, Participant and the Company agree
that this Option is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the
Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, all of which are made a part of this document.
Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel
prior to executing this Award Agreement and fully understands all provisions of the Plan and Award Agreement. Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating
to the Plan and Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated
below.

 

	PARTICIPANT:	 	FMC
    GlobalSat Holdings, Inc.
	 	 	 	 	 
	By: 	 	 	By:	 
	 	[Name]	 	 	Emmanuel
Cotrel, CEO

 

    	 	2	 

     

    

 

EXHIBIT
A

 

TERMS
AND CONDITIONS OF STOCK OPTION GRANT

 

1. Grant
of Option. The Company hereby grants to the Participant named in the Notice of Stock Option Grant (“Notice of Grant”)
attached as Part I of this Award Agreement (the “Participant”) an option (the “Option”)
to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice
of Grant (the “Exercise Price”), subject to all of the terms and conditions in this Award Agreement and the
Plan, which is incorporated herein by reference. Subject to Section 20 of the Plan, in the event of a conflict between the terms
and conditions of the Plan and the terms and conditions of this Award Agreement, the terms and conditions of the Plan will prevail.

 

If
designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify
as an ISO under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). However, if this
Option is intended to be an ISO, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it will be treated as
a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion thereof) will not qualify
as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under
the Plan. In no event will the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or
directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as
an ISO.

 

2. Vesting
Schedule. Except as provided in Section 3, the Option awarded by this Award Agreement will vest in accordance with the vesting
provisions set forth in the Notice of Grant. Shares scheduled to vest on a certain date or upon the occurrence of a certain condition
will not vest in Participant in accordance with any of the provisions of this Award Agreement, unless Participant will have been
continuously a Service Provider from the Date of Grant until the date such vesting occurs.

 

3. Administrator
Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the
balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered
as having vested as of the date specified by the Administrator.

 

4. Exercise
of Option.

 

(a) Right
to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during
such term only in accordance with the Plan and the terms of this Award Agreement.

 

(b) Method
of Exercise. This Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit B (the “Exercise
Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election
to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”),
and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise
Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the
aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. This Option will be deemed to
be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price.

 

    	 	3	 

     

    

 

5. Method
of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election
of Participant.

 

(a) cash;

 

(b) check;

 

(c) consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

(d) surrender
of other Shares which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised
Shares, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting
consequences to the Company.

 

6. Tax
Obligations.

 

(a) Withholding
Taxes. Notwithstanding any contrary provision of this Award Agreement, no certificate representing the Shares will be issued
to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant
with respect to the payment of income, employment and other taxes which the Company determines must be withheld with respect to
such Shares. To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation)
to satisfy any tax withholding obligations by reducing the number of Shares otherwise deliverable to Participant. If Participant
fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time of the
Option exercise, Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares
if such withholding amounts are not delivered at the time of exercise.

 

(b) Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant will immediately notify the Company in
writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the
compensation income recognized by Participant.

 

(c) Code
Section 409A. Under Code Section 409A, an option that vests after December 31, 2004 (or that vested on or prior to such date
but which was materially modified after October 3, 2004) that was granted with a per share exercise price that is determined by
the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date of grant
(a “Discount Option”) may be considered “deferred compensation.” A Discount Option may result
in (i) income recognition by Participant prior to the exercise of the option, (ii) an additional twenty percent (20%) federal
income tax, and (iii) potential penalty and interest charges. The Discount Option may also result in additional state income,
penalty and interest charges to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that
the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the
Date of Grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Share
exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant will be solely responsible
for Participant’s costs related to such a determination.

 

    	 	4	 

     

    

 

7. Rights
as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges
of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant.
After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect
to voting such Shares and receipt of dividends and distributions on such Shares.

 

8. No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR
RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD,
FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE
PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT
ANY TIME, WITH OR WITHOUT CAUSE.

 

9. Address
for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company,
in care of its Chief Financial Officer at FMC GlobalSat Holdings, Inc., or at such other address as the Company may hereafter
designate in writing.

 

10. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Participant only by Participant.

 

11. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

12. Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration
or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or
her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will
have been effected or obtained free of any conditions not acceptable to the Company. The Company will make all reasonable efforts
to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of
any such governmental authority. Assuming such compliance, for income tax purposes the Exercised Shares will be considered transferred
to Participant on the date the Option is exercised with respect to such Exercised Shares.

 

    	 	5	 

     

    

 

13. Plan
Governs. This Award Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or
more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized
terms used and not defined in this Award Agreement will have the meaning set forth in the Plan.

 

14. Administrator
Authority. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for
the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such
rules (including, but not limited to, the determination of whether or not any Shares subject to the Option have vested). All actions
taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant,
the Company and all other interested persons. No member of the Administrator will be personally liable for any action, determination
or interpretation made in good faith with respect to the Plan or this Award Agreement.

 

15. Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the Plan
or future options that may be awarded under the Plan by electronic means or request Participant’s consent to participate
in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated
by the Company.

 

16. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award
Agreement.

 

17. Agreement
Severable. In the event that any provision in this Award Agreement will be held invalid or unenforceable, such provision will
be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of this Award Agreement.

 

18. Modifications
to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Participant
expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements
other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express written contract
executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement,
the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole discretion and without
the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income
recognition under Code Section 409A in connection to this Option.

 

19. Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received
an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan
is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

20. Governing
Law. This Award Agreement will be governed by the laws of the State of Colorado, without giving effect to the conflict of
law principles thereof. For purposes of litigating any dispute that arises under this Option or this Award Agreement, the parties
hereby submit to and consent to the jurisdiction of the State of Colorado, and agree that such litigation will be conducted in
the courts of Colorado, or the federal courts for the United States for Colorado, and no other courts, where this Option is made
and/or to be performed.

 

    	 	6	 

     

    

 

EXHIBIT
B

 

FMC
GLOBALSAT HOLDINGS, INC.

 

2017
EQUITY INCENTIVE PLAN

 

EXERCISE
NOTICE

 

FMC
GlobalSat Holdings, Inc.

 

Attention:
Chief Financial Officer

 

Exercise
of Option. Effective as of today, ________________, _____, the undersigned (“Purchaser”) hereby elects to purchase
______________ shares (the “Shares”) of the Common Stock of FMC GlobalSat Holdings, Inc. (the “Company”)
under and pursuant to the 2017 Equity Incentive Plan (the “Plan”) and the Stock Option Award Agreement dated _______________
(the “Award Agreement”). The purchase price for the Shares will be $__ per share, as required by the Award Agreement.

 

1. Delivery
of Payment. Purchaser herewith delivers to the Company the full purchase price of the Shares and any required tax withholding
to be paid in connection with the exercise of the Option.

 

2. Representations
of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Award Agreement and
agrees to abide by and be bound by their terms and conditions.

 

3. Rights
as Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will
exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired will
be issued to Purchaser as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other
right for which the record date is prior to the date of issuance, except as provided in Section 15 of the Plan.

 

4. Tax
Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase
or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable
in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

     

     

    

 

5. Entire
Agreement; Governing Law. The Plan and Award Agreement are incorporated herein by reference. This Exercise Notice, the Plan
and the Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof,
and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser.
This agreement is governed by the internal substantive laws, but not the choice of law rules, of the State of Colorado.

 

	Submitted
    by:	 	Accepted by:
	 	 	 	 
	PURCHASER:	 	FMC
GLOBALSAT HOLDINGS, INC.
	 	 	 	 
	 	 	 	 
	Signature	 	By	                      
	 	 	 	 
	 	 	 	 
	Print
    Name	 	Title 	 
	 	 	 	 
	Residence
    Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Date Received

 

 

2Exhibit 10.4

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into as of December 28, 2017 (the “Effective Date”), by and
among FMC GlobalSat Holdings, Inc., a Delaware corporation (the “Company”) and Emmanuel Cotrel (the “Employee”).
Certain capitalized terms used herein are defined in Section 5. In consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement agree
as follows:

 

1. 
Employment. Subject to the provisions of Section 2 of this Agreement, the Company agrees to employ Employee
on the terms and conditions set forth in this Agreement and Employee accepts such employment for the period commencing on the Effective
Date and ending on December 31, 2019 (the “Employment Period”) on the terms and conditions set forth in this
Agreement; provided, however, that commencing on December 31, 2019 (the “Initial Extension Date”) and on each
anniversary of the Initial Extension Date (each such anniversary, together with the Initial Extension Date, an “Extension
Date”), the Employment Period shall be automatically extended for an additional one-year period (each such period, an
“Extension Period”), unless the Company or Employee provides the other party hereto with written notice at least
ninety (90) days prior to the next scheduled Extension Date that the Employment Period shall not be so extended. To the extent
that this Agreement is extended beyond December 31, 2019, in accordance with this Section 1, the term “Employment Period”
shall continue through the end of the applicable Extension Period.

 

(a) 
Position and Duties. During the Employment Period, Employee shall serve as President and Chief Executive Officer
of the Company and that of its principal operating subsidiaries. Employee shall work from the Company’s Fort Lauderdale,
FL area headquarters and shall have such duties and responsibilities as are typically commensurate with such position. Employee
shall have such other powers and perform such other duties as may from time to time reasonably be prescribed by the Company’s
Board of Directors (the “Board”) and which are consistent with the position described above at other companies
similar to the Company. Employee’s authority shall be subject to the power of the Board to expand such duties, responsibilities
and authority and to override actions of Employee. Employee shall report to the Board, and shall devote his full business time
and attention to the business and affairs of the Company and its Subsidiaries (excluding personal, non-business, and charitable
interests pursued during his personal time).

 

(b) 
Salary. Total compensation to the Employee for 2017 shall be $125,000. Otherwise, during the Employment Period, Employee’s
base salary shall be $125,000 per annum, subject to increase (i) as may be approved by the Compensation Committee of the Board
(the “Compensation Committee”) from time to time, and (ii) automatically as provided below (as in effect from
time to time, the “Base Salary”). In no event shall the Base Salary exceed $250,000 per annum unless approved
by the Compensation Committee. Starting January 1, 2018 Employee’s Base Salary shall be paid in regular installments in accordance
with the Company’s general payroll practices (but no less frequently than monthly) and shall be subject to customary withholding
for income tax, social security, or other such taxes. Provided that the Company achieves at least ninety percent (90%) of its budgeted
financial target for the preceding quarter, the Base Salary shall automatically be increased on a quarterly basis over a two (2)
year period as follows:

 

	 	●	Q1 2018: $150,000
	 	 	 
	 	●	Q2 2018: $175,000

 

     

     

    

 

	 	●	Q3 2018: $200,000
	 	 	 
	 	●	Q4 2018: $215,000
	 	 	 
	 	●	Q1 2019: $230,000
	 	 	 
	 	●	Q2 2019: $240,000
	 	 	 
	 	●	Q3 2019: $245,000
	 	 	 
	 	●	Q4 2019: $250,000

 

The adjusted Base Salary
shall apply retroactively to the first day of the calendar quarter indicated above, and will begin being paid on the first regular
payroll date following the accounting close of the preceding quarter, or in the event that the applicable measurement quarter is
the final fiscal quarter of the year, then on the first regular payroll date following delivery of the Company’s audited
financial statements. In the event that the Company misses its budgeted target by greater than ten percent (10%) in any fiscal
quarter, the Base Salary shall remain the same as the prior quarter, but if it achieves at least ninety percent (90%) of its budgeted
financial target in a subsequent quarter, the Base Salary shall automatically be adjusted to the amount corresponding to the following
quarter listed above (for example, if the Company misses its financial target for Q4 2017, the Base Salary will remain at $150,000
for Q1 2018, but if achieves at least 90% of its Q1 2018 revenue target, then the Base Salary for Q2 2018 shall be adjusted to
$175,000 per annum, effective as of March 31, 2018). In addition, if at any time during the two-year adjustment period the Company
executes a Major Contract, the Base Salary will automatically be adjusted to $250,000 as of the effective date of such Major Contract.
“Major Contract” shall mean any contract, service or purchase order that the Company enters into with a customer
which will generate revenue in an amount exceeding twenty percent (20%) of the Company’s budgeted revenue for the year. In
FY 2020 (and all subsequent years), the Base Salary shall be increased each year (effective as of January 1st) by an
amount which is equal to the greater of five percent (5%) or the current annual rate of inflation (U.S. CPI) as published by the
U.S. Bureau of Labor Statistics, or such higher amount as may be approved by the Compensation Committee.

 

(c) 
Bonus. In addition to the Base Salary, during the Employment Period, Employee shall be entitled to receive an annual
performance bonus (“Bonus”) of up to one hundred percent (100%) of the Base Salary in effect as of the end of
the fiscal year, following the end of each of the Company’s fiscal years during the Employment Period, in the discretion
of the Compensation Committee, based upon personal and Company performance relative to certain targets to be established annually
by the Company and approved by the Compensation Committee. Bonuses paid to Employee under this subsection shall be paid in full
no later than 2.5 months after the end of the Company’s fiscal year immediately following the year to which the bonus relates.

 

    	 	2	 

     

    

 

(d) 
Benefits. In addition to the Base Salary and any Bonus payable to Employee pursuant to this Agreement, Employee shall
be entitled to the following benefits during the Employment Period:

 

(i) 
reimbursement for reasonable out-of-pocket business expenses incurred by Employee on the Company’s behalf and
within the Company’s stated policies and procedures for expense reimbursement, subject to providing appropriate documentation
thereof to the Company;

 

(ii) 
participation in all health, disability and welfare plans available to the Company’s executives on the same
basis as those plans are generally made available to other executives, including 100% coverage for employee and dependents up to
a maximum expense to the Company of $1,500 per month (to be adjusted on an annual basis in a percentage equal to any increase in
the Company’s health insurance premiums, not to exceed 10% per year);

 

(iii) 
participation in any life insurance plans available to the Company’s executives on the same basis as those
benefits are generally made available to other executives of similar age and health;

 

(iv) 
participation in any retirement plans available to the Company’s executives (the plans described in clauses
(ii), (iii), and (iv) of this Section 1(d), collectively, the “Employee Benefit Plans”);

 

(v) 
participation in any paid-time-off policies available to the Company’s executives, including not less than
three (3) weeks of paid vacation per year (pro-rated for the first year of employment);

 

(vi) participation
in any stock option plan available to the Company’s executives and employees; and

 

(vii) a
monthly car allowance in the amount of $1,000.

 

2. 
Termination. The Employment Period and Employee's employment hereunder may be terminated by either party at
any time and for any reason; provided that Employee will be required to give the Company at least sixty (60) days' advance written
notice of any resignation of Employee's employment, unless such resignation is for Good Reason. Notwithstanding any other provision
of this Agreement, the provisions of this Section 2 shall exclusively govern Employee's rights upon termination of employment during
the Employment Period.

 

(a) 
By the Company For Cause or By Employee’s Resignation without Good Reason. The Employment Period may
be terminated and Employee’s employment with the Company may end by involuntary termination of employment for Cause (as defined
below). The Employee’s termination of employment shall occur automatically upon the effective date of Employee's resignation
without Good Reason.

 

    	 	3	 

     

    

 

(i) 
If Employee's termination of employment occurs for Cause, or if Employee resigns without Good Reason, Employee shall
be entitled to receive:

 

(A) 
the Base Salary earned through the date of termination of employment, and any Bonus which has been earned, approved
and accrued, regardless of whether the scheduled date of payment occurs after the date of termination of employment (which will
be paid at the time that such Bonus would otherwise be paid if Employee’s employment was not terminated);

 

(B) 
payment for any vacation days that he has accrued under Section 1(d)(v) of this Agreement but has not yet taken;

 

(C) 
reimbursement for any unreimbursed business expenses properly incurred by Employee in accordance with Company policy
prior to the date of Employee's termination of employment, subject to Employee’s providing appropriate documentation thereof
to the Company;

 

(D) 
such employee benefits, if any, as to which Employee may be entitled under the Employee Benefit Plans of the Company
(the amounts described in clauses (A)-(D)) in this Section 2(A)(i), collectively, the “Accrued Rights”).

 

(ii) 
Following such termination of employment for Cause or resignation by Employee without Good Reason, except as set
forth in this Section 2(a), Employee shall have no further rights to any compensation or any other benefits under this Agreement.

 

(b) 
Disability or Death. In the event of Employee’s death, the Employment Period shall end immediately and
Employee’s employment shall be terminated. In the event of Employee's Disability, the Company shall have the right to terminate
Employee’s employment. Any question as to the existence of the Disability of Employee as to which Employee and the Company
cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Employee and the Company.
If Employee and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those
two (2) physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing
to the Company and Employee shall be final and conclusive for all purposes of the Agreement. Following Employee’s termination
of employment due to death or Disability, the Company, within 30 days after such termination of employment, shall pay Employee
(or his widow, or if he has no widow, his estate) his Accrued Rights. Upon termination of employment due to his death or Disability,
the Employee shall have no further rights to any compensation or any other benefits under this Agreement, except as set forth in
this subsection.

 

(c) 
By the Company Without Cause; Resignation by Employee for Good Reason. The Employment Period hereunder may
be terminated and Employee’s employment may be involuntarily terminated by the Company without Cause or by Employee's resignation
for Good Reason. Under such circumstances, the Employee shall receive the payments and benefits described in this Subsection 2(c).

 

    	 	4	 

     

    

 

(i) 
Employee shall be entitled to receive the Accrued Rights. Subject to Employee's continued compliance with the provisions
of Sections 3 and 4 and his execution, in a form satisfactory to the Company, of a full, general release of claims (which release
of claims the Company shall also sign) and his timely return of such signed release to the Company within 45 days following his
termination of employment, the Company shall continue to pay Employee his Base Salary then in effect for a period of six (6) months
(the “Severance Payment”), payable in accordance with the regular payroll practices of the Company as in effect
from time to time as and when such payments would have been made had Employee’s employment not have terminated hereunder.

 

(ii) 
Following Employee's involuntary termination of employment without Cause (other than by reason of Employee's death
or Disability) or resignation by Employee for Good Reason, except as set forth in this Section 2(c), Employee shall have no further
rights to any compensation or any other benefits under this Agreement.

 

(d) 
Expiration of Employment Period. In the event either party elects not to extend the Employment Period pursuant
to Section 1, unless Employee's employment is earlier terminated, Employee's termination of employment hereunder (whether or not
Employee continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately
preceding the next scheduled Extension Date. Any expiration of the Employment Period due the Company’s nonrenewal of the
Employment Period shall be deemed a termination of employment without Cause for purposes of this Agreement (and consequently Employee
shall be entitled to the payments and benefits set forth in Section 2(c)). In the event of the expiration of the Employment Period
due to Employee’s nonrenewal of the Employment Period, Employee shall be entitled to receive the Accrued Rights. Following
such termination of Employee's employment hereunder as a result of either party's election not to extend the Employment Period,
except as set forth in this Section 2(d), Employee shall have no further rights to any compensation or any other benefits under
this Agreement.

 

(e) 
Continued Employment Beyond the Expiration of the Employment Period. Unless the parties otherwise agree in
writing, continuation of Employee's employment with the Company beyond the expiration of the Employment Period shall be deemed
an employment at-will and shall not be deemed to extend any of the provisions of this Agreement, and Employee's employment may
thereafter be terminated at-will by either Employee or the Company; provided that the provisions of Sections 3 and 4 of
this Agreement shall survive Employee's termination of employment hereunder. Notice of Termination. Any purported termination
of employment by the Company or by Employee (other than due to Employee’s death) shall be communicated by written notice.

 

3. 
Confidential Information; Inventions and Patents.

 

(a) 
Confidential Information. Employee agrees that he will not at any time (whether during or after the Employment
Period) (i) retain or use for the benefit of Employee or any other person or entity or (ii) disclose, divulge, reveal, communicate,
share, transfer or provide access to any person or entity outside the Company (other than its professional advisors who are bound
by confidentiality obligations), any Confidential Information without the Company’s prior written consent. Employee agrees
to deliver to the Company at the time of his termination of employment, or at any other time the Company may request in writing
(whether during or after the Employment Period), all memoranda, notes, plans, records, reports and other documents, regardless
of the format or media (and copies thereof), relating to the business of the Company and its Affiliates and its and their predecessors
(including, without limitation, all acquisition prospects, lists and contact information) which he may then possess or have under
his control. Except as required by law, Employee will not disclose to anyone, other than his immediate family and legal or financial
advisors, the existence or contents of this Agreement; provided that Employee may disclose to any prospective future employer
the provisions of this Section 3 and of Section 4 of this Agreement provided they agree to maintain the confidentiality of such
terms.

 

    	 	5	 

     

    

 

(b) 
Inventions and Patents. Employee acknowledges that all inventions, innovations, improvements, developments,
methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) that relate to
the Company’s or any of its Affiliates’ actual or anticipated business, research and development or existing or future
products or services and that are conceived, developed, made or reduced to practice by Employee while employed by the Company and
its Affiliates or any of its and their predecessors (“Work Product”) belong to the Company or such Affiliate,
and Employee hereby irrevocably assigns, and agrees to irrevocably assign, all of the Work Product to the Company or such Affiliate.
Any copyrightable work prepared in whole or in part by Employee in the course of his work for any of the foregoing entities shall
be deemed a “work made for hire” under the copyright laws, and the Company or such Affiliate shall own all rights therein.
To the extent that any such copyrightable work is not a “work made for hire,” Employee hereby irrevocably assigns and
agrees to assign irrevocably to the Company or such Affiliate all right, title and interest, including without limitation, copyright
in and to such copyrightable work. Employee shall promptly disclose such Work Product and copyrightable work to the Company and
perform all actions reasonably requested by the Company (whether during or after the Employment Period) to establish and confirm
the Company’s or its Affiliate’s ownership (including, without limitation, assignments, consents, powers of attorney
and other instruments). Employee agrees to keep and maintain adequate written records (in the form of notes, sketches, drawings,
and any other form or media requested by the Company) of all Work Product. The records will be available to and remain the sole
property and intellectual property of the Company at all times.

 

4. 
Noncompetition and Nonsolicitation.

 

(a) 
Noncompetition. Employee acknowledges that during the course of his employment with the Company and its Affiliates,
he will become familiar with the Company’s and its Affiliates’ and Subsidiaries’ trade secrets and with other
Confidential Information and that Employee’s services will be of special, unique and extraordinary value to the Company and
its Subsidiaries and that the Company’s ability to accomplish its purposes and to successfully pursue its business plan and
compete in the marketplace depends substantially on the skills and expertise of Employee and in further consideration of the compensation
being paid to Employee hereunder, Employee agrees that, during the Noncompete Period (as defined below), he shall not directly
or indirectly engage or become interested in (whether as an owner, general partner, member, officer, employee, consultant, director,
stockholder, or otherwise) any business enterprise, joint venture, firm, partnership, person or organization that provides or offers
satellite communications services to remote locations within the Restricted Territory (as defined below) or other similar services
offered by the Company. The “Noncompete Period” shall mean the Employment Period and the six (6) month period
following the date of Employee’s termination of employment, provided that at the Company’s election, which shall be
delivered prior to or on the date of Employee’s termination of employment, the Noncompete Period may be extended to one (1)
year, in which case the Severance Payment will be commensurately increased to one (1) year of Base Salary. “Restricted
Territory” shall mean anywhere in the world, it being acknowledged that the Company operates on a global basis. For the
avoidance of doubt, services rendered by Employee hereunder solely on behalf of the Company or its affiliates during the Employment
Period do not constitute a breach of this Section 4(a). The parties agree that the restrictions contemplated in these noncompete
and nonsolicitation provisions are necessary to protect one or more of Company's legitimate business interests, including without
limitation Company's valuable trade secrets (as that term is defined by Chapter 688, Florida Statutes), confidential and nonpublic
business information, and ongoing customer goodwill.

 

    	 	6	 

     

    

 

(b) 
Nonsolicitation. During the Noncompete Period, Employee shall not (and shall cause all persons under his control
directly or indirectly through another entity or person not to) (i) induce or attempt to induce any employee of the Company or
any Affiliate to leave the employ of the Company or such Affiliate, or actually hire (in any capacity) any employee who was employed
by the Company or any Affiliate during the Employment Period or the twelve-month period prior to or following the Employment Period,
(ii) induce or attempt to induce any existing or prospective customer, supplier, licensee or other business relation of the Company
or any Affiliate to cease doing business or dealing with the Company or such Affiliate, or tortiously interfere with the relationship
between any such existing or prospective customer, supplier, licensee or business relation and the Company or any Affiliate (including
making any negative statements or communications about the Company or its Affiliates) or (iii) initiate or engage in any discussions
regarding an acquisition of any business (x) in which the Company or any of its Affiliates was engaged in discussions relating
to the acquisition of such business by the Company or its Affiliates prior to the Employee’s termination of employment or
(y) as to which, prior to the termination of employment, the Company has requested and received information relating to the acquisition
of such business by the Company or its Affiliates and thereafter engages in discussions regarding the acquisition of such business.

 

(c) 
Enforcement. It is expressly understood and agreed that Employee and the Company consider the restrictions
contained in Section 3 and 4 to be reasonable. If, however, at the time of enforcement of Section 3 or 4 of this Agreement, a court
holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the
maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated duration,
scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope
and area permitted by law. Because Employee’s services are unique and because Employee has access to Confidential Information,
the parties hereto agree that money damages would be an inadequate remedy for any breach of this Agreement. Therefore, in the event
a breach or threatened breach of this Agreement, the Company or its successors or assigns shall have the right to, in addition
to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or
injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or
other security).

 

5. 
Definitions.

 

“Affiliate”
means, as to any Person, any other Person which directly or indirectly controls, or is under common control with, or is controlled
by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause
the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise).

 

“Cause”
means: (i) a repeated, substantial, or willful neglect of duties, or a failure to abide any Company established policies or procedures;
(ii) Employee’s conviction of a (x) felony or (y) crime involving moral turpitude (other than crimes punishable only by a
fine or other non-custodial penalty); (iii) any willful malfeasance or misconduct by Employee that is demonstrably injurious to
the Company; (iv) the commission of an act of material dishonesty, or any type of fraud; (v) any material breach by Employee of
Sections 3 or 4 of this Agreement; or (vi) any material breach by Employee of any of the other terms of this Agreement, which breach
is not cured within ten (10) days following formal written notice by the Company to Employee of such failure. Notwithstanding the
foregoing, “Cause” shall cease to exist for any of the aforementioned enumerated events on the sixtieth (60th)
day following the later of its occurrence or the Company’s knowledge thereof, unless the Company has given Employee written
notice thereof prior to such date.

 

“Confidential
Information” means any non-public, proprietary or confidential information -- including without limitation trade secrets,
know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual
property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients,
partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory
activities and approvals -- concerning the past, current or future business, activities and operations of the Company, its Subsidiaries
or Affiliates and/or any third party that has disclosed or provided any of same to the Company on a confidential basis without
the prior written authorization of a senior officer of the Company. “Confidential Information” shall not include any
information that is (i) generally known to the industry or the public other than as a result of Employee's breach of this covenant
or any breach of other confidentiality obligations by third parties; (ii) made legitimately available to Employee by a third party
without breach of any confidentiality obligation; or (iii) required by law (including, to the extent necessary, in connection with
a court proceeding or litigation) to be disclosed; provided that Employee shall give prompt written notice to the Company
of such requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain
a protective order or similar treatment.

 

“Disability”
means that as a result of Employee’s incapacity due to physical or mental illness, Employee is unable for a period of six
(6) consecutive months or for an aggregate of nine (9) months in any twenty-four (24) consecutive month period to perform the essential
functions of Employee’s job.

 

    	 	7	 

     

    

 

“Good Reason”
means the occurrence of any of the following events, unless the Employee has consented thereto:

 

(i) 
a reduction in the Employee’s Base Salary in effect at the time;

 

(ii) 
a change in the location of the Employee’s principal place of employment by 50 miles or more from the location
of the Company’s Fort Lauderdale, FL office as to the date this Agreement is signed; or

 

(iii) 
any other action or inaction that constitutes a material breach by the Company of this Agreement.

 

An event does not constitute Good Reason
unless the Employee provides the Company with written notice of the existence of the condition that constitutes the Good Reason.
Such notice must be provided within 60 days after the initial existence of such condition, and the notice must provide the Company
with at least 30 days during which it may remedy such condition without being required to make any termination of employment-related
payment to the Employee; Good Reason shall cease to exist 30 days after such cure period. For purposes of this Agreement, the Employee’s
voluntary termination of employment for Good Reason will be treated as an involuntary termination of employment.

 

“Person”
means an individual, a partnership, a limited liability company, corporation, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Separation
from Service” shall mean a change in the Employee’s relationship with the Company that meets the following conditions:
(i) constitutes the voluntary or severing of the Employee’s employment with the Company (and all entities which would be
included with the Company as the “service recipient” under the definition of such term in the Treasury Regulations
pertaining to Section 409A) for any reason, including but not limited to resignation by the Employee, and Separation from Service
of the Employee’s employment on account of retirement, death, or disability, and (ii) results in a permanent decrease in
the level of bona fide services performed by the Employee for the Company and other service recipients (as defined above) to a
level that is not more than 20 percent of the level of services performed by the Employee for the Company (and other service recipients,
as defined above) over the immediately preceding 36-month period. A Separation from Service shall not include a leave of absence,
paid or unpaid, under which there is a reasonable expectation that the Employee will return to perform services for the Company
and/or other service recipients, as defined above, if the period of such leave does not exceed six months. A Separation from Service
shall not include a cessation of services for a period during which the Employee retains a right to reemployment, either by statute
or contract.

 

“Section 409A”
shall refer to Internal Revenue Code Section 409A.

 

    	 	8	 

     

    

 

“Subsidiary”
means any Person in which the Company owns securities having a majority of the ordinary voting power in electing the board of directors
or other management body directly or through one or more Subsidiaries.

 

6. 
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions
of this Agreement shall be in writing and shall be deemed to have been given when delivered to the recipient by reputable express
commercial courier service (charges prepaid) or mailed to the recipient by certified or registered mail, return receipt requested
and postage prepaid, or sent via electronic mail. Such notices, demands and other communications shall be sent to the Company and
the Employee at the address set forth below, or at such address or to the attention of such other person as the recipient party
has specified by prior written notice to the sending party. Notices sent by mail or courier delivery shall not be valid without
proof of delivery.

 

If to the Company:

 

FMC GlobalSat,

333 Las Olas Way

Suite CU1, Fort Lauderdale
FL-33301

Email: accounting@fmcglobalsat.com

 

If to Employee:

 

Employee

To the most recent
address and email address of Employee

set forth in the personnel
records of the Company.

 

7. 
General Provisions.

 

(a) 
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable
in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

    	 	9	 

     

    

 

(b) 
409A-Related Provisions. Each payment to the Employee of an amount following his Separation from Service shall
constitute a “separate payment” for purposes of Section 409A. To the extent that Section 409A applies to this Agreement,
this Agreement shall be interpreted in accordance with Section 409A, including but not limited to any applicable interpretive guidance
previously issued or that may be issued after the date of this Agreement (“409A Guidance”), and any ambiguous
term or undefined term herein shall be interpreted in a manner that causes the term to meet the definition of that term that complies
with Section 409A and 409A Guidance. Notwithstanding any other provision of this Agreement to the contrary, it is intended that
any payment or benefit provided for in this Agreement that constitutes “nonqualified deferred compensation,” as that
term is defined in Section 409A, shall be provided and issued in a manner, and at such time and in such form, as complies with
the applicable requirements of Section 409A and any such benefit that is payable on account of a termination of employment shall
be payable, or begin to be paid, only on account of the Employee’s Separation from Service. Any provision in this Agreement
that would result in the imposition of excise taxes or any other taxes under Section 409A shall be void and without effect. To
the extent permitted under Section 409A, the parties shall reform the provision, provided such reformation shall not subject the
Employee to additional tax or interest and the Company shall not be required to incur any additional compensation costs as a result
of the reformation. In addition, any provision that is required to appear in this Agreement for purposes of Section 409A compliance
and that is not expressly set forth shall be deemed to be set forth herein, and this Agreement shall be administered in all respects
as if such provision were expressly set forth. References in this Agreement to Section 409A include rules, regulations, and guidance
of general application issued by the Department of the Treasury under Section 409A. Unless this Agreement expressly specifies a
different time for a recurring payment to be made or recurring benefit to be received, recurring amounts or recurring benefits
payable to the Employee under this Agreement following his Separation from Service shall be paid on the regular payroll payment
dates of the Company for payment of such amounts or benefits, provided that such regular payroll payment dates shall be no less
frequently than monthly.

 

(c) 
Complete Agreement. This Agreement contains the entire understanding among the parties with respect to the
terms of employment of Employee by the Company and supersedes and preempts any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof in any way, including that certain
Employment Agreement between Employee and FMC GlobalSat, Inc. f/k/a FMC GlobalSat, LLC dated as of May 1, 2017. There are no restrictions,
agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other
than those expressly set forth herein; provided, however, the parties acknowledge that there may be separate agreements
between or among them relating to purchase of shares of the Company’s stock by the Employee and the issuance of stock options
to the Employee. Employee hereby releases the Company and its Affiliates and each of the foregoing’s predecessors from any
obligation or liability (with respect to the terms of employment of Employee by the Company) the Company or any of its Affiliates
or any of the foregoing’s predecessors owes or owed to Employee or any of his Affiliates and related persons prior to the
Effective Date.

 

(d) 
Counterparts. This Agreement may be executed in two or more counterparts, any one of which need not contain
the signatures of more than one party, but all such counterparts taken together constitute one and the same Agreement.

 

(e) 
Successors and Assigns; Assignment. Except as otherwise provided herein, this Agreement shall bind and inure
to the benefit of and be enforceable by Employee, the Company, and their respective successors and assigns, personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees; provided that this Agreement, and all
of Employee’s rights and obligations hereunder shall not be assignable. Any purported assignment or delegation in violation
of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company
to a Person or entity which is an Affiliate or a successor in interest to substantially all of the business operations of the Company,
or to any parent holding company which may be formed. Upon such assignment, the rights and obligations of the Company hereunder
shall become the rights and obligations of such affiliate or successor Person or entity. The Company shall provide Employee with
advance notice of any assignment of this Agreement.

 

    	 	10	 

     

    

 

(f) 
Governing Law; Jurisdiction and Venue. This Agreement, and all issues and questions concerning the construction,
validity and interpretation of this Agreement will be governed by, and construed in accordance with, the laws of the State of Florida
without giving effect to any choice of law or conflict of law provisions or rules (whether of the State of Florida or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Florida. In the event of
a dispute hereunder, venue shall lie exclusively in Ft. Lauderdale, Florida and the Courts of the State of Florida shall have exclusive
jurisdiction of such dispute.

 

(g) 
Remedies. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement
specifically, to recover damages and costs (including attorneys’ fees) caused by any breach of any provision of this Agreement
and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be
an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any
court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive
relief in order to enforce or prevent any violations of the provisions of this Agreement.

 

(h) 
Amendment; No Waiver. The provisions of this Agreement may not be altered, modified, or amended except by
written instrument signed by the parties hereto. The failure of a party to insist upon strict adherence to any term of this Agreement
on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to
insist upon strict adherence to that term or any other term of this Agreement.

 

(i) 
Business Days. If any time period for giving notice or taking action hereunder expires on a day which is a
Saturday, Sunday or holiday in the state in which the Company’s headquarters is located, the time period shall be automatically
extended to the business day immediately following such Saturday, Sunday or holiday.

 

(j) 
Withholding. The Company and its Subsidiaries shall be entitled to deduct or withhold from any amounts owing
from the Company or any of its Subsidiaries to Employee any federal, state, local or foreign withholding taxes, excise taxes, or
employment taxes (collectively, “Taxes”) with respect to Employee’s compensation or other payments from
the Company or any of its Subsidiaries or Employee’s ownership interest therein, including, but not limited to, wages, bonuses,
dividends, the receipt or exercise of stock options and/or the receipt or vesting of restricted stock.

 

(k) 
Generally Accepted Accounting Principles; Adjustments of Numbers. Where any accounting determination or calculation
is required to be made under this Agreement, such determination or calculation (unless otherwise provided) shall be made in accordance
with generally accepted accounting principles, consistently applied, except that if because of a change in generally accepted accounting
principles the Company would have to alter a previously utilized accounting method or policy in order to remain in compliance with
generally accepted accounting principles, such determination or calculation shall continue to be made in accordance with the Company’s
previous accounting methods and policies.

  

    	 	11	 

     

    

 

(l) 
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any of the provisions of this Agreement.

 

(m) 
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by
way of example rather than by limitation.

 

(n) 
Employee Representation. Employee hereby represents to the Company that the execution and delivery of
this Agreement by Employee and the Company and the performance of Employee of Employee’s duties hereunder shall not constitute
a breach of, or otherwise contravene, the terms of any employment agreement or policy to which Employee is a party or otherwise
bound.

 

(o) 
Cooperation.Employee shall, at the Company’s expense, provide Employee’s reasonable cooperation
in connection with any action or proceeding (or any appeal from any action or proceeding) brought by or against the Company that
relates to events occurring during Employee’s employment hereunder. This provision shall survive any termination of employment.

 

    	 	12	 

     

    

  

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on the date first written above.

 

	FMC
    GLOBALSAT HOLDINGS, INC.	 
	 	 	 
	By:	/s/ Ed Stern	 
	Printed Name: Ed Stern	 
	Title:	Director of Board and Head of Compensation Committee

 

	Employee:	/s/
Emmanuel Cotrel	 
	 	Emmanuel Cotrel

	 

  

 

13

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