Document:

Exhibit 10.28

 Exhibit 10.28 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT
AGREEMENT (“Agreement”) is made and entered into as of this 11th day of December, 2008 by and between Telos Corporation, a Maryland
corporation, for itself and its subsidiary companies, divisions, affiliates and operating entities (the “Company”) and Robert J. Marino (the “Executive”). 
 WITNESSETH THAT: 
 WHEREAS, the Company and the Executive desire to enter into
this Agreement pertaining to the employment of the Executive by the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth below and other good and valuable consideration, the receipt of which is hereby acknowledged, the Executive and the Company hereby agree as follows: 
 1. Performance of Services. The Executive’s employment with the Company shall be subject to the following: 
  

	(a)	Subject to the terms of this Agreement, the Company hereby agrees to employ the Executive as its Executive Vice President, Special Projects during the Agreement Term (as defined
below). 

  

	(b)	During the Agreement Term, the Executive shall devote full time (reasonable sick leave and vacations excepted) and best efforts, energies and talents to serving the Company.

  

	(c)	The Executive agrees to perform his duties faithfully and efficiently subject to the direction of the Company. The Executive will have such authority, power, responsibilities and
duties as are inherent in such position and necessary to carry out such responsibilities and the duties required hereunder. 

  

	(d)	Notwithstanding the foregoing, during the Agreement Term, the Executive may devote reasonable time to activities other than those required under this Agreement, including activities
involving professional, charitable, educational, religious and similar types of organizations, speaking engagements, membership on the boards of directors of other profit or not-for-profit organizations, and similar activities, to the extent that
such other activities do not, in the judgment of the Company, inhibit or prohibit the performance of the Executive’s duties under this Agreement or conflict in any material way with the Company’s business. 

  

	(e)	The Executive shall not be required to perform services under this Agreement during any period in which determined as Disabled (as defined below). 

  

	(f)	The “Agreement Term” shall be the period beginning on December 11, 2008, for a one year period, and thereafter automatically renewing for consecutive one year periods
unless terminated in accordance with the provisions hereof. 

  

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 2. Compensation and Benefits. While the Executive is employed by the Company pursuant to this
Agreement, the Company shall compensate him for his services as follows: 
  

	(a)	Base Salary. During the Agreement Term the Executive shall receive an annual base salary of no less than $236,178 (the “Salary”), payable in accordance with the
Company’s payroll cycle. 

  

	(b)	Annual Bonus. The Company shall provide to the Executive an annual bonus opportunity, based upon the Company’s annual bonus plan, and performance achievements of the
Company and of the Executive. Any annual bonus for the Executive in each fiscal year shall be determined by the Management Development and Compensation Committee, subject to approval by the Board of Directors, and shall be based upon the annual
bonus plan actual performance achieved by the Company and by the Executive in such fiscal year as compared with the planned/expected performance of the Company and the Executive for such fiscal year. Any such annual bonus shall be paid to the
Executive as soon as practicable following its approval. 

  

	(c)	Stock Options and Restricted Stock Grants. The Executive shall be eligible for additional stock options and restricted stock grants under any of the Company’s stock
option and restricted stock plans in an amount determined by the Management Development and Compensation Committee, subject to approval by the Board of Directors, and which is commensurate with the level of option awards and stock grants made to
other senior Executives of the Company. Such options and/or grants shall be subject to the terms and conditions of the applicable standard stock option and restricted stock plans and agreements adopted by the Company. 

  

	(d)	Expense Reimbursement. While the Agreement is in effect, the Company will reimburse the Executive for all reasonable and necessary expenses incurred by the Executive in
connection with the performance of his duties for the Company. Such reimbursement is subject to the submission to the Company by the Executive of appropriate documentation and/or vouchers, and will be made in accordance with the customary procedures
of the Company for expense reimbursement, as may from time to time be established. 

  

	(e)	Vacation. While the Agreement is in effect, in each fiscal year of the Company, the Executive shall be entitled to 6 weeks paid vacation time, which vacation shall be
cumulative from year to year until corporate maximum occurs. 

  

	(f)	Other Benefits. The Executive shall be eligible to participate in any and all plans maintained by the Company to provide benefits for its salaried senior Executives, and,
including, without limitation, any pension, profit sharing or other retirement plan, any life, accident, disability, medical, hospital or similar group insurance program and any other benefit plan, subject to the normal terms and conditions of such
plans. 

 3. Termination. The Executive’s employment with the Company pursuant to this Agreement may terminate
under the following circumstances. 
  

	(a)	Death. The Executive’s employment hereunder shall terminate upon his death. 

  

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	(b)	Disability. If the Executive becomes Disabled, the Company may terminate Executive’s employment. For purposes of this Agreement, the Executive shall be deemed to be
“Disabled” if (i) eligible for disability benefits under the Company’s long-term disability plan, or (ii) has a physical or mental disability which renders Executive incapable, after reasonable accommodation, of performing
substantially all of Executive’s duties hereunder for a period of 180 days (which need not be consecutive) in any 12-month period. In the event of a dispute as to whether the Executive is Disabled, the Company may, at its expense, refer
Executive to a licensed practicing physician of the Company’s choice and the Executive agrees to submit to such tests and examination as such physician shall deem customary and appropriate. 

  

	(c)	Cause. The Company may terminate the Executive’s employment hereunder immediately and at any time for Cause by written notice to the Executive detailing the basis for
the Cause termination. For purposes of this Agreement, “Cause” means (i) gross negligence or willful and continued failure by the Executive to substantially perform his duties as an Executive of the Company (other than any such
failure resulting from incapacity due to physical or mental illness); (ii) Executive’s dishonesty, fraudulent misrepresentation, willful misconduct, malfeasance, violation of fiduciary duty relating to the business of the Corporation; or
(iii) conviction of a felony. 

  

	(d)	Without Cause. The Company may terminate the Executive’s employment hereunder immediately and at any time without Cause by written notice to the Executive.

  

	(e)	Termination of Executive. The Executive may terminate his employment hereunder at any time for any reason by giving the Company prior written notice not less than 30 days
prior to such termination. 

  

	(f)	Mutual Agreement. This Agreement may be terminated at any time by mutual written agreement of the parties. 

  

	(g)	Date of Termination. “Date of Termination” means the last day that the Executive is employed by the Company under the terms of this Agreement, provided that
Executive’s employment is terminated in accordance with one of the foregoing provisions. 

  

	(h)	Change in Control means an occasion upon which (i) any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act) other
than a Director or other fiduciary holding securities under an employee benefit plan of the Company or a corporation controlled by the Company, acquires (either directly and/or through becoming the “beneficial owner” (as defined in Rule
13d-3 under the Securities Exchange Act)), directly or indirectly, securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities (or has acquired securities representing 50% or more
of the combined voting power of the Company’s then outstanding securities during the 12-month period ending on the date of the most recent acquisition of Company securities by such person); or (ii) during any period of twelve
(12) consecutive months (not including any period prior to the adoption of this Agreement), individuals who at the beginning of such period constitute the Board and any new Director (other than a Director designated by a person who has entered
into 

  

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 an agreement with the Company to effect a transaction described in clauses (i) or (iii) of this
Paragraph) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the Directors then still in office who either were Directors at the beginning of the period or
whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or (iii) any of (a) the Company consummates a merger, consolidation, reorganization, recapitalization or statutory
share exchange (a “Business Combination”), other than a Business Combination which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) at least 50% of the combined voting power and at least 50% of the combined total fair market value of the securities of the Company or such surviving entity outstanding immediately
after such Business Combination, (b) the Company’s shareholders approve a plan of complete liquidation of the Company, or (c) the Company completes the sale or other disposition of all or substantially all of its assets in one or a
series of transactions. 
 4. Rights Upon Termination. The Executive’s right to payments and benefits under this Agreement for
periods after his Date of Termination shall be determined in accordance with the following: 
  

	(a)	If the Executive’s Date of Termination occurs for Cause, or if the Executive terminates the Agreement in accordance with paragraph 3(e) above, the Company shall pay to the
Executive: 

  

	 	(i)	A lump-sum payment equivalent to the remaining unpaid portion of the Executive’s Salary for the period ending on the Date of Termination. 

  

	 	(ii)	A lump-sum payment for all accrued and unused vacation days. 

  

	 	(iii)	Any other payments or benefits to be provided to the Executive by the Company pursuant to any Executive benefit plans or arrangements adopted by the Company, to the extent such
payments and benefits are earned and vested as of the Date of Termination, or are required by law to be offered for periods following the Executive’s Date of Termination. In addition, any bonus which has been earned by Executive and approved by
the appropriate corporate authorities but which remains unpaid as of the date of Executive’s termination of employment, shall be paid to Executive at such time and in such manner as if Executive had continued to be employed by the Company.

  

	(b)	If the Company terminates the Executive without Cause, or due to Disability, or due to death, or after a Change in Control the Executive incurs a termination of employment,
voluntary or involuntary, for any reason, then in addition to the amounts payable under the preceding paragraphs, the Executive shall be entitled to: 

  

	 	(i)	Payments over a 3-month period of an amount equal to the amount of monthly salary which the Executive was being paid as of the date of the Executive’s 

 

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 termination of employment. Such payments will commence as of the month following the date that the
Executive incurs a separation from service, as such term is defined in the context of Section 409A of the Code. Such payments will continue over the 3-month period in accordance with the Company’s normal payroll cycle. In the event that
the Executive dies prior to the completion of the 3-month payment cycle, any amounts remaining unpaid as of the date of Executive’s death will be paid to Executive’s estate until the completion of the 3-month payment cycle. In the event
that Executive’s employment with the Company is terminated due to Executive’s death, all payments to be made in connection with the 3-month payment cycle will be paid to Executive’s estate. 
  

	 	(ii)	Immediate vesting of the unvested portion of any outstanding stock option and any outstanding share of restricted stock, notwithstanding any contrary terms in any restricted stock
agreement applicable to Executive. 

  

	 	(iii)	Continued coverage under the medical, dental, short and long-term disability, life, and other similar non-retirement benefit programs for the 18-month period listed above, as if
Executive was still employed by the Company. If pursuant to the terms and conditions of such benefit programs, such continued coverage cannot be provided, Executive shall be entitled to payment of the cash equivalent of such benefits as if the
Executive was still a plan participant. Notwithstanding the above, during the above-referenced 18-month period, the Company will also pay to Executive (or to Executive’s estate, as the case may be), a periodic amount representing the cash
equivalent of the employer matching contribution, as if the Executive was still a plan participant, that would otherwise have been contributed on Executive’s behalf to the IRC Section 401(k) program maintained by the Company with respect
to such 18-month period under the following assumptions: 

 (a) Executive would have made a voluntary salary reduction
contribution to the IRC Section 401(k) program with respect to the 3-month payments based upon the salary reduction election in effect on behalf of the Executive as of the date of Executive’s termination of employment. 
 (b) No additional “constructive matching” payments will be made under this provision in respect of a calendar year once the combination of the
actual matching contributions made on behalf of Executive to the IRC Section 401(k) program for such calendar year plus the “constructive matching” payments made to Executive pursuant to this provision for such calendar equal the
maximum amount of matching contributions that could have allocated to Executive’s account under the terms of the IRC Section 401(k) program with respect to such calendar year. 
 (c) The “constructive matching” payments will be made at such times as the Company remits the actual matching contributions to the IRC
Section 401(k) program. 
  

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	(c)	The undertakings of the Company in connection with paragraphs b(i), b(ii) and b(iii), above, are contingent upon Executive’s compliance with the non-compete, confidentiality,
and non-solicitation provisions of Sections 5, 6 and 7. Should the Company determine that the Executive has committed an infraction of any component of Section 5, Section 6 or Section 7, the Company shall notify the Executive of its
determination and provide the Executive with 10 business days to cure the infraction or present convincing evidence that no infraction has occurred. Should the infraction not be subject to cure, or should Executive otherwise fail to cure such
infraction within 5 business days of such notice, then the Company may discontinue the payment referenced in paragraph b(i) and the continuation of benefits referenced in paragraph b(iii) and any otherwise unexercised stock option will be forfeited.

  

	(d)	To the extent required by Section 409A of the Code, if the Executive separates from service with the Company for any reason other than death and the Executive constitutes a
“specified employee” as defined in Section 409A(2)(B)(i) of the Code at the time of separation from service, then payment to the Executive of any amounts pursuant to Section b(i) and payment of any cash amounts pursuant to Section
b(iii) shall not commence until a date that is six months following the date of the Executive’s separation from service with the Company. Upon the date which is six months following the date of Executive’s separation from service, all
previously accrued monthly amounts shall be payable in a lump sum and future amounts will continue to be paid pursuant to the remaining term of the 3-month payment cycle. The above-referenced six month delay in payment shall only apply to the extent
required by Section 409A of the Code, such that such delay shall not apply to payments made in connection with an involuntary termination of employment provided such payments fall within the dollar threshold described in Treas. Reg.
§ 1.409A-1(b)(9)(iii). 

 5. Non-Competition. During the Agreement Term and for a period of 12 months
subsequent to the date of termination, the Executive shall not, without the prior written consent of the Company, directly or indirectly, (i) own or acquire in any manner any interest (other than the ownership solely for investment purposes of
not more than five percent of the shares of any corporation, the shares of which are publicly and regularly traded on a national securities exchange or in the over-the-counter market) in any person, firm, partnership, company, association or other
entity that competes with the Company in the business of enterprise security and integration solutions and services to customers in the United States government and industry (the “Business”), (ii) be employed by, or serve as an
Executive, agent, officer, director of, any person, firm, partnership, corporation or provider of services competitive with the Business of the Company, or (iii) provide financial, technical, marketing or other assistance or act as a
representative, broker, director, officer, Executive, advisor, consultant or agent of any person or entity that is competitive with the Business of the Company. 
 6. Confidentiality. The Executive promises that he will receive, develop and hold Confidential Information (as defined below) in strict confidence and will not use or disclose Confidential Information, or make
copies of any documents containing Confidential Information, except in furtherance of the Business of the Company, unless the Company provides prior written consent. The Executive further agrees to use reasonable efforts to safeguard the
Confidential Information and protect it from disclosure, misuse, loss or theft. The foregoing 
  

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 promises of confidentiality shall not apply if and to the extent that the Executive is ordered by a court or other
governmental agency to disclose Confidential Information, provided the Executive has given the Company prompt written notice of the order or subpoena and provides all reasonable cooperation necessary to limit such disclosure and to protect the
confidentiality of any Confidential Information so disclosed. “Confidential Information” means all nonpublic information (whether or not specifically labeled or identified as confidential), that has been or is disclosed to, developed or
learned by the Executive as a result of employment with the Company and that relates to the business, finances, products, services, customers, research or development of the Company or third parties with whom the Company does business or from whom
the Company receives information. The definition of Confidential Information includes, but is not limited to, the following: access codes, security devices and naming conventions used in software and hardware systems; databases of information; other
proprietary software; proprietary specifications for hardware and software platforms, the identity and transactions with customers, clients and suppliers; marketing product and service plans, objectives and strategies; tactical objectives,
approaches, and competitive advantages; internal financial information; specialized marketing programs related to products and services offered or under development by the Company (or any parent or affiliate of the Company); data and reports related
to marketing programs; proprietary systems and operations manuals; proprietary training manuals; proprietary technical and scientific know-how, data and strategies; the Company’s information gathering processes and compilations of information;
and information disclosed to the Company by its business partners, licensees, customers and clients in reliance on promises that its confidentiality will be preserved. 
 7. Non-Solicitation. 
  

	(a)	The Executive recognizes that the Company incurs significant expense in training Executives to provide services in accordance with the Company’s Business and that the Company
will disclose Confidential Information to each such Executive. The Executive promises that, during the Agreement Term and for a period of 12 months after expiration of the Agreement Term, the Executive will not, without the prior written consent of
the Company, knowingly hire, directly or indirectly, any person then employed by the Company, or knowingly solicit, directly or indirectly, such a person either to terminate or diminish employment with the Company, or to work for any other person or
entity, whether or not a competitor, and the Executive shall not approach any such Executive for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 

  

	(b)	The Executive also acknowledges that the Company incurs significant expense in developing business partners, licensees, customers and clients. The Executive promises that, during
the Agreement Term and for a period of 12 months after the Agreement Term ends, the Executive will not, without the prior written consent of the Company, knowingly directly or indirectly, solicit any customer, business partner, licensee or client of
the Company to terminate or diminish its business relationship with the Company or to purchase any product or service that is or may be used as a substitute for any product or service of the Company, and the Executive shall not knowingly approach
any such customer, supplier, lessor or lessee for such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 

  

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 8. Restrictions Reasonable. Executive agrees that the restrictions set forth in sections 5
(Non-Competition), 6 (Confidentiality), and 7 (Non-Solicitation) are reasonable, proper and necessitated by the legitimate business interests of the Company, and do not constitute an unlawful or unreasonable restraint upon Executive’s ability
to earn a living. Executive acknowledges that it may be impossible to asses the monetary damages occurred by Executive’s violation of sections 6, 7 or 8 of this Agreement, that violations of those sections will be material breaches of this
Agreement and will cause irreparable injury to the Company. Accordingly, Executive agrees that Company will be entitled, in addition to all other rights and remedies which may be available, to an injunction in joining and restraining Executive and
any other involved party from committing a violation of this Agreement, and Executive consents to the issuance and entry of such injunction. In addition, Company will be entitled to such damages as it can demonstrate that it sustained by reason of
the violation of this Agreement by the Executive and/or others. The parties agree that in the event of any litigation to enforce or interpret this Agreement, the prevailing party will be entitled to recover all costs, including reasonable
attorney’s fees, from the non-prevailing party. In the event Company enforces this section through a Court Order, Executive agrees that the restriction on Executive following termination of employment set forth in this Agreement shall remain in
effect for a period of one year from the date of the final Court Order enforcing this Agreement. 
 9. Return of Materials. Upon the
Executive’s Date of Termination, or at any time upon the Company’s request, the Executive (or if deceased, the Executive’s personal representative) shall promptly deliver to the Company without retaining copies, all tangible things
that are or contain Confidential Information. The Executive or such personal representative shall also promptly deliver to the Company all computer print-outs, books, software manuals and directions, floppy disks and other such media for storing
software and information, work papers, files, customer lists, supplier lists, Executive lists, telephone and/or address books, Rolodex or equivalent cards, memoranda, appointment books, calendars, Executive manuals, sales aides, keys and other
tangible things provided to the Executive by the Company, or authored in whole or in part by the Executive within the scope of his employment by the Company, even if they do not contain Confidential Information; provided that the Executive shall not
be required to deliver personal files and personal information unrelated to the Company’s business. At the time of such deliveries, the Executive shall disclose to the Company any passwords or other knowledge required to access and use any of
the foregoing. The Executive acknowledges that he does not have, and will not acquire, any ownership rights in such materials and things. 
 10. Nonalienation. The interests of the Executive under this Agreement are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Executive’s
creditors or beneficiaries. 
 11. Successors. This Agreement shall be binding upon, and inure to the benefit of, the Company and its
successors and assigns and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business. 
 12. Notices. Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by
registered or certified mail, return 
  

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 receipt requested, postage prepaid, or sent by facsimile or prepaid overnight courier to the parties at the addresses set
forth below (or such other addresses as shall be specified by the parties by like notice): 
  

			
	To the Company:	  	Telos Corporation
		  	19886 Ashburn Road
		  	Ashburn, VA 20147
		  	Attn.: General Counsel
		
	To the Executive:	  	Robert J. Marino
		  	5910 SE Oakmont Place
		  	Stuart, FL 34997-8636

 13. Severability. The invalidity or unenforceability of any provision of this Agreement
will not affect the validity or enforceability of any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be
appropriately reformed or modified). 
 14. Waiver of Breach. No waiver of either party hereto of a breach of any provision of this
Agreement by the other party will operate or be construed as a waiver of any subsequent breach by such other party. The failure of either party to take any action by reason of such breach will not deprive such party of the right to take action at
any time while such breach continues. 
 15. Amendment. This Agreement may be amended or canceled only by mutual agreement of the
parties in writing without the consent of any other person. So long as the Executive lives, no person, other than the Executive and the Company, shall have any rights under or interest in this Agreement or the subject matter hereof. 
 16. Choice of Law and Forum Selection. This Agreement shall be governed by the laws of the Commonwealth of Virginia as to its validity,
interpretation and enforcement. Should it be necessary for the Company to file suit, exclusive jurisdiction will lie in the courts of the Commonwealth of Virginia. 
 17. Survival of Agreement. Except as otherwise expressly provided in this Agreement, the rights and obligations of the parties to this Agreement shall survive the termination of the Executive’s employment
with the Company. 
 18. Entire Agreement. This Agreement constitutes the entire agreement between the parties concerning the subject
matter hereof and supersedes all prior and contemporaneous agreements, if any, between the parties relating to the subject matter hereof. 
 19. Acknowledgement by Executive. The Executive represents to the Company that he is knowledgeable and sophisticated as to business matters, including the subject matter of this Agreement, that he has read this Agreement and that he
understands its terms. The Executive acknowledges that, prior to assenting to the terms of this Agreement; he has been given a reasonable time to review it, to consult with counsel of his choice, and to negotiate at arm’s-length with the
Company as to the contents. The Executive and the Company agree that the language used in this Agreement is the language chosen by the parties to express their mutual intent, and that no rule of strict construction is to be applied against either
party hereto. 
  

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 IN WITNESS WHEREOF, the Executive has hereunto set his hand, and the Company has caused these presents to
be executed in its name and on its behalf, as of the date above first written. 
  

					
	EXECUTIVE	    	TELOS CORPORATION,
		    	a Maryland corporation
			
	 /s/    Robert J. Marino
	    	By:	 	 /s/    John B. Wood

	Robert J. Marino	    		 	John B. Wood
	Executive	    		 	Chief Executive Officer

  

 - 10 -Exhibit 10.29

 Exhibit 10.29 
 WAIVER UNDER AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 THIS WAIVER UNDER AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT (this “Waiver”) is entered into as of August 25, 2008, by and among TELOS CORPORATION, a Maryland corporation (“Parent”), XACTA CORPORATION, a Delaware corporation
(“Xacta”; Parent and Xacta are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), TELOS DELAWARE, INC., a Delaware
corporation (“Telos-Delaware”), UBIQUITY.COM, INC., a Delaware corporation (“Ubiquity”), TELOS INTERNATIONAL CORP., a Delaware corporation (“TIC”), TELOS INTERNATIONAL ASIA, INC., a Delaware
corporation (“TIA”), SECURE TRADE, INC., a Delaware corporation (“STI”) and TELOWORKS, INC., a Delaware corporation (“Teloworks”; Telos-Delaware, Ubiquity, TIC, TIA, STI and Teloworks are referred to
hereinafter each individually as a “Credit Party” and collectively, jointly and severally, as the “Credit Parties”), and WELLS FARGO FOOTHILL, INC. (formerly known as Foothill Capital Corporation), as agent
(“Agent”) for the Lenders (defined below) and as a Lender. 
 WHEREAS, Borrowers, Credit Parties, Agent and certain other financial
institutions from time to time party thereto (the “Lenders”) are parties to that certain Amended and Restated Loan and Security Agreement dated as of April 3, 2008, but effective as of March 31, 2008 (as amended from time to
time, the “Loan Agreement”); 
 WHEREAS, Borrowers and Credit Parties have notified Agent that an Event of Default exists under
Section 8.2 of the Loan Agreement due to the failure of the Companies to deliver audited financial statements and a certificate of accountants related thereto for the fiscal year of Parent ending December 31, 2007 (the “2007
Audit”) as required by Section 6.3(b) of the Loan Agreement within 105 days after the end of such fiscal year (the “Audit Default”); 
 WHEREAS, Borrowers and Credit Parties have requested that Agent and Required Lenders waive the Audit Default; and 
 WHEREAS, Agent and Required Lenders are willing to waive the Audit Default on and subject to the terms and conditions set forth herein; and 
 NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows: 
 1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Loan Agreement. 
 2. Waiver. Subject to the satisfaction of the conditions set forth in Section 4 hereof, and in reliance upon the representations and
warranties contained herein, Agent and Required Lenders hereby waive the Audit Default, provided that the waiver of the Audit Default is conditioned upon the delivery of the 2007 Audit and a certificate of accountants related thereto to Agent on or
before October 31, 2008. This is a limited waiver and shall not 

 
be deemed to constitute a waiver of, or consent to, any other existing or future breach of the Loan Agreement or any other Loan Document, including, without
limitation, the failure of the Companies to deliver to Agent the 2007 Audit and a certificate of accountants related thereto on or prior to October 31, 2008, the formation of Teloworks BPO Solutions Philippines Inc. as a Subsidiary of Teloworks
after the Closing Date in violation of Section 7.3(d) of the Loan Agreement (the “Subsidiary Default”), and Investments made by the Companies in Teloworks BPO Solutions Philippines Inc in violation of Sections 7.13 and 7.14 of the
Loan Agreement (the “Philippines Investment Default”). 
 3. Ratification. This Waiver, subject to satisfaction of the
conditions provided below, shall constitute an amendment to the Loan Agreement and all of the Loan Documents as appropriate to express the agreements contained herein. Except as specifically set forth herein, the Loan Agreement and the Loan
Documents shall remain unchanged and in full force and effect in accordance with their original terms. 
 4. Conditions to
Effectiveness. This Waiver shall become effective upon the satisfaction of the following conditions precedent: 
 (a) Each party hereto
shall have executed and delivered this Waiver to Agent; 
 (b) Agent shall have received the fee described in Section 5 hereof;

 (c) Borrowers shall have delivered to Agent such documents, agreements and instruments as may be requested or required by Agent in
connection with this Waiver, each in form and content acceptable to Agent; 
 (d) No Default or Event of Default other than the Subsidiary
Default and the Investment Default shall have occurred and be continuing on the date hereof or as of the date of the effectiveness of this Waiver; and 
 (e) All proceedings taken in connection with the transactions contemplated by this Waiver and all documents, instruments and other legal matters incident thereto shall be satisfactory to Agent and its legal counsel.

 5. Waiver Fee. To induce Agent and Lenders to enter into this Waiver, Borrowers shall pay to Agent, for the benefit of Lenders, a
non-refundable fee equal to $30,000, which shall be due and payable on the date hereof. 
 6. Miscellaneous. 
 (a) Warranties and Absence of Defaults. To induce Agent and Lenders to enter into this Waiver, each Company hereby represents and warrants to Agent
and Lenders that: 
 (i) The execution, delivery and performance by it of this Waiver and each of the other agreements,
instruments and documents contemplated hereby are within 

  

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its corporate power, have been duly authorized by all necessary corporate action, have received all necessary governmental approval (if any shall be
required), and do not and will not contravene or conflict with any provision of law applicable to it, its articles of incorporation and by-laws, any order, judgment or decree of any court or governmental agency, or any agreement, instrument or
document binding upon it or any of its property; 
 (ii) Each of the Loan Agreement and the other Loan Documents, as amended
by this Waiver, are the legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as the enforcement thereof may be subject to (A) the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditor’s rights generally, and (B) general principles of equity; 
 (iii) The
representations and warranties contained in the Loan Agreement and the other Loan Documents are true and accurate as of the date hereof with the same force and effect as if such had been made on and as of the date hereof; and 
 (iv) It has performed all of its obligations under the Loan Agreement and the Loan Documents to be performed by it on or before the date
hereof and as of the date hereof, it is in compliance with all applicable terms and provisions of the Loan Agreement and each of the Loan Documents to be observed and performed by it and no Event of Default or other event which upon notice or lapse
of time or both would constitute an Event of Default has occurred other than the Subsidiary Default and the Investment Default. 
 (b)
Expenses. Companies, jointly and severally, agree to pay on demand all costs and expenses of Agent (including the reasonable fees and expenses of outside counsel for Agent) in connection with the preparation, negotiation, execution, delivery
and administration of this Waiver and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith. In addition, Companies agree, jointly and severally, to pay, and save Agent harmless
from all liability for, any stamp or other taxes which may be payable in connection with the execution or delivery of this Waiver or the Loan Agreement, as amended hereby, and the execution and delivery of any instruments or documents provided for
herein or delivered or to be delivered hereunder or in connection herewith. All obligations provided herein shall survive any termination of the Loan Agreement as amended hereby. 
 (c) Governing Law. This Waiver shall be a contract made under and governed by the internal laws of the State of Illinois. 
 (d) Counterparts. This Waiver may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and
each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Waiver. 
  

 -3- 

 7. Release. 
 (a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Company, on behalf of
itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and Lenders, and their successors and assigns, and their present and former
shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred to collectively as the
“Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and
all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at
law and in equity, which such Company or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action,
cause or thing whatsoever which arises at any time on or prior to the day and date of this Waiver, including, without limitation, for or on account of, or in relation to, or in any way in connection with any of the Loan Agreement, or any of the
other Loan Documents or transactions thereunder or related thereto. 
 (b) Each Company understands, acknowledges and agrees that the release
set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 (c) Each Company agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be
discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above. 
 [signature pages follow]

  

 -4- 

 IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be executed by their respective
officers thereunto duly authorized and delivered as of the date first above written. 
  

			
	 BORROWERS:
  
 TELOS CORPORATION,
 a Maryland corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 EVP, General Counsel,
Chief Administrative Officer

	
	 XACTA CORPORATION,
 a Delaware
corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 Executive Vice President

	
	 CREDIT PARTIES:
  
 TELOS DELAWARE, INC.,
 a Delaware corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 Executive Vice President

	
	 UBIQUITY.COM, INC.,
 a Delaware
corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 Executive Vice President

			
	 TELOS INTERNATIONAL CORP.,
 a Delaware
corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 Executive Vice President

	
	 TELOS INTERNATIONAL ASIA, INC.,
 a
Delaware corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 Executive Vice President

	
	 SECURE TRADE, INC.,
 a Delaware
corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 Executive Vice President

	
	 TELOWORKS, INC.,
 a Delaware
corporation

		
	By	 	/s/ Michael P. Flaherty
	 Michael P. Flaherty
 President

			
	 AGENT AND SOLE EXISTING LENDER:
  
 WELLS FARGO FOOTHILL, INC. (formerly known as Foothill Capital Corporation)

		
	By	 	/s/ David Sanchez
	Name	 	David Sanchez
	Title	 	Vice President

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