EMPLOYMENT AGREEMENT
                              --------------------

This Employment Agreement ("Agreement") is between National Lampoon, Inc.
("Employer"), with its principal place of business at 8228 Sunset Blvd., Los
Angeles, California 90046, ("Employer") and Lorraine Evanoff ("Employee") whose
address is 269 S. Beverly Drive, #257, Beverly Hills, California 90212. This
date of this Agreement is October 27, 2008 (the "Effective Date").

1.    EMPLOYMENT: Employer hereby agrees to employ Employee as its principal
      accounting officer and Employee hereby agrees to accept such employment
      under the terms and conditions set forth below. Employee shall be based in
      Los Angeles, California but shall travel as reasonably required by
      Employer.

2.    TITLE: Chief Financial Officer

3.    TERM: Employment shall be at will, subject to the termination provisions
      included in paragraph 15 below.

4.    BASE SALARY: Employee's compensation shall be One Hundred Thousand Dollars
      ($100,000) per year, subject to normal statutory deductions, payable
      semi-monthly or in accordance with Employer's then existing payment
      policy.

5.    OPTIONS: Employee has been or will be granted options to purchase
      Employer's common stock as follows:

            (a)   An option to purchase 150,000 shares of Employer's common
                  stock at an exercise price of $2.30 was granted to Employee on
                  December 17, 2007. The right to purchase 50,000 shares of
                  common stock vested immediately and the right to purchase the
                  remaining 100,000 shares of common stock will vest over the 36
                  month period following the grant date.

            (b)   An option to purchase 100,000 shares of Employer's common
                  stock will be granted on the date that the American Stock
                  Exchange notifies the Employer that it has regained compliance
                  with Section 1003(a)(iv) of the AMEX Company Guide, as
                  required by the letter received by the Employer on February
                  27, 2008 from the American Stock Exchange. The right to
                  purchase the common stock will vest on the date (the
                  "Notification Date") that the Employer receives written
                  notification from the American Stock Exchange that it has
                  regained compliance with Section 1003(a)(iv) of the AMEX
                  Company Guide. The exercise price will be equal to the last
                  sale price of Employer's common stock on the Notification
                  Date. If no sales of Employer's common stock are made on the
                  Notification Date, then the exercise price will be equal to
                  the last sale price of Employer's common stock on the last day
                  prior to the Notification Date on which trades were made and
                  reported. The term of the option will be 5 years.


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            (c)   Until this Agreement is terminated in accordance with
                  paragraph 15 below, on January 31, 2009 and on January 31st of
                  each year thereafter, Employee will receive an option to
                  purchase 100,000 shares of Employer's common stock at an
                  exercise price that is equal to or greater than the last sale
                  price of Employer's common stock on the grant date. If no
                  sales of Employer's common stock are made on the grant date,
                  then the exercise price will be equal to the last sale price
                  of Employer's common stock on the last day prior to the grant
                  date on which trades were made and reported. The right to
                  purchase the common stock will vest in equal increments over
                  36 months. The term of the option will be 10 years.

6.    BENEFITS: During Employee's employment under this Agreement, Employee
      shall be entitled to participate in any and all medical, pension, dental
      and life insurance plans and disability income plans, retirement
      arrangements and other employment benefits as in effect from time to time
      for the employees of Employer generally. Such participation shall be
      subject to (i) the terms of the applicable plan documents (including, as
      applicable, provisions granting discretion to Employer's Board of
      Directors or any administrative or other committee provided for therein or
      contemplated thereby) and (ii) Employer's generally applicable policies.
      Employee shall be entitled to accrue vacation time at the rate of 10
      business days per year, in accordance with Employer's vacation policy.
      Vacation time shall accrue as of November 1, 2007. Employer shall
      reimburse Employee for all reasonable business expenses incurred by
      Employee during Employee's employment hereunder to the extent in
      compliance with Employer's business expense reimbursement policies in
      effect from time to time and upon presentation by Employee of such
      documentation and records as Employer shall from time to time reasonably
      require.

7.    SERVICES: Employee's services shall not be exclusive to Employer. Employee
      shall render such services as are customarily rendered by persons in
      Employee's capacity in the entertainment industry and as may be reasonably
      requested by Employer. Employee hereby agrees to comply with all
      reasonable requirements, directions and requests, and with all reasonable
      rules and regulations made by Employer in connection with the regular
      conduct of its business; to render services during Employee's employment
      hereunder whenever and wherever and as often as Employer may reasonably
      require in a competent, conscientious and professional manner. Employee
      acknowledges receipt of a handbook setting forth Employer's rules and
      policies.

8.    INDEMNITY. Subsequent to the execution of this Agreement, Employer and
      Employee shall execute and deliver to each other an Indemnity Agreement.
      The delivery of such agreement by Employer is in consideration for the
      performance by Employee of her obligations since the start of her
      employment and under this Agreement.

9.    CONFIDENTIAL INFORMATION; RESULTS AND PROCEEDS: Employee hereby expressly
      agrees that Employee will not disclose any confidential matters of
      Employer prior to, during or after Employee's employment. In addition,
      Employee agrees that Employer shall own all rights of every kind and
      character throughout the universe, in perpetuity to any material and/or
      idea suggested or submitted by Employee or suggested or submitted to
      Employee by a third party that occurs during Employee's employment.
      Employee agrees that Employer shall own all the results and proceeds of
      Employee's services that are related to Employee's employment and
      responsibilities, whether rendered before or after the Effective Date.

10.   NOTICES: All notices to be given pursuant to this agreement shall be
      effected either by mail or personal delivery in writing at the addresses
      first above written.


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11.   COMPLETE AGREEMENT; MODIFICATIONS: Each party to this Agreement
      acknowledges that no representations, inducements, promises, or
      agreements, orally or otherwise, have been made by any party, or anyone
      acting on behalf of any party that are not embodied herein, and that no
      other agreement, statement, or promise not contained in this Agreement
      shall be valid or binding. This Agreement embodies the complete agreement
      and understanding between the parties and supersedes all prior
      understandings, agreements or representations by or between the parties,
      written or oral, which may have related to the subject matter hereof. Any
      modification of this Agreement will be effective only if it is in writing
      and signed by the party to be charged.

12.   LAWS: This agreement will be governed by the laws of the State of
      California irrespective of rules pertaining to conflicts of laws. This
      Agreement may be executed via facsimile and/or in counter-parts and all
      such counter-parts and/or facsimile copies shall be deemed one and the
      same and an original of this Agreement.

13.   WAIVERS: Failure to require compliance with any provision or condition
      provided for under this Agreement at any one time, or several times, shall
      not be deemed a waiver or relinquishment of such provision or condition at
      any other time.

14.   ASSIGNMENT: Employee shall not assign any of her rights or delegate any of
      her duties under this Agreement. Employer's rights and obligations under
      this Agreement will inure to the benefit of and be binding upon Employer's
      successors and assigns.

15.   TERMINATION AND NON-RENEWAL: Notwithstanding any other provisions of this
      Agreement, Employee's employment under this Agreement shall terminate
      under the following circumstances:

            (a) Termination by Employer for Cause. Employee's employment under
            this Agreement may be terminated for Cause without further liability
            on the part of Employer other than for accrued but unpaid salary
            through the date of termination effective immediately upon written
            notice to Employee. "Cause" shall mean the following:

                  (i) the commission by Employee of any act of embezzlement,
                  fraud, larceny or theft on or from Employer or an affiliate of
                  Employer;

                  (ii) the commission by Employee of, or indictment of Employee
                  for a felony or any misdemeanor, which misdemeanor involves
                  moral turpitude, deceit, dishonesty or fraud;

                  (iii) failure to perform, or materially poor performance of,
                  Employee's duties and responsibilities assigned or delegated
                  under this Agreement, or any material misconduct or violation
                  of Employer's policies, in either case, which continues for a
                  period of 30 days after written notice given to Employee; or

                  (iv) a material breach by Employee of any of the covenants,
                  terms or provisions of this Agreement or any agreement between
                  Employer and Employee regarding confidentiality.

            (b) Termination by Employee. Employee's employment under this
            Agreement may be terminated by Employee by written notice to the
            Board of Directors at least 30 days prior to such termination.

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            (c) Death; Disability. Upon the death of the Employee, or upon the
            permanent disability (as defined below) of the Employee continuing
            for a period in excess of 30 consecutive days, all obligations of
            Employer under this Agreement shall immediately terminate other than
            any obligation of Employer with respect to earned but unpaid salary
            and earned benefits contemplated hereby to the extent accrued or
            vested through the date of termination. As used herein, the terms
            "permanent disability" or "permanently disabled" shall mean the
            inability of the Employee, by reason of injury, illness or other
            similar cause, to perform a major part of her duties and
            responsibilities in connection with the conduct of the business and
            affairs of Employer, as determined reasonably and in good faith by
            Employer.

            (d) Termination by Employer Without Cause. Subject to the payment of
            Termination Benefits pursuant to paragraph 15(e), Employee's
            employment under this Agreement may be terminated without Cause by
            Employer upon written notice to Employee.

            (e) Certain Termination Benefits. Unless otherwise specifically
            provided in this Agreement or otherwise required by law, all
            compensation and benefits payable to Employee under this Agreement
            shall terminate on the date of termination of Employee's employment
            under this Agreement. Notwithstanding the foregoing, in the event of
            termination of Employee's employment with Employer pursuant to
            paragraph 15(d) above, Employer shall pay or provide to Employee (i)
            only such compensation as is earned under paragraph 4 through the
            date of termination plus one month's salary; (ii) all accrued but
            unused vacation benefits; (iii) all unvested options will
            immediately vest, (iv) Employee will have the right to exercise all
            options for a period of 90 days following the termination date. (the
            "Severance Benefits").

            The parties hereto agree that the Severance Benefits are to be in
            full satisfaction, compromise and release of any claims arising out
            of any termination of the Employee's employment pursuant to
            paragraph 15(d), and such amounts shall be contingent upon the
            Employee's delivery of a general release of such claims upon
            termination of employment in a form reasonably satisfactory to
            Employer, it being understood that no Severance Benefits shall be
            provided unless and until the Employee determines to execute and
            deliver such release.

            (f) Notwithstanding termination of this Agreement as provided in
            this paragraph 15 or any other termination of Employee's employment
            with Employer, Employee's obligations under paragraphs 9 and 16
            hereof shall survive any termination of Employee's employment with
            Employer at any time and for any reason.

16.   TRADE SECRETS: The parties acknowledge and agree that during the term of
      this Agreement and in the course of the discharge of his duties hereunder,
      Employee shall have access to and become acquainted with information
      concerning the operation of Employer and its affiliated entities,
      including without limitation, financial, personnel, sales, planning and
      other information that is owned by Employer and regularly used in the
      operation of Employer's business and that this information constitutes
      Employer's trade secrets. Employee agrees that she shall not intentionally
      or through gross negligence disclose any such trade secrets, directly or
      indirectly, to any other person or use them in any way during her
      employment or at any other time thereafter, except as is required in the
      course of her employment for Employer.


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17.   ARBITRATION: Any controversy, dispute or claim of whatever nature arising
      out of, in connection with or relating to this Agreement or the
      interpretation, meaning, performance, breach or enforcement thereof,
      including any controversy, dispute or claim based on contract, tort, or
      statute, and including without limitation claims relating to the validity
      of this Agreement or relating to termination of employment, shall be
      resolved at the request of either party to this Agreement, by final and
      binding arbitration conducted at a location determined by the arbitrator
      in Los Angeles, California, administered by and in accordance with the
      then existing Rules of Practice and Procedure of J*A*M*S/Endispute, Inc..
      (Jo Ao Mo S), and judgment upon any award rendered by the arbitrator(s)
      may be entered by any State or Federal Court having jurisdiction thereof.
      Either party may commence such proceeding by giving notice to the other
      party in the manner provided in paragraph 10 of this Agreement. Upon
      filing a demand for arbitration, all parties to the Agreement will have
      right of discovery to the maximum extent provided by law for actions tried
      before a court, and both agree that in the event of an arbitration,
      disputes as to discovery shall be determined by the arbitrator(s). The
      arbitrator(s) in any such proceeding shall apply California substantive
      law and the California Evidence Code to the proceeding. The arbitrator(s)
      shall have the power to grant all legal and equitable remedies
      (provisional and final) and award damages provided by California law. The
      arbitrator(s) shall prepare in writing and provide to the parties an award
      including findings of fact and conclusions of law. The arbitrator(s) shall
      not have the power to commit errors of law or legal reasoning, and the
      award may be vacated or corrected pursuant to California Code of Civil
      Procedure ss.ss.1286.2 or 1286.6 for any such error. Employer shall pay
      all fees of the arbitrator, and each party shall bear its or his expenses,
      costs and attorney fees relating to the arbitration and recovery under any
      order and/or judgment rendered therein. In any such proceeding general
      counsel for Employer may represent Employer regardless of whether such
      counsel has rendered advice to Employee in the past unless prohibited by
      law or rules of the California State Bar Association. The parties hereto
      hereby submit to the exclusive jurisdiction of the courts of the State of
      California for the purpose of enforcement of this agreement to arbitrate
      and any and all awards or orders rendered pursuant thereto. Should any
      party seek a provisional remedy to enforce such party's rights under this
      Agreement, such action shall be brought exclusively in the Superior Court
      of the State of California in and for the County of Los Angeles ("Superior
      Court") pursuant to California Code of Civil Procedure ss.1281.8. Service
      in any such action may be effected by providing process to the other party
      in the manner provided in Paragraph 10. The Superior Court in such action
      shall apply California substantive law. Each party shall bear its or her
      expenses, costs and attorney fees relating to such proceeding and
      enforcement of or securing recovery under any order and/or judgment
      rendered therein. The parties hereto hereby submit to the exclusive
      jurisdiction of the Superior Court for the purpose of securing such
      provisional remedies to enforce this Agreement and any and all orders and
      judgments rendered pursuant thereto.


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18.   INDEMNIFICATION: Employer hereby agrees to hold harmless and indemnify
      Employee to the fullest extent authorized or permitted by law, as such may
      be amended from time to time, from and against all expenses, judgments,
      penalties, fines and amounts paid in settlement actually and reasonably
      incurred by her or on her behalf in connection with any proceeding or any
      claim, issue or matter, if she acted in good faith and in a manner she
      reasonably believed to be in or not opposed to the best interests of
      Employer and, with respect to any criminal proceeding, had no reasonable
      cause to believe her conduct was unlawful. The benefits afforded hereby
      may not be reduced at a subsequent date without the express written
      permission of the Employee. Employee shall be entitled to indemnification
      if, by reason of her employment, which the parties agree began on November
      1, 2007, she is, or is threatened to be made, a party to or participant in
      any proceeding brought by a third party, whether brought by or in the
      right of Employer, provided however, that, if applicable law so provides,
      no indemnification against expenses shall be made in respect of any claim,
      issue or matter in such proceeding as to which Employee shall have been
      adjudged to be liable to Employer unless and to the extent that the
      Superior Court of the State of California, or the court in which such
      proceeding shall have been brought or is pending, shall determine that
      such indemnification may be made.

19.   If the foregoing represents Employee's and Employer's understanding and
      agreement and Employee, please sign where set forth below.


                                        National Lampoon, Inc.


                                        By ________________________________

                                        Its:  _____________________________

Agreed to and Accepted:

________________________________
Lorraine Evanoff

Dated: _________________________