Document:

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                                                                   EXHIBIT 10.16

                             FORM OF PROMISSORY NOTE

_____________                                                   Denver, Colorado
                                                               ________ __, 2002

         FOR VALUE RECEIVED, the undersigned, United Programming Argentina II,
Inc., a Colorado corporation (the "Borrower"), hereby promises to pay to the
order of LBTW I, Inc., a Colorado corporation (the "Company" and together with
any of its permitted successors or assigns, the "Holder"), at 12300 Liberty
Boulevard, Englewood, Colorado 80112, or at such other place as Holder may
designate in writing from time to time, the principal sum of __________________
($_________) or, if less, the unpaid principal balance of such amount, with
interest as set forth in this Note. Terms with initial capital letters that are
not defined herein have the meaning ascribed to them in the Amended and Restated
Agreement and Plan of Restructuring and Merger, dated December 31, 2001 as the
same may be amended, by and among UnitedGlobalCom, Inc., New UnitedGlobalCom,
Inc., United/New United Merger Sub, Inc., Liberty Media Corporation, Liberty
Media International, Inc., Liberty Global, Inc., and those persons indicated as
"Founders" in such agreement. The principal amount of this Note and all accrued
but unpaid interest hereon shall be due and payable in full on the first
anniversary hereof. The date on which this Note and all accrued but unpaid
interest thereon shall be due and payable is described in this Note as the
"Maturity Date."

         From the date of this Note and until this Note is paid in full (whether
before or after judgment), interest on the outstanding principal amount of this
Note shall accrue daily at a rate equal to 8% per annum compounded quarterly.
Accrued but unpaid interest on this Note shall be due and payable quarterly
beginning on _________, and on each payment or prepayment of principal (each an
"Interest Payment Date").

         If the Maturity Date or any Interest Payment Date is not a Business
Day, all amounts due and payable on the Maturity Date or such Interest Payment
Date, as the case may be, shall be paid on the next Business Day. All interest
shall be calculated on the basis of a year consisting of 365 days and the actual
number of days elapsed until this Note is paid in full.

         All payments of principal and interest in respect of this Note shall be
made in immediately available funds to the order of the Holder by wire transfer
to an account as may be specified from time to time by the Holder to the
Borrower in writing or, at the option of the Holder, in such manner as the
Holder shall have designated to the Borrower in writing.

         All payments under this Note shall be credited first toward interest
then accrued and the remainder toward principal. The Borrower may prepay this
Note, in whole or in part, at any time without premium or penalty. All payments
of the unpaid principal balance and interest will be made without withholding or
deduction for or on account of any present or future taxes, duties, assessments
or governmental charges of whatever nature, unless the withholding of such taxes
or duties is required by law.

         The Borrower shall pay, on demand, all attorneys' fees and all other
costs incurred by the Holder to enforce or construe any provision of this Note,
together with interest on such amount from the date of such demand until paid,
at the rate of interest payable under this Note plus an

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additional 3 percent.

         Borrower waives demand, presentment, protest, notice of protest, notice
of dishonor, and all other notices or demands of any kind or nature with respect
to this Note.

         Borrower agrees that a waiver of rights under this Note shall not be
deemed to be made by Holder unless such waiver shall be in writing, duly signed
by Holder, and each such waiver, if any, shall apply only with respect to the
specific instance involved and shall in no way impair the rights of Holder or
the obligations of Borrower in any other respect at any other time.

         Borrower agrees that in the event Holder demands or accepts partial
payment of this Note, such demand or acceptance shall not be deemed to
constitute a waiver of any right to demand the entire unpaid balance of this
Note at any time in accordance with the terms of this Note.

         IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE,
BORROWER WAIVES (TO THE FULL EXTENT PERMITTED BY LAW) ALL RIGHT TO A TRIAL BY
JURY, OR TO PLEAD AS A DEFENSE ANY STATUTE OF LIMITATIONS OR ANY OTHER SIMILAR
LAW OR EQUITABLE DOCTRINE.

         No delay or failure of the Holder in the exercise of any right or
remedy under this Note shall be deemed a waiver of such right, and no exercise
or partial exercise of any right or remedy shall be deemed a waiver of any other
right or remedy that the Holder may have.

         Borrower represents and warrants as of the date hereof that (i) it does
not conduct any business operations, (ii) it has not taken any corporate action
(other than (1) customary corporate action taken in connection with the
organization of the Borrower and with the approval of this Note and agreements
relating to this Note and (2) the issuance of shares to its sole stockholder),
(iii) it is wholly owned, directly or indirectly, by New UnitedGlobalCom, Inc.,
and (iv) it has no actual or contingent liabilities or obligations (including as
guarantor) of any kind or nature, whether due or to become due, whether
absolute, accrued, fixed or otherwise.

         Borrower further covenants and agrees not to (1) purchase, redeem or
otherwise acquire securities (including its own securities), and (2) take any
action to consolidate or merge with any other Person, dispose of all or
substantially all of its assets to any Person (except by way of dividend to its
sole stockholder), or acquire all or substantially all of the assets of any
other Person.

         Borrower shall not, without the prior written consent of Holder (which
may be given or withheld in its sole discretion), create, incur or assume any
Debt (as defined below). For purposes hereof, "Debt" shall mean any (i)
indebtedness or obligations, secured or unsecured, of Borrower, (A) for borrowed
money or advances of money or (B) evidenced by bonds, notes, debentures or
similar instruments, and (ii) any obligations, contingent or otherwise, of
Borrower guaranteeing or having the economic effect of guaranteeing any
indebtedness or obligations of any other person or entity of any type referred
to in clause (i).

         Any of the following shall constitute an event of default ("EVENT OF
DEFAULT") hereunder:

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         (a)      a failure on the part of Borrower to make any payment of
                  principal when due under this Note;

         (b)      a failure on the part of Borrower to make any payment of
                  interest when due under this Note and such default shall
                  continue for a period of two business days;

         (c)      a default in the full and timely performance of any other
                  obligation or covenant of Borrower under this Note, which
                  default continues without cure for two business days after
                  Borrower has notice thereof;

         (d)      any default occurs, after giving effect to any applicable
                  notice requirement or grace period, under or in connection
                  with any obligation of Borrower (including, in respect of any
                  securities of Borrower), exceeding $10,000 individually or in
                  the aggregate;

         (e)      Borrower shall commence (or take any action for the purpose of
                  commencing) any proceeding under any bankruptcy,
                  reorganization, insolvency, arrangement, readjustment of debt,
                  moratorium or similar law or statute or make (or take any
                  action for the purpose of making) a general assignment for the
                  benefit of its creditors or shall admit in writing its
                  inability to pay its debts generally as they become due;

         (f)      a proceeding shall be commenced against Borrower under any
                  bankruptcy, reorganization, insolvency, arrangement,
                  readjustment of debt, moratorium or similar law or statute and
                  relief is ordered against it, or the proceeding is
                  controverted but is not dismissed within thirty (30) days
                  after the commencement thereof; or

         (g)      Borrower consents to or suffers the appointment of a receiver,
                  trustee or custodian to any substantial part of its assets
                  that is not vacated within thirty (30) days after such
                  appointment.

Borrower shall notify Holder in writing promptly following (but in any event not
later than the second day following) the occurrence of any event which is, or
upon notice or the expiration of any period specified above would become, an
Event of Default. Such notice shall include a description of the material events
related to such Event of Default or default and Borrower's plans or proposals to
cure such Event of Default or default. If an Event of Default shall occur and be
continuing, then Holder may declare, by notice in writing given to Borrower, all
amounts in respect of principal and interest under this Note to be immediately
due and payable, in which case this Note shall become immediately due and
payable without presentment, demand, protest, notice of intent to accelerate,
notice of acceleration or notice of any kind, all of which are hereby expressly
waived; PROVIDED, HOWEVER, that when any Event of Default described in clause
(e), (f) or (g) of the first sentence of this paragraph has occurred and is
continuing, then all amounts in respect of principal and interest under this
Note shall immediately become due and payable, without presentment, demand,
protest, notice of intent to accelerate, notice of acceleration or notice of any
kind, all of which are hereby expressly waived.

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         All agreements between Borrower and Holder, whether now existing or
hereafter arising and whether written or oral, are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason of demand being
made on this Note or otherwise, shall the amount paid, or agreed to be paid, to
Holder for the use, forbearance, or detention of the money evidenced by this
Note or otherwise or for the payment or performance of any covenant or
obligation contained in this Note or any other document, agreement or instrument
executed in connection with this Note, exceed the maximum nonusurious interest
rate as in effect from time to time that may be charged, contracted for,
received or collected by Holder in connection with the transactions contemplated
by and evidenced in this Note and all documents executed in connection herewith
(the "HIGHEST LAWFUL RATE"). If, as a result of any circumstances whatsoever,
fulfillment of any provision hereof or of any of such documents, at the time
performance of such provision shall be due, shall involve transcending the limit
of validity prescribed by applicable usury law, then, IPSO FACTO, the obligation
to be fulfilled shall be reduced to the limit of such validity, and if, from any
such circumstance, Holder shall ever receive interest or anything which might be
deemed interest under applicable law which would exceed the Highest Lawful Rate,
such amount which would be excessive interest shall be applied to the reduction
of the principal amount owing on account of this Note or the amounts owing on
other obligations of Borrower to Holder and not to the payment of interest, or
if such excessive interest exceeds the unpaid principal balance of this Note and
the amounts owing on other obligations of Borrower to Holder, as the case may
be, such excess shall be refunded to Borrower. In determining whether or not the
interest paid or payable under any specific contingencies exceeds the Highest
Lawful Rate, Borrower and Holder shall, to the maximum extent permitted under
applicable law, (a) characterize any non-principal payment as an expense, fee or
premium rather than as interest; (b) exclude voluntary prepayments and the
effects thereof; and (c) amortize, prorate, allocate and spread in equal parts
during the period of the full stated term of this Note, all interest at any time
contracted for, charged, received or reserved in connection with the
indebtedness evidenced by this Note.

         This Note shall be governed by and construed in accordance with the
laws of the State of Colorado. The Borrower hereby submits to the jurisdiction
of the United States District Court for the District of Colorado and of any
court of the State of Colorado sitting in Denver, Colorado, for purposes of all
legal proceedings arising out of or related to this Note. The Borrower
irrevocably waives, to the fullest extent permitted by law, any objection that
the Borrower may now or later have to the lack of personal jurisdiction or
laying of the venue of any such proceeding brought in such a court and any claim
that any such proceeding brought in a court has been brought in an inconvenient
forum. Notwithstanding the preceding two sentences, the Holder retains the right
to bring any suit, action or proceeding seeking to enforce any provision of, or
based on any matter arising out of or in connection with this Note in any court
that has jurisdiction over the Borrower and subject matter. In any such action
or proceeding, Borrower waives, to the full extent permitted by law, personal
service of any summons, complaint or other process and agrees that service
thereof may be made by registered or certified mail to Borrower at 4643 South
Ulster Street, #1300, Denver, Colorado 80237. Such service shall be deemed to be
received three business days after such service is sent by registered or
certified mail as set forth above.

         This Note and the rights hereunder may be assigned or transferred by
the Company only to a direct or indirect wholly owned subsidiary of Liberty
Media Corporation, a Delaware

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corporation, or Liberty Media International, a Delaware corporation (or any
successor to either of the foregoing: by operation of law; in connection with
any merger, consolidation, statutory share exchange, or similar transaction; or
as a result of the sale of all or substantially all of the assets of either of
the foregoing). Borrower may not assign or transfer this Note or any of its
obligations under this Note in any manner whatsoever.

         Time is of the essence for Borrower's payments under this Note.

         IN WITNESS WHEREOF, the Borrower has duly executed this Note as of the
date first written above.

                                    BORROWER:

                                    UNITED PROGRAMMING ARGENTINA II, INC.

                                    By:
                                       -----------------------------
                                    Name:
                                    Title:<PAGE>

                                                                  EXHIBIT 10.27

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT ("Agreement"), dated as of December 1, 2001, between
TOYMAX INTERNATIONAL, INC., a Delaware corporation (the "Company"), and MICHAEL
SABATINO (the "Executive").

                               W I T N E S S E T H

         WHEREAS, the Company desires to employ the Executive, and the Executive
desires to accept such employment, on the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth herein, and for other good and valuable consideration, it is hereby
agreed as follows:

         1. EMPLOYMENT. The Company hereby agrees to employ the Executive and
the Executive hereby accepts employment, upon the terms and conditions set forth
herein.

         2. TERM. Subject to the provisions of Section 10 hereof, the period of
the Executive's employment under this Agreement shall be from December 1, 2001
through May 31, 2002 (the "Initial Term"). The Initial Term shall be
automatically extended until May 31, 2004 (the "Extended Term") unless, on or
prior to March 15, 2002, the Company shall deliver to the Executive written
notice that the Initial Term will not be extended. The Company's determination
with respect to the extension of the Initial Term shall be made by the
Compensation Committee of the Board of Directors of the Company (the
"Compensation Committee") in its sole discretion considering factors including,
but not limited to, whether or not the Executive has preformed his duties and
achieved the goals as set forth by the Compensation Committee and acknowledged
and agreed to by the Executive.

         3. POSITION AND DUTIES.

            (a) During the period of the Initial Term, and, if applicable,
the Extended Term (collectively, the "Term") the Executive shall serve as
Chief Financial Officer of the Company and shall have such duties consistent
with such office as from time to time may be prescribed by the Board of
Directors of the Company (the "Board"), or members of the Executive Committee
of the Board (the "Executive Committee").

            (b) During the Term, the Executive shall perform and discharge
the duties that may be assigned to him by the Board, or the Executive
Committee from time to time in accordance with this Agreement, and the
Executive shall devote his best talents, efforts and abilities to the
performance of his duties hereunder.

            (c) During the Term, the Executive shall perform such duties on a
full-time basis and the Executive shall have no other employment and no other
outside business activities whatsoever; PROVIDED, HOWEVER, that the Executive
shall not be precluded from making passive investments which do not require
the devotion of any significant time or effort.

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         4. COMPENSATION.

            (a) For the Executive's services hereunder for the Initial Term,
the Company shall pay the Executive a minimum annual salary (the "Base
Salary") at the rate of $225,000, payable in accordance with the customary
payroll practices of the Company; provided, however, that, if the Initial
Term is extended pursuant to Section 2: (i) the Base Salary shall be
increased to the rate of $250,000 beginning on April 1, 2002; and (ii) the
Company shall pay to the Executive a bonus in an amount to have made the Base
Salary during the Initial Term be at the rate of $250,000 per annum, less
required and elective withholdings, within 30 days of April 1, 2002.

         5. BONUSES.

            (a) EXECUTIVE BONUS PLAN. During the Term, the Executive shall be
eligible to participate in the Company's Executive Bonus Plan (the "Bonus
Plan"), in accordance with the terms and conditions of such Plan, as they may
exist from time to time. Nothing herein shall preclude the Company from
amending the Bonus Plan from time to time or terminating the Bonus Plan, in
whole or in part, at any time and without prior notice.

            (b) STOCK OPTIONS. The Company shall grant to the Executive an
option (the "Option") to purchase 25,000 shares of the common stock of the
Company (the "Common Stock") at an exercise price per share equal to the
closing price of the Common Stock on NASDAQ exchange on the date of this
Agreement. In the event that the Initial Term is extended pursuant to Section
2, on April 1, 2002, the Company shall grant to the Executive a second option
(the "Renewal Option") to purchase an additional 25,000 shares of the Common
Stock at an exercise price per share equal to the closing price of the Common
Stock on NASDAQ exchange on April 1, 2002. Each of the Option and the Renewal
Option shall be granted pursuant to and in accordance with the terms and
conditions of an option agreement substantially in the form attached hereto
as Exhibit A (the "Option Agreement") and the ToyMax International, Inc. 2001
Stock Option Plan (the "Stock Option Plan").

         6. OTHER BENEFITS. During the Term, the Company shall provide the
Executive with the following benefits:

            (a) STOCK OPTION PLAN. The Executive shall be eligible to
participate in the Stock Option Plan in accordance with the terms and
conditions thereof.

            (b) MEDICAL, HEALTH AND DENTAL INSURANCE BENEFITS. The Company
shall at its own expense provide the Executive and his eligible dependents
with the medical, health and dental insurance coverage provided by the
Company generally to its employees. Nothing herein shall prevent the Company
from amending and/or terminating the coverages and/or plans described in this
Section 6(b), provided, however, that such amendment and/or termination is
applicable generally to the employees of the Company.

            (c) TERM LIFE INSURANCE. The Company shall pay on the Executive's
behalf all premiums that become due during the Executive's employment
hereunder that are

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required to maintain in effect a term life insurance policy on Executive's life
with a face value of $500,000.

            (d) DISABILITY AND ACCIDENT INSURANCE BENEFITS. (1) Provided that
(a) the Executive is and remains insurable; (b) the Executive is and remains
eligible for coverage under either a group insurance policy maintained by the
Company or its affiliates or an individual insurance policy in either case at
a cost to the Company no greater than the standard rate (the "Standard Rate")
as determined by the insurance underwriter designated by the Company (the
"Underwriter") based upon an individual in good health and such other
factors, including, but not limited to, age, gender and income; and (c) the
Executive shall do, execute, acknowledge and deliver, or cause to be done,
executed, acknowledged or delivered, all documents, applications,
instruments, assurances or acts (including but not limited to physical
examinations), as may be necessary to obtain such insurance coverage, the
Company shall provide the Executive with long term disability insurance
coverage from the "Underwriter" providing for "lifetime" disability benefits,
equal to 50% of the Executive's base salary after a waiting period of ninety
(90) days. In the event the Underwriter offers the Executive (a) such
coverage at a cost in excess of the Standard Rate, or (b) insurance coverage
providing reduced benefits, the Executive may, at his or her option, pay the
excess cost to obtain the insurance coverage or accept the disability
insurance coverage with reduced benefits. Under no circumstances will the
Company have any liability for the excess cost or resulting from the
inability to obtain full benefits.

         (2) Provided that the Executive is and remains insurable and the
Executive shall do, execute, acknowledge and deliver, or cause to be done,
executed, acknowledged or delivered, all documents, applications,
instruments, assurances or acts (including but not limited to physical
examinations), as may be necessary to obtain such insurance coverage, the
Company shall provide the Executive with business travel accident and
accidental death and dismemberment insurance coverage in an amount of
$250,000 from an insurance underwriter designated by the Company.

            (e) 401(K) PLAN. The Executive shall be entitled to participate
in the Company's 401(k) Plan in accordance with the terms and conditions of
such plan.

            (f) LIABILITY INSURANCE. The Executive shall be provided with the
directors and officers liability insurance coverage generally provided to
officers of the Company. Notwithstanding the foregoing, the Company agrees to
indemnify the Executive against all costs, damages and expenses, including
attorneys' fees, incurred by the Executive as a result of claims by third
parties arising out of or from the Executive's lawful acts as an employee of
the Company, provided such acts are not grossly negligent and are performed
in good faith and in a manner reasonably believed by the Executive to be in
the Company's best interests. Any counsel employed to defend the Executive in
any such action shall be reasonably acceptable to the Executive and the
Company. Any counsel appointed by any insurance carrier for the Company shall
be deemed acceptable. It is the intent of the parties that the obligation
imposed by this paragraph will survive the termination of this Agreement.

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            (g) OTHER BENEFITS. The Company shall make available to the
Executive any and all other employee or fringe benefits (in accordance with
their terms and conditions) which the Company may make available to its other
employees.

         7. AUTOMOBILE ALLOWANCE. During the Term, the Company shall reimburse
the Executive for expenses, such as automobile lease or loan payments, in an
amount up to $600 per month.

         8. REIMBURSEMENT OF EXPENSES. During the Term, the Company shall pay or
reimburse the Executive for all reasonable travel, entertainment and other
business expenses actually incurred or paid by the Executive in the performance
of his duties hereunder upon presentation of expense statements and/or such
other supporting information as the Company may reasonably require of the
Executive.

         9. VACATIONS. The Executive shall be entitled to no less than [four
weeks] of paid vacation during each full calendar year of the Term (and a pro
rata portion thereof for any portion of the Term that is less than a full
calendar year); provided that no single vacation may exceed two consecutive
weeks in duration. Unused vacation may not be carried over to successive years
without the advance written consent of the Company. Executive shall use his best
efforts to use vacation each year.

         10. TERMINATION. The employment hereunder of the Executive may be
terminated prior to the expiration of the Term in the manner described in this
Section 10.

            (a) TERMINATION BY THE COMPANY FOR GOOD CAUSE. The Company shall
have the right to terminate the employment of the Executive for Good Cause
(as such term is defined herein) by written notice to the Executive
specifying the particulars of the circumstances forming the basis for such
Good Cause.

            (b) TERMINATION UPON DEATH. The employment of the Executive
hereunder shall terminate immediately upon his death.

            (c) VOLUNTARY RESIGNATION BY THE EXECUTIVE. The Executive shall
have the right to voluntarily resign his employment hereunder by providing 90
days written notice to the Company either prior to the end of the Term or
during the Term.

            (d) TERMINATION BY THE COMPANY WITHOUT GOOD CAUSE. The Company
shall have the right to terminate the Executive's employment hereunder
without Good Cause by written notice to the Executive.

            (e) TERMINATION DATE. The "Termination Date" is the date as of
which the Executive's employment with the Company terminates. Any notice of
termination given pursuant to the provisions of this Agreement shall specify
the Termination Date.

            (f) CERTAIN DEFINITIONS. For purposes of this Agreement, the
following terms shall have the following meanings:

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               (i) "Person" means any individual, corporation, partnership,
association, joint-stock company, trust, unincorporated organization, joint
venture, court or government (or political subdivision or agency thereof).

               (ii) "Change of Control" with respect to the Company, means
the occurrence of any of the following, other than in connection with the
initial public offering of the Common Stock: (A) the acquisition directly or
indirectly (in one or more related transactions) by any Person (other than
the Executive), or two or more Persons (other than the Executive) acting as a
group, of beneficial ownership (as that term is defined in Rule 13d-3 under
the Securities Exchange Act of 1934) of more than 35% of the outstanding
capital stock of the Company entitled to vote for the election of directors
("Voting Shares"); (B) the merger or consolidation of the Company with one or
more other corporations as a result of which the holders of the outstanding
Voting Shares of the Company immediately before the merger hold less than 75%
of the Voting Shares of the surviving or resulting corporation; or (C) the
sale of all or substantially all of the assets of the Company.

               (iii) "Good Cause" shall exist if, and only if, the Executive:
(A) willfully or repeatedly fails in any material respect to perform his
obligations hereunder as provided herein, provided that such Good Cause shall
not exist unless the Company shall first have provided the Executive with
written notice specifying in reasonable detail the factors constituting such
material failure and such material failure shall not have been cured by the
Executive within 30 days after such notice or such longer period as may
reasonably be necessary to accomplish the cure; (B) has been convicted of a
crime which constitutes a felony under applicable law or has entered a plea
of guilty or nolo contendere with respect thereto; (C) has committed any act
in connection with his employment hereunder which constitutes fraud or gross
negligence; or (D) violates any term or terms of the Employee Patent and
Confidential Information Agreement by and between the Company and the
Executive.

         11. OBLIGATIONS OF THE COMPANY ON TERMINATION. Notwithstanding anything
in this Agreement to the contrary, the Company's obligations on termination of
the Executive's employment shall be as described in this Section 11. The Company
shall have no obligation for termination pay if the termination is during or at
the end of the Initial Term.

            (a) OBLIGATIONS OF THE COMPANY IN THE CASE OF TERMINATION WITHOUT
GOOD CAUSE. In the event that (1) the Initial Term is extended pursuant to
Section 2, and (2) prior to the expiration of the Extended Term, the Company
terminates the Executive's employment, pursuant to Section 10(d), without
Good Cause, the Company shall provide the Executive with the following:

               (i) AMOUNT OF SEVERANCE PAYMENT. Except as provided in Section
11(b) below the Company shall pay the Executive the "Severance Payments"
equal to the sum of the following:

                   (A) the continuation, for a period of nine (9) months
following the Termination Date, of the Executive's Base Salary at the rate in
effect on the

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Termination Date, payable in accordance with the customary payroll practices of
the Company; and

                   (B) an immediate single lump sum cash payment of any Base
Salary, Bonus Plan payment, accrued vacation and unreimbursed expenses
accrued but unpaid as of the Termination Date.

         (b) OBLIGATIONS OF THE COMPANY IN THE CASE OF TERMINATION OF
EXECUTIVE'S EMPLOYMENT FOLLOWING A CHANGE IN CONTROL. In the event that: (1) the
Initial Term is extended pursuant to Section 2; and (2) during the Extended Term
a Change of Control occurs, the Company terminates the Executive's employment
without Good Cause, in lieu of the Severance Payments to which the Executive is
entitled under Section 11(a)(i) above, the Company shall pay the Executive as
follows:

              (i) CHANGE OF CONTROL SEVERANCE PAYMENT. If the Executive has
been employed hereunder for at least one year, the Company shall continue to
pay to the Executive, for a period of twenty-four (24) months following the
Termination Date, the Executive's Base Salary at the rate in effect on the
Termination Date, payable in accordance with the customary payroll practices
of the Company, PLUS an immediate single lump sum cash payment of any Base
Salary, Bonus Plan payment, accrued vacation and unreimbursed expenses
accrued but unpaid as of the Termination Date.

         (c) OBLIGATIONS OF THE COMPANY IN CASE OF TERMINATION FOR DEATH,
VOLUNTARY RESIGNATION OR GOOD CAUSE. Upon termination of the Executive's
employment upon death (pursuant to Section 10(b)), as a result of the
voluntary resignation of the Executive (pursuant to Section 10(c)) or for
Good Cause (pursuant to Section 10(a)), the Company shall have no payment or
other obligations hereunder to the Executive, except for the payment of any
Base Salary, Bonus Plan payment, accrued vacation, benefits or unreimbursed
expenses accrued but unpaid as of the date of such termination.

         (d) OBLIGATIONS OF THE COMPANY IN CASE OF TERMINATION DURING
INITIAL TERM. Notwithstanding anything contained herein to the contrary, upon
termination of the Executive's employment for any reason during the period
beginning on the date hereof and ending on the first of the following to
occur: (i) the date that the Initial Term is extended pursuant to Section 2,
or (ii) May 31, 2002, the Company shall have no payment or other obligations
hereunder to the Executive, except for the payment of any Base Salary, Bonus
Plan payment, if any, accrued vacation, benefits or unreimbursed expenses
accrued but unpaid as of the date of such termination.

         (e) GENERAL RELEASE. Prior to the making of any payments by the Company
to the Executive pursuant to this Section 11, the Executive shall deliver to the
Company a release of any and all claims of the Executive against the Company in
a form reasonably satisfactory to the Company.

         12. SEVERABILITY. Should any provision of this Agreement be held, by a
court of competent jurisdiction, to be invalid or unenforceable, such invalidity
or unenforceability shall

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not render the entire Agreement invalid or unenforceable, and this Agreement and
each other provision hereof shall be enforceable and valid to the fullest extent
permitted by law.

         13. SUCCESSORS AND ASSIGNS.

         (a) This Agreement and all rights under this Agreement are personal to
the Executive and shall not be assignable other than by will or the laws of
descent. All of the Executive's rights under the Agreement shall inure to the
benefit of his heirs, personal representatives, designees or other legal
representatives, as the case may be.

         (b) This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns. Any Person succeeding to the
business of the Company by merger, purchase consolidation or otherwise shall
assume by contract or operation of law the obligations of the Company under this
Agreement.

         14. GOVERNING LAW. This Agreement shall be construed in accordance with
and governed by the laws of the State of New York, without regard to the
conflicts of laws rules thereof.

         15. NOTICES. All notices, requests and demands given to or made upon
the respective parties hereto shall be deemed to have been given or made three
business days after the date of mailing when mailed by registered or certified
mail, postage prepaid, or on the date of delivery if delivered by hand, or one
business day after the date of delivery by Federal Express or other reputable
overnight delivery service, addressed to the parties at their addresses set
forth below or to such other addresses furnished by notice given in accordance
with this Section 15: (a) if to the Company, to 125 E. Bethpage Road, Plainview,
New York 11803, Attention: Chief Executive Officer, and (b) if to the Executive,
to _____________________________.

         16. WITHHOLDING. All payments required to be made by the Company to the
Executive under this Agreement shall be subject to withholding taxes, social
security and other payroll deductions in accordance with applicable law and the
Company's policies applicable to executive employees of the Company.

         17. COMPLETE UNDERSTANDING. Except as expressly provided below, this
Agreement supersedes any prior contracts, understandings, discussions and
agreements relating to employment between the Executive and the Company and
constitutes the complete understanding between the parties with respect to the
subject matter hereof. No statement, representation, warranty or covenant has
been made by either party with respect to the subject matter hereof except as
expressly set forth herein. Notwithstanding the foregoing or anything in this
Agreement to the contrary, the Employee Patent and Confidential Information
Agreement and the Option Agreement(s), by and between the Company and the
Executive, shall remain in full force and effect.

                                       7
<PAGE>

         18. MODIFICATION; WAIVER.

         (a) This Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed, in the case of an amendment, by
the Company and the Executive or in the case of a waiver, by the party against
whom the waiver is to be effective. Any such waiver shall be effective only to
the extent specifically set forth in such writing.

         (b) No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege.

         19. HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not control or affect the meaning or construction of
this Agreement.

         20. COUNTERPARTS. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement
shall become effective when each party hereto shall have received counterparts
hereof signed by the other party hereto.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed in its corporate name by one of its officers duly authorized to enter
into and execute this Agreement, and the Executive has manually signed his name
hereto, all as of the day and year first above written.

                                              TOYMAX INTERNATIONAL, INC.

                                              By:
------------------------------                    ------------------------------
Witness                                            Steven Lebensfeld
                                                   Chief Executive Officer

                                              ----------------------------------
------------------------------                Michael Sabatino
Witness

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