Document:

<PAGE>

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT ("Agreement"), dated as of January 4, 2001,
between NEXSAN CORPORATION ("Company") and JAMES MOLENDA ("Executive").

                              W I T N E S S E T H :

     WHEREAS, the Company desires to employ Executive as its Vice President of
Sales and Executive desires to accept such employment, upon the terms and
conditions hereinafter set forth;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties hereto agree as follows:

     1. EMPLOYMENT

          1.1 The Company hereby agrees to employ Executive, and Executive
     hereby agrees to accept employment by the Company and to serve, as Vice
     President of Sales, effective as of the consummation of the transactions
     contemplated by (i) the Exchange Agreement among the Company and the
     shareholders of Nexsan Technologies Ltd., and (ii) the Stock Purchase
     Agreement among the Company, Beechtree Capital LLC, and the purchasers of
     the Company's common stock ("Common Shares") parties thereto (the
     "Effective Date").

          1.2 The Executive agrees to undertake the duties and responsibilities
     inherent in such position and such other duties and responsibilities as the
     President, the Chief Executive Officer, or the Board of Directors of the
     Company shall from time to time reasonably assign to him. The Executive
     shall devote his full-time efforts to the business of the Company so as to
     increase the profitability and shareholder value of the Company; and the
     Executive shall not be engaged in any other business activity during the
     duration of this Agreement, unless written approval is first secured from
     the President of the Company. Notwithstanding the foregoing, the Executive
     shall not have the authority to accept sales orders or enter into
     agreements for the sale of products or services unless the prices and terms
     of such sales have been approved by the President or Chief Executive
     Officer of the Company.

          1.3 Executive shall also serve at the option of the Company as an
     officer or director of any other entity controlling, controlled by or under
     common control with the Company (an "Affiliate") without additional
     compensation. Without limiting the forgoing, during the term of this
     Agreement, the Executive consents to being appointed as a member of the
     Company's Board of Directors.

<PAGE>

          1.4 The Executive agrees to abide by the rules, regulations,
     instructions, personnel practices and policies of the Company and any
     changes therein that may be adopted from time to time by the Company.

     2. COMPENSATION

          2.1 Base Salary

               (a) The Company shall pay Executive a base salary ("Base Salary")
          at the rate of $225,000 per year. Base Salary shall be payable in
          installments consistent with the Company's payroll practices then in
          effect. The Company shall increase the Base Salary annually, on each
          anniversary of the Effective Date, by five percent (5%) over the Base
          Salary in effect the previous year.

          2.2 Restricted Stock Purchase Rights

               Contemporaneously herewith, the Executive has been granted the
          right to purchase, pursuant to the Restrictive Stock Purchase
          Agreement entered by and between the Executive and the Company,
          pursuant to the Company's 2001 Stock Plan, 1,200,000 (One Million and
          Two Hundred Thousand) Common Shares of the Company.

          2.3 Additional Compensation

               Nothing contained in this Agreement shall prevent the Board of
          Directors of the Company, in its sole and absolute discretion, from,
          at any time, increasing Executive's compensation either permanently or
          for a limited period, whether in Base Salary or by bonus or otherwise,
          if the Board of Directors, in its sole discretion, shall deem it
          advisable to do so in order to recognize and fairly compensate the
          Executive for services rendered, provided, that nothing in this
          sentence shall in any manner obligate the Board of Directors to make
          any such increase or provide any such additional benefits.

          2.4 Withholdings, Etc.

               Payment of all compensation and benefits to Executive hereunder
          shall be made in accordance with the relevant Company policies in
          effect from time to time, including normal payroll practices, and
          shall be subject to all applicable employment and withholding taxes.

     3. BENEFITS

          Executive shall be entitled to participate in all health care,
     insurance, deferred compensation and other employee benefit plans generally
     available to executives of the Company, consistent with the terms of those
     plans as they may currently exist or be modified

                                      -2-

<PAGE>

     from time to time. Executive shall also be entitled to a minimum of four(4)
     weeks paid vacation annually and holidays and other fringe benefits, all in
     accordance with Company policy for executives of the Company, as those
     policies may currently exist or be modified from time to time. Unused
     vacation time shall accumulate, expire or be payable in accordance with
     Company policy applicable to executives of the Company, as then in effect.

     4. TERM AND TERMINATION

          4.1 Unless earlier terminated as provided herein, the initial term of
     this Agreement and of Executive's employment hereunder shall commence on
     the Effective Date and shall terminate on the fifth anniversary (the
     "Expiration Date") of the Effective Date. Unless this Agreement shall have
     been earlier terminated, the term of this Agreement and Executive's
     employment will be extended automatically for successive one (1) year terms
     commencing on the Expiration Date unless either party elects to terminate
     this Agreement by providing written notice to the other party at least one
     hundred eighty (180) days prior to the expiration of the Initial Term or
     any renewal term of this Agreement.

          4.2 This Agreement and Executive's employment hereunder shall
     terminate:

               (a)  upon the death of Executive;

               (b)  upon written notice to Executive if, as a result of
                    Executive's incapacity due to physical or mental illness,
                    Executive shall have been unable to perform Executive's
                    duties hereunder on a full time basis for a consecutive
                    period of ninety (90) days or an aggregate of one hundred
                    twenty (120) days within any twelve-month period;

               (c)  upon written notice to Executive, for Cause. "Cause" means
                    (i) any willful, material violation by the Executive of any
                    law or regulation applicable to the business of the Company
                    or any Affiliate; (ii) the Executive's conviction for, or
                    guilty plea - or plea of nolo contendere - to, a felony
                    (other than a felony related solely to automobile
                    infractions, unless Executive is incarcerated as a result
                    thereof); (iii) the Executive's commission of an act of
                    personal dishonesty which involves personal profit in
                    connection with the Company or any other entity having a
                    business relationship with the Company, (iv) gross
                    carelessness or unjustifiable neglect of Executive's duties
                    or willful failure to follow the lawful orders of the
                    President, the Chief Executive Officer, Chief Operating
                    Officer or of the Board of Directors of the Company; (v) any
                    material breach by the Executive of this Agreement; (vi) the
                    Executive's willful violation of any of the policies of the
                    Company or any Affiliate so as to cause loss,

                                      -3-

<PAGE>

                    damage or injury to the property, reputation or employees of
                    the Company or any Affiliate, or (vi) any other willful
                    misconduct by the Executive which is materially injurious to
                    the business, financial condition or business reputation the
                    Company or any Affiliate; or

               (d)  upon written notice given during the 31st month or the 43rd
                    month after the Effective Date for failure to meet the Sales
                    Target in the 30th month or by the 42nd month after the
                    Effective Date, respectively. "Sales Target" means either
                    (x) the total amount of sales, net of returns, discounts and
                    allowances, of the Company and its Affiliates on a
                    consolidated basis, net of intercompany transactions, in the
                    applicable month, or (y) the average of such total amounts
                    in the three months ending with the applicable month;
                    provided that the amount of sales shall be increased by the
                    amount of valid purchase orders which would have resulted is
                    sales for the applicable month but for the fault of the
                    Company. The Sales Target for the 30th month is $5 million
                    and the Sales Target for the 42nd month is $8 million. For
                    purposes of this subsection (d), the first month after the
                    Effective Date shall be deemed to be January 2001.

          4.3 Consequences of Termination.

               In the event that the Company terminates Executive's employment
          pursuant to Section 4.2 then (a) the Executive's Base Salary shall be
          prorated as of the date of termination or resignation and such
          prorated amount shall be paid to Executive, and (b) the Company shall
          make such other and further payments to Executive as may be provided
          pursuant to the terms of any employee benefit plan in which Executive
          is a participant at the time of termination, to the extent payable
          upon such termination in accordance with such plans or applicable
          Company policies; provided, that if the Company terminates Executive's
          employment pursuant to Section 4.2(d), the Company shall also pay to
          Executive severance equal to two times the average monthly Base Salary
          for the three months preceding the date of termination.

     5. ADDITIONAL AGREEMENTS AND UNDERSTANDINGS

          5.1 Employment Location.

               The Executive shall perform the employment duties contemplated by
          this Agreement from such location as the Company may from time to time
          specify. The Executive acknowledges that his duties hereunder entail
          substantial travel.

          5.2 Reimbursement of Expenses

                                      -4-
<PAGE>

               Upon submission of itemized expense statements in the manner
          specified by the Company, Executive shall be entitled to reimbursement
          for reasonable travel and other reasonable business expenses duly
          incurred by Executive in the performance of Executive's duties under
          this Agreement, all in accordance with the policies and procedures
          established by the Company from time to time for the Company's
          executives.

          5.3 Company Property

               Executive agrees that all operating and/or financial data and
          projections, plans, contracts, agreements, literature, manuals,
          brochures, books, schedules, correspondence and other materials
          furnished, disclosed or otherwise made available to Executive by the
          Company or its Affiliates or secured through the efforts of Executive,
          relating to the business conducted by the Company and/or its
          Affiliates, are and shall remain the property of the Company and/or
          its Affiliates, and Executive agrees to deliver all such materials,
          including all copies or abstracts thereof, to the Company upon the
          termination of Executive's employment hereunder, or at any other time
          at the Company's request.

          5.4 Confidential Information

               Executive agrees that, except in the good faith performance of
          his duties and responsibilities under this Agreement or as required by
          order of a court or governmental agency having jurisdiction, he will
          not at any time during or after his employment with the Company use,
          reveal, divulge or make known to any person or entity any confidential
          or proprietary knowledge or information concerning the Company or its
          Affiliates, including without limitation any such information
          concerning any equipment, facilities, customers, end users, contracts,
          leases, operating and/or financial data and projections, processes,
          developments, schedules, lists, plans or other matters relating to the
          business of the Company or its Affiliates and will retain all
          knowledge and information Executive acquired during his employment
          therewith relating to the business of the Company or its Affiliates in
          trust in a fiduciary capacity for the sole benefit of the Company, its
          Affiliates and their respective successors and assigns. Executive's
          obligations under this Section 5.4 shall not apply to any information
          that (i) is or becomes known to the general public under circumstances
          involving no breach by Executive of this Agreement, (ii) is generally
          disclosed to third parties (excluding counsel, accountants, financial
          advisors, employees, agents and material creditors of the Company) by
          the Company without restriction on such third parties, or (iii) is
          approved for release by written authorization of the President of the
          Company.

          5.5 Developments

                    (a) Executive will make full and prompt disclosure to the
               Company of all inventions, improvements, discoveries, methods,
               developments, software, and works of authorship, whether
               patentable or not, which are created, made, conceived or reduced
               to practice by the Executive or under his direction or jointly
               with others during his employment by the

                                      -5-
<PAGE>

               Company, whether or not during normal working hours or on the
               premises of the Company (all of which are collectively referred
               to in this Agreement as "Developments").

                    (b) Executive agrees to assign and does hereby assign to the
               Company (or any person or entity designated by the Company) all
               his right, title and interest in and to all Developments and all
               related patents, patent applications, copyrights and copyright
               applications.

                    (c) Executive agrees to cooperate fully with the Company,
               both during and after his employment with the Company, with
               respect to the procurement, maintenance and enforcement of
               copyrights and patents (both in the United States and foreign
               countries) relating to Developments. Executive shall sign all
               papers, including, without limitation, copyright applications,
               patent applications, declarations, oaths, formal assignments,
               assignment of priority rights, and powers of attorney, which the
               Company may deem necessary or desirable in order to protect its
               rights and interests in any Development.

                    (d) Notwithstanding anything in this Section 5 to the
               contrary, the Company acknowledges that the intellectual property
               known as the "Lead Registration Program" shall not be deemed a
               Development.

          5.6 Non-Competition

               While employed hereunder, Executive shall not (i) enter into the
          employment of, or act as a consultant, director, officer, or employee
          of, or render any service or advice to, any other business,
          partnership, association, corporation or other entity which directly
          engages in competition in any material respect with any business
          presently carried on or under development, or which hereafter during
          the period of his employment by the Company shall be carried on or be
          under development by the Company and which is then being carried on by
          the Company, in the United States or any foreign country where such
          business is then or was within the one year period ending on the date
          of termination conducted, other than the Company or any Affiliate (a
          "Competing Business") or (ii) invest or otherwise acquire any
          interest, whether as a shareholder, lender, partner, proprietor,
          vendor or otherwise, in any Competing Business (excluding ownership of
          less than 2% of a class of securities of a publicly_traded company).
          While employed hereunder and for a period of one (1) year after
          termination of employment, Executive shall not encourage, solicit, or
          attempt to induce (or assist others to encourage, solicit, or attempt
          to induce) any customer of the Company or any user of products of the
          Company to reduce, restrict, or terminate its business relationship
          with the Company or any reseller which is a customer of the Company or
          its use of products, or products which incorporate products,
          manufactured by the Company, or to shift its business from the Company
          or any such reseller to any other supplier of competing goods or
          services
                                      -6-
<PAGE>

          5.7 Non-Solicitation

               While employed hereunder and for a period of one (1) year
          thereafter, Executive shall not, directly or indirectly, entice,
          induce or in any manner influence any person who is, or shall have
          been during such period, in the service of the Company or its
          Affiliates, to leave such service, or employed or engaged by or
          otherwise associated with any person or entity.

          5.8 Survival, Rights and Remedies

               The provisions of this Section 5 shall survive the termination of
          this Agreement and the termination of Executive's employment with the
          Company and shall run to and inure to the benefit of the Company and
          its successors and assigns. Executive represents, warrants and
          acknowledges that he has carefully read this Section 5, that he has
          had an opportunity to have the provisions contained herein explained
          to him by his attorney, and that he understands the provisions
          contained herein. Executive further acknowledges that, by reason of
          his training, skills, experience and employment hereunder, the
          services to be rendered by him under the provisions of this Agreement
          and their value to the Company are of a special, unique and
          extraordinary character and that it would be difficult or impossible
          to replace such services, and he further acknowledges that a violation
          by him of any of the provisions of this Section 5 could cause
          continuing material and irreparable injury to the Company and that in
          such event money damages would not be readily calculable and the
          Company would not have an adequate remedy at law. Executive
          acknowledges and agrees that (i) the restrictions under this Section 5
          are reasonable and will not interfere with Executive's ability to earn
          a livelihood or impose upon him any undue hardship, and (ii) any
          breach of the covenants, provisions and restrictions contained in this
          Section 5 shall cause, and shall be deemed to be, a fundamental and
          material breach of Executive's fiduciary and contractual obligations
          to Employer. Therefore, Executive agrees that the Company shall be
          authorized and entitled to obtain from any court of competent
          jurisdiction, interim and permanent equitable relief, including
          without limitation, injunctive relief, in the event of any such breach
          or threatened breach of the provisions of this Section 5, and the
          prevailing party shall be entitled to payment of reasonable attorneys'
          fees and disbursements and any other costs incurred in connection with
          any proceedings in connection with such breach or threatened breach.
          These rights and remedies shall be cumulative and shall be in addition
          to any other rights or remedies whatsoever to which the Company shall
          otherwise be entitled hereunder, at law or otherwise, including the
          right to seek damages (including any consequential damages) which any
          court of competent jurisdiction may deem appropriate.

     6. APPLICABLE LAW; ARBITRATION

          This Agreement shall in all respects, including all matters of
     construction, validity and performance, be governed by and construed and
     enforced in accordance with the laws of the State of California. Except as
     provided in Section 5.8, any controversy or claim arising under the
     provisions of this Agreement or of any breach or alleged breach thereof
     shall be subject to mediation under the auspices of the American
     Arbitration Association in Los Angeles, California

                                      -7-

<PAGE>

     or any other location mutually agreeable to the parties, and, if not
     resolved thereby, shall be settled by arbitration, before a single
     arbitrator sitting in Los Angeles, California or any other location
     mutually agreeable to the parties, in accordance with the Commercial
     Arbitration Rules of the American Arbitration Association, and judgment
     upon the award rendered by the arbitrator may be entered in any court
     having jurisdiction. The arbitrator shall be authorized to decree any and
     all relief of an equitable nature, and shall also be authorized to award
     damages and costs. Notwithstanding the foregoing, in the extent of a breach
     or impending breach of this Agreement, either party may seek an injunction,
     restraining order or other equitable relief from any court of competent
     jurisdiction.

     7. SUCCESSORS

          This Agreement and all rights of Executive hereunder shall inure to
     the benefit of and be enforceable by Executive's personal or legal
     representatives, executors, administrators, successors, heirs,
     distributees, devisees and legatees. If Executive should die while any
     amounts still are payable to him hereunder if he had continued to live, all
     such amounts, unless otherwise provided herein, shall be paid in accordance
     with the terms of this Agreement to Executive's devisee, legatee, or other
     designee or, if there be no such designee, to Executive's estate.

     8. MISCELLANEOUS

          8.1 Entire Agreement

               This Agreement constitutes the entire agreement between the
          parties and supersedes all prior agreements and understandings,
          whether written or oral, relating to the subject matter of this
          Agreement.

          8.2 Notices

               Every notice required by the terms of this Agreement shall be
          given in writing by serving the same upon the party to whom it was
          addressed personally or by registered or certified mail, return
          receipt requested, at the address set forth below or at such other
          address as may hereafter be designated by notice given in compliance
          with the terms hereof:

               If to Executive: 20628 Calhaven Drive
                                Santa Clarita, CA 91350

               If to Company:   Nexsan Corporation
                                C/O Beechtree Capital, Ltd.
                                1 Rockefeller Plaza
                                New York, NY 10020

                                      -8-
<PAGE>

                                and to

                                RubinBaum LLP
                                30 Rockefeller Plaza
                                New York, NY 10112
                                Attention: Michael J. Emont, Esq.

or such other address as shall be provided in accordance with the terms hereof.
Such notice shall be effective upon mailing.

          8.3 Waivers

               No delay or failure by any party hereto in exercising, protecting
          or enforcing any of its rights, titles, interests or remedies
          hereunder, and no course of dealing or performance with respect
          thereto, shall constitute a waiver thereof. The express waiver by a
          party hereto of any right, title, interest or remedy in a particular
          instance or circumstance shall not constitute a waiver thereof in any
          other instance or circumstance. All rights and remedies shall be
          cumulative and not exclusive of any other rights or remedies.

          8.4 Amendments in Writing

               No amendment, modification, waiver, termination or discharge of
          any provision of this Agreement, nor consent to any departure
          therefrom by either party hereto, shall in any event be effective
          unless the same shall be in writing, specifically identifying this
          Agreement and the provision intended to be amended, modified waived,
          terminated or discharged and signed by the Company and the Executive,
          and each such amendment, modification, waiver, termination or
          discharge shall be effective only in the specific instance and for the
          specific purpose for which given. No provision of this Agreement shall
          be varied, contradicted or explained by any oral agreement, course of
          dealing or performance or any other matter not set forth in an
          agreement in writing and signed by the Company and the Executive.

          8.5 Severability

               If any provision of this Agreement shall be held invalid, illegal
          or unenforceable in any jurisdiction, for any reason, including,
          without limitation, the duration of such provision, its geographical
          scope or the extent of the activities prohibited or required by it,
          then, to the full extent permitted by law, (a) all other provisions
          hereof shall remain in full force and effect in such jurisdiction and
          shall be liberally construed in order to carry out the intent of the
          parties hereto an nearly as may be possible, (b) such invalidity,
          illegality or unenforceability shall not affect the validity, legality
          or enforceability of any other provision hereof, and (c) any court or

                                      -9-
<PAGE>

          arbitrator having jurisdiction thereover shall have the power to
          reform such provision to the extent necessary for such provision to be
          enforceable under applicable law.

          8.6 Counterparts

               This Agreement may be executed in counterparts, each of which
          counterpart shall be deemed an original, but all of which together
          shall constitute one and the same instrument.

          8.7 Other Agreements. Executive hereby represents that he is not bound
     by the terms of any agreement with any previous employer or other party to
     refrain from competing, directly or indirectly, with the business of such
     previous employer or any other party. Executive further represents that his
     performance of all the terms of this Agreement and as an employee of the
     Company does not and will not breach any agreement to keep in confidence
     proprietary information, knowledge or data acquired by him in confidence or
     in trust prior to his employment with the Company.

     IN WITNESS WHEREOF, the parties have executed and entered into this
Agreement on the 4th day of January, 2001

                                          NEXSAN CORPORATION

                                          By: /s/ Martin Boddy
                                              ---------------------------------
                                          Title:   CEO
                                                -------------------------------

                                          /s/ James Molenda
                                              ---------------------------------

                                                  JAMES MOLENDA

                                      -10<PAGE>

                              CONSULTING AGREEMENT

     AGREEMENT, made this day 4TH of January 2001 by and between Nexsan
Corporation, having its principal place of business at Suite 1600, 1 Rockefeller
Plaza, New York, New York 10022 (hereinafter the "Company") and Beechtree
Capital, LLC, having its principal place of business at One Rockefeller Plaza,
New York, New York 10020 (hereinafter the "Consultant).

     WHEREAS, the Company desires to retain the Consultant for consulting
services in connection with the Company's business and investment banking
affairs, and the Consultant desires to provide such services as set forth
herein.

     NOW, THEREFORE, in consideration of the premises and mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties, intending to
be legally bound, agree as follows:

A.   CONSULTATION.

     1. Consultant. The Company hereby retains the Consultant to render to the
Company the consulting services as defined in Section B hereof, and the
Consultant hereby accepts such assignment upon the terms and conditions
hereinafter set forth.

     2. Independent Relationship. The Consultant shall provide the consulting
services required to be rendered by it hereunder solely as an independent
contractor and nothing contained herein shall be construed as giving rise to an
employment or agency relationship, joint venture, partnership or other form of
business relationship.

     3. No Authority to Obligate the Company. Without the consent of the board
of directors or appropriate officer of the Company, the Consultant shall have no
authority to take, nor shall it take, any action committing or obligating the
Company in any manner, and it shall not represent itself to others as having
such authority.

     4. Term. The term of the Consultant's consultation to the Company hereunder
shall commence as of the date hereof and shall extend for a term of five (5)
years unless the parties agree in writing to extend the consultation for an
additional one year term(s). Notwithstanding the foregoing, this Agreement may
be terminated at any time after four (4) years for any reason, by either party
giving at least ninety (90) days written notice to the other party, or by the
Company if the Consultant has willfully failed to use reasonable efforts to
perform its obligations hereunder and such willful failure continues for three
months after written notice specifying in reasonable detail the basis thereof.
Upon any termination of this Agreement, the Company shall:

         (i) pay to the Consultant any previously accrued but unpaid
compensation, as contemplated by Section C hereof; and

<PAGE>

(ii) pay any previously incurred but unpaid expenses, as contemplated by Section
D hereof.

B.   OBLIGATIONS OF THE CONSULTANT.

     1. Consulting Services. During the term of this Agreement, Consultant will
render advice and assistance to the Company on business related matters and in
connection therewith the Consultant shall:

         a. evaluate the Company's managerial, marketing and sales performance,
     including the furnishing of written reports upon the request of the
     Company;

         b. consult with the Company concerning ongoing strategic corporate
     planning and long term investment policies, including any revision of the
     Company's business plan;

         c. assist in the negotiation of contracts with suppliers and major
     customers when so requested by the Company;

         d. consult with and advise the Company with regard to potential mergers
     and acquisitions, whether the Company is the acquiring company or the
     target of acquisition;

         e. upon the request of the Company, Consultant will review press
     releases to be made available to, among others, the press, customers,
     suppliers, broker/dealers, financial institutions, and the Company's
     shareholders; and

         f. render such other services to the Company as its Board of Directors
     may reasonably request.

     2. Nonexclusive Engagement; Extent of Services.

         a. The parties agree that the consultation contemplated by this
     Agreement is a nonexclusive engagement and that the Consultant now renders
     and may continue to render consulting services to other companies which may
     or may not conduct activities similar to those of the Company.

         b. The Consultant will devote such time and effort to the affairs of
     the Company as the Consultant deems reasonable and adequate to render the
     consulting services contemplated by this Agreement. The Consultant's work
     will not include any services that constitute the rendering of any legal
     opinions or performance of work that is in the ordinary purview of
     certified public accountants.

     3. Confidentiality. The Consultant will not, either during its engagement
by the Company pursuant to this Agreement or at any other time thereafter,
disclose, use or make known

                                      -2-
<PAGE>

for its or another's benefit, any confidential information, knowledge, or data
of the Company or any of its affiliates in any way acquired or used by the
Consultant during its engagement by the Company. Confidential information,
knowledge or data of the Company and its affiliates shall not include any
information which is or becomes generally available to the public other than as
a result of a disclosure by the Consultant or its representatives.

C.   COMPENSATION.

     1. Cash Retainer. The Company will pay a monthly cash retainer of $8,333 to
the Consultant payable on the 1st day of each month for the entire term of this
Agreement.

     2. Stock Purchase Rights. Contemporaneously herewith the Company is issuing
the issue Consultant stock purchase rights pursuant to a Restricted Stock
Purchase Agreement.

D.   REIMBURSEMENT OF EXPENSES.

     1. Out-of-Pocket Expenses. The Company shall reimburse the Consultant for
actual out-of-pocket expenses including, but not limited to, facsimile, postage,
printing, photocopying, and entertainment, incurred by the Consultant without
the prior consent of the Company and in connection with the performance by the
Consultant of its duties hereunder.

     2. Travel and Related Expenses. The Company shall also reimburse the
Consultant for the costs of all travel and related expenses incurred by the
Consultant in connection with the performance of its services hereunder,
including, without limitation, costs and expenses incurred with respect to
travel to England; provided that all such costs and expenses have been
authorized, in advance, by the Company.

     3. General. Expenses shall be due and payable when billed and after they
have been incurred.

E.   MISCELLANEOUS.

     1. Entire Agreement. This Agreement contains the entire agreement between
the parties with respect to the engagement of Consultant by the Company as a
consultant and supersedes and replaces any and all prior understandings,
agreements or correspondence between the parties relating to the subject matter
hereof.

     2. Modification and Waiver. No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by both the parties
hereto. No waiver of any other provisions hereof (whether or not similar) shall
be binding unless executed in writing by both the parties hereto nor shall such
waiver constitute a continuing waiver.

                                      -3-
<PAGE>

     3. Governing Law. This Agreement has been made in and shall be interpreted
according to the laws of the State of New York without any reference to the
conflicts of laws rules thereof. The parties hereto submit to the jurisdiction
of the courts of the State of New York for the purpose of any actions or
proceedings which may be required to enforce any of the provisions of this
agreement.

     4. Successors and Assigns. This Agreement shall inure to the benefit of and
be binding upon the Company and its successors and assigns and upon the
Consultant and the Consultant's successors and assigns.

     5. Severability. If any provision or provisions of this agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever:

         a. the validity, legality and enforceability of the remaining
     provisions of this Agreement (including, without limitation, each portion
     of any Section of this Agreement containing any such provision held to be
     invalid, illegal or unenforceable) shall not in any way be affected or
     impaired thereby; and

         b. to the fullest extent possible, the provisions of this Agreement
     (including, without limitation, each portion of any Section of this
     agreement containing any such provision held to be invalid, illegal or
     unenforceable) shall be construed so as to give effect to the intent
     manifested by the provision held invalid, illegal or unenforceable.

     6. Further Assurances. From and after the execution and delivery of this
Agreement, upon request of either party, the other shall do, execute,
acknowledge and deliver all such further acts, assurances and other instruments
and papers as may be required to carry out the transactions contemplated by this
agreement.

     7. Headings. The headings of the paragraphs of this agreement are inserted
for convenience only and shall not be deemed to constitute part of this
agreement or to affect the construction hereof.

     8. Notices. Any notice to be given hereunder shall be given in writing. All
notices under this Agreement shall be either hand delivered receipt
acknowledged, or sent by registered or certified mail, return receipt requested
as follows:

        (a)  If to the Company,
               to it at:           Nexsan Corporation
                                   Suite 1600
                                   1 Rockefeller Plaza
                                   New York, New York 10020

               and                 Nexsan Technologies, Ltd.
                                   Imperial House

                                      -4-
<PAGE>

                                   East Service Road
                                   Rayneway
                                   Derby DE21 7BF
                                   England

               with a copy to:     RubinBaum LLP
                                   30 Rockefeller Plaza
                                   New York, New York  10112
                                   Attn.:  Michael Emont, Esq.
                                   Facsimile No.:  (212) 698-7825

               and                 Flint Bishop & Barnett
                                   5 St. Michael's Court
                                   St. Michael's Lane
                                   Derby DEl 3JH
                                   England
                                   Attn.:  Mr. Thomas Travers
                                   Facsimile no. 011 44 (0)1332 207601

        (b)  If to the Consultant,
               to it at:           Beechtree Capital, LLC
                                   One Rockefeller Plaza
                                   New York, New York  10020
                                   Attn.:  Mr. George M. Weiss

               with a copy to:     Ruffa & Ruffa, P.C.
                                   150 East 58th Street
                                   New York, New York  10155
                                   Facsimile No.:
                                   Attn:  William P. Ruffa, Esq.

All such notices shall be deemed given when delivered, if personally delivered
as aforesaid, or within five business days after mailing, as aforesaid.

     9. Execution. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not
sign the same counterpart. In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
page were an original thereof.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

                                      -5-
<PAGE>

                             SIGNATURE PAGE FOLLOWS]

                                      -6-
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first written above.

                                         NEXSAN CORPORATION

                                         By: /s/ Martin Boddy
                                             ----------------------------------
                                             Martin Boddy, President

                                         BEECHTREE CAPITAL, LLC

                                         By: /s/ George M. Weiss
                                             ----------------------------------
                                             George M. Weiss

                                      -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]