Document:

EXHIBIT 10.5

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON
EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), AND MAY NOT BE OFFERED OR SOLD EXCEPT (i) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (ii) TO THE EXTENT APPLICABLE,
PURSUANT TO RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING
TO THE DISPOSITION OF SECURITIES), OR (iii) UPON THE DELIVERY BY THE HOLDER TO
THE COMPANY OF AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO COUNSEL FOR THE
COMPANY, STATING THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS
AVAILABLE.

                            EXERCISABLE ON OR BEFORE
                    5:00 P.M., NEW YORK TIME, March __, 2009

No. MCF-1                                                        [   ] Warrants

                                 MEDIABAY, INC.

                                     WARRANT

      This warrant certificate (the "Warrant Certificate") certifies that
Merriman Curhan Ford & Co. or registered assigns, is the registered holder of
warrants to purchase, at any time following Stockholder Approval, as such term
is defined in that certain Securities Purchase Agreement dated the date hereof
by and among the Company (as defined below) and each of the investors signatory
thereto, and prior to 5:00 P.M. New York City time on March 21, 2009 (the
"Expiration Date"), up to [ ] fully-paid and non-assessable shares, subject to
adjustment in accordance with Article 7 hereof (the "Warrant Shares"), of the
Common Shares, no par value (the "Common Shares"), of MediaBay, Inc., a Florida
corporation (the "Company"), subject to the terms and conditions set forth
herein. The warrants represented by this Warrant Certificate and any warrants
resulting from a transfer or subdivision of the warrants represented by this
Warrant Certificate shall sometimes hereinafter be referred to, individually, as
a "Warrant" and, collectively, as the "Warrants".

      1. Exercise of Warrants. Each Warrant is initially exercisable to purchase
one Warrant Share at an initial exercise price of $0.56 per Warrant Share,
subject to adjustment as set forth in Article 7 hereof, payable in cash or by
check to the order of the Company, or any combination of cash or check. Upon
surrender of this Warrant Certificate with the annexed Form of Election to
Purchase duly executed, together with payment of the Exercise Price (as
hereinafter defined) for the Warrant Shares purchased, at the Company's
principal offices (presently located at 2 Ridgedale Avenue - Suite 300, Cedar
Knolls, New Jersey 07927) the registered holder hereof (the "Holder" or
"Holders") shall be entitled to receive a certificate or certificates for the
Warrant Shares so purchased. The purchase rights represented by this Warrant
Certificate are exercisable at the option of the Holder, in whole or in part
(but not as to fractional Common Shares). In the case of the purchase of less
than all the Warrant Shares purchasable under this Warrant Certificate, the
Company shall cancel this Warrant Certificate upon its surrender and shall
execute and deliver a new Warrant Certificate of like tenor for the balance of
the Warrant Shares purchasable thereunder.

<PAGE>

      2. Cashless Exercise.

            (a) At any time until the Expiration Date, the Holder may, at its
option, exchange the Warrants represented by this Warrant Certificate, in whole
or in part (a "Warrant Exchange"), into the number of Warrant Shares determined
in accordance with this Section 2, by surrendering this Warrant Certificate at
the principal office of the Company or at the office of the transfer agent,
accompanied by a notice stating such Holder's intent to effect such exchange,
the number of Warrant Shares to be exchanged and the date on which the Holder
requests that such Warrant Exchange occur (the "Notice of Exchange"). The
Warrant Exchange shall take place on the date specified in the Notice of
Exchange or, if later, the date the Notice of Exchange is received by the
Company (the "Exchange Date"). Certificates for the Warrant Shares issuable upon
such Warrant Exchange and, if applicable, a new Warrant Certificate (a
"Remainder Warrant Certificate") of like tenor evidencing the Warrants which
were subject to the surrendered Warrant Certificate and not included in the
Warrant Exchange, shall be issued as of the Exchange Date and delivered to the
Holder within three (3) business days following the Exchange Date. In connection
with any Warrant Exchange, the Holder's Warrant Certificate shall represent the
right to subscribe for and acquire (I) the number of Warrant Shares (rounded to
the next highest integer) equal to (A) the number of Warrant Shares specified by
the Holder in its Notice of Exchange (the "Total Warrant Share Number") less (B)
the number of Warrant Shares equal to the quotient obtained by dividing (i) the
product of the Total Warrant Share Number and the existing Exercise Price per
Warrant Share by (ii) the current Market Price (as hereinafter defined) of a
Common Share, and (II) a Remainder Warrant Certificate, if applicable.

            (b) When used in this Section 2, the following terms shall have the
following meanings:

                  "Business Day" means any day other than a Saturday, a Sunday
or a day on which the New York Stock Exchange is closed or on which commercial
banks located in New York City are required or authorized by law to close.

                  "Closing Bid Price" shall mean, for the Common Shares as of
any date, the closing bid price on such date for the Common Shares on the
Principal Market as reported by Bloomberg Financial Markets ("Bloomberg"), or if
the Principal Market begins to operate on an extended hours basis, and does not
designate the closing bid price, then the last bid price at 4:00 p.m. (eastern
time), as reported by Bloomberg, or if the foregoing do not apply, the last
closing bid price of the Common Shares in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg, or, if no
closing bid price is reported for such security by Bloomberg, the last closing
trade price for such security as reported by Bloomberg, or, if no last closing
trade price is reported for such security by Bloomberg, the average of the bid
prices of any market makers for such security as reported in the "pink sheets"
by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the
Closing Bid Price cannot be calculated for the Common Shares on such date on any
of the foregoing bases, then the Company shall submit such calculation to an
independent investment banking firm of national reputation reasonably acceptable
to Holder, and shall cause such investment banking firm to perform such
determination and notify the Company and Holder of the results of determination
no later than two (2) Business Days from the time such calculation was submitted
to it by the Company. All such determinations shall be appropriately adjusted
for any stock dividend, stock split or other similar transaction during such
period.

                                       2
<PAGE>

                  "Market Price" means, as of a particular date, the lesser of
(i) the average of each daily VWAP for the ten (10) consecutive Trading Days
occurring immediately prior to (but not including) such date, and (ii) the
Closing Bid Price on the Trading Day immediately preceding such date.

                  "Principal Market" means the principal exchange or market on
which the Common Shares is listed or traded.

                  "Trading Day" means any day on which the Common Shares is
purchased and sold on the Principal Market.

                  "VWAP" on a Trading Day means the volume weighted average
price of the Common Shares for such Trading Day on the Principal Market as
reported by Bloomberg Financial Markets or, if Bloomberg Financial Markets is
not then reporting such prices, by a comparable reporting service of national
reputation selected by the Investors and reasonably satisfactory to the Company.
If the VWAP cannot be calculated for the Common Shares on such Trading Day on
any of the foregoing bases, then the Company shall submit such calculation to an
independent investment banking firm of national reputation reasonably acceptable
to the Holder, and shall cause such investment banking firm to perform such
determination and notify the Company and the Holder of the results of
determination no later than two (2) Business Days from the time such calculation
was submitted to it by the Company. All such determinations shall be
appropriately adjusted for any stock dividend, stock split or other similar
transaction during such period.

      3. Issuance of Certificates. Upon the exercise of the Warrants,
certificates for the Warrant Shares purchased pursuant to such exercise shall be
issued forthwith (and in any event within five (5) business days thereafter)
without charge to the Holder, including, without limitation, any tax which may
be payable in respect of such issuance, and such certificates shall (subject to
the provisions of Article 4 hereof) be issued in the name of, or in such names
as may be directed by, the Holder thereof; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any
transfer involved in the issuance and delivery of any such certificates in a
name other than that of the Holder and the Company shall not be required to
issue or deliver such certificates unless or until the person or persons
requesting the issuance thereof shall have paid to the Company the amount of
such tax or shall have established to the satisfaction of the Company that such
tax has been paid.

                                       3
<PAGE>

      The Warrant Certificates and, upon exercise of the Warrants, the
certificates representing the Warrant Shares shall be executed on behalf of the
Company by the manual or facsimile signature of those officers required to sign
such certificates under applicable law.

      The Warrant Certificates and, upon exercise of the Warrants, in part or in
whole, certificates representing the Warrant Shares shall bear a legend
substantially similar to the following:

      "The securities represented by this certificate and/or the securities
      issuable upon exercise thereof have not been registered under the
      Securities Act of 1933, as amended ("Act"), and may not be offered or sold
      except (i) pursuant to an effective registration statement under the Act,
      (ii) to the extent applicable, pursuant to Rule 144 under the Act (or any
      similar rule under such Act relating to the disposition of securities), or
      (iii) upon the delivery by the holder to the Company of an opinion of
      counsel, reasonably satisfactory to counsel to the issuer, stating that an
      exemption from registration under such Act is available."

      4. Restriction on Transfer of Warrants. The Holder of this Warrant
Certificate, by its acceptance, covenants and agrees that the Warrants and the
Warrant Shares issuable upon exercise of the Warrants are being acquired as an
investment and not with a view to the distribution thereof.

      5. Registration Rights. The Holder shall be entitled to all of the rights
and subject to all of the obligations set forth in the Registration Rights
Agreement between the Holder and the Company, dated as of the date hereof.

      6. Price.

            6.1 Initial and Adjusted Exercise Price. The initial exercise price
of each Warrant shall be $0.56 per Warrant Share. The adjusted exercise price
shall be the price which shall result from time to time from any and all
adjustments of the initial exercise price in accordance with the provisions of
Article 7 hereof.

            6.2 Exercise Price. The term "Exercise Price" herein shall mean the
initial exercise price or the adjusted exercise price, depending upon the
context.

      7. Adjustments of Exercise Price and Number of Warrant Shares.

            7.1 Dividends and Distributions. In case the Company shall at any
time after the date hereof pay a dividend in Common Shares or make a
distribution in Common Shares, then upon such dividend or distribution, the
Exercise Price in effect immediately prior to such dividend or distribution
shall be reduced to a price determined by dividing an amount equal to the total
number of Common Shares outstanding immediately prior to such dividend or
distribution multiplied by the Exercise Price in effect immediately prior to
such dividend or distribution, by the total number of Common Shares outstanding
immediately after such issuance or sale. For purposes of any computation to be
made in accordance with the provisions of this Section 7.1, the Common Shares
issuable by way of dividend or distribution shall be deemed to have been issued
immediately after the opening of business on the date following the date fixed
for determination of stockholders entitled to receive such dividend or
distribution.

                                       4
<PAGE>

            7.2 Subdivision and Combination. In case the Company shall at any
time subdivide or combine the outstanding Common Shares, the Exercise Price
shall forthwith be proportionately decreased in the case of subdivision or
increased in the case of combination.

            7.3 Adjustment in Number of Warrant Shares. Upon each adjustment of
the Exercise Price pursuant to the provisions of this Article 7, the number of
Warrant Shares issuable upon the exercise of each Warrant shall be adjusted to
the next highest full Common Share by multiplying a number equal to the Exercise
Price in effect immediately prior to such adjustment by the number of Warrant
Shares issuable upon exercise of the Warrants immediately prior to such
adjustment and dividing the product so obtained by the adjusted Exercise Price.

            7.4 Reclassification, Consolidation, Merger, etc. In case of any
reclassification or change of the outstanding Common Shares (other than a change
in nominal value to no nominal value, or from no nominal value to nominal value,
or as a result of a subdivision or combination), or in the case of any
consolidation of the Company with, or merger of the Company into, another
corporation (other than a consolidation or merger in which the Company is the
surviving corporation and which does not result in any reclassification or
change of the outstanding Common Shares, except a change as a result of a
subdivision or combination of such shares or a change in nominal value, as
aforesaid), or in the case of a sale or conveyance to another corporation of the
property of the Company as an entirety, the Holder shall thereafter have the
right to purchase the kind and number of shares of stock and other securities
and property receivable upon such reclassification, change, consolidation,
merger, sale or conveyance as if the Holder were the owner of the Warrant Shares
issuable upon exercise of the Warrants immediately prior to any such events at a
price equal to the product of (i) the number of Warrant Shares issuable upon
exercise of the Warrants and (ii) the Exercise Price in effect immediately prior
to the record date for such reclassification, change, consolidation, merger,
sale or conveyance as if such Holder had exercised the Warrants.

            7.5 Determination of Outstanding Shares. The number of Common Shares
at any one time outstanding shall include the aggregate number of shares issued
or issuable upon the exercise of outstanding options, rights and warrants and
upon the conversion or exchange of outstanding convertible or exchangeable
securities.

      8. Exchange and Replacement of Warrant Certificates. This Warrant
Certificate is exchangeable without expense, upon the surrender hereof by the
registered Holder at the principal executive office of the Company, for a new
Warrant Certificate of like tenor and date representing in the aggregate the
right to purchase the same number of Warrant Shares in such denominations as
shall be designated by the Holder thereof at the time of such surrender.

      Upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Warrant Certificate, and, in
case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it, and reimbursement to the Company of all reasonable expenses
incidental thereto, and upon surrender and cancellation of this Warrant
Certificate, if mutilated, the Company will make and deliver a new Warrant
Certificate of like tenor, in lieu thereof.

                                       5
<PAGE>

      9. Elimination of Fractional Interests. The Company shall not be required
to issue certificates representing fractions of Common Shares and shall not be
required to issue scrip or pay cash in lieu of fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by
rounding any fraction up to the nearest whole number of Common Shares.

      10. Reservation of Shares. The Company covenants and agrees that it will
at all times reserve and keep available out of its authorized share capital,
solely for the purpose of issuance upon the exercise of the Warrants, such
number of Common Shares as shall be equal to the number of Warrant Shares
issuable upon the exercise of the Warrants, for issuance upon such exercise, and
that, upon exercise of the Warrants and payment of the Exercise Price therefor,
all Warrant Shares issuable upon such exercise shall be duly and validly issued,
fully paid, nonassessable and not subject to the preemptive rights of any
shareholder.

      11. Investment Intent.

            (a) The Holder represents, by accepting the Warrants represented by
this Warrant Certificate, that Holder understands that the Warrants represented
by this Warrant Certificate and any securities obtainable upon exercise of the
Warrants represented by this Warrant Certificate have not been registered for
sale under Federal or state securities laws and are being offered and sold to
the Holder pursuant to one or more exemptions from the registration requirements
of such securities laws. In the absence of an effective registration of such
securities or an exemption therefrom, any Warrant Certificates for such
securities shall bear the legend set forth on the first page hereof. The Holder
understands that Holder must bear the economic risk of the investment in the
Warrants represented by this Warrant Certificate and any securities obtainable
upon exercise of the Warrants represented by this Warrant Certificate for an
indefinite period of time, as the Warrants represented by this Warrant
Certificate and such securities have not been registered under Federal or state
securities laws and therefore cannot be sold unless subsequently registered
under such laws, unless as exemption from such registration is available.

            (b) The Holder, by acceptance of the Warrants represented by this
Warrant Certificate, represents to the Company that Holder is acquiring the
Warrants and will acquire any securities obtainable upon exercise of the
Warrants represented by this Warrant Certificate for Holder's own account for
investment and not with a view to, or for sale in connection with, any
distribution thereof in violation of the Securities Act of 1933, as amended (the
"Act"). The Holder agrees that the Warrants represented by this Warrant
Certificate and any such securities will not be sold or otherwise transferred
unless (i) a registration statement with respect to such transfer is effective
under the Act and any applicable state securities laws or (ii) such sale or
transfer is made pursuant to one or more exemptions from the Act.

            (c) Holder is an "accredited investor" as that term is defined in
Rule 501(a) promulgated under the Act.

                                       6
<PAGE>

      12. Notices. All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to have been duly made when
personally delivered, delivered by courier or sent by registered or certified
mail (return receipt requested, postage prepaid), facsimile transmission or
overnight courier:

            (a) If to a registered Holder of the Warrants, to the address of
such Holder as shown on the Warrant register of the Company; or

            (b) If to the Company, to the address set forth in Article 1 of this
Agreement or to such other address as the Company may designate by notice to the
Holders.

      13. Successors. All the covenants and provisions of this Agreement by or
for the benefit of the Company and the Holders inure to the benefit of their
respective successors and assigns hereunder.

      14. Governing Law

            14.1 Choice of Law. This Warrant Certificate shall be deemed to have
been made and delivered in the State of New York and shall be governed as to
validity, interpretation, construction, effect and in all other respects by the
substantive laws of the State of New York, without giving effect to the choice
of laws rules thereof, except to the extent that the provisions hereof relate to
matter governed by the Florida Business Corporation Act, such provisions shall
be governed thereby.

            14.2 Jurisdiction and Service of Process. The Company and the Holder
each (a) agrees that any legal suit, action or proceeding arising out of or
relating to this Warrant Certificate shall be instituted exclusively in the New
York State Supreme Court, County of New York or in the United States District
Court for the Southern District of New York, (b) waives any objection which the
Company or such Holder may have now or hereafter based upon forum non conveniens
or to the venue of any such suit, action or proceeding, and (c) irrevocably
consents to the jurisdiction of the New York State Supreme Court, County of New
York and the United States District Court for the Southern District of New York
in any such suit, action or proceeding. The Company and the Holder each further
agrees (a) to accept and acknowledge service of any and all process which may be
served in any such suit, action or proceeding in the New York State Supreme
Court, County of New York or in the United States District Court for the
Southern District of New York and (b) that service of process upon the Company
mailed by certified mail to it at its address, or to the Holder at its address,
shall be deemed in every respect effective service of process upon the Company
or the Holder, as the case may be, in any suit, action or proceeding. FURTHER,
BOTH THE COMPANY AND THE HOLDER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION TO
ENFORCE THE TERMS OF THIS WARRANT CERTIFICATE AND IN CONNECTION WITH ANY
DEFENSE, COUNTERCLAIM OR CROSSCLAIM ASSERTED IN ANY SUCH ACTION.

                            -Signature Page Follows-

                                       7
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be
duly executed, as of this 21st day of March 2005.

                                        MEDIABAY, INC.

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                       8
<PAGE>

                         [FORM OF ELECTION TO PURCHASE]

      The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase ________ Warrant Shares and
herewith tenders in payment for such Warrant Shares cash or a check payable to
the order of ________ in the amount of $_________, all in accordance with the
terms hereof. The undersigned requests that a certificate for such Warrant
Shares be registered in the name of ______________________, whose address is
__________________________________________________________________________, and
that such certificate be delivered to __________________, whose address is
____________

      The undersigned represents, by accepting the Warrants represented by this
Warrant Certificate, that the undersigned understands that the Warrants
represented by this Warrant Certificate and any securities obtainable upon
exercise of the Warrants represented by this Warrant Certificate have not been
registered for sale under Federal or state securities laws and are being offered
and sold to the undersigned pursuant to one or more exemptions from the
registration requirements of such securities laws. In the absence of an
effective registration of such securities or an exemption therefrom, any Warrant
Certificates for such securities shall bear the legend set forth on the first
page hereof. The undersigned understands that the undersigned must bear the
economic risk of the investment in the Warrants represented by this Warrant
Certificate and any securities obtainable upon exercise of the Warrants
represented by this Warrant Certificate for an indefinite period of time, as the
Warrants represented by this Warrant Certificate and such securities have not
been registered under Federal or state securities laws and therefore cannot be
sold unless subsequently registered under such laws, unless as exemption from
such registration is available.

      The undersigned, by acceptance of the Warrants represented by this Warrant
Certificate, represents to the Company that the undersigned is acquiring the
Warrants and will acquire any securities obtainable upon exercise of the
Warrants represented by this Warrant Certificate for the undersigned's own
account for investment and not with a view to, or for sale in connection with,
any distribution thereof in violation of the Securities Act of 1933, as amended
(the "Act"). The undersigned agrees that the Warrants represented by this
Warrant Certificate and any such securities will not be sold or otherwise
transferred unless (i) a registration statement with respect to such transfer is
effective under the Act and any applicable state securities laws or (ii) such
sale or transfer is made pursuant to one or more exemptions from the Act.

Dated:
                                        Signature:
                                                   -----------------------------

                                        (Signature must conform in all respects
                                        to name of holder as specified on the
                                        face of the Warrant Certificate.)

                        ---------------------------------

                        ---------------------------------
                        (Insert Social Security or Other
                          Identifying Number of Holder)

<PAGE>

                              [FORM OF ASSIGNMENT]

             (To be executed by the registered holder if such holder
                 desires to transfer the Warrant Certificate.)

      FOR VALUE RECEIVED __________________________ hereby sells, assigns and
transfers unto

(Please print name and address of transferee)

this Warrant Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint _____________________,
Attorney, to transfer the within Warrant Certificate on the books of the
within-named Company, with full power of substitution.

Dated:
                                        Signature:
                                                   -----------------------------

                                        (Signature must conform in all respects
                                        to name of holder as specified on the
                                        face of the Warrant Certificate.)

---------------------------------

---------------------------------
(Insert Social Security or Other
Identifying Number of Holder)EXHIBIT 10.7

                                LOCK-UP AGREEMENT

      AGREEMENT, dated as of the 21st day of March, 2005, by and among MEDIABAY,
INC., a Florida corporation (the "Company"), Joseph Rosetti and Jeffrey Dittus
(collectively, the "Key Employees" and each individually a "Key Employee").

      Unless the context otherwise requires, any terms used herein but not
defined herein shall have the meanings ascribed thereto in the Securities
Purchase Agreement.

                              W I T N E S S E T H :

      WHEREAS, the Company has entered into a Securities Purchase Agreement (the
"Securities Purchase Agreement") dated March 21, 2005 (the "Execution Date"), by
and among the Company and the investors whose names appear on the signature
pages thereof (the "Investors"), whereby, among other things, the Company will
sell certain securities which are convertible or exercisable, as the case may
be, into the Company's common stock, no par value (the "Common Stock").

      WHEREAS, the parties deem it in the best interests of the Company to
restrict the transfer of the securities of the Company by the Key Employees as
herein provided.

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

      1. Lock-up Period. The Key Employees agree, for the benefit of the Company
and the Investors, that they will not, directly or indirectly, without the prior
consent of the Company (as evidenced by the vote of a majority of the members of
the Company's Board of Directors) and the execution of a written instrument by
the Company and the holders of at least two-thirds (2/3) of the Registrable
Securities into which all of the Preferred Shares and Warrants then outstanding
are convertible or exercisable (without regard to any limitation on such
conversion or exercise), sell, offer to sell, contract to sell, pledge, grant
any option or right to purchase or otherwise sell or dispose (or announce any
offer, sale, offer of sale, contract of sale, pledge, grant of any option or
right to purchase or other sale or disposition) of any shares of Common Stock or
any securities convertible into, or exercisable or exchangeable for, any shares
of Common Stock, other than in connection with any 10b-5(1) trading plan in
effect as of the Execution Date and disclosed in writing to each Investor (all
such Securities held by the Key Employees and Securities transferred pursuant to
Section 2 hereof referred to as "Covered Securities") until the Effective Date.

<PAGE>

      2. Miscellaneous.

            (a) Notices. Notice shall be given in writing by messenger,
overnight courier, or postage prepaid, certified mail letter sent to the address
set forth under each Key Employee's name on the signature page of this
Agreement, or to such other address as the party affected may hereafter
designate in writing to the Company and all other Key Employees; together with a
copy to the Company at the address set forth on the signature page of this
Agreement. Any such notice shall be effective when received by the party to whom
addressed; provided that if given or made by postage prepaid, certified mail
letter, it shall be deemed to have been received when actually received.

            (b) Amendment; Termination. Except as hereinafter provided, no
change or modification of this Agreement shall be valid unless the same shall
have been in writing and signed by (i) the Key Employees, (ii) the Company (as
evidenced by the vote of a majority of the members of the Company's Board of
Directors), and (iii) holders of at least two-thirds (2/3) of the Registrable
Securities into which all of the Preferred Shares and Warrants then outstanding
are convertible or exercisable (without regard to any limitation on such
conversion or exercise).

            (c) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

            (d) Governing Law. Subject to the terms hereof, this Agreement shall
be governed by, and construed in accordance with, the laws of the State of New
York applicable to contracts made and performed entirely within such State.

            (e) Third Party Beneficiaries. The Key Employees acknowledge and
agree that this Agreement is intended to be for the benefit of the Investors.

            (f) Specific Performance. Due to the fact that the legal remedies
may be inadequate to enforce this Agreement, the parties will be irreparably
damaged in the event that this Agreement is not specifically enforced. In the
event of a breach or threatened breach of the terms, covenants and/or conditions
of this Agreement by a Key Employee, the Company or any Investor shall, in
addition to all other remedies, be entitled to a temporary or permanent
mandatory injunction, or any appropriate decree of specific performance, without
any bond or security being required and without being required to show any
actual damage or that monetary damages would not provide an adequate remedy.

            (g) Spousal Interests. To the extent that any Covered Securities of
a Key Employee constitute the community property of the Key Employee and his
spouse, the Key Employee shall obtain the spouse's acknowledgment of consent to
the existence and binding effect of this Agreement by having the spouse execute
a counterpart to this Agreement. If a Key Employee marries or remarries during
the term of this Agreement, the Key Employee shall obtain the required spousal
consent within a reasonable time, not to exceed thirty (30) days, following the
marriage.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

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

                                        MEDIABAY, INC.

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                            ------------------------------------
                                            Joseph Rosetti, Key Employee

                                            ------------------------------------
                                            Jeffrey Dittus, Key Employee

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