Document:

EMPLOYMENT
      AGREEMENT

     

    EMPLOYMENT
      AGREEMENT (this “Agreement”), effective as of October 9, 2006 (“Effective
      Date”), between Oblio Telecom, Inc., a Delaware corporation (the “Company”),
      which is wholly-owned by Titan Global Holdings, Inc., a Utah corporation
      (“Parent”) and R. Scott Hensell (the “Employee”).

     

    WHEREAS,
      the Board of Directors of the Parent (the “Board”) has determined that it is in
      the best interests of the Company and its shareholders to employ the Employee
      in
      the position set forth below, and the Employee desires to serve in that
      capacity.

     

    NOW,
      THEREFORE, in consideration of the foregoing premises, the Company and Employee
      hereby agree as follows:

     

    1. Employment
      Period.
      The
      Company and Parent shall employ the Employee, and the Employee shall serve
      the
      Company and Parent, on the terms and conditions set forth in this Agreement,
      for
      the period commencing on the date hereof and two years after such date (the
      “Initial Term” and, together with any subsequent term of Employment, the
“Employment Period”); provided that the term of employment hereunder will
      automatically be renewed for successive one-year terms (each such term a
“Renewal Term”) unless either party shall, at least 30 days before such date,
      provide written notice to the other party that the Employment Period will not
      be
      extended.

     

    2. Position
      and Duties.

     

    (a) The
      Employee shall serve as Chief Financial Officer of the Company, Parent, and
      Parent’s subsidiaries Titan PCB East and Titan PCB West reporting to the Board,
      with such duties and responsibilities as are customarily assigned to such
      position, and such other duties and responsibilities not inconsistent therewith
      as may be assigned to him from time to time by the Board.

     

    (b) During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Employee is entitled, the Employee shall devote his full-time efforts
      to the business and affairs of the Company and use his best efforts to carry
      out
      such responsibilities faithfully and efficiently. It shall not be considered
      a
      violation of the foregoing for the Employee to (i) serve on corporate, civic
      or
      charitable boards or committees, (ii) deliver lectures or fulfill speaking
      engagements, (iii) manage personal investments, (iv) engage in other business
      activities, so long as such activities do not materially interfere with the
      performance of his responsibilities as an employee of the Company in accordance
      with this Agreement or violate the provisions of Section 8 of this
      Agreement.

     

    (c) Employee
      shall not be required to change his domicile to perform his duties. 
Telecommuting is permitted when away from the office on vacation or business
      travel; from his place of residence; when on personal business; however while
      in
      the Dallas area, Executive will report to the office.

     

    3. Compensation.

     

    (a) Base
      Salary.
      During
      the first contract year of the Initial Term, the Employee shall receive an
      annual base salary (the “Annual Base Salary”) of $125,000. Employee will receive
      an annual salary review by the Board, or an authorized committee thereof, on
      each anniversary of the Effective Date. The Annual Base Salary shall be payable
      in accordance with the Company’s payroll practices as in effect from time to
      time. The Board or an authorized committee thereof may increase the Annual
      Base
      Salary above the foregoing amounts at its discretion.

     

    Bonus.
      An
      annual cash bonus payable shall be negotiated in good faith between the Company
      and the Employee.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Equity.
      Concurrently with execution of this agreement, Parent shall grant Employee
      50,000 warrants of the Parent Company’s common stock at
      a
      strike price equal to the closing price on the Effective Date, October 9, 2006.
      25,000 warrants shall vest immediately. The remaining 25,000 warrants shall
      vest
      on the first anniversary of the Effective Date. The warrants shall contain
      a
      cashless exercise provision.

     

    (b) Benefits.
      During
      the Employment Period, the Employee and the Employee’s direct family shall be
      entitled to participate in all benefit programs of the Company or Parent
      provided to executives of similar rank, including, but not limited to, health
      insurance coverage, as well as all welfare benefit plans, practices, policies
      and programs provided by the Company or Parent, including, but not limited
      to
      any comprehensive dental plan, retirement plans and profit sharing programs
      the
      Company or Parent may provide to other employees from time to time.

     

    (c) Expenses.
      During
      the Employment Period, the Employee shall be entitled to receive prompt
      reimbursement for all reasonable expenses incurred by the Employee in carrying
      out the Employee’s duties under this Agreement, provided that the Employee
      complies with the policies, practices and procedures of the Company for
      submission of expense reports, receipts and similar documentation of such
      expenses.

     

    (d) Vacation.
      During
      the Employment Period, the Employee shall be entitled to paid vacation and
      other
      fringe benefits, in each case on such terms and conditions as are determined
      by
      the Board or consistent with Company policy.

     

    4. Termination
      of Employment.

     

    (a) Death
      or Disability.
      The
      Employee’s employment shall terminate automatically upon the Employee’s death
      during the Employment Period. The Company shall be entitled to terminate the
      Employee’s employment because of the Employee’s Disability during the Employment
      Period. “Disability” means that (i) the Employee has been unable, for a period
      of six months, or for a total of sixty (60) days in any given one year period,
      to perform the Employee’s duties under this Agreement, as a result of physical
      or mental illness or injury, and (ii) a physician selected by the Company or
      its
      insurers, and acceptable to the Employee or the Employee’s guardian or legal
      representative, has determined that the Employee’s incapacity is total and
      permanent. A termination of the Employee’s employment by the Company for
      Disability shall be communicated to the Employee by written notice, and shall
      be
      effective on the 30th day after receipt of such notice by the Employee (the
      “Disability Effective Date”), unless the Employee is able to, and does, return
      to full-time performance of the Employee’s duties before the Disability
      Effective Date.

     

    (b) By
      the Company.

     

    (A) The
      Company may terminate the Employee’s employment during the Employment Period for
      Cause or without Cause. “Cause” means:

    
      
        
        

      

      
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    (i) Employee
      having, in the reasonable judgment of the Company, committed an act which if
      prosecuted and resulting in a conviction would constitute a fraud, embezzlement,
      or any felonious offense (specifically excepting simple misdemeanors not
      involving acts of dishonesty and all traffic violations);

     

    (ii) the
      Employee’s theft, embezzlement, misappropriation of or intentional and malicious
      infliction of damage to the Company’s property or business
      opportunity;

     

    (iii) the
      Employee’s repeated abuse of alcohol, drugs or other substances as determined by
      an independent medical physician; or

     

    (iv) the
      Employee’s engagement in gross dereliction of duties, refusal to perform
      assigned duties consistent with his position, his knowing and willful breach
      of
      any material provision of this Agreement continuing after written notice from
      the Company or repeated violation of the Company’s written policies after
      written notice.

     

    (B) A
      termination of the Employee’s employment by the Company for Cause shall be
      effectuated by giving the Employee written notice (“Notice of Termination for
      Cause”) of the termination, setting forth the conduct of the Employee that
      constitutes Cause. Termination of employment by the Company for Cause shall
      be
      effective on the date when the Notice of Termination for Cause is given, unless
      the notice sets forth a later date (which date shall in no event be later than
      60 days after the notice is given). Employee will be immediately advised of
      any
      allegations of conduct covered by clause (A) above and will be provided a period
      of fifteen (15) days from the date of the written notice to defend himself
      against such allegations and to take any appropriate remedial action. If
      Employee shows that the allegations are untrue or takes appropriate remedial
      action to address the allegations, the Company will not terminate the Employee’s
      employment for Cause.

     

    (C) A
      termination of the Employee’s employment by the Company without Cause shall be
      effected by giving the Employee written notice of the termination at least
      6
      months (180 days) prior to the termination date.

     

    (c) By
      the
      Employee.

     

    (A) The
      Employee may terminate employment with or without Good Reason. “Good Reason”
means:

     

    (i) the
      assignment to the Employee of any duties inconsistent in any respect with
      paragraph (a) of Section 2 of this Agreement, other than actions that are not
      taken in bad faith and are remedied by the Company within thirty (30) days
      after
      receipt of notice thereof from the Employee;

     

    (ii) any
      failure by the Company to comply with any provision of Section 3 of this
      Agreement, other than failures that are not taken in bad faith and are remedied
      by the Company within thirty (30) days after receipt of notice thereof from
      the
      Employee;

     

    (iii) the
      occurrence of a Non-Negotiated Change in Control of the Company (as defined
      below); or

     

    (iv) the
      Company’s material breach of this Agreement

     

    For
      purposes of this Agreement, “Non-Negotiated Change in Control” means any one or
      more of the following occurrences:

    
      
        
        

      

      
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    (x) Any
      individual, corporation (other than the Company, any trustees or other
      beneficiary holding securities under any employee benefit plan of the Company,
      or any Company owned, directly or indirectly, by the stockholders of the Company
      in substantially the same proportions as their ownership of stock of the
      Company), partnership, trust, association, pool, syndicate, or any other entity
      or any group of persons acting in concert becomes the beneficial owner (within
      the meaning of Rule 13d-3 under the Securities Exchange Act of 1934) of
      securities of the Company possessing more than fifty percent (50%) of the voting
      power for the election of directors of the Company;

     

    (y) There
      shall be consummated any consolidation, merger, or other business combination
      involving the Company or the securities of the Company in which holders of
      voting securities of the Company immediately prior to such consummation own,
      as
      a group, immediately after such consummation, voting securities of the Company
      (or, if the Company does not survive such transaction, voting securities of
      the
      entity surviving such transaction) having less than fifty percent (50%) of
      the
      total voting power in an election of directors of the Company (or such other
      surviving corporation); or

     

    (z) There
      shall be consummated any sale, lease, exchange, or other transfer (in one
      transaction or a series of related transactions) of all, or substantially all,
      of the assets of the Company (on a consolidated basis) to a party which is
      not
      controlled by or under common control with the Company.

     

    (d) A
      termination of employment by the Employee for Good Reason shall be effectuated
      by giving the Company written notice (“Notice of Termination for Good Reason”)
      of the termination, setting forth the conduct of the Company that constitutes
      Good Reason. A termination of employment by the Employee for Good Reason shall
      be effective on the fifth business day following the date when the Notice of
      Termination for Good Reason is given, unless the notice sets forth a later
      date
      (which date shall in no event be later than 30 days after the notice is
      given).

     

    (e) A
      termination of the Employee’s employment by the Employee without Good Reason
      shall be effected by giving the Company written notice of the termination at
      least thirty (30) days prior to the termination date.

     

    (f) Notwithstanding
      anything in this Agreement to the contrary, in no event will any amount which
      otherwise would be payable under or pursuant to this Agreement be payable to
      Employee to the extent such amount, together with all other amounts payable
      and
      benefits provided to Employee under or pursuant to this Agreement and/or under
      any other plan(s), agreements and/or arrangement(s) arising out of Employee’s
      employment relationship with Company and/or any direct or indirect subsidiary
      of
      Company (including without limitation any such amounts payable by any affiliate
      of Company or any acquirer of any of the stock or assets of Company or any
      affiliate of such acquirer), if paid to Employee, would result in Employee
      receiving an “excess parachute payment” for purposes of Section 280G of the
      Internal Revenue Code of 1986, as amended. The determination of whether a
      payment under or pursuant to this Agreement would result in Employee receiving
      an excess parachute payment (but for the provisions of this Section 4) shall
      be
      made by counsel for Company reasonably selected by Company and acceptable to
      Employee, after consultation with Company’s independent auditor

     

    (g) No
      Waiver.
      The
      failure to set forth any fact or circumstance in a Notice of Termination for
      Cause or a Notice of Termination for Good Reason shall not constitute a waiver
      of the right to assert, and shall not preclude the party giving notice from
      asserting, such fact or circumstance in an attempt to enforce any right under
      or
      provision of this Agreement.

     

    (h) Date
      of Termination.
      The
“Date of Termination” means the date of the Employee’s death, the Disability
      Effective Date, the date on which the termination of the Employee’s employment
      by the Company for Cause or by the Employee for Good Reason is effective, or
      the
      date on which the Company gives the Employee notice of a termination of
      employment without Cause or the Employee gives the Company notice of a
      termination of employment without Good Reason, as the case may
      be.

    
      
        
        

      

      
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    5. Obligations
      of the Company upon Termination.

     

    (a) Termination
      for Reasons Other Than for Cause, Death or Disability, or Good
      Reason.
      If,
      during the Employment Period, the Company terminates the Employee’s employment,
      for any reason other than for Cause, Death or Disability, or the Employee
      terminates his employment for Good Reason, the Company shall (i) pay the
      Employee’s accrued but unpaid portion of the Annual Base Salary (the “Accrued
      Obligations”) to the Employee in a lump sum in cash within thirty (30) days
      after the Date of Termination, (ii) continue to pay the Annual Base Salary
      and
      Bonus for the remainder of the Employment Period, and (iii) provide the benefits
      listed under Section 3 for the remainder of the Employment Period.

     

    (b) Termination
      as a Result of Employee’s Death or Disability.
      If the
      Employee’s employment is terminated by reason of the Employee’s death or
      Disability during the Employment Period, (i) the Company shall pay the Accrued
      Obligations to the Employee or the Employee’s estate or legal representative, as
      applicable, in a lump sum in cash within thirty (30) days after the Date of
      Termination, and (ii) the Company shall pay when originally due any Bonus due
      to
      the Employee, pro rated for the period until the Date of Termination, to the
      Employee or the Employee’s estate or legal representative.

     

    (c) Termination
      for Cause or Other than for Good Reason.
      If the
      Employee’s employment is terminated by the Company for Cause during the
      Employment Period, or if the Employee terminates his employment during the
      Employment Period other than for Good Reason, the Company shall pay Employee
      the
      Accrued Obligations.

     

    6. Non-exclusivity
      of Rights.
      Nothing
      in this Agreement shall prevent or limit the Employee’s continuing or future
      participation in any plan, program, policy or practice provided by the Company
      or any of its affiliated companies for which the Employee may qualify, nor,
      subject to paragraph (f) of Section 4, shall anything in this Agreement limit
      or
      otherwise affect such rights as the Employee may have under any contract or
      agreement with the Company or any of its affiliated companies. Vested benefits
      and other amounts that the Employee is otherwise entitled to receive under
      any
      plan, policy, practice or program of, or any contract or agreement with, the
      Company or any of its affiliated companies on or after the Date of Termination
      shall be payable in accordance with such plan, policy, practice, program,
      contract or agreement, as the case may be, except as explicitly modified by
      this
      Agreement.

     

    7. Covenant
      of Employee.

     

    (a) Employee
      recognizes that the services to be performed by him pursuant to this Agreement
      are special, unique and extraordinary. The parties confirm that it is reasonably
      necessary for the protection of the Company’s goodwill that Employee agree, and
      accordingly, Employee does hereby agree and covenant (the “Covenant Not to
      Compete”), that Employee will not, directly or indirectly, except for the
      benefit of the Company:

     

    (i) become
      an
      officer, director, more than 2% stockholder, partner, associate, employee,
      owner, proprietor, agent, creditor, independent contractor, co-venturer or
      otherwise, or be interested in or associated with any other corporation, firm
      or
      business engaged in the Territory (as hereinafter defined) in the same or any
      similar business competitive with that of the Company (including the Company’s
      present and future subsidiaries and affiliates) as such business shall exist
      on
      the day hereof and during the Employment Period; or

    
      
        
        

      

      
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    (ii) solicit,
      cause or authorize, directly or indirectly, to be solicited for or on behalf
      of
      himself or third parties from parties who were customers of the Company
      (including the Company’s present and future subsidiaries and affiliates) at any
      time during the Employment Period, any business similar to the business
      transacted by the Company with such customer; or

     

    (iii) accept
      or
      cause or authorize, directly or indirectly, to be accepted for or on behalf
      of
      himself or third parties, business from any such customers of the Company
      (including the Company’s present and future subsidiaries and affiliates) that is
      similar to the business transacted by the Company with such customer;
      or

     

    (iv) solicit,
      or cause or authorize, directly or indirectly, to be solicited for employment
      for or on behalf of himself or third parties, any persons who were at any time
      during the Employment Period hereunder, employees of the Company (including
      the
      Company’s present and future subsidiaries and affiliates) (except for general
      solicitations made to the public at large); or

     

    (v) employ
      or
      cause or authorize, directly or indirectly, to be employed for or on behalf
      of
      himself or third parties, any such employees of the Company (including the
      Company’s present and future subsidiaries and affiliates); or

     

    (vi) use
      the
      tradenames, trademarks, or trade dress of any of the products of the Company
      (including the Company’s present and future subsidiaries and affiliates); or any
      substantially similar tradename, trademark or trade dress likely to cause,
      or
      having the effect of causing, confusion in the minds of manufacturers,
      customers, suppliers and retail outlets and the public generally.

     

    The
      solicitation or acceptance of orders outside the Territory for shipment to,
      or
      delivery in, any of part of the Territory shall constitute doing business in
      the
      Territory in violation of this Covenant.

     

    Employee
      acknowledges his intention that the Company shall have the broadest possible
      protection of the value of the business in the Territory consistent with public
      policy, and it will not violate the intent of the parties if any court should
      determine that, consistent with established precedent of the forum state, the
      public policy of such state requires a more limited restriction in geographical
      area or duration of the aforesaid covenant not to compete, contained in an
      appropriate decree. 

     

    (b) The
      term
      of Employee’s Covenant Not to Compete with the Company as set forth in this
      Section 7, shall commence on the date of Employee’s last day of employment with
      the Company, pursuant to this Agreement or otherwise, regardless of the reason
      for the termination of such employment, and shall terminate two years
      thereafter. The term of this Covenant Not to Compete as it relates to Employee
      under this Section is referred to hereinafter as “Employee’s Term.”

     

    (c) The
      territory of this Agreement shall consist of all states in which the Company
      conducts business during the Employment Period (collectively, the
“Territory”).

     

    (d) Breach
      by
      Employee of Covenant Not to Compete

    
      
        
        

      

      
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    (i) The
      parties confirm that of primary importance to the Company is the agreement
      by
      Employee not to be an officer, director, stockholder, partner, associate,
      employee, owner, proprietor, agent, creditor, independent contractor,
      co-venturer or otherwise, or be interested in or associated with any other
      corporation, firm, business or entity which competes with the Company’s business
      during the Employment Period. The parties further confirm that damages resulting
      from a breach of the Covenant Not to Compete contained herein may be difficult
      to calculate and insufficient to remedy the injury resulting from such breach,
      particularly with respect to any ongoing or prospective breach. Accordingly,
      the
      Company shall be entitled, in addition to any other right and remedy it may
      have
      at law or in equity, to a preliminary and permanent injunction, without the
      posting of any bond or other security, enjoining or restraining Employee, as
      the
      case may be, from any violation or threatened violation of this Covenant Not
      to
      Compete. If any of the restrictions contained herein shall be deemed to be
      unenforceable by reason of the extent, duration or geographical scope thereof,
      or otherwise, then the court making such determination shall have the right
      to
      reduce such extent, duration, geographical scope, or other provisions hereof,
      and in its reduced form this Covenant Not to Compete shall then be enforceable
      in the manner contemplated hereby. 

     

    (ii) Nothing
      contained in this Section shall be construed as prohibiting the Company from
      pursuing any other remedies available to it for any such breach or threatened
      breach, including recovery of damages and an equitable accounting of all
      earnings, profits and other benefits arising from such violation.

     

    8. Confidentiality;
      Return of Property

     

    (a) The
      Employee acknowledges that during the Employment Period he will receive
      confidential information from the Company, the Parent and subsidiaries of the
      Company (each a “Relevant Entity”). Accordingly, the Employee agrees that during
      the Employment Period and thereafter, the Employee and his affiliates shall
      not,
      except in the performance of his obligations to the Company hereunder or as
      may
      otherwise be approved in advance by the Company, directly or indirectly,
      disclose or use (except for the direct benefit of the Company) any confidential
      information that he may learn or has learned by reason of his association with
      any Relevant Entity. Upon termination of this Agreement, the Employee shall
      promptly return to the Company any and all properties, records or papers of
      any
      Relevant Entity, that may have been in his possession at the time of
      termination, whether prepared by the Employee or others, including, but not
      limited to, confidential information and keys. For purposes of this Agreement,
      “confidential information” includes all data, analyses, reports,
      interpretations, forecasts, documents and information concerning a Relevant
      Entity and its affairs, including, without limitation with respect to clients,
      products, policies, procedures, methodologies, trade secrets and other
      intellectual property, systems, personnel, confidential reports, technical
      information, financial information, business transactions, business plans,
      prospects or opportunities, (i) that the Company reasonably believes are
      confidential or (ii) the disclosure of which could be injurious to a Relevant
      Entity or beneficial to competitors of a Relevant Entity, but shall exclude
      any
      information that (x) the Employee is required to disclose under any applicable
      laws, regulations or directives of any government agency, tribunal or authority
      having jurisdiction in the matter or under subpoena or other process of law,
      (y)
      is or becomes publicly available prior to the Employee’s disclosure or use of
      the information in a manner violative of the second sentence of this Section
      8(a), or (z) is rightfully received by Employee without restriction or
      disclosure from a third party legally entitled to possess and to disclose such
      information without restriction (other than information that he may learn or
      has
      learned by reason of his association with any Relevant Entity). For purposes
      of
      this Agreement, “affiliate” means any entity that, directly or indirectly, is
      controlled by, or under common control with, the Employee. For purposes of
      this
      definition, the terms “controlled” and under common control with” means the
      possession, direct or indirect, of the power to direct or cause the direction
      of
      the management and policies of such person, whether through the ownership of
      voting stock, by contract or otherwise.

     

    (b) Injunction.
      Notwithstanding any other provisions of this Agreement, Employee acknowledges
      and agrees that in the event of a violation or threatened violation of any
      of
      the provisions of this Section 8, Employer shall have no adequate remedy at
      law
      and shall therefore be entitled to enforce each such provision by temporary
      or
      permanent injunctive or mandatory relief obtained in any court of competent
      jurisdiction without the necessity of proving damage or posting any bond or
      other security, and without prejudice to any other remedies that may be
      available at law or in equity.

    
      
        
        

      

      
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    9. Successors.

     

    (a) This
      Agreement is personal to the Employee and, without the prior written consent
      of
      the Company, shall not be assignable by the Employee otherwise than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Employee’s legal representatives.

     

    (b) This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors and assigns.

     

    10. Miscellaneous.

     

    (a) This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of Texas, without reference to principles of conflict of laws. The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect. This Agreement may not be amended or modified except by
      a
      written agreement executed by the parties hereto or their respective successors
      and legal representatives.

     

    (b) All
      notices and other communications under this Agreement shall be in writing and
      shall be given by hand delivery to the other party or by registered or certified
      mail, return receipt requested, postage prepaid, addressed as
      follows:

     

    If
      to the
      Employee: 

    

    R.
      Scott
      Hensell

    4617
      Foxglove Ct.

    Flower
      Mound, TX 75022

     

    If
      to the
      Company:

    

    Oblio
      Telecom, Inc.

    407
      International Parkway, Suite 403

    Richardson,
      TX 75081

     

    or
      to
      such other address as either party furnishes to the other in writing in
      accordance with this paragraph (b) of Section 10. Notices and communications
      shall be effective when actually received by the addressee.

     

    (c) The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this Agreement.
      If any provision of this Agreement shall be held invalid or unenforceable in
      part, the remaining portion of such provision, together with all other
      provisions of this Agreement, shall remain valid and enforceable and continue
      in
      full force and effect to the fullest extent consistent with law.

     

    (d) Notwithstanding
      any other provision of this Agreement, the Company may withhold from amounts
      payable under this Agreement all federal, state, local and foreign taxes that
      are required to be withheld by applicable laws or regulations.

     

    (e) The
      failure of the Employee or the Company to insist upon strict compliance with
      any
      provision of, or to assert any right under, this Agreement shall not be deemed
      to be a waiver of such provision or right or of any other provision of or right
      under this Agreement.

     

    (f) The
      Employee and the Company acknowledge that this Agreement supersedes any other
      agreement between them concerning the subject matter hereof.

    
      
        
        

      

      
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    (g) This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original, and which together shall constitute one
      instrument.

     

    IN
      WITNESS WHEREOF, the Employee has hereunto set the Employee’s hand and, pursuant
      to the authorization of its Board, the Company has caused this Agreement to
      be
      executed in its name on its behalf, all as of the day and year first above
      written.

    

      
        	
                
                   

                

              	
                OBLIO
                  TELECOM, INC.

              
	 	 
	 	 
	 	
                By:

              	
                    
                  /s/ Bryan M. Chance

              
	 	
                Name:

              	
                Bryan
                  M. Chance

              
	 	
                Title:

              	
                Chief
                  Executive Officer

              
	 	 
	 	 
	 	
                EMPLOYEE

              
	 	 
	 	 
	 	
                 
                  /s/ R. Scott Hensell

              
	 	
                R.
                  Scott Hensell

              

      

    

     

    
      
        
        

      

      
        -9-NEITHER
      THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
      STATE SECURITIES LAW AND NEITHER MAY BE SOLD OR OTHERWISE TRANSFERRED UNTIL
      (I) A REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND SUCH APPLICABLE
      STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR
      (II) THE COMPANY SHALL HAVE RECEIVED A WRITTEN OPINION OF COUNSEL
      ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER SUCH SECURITIES
      ACT AND SUCH APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN CONNECTION
      WITH
      SUCH PROPOSED TRANSFER.

     

    TITAN
      GLOBAL HOLDINGS, INC.

     

    COMMON
      STOCK PURCHASE WARRANT

     

    Warrant
      No.: W-2006-02

     

    Original
      Issue Date: October 9, 2006

     

    THIS
      CERTIFIES THAT, FOR VALUE RECEIVED, R. Scott Hensell or
      his
      registered assigns (“Holder”)
      is
      entitled to purchase, on the terms and conditions hereinafter set forth, at
      any
      time or from time to time from the date hereof until 5:00 p.m., Eastern Time,
      on
      the third anniversary of the Original Issue Date set forth above, or if such
      date is not a day on which the Company (as hereinafter defined) is open for
      business, then the next succeeding day on which the Company is open for business
      (such date is the “Expiration
      Date”),
      but
      not thereafter, to purchase up to 100,000 shares of the Common Stock, par value
      $.001 per share (the “Common
      Stock”),
      of
      Titan Global Holdings, Inc., a Utah corporation (the “Company”),
      at a
      purchase price of eighty-three cents ($0.83) per share (the “Exercise
      Price”),
      such
      number of shares and Exercise Price being subject to adjustment upon the
      occurrence of the contingencies set forth in this Warrant. Each share of Common
      Stock as to which this Warrant is exercisable is a “Warrant
      Share”
and
      all
      such shares are collectively referred to as the “Warrant
      Shares.” 

     

    Section
      1. Exercise
      of Warrant; Conversion of Warrant.  

     

    (a) This
      Warrant may, at the option of Holder, be exercised in whole or in part from
      time
      to time by delivery to the Company at its principal office, Attention:
      President, on or before 5:00 p.m., Eastern Time, on the Expiration Date,
      (i) a written notice of such Holder's election to exercise this Warrant
      (the “Exercise
      Notice”),
      which
      notice may be in the form of the Notice of Exercise attached hereto, properly
      executed and completed by Holder or an authorized officer thereof,
      (ii) payment for the Warrant Shares (“Payment”), as further described in
      Section 1(b), below, and
      (iii) this Warrant (the items specified in (i), (ii), and (iii) are
      collectively the “Exercise
      Materials”). 
      

     

    (b)
       Payment
      may be made by check payable to the order of the Company, in an amount equal
      to
      the product of the Exercise Price multiplied
      by
      the
      number of Warrant Shares specified in the Exercise Notice.

    

    (c) Notwithstanding
      any provisions herein to the contrary, if the Fair Market Value (as defined
      below) of one share of Common Stock is greater than the Exercise Price (at
      the
      date of calculation as set forth below), to the extent the Holder does not
      elect
      to pay cash or by promissory note upon the deemed exercise of this Warrant,
      the
      Holder shall be deemed to have elected to receive shares equal to the value
      (as
      determined below) of this Warrant (or the portion thereof being cancelled)
      in
      which event the Company shall issue to the holder a number of shares of Common
      Stock computed using the following formula:

     

    X=Y
      (A-B)

     A

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
            	Where X=	
              the
                number of shares of Common Stock to be issued to the
                holder

            

    

    

    
      	 	
               Y=

            	
              the
                number of shares of Common Stock deemed purchased under the Warrant
                for
                which the Holder is not paying cash

            

    

     

    
      	 	
               A=

            	
              the
                Fair Market Value of one share of the Company’s Common Stock (at the date
                of such calculation)

            

    

     

    
      	 	
               B=

            	
              Purchase
                Price (as adjusted to the date of such
                calculation)

            

    

     

    For
      purposes of Rule 144 promulgated under the 1933 Act, it is intended, subject
      to
      applicable interpretations of the Securities and Exchange Commission, that
      the
      Warrant Shares issued in a cashless exercise transaction shall be deemed to
      have
      been acquired by the Holder, and the holding period for the Warrant Shares
      shall
      be deemed to have commenced, on the date this Warrant was originally
      issued.

     

    (c) Fair
      Market Value of a share of Common Stock as of a particular date (the
      "Determination Date") shall mean: 

     

    (i) If
      the
      Company's Common Stock is traded on an exchange or is quoted on the National
      Association of Securities Dealers, Inc. Automated Quotation ("Nasdaq") National
      Market System, the Nasdaq SmallCap Market or the American Stock Exchange, Inc.,
      then the closing or last sale price, respectively, reported for the last
      business day immediately preceding the Determination Date;

     

    (ii) If
      the
      Company's Common Stock is not traded on an exchange or on the Nasdaq National
      Market System, the Nasdaq SmallCap Market or the American Stock Exchange, Inc.,
      but is traded in the over-the-counter market, then the average of the closing
      bid and ask prices reported for the last business day immediately preceding
      the
      Determination Date;

     

    (iii) Except
      as
      provided in clause (iv) below, if the Company's Common Stock is not
      publicly traded, then as the Holder and the Company agree, or in the absence
      of
      such an agreement, by arbitration in accordance with the rules then standing
      of
      the American Arbitration Association, before a single arbitrator to be chosen
      from a panel of persons qualified by education and training to pass on the
      matter to be decided; or

     

    (iv) If
      the
      Determination Date is the date of a liquidation, dissolution or winding up,
      or
      any event deemed to be a liquidation, dissolution or winding up pursuant to
      the
      Company's articles of incorporation , then all amounts to be payable per share
      to holders of the Common Stock pursuant to the articles of incorporation in
      the
      event of such liquidation, dissolution or winding up, plus all other amounts
      to
      be payable per share in respect of the Common Stock in liquidation under the
      articles of incorporation , assuming for the purposes of this clause
      (iv) that all of the shares of Common Stock then issuable upon exercise of
      all of the Warrants are outstanding at the Determination Date.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (d) As
      promptly as practicable after its receipt of the Exercise Materials, Company
      shall execute or cause to be executed and delivered to Holder a certificate
      or
      certificates representing the number of Warrant Shares specified in the Exercise
      Notice, together with cash in lieu of any fraction of a share, and if this
      Warrant is partially exercised, a new warrant on the same terms for the
      unexercised balance of the Warrant Shares. The stock certificate or certificates
      shall be registered in the name of Holder or such other name or names as shall
      be designated in the Exercise Notice. The date on which the Warrant shall be
      deemed to have been exercised (the “Effective
      Date”),
      and
      the date the person in whose name any certificate evidencing the Common Stock
      issued upon the exercise hereof is issued shall be deemed to have become the
      holder of record of such shares, shall be the date the Company receives the
      Exercise Materials, irrespective of the date of delivery of a certificate or
      certificates evidencing the Common Stock issued upon the exercise or conversion
      hereof, provided,
      however, that
      if
      the Exercise Materials are received by the Company on a date on which the stock
      transfer books of the Company are closed, the Effective Date shall be the next
      succeeding date on which the stock transfer books are open.  All shares of
      Common Stock issued upon the exercise or conversion of this Warrant will, upon
      issuance, be fully paid and nonassessable and free from all taxes, liens, and
      charges with respect thereto. 

     

    Section
      2. Vesting
      of Warrant.
      Subject
      to the provisions of Section 6 hereof, this Warrant shall become exercisable
      during the term of Holder’s employment in two (2) equal installments, the first
      installment to be exercisable on the date hereof (the "Initial Vesting Date"),
      with the second installment exercisable twelve (12) month following the Initial
      Vesting Date. The installments shall be cumulative (i.e., this Warrant may
      be
      exercised, as to any or all Warrant Shares covered by an installment, at any
      time or times after an installment becomes exercisable and until expiration
      or
      termination of this Warrant).

     

    Section
      3. Adjustments
      to Warrant Shares. 

     

    The
      number of Warrant Shares issuable upon the exercise hereof shall be subject
      to
      adjustment as follows:

     

    (a) In
      the
      event the Company is a party to a consolidation, share exchange, or merger,
      or
      the sale of all or substantially all of the assets of the Company to, any
      person, or in the case of any consolidation or merger of another corporation
      into the Company in which the Company is the surviving corporation, and in
      which
      there is a reclassification or change of the shares of Common Stock of the
      Company, this Warrant shall after such consolidation, share exchange, merger,
      or
      sale be exercisable for the kind and number of securities or amount and kind
      of
      property of the Company or the corporation or other entity resulting from such
      share exchange, merger, or consolidation, or to which such sale shall be made,
      as the case may be (the “Successor
      Company”),
      to
      which a holder of the number of shares of Common Stock deliverable upon the
      exercise (immediately prior to the time of such consolidation, share exchange,
      merger, or sale) of this Warrant would have been entitled upon such
      consolidation, share exchange, merger, or sale; and in any such case appropriate
      adjustments shall be made in the application of the provisions set forth herein
      with respect to the rights and interests of Holder, such that the provisions
      set
      forth herein shall thereafter correspondingly be made applicable, as nearly
      as
      may reasonably be, in relation to the number and kind of securities or the
      type
      and amount of property thereafter deliverable upon the exercise of this
      Warrant.  The above provisions shall similarly apply to successive
      consolidations, share exchanges, mergers, and sales.  Any adjustment
      required by this Section 2 (a) because of a consolidation, share exchange,
      merger, or sale shall be set forth in an undertaking delivered to Holder and
      executed by the Successor Company which provides that Holder shall have the
      right to exercise this Warrant for the kind and number of securities or amount
      and kind of property of the Successor Company or to which the holder of a number
      of shares of Common Stock deliverable upon exercise (immediately prior to the
      time of such consolidation, share exchange, merger, or sale) of this Warrant
      would have been entitled upon such consolidation, share exchange, merger, or
      sale.  Such undertaking shall also provide for future adjustments to the
      number of Warrant Shares and the Exercise Price in accordance with the
      provisions set forth in Section 2 hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (b) In
      the
      event the Company should at any time, or from time to time after the Original
      Issue Date, fix a record date for the effectuation of a stock split or
      subdivision of the outstanding shares of Common Stock or the determination
      of
      holders of Common Stock entitled to receive a dividend or other distribution
      payable in additional shares of Common Stock, or securities or rights
      convertible into, or entitling the holder thereof to receive directly or
      indirectly, additional shares of Common Stock (hereinafter referred to as
“Common
      Stock Equivalents”)
      without payment of any consideration by such holder for the additional shares
      of
      Common Stock or the Common Stock Equivalents (including the additional shares
      of
      Common Stock issuable upon exercise or exercise thereof), then, as of such
      record date (or the date of such dividend, distribution, split, or subdivision
      if no record date is fixed), the number of Warrant Shares issuable upon the
      exercise hereof shall be proportionately increased and the Exercise Price shall
      be appropriately decreased by the same proportion as the increase in the number
      of outstanding Common Stock Equivalents of the Company resulting from the
      dividend, distribution, split, or subdivision. Notwithstanding the preceding
      sentence, no adjustment shall be made to decrease the Exercise Price below
      $.001
      per Share. 

     

    (c) In
      the
      event the Company should at any time or from time to time after the Original
      Issue Date, fix a record date for the effectuation of a reverse stock split,
      or
      a transaction having a similar effect on the number of outstanding shares of
      Common Stock of the Company, then, as of such record date (or the date of such
      reverse stock split or similar transaction if no record date is fixed), the
      number of Warrant Shares issuable upon the exercise hereof shall be
      proportionately decreased and the Exercise Price shall be appropriately
      increased by the same proportion as the decrease of the number of outstanding
      Common Stock Equivalents resulting from the reverse stock split or similar
      transaction. 

     

    (d) In
      the
      event the Company should at any time or from time to time after the Original
      Issue Date, fix a record date for a reclassification of its Common Stock, then,
      as of such record date (or the date of the reclassification if no record date
      is
      set), this Warrant shall thereafter be convertible into such number and kind
      of
      securities as would have been issuable as the result of such reclassification
      to
      a holder of a number of shares of Common Stock equal to the number of Warrant
      Shares issuable upon exercise of this Warrant immediately prior to such
      reclassification, and the Exercise Price shall be unchanged.

     

    (e) The
      Company will not, by amendment of its Certificate of Incorporation or through
      reorganization, consolidation, merger, dissolution, issue, or sale of
      securities, sale of assets or any other voluntary action, void or seek to avoid
      the observance or performance of any of the terms of the Warrant, but will
      at
      all times in good faith assist in the carrying out of all such terms and in
      the
      taking of all such actions as may be necessary or appropriate in order to
      protect the rights of Holder against dilution or other impairment.  Without
      limiting the generality of the foregoing, the Company (x) will not create a
      par
      value of any share of stock receivable upon the exercise of the Warrant above
      the amount payable therefor upon such exercise, and (y) will take all such
      action as may be necessary or appropriate in order that the Company may validly
      and legally issue fully paid and non-assessable shares upon the exercise of
      the
      Warrant.

     

    (f) When
      any
      adjustment is required to be made in the number or kind of shares purchasable
      upon exercise of the Warrant, or in the Exercise Price, the Company shall
      promptly notify Holder of such event and of the number of shares of Common
      Stock
      or other securities or property thereafter purchasable upon exercise of the
      Warrants and of the Exercise Price, together with the computation resulting
      in
      such adjustment.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      (g) The
        Company covenants and agrees that all Warrant Shares which may be issued
        will,
        upon issuance, be validly issued, fully paid, and non-assessable.  The
        Company further covenants and agrees that the Company will at all times have
        authorized and reserved, free from preemptive rights, a sufficient number
        of
        shares of its Common Stock to provide for the exercise of the Warrant in
        full.

       

    

    Section
      4. No
      Stockholder Rights. 

     

    This
      Warrant shall not entitle Holder hereof to any voting rights or other rights
      as
      a stockholder of the Company.

     

    Section
      5. Transfer
      of Securities.

     

    (a) This
      Warrant and the Warrant Shares and any shares of capital stock received in
      respect thereof, whether by reason of a stock split or share reclassification
      thereof, a stock dividend thereon, or otherwise, shall not be transferable
      except upon compliance with the provisions of the Securities Act of 1933, as
      amended (the “Securities
      Act”)
      and
      applicable state securities laws with respect to the transfer of such
      securities.  The Holder, by acceptance of this Warrant, agrees to be bound
      by the provisions of Section 4 hereof and to indemnify and hold harmless
      the Company against any loss or liability arising from the disposition of this
      Warrant or the Warrant Shares issuable upon exercise hereof or any interest
      in
      either thereof in violation of the provisions of this Warrant.

     

    (b) Each
      certificate for the Warrant Shares and any shares of capital stock received
      in
      respect thereof, whether by reason of a stock split or share reclassification
      thereof, a stock dividend thereon or otherwise, and each certificate for any
      such securities issued to subsequent transferees of any such certificate shall
      (unless otherwise permitted by the provisions hereof) be stamped or otherwise
      imprinted with a legend in substantially the following form:

     

    “NEITHER
      THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
      STATE SECURITIES LAW AND NEITHER MAY BE SOLD OR OTHERWISE TRANSFERRED UNTIL
      (I) A REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND SUCH APPLICABLE
      STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR
      (II) THE COMPANY SHALL HAVE RECEIVED A WRITTEN OPINION OF COUNSEL
      ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER SUCH SECURITIES
      ACT AND SUCH APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN CONNECTION
      WITH
      SUCH PROPOSED TRANSFER.”

     

    Section
      6. Miscellaneous. 
      

     

    (a) The
      terms
      of this Warrant shall be binding upon and shall inure to the benefit of any
      successors or permitted assigns of the Company and Holder.

     

    (b) Except
      as
      otherwise provided herein, this Warrant and all rights hereunder are
      transferable by the registered holder hereof in person or by duly authorized
      attorney on the books of the Company upon surrender of this Warrant, properly
      endorsed, to the Company.  The Company may deem and treat the registered
      holder of this Warrant at any time as the absolute owner hereof for all purposes
      and shall not be affected by any notice to the contrary. 

     

    (c) Notwithstanding
      any provision herein to the contrary, Holder may not exercise, sell, transfer,
      or otherwise assign this Warrant unless the Company is provided with an opinion
      of counsel satisfactory in form and substance to the Company, to the effect
      that
      such exercise, sale, transfer, or assignment would not violate the Securities
      Act or applicable state securities laws. 

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (d) This
      Warrant may be divided into separate warrants covering one share of Common
      Stock
      or any whole multiple thereof, for the total number of shares of Common Stock
      then subject to this Warrant at any time, or from time to time, upon the request
      of the registered holder of this Warrant and the surrender of the same to the
      Company for such purpose.  Such subdivided Warrants shall be issued
      promptly by the Company following any such request and shall be of the same
      form
      and tenor as this Warrant, except for any requested change in the name of the
      registered holder stated herein.

     

    (e) Any
      notices, consents, waivers, or other communications required or permitted to
      be
      given under the terms of this Warrant must be in writing and will be deemed
      to
      have been delivered (a) upon receipt, when delivered personally, (b) upon
      receipt, when sent by facsimile, provided
      a copy
      is mailed by U.S. certified mail, return receipt requested, (c) three (3) days
      after being sent by U.S. certified mail, return receipt requested, or (d) one
      (1) day after deposit with a nationally recognized overnight delivery service,
      in each case properly addressed to the party to receive the same. 

     

    If
      to
      Holder, to the registered address of Holder appearing on the books of the
      Company. Each party shall provide five (5) days prior written notice to the
      other party of any change in address, which change shall not be effective until
      actual receipt thereof

     

    (f) The
      corporate laws of the State of Utah shall govern all issues concerning the
      relative rights of the Company and its stockholders. All other questions
      concerning the construction, validity, enforcement and interpretation of this
      Warrant shall be governed by the internal laws of the State of Utah, without
      giving effect to any choice of law or conflict of law provision or rule (whether
      of the State of Utah or any other jurisdictions) that would cause the
      application of the laws of any jurisdictions other than the State of Utah.
      If
      any provision of this Warrant shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Warrant in that jurisdiction or
      the
      validity or enforceability of any provision of this Warrant in any other
      jurisdiction. 

     

    [Signatures
      on the following page]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    SIGNATURE
      PAGE

    TO

    COMPANY

    COMMON
      STOCK PURCHASE WARRANT

     

     

    IN
      WITNESS WHEREOF, the Company, has caused this Warrant to be executed in its
      name
      by its duly authorized officers under seal, and to be dated as of the date
      first
      above written.

    
      

        
          	TITAN
                  GLOBAL HOLDINGS, INC.
	 	 
	
                  
                    By:
                      

                  

                	/s/
                  Bryan Chance
	 	
                  Name:
                    

                	
                  Bryan
                    Chance

                
	 	
                  Title:

                	
                  Chief
                    Executive Officer

                

        

      

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    (To
      be
      Executed by the Registered Holder to effect a Transfer of the foregoing
      Warrant)

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, and assigns and transfers unto
      ___________________________________________________________________________
      the
      foregoing Warrant and the rights represented thereto to purchase shares of
      Common Stock of Titan Global Holdings, Inc. in accordance with terms and
      conditions thereof, and does hereby irrevocably constitute and appoint
      ________________ Attorney to transfer the said Warrant on the books of the
      Company, with full power of substitution.

     

    
      	
               

              Holder:

            
	 
	 
	 
	 
	
               

              Address

            
	
               

              Dated:
                __________________, 20__

            
	
               

              In
                the presence of:

            
	 
	 

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXERCISE
      OR CONVERSION NOTICE

     

     

    [To
      be
      signed only upon exercise of Warrant]

     

    To:         
      Titan
      Global Holdings, Inc. 

     

    The
      undersigned Holder of the attached Warrant hereby irrevocably elects to exercise
      the Warrant for, and to purchase thereunder, _____ shares of Common Stock of
      Titan Global Holdings, Inc., issuable upon exercise of said Warrant and hereby
      surrenders said Warrant.

     

    The
      undersigned herewith requests that the certificates for such shares be issued
      in
      the name of, and delivered to the undersigned, whose address is
      ________________________________.

     

    If
      electronic book entry transfer, complete the following:

     

    
      	
              Account Number:  

            	 

    

     

    
      	
              Transaction Code Number:
                

            	 

    

     

    
      	
              Dated:
                

            	 

    

     

     

    
      	 	 Holder:
	 	 
	 	 

	 	 
	 	 

	 	
            
	
              By:

            	 

	
               

            	
              Name:

            	
            
	
               

            	
              Title:

            	
            

    

     

    NOTICE

     

    The
      signature above must correspond to the name as written upon the face of the
      within Warrant in every particular, without alteration or enlargement or any
      change whatsoever. 

     

    
      
        
        

      

      
        9

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