Document:

AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    This
      amendment ("Amendment") is effective as
      of
      December 30, 2007 ("Amendment
      Date") by and between Twistbox Entertainment, Inc. (as successor-in-interest
      to The WAAT Corporation) ("Twistbox") and Ian Aaron ("Founder"), and
amends
      that certain Employment Agreement dated as of May 16, 2006 by and between
Twistbox
      and Founder ("Agreement"). Unless otherwise defined herein, defined terms
shall
      have their meanings as
      set
      forth
      in the Agreement.

    

    RECITALS

    

    WHEREAS,
      Twistbox
      and Ian Aaron, Adi McAbian, Tal Dean McAbian and Camill
      Sayadeh ("the Founders"), and owners of a significant percentage of the common
      stock
      of
      Twistbox, have instituted a company wide cost reduction plan;

    

    WHEREAS,
      Founder
      deems it to be in the best interest of Twistbox to voluntary reduce
      his Base Salary and waive certain rights under the Agreement; and

    

    WHEREAS,
      the
      parties hereto desire to memorialize their prior oral agreements and
      the
      further mutual understandings contained herein.

    

    AMENDMENT

    

    NOW
      THEREFORE, in
      consideration of the foregoing, Twistbox and Founder desire
      to
      amend and/or modify the Agreement and enter into this Amendment on the
terms
      and
      conditions provided below:

    

    
      	
            	1.	
              Commencing
                with the payroll paid on August 3, 2007 through August 31, 2007,
                Founder
                has agreed to reduce his Base Salary to Three Hundred Fifty Thousand
                Dollars
                ($350,000).

            

    

    

    
      	
            	2.	
              Commencing
                with the payroll paid on September 19, 2007 through November 9,
                2007,
                Founder has agreed to further reduce his Base Salary to Three Hundred
                Thousand
                Dollars ($300,000).

            

    

    

    
      
        	
              	3.	
                Commencing
                  with the payroll paid on November 23, 2007, Founder has agreed
                  to
                  reduce
                  his Base Salary to zero (subject to California minimum wage requirements);
                  provided that, Founder's Base Salary shall be reset to One Hundred
                  Fifty Thousand Dollars ($150,000) (the "Reset Base Salary") upon
                  Twistbox
                  achieving cash flow break-even, as
                  that
                  term is customarily understood and
                  applied under GAAP, with such cash flow break-even calculation
                  to include
                  Founder's
                  Reset Base Salary, interest payments to ValueAct SmallCap Master
                  Fund,
                  L.P for a period of three (3) months (the "Reduction Period") and
                  such
                  other
                  ordinary and usual amounts, including earned interest income; provided
                  further,
                  however, in the event the Company achieves cash flow break-even
                  ninety
                  (90)
                  days following the Amendment Date, Twistbox shall cause the Board
                  of
                  Directors to convene a subcommittee of independent directors to
                  consider
                  awarding
                  bonuses to Founder, so long as
                  any
                  such award does not result in the Company
                  no longer being cash flow break-even in any given calendar
                  month.

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	
            	4.	
              Twistbox
                and Mandalay Media, Inc. ("Mandalay") intend to enter into a plan
                of
                merger
                whereby Twistbox shall become a wholly owned subsidiary of Mandalay
                ("Merger"). In the event the Merger is not consummated, Founder hereby
                agrees to
                waive his right to seek the Severance Period benefits under the Agreement.
                In exchange for such waiver, Twistbox shall issue to Founder an option
                to
                buy One Hundred
                Twenty-Five Thousand (125,000) shares of common stock of Twistbox
                at
                the then current fair market value (the "Option"). The Option shall
                vest
                in twelve
                (12) equal monthly installments commencing upon the first day following
                Twistbox's
                final determination not to pursue the
                Merger.

            

    

    

    
      	
            	5.	
              Twistbox
                hereby agrees and acknowledges that nothing contained herein shall
                serve
                as a waiver of any other rights or remedies, in law or equity, which
                Founder may
                have by virtue of his Agreement and/or any statutes, laws or regulations
                governing
                employer/employee matters.

            

    

    

    
      	
            	6.	
              All
                terms and conditions of the Agreement not specifically and expressly
                modified
                or amended herein are hereby ratified and confirmed in all respects
                and
                shall
                remain in full force and effect.

            

    

    

    
      	
            	7.	
              Each
                person who executes this Amendment represents and warrants to each
                party
                hereto
                that he has the authority to do so and to bind each entity as
                contemplated
                hereby,
                and agrees to hold harmless each other party from any claim that
                such
                authority
                did not exist. This Amendment will inure to the benefit of and be
                binding
                upon the parties and their respective shareholders, successors and
                permitted
                assigns.

            

    

    

    IN
      WITNESS WHEREOF, the
      parties hereto have executed this Amendment as of the Amendment
      Date set forth above.

    

     

    
      	TWISTBOX ENTERTAINMENT, INC. FOUNDER
              (AS
              SUCCESSOR-IN-INTEREST TO THE
              WAAT CORPORATION)	 	FOUNDER
	 	 	 
	 	 	 
	By: /s/ David
              Mandell	 	By: /s/ Ian Aaron
	
              Name:
                David Mandell

            	 	Name: Ian Aaron
	Title:
              EVP/General Counsel	 	Title:
              President/CEO

    

     

     

    
      
         

      

      
        2SECOND
      AMENDMENT TO EMPLOYMENT AGREEMENT

     

    This
      second amendment (“Second Amendment”) is effective as of February 12, 2008
      (“Amendment Date”) by and between Twistbox Entertainment, Inc. (as
      successor-in-interest to the WAAT Corporation) (“Twistbox”) and Ian Aaron
      (“Employee”), and amends that certain Letter Agreement dated May 16, 2006 by and
      between Twistbox and Employee, as amended (the “Agreement”). Unless otherwise
      defined herein, defined terms shall have their meanings as set forth in the
      Agreement.

     

    RECITALS

     

    WHEREAS,
      Twistbox
      and Mandalay Media, Inc. (“Mandalay”) have entered into that certain Agreement
      and Plan of Merger dated December 31, 2007, as amended, pursuant to which
      Employee has agreed to sell, transfer, assign and convey all of his capital
      stock in Twistbox to Mandalay in exchange for common stock of Mandalay;

    

    WHEREAS,
      Twistbox and Employee believe it is in the best interest of Twistbox and
      Employee to mutually agree to certain modifications to the Agreement;
      and

    

    WHEREAS,
      the
      parties hereto desire to memorialize their mutual understandings as contained
      herein. 

    

    AMENDMENT

    

    NOW
      THEREFORE,
      in
      consideration of the foregoing, Twistbox and Employee desire to further amend
      and/or modify the Agreement and enter into this Second Amendment on the terms
      and conditions provided below:

    

    Employee’s
      Agreement shall be modified as follows:

     

    
      	1.  	
              Section
                2 of the Agreement shall be deleted in its entirety and replaced
                with the
                following:

            

    

     

    “EMPLOYMENT
      TERM.
      

    

    The
      term
      of your employment under this Letter Agreement (the “Employment
      Term”)
      will
      be for a term commencing on February 12, 2008 (the “Effective
      Date”)
      and
      unless terminated earlier as provided in paragraph 6 hereto or extended by
      mutual consent of you and the Company on terms at least as favorable as those
      in
      the final year of the Employment Term, ending on the third anniversary of the
      Effective Date. On or about August 12, 2010, you and the Company shall meet
      in
      good faith to discuss the terms of a renewal, in order to negotiate terms
      related to, among other things, base salary, bonus percentage and additional
      grants of stock options.”

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	2.  	
              Section
                3 of the Agreement shall be deleted in its entirety and replaced
                with the
                following:

            

    

    

    “A. Base
      Salary.
      During
      the Employment Term, the Company will pay to you a base salary at the annual
      rate of $350,000 from February 12, 2008 through February 11, 2009, $367,500
      from
      February 12, 2009 through February 11, 2010, and $385,875 from February 12,
      2010
      through February 12, 2011, in accordance with the usual payroll practices of
      the
      Company.”

     

    
      	3.  	
              Sub-paragraph
                (f) shall be added to Section 5 of the Agreement as
                follows:

            

    

    

    “Stock
      Options.
      On the
      Effective Date, the Company shall cause Mandalay to grant to Employee an initial
      option (“Option”) to purchase 600,000 shares of Mandalay’s common stock (“Common
      Shares”) at an exercise price equal to the closing price of the Common Shares on
      the Effective Date. Each Option shall represent the right to acquire one (1)
      Common Share. The Option shall vest in full and become immediately exercisable
      as follows: (a) one-third shall immediately vest on the Effective Date, (b)
      one-third shall vest on the first anniversary of the Effective Date and (c)
      one-third shall vest on the second anniversary of the Effective
      Date.
      The
      Option shall be evidenced by a written option agreement and be governed by
      the
      terms and conditions thereof and the terms and conditions of Mandalay’s 2007
      Stock Plan. Notwithstanding anything to the  contrary,
      the Option is subject to full accelerated vesting upon a change of control
      and/or the sale of all or substantially all of the assets of
      Mandalay.”

    

    4. Lines
      five through nine of sub-paragraph (b) of Section 7 of the Agreement beginning
      with “(1)” and ending with “(the “Severance
      Period”)”
shall
      be deleted in their entirety and replaced with the following:

    

    “(1)
      continued payment of your base salary (but not as an employee) in accordance
      with the usual payroll practices of the Company for a period equal to six (6)
      months following such termination (the “Severance
      Period”);”

    

    5. Sub-paragraph
      (e)(2) of Section 6 shall be deleted in its entirety and replaced with the
      following:

    

    “(2)
      your
      being required to relocate to a principal place of employment more than 15
      miles
      from your current location in Sherman Oaks, California; provided, that you
      acknowledge that the Company is currently seeking to relocate within the Los
      Angeles, CA area and the Company’s first move from its current location to a new
      location within the Los Angeles area will not be deemed a “Good Reason”
hereunder;”

    

    6. Sub-paragraph
      (c) of Section 7 of the Agreement is hereby deleted in its
      entirety.

    

    7. Sub-paragraph
      (a) of Section 9 shall be deleted in its entirety and replaced with the
      following:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Non-Competition.
      During
      the Employment Term and for the twelve  month
      period following expiration or termination of your employment, you will
 not,
      directly or indirectly, enter into Competition with the Company or any of its
       affiliates
      (the “Employer”).
      “Competition”
      means
      participating, directly or  indirectly,
      as an individual proprietor, partner, stockholder, officer, employee,
 director,
      joint venturer, investor, lender or in any capacity whatsoever in any
       activities
      or businesses related to the provisioning of any of the following  products
      and/or services in connection with Mobile Adult WAP, Adult  MobileTV,
      Adult Off-Deck Services, Mobile AVS Systems and Mobile Adult  Advertising
      Services.”

    

    8. All
      terms
      and conditions of the Agreement not specifically and expressly modified or
      amended herein are hereby ratified and confirmed in all respects and shall
      remain in full force and effect.

    

    9. Each
      person who executes this Amendment represents and warrants to each party hereto
      that he has the authority to do so and to bind each entity as contemplated
      hereby, and agrees to hold harmless each other party from any claim that such
      authority did not exist. This Amendment will inure to the benefit of and be
      binding upon the parties and their respective shareholders, successors and
      permitted assigns.

    

    [SIGNATURE
      PAGE FOLLOWS]

     

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Second Amendment as of the Amendment Date
      set
      forth above.

    
       

      
        	
                TWISTBOX
                  ENTERTAINMENT, INC.  

                (AS
                  SUCCESSOR-IN-INTEREST TO 

                THE
                  WAAT CORPORATION) 

              	EMPLOYEE
	 	 
	By: David
                Mandell	By: /s/ Ian
                Aaron
	Name: David Mandell	
                Name:
                  Ian Aaron

              
	
                Title:
                  EVP/General
                  Counsel

              	 
	 	 

      

    

     

    
      
        
        

      

      
        4

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