Document:

<PAGE>

EXHIBIT 10.18

                                                             Grant No. _________

                       ULTIMATE SPORTS ENTERTAINMENT, INC.

                               STOCK OPTION GRANT

     Optionee: __________________________________________________________

     Address: ___________________________________________________________

     Grant Date: ________________________________________________________

     Exercise Price: $__________ per share

     Number of Option Shares: __________ shares

     Expiration Date: _____________________________________________________

     Type of Option:       _____ Incentive Option     _____ Non-Statutory Option

     This Stock Option Grant is made, as of the Grant Date set forth above, by
and between Ultimate Sports Entertainment, Inc., a Delaware corporation (the
"Corporation") and the Optionee named above. This Stock Option Grant includes
the terms of the Stock Option Exercise Notice and Purchase Agreement attached
hereto as Exhibit A, and is subject to the terms of the Corporation's Stock
Option Plan (the "Plan"), a copy of which is attached hereto as Exhibit B. All
capitalized terms not defined herein shall have the meaning set forth in the
Appendix to the Plan.

     1. Grant of Option. The Corporation hereby grants to Optionee named above,
as of the Grant Date, an option to purchase up to the total number of Option
Shares specified above. The Option Shares shall be purchasable from time to time
during the option term specified in paragraph 2 below at the Exercise Price.

     2. Option Term. The option term shall be measured from the Grant Date and
shall accordingly expire at the close of business on the Expiration Date
specified above, unless sooner terminated in accordance with paragraph 5 below.

     3. Limited Transferability. This option shall be neither transferable nor
assignable, in whole or in part, by Optionee other than by will or by the laws
of descent and distribution following Optionee's death and may be exercised,
during Optionee's lifetime, only by Optionee. However, if this option is
designated a Non-Statutory Option above, then this option may also, in
connection with Optionee's estate plan, be assigned in whole or in part during
Optionee's lifetime to one or more members of Optionee's immediate family
(spouse or children) or to a trust established exclusively for the benefit of
one or more such immediate family members. Optionee

<PAGE>

shall give written notice of any such assignment during Optionee's lifetime to
the Corporation within 20 days of assignment. The assigned portion may only be
exercised by the person or persons who acquire a proprietary interest in the
option pursuant to the assignment. The terms applicable to the assigned portion
shall be the same as those in effect for this option immediately prior to such
assignment and shall be set forth in such documents issued to the assignee as
the Plan Administrator may deem appropriate.

     4. Exercisability. This option shall become vested or exercisable for the
Option Shares in installments as provided in the Exercise Schedule below:

     [EXERCISE SCHEDULE]

     For purposes of calculating the number of months since grant only full
complete calendar months from the first of said month until the end of said
month will be counted. For example, if the grant was issued on June 18th, the
remaining days in the month of June would be disregarded and a full calendar
month would not accrue until July 31st. If the grant was issued on June 1st a
full calendar month would accrue on June 30th.

     If the Optionee is terminated by the actions of the Corporation, except for
Misconduct, at any time before he has obtained an accumulated exercisable
percentage of 100% then, upon such termination, he shall be deemed to have
obtained the next exercisable percentage upon such termination. For example, if
the Optionee has worked twenty-two months after the grant of option and the
Optionee is then terminated by the Corporation without cause, the Optionee, upon
such termination, will obtain an additional fifteen percent (15 %) of
exercisable percent as if he had worked twenty-seven (27) months after the grant
of the Option.

     As the option becomes exercisable or vested for such installments, those
installments shall accumulate and the option shall remain exercisable for the
accumulated installments until the Expiration Date or sooner termination of the
option term under paragraph 5 below. The exercisable installments may be
exercised in whole or in part, but only as to whole shares.

     5. Cessation of Service. The option term specified in paragraph 2 above
shall terminate, and this option shall cease to be outstanding prior to the
Expiration Date, upon Optionee's ceasing to be in the Service of the
Corporation. In such event, the following provisions shall apply:

          a. Should Optionee cease to remain in Service for any reason (other
than death, Permanent Disability or Misconduct) while this option is
outstanding, then Optionee shall have a period of three (3) months (commencing
with the date of such cessation of Service) during which to exercise this option
as to vested Option Shares.

          b. Should Optionee die while this option is outstanding, then personal
representative of Optionee's estate (or the person or persons to whom the option
is transferred pursuant to Optionee's will or in accordance with the laws of
descent and distribution) shall have a

<PAGE>

period of twelve (12) months (commencing with the date of such cessation of
service) during which to exercise this option as to vested Option Shares.

          c. Should Optionee cease Service by reason of Permanent Disability
while this option is outstanding, then Optionee shall have a period of twelve
(12) months (commencing with the date of such cessation of Service) during which
to exercise this option as to vested Option Shares.

          d. Should Optionee's Service be terminated for Misconduct, then this
option shall terminate immediately and cease to remain outstanding.

          e. During the limited post-Service exercise period, this option may
not be exercised in the aggregate for more than the number of vested Option
Shares for which the option is exercisable on the date of the Optionee's
cessation of Service. Upon the expiration of such limited post-Service exercise
period or upon the Expiration Date (if earlier), this option shall terminate and
cease to be outstanding for any vested Option Shares for which the option has
not been exercised. In no event shall this option be exercisable at any time
after the Expiration Date. To the extent this option is not otherwise
exercisable for vested Option Shares at the time of Optionee's cessation of
Service, this option shall immediately terminate and cease to be outstanding
with respect to those shares.

     6. Adjustment in Option Shares. Should any change be made to the Common
Stock by reason of any split, stock dividend, recapitalization, combination of
shares, exchange of shares or other change affecting the outstanding Common
Stock as a class without the Corporation's receipt of consideration, appropriate
adjustments shall be made to (i) the total number and/or class of securities
subject to this option, and (ii) the Exercise Price, in order to reflect such
change and thereby preclude a dilution or enlargement of benefits hereunder.

     7. Stockholder Rights. The holder of this option shall not have any
stockholder rights with respect to the Option Shares until such person shall
have exercised the option, paid the Exercise Price, and become a holder of
record of the Purchased Shares.

     8. Manner of Exercising Options

          a. In order to exercise this option with respect to all or any part of
the Option Shares for which this option is at the time exercisable, Optionee (or
any other person or persons exercising this option) must take the following
actions:

               (1) Execute and deliver to the Corporation a Stock Option
Exercise Notice and Purchase Agreement (Exhibit A) for the Option Shares for
which the option is exercised.

               (2) Pay the aggregate Exercise Price for the Purchased Shares in
one or more of the following forms:

<PAGE>

                    (a) Cash or check made payable to the Corporation; or

                    (b) A promissory note payable to the Corporation, but only
               to the extent authorized by the Plan Administrator in accordance
               with paragraph 13.

                  Upon prior written approval of the Plan Administrator, the
Exercise Price may also be paid as follows:

                    (c) In shares of Common Stock held by Optionee (or any other
               person or persons exercising the option) for the requisite period
               necessary to avoid a charge to the Corporation's earnings for
               financial reporting purposes and valued at Fair Market Value on
               the Exercise Date; or

                    (d) Through a special sale and remittance procedure pursuant
               to which Optionee (or any other person or persons exercising the
               option) shall concurrently provide irrevocable written
               instructions (1) to a Corporation- designated brokerage firm to
               effect the immediate sale of the Purchased Shares and remit to
               the Corporation, out of the sale proceeds available on the
               settlement date, sufficient funds to cover the aggregate Exercise
               Price payable for the Purchased Shares plus all applicable
               federal, state and local income and employment taxes required to
               be withheld by the Corporation by reason of such exercise and (2)
               to the Corporation to deliver the certificates for the Purchased
               Shares directly to such brokerage firm in order to complete the
               sale.

               Except to the extent the sale and remittance procedure is
utilized in connection with the option exercise, payment of the Exercise Price
must accompany the Stock Option. Exercise Notice and Purchase Agreement
delivered to the Corporation in connection with the option exercise.

                    (3) Furnish to the Corporation appropriate documentation
that the person or persons exercising the option (if other than Optionee) have
the right to exercise this option.

                    (4) Execute and deliver to the Corporation such written
representations as may be requested by the Corporation in order for it to comply
with the applicable requirements of federal and state securities laws.

                    (5) Make appropriate arrangements with the Corporation (or
Parent or Subsidiary employing or retaining Optionee) for the satisfaction of
all federal, state and local income and employment tax withholding requirements
applicable to the option exercise.

          b. As soon as practical after the Exercise Date, the Corporation shall
issue to, or, on behalf of Optionee (or any other person or persons exercising
this option), a share certificate for the Purchased Shares, with the appropriate
legends affixed thereto.

<PAGE>

          c. In no event may this option be exercised for any fractional shares.

     9. Compliance with Laws and Regulations

          a. The exercise of this option and the issuance of the Option Shares
upon such exercise shall be subject to compliance by the Corporation and
Optionee with all applicable requirements of law relating thereto and with all
applicable regulations of any stock exchange (or Nasdaq, if applicable) on which
the Common Stock may be listed for trading at the time of such exercise and
issuance.

          b. The inability of the Corporation to obtain approval from any
regulatory body having authority deemed by the Corporation to be necessary to
the lawful issuance and sale of any Common Stock pursuant to this option shall
relieve the Corporation of any liability with respect to the non-issuance or
sale of the Common Stock as to which such approval shall not have been obtained.
The Corporation, however, shall use its best efforts to obtain all such
approvals.

     10. Successors and Assigns. Except to the extent otherwise provided in
paragraph 3 above, the provisions of this Agreement shall inure to the benefit
of, and be binding upon, the Corporation and its successors and assigns and
Optionee, Optionee's permitted assigns and the legal representatives, heirs and
legatees of Optionee's estate.

     11. Notices. Any notice required to be given or delivered to the
Corporation under the terms of this Agreement shall be in writing and addressed
to the Corporation at its principal corporate offices. Any notice required to be
given or delivered to Optionee shall be in writing and addressed to Optionee at
the address indicated on the Stock Option Grant. All notices shall be deemed
effective upon personal delivery or upon deposit in the U.S. mail, postage
prepaid and properly addressed to the party to be notified.

     12. Financing. The Plan Administrator may, in its absolute discretion and
without any obligation to do so, permit Optionee to pay the Exercise Price for
the purchase Option Shares by delivering a full-recourse promissory note payable
to the Corporation. The terms of any such promissory note (including the
interest rate, the requirements for collateral and the terms of repayment) shall
be established by the Plan Administrator in its sole discretion.

     13. Construction. This Agreement and the option evidenced hereby are made
and granted pursuant to the Plan and are in all respects limited by and subject
to the terms of the Plan and the Stock Option Exercise Notice and Purchase
Agreement. All decisions of the Plan Administrator with respect to any question
or issue arising under the Plan or this Agreement shall be conclusive and
binding on all persons having an interest in this option.

     14. Additional Terms Applicable to an Incentive Option. In the event this
option is designated an Incentive Option above, the following terms and
conditions shall also apply to the grant:

<PAGE>

          a. This option shall cease to qualify for favorable tax treatment as
an Incentive Option if (and to the extent) this option is exercised for one or
more Option Shares: (1) more than three (3) months after the date Optionee
ceases to be an Employee or in the Service of the Corporation for any reason
other than death or Permanent Disability or (2) more than twelve (12) months
after the date Optionee ceases to be an Employee by reason of death or Permanent
Disability.

          b. No installment under this option shall qualify for favorable tax
treatment as an Incentive Option if (and to the extent) the aggregate Fair
Market Value (determined at the Grant Date) of the Common Stock for which such
installment first becomes exercisable hereunder would, when added to the
aggregate value (determined as of the respective date or dates of grant) of any
earlier installments of the Common Stock and any other securities for which this
option or any other Incentive Options granted to Optionee prior to the Grant
Date (whether under the Plan or any other option plan of the Corporation or any
Parent or Subsidiary) first become exercisable during the same calendar year,
exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should such One
Hundred Thousand Dollar ($100,000) limitation be exceeded in any calendar year,
this option shall nevertheless become exercisable for the excess shares in such
calendar year as a Non-Statutory Option.

          c. Should the Board elect to accelerate the exercisability of this
option upon a Corporate Transaction, then this option shall qualify as an
Incentive Option only to the extent the aggregate Fair Market Value (determined
at the Grant Date) of the Common Stock for which this option first becomes
exercisable in the calendar year in which the Corporate Transaction occurs does
not, when added to the aggregate value (determined as of the respective date or
dates of grant) of the Common Stock or other securities for which this option or
one or more other Incentive Options granted to Optionee prior to the Grant Date
(whether under the Plan or any other option plan of the Corporation or any
Parent or Subsidiary) first become exercisable during the same calendar year,
exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should the
applicable One Hundred Thousand Dollar ($100,000) limitation be exceeded in the
calendar year of such Corporate Transaction, the option may nevertheless be
exercised for the excess shares in such calendar year as a Non-Statutory Option.

          d. Should Optionee hold, in addition to this option, one or more other
options to purchase Common Stock which become exercisable for the first time in
the same calendar year as this option, then the foregoing limitations on the
exercisability of such options as Incentive Options shall be applied on the
basis of the order in which such options are granted.

          e. The grant of this option is subject to approval of the Plan by
Corporation's stockholders within twelve (12) months after the adoption of the
Plan by the Board. In the event that such stockholder approval is not obtained,
then this option shall not qualify as an Incentive Option.

          f. If the Option Shares covered by this Agreement exceed, as of the
Grant Date, the number of shares of Common Stock which may without stockholder
approval be issued under the Plan, then this option shall cease to qualify as an
Incentive Option unless stockholder

<PAGE>

approval of an amendment sufficiently increasing the number of shares of Common
Stock issuable under the Plan is obtained in accordance with the provisions of
the Plan.

          g. If Optionee is a 10% Stockholder, then the Exercise Price shall
not be less than one hundred ten percent (110%) of the Fair Market Value per
share of Common Stock on the Grant Date, and the option term shall not exceed
five (5) years measured from the Grant Date.

          h. Shares purchased pursuant to this option shall cease to qualify for
favorable tax treatment as Incentive Option shares if and to the extent Optionee
disposes of such shares within two (2) years from the Grant Date or within one
(1) year of Optionee's purchase of said shares.

          i. Optionee acknowledges that the rules regarding Incentive Options as
contained in the Internal Revenue Code are subject to amendment in the future.
Optionee should consult his or her tax advisor prior to taking any action with
respect to this option or the shares purchased hereunder.

     IN WITNESS WHEREOF, this Agreement is executed as of the Grant Date first
noted above.

                       Ultimate Sports Entertainment, Inc.

                                By:
                                    -----------------------------------
                                    Frederick R. Licht, President

<PAGE>

                                 ACKNOWLEDGMENT

     Optionee understands and agrees that the option is granted subject to and
in accordance with the terms of the Corporation's Stock Option Plan (the
"Plan"). Optionee further agrees to be bound by the terms of the Plan and the
terms of the option as set forth in this Agreement. Optionee understands that
any Option Shares purchased under the option shall be subject to the terms set
forth in the Stock Option Exercise Notice and Purchase Agreement attached hereto
as Exhibit A.

     Optionee hereby acknowledges receipt of a copy of the Plan in the form
attached hereto as Exhibit B, and represents that Optionee has read and
understands the Plan, and accepts this option subject to all terms and
provisions of the Plan and the Plan documents. Optionee hereby agrees to accept
as binding, conclusive and final, all decisions and interpretations of the Board
of Directors upon any questions arising under the Plan. Optionee acknowledges
that there may be adverse tax consequences upon exercise of this option and/or
upon disposition of the Purchased Shares, and that Optionee should consult a tax
advisor prior to such exercise or disposition.

                                        OPTIONEE

                                        ------------------------------
                                        Signature

                                        ------------------------------
                                        Please Print Name

                                        ------------------------------
                                        Date

<PAGE>

                                    EXHIBIT A

           FORM OF STOCK OPTION EXERCISE NOTICE AND PURCHASE AGREEMENT
                   (To be signed only upon exercise of Option)

To: Ultimate Sports Entertainment, Inc.

     The undersigned, the owner of the attached Stock Option Grant, hereby
irrevocable elects to exercise the purchase rights represented by the Stock
Option Grant for, and to purchase thereunder, _____________ shares of Common
Stock of Ultimate Sports Entertainment, Inc. Enclosed is payment in the amount
of $_______________ as the exercise price of the Common Stock to be acquired.
Please have the certificate(s) registered in the name of and delivered to the
following address:

         Registered Name(s)
                                ---------------------------------

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

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

         Mailing Address
                                ---------------------------------

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

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

If this exercise does not include all of the Common Stock covered by the
attached Stock Option Grant, please deliver a new Stock Option Grant of like
tenor for the balance of the Common Stock to the undersigned at the foregoing
address.

     DATED this ______ day of __________ 200___.

                                         ---------------------------------
                                         Signature of Optionee

<PAGE>

                    SCHEDULE OF NON-QUALIFIED OPTION HOLDERS

<TABLE>
<CAPTION>

                                                  Number of                  Exercise         Expiration
Grant No.       Name & Address                  Option Shares                Price            Date
---------       --------------                  -------------                -----            ----
<S>             <C>                             <C>                          <C>              <C>
   1            Michael Lott                       10,000                     $0.50            1/11/03
                7367 Hollywood Blvd. #216
                Los Angeles, CA 90046

   2            Drew Gitlin                        250,000                    $0.50            1/11/03
                150 N. Anita
                Los Angeles, CA 90049

   3            Jeff Smith                         10,000                     $0.50            1/11/03
                1520-A Miramar Bch.
                Montecito, CA 93108

   4            Todd Orlich                        10,000                     $0.50            1/11/03
                411 West End Ave.
                Apt.  5-D
                New York, NY 10024

   5            Dave Schwarz                       7,500                      $0.50            1/11/03
                3 Jagger
                Melville, NY 11747

   6            Karen Reed                         5,000                      $0.50            1/11/03
                2120 Colorado
                4th Floor
                Santa Monica, CA 90404

   7            Patti Felker                       50,000                     $1.00            1/11/03
                10880 Wilshire Blvd.
                Suite 2070
                Los Angeles, CA 90024
</TABLE><PAGE>

EXHIBIT 10.19

         THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE
         UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
         OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND MAY
         NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS SO REGISTERED
         OR UNLESS IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
         COMPANY, AN EXEMPTION FROM REGISTRATION UNDER ALL SUCH LAWS IS
         AVAILABLE.

               Warrant for the Purchase of Shares of Common Stock

No.  W1                                                         250,000  Shares

         THIS CERTIFIES THAT, for value received, Deborah Fensterheim,
("Holder"), is entitled to subscribe for and purchase from Ultimate Sports
Entertainment, Inc. a Delaware corporation (the "Company"), at any time on
and prior to the Expiration Date, as defined below, two hundred and fifty
thousand fully paid and nonassessable shares (the "Shares") of the Company's
Common Stock, $.001 par value per share (the "Common Stock"), at a price of
two dollars - 00/100 ($2.00) per Share (the "Exercise Price"), subject to the
terms and conditions set forth herein. The term "Holder", as used herein,
shall include the original Holder and any person to whom this Warrant is
transferred in conformity with the terms hereof, and the term "Warrant" shall
mean and include this Warrant and any Warrant or Warrants hereafter issued in
consequence of the exercise or transfer of this Warrant, in whole or in part.

         1. The Expiration Date of this Warrant shall be October 31, 2004,
subject to extension as provided in Section 8(c) below.

         2. This Warrant may be exercised at any time prior to or on the
Expiration Date (the "Exercise Period") as to the whole or any lesser number
of whole Shares by the surrender of this Warrant (with the Form of Election
at the end hereof duly executed) to the Company at its offices located at
2444 Wilshire Boulevard, Santa Monica, California 90403, or such other place
designated by the Company in writing delivered to the Holder, accompanied by
a certified or bank cashier's check payable to the order of the Company in an
amount equal to the Exercise Price multiplied by the number of Shares covered
by such exercise (the "Shares Purchase Price"). Upon any exercise of this
Warrant, in whole or in part, the holder hereof may pay the Shares Purchase
Price with respect to the shares of Common Stock for which this Warrant is
then being exercised (collectively, the "Exercise Shares") by surrendering
its rights to a number of Exercise Shares having a fair market value equal to
or greater than the required aggregate Exercise Price, in which case the
holder hereof would receive the number of Exercise Shares to which it would
otherwise be entitled upon such exercise, less the surrendered shares.

         3. Exercise of this Warrant shall be effective as of the close of
the business day on which the Company has received the last of (a) this
Warrant, (b) a duly executed Election to Purchase, and (c) the Shares
Purchase Price. Upon each exercise of this Warrant, the Holder shall be
deemed to be the holder of record of the Shares issuable upon such exercise.
As soon as

<PAGE>

practicable after each such exercise, the Company shall issue and deliver to
the Holder a certificate or certificates for the Shares issuable upon such
exercise as set forth in Election to Purchase and, if this Warrant should be
exercised in part only, the Company shall execute and deliver a new Warrant
evidencing the right of the Holder to purchase the balance of the Shares
subject to purchase hereunder. The issue of any stock or other certificate
upon the exercise of this Warrant shall be made without charge to the Holder
for any tax in respect of the issue of such certificate.

         4. The Company shall be entitled to treat the Holder as the owner in
fact of this Warrant for all purposes and shall not be bound to recognize any
equitable or other claim to or interest in such Warrant on the part of any
other person. Subject to the provisions of Section 8 below, this Warrant
shall be transferable on the books of the Company upon delivery hereof with
the form of Assignment at the end hereof duly completed by the Holder or by
his duly authorized attorney or representative.

         5. The Company shall at all times reserve and keep available out of
its authorized and unissued Common Stock, solely for the purpose of providing
for the exercise of this Warrant, such number of Shares as shall, from time
to time, be sufficient therefor.

         6. The Exercise Price shall be subject to adjustment from time to
time as follows:

            a. If the Company shall (i) declare a dividend or make a
distribution on outstanding shares of its Common Stock in shares of Common
Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock
into a greater number of shares, or (iii) combine or reclassify the
outstanding shares of Common Stock into a lesser number of shares, the
Exercise Price in effect at the time of the record date for such dividend or
distribution or the effective date of such subdivision, combination or
reclassification shall be adjusted so that it shall equal the price
determined by multiplying the Exercise Price then in effect by a fraction,
the denominator of which shall be the number of shares of Common Stock
outstanding immediately after giving effect to such action, and of which the
numerator shall be the number of shares of Common Stock outstanding
immediately prior to such action. Such adjustment shall be made successively
whenever any event specified above shall occur.

            b. If during the Exercise Period the Company issues or sells any
shares of Common Stock, or grants any options or rights to subscribe for or
to purchase shares of Common Stock, or issues or sells any securities
convertible into or exchangeable for shares of Common Stock, for a
consideration per share of Common Stock less than the Exercise Price in
effect immediately prior to the time of such issuance, sale or grant, the
Exercise Price shall be reduced to a price determined by multiplying the
Exercise Price in effect immediately prior to such issuance by a fraction,
the numerator of which is A + (B / C) and the denominator of which is A + D,
wherein: "A" shall be the number of Outstanding Shares (as defined below)
immediately prior to the subject issuance; "B" shall be the consideration for
the shares, options, warrants, rights or convertible or exchangeable
securities then being issued or other securities then being issued; "C" shall
be the Exercise Price in effect immediately prior to the subject issuance;
and "D" shall be the number of shares then being issued or issuable upon the
exercise of such options,

<PAGE>

warrants, rights or convertible or exchangeable securities. The term
"Outstanding Shares" shall mean the number of shares of Common Stock
outstanding immediately prior to the issuance of securities in respect of
which the adjustment is to be made, plus the number of shares of Common Stock
issuable upon the exercise of any outstanding rights to subscribe for or to
purchase, or the exercise of any other options or warrants for the purchase
of, any shares of Common Stock, or the conversion or exchange of any
securities, convertible into or exchangeable for shares of Common Stock.

            c. If the Company grants any rights to subscribe for or to
purchase or any options or warrants for the purchase of shares of Common
Stock or any securities convertible into or exchangeable for shares of Common
Stock, the adjustment provided for in this Section shall be made at the time
of the issuance of such securities, and the consideration received by the
Company for the shares of Common Stock issuable upon the exercise, conversion
or exchange thereof, for purposes of determining the consideration received
by the Company, shall include (i) any consideration received by the Company
upon the issuance of such securities, and (ii) any consideration to be
received at the time of issuance of shares of Common Stock, without deduction
of any expenses incurred, paid or allowed by the Company in connection
therewith. If any such rights, options, warrants or convertible or
exchangeable securities shall be issued for consideration other than cash,
the amount of the consideration other than cash received by the Company shall
be the fair value thereof.

            d. Upon any change or adjustment in the aggregate consideration
to be received per share of Common Stock upon the exercise or conversion of
any outstanding rights, options, warrants or other securities, or upon the
expiration of the Company's obligation to issue Common Stock upon the
exercise, conversion or exchange of any such securities, the Exercise Price
shall be recomputed by: (i) first, multiplying the Exercise Price in effect
at the time of such event by the reciprocal of the fraction, if any, used to
adjust the Exercise Price at the time of the most recent prior adjustment of
the Exercise Price in respect of such securities, and (ii) second (in the
case of a change or adjustment only) by the figure thus obtained in the
manner provided in paragraph (b) of this Section 6, treating such change or
adjustment as a new issuance of such securities.

            e. Whenever the Exercise Price is adjusted pursuant to this
Section 6, the number of Shares purchasable upon exercise of this Warrant
shall simultaneously be adjusted by multiplying the number of Shares
initially issuable upon exercise of this Warrant by the initial Exercise
Price in effect on the date hereof and dividing the product so obtained by
the Exercise Price, as adjusted.

            f. All calculations under this Section 6 shall be made to the
nearest one-hundredth of a cent and to the nearest whole Share.

         7. a. In case of any consolidation with or merger of the Company
with or into another corporation (other than a merger of consolidation in
which the Company is the continuing or surviving corporation), or in case of
any sale, lease or conveyance to other corporation of the property of the
Company as an entirety or substantially as an entirety, appropriate
provisions shall

<PAGE>

be made so that the Holder shall have the right thereafter to receive upon
exercise of this Warrant solely the kind and amount of shares of stock and
other securities, property, cash or any combination thereof receivable upon
such consolidation, merger, sale, lease or conveyance by a holder of the
number of Shares of Common Stock for which this Warrant might have been
exercised immediately prior to such consolidation, merger, consolidation,
sale, lease or conveyance subject to subsequent adjustments which shall be as
nearly equivalent as practicable to the adjustments in Section 6 hereof.

            b. In case of any reclassification or change in the Shares of
Common Stock issuable upon exercise of this Warrant, the Holder shall have
the right thereafter to receive upon exercise of this Warrant solely the kind
and amount of shares of stock and other securities, property, cash or any
combination thereof receivable by the holder of the number of Shares for
which this Warrant might have been exercised immediately prior to such
reclassification or change subject to subsequent adjustments which shall be
as nearly equivalent as practicable to the adjustments in Section 6.

            c. The above provisions of this Section 7 shall similarly apply
to successive reclassification and changes in Shares of Common Stock and to
successive consolidations, mergers, sales or conveyances.

         8. a. Unless registered under the Securities Act of 1933, this
Warrant and Shares or other securities issued upon exercise of this Warrant
shall not be transferred by the Holder unless, in the opinion or counsel
reasonably satisfactory to the Company, an exemption from registration under
applicable securities laws is applicable to such transfer. This Warrant and
Shares and other securities issued upon the exercise of this Warrant shall be
subject to a stop-transfer order and the certificate or certificates
evidencing any such securities shall bear such legend as the Company may deem
necessary or advisable to evidence this restriction.

            b. If the Company shall seek to register any securities of the
Company under the Securities Act of 1933 (except in connection with any stock
option plan, stock purchase plan, savings or similar plan or an acquisition,
merger or exchange of stock, to be registered on Forms S-4, S-8 or any
successor forms under the Securities Act) and if the form of registration
statement proposed may be used for the registration of Shares or other
securities then issuable upon the exercise of this Warrant (hereinafter
referred to, collectively, as "Registrable Securities"), the Company shall
furnish the Holder with at least 30 days prior written notice thereof. At the
written request of a Holder given within 20 days after the receipt of such
notice, the Company will use its best efforts to cause all of the Registrable
Securities for which registration shall have been requested to be included in
such registration statement. If the proposed registration is, in whole or in
part, an underwritten public offering of securities of the Company, and the
managing underwriter of that Offering determines and advises in writing that
the inclusion of Registrable Securities proposed to be included in the
underwritten public offering would interfere with the successful marketing
(including pricing) of the Offering, then the amount of Registrable
Securities to be included in such Registration underwritten public offering
shall be reduced pro rata among all persons requesting registration of
Registrable Securities to a level acceptable to such underwriter, which may
be zero.

<PAGE>

            c. If, prior to December 31, 2000, the Company has not processed
to effectiveness a registration statement under the Securities Act of 1933
covering all Registrable Securities issuable to the Holder upon exercise of
this Warrant and kept such registration current and effective for a period of
at least 120 consecutive days, then the Holder shall have the right, upon
written notice to the Company, and on one occasion only, to have the Company
prepare, file and process to effectiveness a registration statement under the
Securities Act covering the Registrable Securities, and keep that
registration statement current and effective for at least 120 consecutive
days so as to permit the continuous sale of Registrable Securities by the
Holder pursuant thereto. If, for any reason, the Company is unable to or
fails to file and process to effectiveness a registration statement and to
maintain the effectiveness of a registration statement as contemplated
herein, the Expiration Date and Expiration Period shall be extended until a
date which is thirty (30) days after the Company has maintained a
registration statement in effect with respect to Registrable Securities in
conformity with this paragraph.

            d. All expenses of the registration of Registrable Securities
pursuant to this Section 8 shall be borne by the Company, except that Holder
shall bear the cost of any legal or other expenses contracted for by the
Holder, as well as any sales commissions or discounts earned by the
underwriter in respect of the sale of Registrable Securities in any
underwritten offering.

         9. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of any Warrant and upon surrender and
cancellation of any Warrant if mutilated, and upon reimbursement of the
Company's reasonable incidental expenses, the Company shall execute and
deliver to the Holder thereof a new Warrant of like date, tenor and
denomination.

         10. The Holder of any Warrant shall not have, solely on account of
such status, any rights of a shareholder of the Company, either at law or in
equity, or to any notice of meetings of shareholders or of any other
proceedings of the Company.

         11. This Warrant shall be governed by and construed in accordance
with the laws of the State of incorporation of the Company.

         12. The Company warrants the due authorization, execution and
delivery of this Warrant this 9th day of November, 1999.

(SEAL)                                 Ultimate Sports Entertainment, Inc.

                                       By: /s/ Frederick R. Licht
                                                 President

ATTEST:

By: /s/ Frederick R. Licht
         Secretary

<PAGE>

                              ELECTION TO PURCHASE

The undersigned Holder hereby irrevocable elects to exercise the within
Warrant to purchase ( )* Shares of Common Stock issuable upon the exercise
thereof and requests that certificates for such Shares be issued in
his/her/its name and delivered to him/her/it at the following address:

------------------------------------------------------------------------------;

Date:
     ------------------

-------------------------------------------------------------------------------
                                 Signature(s)**

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

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers the within Warrant to the extent of (_________)* Shares purchasable
upon exercise thereof to ______________________________, whose address is
_____________________________________And hereby irrevocable constitute and
appoint ______________________________ his/her/its Attorney to transfer said
Warrant on the book of the Company, with full power of substitution.

Date:
     ------------------

-------------------------------------------------------------------------------
                                 Signature(s)**

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

*   If the Warrant is to be exercised or transferred in its entirety,
    insert the word "All" before "Shares"; otherwise insert the number of
    shares then purchasable on the exercise thereof as to which transferred
    or exercised. If such Warrants shall not be transferred or exercised to
    purchase all shares purchasable upon exercise thereof, that a new
    Warrant to purchase the balance of such shares be issued in the name
    of, and delivered to, the Holder at the address stated below.

**  Signature(s) must confirm exactly to the name(s) of the Holder as set
    forth on the first page of this Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}]]