Document:

ISORAY,
      INC.

    Amended
      and Restated 2005 Stock Option Plan

    

    

    1.    Purpose
      Of Plan.

    

    (a)    General
      Purpose.
      The
      purpose of the IsoRay,
      Inc. Amended and Restated 2005 Stock Option Plan ("Plan")
      is to
      further the interests of IsoRay, Inc., a Minnesota corporation (the "Corporation"),
      and
      its subsidiaries (i) by providing an incentive based form of compensation
      to the current and former directors, officers, key employees and service
      providers of the Corporation, its subsidiaries, and their predecessor companies
      and (ii) by encouraging such persons to invest in shares of the
      Corporation's Common Stock, thereby acquiring a proprietary interest in its
      business and the business of its subsidiaries and an increased personal interest
      in its continued success and progress.

    

    (b)    Incentive
      Stock Options.
      Some
      one or more of the options granted under the Plan may be intended to qualify
      as
      an "incentive
      stock option"
      as
      defined in Section 422 of the Internal Revenue Code of 1986, as amended
      (the "Code"),
      and
      any grant of such an option shall clearly specify that such option is intended
      to so qualify. If no such specification is made, an option granted hereunder
      shall not be intended to qualify as an "incentive
      stock option."
      The
      employees eligible to be considered for the grant of incentive stock options
      hereunder are any persons regularly employed by the Corporation in a managerial
      capacity on a full-time, salaried basis.

    

    2.    Stock
      And Maximum Number Of Shares Subject To Plan.

    

    (a)    Description
      of Stock and Maximum Shares Allocated.
      The
      stock subject to the provisions of the Plan and issuable upon exercise of
      options granted under the Plan are shares of the Corporation's Common Stock,
      $.001 par value, which may be either unissued or treasury shares, as the
      Corporation's Board of Directors (the "Board")
      may
      from time to time determine. Subject to adjustment as provided in
      Section 7, the aggregate number of shares of Common Stock covered by the
      Plan and issuable upon exercise of all options granted hereunder shall be
      1,800,000 shares, which shares shall be reserved for use upon the exercise
      of
      options to be granted from time to time.

    

    (b)    Restoration
      of Unpurchased Shares.
      If an
      option expires or terminates for any reason prior to its exercise in full and
      before the term of the Plan expires, the shares subject to, but not issued
      under
      such option shall again be available for other options thereafter
      granted.

    

    3.    Administration;
      Amendments.

    

    (a)    Administration
      by Board.
      The Plan
      shall be administered by the Board with full power to administer the Plan,
      to
      interpret the Plan and to establish and amend rules and regulations for its
      administration. 

    

    (b)    Exercise
      Price.
      Upon
      the grant of any option, the Board shall specify the exercise price for the
      shares issuable upon exercise of options granted, which exercise price shall
      in
      no event be less than 100% of the Fair Market Value per share on the date such
      option is granted, except for options granted in exchange for options issued
      under the IsoRay Medical, Inc. 2004 Stock Option Plan, which shall have the
      exercise price specified on the options being exchanged. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (c)    Fair
      Market Value.
      The
      Fair Market Value of a share of Common Stock on any particular day shall be
      determined as follows:

    

    (1)    If
      the
      shares are listed or admitted to trading on any securities exchange, the fair
      market value shall be the average sales price on such day on the New York Stock
      Exchange, or if the shares have not been listed or admitted to trading on the
      New York Stock Exchange, on such other securities exchange on which such stock
      is then listed or admitted to trading, or if no sale takes place on such day
      on
      any such exchange, the average of the closing bid and asked price on such day
      as
      officially quoted on any such exchange;

    

    (2)    If
      the
      shares are not then listed or admitted to trading on any securities exchange,
      the fair market value shall be the average sales price on such day or, if no
      sale takes place on such day, the average of the reported closing bid and asked
      price on such date, in the over-the-counter market as furnished by the National
      Association of Securities Dealers Automated Quotation ("NASDAQ"),
      or if
      NASDAQ at the time is not engaged in the business of reporting such prices,
      as
      furnished by any similar firm then engaged in such business and selected by
      the
      Board; or

    

    (3)    If
      the
      shares are not then listed or admitted to trading in the over-the-counter
      market, the fair market value shall be the amount determined by the Board in
      a
      manner consistent with Treasury Regulation Section 20-2031-2 promulgated
      under the Code or in such other manner prescribed by the Secretary of the
      Treasury or the Internal Revenue Service.

    

    (4)    If
      the
      Board determines that the price as determined in Section 3(c)(1) - (3) above
      does not represent the fair market value of a share of Common Stock, the Board
      may then consider such other factors as it deems appropriate and then fix the
      Fair Market Value for the purposes of this Plan.

    

    (d)    Interpretation.
      The
      interpretation and construction by the Board of the terms and provisions of
      this
      Plan and of the agreements governing options and rights granted under the Plan
      shall be final and conclusive. No member of the Board shall be liable for any
      action taken or determination made in good faith.

    

    (e)    Amendments
      to Plan.
      The
      Board may, without action on the part of the stockholders of the Corporation,
      make such amendments to, changes in and additions to the Plan as it may, from
      time to time, deem proper and in the best interests of the Corporation; provided
      that the Board may not, without consent of the holder, take any action which
      disqualifies any option granted under the Plan as an incentive stock option
      for
      treatment as such or which adversely affects or impairs the rights of the holder
      of any option outstanding under the Plan.

    

    (f)    Termination
      of the Plan.
      This
      Plan
      may be abandoned, suspended, or terminated at any time by the Board; provided,
      however, that abandonment, suspension, or termination of this Plan shall not
      affect any Options then outstanding under this Plan. 

    

    4.    Participants;
      Duration Of Plan.

    

    (a)    Eligibility
      and Participation.
      Options
      may be granted in the total amount for the period as allocated by the Board
      as
      provided in Section 4(b) below only to persons who at the time of grant are
      current or former directors, key employees of, or service providers to the
      Corporation, its subsidiaries or their predecessor companies, or others who
      qualify under the general purpose of the Plan stated above in Section 1,
      whether or not such persons are also members of the Board; provided, however,
      that no incentive stock option may be granted to a director of the Corporation
      unless such person is also an executive employee of the
      Corporation.

    

    
      
         

      

      
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    (b)    Allotment.
      The
      Board shall determine the aggregate number of shares of Common Stock which
      may
      be optioned from time to time but the Board shall have sole authority to
      determine the number of shares and the recipient thereof to be optioned at
      any
      time. The Board shall not be required to grant all options allocated by the
      Board for any given period if it determines, in its sole and exclusive judgment,
      that such grant is not in the best interests of the Corporation. The grant
      of an
      option to any person shall neither entitle such individual to, nor disqualify
      such individual from, participation in any other grant of options under the
      Plan.

    

    (c)    Limitation
      on Grant of Incentive Stock Options.
      Notwithstanding
      any other provision of this Plan, no person shall be granted an "incentive
      stock option"
      under
      this Plan which would cause such person's "annual
      vesting amount"
      to
      exceed $100,000.00. With respect to any calendar year, a person's "annual
      vesting amount"
      is the
      aggregate fair market value of stock subject to incentive stock options with
      respect to which such options are first exercisable during such calendar year.
      For purposes of the foregoing, the aggregate fair market value of stock with
      respect to which "incentive
      stock options"
      are
      first exercisable during any calendar year shall be determined by taking into
      account all such options granted to such person under all incentive stock option
      plans of the Corporation or of any of its parent or subsidiary
      corporations.

    

    (d)    Duration
      of Plan.
      The
      term of the Plan, unless previously terminated by the Board, is ten years or
      until May 27, 2015. No option shall be granted under the Plan unless granted
      within ten years after the adoption of the Plan by the Board, but options
      outstanding on that date shall not be terminated or otherwise affected by virtue
      of the Plan's expiration.

    

    (e)    Approval
      of Stockholders.
      If the
      Board issues any incentive stock options, solely for the purposes of compliance
      with the Code provisions pertaining to incentive stock options, the Plan shall
      be submitted to the stockholders of the Corporation for their approval at a
      regular meeting to be held within twelve months after adoption of the Plan
      by
      the Board. Stockholder approval shall be evidenced by the affirmative vote
      of
      the holders of a majority of the shares of Common Stock present in person or
      by
      proxy and voting at the meeting. If the stockholders decline to approve the
      Plan
      at such meeting or if the Plan is not approved by the stockholders within twelve
      months after its adoption by the Board, no incentive stock options may be issued
      under the Plan but all options granted under the Plan shall remain in full
      force
      and effect regardless of stockholder approval and the Plan may be used for
      future nonincentive stock option issuances. If stockholders fail to approve
      the
      Plan, all previously issued incentive stock options shall be automatically
      converted to nonincentive stock options.

    

    5.    Terms
      And Conditions Of Options And Rights.

    

    (a)    Individual
      Agreements.
      Options
      granted under the Plan shall be evidenced by agreements in such form as the
      Board from time to time approves, which agreements shall substantially comply
      with and be subject to the terms of the Plan, including the terms and conditions
      of this Section 5.

    

    (b)    Required
      Provisions.
      Each
      agreement shall state (i) the total number of shares to which it pertains,
      (ii) the exercise price for the shares covered by the option,
      (iii) the time at which the option becomes exercisable, (iv) the
      scheduled expiration date of the option, (v) the vesting period(s) for such
      options, and (vi) the timing and conditions of issuance of any stock option
      exercise.

    

    
      
         

      

      
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    (c)    Period.
      No
      option granted under the Plan shall be exercisable for a period in excess of
      ten
      years from the date of its grant. All options granted shall be subject to
      earlier termination in the event of termination of employment, retirement or
      death of the holder as provided in Section 6 or as otherwise set forth in
      the agreement granting the option, provided that any options granted to a
      director of the Corporation shall not terminate prior to the stated expiration
      date in the event of termination of service as a director for whatever reason.
      Unless otherwise provided in the agreement granting the Stock Option itself,
      an
      option may be exercised in full or in part at any time or from time to time
      during the term thereof, or provide for its exercise in stated installments
      at
      stated times during such term.

    

    (d)    No
      Fractional Shares.
      Options
      shall be granted and exercisable only for whole shares; no fractional shares
      will be issuable upon exercise of any option granted under the
      Plan.

    

    (e)    Method
      of Exercising Option.
      The
      method for exercising options granted to former employees of the Corporation
      or
      of its subsidiaries shall be set forth in the agreement granting the option
      itself. All other options shall be exercised by written notice to the
      Corporation, addressed to the Corporation at its principal place of business.
      Such notice shall state the election to exercise the option and the number
      of
      shares with respect to which it is being exercised, and shall be signed by
      the
      person exercising the option. Such notice shall be accompanied by payment in
      full of the exercise price for the number of shares being purchased. Payment
      may
      be made in cash or by bank cashier's check, or if required by the terms of
      the
      option itself, by allocating compensation due to the Grantee by the Corporation
      or by any of its subsidiaries to the Corporation as payment for the exercise
      price. In lieu of cash, if permitted by the option itself, such payment may
      be
      made in whole or in part with shares of the same class of stock as are then
      subject to the option, delivered in lieu of cash concurrently with such
      exercise, the shares so delivered to be valued on the basis of the fair market
      value of the stock (determined in a manner specified in the instrument
      evidencing the option) on the day preceding the date of exercise. Alternatively,
      if permitted by the option itself, the Grantee may, in lieu of using previously
      outstanding shares therefore, use some of the shares as to which the option
      is
      then being exercised. The Corporation shall deliver a certificate or
      certificates representing the option shares to the purchaser as soon as
      practicable after payment for those shares has been received. If an option
      is
      exercised by any person other than the optionholder, such notice shall be
      accompanied by appropriate proof of the right of such person to exercise the
      option. All shares that are purchased and paid for in full upon the exercise
      of
      an option shall be fully paid and non-assessable.

    

    (f)    No
      Rights of a Stockholder.
      An
      optionholder shall have no rights as a stockholder with respect to shares
      covered by an option. No adjustment will be made for dividends with respect
      to
      an option for which the record date is prior to the date a stock certificate
      is
      issued upon exercise of an option. Upon exercise of an option, the holder of
      the
      shares of Common Stock so received shall have all rights of a stockholder of
      the
      Corporation as of the date of issuance.

    

    (g)    Effect
      of Plan on Employment Status. The
      fact
      that the Board has granted an Option to an Optionee under this Plan shall not
      confer on such Optionee any right to employment with the Corporation or to
      a
      position as an officer or an employee of the Corporation, nor shall it limit
      the
      right of the Corporation to remove such Optionee from any position held by
      the
      Optionee or to terminate the Optionee's employment at any time.

    

    
      
         

      

      
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    (h)    Compliance
      with Law.
      No
      shares of Corporation Common Stock shall be issued or transferred upon the
      exercise of any option unless and until all legal requirements applicable to
      the
      issuance or transfer of such shares have been completed.

    

    (i)    Other
      Provisions.
      The
      option agreements may contain such other provisions as the Board deems necessary
      to effectuate the sense and purpose of the Plan, including covenants on the
      holder's part not to compete and remedies to the Corporation in the event of
      the
      breach of any such covenant.

    

    6.    Termination
      Of Employment; Assignability; Death.

    

    (a)    Termination
      of Employment.
      Except
      as otherwise set forth in this Section 6 and except with respect to options
      granted to current and former consultants, the termination of which will be
      determined by the agreement with such consultant or by the Board, if any
      optionholder ceases to be an employee of the Corporation or of any subsidiary
      of
      the Corporation, other than for death, disability or discharge for cause, such
      holder (or successors or transferees) may, within six months after the date
      of
      termination, but in no event after the stated expiration date, purchase some
      or
      all of the shares with respect to which such optionholder was entitled to
      exercise such option, on the date such employment relationship terminated and
      the option shall thereafter be void for all purposes. Any termination of an
      agreement pursuant to which services are rendered to the Corporation or of
      any
      subsidiary of the Corporation by any party who is an optionholder, without
      a
      renewal of that agreement or entry into a similar successor agreement, may
      be
      treated as a termination of the employment of the third party. 

    

    (b)    Assignability.
      Options
      granted under the Plan and the privileges conferred thereby shall not be
      assignable or transferable, unless the Board provides otherwise. Options shall
      be exercisable by such transferee as set forth in this
      Section 6.

    

    (c)    Disability.
      If the
      employment of the optionholder is terminated due to disability, the optionholder
      (or transferee of the optionholder) may exercise the options, in whole or in
      part, to the extent they were exercisable on the date when the optionholder's
      employment terminated, at any time prior to the expiration date of the options
      or within one year of the date of termination of employment, whichever is
      earlier. For purposes of this Plan, the term "disability" shall be defined
      in
      the same manner as such term is defined in Section 22(e)(3) of the
      Code.

    

    (d)    Discharge
      for Cause.
      If the
      employment of the optionholder with the Corporation or any of its subsidiaries
      is terminated due to discharge for cause, the options shall terminate upon
      receipt by the optionholder of notice of such termination or the effective
      date
      of the termination, whichever is earlier. Discharge for cause shall include
      discharge for personal dishonesty, willful misconduct in performance of duties,
      failure, impairment or inability to perform required duties, breach of fiduciary
      duty or conviction of any felony or crime of moral turpitude. The Board shall
      have the sole and exclusive right to determine whether the optionholder has
      been
      discharged for cause for purposes of the Plan and the date of such
      discharge.

    

    (e)    Death
      of Holder.
      If
      optionholder dies while in the Corporation's or any of its subsidiaries' employ
      or while rendering consulting services to the Corporation or to any of its
      subsidiaries, an option shall be exercisable within twelve months after the
      date
      of death, but in no event after the stated expiration date thereof, by the
      person or persons ("successors")
      to whom
      the holder's rights pass under will or by the laws of descent and distribution
      or by transferees of the optionholders, as the case may be, but only to the
      extent that the holder was entitled to exercise the option at the date of death.
      An option may be exercised (and payment of the option price made in full) by
      the
      successors or transferees only after written notice to the Corporation,
      specifying the number of shares to be purchased or rights to be exercised.
      Such
      notice shall comply with the provisions of Section 5(e).

    

    
      
         

      

      
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    (f)    Employment
      Agreement Provisions.
      Notwithstanding anything to the contrary in this Section 6, the provisions
      in an
      employee's employment agreement with the Corporation or any of its subsidiaries
      relating to vesting and exercise of options upon such employee's termination,
      resignation, disability or death shall control the vesting and exercise of
      the
      options granted to such employee.

    

    (g)    Directors.
      Notwithstanding
      anything in this Plan to the contrary, the termination of service by a director
      for whatever reason or such director's death or disability shall not affect
      the
      exercise period provided in such director's individual option
      agreement.

    

    7.    Certain
      Adjustments.

    

    (a)    Capital
      Adjustments.
      Except
      as limited by Section 422 of the Code, the aggregate number of shares of
      Common Stock subject to the Plan, the number of shares covered by outstanding
      options, and the price per share stated in such options shall be proportionately
      adjusted for any increase or decrease in the number of outstanding shares of
      Common Stock of the Corporation resulting from a subdivision or consolidation
      of
      shares or any other capital adjustment or the payment of a stock dividend or
      any
      other increase or decrease in the number of such shares effected without receipt
      by the Corporation of consideration therefor in money, services or
      property.

    

    (b)    Corporate
      Reorganizations. Upon
      the
      dissolution or liquidation of the Corporation, or upon a reorganization, merger
      or consolidation of the Corporation as a result of which the outstanding
      securities of the class then subject to options hereunder are changed into
      or
      exchanged for cash or property or securities not of the Corporation's issue,
      or
      any combination thereof, or upon a sale of substantially all of the property
      of
      the Corporation to, or the acquisition of stock representing more than eighty
      percent (80%) of the voting power of the stock of the Corporation then
      outstanding by another corporation or by a group of persons who are required
      to
      file a Form 13D under the Securities Exchange Act of 1934 ("34
      Act"),
      the
      Plan shall terminate, and all options theretofore granted hereunder shall
      terminate, unless provision be made in writing in connection with such
      transaction for the continuance of the Plan or for the assumption of options
      covering the stock of a successor employer corporation, or a parent or a
      subsidiary thereof, with appropriate adjustments as to the number and kind
      of
      shares and prices, in which event the Plan and options theretofore granted
      shall
      continue in the manner and under the terms so provided. If the Plan and
      unexercised options shall terminate pursuant to the foregoing sentence, all
      persons entitled to exercise any unexercised portions of options then
      outstanding shall have the right, at such time prior to the consummation of
      the
      transaction causing such termination as the Corporation shall designate, to
      exercise the unexercised portions of their options, including the portions
      thereof which would, but for this paragraph entitled "Corporate
      Reorganizations,"
      not yet
      be exercisable. 

    

    8.    Compliance
      With Legal Requirements. 

    

    (a)    For
      Investment Only.
      If, at
      the time of exercise of this option, there is not in effect as to the Option
      Shares being purchased a registration statement under the Securities Act of
      1933, as amended (or any successor statute) (collectively, the "1933
      Act"),
      then
      the exercise of this option shall be effective only upon receipt by the
      Corporation from the director, officer, key employee or service provider (or
      his
      legal representatives or heirs) of a written representation that the Option
      Shares are being purchased for investment and not for distribution.

    

    
      
         

      

      
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    (b)    Listing
      and Registration of Option Shares. Any
      Option granted under the Plan shall be subject to the requirement that if at
      any
      time the Board shall determine, in its discretion, that the listing,
      registration, or qualification of the shares covered thereby upon any securities
      exchange or under any state or federal law or the consent or approval of any
      governmental regulatory body is necessary or desirable as a condition of, or
      in
      connection with, the granting of such Option or the issuance or purchase of
      shares thereunder, such Option may not be exercised in whole or in part unless
      and until such listing, registration, qualification, consent, or approval shall
      have been effected or obtained free of any conditions not acceptable to the
      Board. 

    

    (c)    Compliance
      with Section 16 of the Securities Exchange Act of 1934.
      It is
      the intention of the Corporation that the Plan and Options hereunder satisfy
      and
      be interpreted in a manner, that, in the case of Optionees, satisfies the
      applicable requirements of Rule 16b-3 promulgated under Section 16(b) of the
      Exchange Act, so that such persons will be entitled to the benefits of Rule
      16b-3 or other exemptive rules under Section 16 of the Exchange Act and will
      not
      be subject to avoidable liability thereunder. If any provision of the Plan
      or of
      any Option Agreement would otherwise frustrate or conflict with the intent
      expressed in this Paragraph 8(c), that provision to the extent possible shall
      be
      interpreted and deemed amended so as to avoid such conflict. To the extent
      of
      any remaining irreconcilable conflict with such intent, the provision shall
      be
      deemed void as applicable to any person who is subject to Section 16 of the
      Exchange Act. 

    

    9.    Application
      Of Funds.

    

    The
      proceeds received by the Corporation from the sale of Common Stock pursuant
      to
      the exercise of options will be used for general corporate
      purposes.

    

    10.    Withholding
      Of Taxes. 

    

    The
      Corporation shall have the right to deduct from any other compensation of the
      option holder any federal, state or local income taxes (including FICA) required
      by law to be withheld with respect to the granting or exercise of any
      options.

    

    11.    Expenses
      Of Administration Of Plan.

    

    All
      costs
      and expenses incurred in the operation and administration of this Plan shall
      be
      borne by the Corporation or one or more of its subsidiaries.

    

    12.    Governing
      law.

    

    Without
      regard to the principles of conflicts of laws, the laws of the State of Delaware
      shall govern and control the validity, interpretation, performance, and
      enforcement of this Plan.

    

    13.    Inspection
      Of Plan.

    

    A
      copy of
      this Plan, and any amendments thereto or modification thereof, shall be
      maintained by the Secretary of the Corporation and shall be shown to any proper
      person making inquiry about it.

    

    
      
         

      

      
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    Dated
      as of
      the 4th
      day of
      December, 2006.

     

    
      	 	 	 
	 	ISORAY,
              INC.,
	 	a Minnesota corporation 
	 
 	 
 	 
 
	 	By:  	/s/
              Roger
              Girard
	 	Roger Girard
	 	Chief
              Executive Officer

    

     

    
      
         

      

      
        8EXHIBIT
      10.1

     

    WAIVER

    

    

    

      THIS
        WAIVER (this “Waiver”),
        is
        made and entered into as of December __ 2006 and effective as of November
        30,
        2006 (the “Effective
        Date”),
        by
        and between SPATIALIGHT, INC. a New York corporation (the “Company”)
        and
        the persons listed on the signature pages hereof (the “Investors”).
        Company and Investors are referred to herein as the “Parties”
or
        individually as a “Party.”

      

      WHEREAS,
        the Parties have entered into that certain Securities Purchase Agreement
        (the
“Securities
        Purchase Agreement”)
        and
        that certain Registration Rights Agreement (the “Registration
        Rights Agreement”
and
        together with the Securities Purchase Agreement and all other documents related
        thereto, the “Investment
        Agreements”);
        and

      

      WHEREAS,
        the Investment Agreements provide that, within 30 days after the date of
        the
        Investment Agreements, the Company will file a registration statement with
        the
        Securities and Exchange Commission (the “Commission”)
        registering the securities issued by the Company under the Securities Purchase
        Agreement; and

      

      WHEREAS,
        the Company included the securities issued under the Securities Purchase
        Agreement in a registration statement on Form S-3 filed with the Commission
        on
        September 5, 2006 (the “Shelf
        Registration Statement”);
        and

      

      WHEREAS,
        the Company and the Investors agreed to remove the securities issued under
        the
        Securities Purchase Agreement from the Registration Statement in response
        to
        certain comments received from the Commission which have not been resolved;
        

      

      NOW,
        THEREFORE, the Parties hereby agree as follows:

    

    

    
      	 	
              1.

            	
              The
                Investors hereby waive the requirement that the Company file a
                Registration Statement (as defined in the Registration Rights Agreement)
                relating to the Registrable Securities (as defined in the Registration
                Rights Agreement) on or before the Filing Date (as defined in the
                Registration Rights Agreement), the failure of the Registration Statement
                to be declared effective by the Commission by the Effectiveness Date
                (as
                defined in the Registration Rights Agreement), and each and every
                default
                that has occurred and is continuing or hereafter occurs under the
                Investment Agreements as a result of the removal of the Registrable
                Securities from the Shelf Registration Statement.
                

            

    

    

    
      	 	
              2.

            	
              The
                Investors hereby forgive any obligation to pay liquidated damages
                or other
                penalties under the Registration Rights Agreement as a result of
                any Event
                (as defined in the Registration Rights Agreement) that arises from
                the
                removal of the Registerable Securities from the Shelf Registration
                Statement. 

            

    

    

    
      	 	
              3.

            	
              The
                Investors hereby waive the requirement that the Company include the
                Registerable Securities in the Shelf Registration Statement unless,
                prior
                to the effective date of the Shelf Registration Statement either
                (a) the
                Commission agrees that no natural person is required to be named
                as a
                beneficial owner of the Registerable Securities or (b) the Investors
                provide the Company with all information relating to a natural person
                to
                be named as a beneficial owner of the Registerable
                Securities.

            

    

    

    
      	 	
              4.

            	
              The
                Registration Rights Agreement shall be and is hereby amended as
                follows:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              a.

            	
              The
                term “Effectiveness Date” is amended to
                read:

            

    

    

    “Effectiveness
      Date”
means,
      with respect to the initial Registration Statement required to be filed
      hereunder, the 60th
      calendar
      day following the Filing Date and, with respect to any additional Registration
      Statements which may be required pursuant to Section 3(c), the 90th
      calendar
      day following the date on which the Company first knows, or reasonably should
      have known, that such additional Registration Statement is required hereunder;
      provided,
      however,
      in the
      event the Company is notified by the Commission that one of the above
      Registration Statements will not be reviewed or is no longer subject to further
      review and comments, the Effectiveness Date as to such Registration Statement
      shall be the fifth Trading Day following the date on which the Company is so
      notified if such date precedes the dates required above; provided,
      further, however,
      that
      such Effectiveness Date shall be extended to the 90th
      day
      following the Filing Date in the event that the Registration Statement required
      to be filed hereunder shall be subject to review, comments or other actions
      by
      the Commission.

    

    
      	 	
              b.

            	
              The
                term “Filing Date” is amended to
                read:

            

    

    

    “Filing
      Date”
means,
      with respect to the initial Registration Statement required hereunder, the
      30th
      calendar
      day following the later of (a) the date the Commission has advised the Company
      that it will not require the disclosure of a natural person as a beneficial
      owner of the Registerable Securities or (b) the date the Investors provide
      to
      the Company all required information relating to a natural person as a
      beneficial owner of the Registerable Securities, and, with respect to any
      additional Registration Statements which may be required pursuant to Section
      3(c), the 30th
      calendar
      day following the date on which the Company first knows, or reasonably should
      have know that such additional Registration Statement is required
      hereunder.

    

    
      	 	
              c.

            	
              A
                definition of “Shelf Registration Statement” is added to
                read:

            

    

    

    “Shelf
      Registration Statement”
means
      that certain registration statement on Form S-3 (file no. 333-137100) filed
      with
      the Commission on September 5, 2006, and including any prospectus, amendments
      and supplements to such registration statement or prospectus, including pre-
      and
      post-effective amendments, all exhibits thereto, an all material incorporated
      by
      reference or deemed to be incorporated by reference in such registration
      statement.

    

    
      	 	
              5.

            	
              Except
                as specifically set forth in this Waiver, nothing herein shall be
                deemed
                to be a waiver of any breach, default, or liability based upon a
                failure
                of any representation by the Company to be true as of the date of
                the
                Investment Agreements or the failure of the Company to perform any
                other
                obligation required to be performed under the Investment Agreements
                or an
                amendment of the Registration Rights Agreement. As so amended, the
                Registration Rights Agreement shall continue in full force and effect,
                without interruption, and, as so amended, is hereby ratified and
                confirmed
                by the Parties.

            

    

    

    IN
      WITNESS WHEREOF, the parties have executed this Waiver of the date first written
      above.

     

    
      	
              
                SPATIALIGHT,
                  INC. 

              

            

    

     

    
      	
              By: 
                /s/ David F. Hakala 
                

              

              Name:David
                F. Hakala

              Title:
                Chief Operating Officer

            

    

    

    

    

    [SIGNATURE
      PAGE OF INVESTORS FOLLOWS]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [SIGNATURE
      PAGE OF INVESTORS]

    

    SEI
      U.S. Small Companies Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Optimix
      Investment Management Limited

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Goldman
      Sachs Global Manager Strategies

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    JB
      Were Global Small Companies Fund-CFS

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    NZ
      Funds Global Small Companies Trust

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SEI
      Institutional Investments Trust, Small Cap Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    SEI
      Institutional Managed Trust, Small Cap Growth Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    SEI
      Institutional Investments Trust, Small/Mid Cap 

    Equity
      Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Seligman
      Global Fund Series, Inc. - Global Smaller

    Companies
      Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Retail
      Employees Superannuation Trust

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Australian
      Retirement Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Central
      States, Southeast and Southwest Areas People

    Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Talvest
      Small Cap Cdn. Equity Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    TALVEST
      Global Small Cap Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Maritime
      Life Discovery Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    BC
      Telecom Pension Plan for Management and 

    Exempt
      Employees

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Pension
      Plan for Management and Professionals of

    TELUS
      Corp-Alpha

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Telstra
      Super Pty Ltd

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Stichting
      Bedrijfstakpensionefonds Voor Het

    Veroepsvervoer
      Over De Weg

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    J
      B Were Global Small Companies Pooled Fund

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    WTC-CTF
      Smaller companies Portfolio

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

    

    Wellington
      Management Portfolios (Dublin) - Global

    Smaller
      Companies Equity

    By:
      Wellington Management Company, LLP

    As
      investment advisor

    

    

    By: /s/
      Robert J. Toner

    
      

    

    Name:
      Robert J. Toner

    Title:
      Vice President and Counsel

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