Document:

EXHIBIT 4.1

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this "Agreement") is made and entered
into as of March 20, 2006, by and among Zone 4 Play, Inc., a Nevada corporation
(the "Company"), and each of the purchasers signatory hereto (each such
purchaser, a "Purchaser" and collectively, the "Purchasers").

     This Agreement is made pursuant to the Securities Purchase Agreement, dated
as of the date hereof, by and among the Company and the Purchasers (the
"Purchase Agreement").

     The Company and the Purchasers intending to be legally bound, hereby agree
as follows:

     1. DEFINITIONS. Capitalized terms used and not otherwise defined herein
that are defined in the Purchase Agreement shall have the meanings given such
terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the following meanings:

          "ADVICE" shall have the meaning set forth in Section 6(c).

          "EFFECTIVENESS DATE" means, with respect to the Registration
     Statements required to be filed hereunder, the earlier of (a) the day one
     hundred twenty (120) calendar days following the date of the Purchase
     Agreement and (b) the fifth Trading Day following the date, on which the
     Company is notified by the Commission that such Registration Statement will
     not be reviewed or is no longer subject to further review and comments;
     PROVIDED, HOWEVER, that if a Holder fails to comply with the provisions of
     Section 3(k), then, as to such Holder only, the Effectiveness Date with
     respect to such Holder's Registrable Securities only shall be extended
     until ninety (90) days following the date of receipt by the Company of such
     required information.

          "EFFECTIVENESS PERIOD" shall have the meaning set forth in Section
     2(a).

          "EVENT" shall have the meaning set forth in Section 2(b).

          "EVENT DATE" shall have the meaning set forth in Section 2(b).

          "FILING DATE" means, with respect to the Registration Statements
     required to be filed hereunder, the day forty five (45) calendar days
     following the date of the Purchase Agreement.

          "HOLDER" or "HOLDERS" means the holder or holders, as the case may be,
     from time to time of Registrable Securities.

          "INDEMNIFIED PARTY" shall have the meaning set forth in Section 5(c).

          "INDEMNIFYING PARTY" shall have the meaning set forth in Section 5(c).

          "LOSSES" shall have the meaning set forth in Section 5(a).

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          "PROCEEDING" means an action, claim, suit, investigation or proceeding
     (including, without limitation, an investigation or partial proceeding,
     such as a deposition).

          "PROSPECTUS" means the prospectus included in the applicable
     Registration Statement (including, without limitation, a prospectus that
     includes any information previously omitted from a prospectus filed as part
     of an effective registration statement in reliance upon Rule 430A
     promulgated under the Securities Act), as amended or supplemented by any
     prospectus supplement, with respect to the terms of the offering of any
     portion of the Registrable Securities covered by such Registration
     Statement, and all other amendments and supplements to such Prospectus,
     including post-effective amendments, and all material incorporated by
     reference or deemed to be incorporated by reference in such Prospectus.

          "REGISTRABLE SECURITIES" means all Shares and Warrant Shares issued or
     to be issued to the Purchasers with respect to the Common Stock purchased
     pursuant to the Purchase Agreement or which may be issuable upon any
     adjustment pursuant to any stock split, dividend or other distribution,
     recapitalization or similar event with respect to the foregoing.

          "REGISTRATION STATEMENT" means a registration statement required to be
     filed hereunder, including (in each case) the Prospectus, amendments and
     supplements to such registration statement or Prospectus, including pre-
     and post-effective amendments, all exhibits thereto, and all material
     incorporated by reference or deemed to be incorporated by reference in such
     registration statement.

          "RULE 415" means Rule 415 promulgated by the Commission pursuant to
     the Securities Act, as such Rule may be amended from time to time, or any
     similar rule or regulation hereafter adopted by the Commission having
     substantially the same purpose and effect as such Rule.

          "RULE 424" means Rule 424 promulgated by the Commission pursuant to
     the Securities Act, as such Rule may be amended from time to time, or any
     similar rule or regulation hereafter adopted by the Commission having
     substantially the same purpose and effect as such Rule.

     2. REGISTRATION.

          a. On or prior to the applicable Filing Date, the Company shall
     prepare and file with the Commission a Registration Statement covering the
     resale of all of the Registrable Securities not yet registered that are
     held by Holders that have complied with the provisions of Section 3(k)
     prior to such date for an offering to be made on a continuous basis
     pursuant to Rule 415. Such Registration Statement required hereunder shall
     be on Form SB-2 or Form S-3 (except if the Company is not then eligible to
     register for resale the Registrable Securities on Form SB-2 or Form S-3, in
     which case such Registration Statement shall be on another appropriate form
     herewith). Subject to the terms of this Agreement, the Company shall use
     its best efforts to cause such Registration Statement to be declared
     effective under the Securities Act as promptly as possible after the filing
     thereof, but in any event not later than the applicable Effectiveness Date,
     and shall use its best efforts to keep such Registration Statement
     continuously effective under the Securities Act until the date when all
     Registrable Securities covered by such Registration Statement have been
     sold or may be sold during any three month period within the volume
     restrictions pursuant to Rule 144as determined by the counsel to the
     Company, to the extent that a Holder still holds Registrable Securities
     (the "EFFECTIVENESS PERIOD"). Each Holder acknowledges and agrees that the
     Company shall be permitted to exclude such Holder's Registrable Securities
     from a Registration Statement if such Holder fails to timely comply with
     the Company's request for information pursuant to Section 3(k); provided if
     such Holder provides such information prior to the filing of such
     Registration Statement the Company shall use commercially reasonable
     efforts to include such Registrable Securities on such Registration
     Statement; provided further that this provision does not otherwise waive
     the Company's obligation to register such Registrable Securities pursuant
     to the terms hereunder upon such Holder providing the Company with the
     required information.

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          b. If: (i) a Registration Statement is not filed on or prior to the
     applicable Filing Date (For the avoidance of doubt, if the Company files a
     Registration Statement without affording the Holder or Holders referenced
     in such Registration Statement the opportunity to review and comment on the
     same as required by Section 3(a), the Company shall not be deemed to have
     satisfied this clause (i)), or (ii) the Company fails to file with the
     Commission a request for acceleration in accordance with Rule 461
     promulgated under the Securities Act, within no more than five (5) Trading
     Days of the date that the Company is notified (orally or in writing,
     whichever is earlier) by the Commission that a Registration Statement will
     not be "reviewed," or is not subject to further review, or (iii) prior to
     the date when a Registration Statement is first declared effective by the
     Commission, the Company fails to file a pre-effective amendment and
     otherwise respond in writing to comments made by the Commission in respect
     of such Registration Statement within thirty (30) calendar days after the
     receipt of comments by or notice from the Commission that such amendment is
     required in order for such Registration Statement to be declared effective,
     or (iv) a Registration Statement filed or required to be filed hereunder is
     not declared effective by the Commission on or before the applicable
     Effectiveness Date, or (v) after a Registration Statement is first declared
     effective by the Commission, it ceases for any reason to remain
     continuously effective as to all Shares or Warrant Shares for which it is
     required to be effective, or the Holders are not permitted by the Company
     to utilize a Prospectus therein to resell such Shares or Warrant Shares,
     for in any such case fifteen (15) consecutive Trading Days but no more than
     an aggregate of twenty-five (25) Trading Days during any twelve (12) month
     period (which need not be consecutive Trading Days) provided that any days
     during which a Registration Statement ceases to be effective due to the
     filing of a post-effective amendment, supplement or incorporated document
     thereto by the Company at the request of the Holders in order to amend or
     supplement the plan of distribution contained in the Prospectus shall not
     be counted towards such fifteen (15) or twenty-five (25) Trading Day
     periods provided the Company uses commercially reasonable efforts to cause
     such post-effective amendment to be declared effective (any such failure or
     breach being referred to as an "EVENT," and for purposes of clause (i) or
     (iv) the date on which such Event occurs, or for purposes of clause (ii)
     the date on which such five (5) Trading Day period is exceeded, or for
     purposes of clause (iii) the date which such thirty (30) calendar days is
     exceeded, or for purposes of clause (v) the date on which such fifteen (15)
     or twenty-five (25) Trading Day period, as applicable, is exceeded being
     referred to as "EVENT DATE"), then in addition to any other rights the
     Holders may have hereunder or under applicable law: (x) on each such Event
     Date the Company shall pay to each Holder an amount in cash, as partial
     liquidated damages and not as a penalty, equal to 1% of the aggregate
     purchase price paid by such Holder pursuant to the Purchase Agreement for
     any Shares then held by such Holder, it being understood that (i) the
     payment by the Company shall be made following the materialization of the
     Event Date, e.g., if liquidated damages are to be paid pursuant to clause
     (iv) above, then the liquidated damages shall be computed and paid
     immediately following the declaration by the Commission of effectiveness,
     and (ii) the maximum aggregate payment for liquidated damages hereunder
     shall not exceed fifteen percent (15.0%) of the aggregate purchase price
     paid by such Holder pursuant to the Purchase Agreement for any Shares or
     Warrant Shares then held by such Holder. If the Company fails to pay any
     liquidated damages pursuant to this Section 2(b) in full within seven (7)
     business days after the date payable, the Company will pay interest thereon
     at a rate of 6% per annum (or such lesser maximum amount that is permitted
     to be paid by applicable law) to the Holder, accruing daily from the date
     such liquidated damages are due until such amounts, plus all such interest
     thereon, are paid in full. The liquidated damages pursuant to the terms
     hereof shall apply on a daily pro-rata basis for any portion of a month
     prior to the cure of an Event. Notwithstanding anything herein to the
     contrary, the Company agrees and acknowledges that any extensions to the
     Filing Date or Effectiveness Date on account of a Holder failing to timely
     comply with Section 3(k) relate solely to that Holder and in no way effect
     the Filing Date and Effectiveness Date under this Agreement as they relate
     to any other Holder.

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     3. REGISTRATION PROCEDURES

     In connection with the Company's registration obligations hereunder, the
Company shall:

          a. Not less than five (5) Trading Days prior to the filing of a
     Registration Statement or any related Prospectus or any amendment or
     supplement thereto, the Company shall, (i) furnish to the Holders owning
     Registrable Securities registered under such Registration Statement copies
     of all such documents proposed to be filed (including documents
     incorporated or deemed incorporated by reference to the extent requested by
     such Person) which documents will be subject to the review of such Holders,
     and (ii) cause its officers and directors, counsel and independent
     certified public accountants to respond to such inquiries, subject to any
     applicable confidentiality obligations and duties not to selectively
     disclose material non-public information, as shall be necessary, in the
     reasonable opinion of respective counsel to conduct a reasonable
     investigation within the meaning of the Securities Act. The Company shall
     not file any such Registration Statement or any such Prospectus or any
     amendments or supplements thereto to which the Holders of a majority of the
     Registrable Securities registered thereunder shall reasonably object in
     good faith, provided that the Company is notified of such objection in
     writing no later than five (5) Trading Days after such Holders have been so
     furnished copies of such documents.

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          b. (i) Prepare and file with the Commission such amendments, including
     post-effective amendments, to a Registration Statement and a Prospectus
     used in connection therewith as may be necessary to keep such Registration
     Statement continuously effective as to the applicable Registrable
     Securities for the applicable Effectiveness Period and prepare and file
     with the Commission such additional Registration Statements in order to
     register for resale under the Securities Act all of the Registrable
     Securities; (ii) subject to Section 4.1(c) of the Purchase Agreement, cause
     the related Prospectus to be amended or supplemented by any required
     Prospectus supplement, and as so supplemented or amended to be filed
     pursuant to Rule 424; (iii) respond as promptly as reasonably possible to
     any comments received from the Commission with respect to such Registration
     Statement or any amendment thereto and, as promptly as reasonably possible,
     upon request, subject to any applicable confidentiality obligations and
     duties not to selectively disclose material non-public information, provide
     the Holders true and complete copies of all correspondence from and to the
     Commission relating to such Registration Statement; and (iv) comply in all
     material respects during the applicable Effectiveness Period with the
     provisions of the Securities Act and the Exchange Act with respect to the
     disposition of all Registrable Securities covered by such Registration
     Statement during the applicable period in accordance with the Holders'
     intended methods of disposition set forth in such Registration Statement as
     so amended or in such Prospectus as so supplemented.

          c. Notify the Holders of Registrable Securities to be sold as promptly
     as reasonably possible (i)(A) when a Prospectus or any Prospectus
     supplement or post-effective amendment to a Registration Statement is
     proposed to be filed; (B) when the Commission notifies the Company whether
     there will be a "review" of a Registration Statement and whenever the
     Commission comments in writing on a Registration Statement (the Company
     shall upon request, subject to any applicable confidentiality obligations
     and duties not to selectively disclose material non-public information,
     provide true and complete copies thereof and all written responses thereto
     to each of the Holders); and (C) with respect to a Registration Statement
     or any post-effective amendment, when the same has become effective; (ii)
     of any request by the Commission or any other Federal or state governmental
     authority during the period of effectiveness of a Registration Statement
     for amendments or supplements to such Registration Statement or Prospectus
     or for additional information; (iii) of the issuance by the Commission or
     any other federal or state governmental authority of any stop order
     suspending the effectiveness of a Registration Statement covering any or
     all of such Registrable Securities or the initiation of any Proceedings for
     that purpose; (iv) of the receipt by the Company of any notification with
     respect to the suspension of the qualification or exemption from
     qualification of any of the Registrable Securities for sale in any
     jurisdiction, or the initiation or threatening of any Proceeding for such
     purpose; and (v) of the occurrence of any event of which the Company has
     knowledge as a result of which a Prospectus, as then in effect, contains
     any untrue statement of a material fact or omits to state a material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading.

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          d. Use commercially reasonable efforts to avoid the issuance of, or,
     if issued, obtain the withdrawal of (i) any order suspending the
     effectiveness of a Registration Statement, or (ii) any suspension of the
     qualification (or exemption from qualification) of any of the Registrable
     Securities for sale in any jurisdiction, as promptly as reasonably
     practicable.

          e. Furnish to each Holder, without charge, at least one (1) conformed
     copy of each Registration Statement registering Registrable Securities held
     by such Holder and each amendment thereto, including financial statements
     and schedules, all documents incorporated or deemed to be incorporated
     therein by reference to the extent requested in writing by such Person, and
     all exhibits to the extent requested by such Person in writing (including
     those previously furnished or incorporated by reference) promptly after the
     filing of such documents with the Commission.

          f. Promptly deliver to each Holder, without charge, as many copies of
     the Prospectus or Prospectuses (including each form of prospectus) and each
     amendment or supplement thereto as such Persons may reasonably request in
     connection with resales by the Holder of Registrable Securities. Subject to
     the terms of this Agreement, the Company hereby consents to the use of such
     Prospectus and each amendment or supplement thereto by each of the selling
     Holders in connection with the offering and sale of the Registrable
     Securities covered by such Prospectus and any amendment or supplement
     thereto, except after the giving of any notice pursuant to Section 3(c).

          g. Prior to any resale of Registrable Securities by a Holder, use its
     commercially reasonable efforts to register or qualify or cooperate with
     the selling Holders in connection with the registration or qualification
     (or exemption from the Registration or qualification) of such Registrable
     Securities for the resale by the Holder under the securities or Blue Sky
     laws of such jurisdictions within the United States as any Holder
     reasonably requests in writing, to keep each such registration or
     qualification (or exemption therefrom) effective during the Effectiveness
     Period and to do any and all other acts or things reasonably necessary to
     enable the disposition in such jurisdictions of the Registrable Securities
     covered by the applicable Registration Statement; PROVIDED, that the
     Company shall not be required to qualify generally to do business in any
     jurisdiction where it is not then so qualified, subject the Company to any
     material tax in any such jurisdiction where it is not then so subject or
     file a general consent to service of process in any such jurisdiction.

          h. If requested in writing by the Holders, cooperate with the Holders
     to facilitate the timely preparation and delivery of certificates
     representing Registrable Securities to be delivered to a transferee
     pursuant to the applicable Registration Statement, which certificates shall
     be free, to the extent permitted by the Purchase Agreement, of all
     restrictive legends, and to enable such Registrable Securities to be in
     such denominations and registered in such names as any such Holders may
     request.

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          i. Upon the occurrence of any event contemplated by Section 3(c)(v),
     as promptly as reasonably possible, prepare a supplement or amendment,
     including a post-effective amendment, to the applicable Registration
     Statement or a supplement to the related Prospectus or any document
     incorporated or deemed to be incorporated therein by reference, and file
     any other required document so that, as thereafter delivered, neither such
     Registration Statement nor the Prospectus included therein will contain an
     untrue statement of a material fact or omit to state a material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading.
     If the Company notifies the Holders in accordance with clauses (ii) through
     (v) of Section 3(c) above to suspend the use of any Prospectus until the
     requisite changes to such Prospectus have been made, then the Holders shall
     suspend use of such Prospectus. The Company will use its commercially
     reasonable efforts to ensure that the use of a Prospectus may be resumed as
     promptly as is practicable. The Company shall be entitled to exercise its
     right under this Section 3(i) to suspend the availability of a Registration
     Statement and the applicable Prospectus, subject to the payment of
     liquidated damages pursuant to Section 2(b), for a period not to exceed
     sixty (60) Trading Days (which need not be consecutive days) in any twelve
     (12) month period.

          j. Comply in all material respects with all applicable rules and
     regulations of the Commission.

          k. The Company may require each Holder, upon three (3) Trading Days'
     notice, to furnish to the Company a certified statement as to, among other
     things, the number of shares of Common Stock beneficially owned by such
     Holder and the person(s) that has voting and dispositive control over such
     Shares. It shall be a condition precedent to the obligations of the Company
     to take any action pursuant to this Agreement with respect to the
     Registrable Securities of any Holder that such Holder shall furnish to the
     Company the Selling Stockholder Questionnaire attached hereto as ANNEX A.

     4. REGISTRATION EXPENSES. Except as otherwise provided for herein, or in
Section 4.1(c) of the Purchase Agreement, all fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a
Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws), (ii) printing expenses (including, without limitation, expenses
of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a
majority of the Registrable Securities included in a Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) reasonable fees and
disbursements of counsel for the Company, (v) Securities Act liability
insurance, if the Company so desires such insurance, and (vi) fees and expenses
of all other Persons retained by the Company in connection with the consummation
of the transactions contemplated by this Agreement. In addition, the Company
shall be responsible for all of its internal expenses incurred in connection
with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit and the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder. In no
event shall the Company be responsible for any broker or similar commissions or,
except to the extent provided for in the Transaction Documents, any legal fees
or other costs of the Holders.

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     5. INDEMNIFICATION

          a. INDEMNIFICATION BY THE COMPANY. The Company shall, notwithstanding
     any termination of this Agreement, indemnify and hold harmless each Holder,
     the officers and directors of each of them, each Person who controls any
     such Holder (within the meaning of Section 15 of the Securities Act or
     Section 20 of the Exchange Act) and the officers and directors of each such
     controlling Person, to the fullest extent permitted by applicable law, from
     and against any and all losses, claims, damages, liabilities, costs
     (including, without limitation, reasonable attorneys' fees and expenses)
     and expenses (collectively, "LOSSES"), as incurred, arising out of or
     relating to any untrue statement of a material fact contained in a
     Registration Statement (at the time of its effectiveness), any Prospectus
     or any form of prospectus or in any amendment or supplement thereto or in
     any preliminary prospectus (each as of its date), or arising out of or
     relating to any omission of a material fact required to be stated therein
     or necessary to make the statements therein, in light of the circumstances
     under which they were made, not misleading, except to the extent, but only
     to the extent, that (i) such untrue statements or omissions are based
     solely upon information regarding such Holder furnished in writing to the
     Company by or on behalf of such Holder expressly for use therein, or to the
     extent that such information relates to such Holder or such Holder's
     proposed method of distribution of Registrable Securities and was reviewed
     and expressly approved in writing by such Holder expressly for use in such
     Registration Statement, such Prospectus or such form of Prospectus or in
     any amendment or supplement thereto or (ii) in the case of an occurrence of
     an event of the type specified in Section 3(c)(ii)-(v), the use by such
     Holder of an outdated or defective Prospectus after the Company has
     notified such Holder in writing that such Prospectus is outdated or
     defective and prior to the receipt by such Holder of the Advice
     contemplated in Section 6(d).

          b. INDEMNIFICATION BY HOLDERS. Each Holder shall, severally and not
     jointly, indemnify and hold harmless the Company, its directors and
     officers, each Person who controls the Company (within the meaning of
     Section 15 of the Securities Act and Section 20 of the Exchange Act), and
     the directors and officers of such controlling Persons, to the fullest
     extent permitted by applicable law, from and against all Losses, as
     incurred , to the extent arising out of or based solely upon: (x) such
     Holder's failure to comply with the prospectus delivery requirements of the
     Securities Act or (y) any untrue statement of a material fact contained in
     a Registration Statement, any Prospectus, or any form of prospectus, or in
     any amendment or supplement thereto or in any preliminary prospectus, or
     arising out of or relating to any omission of a material fact required to
     be stated therein or necessary to make the statements therein not
     misleading (i) to the extent, but only to the extent, that such untrue
     statement or omission is contained in any information so furnished in
     writing by or on behalf of such Holder to the Company specifically for
     inclusion in such Registration Statement or such Prospectus , amendment,
     supplement or document incorporated by reference therein or (ii) to the
     extent that (1) such untrue statements or omissions are based solely upon
     information regarding such Holder furnished in writing to the Company by or
     on behalf of such Holder expressly for use therein, or to the extent that
     such information relates to such Holder or such Holder's proposed method of
     distribution of Registrable Securities and was reviewed and expressly
     approved in writing by such Holder expressly for use in such Registration
     Statement, such Prospectus or such form of Prospectus or in any amendment
     or supplement thereto or document incorporated by reference therein or (2)
     in the case of an occurrence of an event of the type specified in Section
     3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus
     after the Company has notified such Holder in writing that such Prospectus
     is outdated or defective and prior to the receipt by such Holder of the
     Advice contemplated in Section 6(c).

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          c. CONDUCT OF INDEMNIFICATION PROCEEDINGS. If any Proceeding shall be
     brought or asserted against any Person entitled to indemnity hereunder (an
     "INDEMNIFIED PARTY"), such Indemnified Party shall promptly notify the
     Person from whom indemnity is sought (the "INDEMNIFYING PARTY") in writing,
     and the Indemnifying Party shall have the right to assume the defense
     thereof, including the employment of counsel reasonably satisfactory to the
     Indemnified Party and the payment of all fees and expenses incurred in
     connection with defense thereof; provided, that the failure of any
     Indemnified Party to give such notice shall not relieve the Indemnifying
     Party of its obligations or liabilities pursuant to this Agreement, except
     (and only) to the extent that such failure shall have materially prejudiced
     the Indemnifying Party's ability to defend such action.

          An Indemnified Party shall have the right to employ separate counsel
     in any such Proceeding and to participate in the defense thereof, but the
     fees and expenses of such counsel shall be at the expense of such
     Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed
     in writing to pay such fees and expenses; (2) the Indemnifying Party shall
     have failed promptly to assume the defense of such Proceeding and to employ
     counsel reasonably satisfactory to such Indemnified Party in any such
     Proceeding; or (3) the named parties to any such Proceeding (including any
     impleaded parties) include both such Indemnified Party and the Indemnifying
     Party, and such Indemnified Party shall reasonably believe that a material
     conflict of interest is likely to exist if the same counsel were to
     represent such Indemnified Party and the Indemnifying Party (in which case,
     if such Indemnified Party notifies the Indemnifying Party in writing that
     it elects to employ separate counsel at the expense of the Indemnifying
     Party, the Indemnifying Party shall not have the right to assume the
     defense thereof and the reasonable fees and expenses of one (1) separate
     counsel shall be at the expense of the Indemnifying Party). The
     Indemnifying Party shall not be liable for any settlement of any such
     Proceeding affected without its written consent, which consent shall not be
     unreasonably withheld. No Indemnifying Party shall, without the prior
     written consent of the Indemnified Party, effect any settlement of any
     pending Proceeding in respect of which any Indemnified Party is a party,
     unless such settlement includes an unconditional release of such
     Indemnified Party from all liability on claims that are the subject matter
     of such Proceeding.

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          d. CONTRIBUTION. If a claim for indemnification under Section 5(a) or
     5(b) is unavailable to an Indemnified Party (by reason of public policy or
     otherwise), then each Indemnifying Party, in lieu of indemnifying such
     Indemnified Party, shall contribute to the amount paid or payable by such
     Indemnified Party as a result of such Losses, in such proportion as is
     appropriate to reflect the relative fault of each of the Indemnifying Party
     and the Indemnified Party in connection with the actions, statements or
     omissions that resulted in such Losses as well as any other relevant
     equitable considerations. The relative fault of such Indemnifying Party and
     Indemnified Party shall be determined by reference to, among other things,
     whether any action in question, including any untrue statement of a
     material fact omission of a material fact, has been taken or made by, or
     relates to information supplied by, such Indemnifying Party or Indemnified
     Party, and the parties' relative intent, knowledge, access to information
     and opportunity to correct or prevent such action, statement or omission.
     The amount paid or payable by a party as a result of any Losses shall be
     deemed to include, subject to the limitations set forth in this Agreement,
     any reasonable attorneys' or other reasonable fees or expenses incurred by
     such party in connection with any Proceeding to the extent such party would
     have been indemnified for such fees or expenses if the indemnification
     provided for in this Section was available to such party in accordance with
     its terms.

          The parties hereto agree that it would not be just and equitable if
     contribution pursuant to this Section 5(d) were determined by pro rata
     allocation or by any other method of allocation that does not take into
     account the equitable considerations referred to in the immediately
     preceding paragraph. Notwithstanding the provisions of this Section 5(d),
     no Holder shall be required to contribute, in the aggregate, any amount in
     excess of the amount by which the proceeds actually received by such Holder
     from the sale of the Registrable Securities which are the subject to the
     Proceeding exceeds the amount of any damages that such Holder has otherwise
     been required to pay by reason of such untrue or alleged untrue statement
     or omission or alleged omission, except in the case of fraud by such
     Holder.

          The indemnity and contribution agreements contained in this Section
     are in addition to any liability that the Indemnifying Parties may have to
     the Indemnified Parties.

     6. MISCELLANEOUS

          a. REMEDIES. In the event of a breach by the Company or by a Holder,
     of any of their obligations under this Agreement, each Holder or the
     Company, as the case may be, in addition to being entitled to exercise all
     rights granted by law and under this Agreement, including recovery of
     damages, will be entitled to specific performance of its rights under this
     Agreement. The Company and each Holder agree that monetary damages would
     not provide adequate compensation for any losses incurred by reason of a
     breach by it of any of the provisions of this Agreement and hereby further
     agrees that, in the event of any action for specific performance in respect
     of such breach, it shall waive the defense that a remedy at law would be
     adequate.

          b. COMPLIANCE. Each Holder covenants and agrees that it will comply
     with the prospectus delivery requirements of the Securities Act as
     applicable to it in connection with sales of Registrable Securities
     pursuant to a Registration Statement.

                                       10
<PAGE>

          c. DISCONTINUED DISPOSITION. Each Holder agrees by its acquisition of
     such Registrable Securities that, upon receipt of a notice from the Company
     of the occurrence of any event of the kind described in Section 3(c), such
     Holder will forthwith discontinue disposition of such Registrable
     Securities under any Registration Statement until such Holder's receipt of
     the copies of the supplemented Prospectus and/or amended Registration
     Statement or until it is advised in writing (the "ADVICE") by the Company
     that the use of the applicable Prospectus may be resumed, and, in either
     case, has received copies of any additional or supplemental filings that
     are incorporated or deemed to be incorporated by reference in such
     Prospectus or Registration Statement. The Company will use its commercially
     reasonable efforts to ensure that the use of such Prospectus may be resumed
     as promptly as it practicable. The Company agrees and acknowledges that any
     periods during which the Holder is required to discontinue the disposition
     of the Registrable Securities hereunder shall be subject to the provisions
     of Section 2(b).

          d. PIGGY-BACK REGISTRATIONS. If at any time during the Effectiveness
     Period there is not an effective Registration Statement covering all of the
     Registrable Securities and the Company shall determine to prepare and file
     with the Commission a registration statement relating to an offering for
     its own account or the account of others under the Securities Act of any of
     its equity securities, other than on Form S-4 or Form S-8 (each as
     promulgated under the Securities Act) or their then equivalents relating to
     equity securities to be issued solely in connection with any acquisition of
     any entity or business or equity securities issuable in connection with the
     stock option or other employee benefit plans, then the Company shall send
     to each Holder a written notice of such determination and, if within
     fifteen (15) days after the date of such notice, any such Holder shall so
     request in writing, the Company shall include in such registration
     statement all or any part of such Registrable Securities such Holder
     requests to be registered, subject to customary underwriter cutbacks
     applicable to all holders of registration rights.

          e. AMENDMENTS AND WAIVERS. The provisions of this Agreement, including
     the provisions of this sentence, may not be amended, modified or
     supplemented, and waivers or consents to departures from the provisions
     hereof may not be given, unless the same shall be in writing and signed by
     the Company and each Holder of the then outstanding Registrable Securities.

          f. NOTICES. Any and all notices or other communications or deliveries
     required or permitted to be provided hereunder shall be made in accordance
     with the provisions of the Purchase Agreement.

          g. SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit
     of and be binding upon the successors and permitted assigns of each of the
     parties and shall inure to the benefit of each Holder. Each Holder may
     assign their respective rights hereunder in the manner and to the Persons
     as permitted under the Purchase Agreement.

                                       11
<PAGE>

          h. EXECUTION AND COUNTERPARTS. This Agreement may be executed in any
     number of counterparts, each of which when so executed shall be deemed to
     be an original and, all of which taken together shall constitute one and
     the same Agreement. In the event that any signature is delivered by
     facsimile transmission, such signature shall create a valid binding
     obligation of the party executing (or on whose behalf such signature is
     executed) the same with the same force and effect as if such facsimile
     signature were the original thereof.

          i. GOVERNING LAW. All questions concerning the construction, validity,
     enforcement and interpretation of this Agreement shall be determined with
     the provisions of the Purchase Agreement.

          j. CUMULATIVE REMEDIES. The remedies provided herein are cumulative
     and not exclusive of any remedies provided by law.

          k. SEVERABILITY. If any term, provision, covenant or restriction of
     this Agreement is held by a court of competent jurisdiction to be invalid,
     illegal, void or unenforceable, the remainder of the terms, provisions,
     covenants and restrictions set forth herein shall remain in full force and
     effect and shall in no way be affected, impaired or invalidated, and the
     parties hereto shall use their commercially reasonable efforts to find and
     employ an alternative means to achieve the same or substantially the same
     result as that contemplated by such term, provision, covenant or
     restriction. It is hereby stipulated and declared to be the intention of
     the parties that they would have executed the remaining terms, provisions,
     covenants and restrictions without including any of such that may be
     hereafter declared invalid, illegal, void or unenforceable.

          l. HEADINGS. The headings in this Agreement are for convenience of
     reference only and shall not limit or otherwise affect the meaning hereof.

          m. INDEPENDENT NATURE OF PURCHASERS' OBLIGATIONS AND RIGHTS. Except as
     otherwise provided for herein, the obligations of each Holder hereunder are
     several and not joint with the obligations of any other Holder hereunder,
     and no Holder shall be responsible in any way for the performance of the
     obligations of any other Holder hereunder. Nothing contained herein or in
     any other agreement or document delivered at any closing, and no action
     taken by any Holder pursuant hereto or thereto, shall be deemed to
     constitute the Holders as a partnership, an association, a joint venture or
     any other kind of entity, or create a presumption that the Holders are in
     any way acting in concert with respect to such obligations or the
     transactions contemplated by this Agreement. Each Holder shall be entitled
     to protect and enforce its rights, including without limitation the rights
     arising out of this Agreement, and it shall not be necessary for any other
     Holder to be joined as an additional party in any proceeding for such
     purpose.

          n. NOTICE OF DISPOSITION OF REGISTRABLE SECURITIES. Upon the request
     of the Company, each Holder shall promptly provide the Company written
     notice at such time as it no longer holds, directly or indirectly, any
     Registrable Securities.

          o. FEES AND EXPENSES. Each party shall pay the fees and expenses of
     its advisers, counsel, accountants and other experts, if any, and all other
     expenses incurred by such party incident to the negotiation, preparation,
     execution, delivery and performance of this Agreement.

                                       12
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                            ZONE4PLAY, INC.

                                            By: /s/ Shimon Citron
                                            ---------------------
                                            Name: Shimon Citron
                                            Title: Chief Executive Officer

                       [SIGNATURE PAGE OF HOLDERS FOLLOWS]

<PAGE>

                       [PURCHASER'S SIGNATURE PAGE TO RRA]

Name of Investing Entity:  ._____________
SIGNATURE OF AUTHORIZED SIGNATORY OF INVESTING ENTITY:  ________
Name of Authorized Signatory:  _________________
Title of Authorized Signatory: _______________

/s/ Lilly Gold
-----------------------

/s/ Alan Franco
-----------------------

/s/ Taj Bayless
-----------------------

/s/ Adam L. Rothstein
-----------------------

Madison Value
Ventures GP II
/s/ Jacob Gold
-----------------------
By: Jacob Gold
Title: Managing Partner

Walham Investments
Group Inc.
/s/ George Rosenberg
-----------------------
By: Occidental Trust
Corporation
represented by
George Rosenberg

Orinda capital
/s/ Ori Sasson
-----------------------
By: Ori Sasson
Title: General Partner

/s/ Jonathan M. Medved
-----------------------

/s/ Merav abbe
irrevocable trust
-----------------------

/s/ Scot Cohen
-----------------------

Y.G. Trusts Ltd
/s/ Yair Green
-----------------------
By: Yair Green
Title: Director

                           [SIGNATURE PAGES CONTINUE]

<PAGE>

Annex A

          Zone 4 Play, Inc.

     Selling Security holder Notice and Questionnaire

The undersigned beneficial owner of common stock (the "Common Stock"), of Zone 4
Play, Inc. (the "Company") understands that the Company has filed or intends to
file with the Securities and Exchange Commission (the "Commission") a
Registration Statement for the registration and resale of the Registrable
Securities, in accordance with the terms of the Registration Rights Agreement,
dated as of February _, 2006 (the "Registration Rights Agreement"), among the
Company and the Purchasers named therein. A copy of the Registration Rights
Agreement is available from the Company's counsel upon request at the address
set forth below. All capitalized terms used and not otherwise defined herein
shall have the meanings ascribed thereto in the Registration Rights Agreement.

Certain legal consequences arise from being named as a Selling Security holder
in the Registration Statement and related prospectus (the "Prospectus").
Accordingly, you are advised to consult your own securities law counsel
regarding the consequences of being named as a Selling Security holder in the
Registration Statement and the Prospectus.

The undersigned hereby provides the following information to the Company and
represents and warrants that such information is accurate:

                                  QUESTIONNAIRE

1.   Name.

     (a)  Full Legal Name of Selling Security holder:

          ______________________________________________________________

     (b)  Full Legal Name of Registered Holder (if not the same as (a) above)
          through which Registrable Securities Listed in Item 3 below are held:

          ______________________________________________________________

     (c)  Full Legal Name of Natural Control Person (which means a natural
          person who directly or indirectly alone or with others has power to
          vote or dispose of the securities covered by the questionnaire):

          ______________________________________________________________

<PAGE>

2.   Address for Notices to Selling Security holder:

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

Telephone:_____________________________________________________________________

Fax:__________________________________________________________________________

Contact Person:_______________________________________________________________

3.   Beneficial Ownership of Registrable Securities:

     Type and Principal Amount of Registrable Securities beneficially owned:

     _______________________________________________________________________
     _______________________________________________________________________
     _______________________________________________________________________

4.   Broker-Dealer Status:

     (a)  Are you a broker-dealer?

                  Yes [_] No [_]

     Note: If yes, the Commission's staff has indicated that you should be
           identified as an underwriter in the Registration Statement.

     (b)  Are you an affiliate of a broker-dealer?

                  Yes [_] No [_]

     (c) If you are an affiliate of a broker-dealer, do you certify that you
bought the Registrable Securities in the ordinary course of business, and at the
time of the purchase of the Registrable Securities to be resold, you had no
agreements or understandings, directly or indirectly, with any person to
distribute the Registrable Securities?

                  Yes [_] No [_]

<PAGE>

     Note: If no, the Commission's staff has indicated that you should be
identified as an underwriter in the Registration Statement.

     5. Beneficial Ownership of Other Securities of the Company Owned by the
Selling Security holder.

     Except as set forth below in this Item 5, the undersigned is not the
beneficial or registered owner of any securities of the Company other than the
Registrable Securities listed above in Item 3.

     Type and Amount of Other Securities beneficially owned by the Selling
Security holder:

     _______________________________________________________________________
     _______________________________________________________________________

     6. Relationships with the Company:

     Except as set forth below, neither the undersigned nor any of its
affiliates, officers, directors or principal equity holders (owners of 5% of
more of the equity securities of the undersigned) has held any position or
office or has had any other relationship with the Company (or its predecessors
or affiliates) during the past three years.

     State any exceptions here:

     _______________________________________________________________________
     _______________________________________________________________________

By signing below, the undersigned acknowledges that it understands its
obligation to comply, and agrees that it will comply, with the provisions of the
Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder, particularly Regulation M and the prospectus delivery requirements
under the Securities Act of 1933, as amended.

By signing below, the undersigned hereby advises the Company that it has not
entered into any agreements, understandings or arrangements with any
underwriters or broker-dealers regarding the sale of the Registrable Securities.

In the event that the undersigned transfers (other than pursuant to the
Registration Statement) all or any portion of the Registrable Securities listed
in Item (3) above after the date on which such information is provided to the
Company, the undersigned agrees to notify the transferee at the time of the
transfer of its rights and obligations under this Notice and Questionnaire and
to notify the Company of such transfer.

The undersigned acknowledges and agrees that the Registration Statement shall be
available for resales of Registrable Securities only for the "Effectiveness
Period" (as such term is defined in the Registration Rights Agreement). Pursuant
to the Registration Rights Agreement, the Company may suspend the use of the
Prospectus ("Suspension") under certain circumstances.

The undersigned agrees to cease using the Prospectus immediately upon delivery
of notice from the Company indicating that a Suspension has begun.

<PAGE>

The undersigned agrees to promptly notify the Company of any inaccuracies or
changes in the information provided herein that may occur subsequent to the date
hereof and prior to the Effective Date for the Registration Statement.

By signing below, the undersigned consents to the disclosure of the information
contained herein in its answers to Items 1 through 6 and the inclusion of such
information in the Registration Statement and the Prospectus. The undersigned
understands that such information will be relied upon by the Company in
connection with the preparation or amendment of the Registration Statement and
the Prospectus.

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated:_________________              Beneficial Owner:__________________________

                         By:________________________________________
                            Name:
                            Title:

PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND
RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

Oded Har-Even, Esq.
Z.A.G/S&W LLP
1290 Avenue of the Americas, 29th Floor
New York, NY 10104EXHIBIT 4.2

           VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON MARCH 20, 2009

          THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT
          HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
          OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
          EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED
          OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
          THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
          TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
          SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS
          AS EVIDENCED BY A LEGAL OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
          TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
          TO THE COMPANY. THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA
          FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH
          A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN
          RULE 501(a) UNDER THE SECURITIES ACT.

                                         Right to Purchase [6,234,485] Shares of
                                         Common Stock, par value $.001 per share

Date: March 20, 2006

                                 ZONE4PLAY, INC.
                             STOCK PURCHASE WARRANT

     THIS CERTIFIES THAT, for value received, ________________. is entitled to
purchase from Zone 4 Play, Inc., a corporation organized under the laws of the
State of Nevada (the "COMPANY"), at any time or from time to time during the
period specified in Section 2 hereof, Six million two hundred and thirty four
thousands four hundreds and eighty five (6,234,485) fully paid and
non-assessable shares of the Company's common stock, par value $.001 per share
(the "COMMON STOCK"), at an exercise price per share (the "EXERCISE PRICE")
equal to $1.125 per share. The number of shares of Common Stock purchasable
hereunder (the "WARRANT SHARES") and the Exercise Price are subject to
adjustment as provided in Section 4 hereof. The term "WARRANT" means this
Warrant.

                                       1
<PAGE>

Capitalized terms used and not otherwise defined herein that are defined in the
Securities Purchase Agreement dated March 20, 2006 between the holder and the
Company ("Purchase Agreement"), shall have the meanings given to such terms in
the Purchase Agreement.

     This Warrant is subject to the following terms, provisions and conditions:

     1. MANNER OF EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.
Subject to the provisions hereof, including, without limitation, the limitations
contained in Section 7 hereof, this Warrant may be exercised by the holder
hereof, in whole or in part, by the surrender of this Warrant, together with a
completed exercise agreement in the form attached hereto (the "Exercise
Agreement"), to the Company during normal business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), or by payment to
the Company in cash, by certified or official bank check or by wire transfer for
the account of the Company, of the Exercise Price for the Warrant Shares
specified in the Exercise Agreement. The Warrant Shares so purchased shall be
deemed to be issued to the holder hereof, as the record owner of such shares, as
of the close of business on the date on which this Warrant shall have been
surrendered, the completed Exercise Agreement shall have been delivered, and
payment shall have been made for such shares as set forth above or, if such date
is not a business date, on the next succeeding business date. The Warrant Shares
so purchased, representing the aggregate number of shares specified in the
Exercise Agreement, shall (by the Company or through its transfer agent) be
delivered (i.e., deposited with a nationally-recognized overnight courier
service postage prepaid) to the holder hereof within a reasonable time, not
exceeding five business days, after this Warrant shall have been so exercised
(the "Delivery Period"). If the Company's transfer agent is participating in the
Depository Trust Company ("DTC") Fast Automated Securities Transfer program, and
so long as the certificates therefor do not bear a legend and the holder is not
obligated to return such certificate for the placement of a legend thereon, the
Company shall cause its transfer agent to electronically transmit the Warrant
Shares so purchased to the holder by crediting the account of the holder or its
nominee with DTC through its Deposit Withdrawal Agent Commission system ("DTC
Transfer"). If the aforementioned conditions to a DTC Transfer are not
satisfied, the Company shall deliver as provided herein to the holder physical
certificates representing the Warrant Shares so purchased. Further, the holder
may instruct the Company to deliver to the holder physical certificates
representing the Warrant Shares so purchased in lieu of delivering such shares
by way of DTC Transfer. Any certificates so delivered shall be in such
denominations as may be reasonably requested by the holder hereof, shall be
registered in the name of such holder, during the period in which the Warrant
Shares are registered for resale under the Securities Act or otherwise may be
sold by the holder pursuant to Rule 144(k) promulgated under the Securities Act
(or a successor rule), shall not bear any restrictive legend. If this Warrant
shall have been exercised only in part, then the Company shall, at its expense,
at the time of delivery of such certificates, deliver to the holder a new
Warrant representing the number of shares with respect to which this Warrant
shall not then have been exercised.

                                       2
<PAGE>

     2. PERIOD OF EXERCISE. This Warrant shall be exercisable at any time or
from time to time during the period beginning on March 20, 2006 and ending at
5:00 p.m., New York City time, on March 20, 2009 (the "Exercise Period"). The
Exercise Period shall automatically be extended by one (1) day for each day
during the Exercise Period (or any extension thereof) on which the Company does
not have a number of shares of Common Stock reserved for issuance upon exercise
hereof at least equal to the number of shares of Common Stock issuable upon
exercise hereof.

     3. CERTAIN AGREEMENTS OF THE COMPANY. The Company hereby covenants and
agrees as follows:

          (a) SHARES TO BE FULLY PAID. All Warrant Shares will, upon issuance in
     accordance with the terms of this Warrant, be validly issued, fully paid,
     and nonassessable and free from all taxes, liens, claims and encumbrances.

          (b) RESERVATION OF SHARES. During the Exercise Period, the Company
     shall at all times have authorized, and reserved for the purpose of
     issuance upon exercise of this Warrant, a sufficient number of shares of
     Common Stock to provide for the exercise in full of this Warrant.

          (c) CERTAIN ACTIONS PROHIBITED. The Company will not, by amendment of
     its charter or through any reorganization, transfer of assets,
     consolidation, merger, dissolution, issue or sale of securities, or any
     other voluntary action, avoid or seek to avoid the observance or
     performance of any of the terms to be observed or performed by it
     hereunder, but will at all times in good faith assist in the carrying out
     of all the provisions of this Warrant and in the taking of all such action
     as may reasonably be requested by the holder of this Warrant in order to
     protect the economic benefit inuring to the holder hereof and the exercise
     privilege of the holder of this Warrant against dilution or other
     impairment, consistent with the tenor and purpose of this Warrant. Without
     limiting the generality of the foregoing, the Company (i) will not increase
     the par value of any shares of Common Stock receivable upon the exercise of
     this Warrant above the Exercise Price then in effect, and (ii) will take
     all such actions as may be necessary or appropriate in order that the
     Company may validly and legally issue fully paid and nonassessable shares
     of Common Stock upon the exercise of this Warrant.

          (d) SUCCESSORS AND ASSIGNS. This Warrant will be binding upon any
     entity succeeding to the Company by merger, consolidation, or acquisition
     of all or substantially all of the Company's assets.

          (e) BLUE SKY LAWS. The Company shall, on or before the date of
     issuance of any Warrant Shares, take such actions as the Company shall
     reasonably determine are necessary to qualify the Warrant Shares for, or
     obtain exemption for the Warrant Shares for, sale to the holder of this
     Warrant upon the exercise hereof under applicable securities or "blue sky"
     laws of the states of the United States, and shall provide evidence of any
     such action so taken to the holder of this Warrant prior to such date if
     requested by the holder hereof; provided, however, that the Company shall
     not be required in connection therewith or as a condition thereto to (a)
     qualify to do business in any jurisdiction where it would not otherwise be
     required to qualify but for this Section 3(e), (b) subject itself to
     general taxation in any such jurisdiction or (c) file a general consent to
     service of process in any such jurisdiction.

                                       3
<PAGE>

     4. ANTI DILUTION PROVISIONS. During the Exercise Period, the Exercise Price
and the number of Warrant Shares issuable hereunder shall be subject to
adjustment from time to time as provided in this Section 4. In the event that
any adjustment of the Exercise Price as required herein results in a fraction of
a cent, such Exercise Price shall be rounded up or down to the nearest cent.

          (a) SUBDIVISION OR COMBINATION OF COMMON STOCK. If the Company, at any
     time during the Exercise Period, subdivides (by any stock split, stock
     dividend, recapitalization, reorganization, reclassification or otherwise)
     its shares of Common Stock into a greater number of shares, then, after the
     date of record for effecting such subdivision, the Exercise Price in effect
     immediately prior to such subdivision will be proportionately reduced. If
     the Company, at any time during the Exercise Period, combines (by reverse
     stock split, recapitalization, reorganization, reclassification or
     otherwise) its shares of Common Stock into a smaller number of shares,
     then, after the date of record for effecting such combination, the Exercise
     Price in effect immediately prior to such combination will be
     proportionately increased.

          (b) ADJUSTMENT IN NUMBER OF SHARES. Upon each adjustment of the
     Exercise Price pursuant to the provisions of this Section 4, the number of
     shares of Common Stock issuable upon exercise of this Warrant at each such
     Exercise Price shall be adjusted by multiplying a number equal to the
     Exercise Price in effect immediately prior to such adjustment by the number
     of shares of Common Stock issuable upon exercise of this Warrant at such
     Exercise Price immediately prior to such adjustment and dividing the
     product so obtained by the adjusted Exercise Price.

          (c) CONSOLIDATION, MERGER OR SALE. In case of any consolidation of the
     Company with, or merger of the Company into, any other corporation, or in
     case of any sale or conveyance of all or substantially all of the assets of
     the Company other than in connection with a plan of complete liquidation of
     the Company at any time during the Exercise Period, adequate provision will
     be made whereby the holder hereof will have the right to acquire and
     receive upon exercise of this Warrant in lieu of the shares of Common Stock
     immediately theretofore acquirable upon the exercise of this Warrant, such
     shares of stock, securities, cash or assets as may be issued or payable
     with respect to or in exchange for the number of shares of Common Stock
     immediately theretofore acquirable and receivable upon exercise of this
     Warrant had such consolidation, merger or sale or conveyance not taken
     place. Any successor corporation shall assume the obligations of the
     Company under this Warrant or shall made adequate provision to provide to
     the holder a reasonable substitute for the shares of stock issuable
     hereunder.

          (d) DISTRIBUTION OF ASSETS. In case the Company shall declare or make
     any distribution of its assets (or rights to acquire its assets) to holders
     of Common Stock as a partial liquidating dividend, stock repurchase by way
     of return of capital or otherwise (including any dividend or distribution
     to the Company's stockholders of cash or shares (or rights to acquire
     shares) of capital stock of a subsidiary) (a "Distribution"), at any time
     during the Exercise Period, then the holder hereof shall be entitled upon
     exercise of this Warrant for the purchase of any or all of the shares of
     Common Stock subject hereto, to receive the amount of such assets (or
     rights) which would have been payable to the holder had such holder been
     the holder of such shares of Common Stock on the record date for the
     determination of stockholders entitled to such Distribution. If the Company
     distributes rights, warrants, options or any other form of convertible
     securities to all of its holders of Common Stock, and the right to exercise
     or convert such securities would expire in accordance with their terms
     prior to the expiration of the Exercise Period, then to the extent
     practicable the terms of such securities shall provide that such exercise
     or convertibility right shall remain in effect until 30 days after the date
     the holder hereof receives such securities pursuant to the exercise hereof.

                                       4
<PAGE>

          (e) NOTICE OF ADJUSTMENT. Upon the occurrence of any event which
     requires any adjustment of the Exercise Price, then, and in each such case,
     the Company shall give notice thereof to the holder hereof, which notice
     shall state the Exercise Price resulting from such adjustment and the
     increase or decrease in the number of Warrant Shares purchasable at such
     price upon exercise, setting forth in reasonable detail the method of
     calculation and the facts upon which such calculation is based. Such
     calculation shall be certified by the chief financial officer of the
     Company.

          (f) MINIMUM ADJUSTMENT OF EXERCISE PRICE. No adjustment of the
     Exercise Price shall be made in an amount of less than $.01, but any such
     lesser adjustment shall be carried forward and shall be made at the time
     and together with the next subsequent adjustment which, together with any
     adjustments so carried forward, shall amount to not less than $.01.

          (g) NO FRACTIONAL SHARES. No fractional shares of Common Stock are to
     be issued upon the exercise of this Warrant, but the Company shall pay a
     cash adjustment in respect of any fractional share which would otherwise be
     issuable in an amount equal to the same fraction of the Market Price of a
     share of Common Stock on the date of such exercise.

          (h) OTHER NOTICES. In case at any time:

               (i) the Company shall declare any dividend upon the Common Stock
          payable in shares of stock of any class or make any other distribution
          (other than dividends or distributions payable in cash out of retained
          earnings consistent with the Company's past practices with respect to
          declaring dividends and making distributions) to the holders of the
          Common Stock;

               (ii) the Company shall offer for subscription pro rata to the
          holders of the Common Stock any additional shares of stock of any
          class or other rights;

               (iii) there shall be any capital reorganization of the Company,
          or reclassification of the Common Stock, or consolidation or merger of
          the Company with or into, or sale of all or substantially all of its
          assets to, another corporation or entity; or

               (iv) there shall be a voluntary or involuntary dissolution,
          liquidation or winding-up of the Company;

                                       5
<PAGE>

     then, in each such case, the Company shall give to the holder of this
Warrant (a) notice of the date or estimated date on which the books of the
Company shall close or a record shall be taken for determining the holders of
Common Stock entitled to receive any such dividend, distribution, or
subscription rights or for determining the holders of Common Stock entitled to
vote in respect of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up and (b) in the case of any
such reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up, notice of the date (or, if not then known, a
reasonable estimate thereof by the Company) when the same shall take place. Such
notice shall also specify the date on which the holders of Common Stock shall be
entitled to receive such dividend, distribution, or subscription rights or to
exchange their Common Stock for stock or other securities or property
deliverable upon such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation, or winding-up, as the case may be. Such notice
shall be given at least ten (10) days prior to the record date or the date on
which the Company's books are closed in respect thereto. Failure to give any
such notice or any defect therein shall not affect the validity of the
proceedings referred to in clauses (i), (ii), (iii) and (iv) above.
Notwithstanding the foregoing, the Company shall publicly disclose the substance
of any notice delivered hereunder prior to delivery of such notice to the holder
hereof.

          (i) CERTAIN EVENTS. If, at any time during the Exercise Period, any
     event occurs of the type contemplated by the adjustment provisions of this
     Section 4 but not expressly provided for by such provisions, the Company
     will give notice of such event as provided in Section 4(e) hereof, and an
     appropriate adjustment in the Exercise Price and the number of shares of
     Common Stock acquirable upon exercise of this Warrant at each such Exercise
     Price shall be made so that the rights of the holder shall be neither
     enhanced nor diminished by such event.

          (j) CERTAIN DEFINITIONS.

               (i) "COMMON STOCK" for purposes of this Section 4, includes the
          Common Stock and any additional class of stock of the Company having
          no preference as to dividends or distributions on liquidation,
          provided that the shares purchasable pursuant to this Warrant shall
          include only Common Stock in respect of which this Warrant is
          exercisable, or shares resulting from any subdivision or combination
          of such Common Stock, or in the case of any reorganization,
          reclassification, consolidation, merger, or sale of the character
          referred to in Section 4(c) hereof, the stock or other securities or
          property provided for in such Section.

               (ii) "MARKET PRICE" as of any date, (i) means the average of the
          closing sales prices for the shares of Common Stock on the Nasdaq
          National Market or other trading market where such security is listed
          or traded as reported by Bloomberg Financial Markets (or a comparable
          reporting service of national reputation selected by the Company and
          reasonably acceptable to the holders if Bloomberg Financial Markets is
          not then reporting sales prices of such security) (collectively,
          "Bloomberg") for the five (5) consecutive trading days immediately
          preceding such date, or (ii) if the Nasdaq National Market is not the
          principal trading market for the shares of Common Stock, the average
          of the reported sales prices reported by Bloomberg on the principal
          trading market for the Common Stock during the same period, or, if
          there is no sales price for such period, the last sales price reported
          by Bloomberg for such period, or (iii) if the foregoing do not apply,
          the last sales price of such security in the over-the-counter market
          on the pink sheets or bulletin board for such security as reported by
          Bloomberg, or if no sales price is so reported for such security, the
          last bid price of such security as reported by Bloomberg, or (iv) if
          market value cannot be calculated as of such date on any of the
          foregoing bases, the Market Price shall be the average fair market
          value as reasonably determined by an investment banking firm selected
          by the Company and reasonably acceptable to the holder, with the costs
          of the appraisal to be borne by the Company. The manner of determining
          the Market Price of the Common Stock set forth in the foregoing
          definition shall apply with respect to any other security in respect
          of which a determination as to market value must be made hereunder.

                                       6
<PAGE>

     5. ISSUE TAX. The issuance of certificates for Warrant Shares upon the
exercise of this Warrant shall be made without charge to the holder of this
Warrant or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than the holder of this Warrant or any income tax
payable by any holder.

     6. NO RIGHTS OR LIABILITIES AS A STOCKHOLDER. This Warrant shall not
entitle the holder hereof to any voting rights or other rights as a stockholder
of the Company. No provision of this Warrant, in the absence of affirmative
action by the holder hereof to purchase Warrant Shares, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder for the Exercise Price or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

     7. TRANSFER, EXCHANGE AND REPLACEMENT OF WARRANT.

          (a) RESTRICTION ON TRANSFER. This Warrant and the rights granted to
     the holder hereof are not transferable, in whole or in part other than in
     accordance with Section 4.1 of the Purchase Agreement.

          (b) WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS. This Warrant is
     exchangeable, upon the surrender hereof by the holder hereof at the office
     or agency of the Company referred to in Section 7(e) below, for new
     warrants of like tenor of different denominations representing in the
     aggregate the right to purchase the number of shares of Common Stock which
     may be purchased hereunder, each of such new warrants to represent the
     right to purchase such number of shares (at the Exercise Price therefor) as
     shall be designated by the holder hereof at the time of such surrender, and
     all such warrants thereafter constituting the Warrant referenced herein.
     Notwithstanding the foregoing, in no event shall the Company be required to
     issue new warrants pursuant to this Section 7(b) for the right to purchase
     less than 1,000 shares of Common Stock.

          (c) REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably
     satisfactory to the Company of the loss, theft, destruction, or mutilation
     of this Warrant and, in the case of any such loss, theft, or destruction,
     upon delivery of an indemnity agreement reasonably satisfactory in form and
     amount to the Company, or, in the case of any such mutilation, upon
     surrender and cancellation of this Warrant, the Company, at its expense,
     will execute and deliver, in lieu thereof, a new Warrant of like tenor.

                                       7
<PAGE>

          (d) CANCELLATION; PAYMENT OF EXPENSES. Upon the surrender of this
     Warrant in connection with any transfer, exchange, or replacement as
     provided in this Section 7, this Warrant shall be promptly canceled by the
     Company. The Company shall pay all taxes (other than securities transfer
     taxes and income taxes) and all other expenses (other than legal expenses,
     if any, incurred by the holder or transferees) and charges payable in
     connection with the preparation, execution, and delivery of any Warrant by
     the Company pursuant to this Section 7.

          (e) EXERCISE OR TRANSFER WITHOUT REGISTRATION. If, at the time of the
     surrender of this Warrant in connection with any exercise, transfer, or
     exchange of this Warrant, this Warrant (or, in the case of any exercise,
     the Warrant Shares issuable hereunder), shall not be registered under the
     Securities Act and under applicable state securities or blue sky laws, the
     Company may require, as a condition of allowing such exercise, transfer, or
     exchange, (i) that the holder or transferee of this Warrant, as the case
     may be, furnish to the Company a written opinion of counsel (which opinion
     shall be in form, substance and scope customary for opinions of counsel in
     comparable transactions and reasonably acceptable to the Company) to the
     effect that such exercise, transfer, or exchange may be made without
     registration under the Securities Act and under applicable state securities
     or blue sky laws, (ii) that the holder or transferee execute and deliver to
     the Company an investment letter in form and substance acceptable to the
     Company and (iii) that the transferee be an "accredited investor" as
     defined in Rule 501(a) promulgated under the Securities Act; PROVIDED that
     no such letter, or status as an "accredited investor" referred to in (ii)
     and (iii) shall be required in connection with a transfer pursuant to Rule
     144 under the Securities Act.

     8. NOTICES. Any notices required or permitted to be given under the terms
of this Warrant shall be sent by certified or registered mail (return receipt
requested) or delivered personally or by courier or by confirmed telecopy, and
shall be effective five days after being placed in the mail, if mailed, or upon
receipt or refusal of receipt, if delivered personally or by courier, or by
confirmed telecopy, in each case addressed to a party. The addresses for such
communications shall be:

                     If to the Company:

                     Zone4Play, Inc.
                     103 Foulk Road
                     Wilmington, DE  19803

                     Attn:  Chief Financial Officer

                     with a copy simultaneously transmitted by like means to:

                     Z.A.G/S&W LLP
                     1290 Avenue of the Americas, 29th Floor
                     New York, NY 10104
                     Attn: Howard E. Berkenblit, Esq.

                                       8
<PAGE>

If to the holder, at such address as such holder shall have provided in writing
to the Company, or at such other address as such holder furnishes by notice
given in accordance with this Section 8.

     9. GOVERNING LAW; JURISDICTION. This Warrant shall be governed by and
construed in accordance with the laws of the State of Delaware without regard to
the principles of conflicts of law thereof. Each of the Company and the holder
hereof irrevocably consents to the jurisdiction of the United States federal
courts and state courts located in the State of Delaware in any suit or
proceeding based on or arising under this Warrant and irrevocably agrees that
all claims in respect of such suit or proceeding may be determined in such
courts. Each of the Company and the holder hereof irrevocably waives any
objection to the laying of venue and the defense of an inconvenient forum to the
maintenance of such suit or proceeding. Each of the Company and the holder
hereof further agrees that service of process mailed by certified or registered
mail shall be deemed in every respect effective service of process in any such
suit or proceeding. Nothing herein shall affect the Company's or the holder's
right to serve process in any other manner permitted by law. Each of the Company
and the holder hereof agrees that a final non-appealable judgment in any such
suit or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on such judgment or in any other lawful manner.

     10. MISCELLANEOUS.

          (a) AMENDMENTS. This warrant and any provision hereof may only be
     amended by an instrument in writing signed by the Company and the holder
     hereof.

          (b) DESCRIPTIVE HEADINGS. The descriptive headings of the several
     sections of this warrant are inserted for purposes of reference only, and
     shall not affect the meaning or construction of any of the provisions
     hereof.

          (c) TRADING DAY. For purposes of this Warrant, the term "trading day"
     means any day on which the principal United States securities exchange or
     trading market where the Common Stock is then listed is open for trading.

          (d) RESTRICTIONS. The holder acknowledges that the Warrant Shares
     acquired upon the exercise of this Warrant, if not registered, will have
     restrictions upon resale imposed by securities laws. The holder
     acknowledges by acceptance of the Warrant that (a) it has acquired this
     Warrant for investment and not with a view to distribution; (b) it has the
     capacity to protect its own interests in connection with the transaction;
     and (c) it is an "accredited investor" as that term is defined in
     Regulation D promulgated under the Securities Act.

                         [Remainder of page left blank.]

                                       9
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly authorized officer.

                                           ZONE 4 PLAY, INC.

                                           By: /s/ Shimon Citron
                                           ---------------------
                                           Name:  Shimon Citron
                                           Title: Chief Executive Officer

                                       10
<PAGE>

                               NOTICE OF EXERCISE

To: Zone 4 Play, Inc.

     (1) The undersigned, (the holder of the attached Warrant) hereby
irrevocably elects to purchase ________ Warrant Shares of the Company pursuant
to the terms of the attached Warrant, and tenders herewith payment of the
exercise price in full, together with all applicable transfer taxes, if any, in
the aggregate amount of $_________.

     (2) Payment is in lawful money of the United States :

     (3) Please issue a certificate or certificates representing said Warrant
Shares in the name of the undersigned or in such other name as is specified
below:

     _______________________________

The Warrant Shares shall be delivered to the following address:

     _______________________________

     _______________________________

     _______________________________

     (4) The undersigned hereby confirms the representations and warranties set
forth in Section 3.2 of the Purchase Agreement.

     [_] (CHECK IF APPLICABLE): Please issue a new Warrant for the unexercised
portion of the attached Warrant in the name of the undersigned.

                                          [PURCHASER]

                                          By: ______________________________
                                              Name:
                                              Title:

                                          Dated:  ________________________

                                          Federal Tax ID or Social Security No.:
                                          _________________

                                       11

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