Document:

Exhibit 4.1

                    SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT

        This Agreement is made as of the 5th day of May, 2000, by and among WOW
Entertainment, Inc., an Indiana corporation (the "Company"), and David B. McLane
("McLane"), John F. Fisbeck ("Fisbeck") and Carter M. Fortune ("Fortune"), each
of whom is a shareholder of the Company and all subsequent shareholders of the
Company (collectively referred to herein as "Shareholders" or individually as
"Shareholder").

                                   WITNESSETH:

        WHEREAS, the Shareholders have agreed to subscribe for certain shares of
common and preferred stock of the Company;

        WHEREAS, in addition Fortune has agreed to make a loan to the company;

        WHEREAS, upon consummation of the subscriptions described in this
Agreement, the Shareholders will be owners of record of all the outstanding
shares of common and preferred stock of the Company, each of them owning the
number and class of shares set opposite their names in Exhibit A;

        WHEREAS, the Shareholders and the Company desire that the ownership and
transferability of all shares of stock of the Company be restricted in order to
assure continuity and harmony in management and to promote and maintain
corporate stability;

        WHEREAS, Section 23-1-26-8 of the Indiana Business Corporation Law
authorizes the Company and its Shareholders to impose restrictions on the
transfer of shares of stock of a Company; and

        WHEREAS, in pursuance of said Section 23-1-26-8 and for the purposes set
forth herein, the Shareholders and the Company desire to enter into an agreement
which imposes restrictions on the transfer of shares of stock of the Company.

        NOW, THEREFORE, in consideration of the mutual promises contained herein
the receipt and sufficiency of which are hereby acknowledged, it is hereby
agreed as follows:

        Section I. Subscription for Common and Preferred Stock and Loan to
Company

        A. Common Shares. McLane, Fisbeck and Fortune hereby subscribe for and
agree to purchase 5,000,000 each of common stock (the "Common Shares") of the
Company for the consideration set out on Exhibit A, the receipt of which is
hereby acknowledged.

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      B. Preferred Shares. Fortune hereby subscribes for and agrees to purchase
for a total purchase price of $2,000,000 20,000 shares of Cumulative Preferred
Stock (the "Preferred Shares" and collectively the Common and Preferred Shares
are sometimes referred to as the "Shares") with such designations, powers,
conversion privileges, preferences and other special rights, and the
qualifications, limitations or restrictions thereof as adopted by the Board of
Directors in its Consent in Lieu of the Organizational Meeting of the First
Board of Board of Directors and Shareholders of Wow Entertainment, Inc. (the
"Consent") dated as of May 5, 2000, a copy of which is attached as Exhibit B.
Although dividends are payable quarterly on the Preferred Shares, the Company
shall advance to Fortune the proportionate amount of the anticipated quarterly
dividend on a monthly basis commencing June 1, 2000. It is recognized by all of
the parties, that Fortune is borrowing funds at the Libor rate plus one percent
(1%) in order to purchase the Preferred Shares. It is the intent that the
advances and quarterly dividends will be paid in such a manner that Fortune
receives sufficient funds from the Company on a monthly basis to pay the
interest on his borrowed funds. 5,000 shares of the Preferred Shares shall be
purchased upon execution of this Agreement. The additional 15,000 shares of the
Preferred Shares shall be purchased in three (3) traunches of 5,000 shares. Each
traunch shall be purchased at such time as the Company has a reasonable need for
additional funding and in reasonable accordance with the Company's previously
approved budget.

        C. Loan. Fortune hereby agrees to loan to the Company the principal
amount of $3,000,000 (the "Loan") upon the terms and conditions set out in a
certain promissory note, the form of which is attached as Exhibit C. It is
anticipated by all parties that the Preferred Shares will be purchased prior to
Company's first draw down on the Loan.

        D. Investment Representations. McLane, Fisbeck and Fortune each
represent that:

          (1)  He is an "accredited investor" under one or more of the following
               categories:

                    (a) A director and/or executive officer of the Company as of
                    this Agreement.

                    (b A natural person whose net worth individually as of this
                    Agreement exceeds $1,000,000.

                    (c) A natural person whose net worth jointly with his or her
                    spouse as of this Agreement exceeds $1,000,000.

                    (d) A natural person who has had an individual income in
                    excess of $200,000 in each of the last two calendar years
                    and who reasonably expects to reach the same income level in
                    the current calendar year.

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                      (e) A natural person who had joint income with his or her
                      spouse in excess of $300,000 in each of the last two
                      calendar years and who reasonably expects to reach the
                      same joint income level in the current calendar year.

               (2)    He understands that the investment in the Company involves
                      a high degree of risk and is suitable only for
                      sophisticated investors and he is able to bear the
                      economic risks of an investment in the Company.

               (3)    He is acquiring the Shares for his own account and not
                      with an intent to resell or distribute all or any part of
                      the Shares, and he agrees that he will not resell,
                      distribute or otherwise dispose of all or any part of the
                      Shares except in compliance with the terms of this
                      Agreement and as permitted by law, including, without
                      limitation, the Securities Act of 1933, as amended (the
                      "Securities Act").

               (4)    He understands that in addition to the restrictions on
                      transfer of the Shares contained in this Agreement, the
                      transferability of the Shares is severely limited and he
                      must bear the economic risks of his investment for an
                      indefinite period of time because the Shares have not been
                      registered under the Securities Act and, therefore, may
                      not be sold or otherwise transferred unless they are
                      registered under the Securities Act and any applicable
                      state securities laws or an exemption from registration is
                      available.

                      Section II.  Restrictions on Disposition of Shares

        A. General - Preferred. No Shareholder shall sell, transfer, assign,
give, pledge, encumber or otherwise dispose any interest in the Preferred Shares
without first obtaining the written consent of all of the other Shareholders.

        B. General - Common. Except with the written consent of the Company and
each of the other Shareholders, no Shareholder shall, either voluntarily or
involuntarily, sell, bequeath, transfer, assign, make a gift of or otherwise
dispose of, mortgage, encumber, hypothecate, pledge or offer, or enter into a
contract with respect to any of the foregoing, (hereinafter collectively
referred to as "Transfer"), any part or all of the Common Shares of the Company
or any interest therein now or at any time hereafter owned by said Shareholder
to any other person, company or other entity unless the Shareholder first offers
to sell such part or all of said Common Shares to the other parties hereto in
accordance with the terms and conditions of this Agreement.

        C. Notice. In the event of the intended Transfer of any of the Common
Shares, the Shareholder ("Transferor") intending or desiring to Transfer said
Common Shares shall first give written notice of such intention to the Company
and to each of the other Shareholders (the

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"Notice"). Such Notice shall specify the exact number of Common Shares which the
Transferor intends to Transfer, the intended transferee, the proposed selling
price if the intended Transfer is a sale and a description of the other terms
and conditions of the intended Transfer.

        D. Right of First Refusal Option - Company. If Notice is given in
accordance with Subsection C, the Company shall have an option, which must be
exercised no later than thirty (30) days following the receipt of the Notice, to
purchase all but no less than all of the Common Shares described in such Notice.
If the intended Transfer is a sale, the Purchase Price for the Common Shares
("Purchase Price") shall be the lesser of (i) the proposed selling price
specified in the Notice, or (ii) an amount mutually agreed upon by the parties
hereto. If the parties are unable to agree upon a value, the parties shall
mutually select an appraiser to appraise the Company. The fair market value of
the shares shall be the proportionate share of the fair market value of the
Company as determined by the appraiser. If the parties are unable to agree upon
an appraiser, the Transferor and the Company, at their expense, shall each
select an appraiser. If the appraisals are within fifteen percent (15%) of each
other, the average of the appraisals shall be used. If the appraisals vary from
each other more than fifteen percent (15%), an additional appraiser shall be
chosen by the initial appraisers to appraise the Company, and the appraisal of
the additional appraiser shall be binding upon the parties. The expense of the
additional appraisal shall be shared equally by the parties.

        E. Right of First Refusal Option - Shareholder. If the Company's right
to purchase the Common Shares terminates unexercised, the Shareholders shall
have a twenty (20) day option, commencing with the expiration date of the option
given to the Company, in which to purchase all but not less than all of the
Shares on a pro rata basis at a price determined in accordance with Subsection
D.

        F. Transfer to Third Parties. If the right of the Company and other
Shareholders to purchase the Common Shares terminates unexercised, the
Shareholder may Transfer all of the Shares described in the Notice, provided
that such Transfer is carried out substantially as outlined in the Notice (but
in no event for less than the amount of consideration specified therein). As a
condition of such Transfer of the Shares, such transferee shall expressly
consent in writing to be subject to the provisions of this Agreement and all of
the terms and conditions of this Agreement shall apply with full force and
effect to such transferee as though it were an original party hereto.

        G. Repayment of Loan and Redemption of Stock. Notwithstanding the
foregoing, McLane and Fisbeck agree that they will not Transfer any interest in
the Common Shares owned by them until the Loan is paid in full and the Preferred
Shares owned by Fortune have been redeemed.

        H. Closing. In the event that any party hereto exercises the option to
purchase the Common Shares, the Purchase Price shall be paid in full upon the
delivery of the validly endorsed certificates representing the Common Shares at
the closing in readily available funds. Alternatively, at the election of the
Company or the Exercising Shareholders, the Company or Exercising Shareholders
may pay ten percent (10%) of the Purchase Price upon the delivery of the

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validly endorsed certificates representing the Common Shares at the closing in
readily available funds, and deliver to the Transferor a promissory note in the
principal amount equal to the balance of the Purchase Price, payable in not more
than ten (10) equal annual installments and bearing interest at the same rate as
the Loan. The closing of any purchase hereunder shall take place at such place
and at such time as the parties hereto shall agree within thirty (30) days after
exercise of the option by the Company or the Shareholders to purchase the Common
Shares.

                        Section III. Death or Disability

        A. Death of Shareholder. In the event of the death of a Shareholder, the
following provisions shall apply:

        (1)    If McLane dies and there are proceeds from an insurance policy
               maintained by the Company on McLane's life, the Company shall
               repay the Loan, redeem the Preferred Shares and, if any insurance
               proceeds remain, distribute the balance equally to the
               Shareholders (or in the case of McLane, to his estate). In
               addition, the Company shall distribute to McLane's estate the
               assets set out on Exhibit A which were contributed to the Company
               by McLane; provided, however Fisbeck and Fortune shall be granted
               to a right of first refusal to purchase those assets from
               McLane's estate (or heirs). If there are no insurance proceeds or
               they are insufficient to pay the Loan and redeem the Preferred
               Shares, the Company shall distribute McLane's Common Shares to
               his estate (or heirs) who shall become subject to the terms of
               this Agreement. In such event, the assets contributed by McLane
               shall remain in the Company.

        (2)    If Fisbeck dies, his Common Shares shall be distributed to his
               estate (or heirs), who shall become subject to the terms of this
               Agreement.

        (3)    If Fortune dies, his Common and Preferred Shares (along with the
               note evidencing the Loan) shall be distributed to his estate (or
               heirs) who shall become subject to the terms of this Agreement.

        B. Disability of Shareholder. In the event of a Permanent Disability of
a Shareholder he shall retain his Shares. Permanent Disability shall be defined
as a physical or mental condition which, in the judgment of two (2) licensed
physicians, based upon medical reports, tests and other evidence satisfactory to
the physicians, will permanently prevent the Shareholder from performing the
material duties normally required of one in the Shareholder's position and such
condition continues for a period of twelve (12) consecutive months.

        C. Other Disposition by Representative. All of the terms and conditions
of this Agreement shall apply with full force and effect to any other sale or
disposition of the Transferor's Shares by the executor, administrator, receiver,
trustee or other representative of such Transferor.

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                   Section IV. Trade Secrets and Confidential Information.

        The Shareholders agree that all information concerning any matters
affecting or relating to the business or operations of the Company including
names, addresses, or other key information relating to the Company's
consultants, distributors, performers, customers, vendors, suppliers and
independent contractors, information relating to fees or discounts at which the
Company sells or has sold its products or services, the volume and price of
products and services sold to particular customers, the manner, means, or
methods of the Company's business operation, are all deemed to be confidential
and proprietary to the Company, and materially affect the successful operation
of the Company's business. With respect to such information, each of the
Shareholders covenant and agree that the Shareholder will not, at any time,
directly or indirectly, for the Shareholder or for any other person,
proprietorship, partnership, corporation, or trust, or any other entity or
association, as an owner, employee, agent, officer, director, trustee, or in any
other capacity whatsoever, divulge, disclose, communicate or use such
information except as required in the normal course of the Company's business or
unless such disclosure, communication or use is specifically authorized in
advance and in writing by the Company and, in such event, a confidentiality and
nondisclosure agreement in form acceptable to the Company and its counsel is
obtained for such purposes and properly executed prior to any such disclosure,
communication or use.

                          Section V. Key Man Insurance

        The Company shall attempt to obtain a Ten Million Dollar ($10,000,000)
key man life insurance policy with respect to McLane if such insurance can be
obtained at a reasonable cost. In addition, the Company shall attempt to obtain
a Five Million Dollar ($5,000,000) key man life insurance policy with respect to
Fisbeck if such insurance can be obtained at a reasonable cost.

                               Section VI. Notice

        Any notice given hereunder shall be in writing. Such notice shall be
delivered personally or mailed by certified mail, return receipt requested, to
the Company at its principal place of business at 6358 N. College Avenue,
Indianapolis, Indiana 46220, or to the Shareholder's residence address or
principal place of business as reflected in the records of the Company.

                    Section VII. Legend on Stock Certificates

        Each stock certificate representing Shares of the Company subject to
this Agreement shall bear a legend substantially similar to the following:

        The shares represented by this certificate were acquired for investment
        only and not for resale. They have not been registered under the
        Securities Act of 1933 or any state securities law. These shares may not
        be sold, transferred, pledged or hypothecated unless first registered
        under such laws, or unless the Company has received an opinion of
        counsel satisfactory to it that registration is not required.

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        Transfer of the shares represented by this certificate is restricted
        under the terms of an agreement dated May 5, 2000 ("Agreement"). A copy
        of the Agreement, which grants an option to certain other persons to
        purchase the shares represented hereby and also affects other rights of
        the holder of these shares, is on file at the office of the Company.

                            Section VIII. Termination

        This Agreement shall terminate upon agreement of all parties hereto and
be of no further force or effect.

                       Section IX.  Transfers in Violation of Agreement

        Any Transfer or attempted Transfer of the Shares in violation of any of
the provisions of this Agreement shall be null and void and of no force and
effect whatsoever, and no transferee or intended transferee of such Shares shall
have any right or interest in such Shares.

                          Section X. Injunctive Relief

        The Shareholders and the Company hereby declare their intent, agreement
and understanding that monetary damages are insufficient and immeasurable with
respect to the failure of any Shareholder to perform their obligations under
this Agreement and that there is no adequate remedy at law with respect to any
such failure, and that, accordingly, injunctive relief is necessary to
specifically enforce the provisions of this Agreement in the event of any breach
or threatened breach hereof.

                            Section XI. Severability

        If and to the extent that any provision of this Agreement shall be
declared invalid or otherwise rendered inoperative by a court of competent
jurisdiction, then in such event and to the extent so declared invalid or
rendered inoperative, such provision shall be deemed severed and severable from
this Agreement, and all of the remaining provisions of the Agreement, to the
extent not declared invalid or otherwise rendered inoperative, shall be enforced
and enforceable as though the invalid or inoperative provision never had been
contained herein.

                           Section XII. Miscellaneous

        A. Indiana Law. This Agreement has been executed under and shall be
construed in accordance with the laws of the State of Indiana. The
Shareholder(s) and the Company hereby declare their intent, agreement and
understanding that the restrictions on the Transfer of the Shares contained in
this Agreement are authorized by, and shall be construed in accordance with,
Section 23-1-26-8 of the Indiana Business Corporation law, as amended (the
"Act"), and that, to the extent

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that any provision of this Agreement shall be determined to be in conflict with
said Section 23-1-26-8, or any other provision of the Act, then such provision
of the Agreement shall be deemed to be amended so as to conform with the Act.

        B. Successors and Assignees. This Agreement shall be binding upon and
inure to the benefit of the Shareholders hereto and their respective successors,
personal representatives and assigns.

        C. Execution in Counterparts. This Agreement may be executed in several
counterparts, each of which when so executed shall be deemed an original and all
of which together shall constitute one and the same document.

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

                                               /s/ David B. McLane
                                               ----------------------------
                                               David B. McLane

                                               /s/ John F. Fisbeck
                                               ----------------------------
                                               John F. Fisbeck

                                               /s/ Carter M. Fortune
                                               ----------------------------
                                               Carter M. Fortune

                                               COMPANY:

                                               WOW ENTERTAINMENT, INC.

                                           By: /s/ David B. McLane
                                               ----------------------------
                                               David B. McLane, President

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                                    EXHIBIT A

Name of Shareholder   Number of Shares     Class         Consideration
-------------------   ----------------     -----         -------------

David B. McLane         5,000,000          Common     See attached Schedule 1

John F. Fisbeck         5,000,000          Common     Services on behalf of
                                                      the Company (See attached
                                                      Schedule 2)

Carter M. Fortune       5,000,000          Common     Services on behalf of
                                                      the Company (See
                                                      attached Schedule 3)

                        20,000             Preferred  $2,000,000 in cash

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                                   SCHEDULE 1

General Description: All of the business relating to women's wrestling
(currently known as WOW Women of Wrestling) including, but not limited to,
producing television programs, internet programming and websites, maintenance
and development of its talent, management and marketing of its merchandising and
licensing of its programs.

Intellectual Property:

   Service Mark:  WOW WOMEN OF WRESTLING

For: Entertainment Services, namely, organizing and exhibiting wrestling
competitions and exhibitions in Class 41.

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                                   SCHEDULE 2

        Fisbeck shall act as a consultant to the Company in its business
operation. At a later date, Fisbeck may become an officer or director of the
Company. Fisbeck shall: a) assist with the preparation of a budget; b) monitor
income and expenses; c) assist with important financial decisions; and d)
perform general duties as directed by Company's President. Fisbeck agrees that
he will, at all times, faithfully, industriously and to the best of his ability,
experience and talents perform all of the duties that may be required of him.

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                                   SCHEDULE 3

        Fortune shall act as a consultant to the Company in its business
operation. At a later date, Fortune may become an officer or director of the
Company.

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                                    EXHIBIT B

                               CONSENT IN LIEU OF
                           THE ORGANIZATIONAL MEETING
                              OF THE FIRST BOARD OF
                     BOARD OF DIRECTORS AND SHAREHOLDERS OF
                             WOW ENTERTAINMENT, INC.

                              Adopted: May 5, 2000

        The undersigned, being all of the first Board of Directors and
shareholders of WOW Entertainment, Inc., ("Corporation") do hereby consent to
the following actions of the board of directors (`Board of Directors") and
shareholders of the Corporation, in lieu of a duly called organization meeting:

               RESOLVED, the following persons are elected as the Board of
               Directors to hold office until the first annual meeting of the
               shareholders of the Corporation or until their successors are
               duly chosen and qualified:

                                    David B. McLane

               RESOLVED, the following persons are elected as the officers of
               the Corporation to hold office until the first annual meeting of
               the Board of Directors of the Corporation or until their
               successors are duly chosen and qualified:

               President:                          David B. McLane
               Secretary:                          David B. McLane

               RESOLVED, the Secretary of the Corporation is directed to place
               in the minute book of the Corporation a copy of the Articles of
               Incorporation with the file-stamp of the Secretary of State of
               Indiana endorsed thereon and any subscription agreements for
               shares of the Corporation.

               RESOLVED, the Code of Bylaws submitted to the Board of Directors
               is hereby adopted as the bylaws of the Corporation and the
               Secretary of the Corporation is directed to place a copy of such
               Code of Bylaws in the minute book of the Corporation.

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               RESOLVED, the shareholders shall be issued shares of the common
               stock of the Corporation for consideration consisting of certain
               tangible and intangible property and services performed in the
               organization of the Corporation as follows:

                 David B. McLane                   5,000,000 shares Common Stock
                 John F. Fisbeck                   5,000,000 shares Common Stock
                 Carter M. Fortune                 5,000,000 shares Common Stock

               The Board of Directors hereby determines that upon receipt of
               said consideration by the Corporation said consideration will be
               adequate for the issuance of said shares and said shares will be
               validly issued, fully paid and nonassessable.

               RESOLVED, the Corporation hereby creates a series of the
               Preferred Stock of the Corporation to consist initially of
               5,000,000 shares, and hereby fixes the designations, powers,
               conversion privileges, preferences and other special rights, and
               the qualifications, limitations or restrictions thereof, of the
               shares of such series (in addition to the designations, powers,
               preferences and other special rights, and the qualifications,
               limitations or restrictions thereof, set forth in the Articles of
               Incorporation, as amended, which are applicable to the Preferred
               Stock of all series) as follows:

                      (a) The designation of the series of Preferred Stock
               created by this Resolution shall be "Cumulative Preferred Stock"
               (hereinafter in this Resolution referred to as "Series A");

                      (b) The dividend rate of Series A shall be equal to the
               Libor Rate plus one percent (1%) (subject to change effective on
               the same date as each change of the Libor Rate) per annum, and no
               more, payable quarterly on the 15th days of January, April, July
               and October in each year;

                      (c) The redemption price which the holders of any shares
               of Series A shall be entitled to receive upon the redemption of
               such shares shall be $100.00 per share;

                      (d) The shares of Series A shall not be convertible to
               common stock; and

                      (e) The shares of Series A shall have voting rights.

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               RESOLVED, the Corporation is hereby authorized to sell twenty
               thousand (20,000) shares of the Series A having a par value of
               One Hundred Dollars ($100.00) each, at par for cash, to Carter M.
               Fortune. Five Thousand (5,000) shares shall be sold immediately.
               The balance shall be sold at the times described in Section 1 B
               of the Subscription and Shareholder's Agreement dated May 5th,
               2000.

               RESOLVED, the President of the Corporation is hereby authorized
               and directed to pay all organizational expenses of the
               Corporation from the funds of the Corporation.

               RESOLVED, Bank One is hereby designated as the principal
               depository bank of the Corporation. The printed form of bank
               resolutions designating said bank as the depository bank for the
               Corporation and designating the officers authorized to sign,
               endorse or cash checks or other instruments in the name of the
               Corporation and further designating the persons authorized to
               borrow on behalf of the Corporation are hereby approved and
               adopted as resolutions of the Board of Directors of this
               Corporation.

                               /s/ David B. McLane
                               ---------------------------------------------
                                   David B. McLane, Director & Shareholder

                               /s/ John F. Fisbeck
                               ---------------------------------------------
                                   John F. Fisbeck, Shareholder

                              /s/ Carter M. Fortune
                               ---------------------------------------------
                                   Carter M. Fortune, Shareholder

                                       15EXHIBIT 4.2

                               SECURITY AGREEMENT

        The undersigned ("Debtor") grants to Carter M. Fortune ("Secured Party")
a security interest in the following described property:

        All of Debtor's equipment, furnishings, supplies, good will, accounts,
        accounts receivable, contracts, inventory, machinery, furniture,
        fixtures, intellectual property, general intangibles, instruments,
        documents and chattel paper (as those terms are defined in the Indiana
        Uniform Commercial Code in effect on the date of this Agreement)
        together with all accessories, parts, equipment and accessions now
        attached to or which may hereafter at any time be placed in or added to
        the above-described property wherever located; and in addition, all
        additions and accessions, replacements and renewals of such property and
        the proceeds, including but not limited to, insurance and tort claims
        with respect to any such property (all of which is referred to herein as
        the "Collateral"), and in the proceeds thereof

to secure the payment of a debt in the total principal amount of $3,000,000, or
so much thereof as shall be advanced to or for the benefit of the Debtor, and
also any liabilities, direct or indirect, absolute or contingent, now existing
or hereafter arising from Debtor to Secured Party (all called the "Obligation"),
all of which Debtor promises to pay with interest as provided in a certain
promissory note of even date herewith, all without relief from valuation and
appraisement laws and with reasonable attorneys' fees and all costs of
collection.

I. Debtor's Representations and Warranties. Debtor represents, warrants and
covenants that:

        A.     Name and Address.

               Debtor's current name is WOW Entertainment, Inc. It intends to
               change its name in September, 2000 to Women of Wrestling, Inc.
               Its principal place of business is: Bank One Tower, 111 Monument
               Circle, Suite 4600, Indianapolis, Indiana 46204

        B.     Location of Collateral.

               The Collateral will be kept in or outside of the state of Indiana
               at any place of business of the Debtor.

        C.     Debtor's Title.

               Debtor is the owner of the Collateral free from any liens,
               security interests or encumbrances other than the security
               interest herein granted to Secured

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<PAGE>

               Party. Debtor has good right to subject the Collateral to the
               security interest hereunder, and will defend the Collateral
               against all adverse claims and demands. No financing statement or
               other evidence of any other security interest covering any part
               of the Collateral or any proceeds thereof (other than any filed
               by Secured Party) is on file in any public office.

        D.     Status of Collateral as a Fixture. The Collateral shall not be
               affixed to real estate unless a description of the real estate,
               its address and the name and address of the Owner other than
               Debtor, are inserted here.

        E.     Transfer of Collateral. Other than the sale of inventory in the
               ordinary course of business, Debtor shall not sell, assign,
               transfer, encumber or otherwise dispose of the Collateral or any
               interest therein without the prior written consent of Secured
               Party. If any encumbrance is imposed under the Collateral by
               operation of law, Debtor shall give Secured Party immediate
               written notice of this fact.

        F.     Use of Collateral. The Collateral shall be used only for the
               operation of the business of the Debtor. Debtor shall not
               hereafter change this use without Secured Party's prior written
               consent.

        G.     Preservation of Perfected Security Interest. Debtor shall
               immediately notify Secured Party in writing of any change of
               address from that shown in this Agreement. Debtor will do such
               acts as Secured Party reasonably may request to establish and
               maintain in Secured Party a valid security interest in the
               Collateral, free of all other liens and claims. Debtor shall
               execute and deliver to Secured Party such financing and
               continuation statements, and amendments thereof or supplements
               thereto, and such other documents as Secured Party may from time
               to time require to perfect, preserve and protect the security
               interest granted herein. Debtor authorizes Secured Party to file
               financing and continuation statements, and amendments and
               supplements thereto, relating to the Collateral signed only by
               Secured Party.

       H.      Insurance. Debtor shall keep the Collateral at all times
               insured against risk of loss or damage by fire, theft, and such
               other casualties as Secured Party may reasonably require, all in
               such amounts, under such forms of policies, upon such terms, for
               such periods and written by such companies as Secured Party may
               reasonably approve. Losses in all cases shall be payable to
               Secured Party and Debtor as their interest may appear. At Secured
               Party's request, all policies of insurance shall provide for at
               least ten (10) days' prior written notice of cancellation to
               Secured Party. At Secured Party's request, Debtor shall furnish
               to Secured Party satisfactory evidence of such insurance
               coverage. Debtor appoints Secured Party as attorney in fact for
               Debtor in making, adjusting and settling claims under, and
               canceling such insurance and endorsing Debtor's name on, any
               drafts drawn by insurers of the Collateral.

                                       2
<PAGE>

        I.     Condition of Collateral. Debtor shall keep the Collateral in
               good repair, shall not permit the Collateral or any part thereof
               to be wasted or destroyed, and shall not use the Collateral or
               permit its use in violation of any applicable law, regulation or
               policy of insurance thereon. Debtor shall furnish to Secured
               Party such reports and other information concerning the
               Collateral as Secured Party reasonably may request from time to
               time. Secured Party may examine and inspect the Collateral and
               Debtor's records pertaining to the Collateral at any reasonable
               time or times wherever located.

        J.     Taxes and Assessments. Debtor shall pay promptly as they become
               due and payable, all taxes and assessments imposed upon the
               Collateral or for its use or operation or upon this Agreement.

II.  Payment of Encumbrances; Possession. If Debtor shall not discharge taxes
     and other liens, security interests or encumbrances at any time levied or
     placed on the Collateral, or does not pay premiums for insurance on the
     Collateral, within 24 hours before any of such charges become delinquent,
     Secured Party may, at its discretion, pay such charges. Secured Party may
     also at its discretion, order and pay for the repair, maintenance and
     preservation of the Collateral and insure it. Upon demand Debtor shall
     reimburse Secured Party for any payment made or any expense incurred by
     Secured Party pursuant to the foregoing authorization, together with
     interest on the amount of such payment or expense from the date paid or
     incurred at the Delinquent Rate. Until default, Debtor shall be entitled to
     possession of the Collateral and may use it in any lawful manner not
     inconsistent with this Agreement.

III. Events of Default. Time is of the essence of this Agreement. The
     occurrence of any of the following shall constitute a default under this
     Agreement:

     A.   Nonpayment or nonperformance of any of the Obligations of Debtor or of
          any covenant under this Agreement.

     B.   Any warranty, representation or statement made or furnished to Secured
          Party by, or on behalf of, Debtor in connection with this Agreement or
          to induce Secured Party to make any loan, advancement or other
          extension of credit to Debtor which is untrue or misleading in any
          material respect as of the date when made or furnished.

     C.   Any substantial uninsured loss, theft, damage or destruction of the
          Collateral, or the making of any levy, seizure or attachment against
          it.

     D.   The death, dissolution or termination of existence of Debtor (except a
          technical dissolution which is cured within 30 days); or the
          insolvency or business failure of Debtor; or the admission of Debtor
          in writing of an inability to pay Debtor's debts as they become due;
          or the appointment of a receiver or trustee for any part of the
          property of Debtor; or an assignment for the benefit of Debtor's
          creditors; or the commencement of any

                                       3
<PAGE>

          proceeding under any insolvency laws by or against Debtor or against
          any guarantor or surety for Debtor or any part of the Obligations;
          provided, however, this paragraph (D) shall not apply when bankruptcy
          proceedings are instituted by or against Debtor.

     E.   A material default by a lessee in the performance of any lease or the
          Collateral made by Debtor as lessor and assigned by Debtor to Secured
          Party to further secure Debtor's Obligations.

     F.   Default by Debtor in the payment of any indebtedness of Debtor for
          borrowed money other than any of the Obligations, or the acceleration
          of the maturity date of any such indebtedness of Debtor.

     G.   Secured Party's reasonably deeming any of the Obligations to be
          insecure for any other reason.

IV.  Remedies Upon Default. Upon any default, Secured Party, at its option and
     without notice or demand, may declare all Obligations of Debtor secured
     hereby immediately to be due and payable, and shall have all the remedies
     of a secured party available under Indiana law, as well as all other
     applicable rights and remedies allowed by applicable law, regardless of
     whether such remedies are provided by the law of the jurisdiction where
     such rights are asserted and such remedies are sought. These remedies
     include, without limitation, the right to take possession of the
     Collateral, and for that purpose Secured Party may enter upon any premises
     on which the Collateral or any part of it may be situated and remove it.
     Secured Party may require Debtor to make the Collateral available to
     Secured Party at a place to be designated by Secured Party which is
     reasonably convenient to both parties. Unless the Collateral threatens to
     decline speedily in value or is of a type customarily sold on a recognized
     market, Secured Party shall give Debtor at least ten (10) days' prior
     written notice of the time and place of any public sale thereof or of the
     time after which any private sale or any other intending disposition
     thereof is to be made. Expenses of retaking, holding preparing for sale,
     selling and the like shall include Secured Party's reasonable attorneys'
     fees and legal expenses. All remedies of Secured Party shall be cumulative
     to the full extent allowed by Applicable law. Secured Party may exercise
     its rights to the Collateral without resorting to, or regard for, other
     collateral or other sources of security for any of the Obligations. No
     delay or omission on the part of Secured Party in the exercise of any right
     or remedy shall operate as a waiver thereof, and no single or partial
     exercise by Secured Party of any right or remedy shall preclude other or
     further exercise thereof or of any other right or remedy.

V.   Termination; Nonwaiver; Joint and Several Obligations. This Agreement and
     the security interest in the Collateral created hereby shall terminate when
     Obligations have been fully satisfied and paid in full. No waiver by
     Secured Party of any default shall be effective unless in writing, or
     operate as a waiver of any other

                                       4
<PAGE>

     default or of the same default on a future occasion. If there is more than
     one Debtor, their obligations hereunder shall be joint and several.

VI.  Applicable Law. Should applicable law confer any rights or impose any
     duties inconsistent with, or in addition to, any of the provisions of this
     Agreement, the affected provisions of this Agreement shall be considered
     amended to conform to such law, but all other provisions hereof shall
     remain in full force and effect without modification. This Agreement shall
     be governed by, and construed in accordance with, the laws of the State of
     Indiana.

VII. Notices. Any notice required to be given by either party to the other under
     the provisions of this Agreement or under applicable law shall be
     sufficient if given either in person or by certified or registered mail,
     return receipt requested, addressed to the address indicated in this
     paragraph or to such other address as either party may have last specified
     by written notice to the other. These addresses are:

          AS TO DEBTOR, the address mentioned in Paragraph IA, if Debtor is an
          individual or a corporation, and if Debtor is a partnership, the
          address of the first partner listed in this Paragraph.

               AS TO SECURED PARTY, the following:

               Bank One Tower, 111 Monument Circle, Suite 4600, Indianapolis,
               Indiana 46204.

          Unless a different period is required by law, notice of a future event
          shall be sufficient if mailed or delivered at least ten (10) days
          prior to the event.

DEBTOR ACKNOWLEDGES RECEIPT OF A TRUE COPY OF THIS INSTRUMENT.

Executed and delivered at Indianapolis, Indiana, as of this 5th day of May,
2000.

WOW ENTERTAINMENT, INC.

By:     /s/ David B. McLane
    ------------------------------------
        David B. McLane, President

                                       5

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