Document:

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                                  Exhibit 10.1

 Management Agreement between Cool Entertainment, Inc., and Cool Management Inc.
                               dated March 1, 1999

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MANAGEMENT AGREEMENT

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THIS AGREEMENT (the "Agreement") is made as of the 1st day of March, 1999,

BETWEEN

                  COOL ENTERTAINMENT, INC. , a corporation incorporated under
                  the laws of Washington having its registered office at 1601
                  Fifth Avenue, Suite 2400, Seattle, Washington, 98101-1618

                                                         ("Cool Entertainment");

AND

                  COOL MANAGEMENT INC., a corporation incorporated under the
                  laws of British Columbia having its registered office at 1000
                  - 840 Howe Street, Vancouver, British Columbia, V6Z 2M1

                                                            ("Cool Management").

WHEREAS:

A.                Cool Entertainment wishes to contract with Cool Management for
the provision of management services by Cool Management to Cool Entertainment,
and Cool Management has agreed to contract with Cool Entertainment to provide
those services to Cool Entertainment.

NOW THEREFORE this Agreement witnesses that in consideration of the premises and
the mutual covenants and agreements contained in this Agreement, the parties
hereto (the "Parties") hereby agree as follows:

1.                MANAGEMENT SERVICES

1.1               Cool Management shall provide management services (the
"Services") to Cool Entertainment on the terms and subject to the conditions
contained in this Agreement.

1.2               The Services to be provided by Cool Management shall, without
limitation, include:

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                                     - 2 -

         (a)      management of Cool Entertainment's business of internet
                  distribution of audio and visual products;

         (b)      design and maintenance of the Web site through which Cool
                  Entertainment will carry on such business;

         (c)      provision of operational and strategic leadership to Cool
                  Entertainment;

         (d)      keeping the directors of Cool Entertainment informed about
                  major policy issues facing Cool Entertainment;

         (e)      reporting of results of operating activities of Cool
                  Entertainment to the directors of Cool Entertainment in
                  timely, accurate and clear fashion, so that the directors of
                  Cool Entertainment can fulfil their fiduciary duties to Cool
                  Entertainment;

         (f)      provision of recommendations for financial budgeting to Cool
                  Entertainment, and preparation of budgets and forecasts for
                  Cool Entertainment for consideration by the directors of Cool
                  Entertainment; and

         (g)      provision of advice to the directors of Cool Entertainment
                  concerning possible acquisitions and divestitures by Cool
                  Entertainment.

2.                CARE, SKILL AND DILIGENCE

Cool Management represents and warrants to Cool Entertainment that:

         (a)      Cool Management will enter into employment or consulting
                  agreements with parties who have the qualifications,
                  experience and capabilities necessary to perform the Services,
                  including Clement Kar Man Lau, William James Hadcock, Leonard
                  Wayne Voth and Marc Gregory Belcourt (Lau, Hadcock, Voth and
                  Belcourt are collectively referred to herein as the
                  "Vendors"); and

            (b)   the Services shall be performed by Cool Management according
                  to the standard of care, skill and diligence which would be
                  exercised by a prudent and competent person in similar
                  circumstances.

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3.                CONTROL OF PROVISION OF SERVICES

Cool Entertainment acknowledges that as Cool Management is an independent
contractor. Cool Management shall have control over the provision of the
Services to Cool Entertainment, and will determine the manner, methods,
techniques and procedures for the provision by Cool Management of the Services
to Cool Entertainment.

4.                TERM

4.1               Subject to Section 10 of this Agreement, Cool Management shall
provide the Services to Cool Entertainment for a term (the "Term"), commencing
on the day Chelsea Pacific Financial Corp. ("Chelsea") meets the First Financing
Milestone, as that term is defined in Section 7.1(a) of the Escrow Agreement
between Pacific Corporate Trust Company, Cool Entertainment, Chelsea, Minas
Novas Gold Corp. (the "U.S. Company") and the Vendors of even date herewith (the
"Escrow Agreement"), and ending on that day (the "Expiry Date") which is the
earlier of:

            (a)   one year from the day on which Chelsea meets the Fourth
                  Financing Milestone (as defined in Section 7.1(d) of the
                  Escrow Agreement); and

            (b)   the day the Vendors become entitled to terminate Chelsea's
                  right of first refusal provided in Section 7 of the Amendment
                  and Restatement between Chelsea, the Vendors, Cool
                  Entertainment and the U.S. Company of even date herewith (the
                  "Amendment and Restatement") pursuant to Section 7.4(h)(i) of
                  the Escrow Agreement.

Cool Entertainment and Cool Management may extend the term of this Agreement for
a further term of one year from the Expiry Date, in which case "Term" shall also
refer to that extended time period. It is expressly understood and agreed that
neither Cool Entertainment nor Cool Management shall be obligated to agree to
any extension of the Term.

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4.2               For greater certainty, it is acknowledged that if the Term
does not commence as a result of the failure of Chelsea to meet the First
Financing Milestone, Cool Entertainment shall have no liability to pay any fee
to Cool Management under Section 6.1 hereof.

5.                PERFORMANCE OF SERVICES

5.1               Cool Management shall provide the Services to Cool
Entertainment in accordance with the terms of this Agreement.

5.2               During the Term, Cool Management shall not carry on or engage
in, directly or indirectly, any work or business contrary to, or which detracts
from or is not in the best interests of Cool Entertainment or the performance of
Cool Management's obligations under this Agreement.

6.                PAYMENT

6.1               It is acknowledged and agreed that Cool Management shall
contract with each of the Vendors for the provision of their services to Cool
Management. It is further acknowledged and agreed that, as the business of Cool
Entertainment expands, Cool Management may contract for the services of other
parties to aid in performance of the Services. The Vendors, together with such
other parties with whom Cool Management may contract to aid in the provision of
the services, are hereinafter referred to as the "Personnel". The Personnel will
be primarily responsible for performance of the Services on behalf of Cool
Management.

6.2               During the Term, Cool Management shall provide Cool
Entertainment with an invoice in respect of the aggregate monthly amounts
payable to the Personnel pursuant to their contracts with Cool Management, on
the first business day following the end of each month.

6.3               In consideration of the performance of the Services in
accordance with this Agreement, Cool Entertainment shall pay to Cool Management
a fee equal to the aggregate monthly amounts payable to the Personnel, pursuant
to their respective contracts with Cool Management as reflected in such invoice,
plus 10% of such amount (the "Fee"). The Fee shall be payable forthwith upon
receipt of such invoice.

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7.                EXPENSES

7.1               Cool Management shall prepare budgets for monthly expenditures
to be made in pursuance of Cool Entertainment's business for review by the
directors of Cool Entertainment. All items in such budgets which are not
referred to in the Business Plan dated September 1, 1998 previously provided by
Cool Entertainment to Chelsea shall be subject to the approval of the directors
of Cool Entertainment.

7.2               It is the intent of the parties hereto that Cool Entertainment
shall be solely responsible for supplying Cool Management with the funds
necessary for Cool Management to provide the Services and for paying on Cool
Entertainment's behalf all expenses which are referred to in the Business Plan
or are Approved Expenses. Accordingly, Cool Management shall be under no
obligation whatsoever to extend any of its own funds in the course of providing
the Services hereunder. Cool Entertainment shall be responsible for advancing
all funds for payment of expenses referred to in the Business Plan and Approved
Expenses to Cool Management before they are expended.

7.3               Within 30 days of the end of each month for which a budget is
prepared by Cool Management , Cool Management shall provide the directors of
Cool Entertainment with invoices in respect of funds advanced by Cool
Entertainment showing expenditure of such funds in accordance with such budgets.

7.4               Cool Management may elect, but shall not be obliged, to pay
expenses referred to in the Business Plan and Approved Expenses from its own
funds. If Cool Management does so, then Cool Entertainment shall reimburse Cool
Management for all such expenses incurred by Cool Management provided that such
expenses are supported by receipts given to Cool Entertainment within 45 days of
end of the month during which such expenses were incurred.

8.                NO AGENCY RELATIONSHIP

Cool Management is not the agent of Cool Entertainment and, accordingly, shall
not purport to enter into any contract or subcontract on behalf of Cool
Entertainment, or otherwise act on behalf of Cool Entertainment, other than to
provide the Services.

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9.                EXPIRY

9.1               The provisions of Section 10 shall remain in force for one
year from the date this agreement expires.

9.2               Cool Entertainment and Cool Management acknowledge that the
expiry of this Agreement in accordance with its terms or its failure to be
renewed or extended may result in loss or damage to Cool Entertainment or Cool
Management, or both, but that neither Cool Entertainment nor Cool Management
shall be liable to the other for any loss or damage resulting from that expiry
or the failure of this Agreement to be renewed or extended (including, without
limitation, any loss of prospective profits, or any damage caused by loss of
goodwill) or by reason of any expenditures, investments, leases or commitments
made in anticipation of the continuance of this Agreement. This paragraph shall
not relieve Cool Entertainment or Cool Management from liability for damages
arising out of any violation or breach of this Agreement.

9.3               Any amounts due by Cool Entertainment to Cool Management as
part of the Fee shall be paid within 30 days of expiry .

10.               CONFIDENTIAL INFORMATION

Cool Management acknowledges that during the Term:

         (a)      it will have access to and will be entrusted with detailed
                  confidential information, know-how and trade secrets relating
                  to the business and affairs of Cool Entertainment including,
                  without limitation, finances, products, services, dealings and
                  transactions of Cool Entertainment, and the names, addresses,
                  preferences or other particular business requirements of Cool
                  Entertainment's customers ("Confidential Information"), and
                  that the disclosure of Confidential Information to competitors
                  of Cool Entertainment or to the public would be highly
                  detrimental to the best interests of Cool Entertainment;

         (b)      in the course of performing the Services hereunder, Cool
                  Management will be one of the principal representatives of
                  Cool Entertainment and as such will be

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                   significantly responsible for maintaining or
                  enhancing the goodwill of Cool Entertainment; and

         (c)      the rights of Cool Entertainment to maintain the
                  confidentiality of Confidential Information, and to preserve
                  its goodwill, constitute proprietary rights of Cool
                  Entertainment which Cool Entertainment is entitled to protect;

and Cool Management will not, during the Term and for one year after the expiry
of the Term, disclose to any person, firm or corporation any Confidential
Information for any purpose other than the purposes of Cool Entertainment and
Cool Management will not disclose or use for any purpose other than for those of
Cool Entertainment any Confidential Information, provided that the foregoing
covenant shall not extend to Confidential Information which:

         (d)      disclosure of which is specifically consented to in writing by
                  Cool Entertainment;

         (e)      Cool Management is required by applicable law or by an order
                  of a court of competent jurisdiction to disclose;

         (f)      now or subsequently becomes available to the public through no
                  fault of Cool Management;

         (g)      Cool Management can demonstrate to have had rightfully in its
                  possession prior to the disclosure;

         (h)      is independently developed by Cool Management without the use
                  of any Confidential Information; or

         (i)      Cool Management rightfully obtains from a third party who has
                  the right to transfer or disclose it.

Cool Management acknowledges that the foregoing covenant is necessary and
fundamental for the protection of the business of Cool entertainment and that a
breach by Cool Management of such covenant would result in damage to Cool
Entertainment which would not be adequately compensated by an award of damages
to Cool Entertainment and that, in addition to all other

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remedies available to Cool Management, Cool Management shall be entitled to the
immediate remedy of a restraining order, injunction or other form of relief as
may be decreed or issued by any court of competent jurisdiction to restrain or
enjoin Cool Management from breaching such covenant.

11.               INDEMNITY

Cool Management shall protect, indemnify and hold Cool Entertainment harmless
from and against any and all liabilities, costs, damages, and expenses
(including legal fees and disbursements) resulting from or attributable to any
and all acts and omissions of Cool Management. Similarly, Cool Entertainment
shall protect, indemnify and hold Cool Management harmless from and against any
and all liabilities, costs, damages and expenses (including legal fees and
disbursements) resulting from or attributable to any and all acts and omissions
of Cool Entertainment

12.               MISCELLANEOUS

12.1              ASSIGNMENT

This Agreement may not be assigned by any Party without the prior written
consent of the other Party and any attempt to assign the rights, duties or
obligations under this Agreement without those consents shall have no effect.

12.2              ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the Parties with respect
to the matters referred to herein and there are no representations or
warranties, express or implied, statutory or otherwise and no agreements
collateral hereto other than as expressly set forth or referred to herein.

12.3              FURTHER ASSURANCES

The Parties shall execute all other documents and do all further things as may
be necessary to carry out and give effect to the intent of this Agreement.

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12.4              SEVERABILITY

Should any part of this Agreement be declared or held invalid for any reason,
that invalidity shall not affect the validity of the remainder which shall
continue in full force and effect and be construed as if this Agreement had been
executed without the invalid portion.

12.5              AMENDMENTS

This Agreement may be amended by an agreement in writing signed by the Parties.

12.6              TIME

Time shall be of the essence of this Agreement.

12.7              GOVERNING LAW

This Agreement shall be governed by and interpreted in accordance with the laws
of British Columbia.

12.8              HEADINGS

The headings appearing in this Agreement are inserted for convenience of
reference only and shall not affect the interpretation of this Agreement.

12.9              NOTICES

All notices required or permitted to be given under this Agreement shall be in
writing and may be delivered personally or by facsimile transmission to the
addresses set forth on page 1 or at any other addresses as may from time to time
be notified in writing by the Parties. Any notice delivered personally or by
facsimile transmission shall be deemed to have been given and received at the
time of delivery.

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12.10             ENUREMENT

This Agreement shall enure to the benefit of and be binding upon the Parties and
their respective heirs, personal representatives, successors and permitted
assigns.

IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first
above written.

COOL ENTERTAINMENT, INC. (a Washington corporation)

Per:

/s/ Clement K.M. Lau
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Clement K.M. Lau:
Authorized Signatory

COOL MANAGEMENT INC. (a British Columbia company)

Per:

/s/ Clement K.M. Lau
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Clement K.M. Lau:
Authorized Signatory<PAGE>

                                  Exhibit 10.2

     Employment Agreement between Cool Management Inc. and Marc G. Belcourt
                               dated March 1, 1999

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EMPLOYMENT AGREEMENT
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THIS AGREEMENT (this "Agreement") is made as of the 1st day of March, 1999,

BETWEEN

                  COOL MANAGEMENT INC., a company incorporated under the laws of
                  British Columbia, having its registered office at 1000 - 840
                  Howe Street, Vancouver, British Columbia, V6Z 2M1

                                                                (the "Company");

AND

                  MARC G. BELCOURT, who resides at 9139 Carver Crescent, North
                  Delta, British Columbia, V4C 6N1

                                                               (the "Employee").

WHEREAS:

A.                The Company is party to a management contract (the "Management
Agreement") between the Company and of Cool Entertainment, Inc. ("Cool
Entertainment"), a Washington corporation which intends to carry on the business
of internet sales of audio and visual products; and

B.                The Company wishes to retain the services of the Employee on
the terms and conditions contained in this Agreement.

IN CONSIDERATION OF the premises and the mutual agreements herein contained, the
parties hereto (the "Parties") agree as follows:

1.                EMPLOYMENT

The Company shall employ the Employee for the Term (as defined below) upon and
subject to the terms and conditions set out in this Agreement and the Employee
accepts the employment on those terms and conditions.

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2.                TERM OF EMPLOYMENT

The term of employment (the "Term") shall commence on the day Chelsea Pacific
Financial Corp. ("Chelsea") meets the First Financing Milestone, as that term is
defined in Section 7.1(a) of the Escrow Agreement between Pacific Corporate
Trust Company, Cool Entertainment, Chelsea, Minas Novas Gold Corp. (the "U.S.
Company") and Clement Kar Man Lau, William James Hadcock, Leonard Wayne Voth and
Marc Gregory Belcourt (Lau, Hadcock, Voth and Belcourt are herein collectively
referred to as the "Vendors") of even date herewith (the "Escrow Agreement"),
and ending on that day (the "Expiry Date") which is the earlier of:

         (a)      one year from the day on which Chelsea meets the Fourth
                  Financing Milestone (as defined in Section 7.1(d) of the
                  Escrow Agreement); and

         (b)      the day the Vendors become entitled to terminate Chelsea's
                  right of first refusal provided in Section 7 of the Amendment
                  and Restatement between Chelsea, the Vendors, Cool
                  Entertainment and the U.S. Company of even date herewith (the
                  "Amendment and Restatement") pursuant to Section 7.4(h)(i) of
                  the Escrow Agreement.

3.                DUTIES OF EMPLOYEE

The Employee shall, on behalf of the Company, perform the following duties:

         (a)      Development of the website through which Cool Entertainment
                  intends to sell audio and video products;

         (b)      Recruitment and supervision of technical and development
                  staff;

         (c)      Equipment procurement

         (d)      Software procurement;

         (e)      Database development; and

         (f)      Project development and management.

together with such other duties as the Company may reasonably prescribe from
time to time.

4.                STANDARDS AND DEVOTION

4.1               The Employee shall at all times during the Term, except during
periods of vacation or when disabled by sickness or incapacity, faithfully and
diligently perform the Employee's duties in a professional manner. The Employee
shall use the Employee's best endeavours to promote and advance the business of
Cool Entertainment, and shall devote the Employee's entire time and attention to
the business and affairs of Cool Entertainment.

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4.2               The Employee acknowledges that intellectual property developed
by him in the course of provision of services to the Company hereunder will be
the property of Cool Entertainment (subject to Section 7.4(c) of the Escrow
Agreement), and the Employee will cooperate with Cool Entertainment with respect
to the making of any filings reasonably necessary to protect such intellectual
property, and will execute all documents reasonably necessary to transfer the
ownership of benefits thereof to Cool Entertainment.

4.3               The Employee will be entitled to participate in any stock
option plan established by the U.S. Company, which upon completion of the
transaction described in the Amendment and Restatement shall be the owner of all
of the issued and outstanding shares in the capital of Cool Entertainment, on a
basis at least as favourable as that of any other participant therein.

5.                REMUNERATION AND BENEFITS

As the Employee's entire remuneration for all services rendered to the Company
during the Term, the Employee shall be entitled to receive from the Company:

         (a)      a base salary (the "Salary") of US $50,000 per year, payable
                  in arrears within 3 business days of the end of each month;
                  and

         (b)      employee benefits in accordance with Schedule "A" hereto.

6.                VACATION

6.1               The Employee shall be entitled to an annual paid vacation of
three weeks, commencing after one year of service to the Company hereunder.

6.2               The Employee will use his reasonable best efforts to ensure
that his vacation time does not coincide with vacation time taken by the other
Vendors pursuant to their contracts of employment with the Company.

7.                FACILITIES

The Company shall provide and maintain the facilities, equipment and supplies it
deems necessary for the performance of the Employee's duties and
responsibilities pursuant to this Agreement.

8.                EXPENSES

The Employee shall incur no significant expenses in the course of performing his
duties hereunder without the prior approval of the Company. Upon itemization of
expenses for which such approval has been obtained and submission of receipts
therefor to the Company, the Company shall reimburse the Employee for such
expenses within 30 days.

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9.                INDEMNITY

The Employee shall protect, indemnify and hold the Company harmless from and
against any and all liabilities, costs, damages, and expenses (including legal
fees and disbursements) resulting from or attributable to any and all acts and
omissions of the Employee, provided, however, that to the extent that any
liabilities, costs, damages and expenses are compensated for by insurance
purchased or paid for by the Company, the Employee shall not be required to
reimburse the Company or the insurer for those liabilities, costs, damages or
expenses. The Company shall request that the Employee be shown as an additional
insured on all insurance policies obtained by it or shall obtain from the
insurer a waiver of subrogation in favour of the Employee.

10.               ASSIGNMENT OF INCOME

If at any time during the Term, the Employee receives remuneration or any
payment for any professional services rendered by the Employee on behalf of the
Company, the Employee shall be deemed to have received such remuneration or
payment as agent for the Company, and shall forthwith assign and make a full
accounting to the Company of that remuneration or payment received.

11.               CONFIDENTIALITY

The Employee acknowledges that during the Term, the Employee will:

         (a)      have access to and will be entrusted with detailed
                  confidential information, know-how and trade secrets relating
                  to the business and affairs of the Company, Cool Entertainment
                  and the U.S. Company including, without limitation, finances,
                  products, services, dealings and transactions of Cool
                  Entertainment and the U.S. Company, and the names, addresses,
                  preferences or other particular business requirements of Cool
                  Entertainment's and the U.S. Company's customers
                  ("Confidential Information"), and that the disclosure of
                  Confidential Information to competitors of the Company, Cool
                  Entertainment or the U.S. Company or to the public would be
                  highly detrimental to the best interests of the Company, Cool
                  Entertainment and the U.S. Company;

         (b)      in the course of performing services hereunder, the Employee
                  will be one of the principal representatives of Cool
                  Entertainment and the U.S. Company and as such will be
                  significantly responsible for maintaining or enhancing the
                  goodwill of Cool Entertainment and the U.S. Company; and

         (c)      the rights of the Company, Cool Entertainment and the U.S.
                  Company to maintain the confidentiality of Confidential
                  Information, and to preserve its goodwill, constitute
                  proprietary rights of the Company, Cool Entertainment and the
                  U.S.

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                                     - 5 -

                  Company which the Company, Cool Entertainment and the U.S.
                  Company are entitled to protect;

and the Employee will not, during the Term and for one year after the expiry
thereof, disclose to any person, firm or corporation any Confidential
Information for any purpose other than the purposes of Cool Entertainment and
the U.S. Company and the Employee will not disclose or use for any purpose other
than for those of Cool Entertainment or the U.S. Company any Confidential
Information, provided that the foregoing covenant shall not extend to
Confidential Information which:

         (a)      disclosure of is specifically consented to in writing by the
                  Company. Cool Entertainment and the U.S. Company;

         (b)      the Employee is required by applicable law or by an order of a
                  court of competent jurisdiction to disclose;

         (c)      now or subsequently becomes available to the public through no
                  fault of the Employee;

         (d)      the Employee can demonstrate to have had rightfully in its
                  possession prior to disclosure to the Employee by the Company,
                  Cool Entertainment or the U.S. Company;

         (e)      is independently developed by the Employee without the use of
                  any Confidential Information; or

         (f)      the Employee rightfully obtains from a third party who has the
                  right to transfer or disclose it.

The Employee acknowledges that the foregoing covenant is necessary and
fundamental for the protection of the businesses of Cool Entertainment and the
U.S. Company and that a breach by the Employee of such covenant would result in
damage to Cool Entertainment and the U.S. Company which would not be adequately
compensated by an award of damages to Cool Entertainment or the U.S. Company and
that, in addition to all other remedies available to Cool Entertainment or the
U.S. Company, Cool Entertainment and the U.S. Company shall be entitled to the
immediate remedy of a restraining order, injunction or other form of relief as
may be decreed or issued by any court of competent jurisdiction to restrain or
enjoin the Employee from breaching such covenant.

12.               NON-COMPETITION

12.1              The Employee covenants and agrees that he will not, until that
day which is the earlier of: (i) one year from the expiry of the Term; and (ii)
the day the Vendors become entitled

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                                     - 6 -

to terminate Chelsea's right of first refusal provided in Section 7 of the
Amendment and Restatement pursuant to Section 7.4(h)(i) of the Escrow Agreement:

                  (a)   directly or indirectly, in any capacity whatsoever,
alone or in association with any other person, firm or corporation (other than
the Company or Cool Entertainment), as a principal, agent, shareholder,
director, guarantor, creditor, or in any other relationship whatsoever, save and
except as an employee only, engage or be concerned or interested in any business
substantially similar to the business of Cool Entertainment and which may
compete with the business of Cool Entertainment at any time during that period
in any territory in which Cool Entertainment carries on its business;

                  (b)   directly or indirectly, use or disclose to any person,
except duly authorized officers and employees of the Company and Cool
Entertainment, any Confidential Information acquired by him by reason of his
involvement and association with the Company; or

                  (c)   directly or indirectly, solicit any customer of Cool
Entertainment, as of the date of termination of employment, in any territory in
which Cool Entertainment carries on its business during that period.

Notwithstanding the foregoing, the Employee may invest in or have an interest in
entities traded on any public market or offered by any brokerage house, if an so
long as the interest does not exceed 5% of the voting control of such entity.

12.2              The parties recognize that irreparable damage would result
from any violation of the covenant in Section 12.1. It is therefore expressly
agreed that, in addition to any and all of the remedies available to the Company
and Cool Entertainment, they will each be entitled to the immediate remedy of
injunction or such other equitable relief as may be decreed or issued by any
court of competent jurisdiction to enforce Section 12.1 hereof.

12.3              The Employee acknowledges that the covenant in Section 12.1
hereof is given for good and valuable consideration (receipt of which is hereby
acknowledged), and that by reason of his unique knowledge of and his association
with the business of Cool Entertainment, the scope of such covenant as to time
and area is reasonable and commensurate with the protection of the legitimate
interests of Cool Management and Cool Entertainment. The covenant in
Section 12.1 shall survive termination of the Employees employment hereunder for
a period of one year, and such covenant is severable for that purpose. If any
part of such covenant is held to be unenforceable by a court of competent
jurisdiction, such part may be severed and replaced by the widest term that
would not be held to be void or unenforceable. The Employee waives all defences
to the strict enforcement of such covenant.

13.               ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the Parties with respect
to the matters referred to herein and there are no representations or
warranties, express or implied, statutory or

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                                     - 7 -

otherwise and no agreements collateral hereto other than as expressly set forth
or referred to herein.

14.               FURTHER ASSURANCES

The Parties shall execute all other documents and do all further things as may
be necessary to carry out and give effect to the intent of this Agreement.

15.               SEVERABILITY

Should any part of this Agreement be declared or held invalid for any reason,
that invalidity shall not affect the validity of the remainder which shall
continue in full force and effect and be construed as if this Agreement had been
executed without the invalid portion.

16.               AMENDMENTS

This Agreement may be amended by an agreement in writing signed by the Parties.

17.               TERMINATION

17.1              The Company may terminate the Employee's employment hereunder
as follows:

         (a)      at any time, by notice in writing to the Employee, for just
                  cause which, without limitation, shall include:

                  (i)      if there is a repeated and demonstrated failure on
                           the part of the Employee to perform his material
                           duties provided hereunder in a competent manner and
                           if the Employee fails to substantially remedy such
                           failure within a reasonable period of time after
                           receipt of written notice thereof;

                  (ii)     if the Employee is convicted of a criminal offence
                           involving fraud or dishonesty;

                  (iii)    if the Employee or any member of his family makes any
                           personal profit arising out of or in connection with
                           a transaction to which the Company or Cool
                           Entertainment is a party or with which it is
                           associated without making disclosure to and obtaining
                           the prior written consent of the Company or Cool
                           Entertainment, as the case may be;

                  (iv)     if the Employee fails to honour his fiduciary duties
                           to the Company, including the duty to act in the best
                           interests of the Company; or

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                                     - 8 -

                  (v)      if the Employee disobeys reasonable instructions
                           given in the course of employment by the directors of
                           the Company that are not inconsistent with the
                           Employee's duties hereunder and are not remedied by
                           the Employee within a reasonable period of time after
                           receiving written notice thereof,

         (b)      at any time, upon notice in writing thereof to the Employee,
                  if the Company, Cool Entertainment or the Employee has a
                  receiving order made against it or him, goes into bankruptcy
                  either voluntarily or involuntarily or makes a proposal to
                  creditors;

         (c)      at any time, upon notice in writing from the Company to the
                  Employee, if the Company or Cool Entertainment sells all or
                  substantially all of its assets or proceedings are commenced
                  to wind-up the Company or Cool Entertainment;

         (d)      if the Employee, either by reason of illness or mental or
                  physical disability or if the Employee fails, for one hundred
                  and twenty (120) consecutive days or for a total of one
                  hundred and eighty (180) days in any period of twelve (12)
                  consecutive months during the Term, to perform his duties
                  hereunder, then by one (1) month's notice in writing from the
                  Company to the Employee.

17.2              If the Company terminates the engagement of the Employee as
provided under subparagraphs 17.1(a) or 17.1(b), the Employee shall be entitled
only to the accrued salary owing to him up to the effective date of termination,
less any amounts owed by the Employee to the Company.

17.3              If the Company terminates the engagement of the Employee as
provided under Section 17.1(c), the Company shall pay to the Employee as
liquidated damages and compensation in full in respect of loss of such
engagement an amount equal to the salary which the Employee would have received
hereunder during the three (3)-month period commencing on the effective date of
termination, and such amount shall be payable immediately on termination of the
engagement.

17.4              The Employee may in his sole discretion terminate his
employment hereunder if any one of the following occurs during the Term:

         (a)      a change of control of Cool Entertainment; or

         (b)      the Company materially alters the duties and responsibilities
                  of the Employee without his prior written consent,

by giving the Company 30 days notice in writing of his resignation.

17.5              For the purposes of this Agreement, "change of control" means
the occurrence of:

         (a)      the sale or a series of sales occurring within any twelve
                  (12)-month period, other than a sale to an affiliate (as that
                  term is defined in the British Columbia COMPANY

<PAGE>

                                     - 9 -

                  ACT) of Cool Entertainment, of assets of Cool Entertainment
                  having a value greater than 50% of the fair market value of
                  the assets of Cool Entertainment determined on a consolidated
                  basis prior to such sale or prior to the first of a series of
                  sales occurring within any twelve (12)-month period;

         (b)      the disposition of all of substantially all of the assets of
                  Cool Entertainment where such sale or disposition is required
                  by applicable law to be approved as a special resolution of
                  the shareholders of Cool Entertainment ; or

         (c)      any event or series of events pursuant to which on any date
                  the Vendors no longer comprise a majority of the directors of
                  Cool Entertainment.

18.               NOTICES

All notices required or permitted to be given under this Agreement shall be in
writing and personally delivered to the intended recipient.

19.               TIME

Time shall be of the essence of this Agreement.

20.               GOVERNING LAW

This Agreement shall be governed by and interpreted in accordance with the laws
of British Columbia.

21.               HEADINGS

The headings appearing in this Agreement are inserted for convenience of
reference only and shall not affect the interpretation of this Agreement.

22.               ASSIGNMENT

No Party may assign or transfer either the rights or the obligations created by
this Agreement without the prior written consent of the other Party hereto.

<PAGE>

                                     - 10 -

23.               ENUREMENT

This Agreement shall enure to the benefit of and be binding upon the Parties and
their respective heirs, personal representatives, successors and permitted
assigns.

IN WITNESS WHEREOF this Agreement has been duly executed by the Parties as of
the day and year first above written.

COOL MANAGEMENT INC.

per:   /s/ Clement K.M. Lau
       -------------------------------------
       Clement K.M. Lau:
       Authorized Signatory

Signed, sealed and delivered               )
by MARC G. BELCOURT                        )
in the presence of:                        )
                                           )
                                           )
/s/ S. Campbell Fitch                      )
--------------------------------------     )
S. Campbell Fitch                          )
                                           )
1000, 840 Howe Street, Vancouver, B.C.     )
--------------------------------------     )    /s/ Marc G. Belcourt
Address                                    )    --------------------------------
                                           )    MARC G. BELCOURT
--------------------------------------     )
                                           )
                                           )
Lawyer                                     )
--------------------------------------     )
Occupation                                 )

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