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                                                                   EXHIBIT 4.4

THE SECURITIES REPRESENTED BY THIS DEBENTURE HAVE BEEN ACQUIRED FOR INVESTMENT
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, PURSUANT TO SECTION 4(2) OF SAID ACT AND NOT WITH A VIEW TO OR IN
CONNECTION WITH THE DISTRIBUTION THEREOF.  NEITHER THIS DEBENTURE NOR THE
SECURITIES ISSUED UPON CONVERSION HEREOF MAY BE OFFERED FOR SALE OR SOLD OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AS
TO THE SECURITIES UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS AND AS
PERMITTED BY THE SECURITIES PURCHASE AGREEMENT OF EVEN DATE HEREWITH, A COPY OF
WHICH IS ON FILE AND MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE COMPANY.

No.                                                      $

                           INTERNET SPORTS NETWORK, INC.

                5% REDEEMABLE CONVERTIBLE DEBENTURE DUE MAY 9, 2003

              THIS DEBENTURE (this "Debenture") is one of a duly authorized
issue of Debentures of INTERNET SPORTS NETWORK, INC., a corporation duly
organized and existing under the laws of the State of Florida and having an
office located at 101 Bloor Street West, Suite 200, Toronto, Ontario M5S 2Z7
Canada (the "Company"), designated as its 5% Redeemable Convertible Debentures
Due May 9, 2003, in the aggregate principal amount of $1,956,082 (the
"Debentures").

FOR VALUE RECEIVED, the Company promises to pay to                with an
address          , or its order (the "Holder"), the principal sum of $        on
May 9, 2003 (subject to extension as provided herein, the "Maturity Date") and
to pay interest on the principal sum outstanding from time to time under this
Debenture (the "Outstanding Principal Amount"), at the rate of 5% per annum
payable only upon conversion, redemption, prepayment or exchange of this
Debenture and when due (at stated Maturity Date or otherwise).
              Payments of principal and interest shall be made in lawful money
of the United States of America at the principal office of the Holder or at such
other place as the Holder hereof shall have designated to the Company in
writing.

              This Debenture is made pursuant to a certain Securities Purchase
Agreement of even date herewith (the "Purchase Agreement") between the Company
and the Holder (and the other Holders named therein), and the Holder hereof is
entitled to the benefits of the Purchase Agreement and may exercise the remedies
provided for thereby or otherwise available in respect thereof, in case of any
material breach thereof by the Company.  (This Debenture and other Debentures
identical in terms (except for name and face amount) issued to Holder and to
other

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Holders who are parties to the Purchase Agreement, are hereinafter
collectively called the "Debentures".)

       1.     RANK. The Debentures shall be termed senior debt and, except for
the Company's Series 1 debentures, in the aggregate principal sum of US$300,000
and Cnd$750,000, respectively (the "Series 1 Debentures"), all payments of
principal and interest in respect of the Debentures are senior to and prior in
right of payment to all other indebtedness for borrowed money of the Company.
The Company shall not issue any debt that is of senior rank to the Debentures in
respect of rights or preferences as to payments upon liquidation, dissolution,
winding up or otherwise of the Company. Any debt of the Company that is issued
and outstanding immediately prior to the Closing Date shall rank pari passu
with, or lower than, the Debentures.

       2.     INTEREST.

              (a)    Interest is payable only on the portion of this Debenture
being converted, redeemed, prepaid or exchanged and shall accrue daily
commencing on the first business day to occur after the date hereof and shall
continue until (and including) the earliest to occur of: (i) the Maturity Date;
(ii) only as to the portion of this Debenture being redeemed, the date of
payment of the applicable redemption price; (iii) as to the outstanding
principal amount of the Debenture being converted, the Conversion Date (as
defined in Section 3(b) hereof); (iv) the day payment in full of the principal
sum of this Debenture has been made; (v) only as to the portion of the Debenture
being exchanged for Preferred Stock pursuant to the Exchange Agreement (as such
terms are defined in the Purchase Agreement), the date of such exchange; or (vi)
an event of a dissolution, liquidation or winding up of the Company.

              (b)    The Company may, at its option, pay any or all such accrued
interest either (i) in cash or (ii) if such shares are registered for resale
under a registration statement in accordance with the Registration Rights
Agreement, in shares of Common Stock valued at the applicable Conversion Price.

       3.     CONVERSION. The Holder of Debentures shall have the following
conversion rights ("Conversion Rights"):

              (a)    VOLUNTARY CONVERSION.

                     (i)    At any time (the "Voluntary Conversion Date") on or
after the earlier of (i) ninety-one (91) days from the Closing Date (as such
term is defined in the Purchase Agreement) or (ii) the effective date of the
Registration Statement (as such term is defined in the Registration Rights
Agreement dated as of May 10, 2000 by and among the Company and the initial
Holders of the Debentures (the "Registration Rights Agreement")), the Holder
may, at such Holder's option, subject to the limitations set forth in Section 5
herein, elect to convert all or any portion of the Outstanding Principal Amount
of this Debenture into a number of fully paid and nonassessable shares of the
Company's common stock, par value $0.001 per share (the "Common Stock"),
equal to the quotient of (x) the Outstanding Principal Amount of this

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Debenture (or the portion thereof being converted) divided by (y) the
Conversion Price (as defined in Section 5(a) below) then in effect as of the
Voluntary Conversion Date.

                     (ii)   To convert this Debenture into full shares of Common
Stock on the Voluntary Conversion Date, the Holder thereof shall (A) transmit by
facsimile (or otherwise deliver), for receipt on or prior to 5:00 p.m., E.S.T.
on such date, a copy of a fully executed notice of conversion in the form
attached hereto as EXHIBIT I (the "Conversion Notice") to the Company and (B)
surrender to a common carrier for delivery to the Company the original Debenture
being converted (or an indemnification undertaking with respect to such
Debenture in the case of its loss, theft or destruction) and the originally
executed Conversion Notice.

                     (iii)  Upon receipt by the Company of a facsimile copy of a
Conversion Notice, the Company shall immediately send, via facsimile, a
confirmation of receipt of such Conversion Notice to such Holder.  Upon receipt
by the Company of the original Debenture to be converted in whole or in part
pursuant to a Conversion Notice, together with the originally executed
Conversion Notice, the Company or its designated transfer agent (the "Transfer
Agent"), as applicable, shall immediately and in no event later than three (3)
business days after receipt by the Company of both, issue and surrender to a
common carrier for overnight delivery to the address as specified in the
Conversion Notice, a certificate, registered in the name of the Holder or its
designee, for the number of shares of Common Stock to which the Holder shall be
entitled.  If the Outstanding Principal Amount of this Debenture submitted for
conversion is greater than the Outstanding Principal Amount of this Debenture
being converted, then the Company shall, as soon as practicable and in no event
later than three (3) business days after receipt of the original Debenture and
at the Company's expense, issue and deliver to the Holder a new original
Debenture representing the aggregate principal amount not converted.

              (b)    MANDATORY CONVERSION.  At the Maturity Date, the
Outstanding Principal Amount of this Debenture, together (unless the Company
elects to pay same in cash) with any accrued interest thereon to and including
the Maturity Date, shall be automatically converted without any further action
by the Holder and whether or not this Debenture is surrendered to the Company or
its transfer agent (the "Mandatory Conversion Date" and, together with the
Voluntary Conversion Date, sometimes hereinafter referred to as the "Conversion
Date") into that number of fully paid and nonassessable shares of Common Stock
equal to the quotient of (i) the Outstanding Principal Amount of Debentures on
the Maturity Date divided by (ii) the Conversion Price in effect on the Maturity
Date;  PROVIDED, HOWEVER, that the Company shall not be obligated to issue
certificates evidencing the shares of Common Stock issuable upon conversion of
this Debenture unless the original Debenture is either delivered to the Company
or the Holder notifies the Company that such Debenture has been lost, stolen, or
destroyed, and executes an agreement reasonably satisfactory to the Company to
indemnify the Company from any loss incurred by it in connection therewith.

              (c)    RECORD HOLDER.  The person or persons entitled to receive
the shares of Common Stock issuable upon a conversion of the Debentures shall be
treated for all purposes as the record Holder or Holders of such shares of
Common Stock on the applicable Conversion Date.

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              (d)    FRACTIONAL SHARES.  No fractional shares of Common Stock
shall be issued upon conversion of the Debentures.  In lieu of any fractional
shares to which the Holder would otherwise be entitled, the Company shall pay an
amount of cash to the Holder equal to the product of such fraction multiplied by
the average of the Closing Bid Prices of the Common Stock for the five (5)
consecutive trading days immediately preceding the Conversion Date.

              (e)    NO IMPAIRMENT.  In the event a holder shall elect to
convert of Debentures as provided herein, the Company cannot refuse conversion
based on any claim that such holder or any one associated or affiliated with
such holder has been engaged in any violation of law, unless, an injunction from
a court of competent jurisdiction, on notice, restraining and/or adjoining
conversion of all or a portion of said Debentures shall have been issued and the
Company posts a surety bond for the benefit of such holder in the amount of the
difference between the Conversion Price and the Closing Bid Price (as such terms
are defined in Section 5 hereof) on the trading day preceding the date of the
attempted conversion multiplied by the principal amount of the Debentures sought
to be converted, which bond shall remain in full force and effect until the
completion of arbitration/litigation of the dispute and the proceeds of which
shall be payable to such holder in the event it obtains judgment.

       4.     COMPANY'S FAILURE TO TIMELY CONVERT; LIQUIDATED DAMAGES.  If
within three (3) business days of the Company's receipt of the original
Debenture to be converted and, in the case of a voluntary conversion, the
Conversion Notice the Company shall fail to issue a certificate to a Holder for
the number of shares of Common Stock to which such Holder is entitled upon such
Holder's conversion of this Debenture or to issue a new Debenture representing
the principal amount of Debentures to which such Holder is entitled pursuant to
Sections 3(a) or (b), in addition to all other available remedies which such
Holder may pursue hereunder and under the Purchase Agreement (including
indemnification pursuant to Article V thereof), under applicable law or
otherwise, the Company shall pay additional damages to such Holder on each
business day after such third (3rd) business day that such conversion is not
timely effected in an amount equal to 0.5% of the product of (A) the sum of the
number of shares of Common Stock not issued to the Holder on a timely basis
pursuant to Sections 3(a) or (b), as applicable, and to which such Holder is
entitled and, in the event the Company has failed to deliver a new debenture to
the Holder on a timely basis pursuant to Section 3(a), the number of shares of
Common Stock issuable upon conversion of the shares of Debentures represented by
such Debenture, as of the last possible date which the Company could have timely
issued such Debenture to such Holder and (B) the Closing Bid Price (as defined
in Section 5 below) of the Common Stock on the last possible date which the
Company could have timely issued such Common Stock certificate to such Holder.
If the Company fails to pay the additional damages set forth in this
Section 3(d) within five (5) business days of the date incurred, then such
payment shall bear interest at the rate of 2% per month (pro rated for partial
months) until such amounts are paid in full.

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       5.     CONVERSION PRICE.

              (a)    The Conversion Price (the "Conversion Price"), with respect
to any conversion of Debentures, shall be the lesser of (i) $2.90 per share or
(ii) an amount equal to ninety percent (90%) of the Average Share Price (as
defined below), whichever is less.

              For purposes hereof, the term "Average Share Price" shall mean the
average of the three (3) lowest Closing Bid Prices (as defined below) of the
Company's shares of Common Stock during the ten (10) consecutive trading days
immediately preceding the Conversion Date (the "Lookback Period"); PROVIDED,
HOWEVER, beginning on the 121st day from the Closing Date, the Lookback Period
shall be increased by two (2) days and thereafter, by an additional two (2)
trading days every thirty (30) days until the Lookback Period equals a maximum
of thirty (30) trading days.

              For purposes hereof, the term "Closing Bid Price" shall mean,
for any security as of any date, the last closing bid price of such security
in the OTC Bulletin Board for such security as reported by Bloomberg
Financial Markets ("Bloomberg") in the over-the-counter market on the
electronic bulletin board for such security (the "OTC Bulletin Board"), or,
if no closing bid price is reported for such security by Bloomberg, the last
closing trade price of such security as reported by Bloomberg, or, if no last
closing trade price is reported for such security by Bloomberg, the average
of the bid prices of any market makers for such security as reported in the
"pink sheets" by the National Quotation Bureau, Inc.  If the Closing Bid
Price cannot be calculated for such security on such date on any of the
foregoing bases, the Closing Bid Price of such security on such date shall be
the fair market value as mutually determined by the Company and the Holders
of the Debentures constituting a majority of the Outstanding Principal
Amount.  If the Company and the Holders of the Debentures are unable to agree
upon the fair market value of the Common Stock, then such dispute shall be
resolved pursuant to Section 5(b) hereof with the term "Closing Bid Price"
being substituted for the term "Average Share Price." (All such
determinations to be appropriately adjusted for any stock dividend, stock
split or other similar transaction during such period).

              (b)    DISPUTE RESOLUTION.  In the case of a dispute as to the
determination of the Average Share Price or the Conversion Price or the
arithmetic calculation of the number of shares of Common Stock to be issued upon
conversion, the Company shall promptly issue to the Holder the number of shares
of Common Stock that is not disputed and shall submit the disputed
determinations or arithmetic calculations to the Holder via facsimile as soon as
possible, but in no event later than two (2) business days after receipt of such
Holder's Conversion Notice.  If such Holder and the Company are unable to agree
upon the determination of the Average Share Price or the Conversion Price or the
arithmetic calculation of the number of shares of Common Stock to be issued upon
such conversion within one (1) business day of such disputed determination or
arithmetic calculation being submitted to the Holder, then the Company shall
within one (1) business day submit via facsimile (A) the disputed determination
of the Average Share Price or the Conversion Price to an independent, reputable
investment bank or (B) the disputed arithmetic calculation of the number of
shares of Common Stock to be issued upon such conversion to its independent,
outside accountant.  The Company shall cause the investment

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bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later
than seventy-two (72) hours from the time it receives the disputed
determinations or calculations.  Such investment bank's or accountant's
determination or calculation, as the case may be, shall be conclusive, final
and binding upon all parties.  The reasonable expenses of such investment
bank or accountant in making such determination shall be paid by the Company,
in the event the Holder's calculation or determination was correct, or by the
Holder, in the event the Company's calculation or determination was correct,
or equally by the Company and the Holder in the event that neither the
Company's or the Holder's calculation or determination was correct.  The
period of time in which the Company is required to effect conversions or
redemptions under the Debentures shall be tolled with respect to the subject
conversion or redemption pending resolution of any dispute by the Company
made in good faith and in accordance with this Section 5(b).

              (c)    ADJUSTMENTS OF CONVERSION PRICE.

                     (i)    ADJUSTMENTS FOR STOCK SPLITS AND COMBINATIONS.  If
the Company shall at any time or from time to time after the issuance of the
Debentures (the "Issuance Date"), effect a stock split of the outstanding Common
Stock, the applicable Conversion Price in effect immediately prior to the stock
split shall be proportionately decreased.  If the Company shall at any time or
from time to time after the Issuance Date, combine the outstanding shares of
Common Stock, the applicable Conversion Price in effect immediately prior to the
combination shall be proportionately increased.  Any adjustments under this
Section 5(c)(i) shall be effective at the close of business on the date the
stock split or combination occurs.

                     (ii)   ADJUSTMENTS FOR CERTAIN DIVIDENDS AND DISTRIBUTIONS.
If the Company shall at any time or from time to time after the Issuance Date,
make or issue or set a record date for the determination of Holders of Common
Stock entitled to receive a dividend or other distribution payable in shares of
Common Stock, then, and in each event, the applicable  Conversion Price in
effect immediately prior to such event shall be decreased as of the time of such
issuance or, in the event such record date shall have been fixed, as of the
close of business on such record date, by multiplying, as applicable, the
applicable Conversion Price then in effect by a fraction:

                            (1)    the numerator of which shall be the total
       number of shares of Common Stock issued and outstanding immediately prior
       to the time of such issuance or the close of business on such record
       date; and

                            (2)    the denominator of which shall be the total
       number of shares of Common Stock issued and outstanding immediately prior
       to the time of such issuance or the close of business on such record date
       plus the number of shares of Common Stock issuable in payment of such
       dividend or distribution.

                     (iii)  ADJUSTMENT FOR OTHER DIVIDENDS AND DISTRIBUTIONS.
If the Company shall at any time or from time to time after the Issuance Date,
make or issue or set a record date for the determination of Holders of Common
Stock entitled to receive a dividend or

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other distribution payable in other than shares of Common Stock, then, and in
each event, an appropriate revision to the applicable Conversion Price shall
be made and provision shall be made (by adjustments of the Conversion Price
or otherwise) so that the Holders of Debentures shall receive upon
conversions thereof, in addition to the number of shares of Common Stock
receivable thereon, the number of securities of the Company which they would
have received had their Debentures been converted into Common Stock on the
date of such event and had thereafter, during the period from the date of
such event to and including the Conversion Date, retained such securities
(together with any distributions payable thereon during such period), giving
application to all adjustments called for during such period under this
Section 5(c)(iii) with respect to the rights of the Holders of the Debentures.

                     (iv)   ADJUSTMENTS FOR RECLASSIFICATION, EXCHANGE OR
SUBSTITUTION.  If the Common Stock issuable upon conversion of the Debentures at
any time or from time to time after the Issuance Date shall be changed to the
same or different number of shares of any class or classes of stock, whether by
reclassification, exchange, substitution or otherwise (other than by way of a
stock split or combination of shares or stock dividends provided for in
Sections 5(c)(i), (ii) and (iii), or a reorganization, merger, consolidation, or
sale of assets provided for in Section 5(c)(v)), then, and in each event, an
appropriate revision to the Conversion Price shall be made and provisions shall
be made (by adjustments of the Conversion Price or otherwise) so that the Holder
of such Debentures shall have the right thereafter to convert such Debentures
into the kind and amount of shares of stock and other securities receivable upon
reclassification, exchange, substitution or other change, by Holders of the
number of shares of Common Stock into which such Debentures might have been
converted immediately prior to such reclassification, exchange, substitution or
other change, all subject to further adjustment as provided herein.

                     (v)    ADJUSTMENTS FOR REORGANIZATION, MERGER,
CONSOLIDATION OR SALES OF ASSETS.  If at any time or from time to time after the
Issuance Date there shall be a capital reorganization of the Company (other than
by way of a stock split or combination of shares or stock dividends or
distributions provided for in Section 5(c)(i), (ii) and (iii), or a
reclassification, exchange or substitution of shares provided for in
Section 5(c)(iv)), or a merger or consolidation of the Company with or into
another corporation, or the sale of all or substantially all of the Company's
properties or assets to any other person (each an "Organic Change"), then as a
part of such Organic Change an appropriate revision to the Conversion Price
shall be made and provision shall be made (by adjustments of the Conversion
Price or otherwise) so that the Holder of the Debentures shall have the right
thereafter to convert such the Debentures into the kind and amount of shares of
stock and other securities or property of the Company or any successor
corporation resulting from Organic Change.  In any such case, appropriate
adjustment shall be made in the application of the provisions of this
Section 5(c)(v) with respect to the rights of the Holders of the Debentures
after the Organic Change to the end that the provisions of this Section 5(c)(v)
(including any adjustment in the applicable Conversion Price then in effect and
the number of shares of stock or other securities deliverable upon conversion of
the Debentures) shall be applied after that event in as nearly an equivalent
manner as may be practicable to the manner in which such provisions were
applicable prior to the Organic Change.

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                     (vi)   CONSIDERATION FOR STOCK.  In case any shares of
Common Stock or any securities convertible into or exchangeable for, directly or
indirectly, Common Stock ("Convertible Securities") other than the Debentures,
or any rights or warrants or options to purchase any such Common Stock or
Convertible Securities, shall be issued or sold:

                            (1)    in connection with any merger or
       consolidation in which the Company is the surviving corporation (other
       than any consolidation or merger in which the previously outstanding
       shares of Common Stock of the Company shall be changed to or exchanged
       for the stock or other securities of another corporation), the amount of
       consideration therefore shall be, deemed to be the fair value, as
       determined reasonably and in good faith by the Board of Directors of the
       Company, of such portion of the assets and business of the nonsurviving
       corporation as the Board of Directors may determine to be attributable to
       such shares of Common Stock, Convertible Securities, rights or warrants
       or options, as the case may be; or

                            (2)    in the event of any consolidation or merger
       of the Company in which the Company is not the surviving corporation or
       in which the previously outstanding shares of Common Stock of the Company
       shall be changed into or exchanged for the stock or other securities of
       another corporation, or in the event of any sale of all or substantially
       all of the assets of the Company for stock or other securities of any
       corporation, the Company shall be deemed to have issued a number of
       shares of its Common Stock for stock or securities or other property of
       the other corporation computed on the basis of the actual exchange ratio
       on which the transaction was predicated, and for a consideration equal to
       the fair market value on the date of such transaction of all such stock
       or securities or other property of the other corporation.  If any such
       calculation results in adjustment of the applicable Conversion Price, or
       the number of shares of Common Stock issuable upon conversion of the
       Debentures, the determination of the applicable Conversion Price or the
       number of shares of Common Stock issuable upon conversion of the
       Debentures immediately prior to such merger, consolidation or sale, shall
       be made after giving effect to such adjustment of the number of shares of
       Common Stock issuable upon conversion of the Debentures.

                     (vii)  CERTAIN ISSUES EXCEPTED.  Anything herein to the
contrary notwithstanding, the Company shall not be required to make any
adjustment of the number of shares of Common Stock issuable upon conversion of
the Debentures upon the grant after the Issuance Date of, or the exercise after
the Issuance Date of, options or rights to purchase stock under the Company's
stock option plan or an employee stock option plan for the grant of options to
purchase shares of Common Stock with the consent of Holders of seventy-five
percent (75%) of the outstanding Debentures, unless such options on rights were,
at the time of grant, at an exercise price which was less than the fair market
value of a share of Common Stock at the time of grant.

              (d)    RECORD DATE.  In case the Company shall take record of the
Holders of its Common Stock for the purpose of entitling them to subscribe for
or purchase Common Stock or

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Convertible Securities, then the date of the issue or sale of the shares of
Common Stock shall be deemed to be such record date.

              (e)    CERTIFICATES AS TO ADJUSTMENTS.  Upon occurrence of each
adjustment or readjustment of the Conversion Price or number of shares of Common
Stock issuable upon conversion of the Debentures pursuant to this Section 3, the
Company at its expense shall promptly compute such adjustment or readjustment in
accordance with the terms hereof and furnish to each Holder of such Debentures a
certificate setting forth such adjustment and readjustment, showing in detail
the facts upon which such adjustment or readjustment is based.  The Company
shall, upon written request of the Holder of such affected Debentures, at any
time, furnish or cause to be furnished to such Holder a like certificate setting
forth such adjustments and readjustments, the applicable Conversion Price in
effect at the time, and the number of shares of Common Stock and the amount, if
any, of other securities or property which at the time would be received upon
the conversion of such Debentures.  Notwithstanding the foregoing, the Company
shall not be obligated to deliver a certificate unless such certificate would
reflect an increase or decrease of at least one percent of such adjusted amount.

              (f)    ISSUE TAXES.  The Company shall pay any and all issue and
other taxes and similar charges, excluding federal, state or local income taxes,
that may be payable in respect of any issue or delivery of shares of Common
Stock on conversion of Debentures pursuant thereto; PROVIDED, HOWEVER, that the
Company shall not be obligated to pay any transfer taxes resulting from any
transfer requested by any Holder in connection with any such conversion.

       6.     CONVERSION RESTRICTIONS.

              (a)    Notwithstanding anything to the contrary set forth in
Sections 3 and 5 hereof, in no event shall any Holder be entitled to convert
Debentures in excess of that Outstanding Principal Amount of such Debentures
which, upon giving effect to such conversion, would cause the aggregate number
of shares of Common Stock beneficially owned by the Holder and its affiliates to
exceed 4.99% of the outstanding shares of the Common Stock following such
conversion.  For purposes of the foregoing proviso, the aggregate number of
shares of Common Stock beneficially owned by the Holder and its affiliates shall
include the number of shares of Common Stock issuable upon conversion of the
Outstanding Principal Amount of Debentures with respect to which the
determination of such proviso is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (i) the conversion of the
remaining, nonconverted portion of the Outstanding Principal Amount of the
Debentures held by the Holder and its affiliates, and (ii) the exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company (including, without limitation, any warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder and its affiliates.  Except as set forth
in the preceding sentence, for purposes of this Section 6, beneficial ownership
shall be calculated in accordance with Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended.

              (b)    20% CONVERSION CAP.

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                     (i)    Notwithstanding any other provision herein to the
contrary, the Company shall not be obligated to issue any shares of Common Stock
upon conversion of the Debentures if the issuance of such shares of Common
Stock, together with such other shares of Common Stock required by the
securities laws to be aggregated pursuant to the transactions contemplated by
the Purchase Agreement, would exceed 19.99% of the aggregate number of shares of
Common Stock issued and outstanding at such date (the "Exchange Cap"), except
that such limitation shall not apply in the event that the Company obtains the
approval of its shareholders pursuant to the rules of The Nasdaq Stock Market,
Inc. for issuances of Common Stock in excess of such amount (the "Shareholder
Approval"); PROVIDED, HOWEVER, that notwithstanding anything herein to the
contrary, the Company, will issue such number of shares of Common Stock issuable
upon conversion of the Debentures at the then current Conversion Price up to the
Exchange Cap (after giving effect for any other shares of Common Stock required
by the securities laws to be aggregated with the transactions contemplated by
the Purchase Agreement).

                     (ii)   If, at any time, a holder of Debentures requests
that such Debentures be converted and such conversion would result in the
issuance of Common Stock which in the aggregate would exceed the Exchange Cap
(after giving effect for any other shares of Common Stock required by the
securities laws to be aggregated with the transactions contemplated by the
Purchase Agreement), the Company shall within 30 days of the Conversion Date
call a meeting, or solicit written consent, of its shareholders in order to seek
the Shareholder Approval, which shareholders meeting shall take place within 60
days of the Conversion Date. Except as otherwise provided by Section 6(b)(iii)
below, until the Shareholder Approval is obtained the Company shall not be
required to convert Debentures into Common Stock in an amount greater than the
product of (i) the Exchange Cap amount multiplied by (ii) a fraction, the
numerator of which is the principal amount of the Debentures issued to such
holder pursuant to this Agreement and the denominator of which is the aggregate
principal amount of all the Debentures issued pursuant to the Purchase Agreement
(the "Cap Allocation Amount"). In the event that the Company shall convert all
of such holder's Debentures into a number of shares of Common Stock which, in
the aggregate, is less than such holder's Cap Allocation Amount, then the
difference between such holder's Cap Allocation Amount and the number of shares
of Common Stock actually issued to such holder shall be allocated to the
respective Cap Allocation Amounts of the remaining holders of the Debentures, on
a pro rata basis in proportion to the principal amount of the Debentures then
outstanding and held by each such holder. Nothing in this provision shall limit
a holder's right to request conversion of the Debentures.

                     (iii)  In the event that the Company fails to obtain
Shareholder Approval in accordance with this Section 6(b), the Company shall,
within five (5) business days after such failure, at the Company's option,
either:

                            (1)    prepay the portion of the Debentures for
       which the Company is unable to issue Common Stock in accordance with such
       Holder's Conversion Notice at a price equal to the 125% of the
       Outstanding Principal Amount of the Debenture as of such Conversion Date
       after taking into account the extent, if any, to

                                     -10-
<PAGE>

       which the Company was able to convert a portion of the Debenture into
       shares of Common Stock; or

                            (2)    issue shares of the Common Stock in
       accordance with such Holder's Conversion Notice.

                     Notwithstanding anything to the contrary contained in the
foregoing, the Holder may elect to void its Conversion Notice and retain or have
returned, as the case may be, the Debentures that were to be converted pursuant
to such Holder's Conversion Notice (provided that a Holder's voiding its
Conversion Notice shall not effect the Company's obligations to make any
payments which have accrued prior to the date of such notice).

       7.     MANDATORY PREPAYMENT.

              (a)    PREPAYMENT UPON OCCURRENCE OF MAJOR TRANSACTION.  In
addition to all other rights of the Holder contained herein, simultaneous with
the occurrence of a Major Transaction (as defined below) the Holder shall have
the right, at such Holder's option, to require the Company to prepay all or a
portion of this Debenture at a prepayment price equal to 125% of the Outstanding
Principal Amount of the Debenture. Notwithstanding anything in the foregoing to
the contrary, if Holders of at least seventy-five percent (75%) of the
outstanding Debentures consent to a Major Transaction, no Holder shall have the
right to require the Company to prepay all or a portion of the Debentures.

                     (i)    DEFINED.  A "Major Transaction" shall be deemed to
have occurred at such time as any of the following events:

                            (1)    the consolidation, merger or other business
       combination of the Company with or into another Person (other than (A)
       pursuant to a migratory merger effected solely for the purpose of
       changing the jurisdiction of incorporation of the Company or (B) a
       consolidation, merger or other business combination in which Holders of
       the Company's voting power immediately prior to the transaction continue
       after the transaction to hold, directly or indirectly, the voting power
       of the surviving entity or entities necessary to elect a majority of the
       members of the board of directors (or their equivalent if other than a
       corporation) of such entity or entities).

                            (2)    the sale or transfer of all or substantially
       all of the Company's assets; or

                            (3)    consummation of a purchase, tender or
       exchange offer made to the Holders of more than 30% of the outstanding
       shares of Common Stock.

                     (ii)   MECHANICS.  No sooner than 15 days nor later than 10
days prior to the consummation of a Major Transaction, but not prior to the
public announcement of such Major Transaction, the Company shall deliver written
notice thereof via facsimile and overnight courier ("Notice of Major
Transaction") to each Holder of Debentures.  At any time after receipt

                                     -11-
<PAGE>

of a Notice of Major Transaction (or, in the event a Notice of Major
Transaction is not delivered at least 10 days prior to a Major Transaction,
at any time within 10 days prior to a Major Transaction), any Holder of
Debentures then outstanding may require the Company to prepay, effective
immediately prior to the consummation of such Major Transaction, the
Outstanding Principal Amount of such Holder's Debentures by delivering
written notice thereof via facsimile and overnight courier ("Request for
Prepayment Upon Major Transaction") to the Company, which Request for
Prepayment Upon Major Transaction shall indicate (i) the Outstanding
Principal Amount of such Debentures and (ii) the applicable prepayment price
as calculated pursuant to this Section 7.

              (b)    PREPAYMENT UPON OCCURRENCE OF TRIGGERING EVENT.  In
addition to all other rights of the Holder contained herein, simultaneous with
the occurrence of a Triggering Event (as defined below) the Holder shall have
the right, at such Holder's option, to require the Company to prepay all or a
portion of this Debenture at a prepayment price equal to 125% of the Outstanding
Principal Amount of the Debenture.

                     (i)    DEFINED.  A "Triggering Event" shall be deemed to
have occurred at such time as any of the following events:

                            (1)    the failure of the Registration Statement to
       be declared effective by the Commission on or prior to the date which is
       one hundred twenty (120) days after the Closing Date;

                            (2)    while the Registration Statement is required
       to be maintained effective pursuant to the terms of the Registration
       Rights Purchase Agreement, the effectiveness of the Registration
       Statement lapses for any reason (including, without limitation, the
       issuance of a stop order) or is unavailable to the Holder of the
       Debentures for sale of the Registrable Securities (as defined in the
       Registration Rights Purchase Agreement) in accordance with the terms of
       the Registration Rights Purchase Agreement, and such lapse or
       unavailability continues for a period of twenty consecutive trading days,
       PROVIDED that the cause of such lapse or unavailability is not due to
       factors solely within the control of such Holder of Debentures;

                            (3)    the suspension from listing or the failure of
       the Common Stock to be listed on the OTC Bulletin Board, the Nasdaq
       SmallCap Market, the Nasdaq National Market, The New York Stock Exchange,
       Inc. or The American Stock Exchange, Inc., as applicable, for a period of
       five (5) consecutive days;

                            (4)    the Company's notice to any Holder of
       Debentures, including by way of public announcement, at any time, of its
       inability to comply (including for any of the reasons described in
       Section 9) or its intention not to comply with proper requests for
       conversion of any Debentures into shares of Common Stock;

                            (5)    the Company's failure to comply with a
       Conversion Notice tendered in accordance with the provisions of this
       Debenture within three (3) business

                                     -12-
<PAGE>

       days after the receipt by the Company of the Conversion Notice and the
       original Debenture; or

                            (6)    the Company breaches any representation,
       warranty, covenant or other term or condition of the Purchase Agreement,
       the Registration Rights Purchase Agreement, this Debenture or any other
       agreement, document, certificate or other instrument delivered in
       connection with the transactions contemplated thereby or hereby, except
       to the extent that such breach would not have a Material Adverse Effect
       (as defined in Section 2.1(e) of the Securities Purchase Agreement) and
       except, in the case of a breach of a covenant which is curable, only if
       such breach continues for a period of a least ten days.

                     (ii)   MECHANICS.  Within one (1) day after the occurrence
of a Triggering Event, the Company shall deliver written notice thereof via
facsimile and overnight courier ("Notice of Triggering Event") to each Holder of
Debentures.  At any time after the earlier of a Holder's receipt of a Notice of
Triggering Event and such Holder becoming aware of a Triggering Event, any
Holder of Debentures then outstanding may require the Company to prepay
Outstanding Principal Amount of such Debentures by delivering written notice
thereof via facsimile and overnight courier ("Request for Prepayment Upon
Triggering Event") to the Company, which Request for Prepayment Upon Triggering
Event shall indicate (i) the Outstanding Principal Amount of such Debentures and
(ii) the applicable prepayment price as calculated pursuant to Section 7(b)
above.

              (c)    PAYMENT BY THE COMPANY.  Upon the Company's receipt of
either a Request for Prepayment Upon Major Transaction or a Request for
Prepayment Upon Triggering Event from any Holder of Debentures, the Company
shall immediately notify each Holder of Debentures by facsimile of the Company's
receipt of such request and each Holder which has sent such a request shall
promptly submit to the Company such Holder's original Debenture which such
Holder has elected to have prepaid.  The Company shall make prepayment (i)
immediately prior to the consummation of the Major Transaction or (ii) in the
case of a Triggering Event, to such Holder within five (5) business days after
the Company's receipt of the Request for Prepayment Upon Triggering Event;
PROVIDED that a Holder's original Debenture shall have been so delivered to the
Company; PROVIDED FURTHER that if the Company is unable to prepay all of the
Debentures, the Company shall redeem a portion from each Holder of Debentures
equal to such Holder's pro-rata amount (based on the Outstanding Principal
Amount of Debentures held by such Holder relative to aggregate Outstanding
Principal Amount of Debentures outstanding) of all Debentures.  If the Company
shall fail to prepay all of the Debentures submitted for prepayment, in addition
to any remedy such Holder of Debentures may have under the Articles of
Incorporation and the Purchase Agreement, the applicable prepayment price
payable in respect of such unpaid Debentures shall bear interest at the rate of
2.0% per month (prorated for partial months) until paid in full.

              (d)    CANCELLATION NOTICE BY HOLDER.

                                     -13-
<PAGE>

                     (i)    Until the Company prepays in full to a Holder of
shares of Debentures submitted for prepayment, such Holder shall have the
option, in lieu of prepayment, to require the Company to promptly return to such
Holder(s) the Debentures that were submitted for prepayment by such Holder(s)
under this Section 7 and for which the applicable prepayment price has not been
paid, by sending written notice thereof to the Company via facsimile (the
"Cancellation Notice").   Upon the Company's receipt of such Cancellation
Notice(s) and prior to prepayment to such Holder, (i) the Request for Prepayment
Upon Triggering Event or the Request for Prepayment Upon Major Transaction, as
the case may be, shall be rendered null and void with respect to that
Outstanding Principal Amount of Debentures submitted for prepayment and for
which prepayment has not been made, (ii) the Company shall immediately return to
the applicable Holder, at the sole cost and expense of the Company, any
Debentures submitted to the Company by each Holder for prepayment under Sections
7(a) and (b) and for which no prepayment has been made and (iii) the Conversion
Price of such returned Debentures shall be adjusted to the lesser of (A) the
Conversion Price as in effect on the date on which the Cancellation Notice(s) is
delivered to the Company and (B) the lowest Closing Bid Price during the period
beginning on the date on which the Request for Prepayment Upon Major Transaction
or the Request for Prepayment Upon Triggering Event, as the case may be, is
delivered to the Company and ending on the date on which the Cancellation
Notice(s) is delivered to the Company; PROVIDED that no adjustment shall be made
if such adjustment would result in an increase of the Conversion Price then in
effect.

                     (ii)   Notwithstanding the foregoing, in the event of a
dispute as to the determination of the Closing Bid Price, such dispute shall be
resolved pursuant to the provisions of Section 5(b) hereof, with the only
differences being that the term "Closing Bid Price" being substituted for the
term "Average Share Price." A Holder's delivery of a Cancellation Notice and
exercise of its rights following such delivery of the Cancellation Notice shall
not effect the Company's obligations to make any payments which have accrued
prior to the date of such Cancellation Notice.  Payments provided for in this
Section 7 shall have priority to payments to all other shareholders of the
Company in connection with a Major Transaction.

8.     COMPANY'S REDEMPTION OPTION.

              (a)    MECHANICS.  The Company may prepay all or a portion of the
Debentures outstanding upon thirty (30) days prior written notice (the
"Redemption Notice") at a price equal to:

                     (i)    if the prepayment occurs within 60 days after the
Closing Date, 108% of the Outstanding Principal Amount plus any accrued but
unpaid interest;

                     (ii)   if the prepayment occurs between 61 and 120 days
after the Closing Date, 113% of the Outstanding Principal Amount plus any
accrued but unpaid interest;

                                     -14-
<PAGE>

                     (iii)  if the prepayment occurs between 121 and 180 days
after the Closing Date, 118% of the Outstanding Principal Amount plus any
accrued but unpaid interest; and

                     (iv)   if the prepayment occurs 181 or more days after the
Closing Date, the greater of (A) 118% of the Outstanding Principal Amount plus
any accrued but unpaid dividends being prepaid or (B) the full economic benefit
that a Holder would derive from converting the Debentures and selling the Common
Stock issuable upon such conversion on the date of redemption by the Company (as
defined below) (the "Redemption Price").

              (b)    HOLDER'S PRIOR CONVERSION OPTION.  Notwithstanding the
foregoing, if a Holder has delivered a Conversion Notice to the Company or
delivers a Conversion Notice within twenty-four (24) hours after the Holder's
receipt of the Company's Redemption Notice, the Debentures designated to be
converted may not be redeemed by the Company; PROVIDED FURTHER that if during
the period between delivery of the Redemption Notice and the Redemption Date (as
defined below) a Holder shall become entitled to deliver a Request for
Prepayment Upon Major Transaction or Request for Prepayment Upon Triggering
Event, then the right of such Holder shall take precedence over the previously
delivered Redemption Notice.  Notwithstanding anything to the contrary contained
in the foregoing sentence, if a Holder elects to convert its Debentures after
receipt of a Redemption Notice, such Holder may convert up to a maximum of
thirty percent (30%), at the Holder's discretion, of the amount to be prepaid by
the Company. The Redemption Notice shall state the date of prepayment which
date shall be the thirty-first (31st) day after the Company has delivered the
Redemption Notice (the "Redemption Date"), the Redemption Price and the number
of shares to prepaid by the Company.  The Company shall not send a Redemption
Notice unless it has good and clear funds for a minimum of the amount in intends
to redeem in a bank account controlled by the Company; PROVIDED that if the
prepayment by the Company is expected to be made contemporaneous with the
closing of a public offering of the Company, then the Company may not have good
and clear funds in the bank account at the time of delivery of the Redemption
Notice and the Company may not send any such Redemption Notice until the day
immediately preceding the date public offering is priced. The Company shall
deliver the Redemption Price to the Escrow Agent (as defined in the Purchase
Agreement) within five (5) business days after the Company has delivered the
Redemption Notice; PROVIDED, that if the Holder(s) delivers a Conversion Notice
before the Redemption Date, then the portion of the Redemption Price which would
be paid to redeem the portion of the Debentures covered by such Conversion
Notice shall be returned to the Company upon delivery of the Common Stock
issuable in connection with such Conversion Notice to the Holder(s).  On the
Redemption Date, the Escrow Agent shall pay the Redemption Price, subject to any
adjustment pursuant to the immediately preceding sentence, to the Holder(s) on a
pro rata basis, FURTHER PROVIDED, however, that upon receipt by the Escrow Agent
of the Debentures to be redeemed pursuant to this Section 8, the Escrow Agent
shall, on the next business day following the date of receipt by the Escrow
Agent of such Debentures, pay the Redemption Price to the Holder(s) on a pro
rata basis. If the Company fails to pay the Redemption Price by the sixth (6th)
business day after the Company has delivered the Redemption Notice, the
redemption will be declared null and void and the Company shall lose its right
to serve a Redemption Notice in the future.

                                     -15-
<PAGE>

       9.     INABILITY TO FULLY CONVERT.

              (a)    HOLDER'S OPTION IF COMPANY CANNOT FULLY CONVERT.  If, upon
the Company's receipt of a Conversion Notice or on the Conversion Date, the
Company cannot issue shares of Common Stock registered for resale under the
Registration Statement (the "Conversion Shares") for any reason whatsoever,
including, without limitation, because the Company (x) does not have a
sufficient number of shares of Common Stock authorized and available, (y) is
otherwise prohibited by applicable law or by the rules or regulations of any
stock exchange, interdealer quotation system or other self-regulatory
organization with jurisdiction over the Company or its Securities from issuing
all of the Common Stock which is to be issued to a Holder of Debentures pursuant
to a Conversion Notice or (z) fails to have a sufficient number of shares of
Common Stock registered for resale under the Registration Statement (without
relieving the Company for any breach for failure to do any of the foregoing),
then the Company shall issue as many shares of Common Stock as it is able to
issue in accordance with such Holder's Conversion Notice and pursuant to Section
3 above and, with respect to the unconverted Debentures, the Holder, solely at
such Holder's option, can elect, within five (5) business days after receipt of
notice from the Company thereof to:

                     (i)    require the Company to prepay the portion of the
Debentures for which the Company is unable to issue Common Stock in accordance
with such Holder's Conversion Notice at a price equal to the 125% of the
Outstanding Principal Amount of the Debenture as of such Conversion Date after
taking into account the extent, if any, to which the Company was able to convert
a portion of the Debenture into shares of Common Stock (the "Balance Prepayment
Price");

                     (ii)   if the Company's inability to fully convert
Debentures is pursuant to Section 9(a)(z) above, require the Company to issue
restricted shares of Common Stock in accordance with such Holder's Conversion
Notice and pursuant to Section 5(c)(ii) above;

                     (iii)  void its Conversion Notice and retain or have
returned, as the case may be, the Debentures that were to be converted pursuant
to such Holder's Conversion Notice (provided that a Holder's voiding its
Conversion Notice shall not effect the Company's obligations to make any
payments which have accrued prior to the date of such notice).

              (b)    MECHANICS OF FULFILLING HOLDER'S ELECTION.  The Company
shall immediately send via facsimile to a Holder of Debentures, upon receipt of
a facsimile copy of a Conversion Notice from such Holder which cannot be fully
satisfied as described in Section 9(a) above, a notice of the Company's
inability to fully satisfy such Holder's Conversion Notice (the "Inability to
Fully Convert Notice").  Such Inability to Fully Convert Notice shall indicate
(i) the reason why the Company is unable to fully satisfy such Holder's
Conversion Notice, (ii) the Outstanding Principal Amount of Debentures which
cannot be converted and (iii) the applicable Balance Prepayment Price.  Such
Holder shall notify the Company of its election pursuant to Section 9(a) above
by delivering written notice via facsimile to the Company ("Notice in Response
to Inability to Convert").

                                     -16-
<PAGE>

              (c)    PAYMENT OF BALANCE PREPAYMENT PRICE.  If such Holder shall
elect to have its shares redeemed pursuant to Section 9(a)(i) above, the Company
shall pay the Balance Prepayment Price in cash to such Holder within thirty (30)
days of the Company's receipt of the Holder's Notice in Response to Inability to
Convert; PROVIDED that prior to the Company's receipt of the Holder's Notice in
Response to Inability to Convert the Company has not delivered a notice to such
Holder stating, to the satisfaction of the Holder, that the Conversion Shares
issuable to such Holder can and will be delivered to the Holder in accordance
with the terms of Section 3 hereof. If the Company shall fail to pay the
applicable Balance Prepayment Price to such Holder on a timely basis as
described in this Section 9(c), in addition to any remedy such Holder of
Debentures may have under this Debenture and the Purchase Agreement, such unpaid
amount shall bear interest at the rate of 2.0% per month (prorated for partial
months) until paid in full. Until the Balance Prepayment Price is paid in full
to such Holder, such Holder may (i) void prepayment with respect to those
Debentures for which the full Balance Prepayment Price has not been paid, (ii)
receive back such Debentures, and (iii) require that the Conversion Price of
such returned Debentures be adjusted to the lesser of (A) the Conversion Price
as in effect on the date on which the Holder voided its request for payment of
the Balance Prepayment Price and (B) the lowest Closing Bid Price during the
period beginning on the Conversion Date and ending on the date the Holder voided
its request for payment of the Balance Prepayment Price.

              (d)    PRO-RATA CONVERSION.  In the event the Company receives a
Conversion Notice from more than one Holder of Debentures on the same day and
the Company can convert and prepay some, but not all, of the Debentures pursuant
to this Section 9, the Company shall convert and prepay from each Holder of the
Debentures electing to have Debentures converted and prepaid at such time an
amount equal to such Holder's pro-rata amount (based on the Outstanding
Principal Amount of the Debentures held by such Holder relative to the
Outstanding Principal Amount of Debentures outstanding) of all Debentures being
converted and prepaid at such time.

       10.    REPLACEMENT DEBENTURES. Upon receipt by the Company of (i)
evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of any Debenture(s) and (ii) in the case of loss, theft or
destruction, of an indemnification undertaking by the holder to the Company in a
form reasonably satisfactory to the Company and, in the case of mutilation, upon
surrender and cancellation of the Debenture(s), the Company shall execute and
deliver new Debenture(s) of like tenor and date; PROVIDED, HOWEVER, the Company
shall not be obligated to re-issue the Debenture(s) if the holder
contemporaneously requests the Company to convert such Debenture into Common
Stock.

       11.     COVENANTS OF THE COMPANY .  The Company covenants and agrees
that, so long as the principal amount and interest of this Debenture remains
outstanding and unpaid, in whole or in part:

              (a)    No Event of Default (as defined in Section 12 hereof) or
any condition or event which, with the giving of notice or the lapse of time or
both, would become an Event of Default has occurred or would occur after giving
effect to such transaction.

                                     -17-
<PAGE>

              (b)    The Company shall reserve and keep available out of its
authorized and unissued Common Stock, solely for the purpose of effecting the
conversion of the Debentures, such number of shares of Common Stock as shall
from time to time be sufficient to effect the conversion of all of the
Debentures then outstanding; PROVIDED that the number of shares of Common
Stock so reserved shall at no time be less than 200% of the number of shares
of Common Stock for which Debentures are at any time convertible. The initial
number of shares of Common Stock reserved for conversions of the Debentures
and each increase in the number of shares so reserved shall be allocated
pro rata among the Holders of the Debentures based on the number of shares of
Debentures held by each Holder at the time of issuance of the Debentures or
increase in the number of reserved shares, as the case may be. In the event a
Holder shall sell or otherwise transfer any of such Holder's Debentures, each
transferee shall be allocated a pro rata portion of the number of reserved
shares of Common Stock reserved for such transferor. Any shares of Common
Stock reserved and which remain allocated to any person or entity which does
not hold any shares of Debentures shall be allocated to the remaining Holders
of Debentures, pro rata based on the Outstanding Principal Amount of the
Debentures then held by such Holder. The Company shall, from time to time in
accordance with the Florida Business Corporation Act, as amended, increase
the authorized number of shares of Common Stock if at any time the unissued
number of authorized shares shall not be sufficient to satisfy the Company's
obligations under this Section 11(b).

              (c)    If any shares of Common Stock to be reserved for the
purpose of conversion of Debentures require registration or listing with or
approval of any governmental authority, stock exchange or other established
trading market or other regulatory body (including, without limitation, the
NASD) under any Federal or state law or regulation or otherwise before such
shares may be validly issued or delivered upon conversion, the Company shall, at
its sole cost and expense, in good faith and as expeditiously as possible, use
its best efforts to secure such registration, listing or approval, as the case
may be.

              (d)    The Company will, and will cause each of its subsidiaries
to, promptly pay and discharge all lawful taxes, assessments and governmental
charges or levies imposed upon it, its income and profits, or any of its
property, before the same shall become in default, as well as all lawful claims
for labor, materials and supplies which, if unpaid, might become a lien or
charge upon such properties or any part thereof; provided, however, that the
Company or such subsidiary shall not be required to pay and discharge any such
tax, assessment, charge, levy or claim so long as the validity thereof shall be
contested in good faith by appropriate proceedings and the Company or such
subsidiary, as the case may be, shall set aside on its books adequate reserves
with respect to any such tax, assessment, charge, levy or claim so contested.

              (e)    The Company will, and will cause each of its subsidiaries
to, do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, rights and franchises and
substantially comply with all laws applicable to the Company as its counsel may
advise.

              (f)    The Company will, and will cause each of its subsidiaries
to, at all times maintain, preserve, protect and keep its property used or
useful in the conduct of its business in

                                     -18-
<PAGE>

good repair, working order and condition (except for the effects of
reasonable wear and tear in the ordinary course of business) and will, from
time to time, make all necessary and proper repairs, renewals, replacements,
betterments and improvements thereto.

              (g)    The Company will, and will cause each of its subsidiaries
to, keep adequately insured, by financially sound reputable insurers, all
property of a character usually insured by similar corporations and carry such
other insurance as is usually carried by similar corporations.

              (h)    The Company will not incur, or permit the occurrence of or
otherwise permit to be outstanding, any indebtedness which (i) is senior in
right of payment to the Debentures or (ii) is PARI PASSU in right of payment to
the Debentures except (y) borrowings in existence or committed on the date
hereof and of which the Company has informed Holder in writing prior to the date
hereof (including without limitation the Series 1 Debentures) and
(z) indebtedness to trade creditors incurred in the ordinary course of business.

              (i)    The Company shall not, without the written consent of the
Holders of a majority of the then Outstanding Principal Amount of the
Debentures, lend money, give credit or make advances to any person, firm, joint
venture or corporation, including, without limitation, officers, directors,
employees, subsidiaries and affiliates of the Company, except loans, credits or
advances (a) in existence or committed on the date hereof and which the Company
has informed Holder in writing prior to the date hereof, and (b) made in the
ordinary course of business.

              (j)    The Company shall not, without the written consent of the
Holders of a majority of the then Outstanding Principal Amount of the
Debentures, assume, guarantee, endorsed, contingently agree to purchase or
otherwise become liable upon the obligation of any person, firm, partnership,
joint venture or corporation, except by the endorsement of negotiable
instruments for deposit or collection and except assumptions, guarantees,
endorsements and contingencies (i) in existence or committed on the date hereof
and which the Company has informed Holder in writing prior to the date hereof,
and (ii) similar transactions in the ordinary course of business.

              (k)    The Company shall not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
(i) avoid or seek to avoid the observance or performance of any of the terms to
be observed or performed hereunder by the Company or (ii) impair the rights and
privileges of the Holders under this Debenture.  The Company shall at all times
in good faith, assist in the carrying out of all the provisions of  this
Debenture.

       12.    EVENT OF DEFAULT.  The following shall constitute "Events of
Default" by the Company:

              (a)    The dissolution of the Company or any subsidiary of the
Company or any vote in favor thereof by the board of directors and shareholders
of the Company or any subsidiary of the Company; or

                                     -19-
<PAGE>

              (b)    The Company or any of its subsidiaries becomes
insolvent, however evidenced, or makes an assignment for the benefit of
creditors, or files with a court of competent jurisdiction an application for
appointment of a receiver or similar official with respect to it or any
substantial part of its assets, or the Company or any of its subsidiaries
files a petition seeking relief under any provision of the Federal Bankruptcy
Code or any other federal or state statute now or hereafter in effect
affording relief to debtors, or any such application or petition is filed
against the Company or any of its subsidiaries, which application or petition
is not dismissed or withdrawn within sixty (60) days from the date of its
filing; or

              (c)    The Company fails to pay the principal amount of this
Debenture or any of the other Debentures as and when the same becomes due and
payable or fails to pay the interest on, or any other amount payable under, this
Debenture or any of the other Debentures the date the same becomes due and
payable; or

              (d)     The Company defaults in the due observance or performance
of any covenant, condition or agreement on the part of the Company to be
observed or performed pursuant to the terms of this Debenture; or

              (e)    The Company defaults in the payment (regardless of amount)
when due of the principal of, interest on, or any other liability on account of,
any indebtedness of the Company or any of its subsidiaries (other than the
Debentures, or any of them) having an aggregate face or principal amount in
excess of $100,000, or a default occurs in the performance or observance by the
Company of any covenant or condition (other than for the payment of money)
contained in any note or agreement evidencing or pertaining to any such
indebtedness, which causes the maturity of such indebtedness to be accelerated
or permits the Holder or Holders of such indebtedness to declare the same to be
due prior to the stated maturity thereof; or

              (f)    Any money judgment (including any arbitration award, but
only if reduced to a judgment), writ or warrant of attachment, or similar
process in excess of $100,000 in the aggregate shall be entered or filed against
the Company, its subsidiaries or any of their properties or other assets and
which shall remain unpaid, unvacated, unbonded or unstayed for a period of sixty
(60) days or in any event later than sixty (30) days prior to the date of any
proposed sale thereunder; or

              (g)    Any of the representations or warranties made by the
Company herein, in the Purchase Agreement, or in any certificate or financial or
other statements heretofore or hereafter furnished by or on behalf of the
Company in connection with the execution and delivery of this Debenture shall be
false or misleading in any material respect at the time made and such condition
(to the extent capable of being cured) shall continue uncured for a period of
ten (10) business days after notice from the Holder of such condition; or

              (h)    The Company shall (1) become insolvent; (2) admit in
writing its inability to pay its debts generally as they mature; (3) make an
assignment for the benefit of creditors or commence proceedings for its
dissolution; or (4) apply for or consent to the appointment of a trustee,
liquidator or receiver for it or for a substantial part of its property or
business; or

                                     -20-
<PAGE>

              (i)    A trustee, liquidator or receiver shall be appointed for
the Company or for a substantial part of its property or business without its
consent and shall not be discharged within sixty (60) days after such
appointment; or

              (j)    Bankruptcy, reorganization, insolvency or liquidation
proceedings or other proceedings, or relief under any bankruptcy law or any law
for the relief of debt shall be instituted by or against the Company and, if
instituted against the Company, shall not be dismissed within sixty (60) days
after such institution or the Company shall by any action or answer approve of,
consent to, or acquiesce in any such proceedings or admit to any material
allegations of, or default in answering a petition filed in any such proceeding.

       Unless an Event of Default shall have been waived in writing by the
Holder (which waiver shall not be deemed to be a waiver of any subsequent
default), at the option of and (except in the case of clauses (h), (i) and
(j) above) on notice by the Holder and in the Holder's sole discretion, the
Holder may consider this Debenture immediately due and payable, without
presentment, demand, protest or notice of any kind, all of which are hereby
expressly waived, anything herein or in any other instruments contained to
the contrary notwithstanding, and the Holder may immediately, and without
expiration of any period of grace, enforce any and all of the Holder's rights
and remedies provided herein or any other rights or remedies afforded by law.

       In addition to the foregoing, and notwithstanding any waiver by Holder
with respect to an Event of Default, upon an Event of Default, the rate of
interest on this Debenture, shall, to the maximum extent of the law, be
permanently increased by two percent (2%) per annum (i.e., from 5% to 7% per
annum) commencing on the first day of the thirty (30) day period (or part
thereof) following the Event of Default; an additional two percent (2%) per
annum commencing on the first day of each of the second and third such thirty
(30) day periods (or part thereof); and an additional one percent (1%) on the
first day of each consecutive thirty (30) day period (or part thereof)
thereafter until this Debenture has been duly repaid as herein provided;
provided that in no event shall the rate of interest exceed the lower of 20%
or the highest rate permitted by applicable law. Any such interest which is
not paid when due shall, to the maximum extent permitted by law, accrue
interest until paid at the rate from time to time applicable to interest on
the Debentures as to which the Event of Default has occurred.

       13.    REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND
INJUNCTIVE RELIEF.  The remedies provided in the Debentures is not intended to
be exclusive of any other right or remedy, and each and every such right or
remedy shall be cumulative and in addition to all other remedies available under
the Debentures, at law or in equity (including a decree of specific performance
and/or other injunctive relief), no remedy contained herein shall be deemed a
waiver of compliance with the provisions giving rise to such remedy and nothing
herein shall limit a Holder's right to pursue actual damages for any failure by
the Company to comply with the terms of the Debentures.  Amounts set forth or
provided for herein with respect to payments, conversion and the like (and the
computation thereof) shall be the amounts to be received by the Holder thereof
and shall not, except as expressly provided herein, be subject to any other
obligation of the Company (or the performance thereof).  The Company
acknowledges that a

                                     -21-
<PAGE>

breach by it of its obligations hereunder will cause irreparable harm to the
Holders of the Debentures and that the remedy at law for any such breach may
be inadequate.  The Company therefore agrees that, in the event of any such
breach or threatened breach, the Holders of the Debentures shall be entitled,
in addition to all other available remedies, to an injunction restraining any
breach, without the necessity of showing economic loss and without any bond
or other security being required.

       14.    UNCONDITIONAL OBLIGATION; FEES, WAIVERS, OTHER.

              (a)    The obligations to make the payments provided for in
this Debenture are absolute and unconditional and not subject to any defense,
set-off, counterclaim, rescission, recoupment or adjustment whatsoever.

              (b)    If, following the occurrence of an Event of Default,
Holder shall seek to enforce the collection of any amount of principal of
and/or interest on this Debenture, there shall be immediately due and payable
from the Company, in addition to the then unpaid principal of, and accrued
unpaid interest on, this Debenture, all costs and expenses incurred by Holder
in connection therewith, including, without limitation, reasonable attorneys'
fees and disbursements.

              (c)    No forbearance, indulgence, delay or failure to exercise
any right or remedy with respect to this Debenture shall operate as a waiver
or as an acquiescence in any default, nor shall any single or partial
exercise of any right or remedy preclude any other or further exercise
thereof or the exercise of any other right or remedy.

              (d)    This Debenture may not be modified or discharged (other
than by payment) except by a writing duly executed by the Company and Holder.

              (e)    The Company hereby expressly waives demand and
presentment for payment, notice of nonpayment, notice of dishonor, protest,
notice of protest, bringing of suit, and diligence in taking any action to
collect amounts called for hereunder, and shall be directly and primarily
liable for the payment of all sums owing and to be owing hereon, regardless
of and without any notice, diligence, act or omission with respect to the
collection of any amount called for hereunder or in connection with any
right, lien, interest or property at any and all times which Holder had or is
existing as security for any amount called for hereunder.

       15.    MISCELLANEOUS.

              (a)    HEADINGS; INTERPRETATION.  The headings of the various
paragraphs of this Debenture are for convenience of reference only and shall in
no way modify any of the terms or provisions of this Debenture.

              (b)    NOTICES.  Any notice, demand, request, waiver or other
communication required or permitted to be given hereunder shall be in writing
and shall be effective (a) upon hand delivery by telex (with correct answer back
received), telecopy or facsimile at the address or number designated below (if
delivered on a business day during normal business hours where

                                     -22-
<PAGE>

such notice is to be received), or the first (1st) business day following
such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (b) on the second
(2nd) business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur, to the address of the intended
recipient as set forth in the preamble to this Debenture or at such other
address as the intended recipient shall have hereafter given to the other
party hereto pursuant to the provisions of this Debenture. Any party hereto
may from time to time change its address for notices by giving at least ten
(10) days written notice of such changed address to the other party hereto.

              (c)    GOVERNING LAW.  This Debenture and the obligations of the
Company and the rights of Holder shall be governed by and construed in
accordance with the substantive laws of the State of New York without giving
effect to the choice of laws rules thereof.

              (d)    JURISDICTION; FORUM.  The Company (i) agrees that any
legal suit, action or proceeding arising out of or relating to this Debenture
shall be instituted exclusively in the New York State Supreme Court, County
of New York or in the United States District Court for the Southern District
of New York, (ii) waives any objection which The Company may have now or
hereafter based upon FORUM NON CONVENIENS or to the venue of any such suit,
action or proceeding, and (iii) irrevocably consents to the jurisdiction of
the New York State Supreme Court, County of New York and the United States
District Court for the Southern District of New York in any such suit, action
or proceeding. The Company further agrees to accept and acknowledge service
of any and all process which may be served in any such suit, action or
proceeding in the New York State Supreme Court, County of New York or in the
United States District Court for the Southern District of New York and agrees
that service of process upon the Company, mailed by certified mail to the
Company's address, will be deemed in every respect effective service of
process upon the Company, in any suit, action or proceeding. FURTHER, BOTH
THE COMPANY AND HOLDER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION TO ENFORCE
THIS NOTE AND IN CONNECTION WITH ANY DEFENSE, COUNTERCLAIM OR CROSS-CLAIM
ASSERTED IN ANY SUCH ACTION.

              (e)    BINDING AGREEMENT.  This Debenture shall bind the
Company and its successors and assigns.

              (f)    SAVINGS CLAUSE.  In case any provision of this Debenture is
held by a court of competent jurisdiction to be excessive in scope or otherwise
invalid or unenforceable, such provision shall be adjusted rather than voided,
if possible, so that it is enforceable to the maximum extent possible, and the
validity and enforceability of the remaining provisions of this Debenture will
not in any way be affected or impaired thereby.

                    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                     -23-
<PAGE>

              IN WITNESS WHEREOF, the undersigned has executed and subscribed
this Debenture and does affirm the foregoing as true this      day of May, 2000.

                            INTERNET SPORTS NETWORK, INC.

                            By:
                               Name:
                               Title:

                                     -24-<PAGE>
                                                                 Exhibit 10.11

                              EMPLOYMENT AGREEMENT

         Employment Agreement ("THIS AGREEMENT") dated June 1, 2000, between
Internet Sports Network, Inc. (the "CORPORATION") and J. Thomas Murray, (the
"EXECUTIVE").

         RECITALS:

         (a)      On the date hereof, the Corporation is purchasing 1,888,666
                  Class A Common Shares in the capital of St. Clair Group
                  Investments Inc. ("ST. CLAIR") from Cornerstone Strategic
                  Holdings Inc. (the "VENDOR") pursuant to a share purchase
                  agreement dated as of the date hereof;

         (b)      The Executive is a shareholder of the Vendor;

         (c)      The Executive acknowledges that the execution and delivery of
                  this employment agreement (the "AGREEMENT") is a condition to
                  the purchase by the Purchaser of the shares of St. Clair from
                  the Vendor and the Executive has received adequate
                  consideration for entering into the Agreement;

         (d)      The Corporation extended an offer of employment to the
                  Executive and the Executive accepted such offer of employment
                  effective June 1, 2000 (the "EFFECTIVE DATE"), subject to the
                  Executive entering into a definitive agreement in respect
                  thereof; and

         (e)      The Corporation and the Executive desire to enter into this
                  Agreement to set forth the definitive terms and conditions of
                  the employment of the Executive.

         In consideration of the foregoing and the mutual agreements contained
herein (the receipt and adequacy of which are acknowledged), the parties agree
as follows:

                                    ARTICLE 1
                                 INTERPRETATION

<PAGE>

                                     - 2 -

SECTION 1.1         DEFINITIONS
         In this Agreement, unless the context otherwise requires, the following
terms shall have the following meanings:

         "BUSINESS" shall mean the business of the development and commercial
         exploitation of contracted media and marketing rights, the development
         and operation of online sports entertainment and contest applications
         and similar offline products, including providing Internet-based sports
         entertainment and investment contests featuring fantasy leagues,
         retailing, advertising, promotions and a sports memorabilia and
         merchandise auction site.

         "BUSINESS DAY" means a day other than a Saturday, Sunday, statutory
         holiday or other day on which banks are generally closed in Toronto.

         "CAUSE" shall mean any act or omission of the Executive which would in
         law permit an employer to, without notice or payment in lieu of notice,
         terminate the employment of an employee.

         "CONFIDENTIAL INFORMATION" means all information owned, possessed or
         controlled by the Corporation in connection with the Corporation's
         business including, without limitation, financial data, business plans,
         trade secrets, technical information, research results, customers,
         clients, suppliers and business sources, contacts and opportunities,
         provided that such information shall not include the information
         described in section 4.2(1).

         "DEVELOPMENTS" means any and all ideas, computer programs, computer
         software, drawings, suggestions, discoveries, inventions and
         improvements which the Executive may make solely, jointly, or in common
         with other employees, during the term of his employment with the
         Corporation and which relate directly to the Business or commercial
         activities of the Corporation.

         "DISABILITY" shall mean the Executive's inability to substantially
         fulfil his duties on behalf of the Corporation for a continuous period
         of not less than six

<PAGE>

                                     - 3 -

         (6) months, as attested by an appropriate medical certificate, or the
         Executive's inability to substantially fulfil his duties on behalf of
         the Corporation for an aggregate period of not less than six (6) months
         during any consecutive twelve (12) month period.

         "SOLICITED POTENTIAL CUSTOMER" means (i) any person solicited by the
         Executive on behalf of the Corporation for any purpose relating to the
         Business at any time during the 12 months immediately preceding the
         date of termination of the Executive's employment hereunder; and (ii)
         any person solicited by any employee of the Corporation with the
         Executive's actual knowledge for any purpose relating to the Business
         at any time during the 12 months immediately preceding the date of
         termination of the Executive's employment.

SECTION 1.2         ENTIRE AGREEMENT
         This Agreement constitutes the entire agreement between the parties
hereto pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements, understandings, negotiations and discussions,
whether oral or written, of the parties hereto and there are no warranties,
representations or other agreements between the parties in connection with the
subject matter hereof except as specifically set forth herein.

SECTION 1.3         EXTENDED MEANINGS
         In this Agreement, words importing the singular shall include the
plural and vice versa and words importing gender include all genders.

<PAGE>

                                     - 4 -

SECTION 1.4         HEADINGS.
         The division of this Agreement into articles and sections and the
insertion of headings are for convenience of reference only and shall not affect
the construction or interpretation of this Agreement.

SECTION 1.5         REFERENCES.
         References to a specific article, or section shall be construed as
references to that specified article, or section of this Agreement, unless the
context otherwise requires.

SECTION 1.6         BUSINESS DAY.
         Whenever any payment to be made or action to be taken under this
Agreement is required to be made or taken on a day other than a Business Day,
such payment shall be made or action taken on the next Business Day following.

SECTION 1.7         CURRENCY.
         All dollar amounts referred to in this Agreement are in Canadian funds.

SECTION 1.8         WITHHOLDINGS
         All compensation payable hereunder will be subject to applicable
withholdings.

                                    ARTICLE 2
                                   EMPLOYMENT

SECTION 2.1         EMPLOYMENT.
         The Corporation hereby acknowledges the employment of the Executive,
and the Executive acknowledges acceptance of employment in the position of
President and Chief Operating Officer of the Corporation, reporting directly to
the Chairman and Chief Executive Officer of the Corporation, on the terms and
conditions herein contained as of and with effect from the Effective Date. The
Executive's location of employment will be in the Greater Toronto Area ("GTA")
although business travel throughout North America will be required from time to
time.

SECTION 2.2         TERM.
         This Agreement and the Executive's employment hereunder shall commence

<PAGE>

                                     - 5 -

on the Effective Date and shall continue for a two (2) year term unless sooner
terminated in accordance with the terms and conditions set forth in this
Agreement.

SECTION 2.3         DUTIES.
         During the term of this Agreement, the Executive shall:

         (a)      well and faithfully serve the Corporation and carry out those
                  responsibilities as are necessary to perform the functions
                  associated with the position of President and Chief Operating
                  Officer of the Corporation, including, without limitation,
                  responsibility for the development and the maintenance of all
                  relationships with company accounts, individuals, and the
                  public;

         (b)      devote all of his working time, skill, experience and
                  attention to carry out the responsibilities consistent with
                  his position, provided that this shall not prohibit the
                  Executive from continuing to undertake his current activities
                  involving Professional Sports Publications, Inc.;

         (c)      use his best efforts to promote the success of the business of
                  the Corporation and act at all times in the best interests of
                  the Corporation; and

         (d)      not incur any debt, liability or obligation, or enter into any
                  contract or agreement for, or on behalf of, or in the name of
                  the Corporation except in the ordinary course of business
                  unless duly authorized by the Corporation.

SECTION 2.4         REMUNERATION.
         As compensation for the performance by the Executive of his duties
hereunder:

         (a)      the Corporation shall pay to the Executive during term of this
                  Agreement, a salary at the rate of $250,000 per annum (the
                  "BASE SALARY"), payable in accordance with the Corporation's
                  current payroll practices, it being acknowledged that the
                  amount of the Base Salary

<PAGE>

                                     - 6 -

                  payable to the Executive hereunder shall be grossed up to the
                  extent required, if any, such that following applicable income
                  tax withholdings under Canadian and U.S. law the after-tax
                  income to the Executive from such Base Salary shall be equal
                  to the after-tax income that would be received by a Canadian
                  resident employee of a Canadian resident employer earning a
                  gross annual income, before income taxes, of $250,000;

         (b)      the Corporation and the Executive shall, no later than sixty
                  (60) days from the Effective Date, enter into a definitive
                  option agreement for the granting of options to purchase
                  shares of common stock in the capital of the Corporation (the
                  "OPTIONS") to the Executive, in a form approved by the Board
                  of Directors of the Corporation, pursuant to which 210,000
                  Options in the Corporation will be offered to the Executive
                  from a total pool of 600,000 options which the Corporation
                  shall make available to employees of St. Clair as determined
                  by the Corporation, acting reasonably, all on terms determined
                  by and approved by the Corporation's Board of Directors or its
                  Compensation Committee, with an exercise price of U.S.$2.076
                  per share, an expiry date of not less than three years from
                  the date of grant and vesting as to 25% on the date of grant
                  and as to 25% on each of the six month, twelve month and
                  eighteen month anniversaries of the date of grant, subject to
                  ratification of the Board of Directors of the Corporation,
                  acting reasonably.

<PAGE>

                                     - 7 -

         (c)      The Corporation shall provide the Executive a monthly
                  allowance of $800.00 for expenses relating to the use of an
                  automobile for business purposes and the Executive shall not
                  be entitled to reimbursement for insurance, gasoline, repairs
                  or any other expenses associated with the said automobile;

         (d)      the Corporation shall pay, on behalf of the Executive, up to
                  $10,000 for an annual golf membership and green fee costs,
                  provided that the Chief Executive Officer is satisfied that
                  such costs are incurred primarily in connection with business
                  purposes;

         (e)      the Executive shall be entitled to participate in all of the
                  benefit plans for employees of the Corporation in effect from
                  time to time, including any pension, medical, dental and group
                  life and disability benefit plans, as of and with effect from
                  the Effective Date;

         (f)      the Executive shall be entitled to an expense account which
                  shall cover valid and substantiated expenses incurred by the
                  Executive while acting on behalf of the Corporation and
                  consistent with the Executive's duties and consistent with the
                  Executive's past practice as an executive of St. Clair; and

         (g)      notwithstanding the above remuneration, to the extent the
                  Board of Directors of the Corporation authorizes any
                  employment or other bonuses to be made to senior management of
                  the Corporation, the Executive shall be entitled to be
                  considered to receive from the Board of Directors, in its sole
                  discretion, any such bonus or award.

<PAGE>

                                     - 8 -

SECTION 2.5       VACATION.
         During each year of this Agreement, the Executive shall be entitled to
a paid vacation totalling fifteen (15) business days, to be taken at such time
or times as may be mutually agreed upon by the parties hereto, provided however
that such vacation may only be taken in one week increments unless otherwise
agreed to by the Chief Executive Officer. A maximum of five (5) vacation days
may be carried forward to the following year unless a greater number is agreed
to by the Chief Executive Officer.

SECTION 2.6         APPOINTMENT TO THE BOARD OF DIRECTORS.
         The Executive shall be elected to the Board of Directors of the
Corporation as soon as is reasonably practicable following the date hereof. In
the interim period prior to the Executive's formal appointment to the Board of
Directors of the Corporation, the Executive shall be entitled to observer
status. The Executive's entitlement to serve as a member of the Board of
Directors of the Corporation is effective so long as the Executive continues to
serve in his capacity as President and Chief Operating Officer of the
Corporation. Upon the appointment of the Executive to Board of Directors of the
Corporation, the Executive shall receive directors' and officers' insurance
pursuant to the terms of such policies issued to and held by the Corporation
from time to time.

SECTION 2.7         EXPENSES.
         The Corporation shall reimburse the Executive for all out-of-pocket
expenses, including the cost of business class air travel, reasonably and
properly incurred by the Executive in connection with his duties hereunder,
provided that the Executive shall first furnish to the Corporation statements
and vouchers for all such expenses.

<PAGE>

                                       -9-

                                    ARTICLE 3
                                   TERMINATION

SECTION 3.1         TERMINATION.

         The employment of the Executive hereunder may be terminated by either
the Corporation or the Executive, as the case may be, exercised by notice in
writing at any time upon the happening of any of the following events, in which
event the Executive's employment shall terminate upon the date specified in such
notice:

         (a)      by the Corporation for Cause;

         (b)      by the Corporation, without Cause and other than for
                  Disability, by paying to the Executive a lump sum amount equal
                  to the greater of, (i) the cash equivalent of the balance of
                  the Base Salary, unused vacation entitlements and benefits due
                  through to the end of this Agreement, plus an amount equal to
                  the amount of the last annual bonus, if any, paid to the
                  Executive, or (ii) the cash equivalent of twelve months' Base
                  Salary, plus the amount of the last annual bonus, if any, paid
                  to the Executive, twelve months vacation entitlements and
                  twelve months' benefits. In the event the employment of the
                  Executive is terminated without Cause by the Corporation as
                  provided above, all outstanding and unvested Options issued to
                  the Executive shall, subject to the ratification of the Board
                  of Directors of the Corporation which shall be reflected in
                  the Executive's option agreement, acting reasonably, be
                  accelerated, vested and exercisable (until the original expiry
                  date thereof) by the Executive, in addition to the lump sum
                  amount provided above payable to the Executive.

         (c)      by the Corporation, in the event of the Disability of the
                  Executive, in which case, the Executive shall be entitled, to
                  the extent he qualifies, to the long term disability benefits
                  for employees of the Corporation in effect at such time in
                  lieu of any other compensation whatsoever; or

         (d)      by the Executive, by giving sixty (60) days' notice to the
                  Corporation;

<PAGE>

                                      -10-

                  or

         (e)      by the Executive upon the occurrence of any one of the
                  following events (in which case the Executive shall be
                  compensated as if the Corporation had terminated the
                  employment of the Executive without Cause as contemplated in
                  Section 3.1(b) above):

                  (i)      in the event of an effective change of control of the
                           Corporation (including the acquisition by a third
                           party of an effective controlling interest in the
                           voting shares or debt securities of the Corporation
                           and a change of a majority of the Board of Directors
                           as currently constituted), with the exception of the
                           completion of any business combination with
                           Professional Sports Publications, Inc.;

                  (ii)     in the event of a material adverse change in the
                           Executive's responsibilities, mandate and/or
                           authority; or

                  (iii)    in the event of a relocation of the principal place
                           of employment for the Executive outside of the GTA,

provided that this Agreement shall automatically terminate without notice of any
kind whatsoever upon the death of the Executive.

SECTION 3.2         DELIVERIES ON TERMINATION.

         Upon the termination of this Agreement for any reason the Executive
shall forthwith:

         (a)      deliver to the Corporation all materials relating to the
                  business and affairs of the Corporation, including, without
                  limitation, except as otherwise specified below, the property
                  of the Corporation described in Section 4.1 hereof. By way of
                  exception, the Executive shall be entitled to retain the
                  following items as his personal property:

                  (i)      all artwork in the office of the Executive purchased
                           by the Executive;

                  (ii)     all computer and electronic equipment in the office
                           of the Executive whether purchased by the Corporation
                           or the Executive; and

<PAGE>

                                    -11-

                  (iii)    all books and other such materials which do not
                           directly relate to the Business of the Corporation
                           whether purchased by the Corporation or the
                           Executive.

         (b)      disclose to the Corporation any and all Developments and
                  execute and deliver to the Corporation any and all instruments
                  necessary or desirable to give effect to the assignments and
                  transfers contemplated by section 4.5(2) hereof; and

         (c)      return to the Corporation all property including any
                  Confidential Information and all copies and reproductions
                  thereof in any form whatsoever received by the Executive and
                  delete same from all retrieval systems and databases used by
                  the Executive.

SECTION 3.3         MITIGATION.

         The Executive shall not be required to mitigate the amount of any
payments provided for under section 3.1 by seeking other employment or
otherwise, and the amount of any payment provided for in such section shall not
be reduced by any compensation earned by the Executive as a result of employment
by another employer after the effective date of termination, or otherwise.

SECTION 3.4         RELEASE.

         Each of the Corporation and the Executive confirm that the provisions
of sections 3.1(b) and 3.1(e) are reasonable and the total amount payable as
outlined therein is an amount which has been agreed between them to be payable
hereunder and is a reasonable estimate of the damages which will be suffered by
the Executive in the event of a termination without Cause and shall not be
construed as a penalty. The Executive agrees to accept the payment provided for
in sections 3.1(b) and 3.1(e) in full satisfaction of any and all claims he has
or may have against the Corporation and the Executive agrees to release the
Corporation with respect to same upon payment of said sum.

SECTION 3.5         CESSATION OF ENTITLEMENTS

         Except as specifically required by section 3.1 or by applicable
employment

<PAGE>

                                     -12-

standards legislation, all entitlement to the benefits provided for in
section 2.4(c), (d) and (e) shall cease immediately upon the effective date
of termination.

                                    ARTICLE 4
                  PROPERTY, CONFIDENTIALITY AND NON-COMPETITION

SECTION 4.1         CORPORATION PROPERTY.

         All materials relating to the business and affairs of the Corporation,
including, without limitation, all manuals, documents, reports, equipment,
working materials and lists of customers or suppliers prepared by the
Corporation or by the Executive in the course of the Executive's employment are
for the benefit of the Corporation and are and shall remain the property of the
Corporation.

SECTION 4.2         CONFIDENTIAL INFORMATION.

(1)      The Executive acknowledges that he will receive and have access during
         the term of his employment to Confidential Information. Confidential
         Information shall not include any information which:

         (a)      was in the public domain prior to the date of receipt by the
                  Executive;

         (b)      was in the Executive's lawful possession prior to the date of
                  communication by the Corporation;

         (c)      becomes part of the public domain by publication or otherwise
                  not due to any unauthorized act or omission of the Executive;

         (d)      was supplied to the Executive by a third party having the
                  lawful right to do so;

         (e)      was independently developed by the Executive without use of
                  the Confidential Information; or

         (f)      the Executive is required by law to disclose, provided that
                  the Executive first notifies the Corporation that it is
                  required to disclose such Confidential Information and he
                  allows the Corporation a reasonable period of time to contest
                  the disclosure of such Confidential

<PAGE>

                                      -13-

                  Information.

(2)      All right, title and interest in and to the Confidential Information
         shall remain the exclusive property of the Corporation and the
         Confidential Information shall be held in trust by the Executive for
         the benefit of the Corporation. The Executive shall not, directly or
         indirectly, use or exploit the Confidential Information for any
         operational, commercial or other purpose whatsoever other than in the
         ordinary course of the Business of the Corporation or in any manner
         detrimental to the Corporation or disclose, disseminate, impart or
         grant access to the Confidential Information to any person for any
         purpose other than in the ordinary course of the Business of the
         Corporation.

(3)      The Executive shall not copy, reproduce in any form or store in any
         retrieval system or database the Confidential Information without the
         prior written consent of the Corporation, except for such copies,
         reproductions and storage as may be reasonably required internally by
         the Executive for the purpose for which the Executive receives the
         Confidential Information.

(4)      The parties hereto agree that any breach by the Executive of this
         section 4.2 shall be deemed to cause the Corporation irreparable harm
         which cannot be adequately compensated in damages and the Corporation,
         in addition to all other remedies, shall be entitled to injunctive or
         other equitable relief to restrain such breach.

SECTION 4.3         NON-COMPETITION AND NON-SOLICITATION.

(1)      The Executive acknowledges that in his position of Executive, he
         occupies a position of trust and confidence. The Executive understands
         that the following restrictions may limit his ability to earn a
         livelihood in a business which, directly or indirectly, competes with
         the Business. However, the Executive agrees that he will receive
         sufficient consideration and other benefits as an employee of the
         Corporation to clearly justify such restrictions. The Executive
         acknowledges that all restrictions contained in this section 4.3 are
         reasonable and valid for the adequate protection of the legitimate
         business

<PAGE>

                                       -14-

         interests and goodwill of the Corporation and are no broader than is
         necessary to protect such interests and goodwill. The restrictions
         contained in this Article 4 will apply to the Executive regardless
         of any change in position, title, duties or remuneration during the
         term of this Agreement.

(2)      The Executive shall not (without the prior written consent of the
         Corporation, such consent not to be unreasonably withheld) for and
         during the term of his employment with the Corporation and for and
         during the period of twelve (12) months immediately following the date
         of termination of his employment with the Corporation for any reason
         whatsoever (and for and during the period of six (6) months immediately
         following the date of the expiration of this Agreement), either
         directly or indirectly, individually or in partnership or in
         conjunction with or through any individual, firm, corporation,
         association or other entity, whether as principal, agent, shareholder
         (except for (a) an equity share investment in a public company whose
         shares are listed on a stock exchange in North America or in an
         over-the-counter market where that share investment does not in the
         aggregate exceed 10% of the issued equity shares of the company, and
         (b) in respect of the Executive's beneficial indirect ownership of and
         current activities (in whatever form undertaken) involving Professional
         Sports Publications, Inc. as at the date of this Agreement and the date
         of termination) or in any other capacity whatsoever:

         (a)      within Ontario and all other cities in which the Corporation
                  has operations at the time of termination, carry on, engage
                  in, or attempt to carry on or attempt to engage in, or be
                  financially interested in any business that competes with or
                  is substantially similar to the Business;

         (b)      solicit or attempt to solicit any person who is a customer or
                  Solicited Potential Customer of the Corporation for the
                  purpose of (i) persuading or attempting to persuade any such
                  customer or Solicited Potential Customer to cease doing
                  business or to curtail the business which such customer or
                  Solicited Potential Customer has customarily conducted or
                  contemplates conducting with the Corporation, whether or not
                  the

<PAGE>

                                        -15-

                  relationship between the Corporation and such customer was
                  originally established in whole or in part through the efforts
                  of the Executive; or (ii) selling to such person any products
                  or services which compete with the products or services sold
                  by the Business; or

         (c)      solicit or attempt to solicit or assist any person to solicit
                  the employment or engagement of or otherwise entice away from
                  the employment of the Corporation any employee of the
                  Corporation.

(3)      The parties hereto agree that any breach by the Executive of this
         section 4.3 shall be deemed to cause the Corporation irreparable harm
         which cannot adequately be compensated for in damages and that the
         Corporation in addition to all other remedies, shall be entitled to
         injunctive or other equitable relief to restrain such breach.

<PAGE>

                                     -16-

SECTION 4.4         COPYRIGHT

         The Executive acknowledges that he is employed under a contract of
service to the Corporation and that he may make Developments in the course of
his employment with the Corporation and that the Corporation is the first owner
of copyright in such Developments in Canada. To confirm such ownership in the
Corporation of the copyright in Canada and elsewhere in the world, the Executive
does hereby sell, assign and transfer to the Corporation, the entire right,
title and interest for Canada and all other countries in and to the copyright in
and to such programs and documentation as well as the right to receive any
copyright registrations for such program and documentation.

SECTION 4.5         PATENTS AND INVENTIONS

(1)      The Executive sells, assigns, transfers and sets over to the
         Corporation his entire right, title and interest for Canada and for all
         other countries in and to any inventions relating to the Developments
         or other subject matter which may arise from the Executive's
         employment, together with the Executive's entire right, title and
         interest in and to any patent applications which may be filed with
         respect to such inventions, any and all divisional applications
         thereof, and any and all patents which may issue or be re-issued for
         said invention to the full end of the term for which each said patents
         may be granted.

(2)      The Executive, on his behalf and on behalf of his executors and
         administrators, hereby covenants and agrees to do all such lawful acts
         and things and to execute without further consideration such further
         lawful assignments, documents, assurances, applications, and other
         instruments as may reasonably be required by the Corporation, its
         successors, assigns, or legal representatives, to obtain any and all
         Patents for said inventions and vest the same in the Corporation, its
         successors, assigns or legal representatives.

SECTION 4.6         WAIVER OF MORAL RIGHTS

         The Executive hereby waives, as against the Corporation, its successors
and

<PAGE>

                                      -17-

assigns and licensees, all his moral rights which the Executive may have or
will acquire in respect of the copyright in the Developments. The Executive
agrees to enforce his moral rights as against others as directed by and at the
cost of the Corporation or its successor-in-title of the copyright in the
Developments.

SECTION 4.7         NO CONFLICTING OBLIGATIONS.

         The Executive warrants to the Corporation that:

         (a)      he is not restricted from accepting employment with the
                  Corporation;

         (b)      the performance of the Executive's duties in his position of
                  Executive of the Corporation will not breach any obligation of
                  the Executive to keep confidential the proprietary information
                  of any third party or breach any obligation of
                  non-solicitation that he may have to any third party;

         (c)      in the performance of his duties as an employee of the
                  Corporation the Executive shall not improperly bring to the
                  Corporation or knowingly use any trade secrets, confidential
                  information or other proprietary information of any third
                  party; and

         (d)      he will not knowingly infringe the intellectual property
                  rights of any third party.

<PAGE>

                                      -18-

                                    ARTICLE 5
                                     GENERAL

SECTION 5.1         NOTICES.

         Any notice, demand or other communication which is required or
permitted by this Agreement to be given or made by a party hereto shall be in
writing and shall be sufficiently given if delivered personally or sent by
pre-paid registered mail at the following addresses:

                  (a)      to the Corporation at:

                            Internet Sports Network Inc.
                            101 Bloor Street West
                            Suite 200
                            Toronto, Ontario
                            M5V 1W2
                            Attention:                 Chief Executive Officer
                            Telephone:                 (416) 599-8800
                            Facsimile:                 (416) 921-1302

                  (b)      to the Executive at:

                            208-295 Davenport Road
                            Toronto, Ontario
                            M5R 1K5
                            Attention:                 J. Thomas Murray
                            Telephone:                 (416) 323-1136

or at such other address as any party may from time to time advise the other
party by notice in writing. Every notice or other communication shall be deemed
to have been received, (i) on the date of receipt, if given by personal
delivery, and (ii) the fifth Business Day after which it is mailed, if sent by
registered mail. Notwithstanding the foregoing, if a strike or lockout of postal
employees is in effect, or generally known to be impending, notice shall be
effected by personal delivery.

<PAGE>

                                     -19-

SECTION 5.2       SURVIVAL.

         Notwithstanding the termination of this Agreement, (a) neither party
shall be released from any obligation that accrued prior to the date of
termination and more particularly, but not limited to, section 2.4, section 2.5
and section 2.6 hereof; and (b) each party shall remain bound by the provisions
of this Agreement which by their terms impose obligations upon that party that
extend beyond the termination of this Agreement and more particularly, but not
limited to, Articles 3 and 4 hereof.

SECTION 5.3       FURTHER ASSURANCES.

         The parties shall, with reasonable diligence, do all things and provide
all reasonable assurances as may be required to complete the transactions
contemplated by this Agreement, and each party shall provide such further
documents or instruments required by any other party as may be reasonably
necessary or desirable to give effect to this Agreement and carry out its
provisions.

SECTION 5.4       ASSIGNMENT.

         Except as otherwise expressly provided herein, neither this Agreement
nor any rights or obligations shall be assignable by either party without the
prior written consent of the other party hereto.

SECTION 5.5       AMENDMENT AND WAIVER.

         No supplement, modification, amendment or waiver of this Agreement
shall be binding unless executed in writing by both parties. No waiver of any of
the provisions of this Agreement shall constitute a waiver of any other
provision (whether or not similar) nor shall such waiver constitute a continuing
waiver unless otherwise expressly provided.

SECTION 5.6       SUCCESSORS AND ASSIGNS.

         This Agreement shall enure to the benefit of and be binding upon the
parties and their respective heirs, executors and administrators or successors
and permitted assigns, as the case may be.

SECTION 5.7       SEVERABILITY.

         If any provision in this Agreement is determined to be invalid, void or
unenforceable by the decision of any court of competent jurisdiction, which

<PAGE>

                                   -20-

determination is not appealed or appealable for any reason whatsoever, the
provision in question shall not be deemed to affect or impair the validity or
enforceability of any other provision of this Agreement and such invalid or
unenforceable provision or portion thereof shall be severed from the remainder
of this Agreement.

SECTION 5.8       INDEPENDENT LEGAL ADVICE.

         The Executive acknowledges that he has been advised to obtain, and that
he has obtained or has been afforded the opportunity to obtain, independent
legal advice with respect to this Agreement and that he understands the nature
and consequences of this Agreement.

SECTION 5.9       GOVERNING LAW.

         This Agreement shall be governed by and construed in accordance with
the laws of the Province of Ontario and the laws of Canada applicable therein.

SECTION 5.10      COUNTERPARTS.

         This Agreement may be executed by the parties in one or more
counterparts, each of which when so executed and delivered shall be deemed to be
an original and such counterparts shall together constitute one and the same
instrument.

<PAGE>

                                     -21-

         IN WITNESS WHEREOF the parties have executed this Agreement as of the
Effective Date.

SIGNED, SEALED AND             )
DELIVERED IN THE PRESENCE OF   )
                               )

                               )   /s/ J. Thomas Murray
-----------------------------      -------------------------------------------
Witness                        )   J. Thomas Murray
                               )

                                   INTERNET SPORTS NETWORK, INC.

                                   By:    /s/ Andy DeFrancesco
                                          -----------------------------------
                                          Authorized Signing Officer

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