Document:

EMPLOYMENT AGREEMENT AMENDMENT NO. 1

      EMPLOYMENT  AGREEMENT  AMENDMENT  NO.  1,  dated as of July 6,  2005  (the
"Amendment"),  between Theodore H. Banzhaf,  an individual residing in the state
of California ("Employee"), and SPATIALIGHT, INC., a New York corporation, whose
principal place of business is located at 5 Hamilton Landing, Suite 100, Novato,
California 94949 (the "Company").

                              W I T N E S S E T H:
                               - - - - - - - - - -

      WHEREAS,  Employee and the Company  entered  into that certain  employment
agreement, dated as of July 7, 2003 (the "Original Agreement");

      WHEREAS,  Employee and the Company desire to amend the Original  Agreement
as set forth herein; and

      WHEREAS,  this Amendment and the documents attached hereto as Exhibit 1 do
not increase  the number of Stock  Options  granted to Employee  pursuant to the
Original  Agreement  or the  TARSAP  (as such term is  defined  in the  Original
Agreement).

      NOW,  THEREFORE,  in  consideration  of the  premises  and  of the  mutual
covenants and conditions  hereinafter  set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties  hereto,  intending  to be  legally  bound,  hereby  agree to amend  the
Original Agreement as follows:

      1. The words "secondary  anniversary" in the third line of Section 2(a) of
      the  Original  Agreement  are  hereby  amended  and  restated  to  "fourth
      anniversary."

      2. Sections 3(a) and 3(b) of the Original Agreement are hereby amended and
      restated as follows:

            "(a) The Company shall pay Employee annual  compensation  ("Salary")
            equal to US$360,000 on and after July 6, 2005 during the Employment,
            subject to any  increases in  compensation  which the Board,  in its
            sole discretion, may approve and award to Employee. The Salary shall
            be payable to Employee in equal semi-monthly or monthly installments
            of US Dollars.  All such  compensation  payments shall be subject to
            deduction for federal,  state and local  withholding taxes and other
            charges required under federal or state laws or regulations; and

            (b)  The  Company   agrees  to  grant  Employee   equity   incentive
            compensation  in the form of Stock  Options to purchase an aggregate
            of 800,000 Common Shares, $.01 par value, of the Company pursuant to
            the  provisions  of  the  Amended  and  Restated  Time   Accelerated
            Restricted  Stock  Award  Agreement,  and  Amendment  No. 2 thereto,
            annexed hereto as Exhibit "1" (the "TARSAP")."

      3. Exhibit 1 to the Original  Agreement is hereby  replaced with Exhibit 1
      hereto.

      4. All other  provisions  of the Original  Agreement  that are not amended
      and/or restated by this Amendment shall remain in full force and effect.

                                    * * * * *

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<PAGE>

      IN WITNESS  WHEREOF,  the parties have duly executed this  Amendment as of
the date first above written.

                                       SPATIALIGHT, INC.

                                       By: /s/ ROBERT A. OLINS
                                           -------------------------------------
                                           Name: Robert A. Olins
                                           Title: Chief Executive Officer

                                           /s/ THEODORE H. BANZHAF
                                           -------------------------------------
                                           Theodore H. Banzhaf
                                           Employee

                                       2
<PAGE>

                                    EXHIBIT 1

 Attached hereto are the Amended and Restated Time Accelerated Restricted Stock
                     Award Plan and Amendment No. 2 thereto

                                       3TARSAP AMENDMENT NO. 2

      TARSAP AMENDMENT NO. 2, dated as of July 6, 2005 (the "Second Amendment"),
between Theodore H. Banzhaf,  an individual  residing in the state of California
("Optionee"),  and SPATIALIGHT,  INC., a New York  corporation,  whose principal
place  of  business  is  located  at 5  Hamilton  Landing,  Suite  100,  Novato,
California 94949 (the "Corporation").

                              W I T N E S S E T H:
                               - - - - - - - - - -

      WHEREAS,  Employee  and the  Corporation  entered  into that  certain Time
Accelerated  Restricted  Stock Option Award Plan,  dated as of July 7, 2003 (the
"TARSAP");

      WHEREAS,  Employee and the Corporation  amended and restated the TARSAP by
entering into that certain  Amended and Restated TARSAP made as of April 1, 2004
(the "Amended TARSAP"); and

      WHEREAS,  Employee and the Corporation  desire to amend the Amended TARSAP
as set forth herein.

      NOW,  THEREFORE,  in  consideration  of the  premises  and  of the  mutual
covenants and conditions  hereinafter  set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree to amend the Amended
TARSAP as follows:

      1. The words  "second  (2nd)  anniversary"  appearing  in three  places in
      Section 3(b) of the Amended TARSAP are hereby amended and restated in each
      such place as "fourth (4th) anniversary".

      2. The words  "Five  Dollars  ($5.00)"  appearing  in Section  6(b) of the
      Amended TARSAP are hereby amended and restated as "Seven Dollars and Fifty
      Cents ($7.50)".

      3. All other  provisions of the Amended TARSAP that are not amended and/or
      restated by this Second Amendment shall remain in full force and effect.

                                    * * * * *

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<PAGE>

      IN WITNESS  WHEREOF,  the parties have duly executed this Second Amendment
as of the date first above written.

                                       SPATIALIGHT, INC.

                                       By: /s/ ROBERT A. OLINS
                                           -------------------------------------
                                           Name: Robert A. Olins
                                           Title: Chief Executive Officer

                                           /s/ THEODORE H. BANZHAF
                                           -------------------------------------
                                           Theodore H. Banzhaf
                                           Optionee

                                       2EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of
July 4, 2005 and shall be effective as of July 6, 2005 (the "Effective Date") by
and between IPEX,  Inc., a Nevada  corporation,  with an office  located at 9255
Towne Centre Drive,  Suite 235, San Diego,  CA 92121 (the  "Company")  and Sothi
Thillairajah,  an  individual  with an address  located at 365 West 52nd Street,
Apt. 2G, New York, NY 10019 ("Thillairajah").

      WHEREAS, the Company desires to retain the services of Thillairajah as the
Company's Chief Operating  Officer and Thillairajah is willing to be employed by
the Company in such capacity.

      NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties agree as follows:

1. Employment.  Thillairajah is hereby employed and engaged to serve the Company
as the Company's  Chief  Operating  Officer,  or such  additional  titles as the
Company shall specify from time to time,  and  Thillairajah  does hereby accept,
and Thillairajah hereby agrees to such engagement and employment.

2. Duties.  Thillairajah's  duties shall be such duties and  responsibilities as
the Company  shall  specify  from time to time,  and shall  entail  those duties
customarily  performed  by the  Chief  Operating  Officer  of a  company  with a
business  commensurate with those of the Company.  Thillairajah  shall have such
authority,  discretion,  power  and  responsibility,  and shall be  entitled  to
office,  secretarial and other  facilities and conditions of employment,  as are
customary or  appropriate  to his position.  Thillairajah  shall  diligently and
faithfully execute and perform such duties and responsibilities,  subject to the
general  supervision  and  control of the  Company's  Chief  Executive  Officer.
Thillairajah  shall be responsible  and report to the Company's  Chief Executive
Officer.  The  Company's  Chief  Executive  Officer,  in its sole  and  absolute
discretion,  shall determine  Thillairajah's duties and responsibilities and may
assign or reassign  Thillairajah to such duties and responsibilities as it deems
in  the  Company's  best  interest.  Thillairajah  shall  devote  his  full-time
attention,  energy,  and skill during normal  business hours to the business and
affairs of the Company and shall not,  during the Employment  Term, as that term
is defined below,  be actively  engaged in any other business  activity,  except
with the prior written consent of the Company's Chief Executive Officer.

Nothing in this Agreement shall preclude Thillairajah from devoting reasonable
periods required for:

      (a) serving as a director or member of a committee of any  organization or
      corporation  involving no conflict of interest  with the  interests of the
      Company;

      (b) serving as a consultant  in his area of expertise (in areas other than
      in  connection   with  the  business  of  the  Company),   to  government,
      industrial,  and  academic  panels  where  it does not  conflict  with the
      interests of the Company; and

      (c)  managing  his   personal   investments   or  engaging  in  any  other
      non-competing  business;  provided that such  activities do not materially
      interfere with the regular performance of his duties and  responsibilities
      under this Agreement as determined by the Company.

3. Best Efforts of Thillairajah.  During his employment hereunder,  Thillairajah
shall, subject to the direction and supervision of the Company's Chief Executive
Officer, devote his full business time, best efforts,  business judgment, skill,
and knowledge to the advancement of the Company's interests and to the discharge
of his duties and  responsibilities  hereunder.  Notwithstanding  the foregoing,
nothing herein shall be construed as preventing  Thillairajah from investing his
assets in any business.

                                       1
<PAGE>

4. Employment Term. Unless terminated  pursuant to Section 12 of this Agreement,
the term of this  Agreement  shall  commence  as of the  Effective  Date of this
Agreement  and shall  continue  for a term of twelve (12)  months (the  "Initial
Term"), and shall be automatically  renewed for an additional twelve (12) months
(the "Renewal  Term") unless a party hereto  delivers to the other party written
notice of such party's intention not to renew at least thirty (30) days prior to
the end of the Initial Term.  (the terms  "Initial Term" and "Renewal Term" will
collectively hereinafter be referred to as the "Employment Term").

5. Compensation of Thillairajah.

(a)   Base   Compensation.   As  compensation  for  the  services   provided  by
      Thillairajah  under this Agreement,  the Company shall pay Thillairajah an
      annual  salary of One  Hundred  Fifty  Thousand  Dollars  ($150,000).  The
      compensation  of  Thillairajah   under  this  Section  shall  be  paid  in
      accordance with the Company's usual payroll procedures.

(b)   Relocation Allowance.  After signing this Agreement, the Company shall pay
      Thillairajah   Twenty  Thousand  Dollars  ($20,000)  as  payment  for  any
      necessary relocation expenses in connection with Thillairajah's employment
      under this Agreement.

(c)   Stock and Stock Options.  After signing this Agreement,  the Company:  (i)
      shall grant  Thillairajah  40,000  shares of the  Company's  common stock,
      which shares shall vest upon  expiration of the Initial  Term;  (ii) shall
      grant  Thillairajah  options to purchase  375,000  shares of the Company's
      common  stock with an exercise  price  equal to the  closing  price of the
      Company's  common stock on the  Effective  Date,  which options shall vest
      upon  expiration of the Initial Term and shall expire five (5) years after
      the Effective Date; and (iii) shall grant Thillairajah options to purchase
      an  additional  125,000  shares  of the  Company's  common  stock  with an
      exercise price equal to the closing price of the Company's common stock on
      the  Effective  Date,  which  options  shall vest upon  expiration  of the
      Initial Term if the milestones described in Appendix A have been completed
      at such time, and shall expire five (5) years after the Effective Date.

(d)   Bonus. In addition to the base compensation in Section 5(a),  Thillairajah
      shall be eligible to receive an annual  bonus  determined  by the Board of
      Directors based on the performance of the Company.

6. Benefits.  Thillairajah  shall also be entitled to participate in any and all
Company  benefit  plans,  from time to time,  in  effect  for  employees  of the
Company,  including,  but not limited to,  health,  dental and vision  insurance
plans  available  to  the  Company's  senior  management  executives  and  their
dependents.  Such participation  shall be subject to the terms of the applicable
plan documents and generally applicable Company policies.

7. Vacation,  Sick Leave and Holidays.  Thillairajah  shall be entitled to three
(3) weeks of paid  vacation,  with such  vacation to be  scheduled  and taken in
accordance  with  the  Company's  standard  vacation   policies.   In  addition,
Thillairajah  shall be entitled  to such sick leave and  holidays at full pay in
accordance  with the Company's  policies  established and in effect from time to
time.

8. Business Expenses.  The Company shall promptly reimburse Thillairajah for all
reasonable out-of-pocket business expenses incurred in performing Thillairajah's
duties and responsibilities hereunder in accordance with the Company's policies,
provided Thillairajah promptly furnishes to the Company adequate records of each
such business expense.

                                       2
<PAGE>

9. Location of  Thillairajah's  Activities.  Thillairajah's  principal  place of
business in the performance of his duties and  obligations  under this Agreement
shall be at a place to be determined by the Company's Chief  Executive  Officer.
Notwithstanding the preceding sentence,  Thillairajah will engage in such travel
and  spend  such time in other  places as may be  necessary  or  appropriate  in
furtherance of his duties hereunder.

10. Confidentiality.  Thillairajah recognizes that the Company has and will have
business affairs,  products,  future plans,  trade secrets,  customer lists, and
other  vital  information  (collectively  "Confidential  Information")  that are
valuable  assets of the  Company.  Thillairajah  agrees that he shall not at any
time or in any manner,  either  directly or indirectly,  divulge,  disclose,  or
communicate  in any  manner  any  Confidential  Information  to any third  party
without  the  prior  written  consent  of  the  Company's  Board  of  Directors.
Thillairajah will protect the Confidential  Information and treat it as strictly
confidential.

11. Non-Competition. Thillairajah acknowledges that he has gained, and will gain
extensive  knowledge in the  business  conducted by the Company and has had, and
will have,  extensive  contacts  with  customers  of the  Company.  Accordingly,
Thillairajah  agrees that he shall not compete  directly or indirectly  with the
Company,  either  during the  Employment  Term or during the one (1) year period
immediately after the termination of Thillairajah's  employment under Section 12
and shall not, during such period,  make public  statements in derogation of the
Company.  For the purposes of this Section 11, competing  directly or indirectly
with the Company  shall mean  engaging,  directly or  indirectly,  as  principal
owner, officer, partner,  consultant,  advisor, or otherwise, either alone or in
association  with others,  in the operation of any entity  engaged in a business
similar to that of the Company's.

12.  Termination.  Notwithstanding  any other provisions hereof to the contrary,
Thillairajah's   employment   hereunder  shall  terminate  under  the  following
circumstances:

      (a)   Voluntary  Termination by Thillairajah.  Thillairajah shall have the
            right to  voluntarily  terminate  this  Agreement and his employment
            hereunder at any time during the Employment Term.

      (b)   Voluntary  Termination  by the Company.  The Company  shall have the
            right to voluntarily  terminate  this  Agreement and  Thillairajah's
            employment hereunder at any time after the Initial Term. Termination
            of  Thillairajah's  employment  pursuant to this Section 12(b) shall
            not  be  effective   unless  the  Company  shall  have  first  given
            Thillairajah  a written  notice  thereof at least  thirty  (30) days
            prior to the effective date of such termination.

      (c)   Termination for Cause. The Company shall have the right to terminate
            this Agreement and Thillairajah's  employment  hereunder at any time
            for cause. As used in this Agreement,  "cause" shall mean refusal by
            Thillairajah to implement or adhere to lawful policies or directives
            of the Company's Chief  Executive  Officer or the Company's Board of
            Directors, breach of this Agreement,  Thillairajah's conviction of a
            felony,  other conduct of a criminal nature that may have a material
            adverse impact on the Company's reputation, breach of fiduciary duty
            or the criminal  misappropriation  by  Thillairajah of funds from or
            resources of the Company.  Cause shall not be deemed to exist unless
            the Company  shall have first given  Thillairajah  a written  notice
            thereof  specifying in reasonable detail the facts and circumstances
            alleged to constitute "cause" and thirty (30) days after such notice
            such conduct has, or such  circumstances  have,  as the case may be,
            not entirely ceased and not been entirely remedied.

      (d)   Termination  Upon  Death  or  for  Disability.  This  Agreement  and
            Thillairajah's  employment hereunder,  shall automatically terminate
            upon Thillairajah's death or upon written notice to Thillairajah and
            certification of Thillairajah's  disability by a qualified physician
            or a panel of qualified  physicians if Thillairajah becomes disabled
            beyond a period of twelve  (12)  months and is unable to perform the
            duties contained in this Agreement.

                                       3
<PAGE>

      (e)   Effect of Termination.

            (i) In the event that this Agreement and  Thillairajah's  employment
            is voluntarily terminated by Thillairajah pursuant to Section 12(a),
            or in the event the  Company  terminates  this  Agreement  for cause
            pursuant to Section  12(c),  all  obligations of the Company and all
            duties,  responsibilities and obligations of Thillairajah under this
            Agreement shall cease. Upon such termination,  the Company shall (i)
            pay  Thillairajah  a cash lump sum equal to all accrued  base salary
            through the date of  termination  plus all accrued  vacation pay and
            bonuses,  if any;  and (ii) any  shares of common  stock or  options
            granted  to  Thillairajah  by the  Company  which  have  not  vested
            pursuant to Section 5 hereof shall be terminated.

            (ii) In the event that this Agreement and Thillairajah's  employment
            is voluntarily  terminated by the Company pursuant to Section 12(b),
            all obligations of the Company and all duties,  responsibilities and
            obligations of Thillairajah  under this Agreement shall cease.  Upon
            such termination, the Company shall pay Thillairajah a cash lump sum
            equal to all  accrued  base salary  through the date of  termination
            plus all accrued  vacation  pay and  bonuses,  if any;  and (ii) any
            shares of common  stock or options  granted to  Thillairajah  by the
            Company  pursuant  to  Section  5 hereof  shall  become  immediately
            vested.

            (iii) In the event this  Agreement is  terminated  upon the death or
            disability of Thillairajah  pursuant to Section 12(d),  Thillairajah
            shall be entitled to all compensation  pursuant to Section 5 for the
            period  between  the  effective  termination  date to the end of the
            Employment  Term  pursuant  to  Section 4.  Payment  will be made to
            Thillairajah or Thillairajah's  appointed trustee. In the event of a
            merger,  consolidation,  sale,  or change of control,  the Company's
            rights  hereunder  shall be assigned to the  surviving  or resulting
            company,   which  company  shall  then  honor  this  Agreement  with
            Thillairajah.

13. Resignation as Officer. In the event that Thillairajah's employment with the
Company  is  terminated  for  any  reason  whatsoever,  Thillairajah  agrees  to
immediately  resign as an Officer and/or Director of the Company and any related
entities.  For the purposes of this Section 13, the term the "Company"  shall be
deemed to include subsidiaries, parents, and affiliates of the Company.

14. Governing Law,  Jurisdiction and Venue.  This Agreement shall be governed by
and  construed in accordance  with the laws of the State of  California  without
giving effect to any applicable conflicts of law provisions.

15. Business  Opportunities.  During the Employment Term Thillairajah  agrees to
bring  to the  attention  of the  Company's  Chief  Executive  Officer  and  the
Company's  Board of  Directors  all  written  business  proposals  that  come to
Thillairajah's  attention  and  all  business  or  investment  opportunities  of
whatever nature that are created or devised by  Thillairajah  and that relate to
areas in which the Company conducts business and might reasonably be expected to
be of interest to the Company or any of its subsidiaries.

16. Employee's  Representations  and Warranties.  Thillairajah hereby represents
and  warrants  that he is not  under  any  contractual  obligation  to any other
company,  entity or individual that would prohibit or impede  Thillairajah  from
performing his duties and  responsibilities  under this Agreement and that he is
free to enter into and perform the duties and responsibilities  required by this
Agreement.  Thillairajah hereby agrees to indemnify and hold the Company and its
officers, directors,  employees,  shareholders and agents harmless in connection
with the representations and warranties made by Thillairajah in this Section 16.

                                       4
<PAGE>

17. Indemnification.

(a)   The Company agrees that if  Thillairajah is made a party, or is threatened
      to be made a party,  to any action,  suit or  proceeding,  whether  civil,
      criminal,  administrative or investigative (a "Proceeding"),  by reason of
      the fact that he is or was a director,  officer or employee of the Company
      or is or was serving at the request of the Company as a director, officer,
      member,  employee  or agent of  another  corporation,  partnership,  joint
      venture,  trust or other  enterprise,  including  service  with respect to
      employee  benefit  plans,  whether or not the basis of such  Proceeding is
      Thillairajah's  alleged action in an official  capacity while serving as a
      director,  officer,  member,  employee  or  agent,  Thillairajah  shall be
      indemnified  and  held  harmless  by the  Company  to the  fullest  extent
      permitted or authorized by the Company's  certificate of  incorporation or
      bylaws or, if  greater,  by the laws of the State of Nevada,  against  all
      cost,  expense,   liability  and  loss  (including,   without  limitation,
      attorney's  fees,  judgments,  fines,  ERISA excise taxes or penalties and
      amounts paid or to be paid in settlement)  reasonably incurred or suffered
      by Thillairajah in connection  therewith,  and such indemnification  shall
      continue  as to  Thillairajah  even  if he has  ceased  to be a  director,
      member,  employee or agent of the Company or other  entity and shall inure
      to the benefit of Thillairajah's heirs, executors and administrators.  The
      Company shall advance to Thillairajah  to the extent  permitted by law all
      reasonable  costs  and  expenses  incurred  by  his in  connection  with a
      Proceeding  within  20 days  after  receipt  by the  Company  of a written
      request,  with appropriate  documentation,  for such advance. Such request
      shall include an undertaking by  Thillairajah  to repay the amount of such
      advance if it shall ultimately be determined that he is not entitled to be
      indemnified against such costs and expenses.

(b)   Neither  the  failure of the Company  (including  its Board of  Directors,
      independent  legal counsel or  stockholders)  to have made a determination
      prior to the commencement of any proceeding  concerning payment of amounts
      claimed by  Thillairajah  that  indemnification  of Thillairajah is proper
      because he has met the applicable standard of conduct, nor a determination
      by the  Company  (including  its  Board of  Directors,  independent  legal
      counsel or  stockholders)  that  Thillairajah  has not met such applicable
      standard of conduct,  shall create a presumption that Thillairajah has not
      met the applicable standard of conduct.

(c)   The Company  agrees to continue and maintain a  directors'  and  officers'
      liability insurance policy covering Thillairajah to the extent the Company
      provides such coverage for its other executive officers.

(d)   Promptly  after  receipt  by  Thillairajah  of  notice of any claim or the
      commencement   of  any  action  or   proceeding   with  respect  to  which
      Thillairajah is entitled to indemnity hereunder, Thillairajah shall notify
      the Company in writing of such claim or the commencement of such action or
      proceeding, and the Company shall (i) assume the defense of such action or
      proceeding,  (ii) employ counsel reasonably  satisfactory to Thillairajah,
      and  (iii)  pay  the  reasonable   fees  and  expenses  of  such  counsel.
      Notwithstanding the preceding sentence,  Thillairajah shall be entitled to
      employ  counsel  separate  from counsel for the Company and from any other
      party in such action if Thillairajah reasonably determines that a conflict
      of interest  exists which makes  representation  by counsel  chosen by the
      Company  not  advisable.   In  such  event,   the   reasonable   fees  and
      disbursements of such separate  counsel for Thillairajah  shall be paid by
      the Company to the extent permitted by law.

(e)   After  the   termination  of  this  Agreement  and  upon  the  request  of
      Thillairajah,  the  Company  agrees  to  reimburse  Thillairajah  for  all
      reasonable  travel,  legal and other  out-of-pocket  expenses  related  to
      assisting the Company to prepare for or defend  against any action,  suit,
      proceeding  or claim  brought  or  threatened  to be brought  against  the
      Company or to prepare for or institute  any action,  suit,  proceeding  or
      claim to be brought or  threatened  to be  brought  against a third  party
      arising out of or based upon the transactions  contemplated  herein and in
      providing evidence,  producing documents or otherwise participating in any
      such action,  suit,  proceeding  or claim.  In the event  Thillairajah  is
      required to appear after  termination  of this  Agreement at a judicial or
      regulatory hearing in connection with Thillairajah's employment hereunder,
      or Thillairajah's role in connection therewith,  the Company agrees to pay
      Thillairajah  a sum, to be mutually  agreed upon by  Thillairajah  and the
      Company,  per  diem  for  each  day  of his  appearance  and  each  day of
      preparation therefor.

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<PAGE>

18.  Notices.  All  demands,  notices,  and  other  communications  to be  given
hereunder,  if any, shall be in writing and shall be sufficient for all purposes
if personally delivered,  sent by facsimile or sent by United States mail to the
address  below or such other  address or addresses  as such party may  hereafter
designate in writing to the other party as herein provided.

Company:                                          Thillairajah:
IPEX, Inc.                                        365 West 52nd Street, Apt. 2G
9255 Towne Centre Drive, Suite 235                New York, NY 10019
San Diego, CA 92121

19.  Entire  Agreement.  This  Agreement  contains  the entire  agreement of the
parties and there are no other  promises or conditions  in any other  agreement,
whether oral or written.  This  Agreement  supersedes  any prior written or oral
agreements  between the parties.  This Agreement may be modified or amended,  if
the amendment is made in writing and is signed by both parties.  This  Agreement
is for the unique  personal  services of  Thillairajah  and is not assignable or
delegable, in whole or in part, by Thillairajah.  This Agreement may be assigned
or delegated,  in whole or in part,  by the Company and, in such case,  shall be
assumed by and become  binding upon the person,  firm,  company,  corporation or
business  organization  or entity  to which  this  Agreement  is  assigned.  The
headings contained in this Agreement are for reference only and shall not in any
way affect the meaning or interpretation of this Agreement.  If any provision of
this Agreement shall be held to be invalid or unenforceable for any reason,  the
remaining provisions shall continue to be valid and enforceable.  The failure of
either party to enforce any provision of this  Agreement  shall not be construed
as a waiver or  limitation  of that party's  right to  subsequently  enforce and
compel strict compliance with every provision of this Agreement.  This Agreement
may be  executed in two or more  counterparts,  each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument
and, in pleading or proving any  provision  of this  Agreement,  it shall not be
necessary to produce more than one of such counterparts.

                  [Remainder of page intentionally left blank.]

                                       6
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

IPEX, INC.:                                          SOTHI THILLAIRAJAH:

By:    /s/ Milton Ault                               /s/ Sothi Thillairajah
       ---------------------------                   ---------------------------
Name:  Milton "Todd Ault, III                        Sothi Thillairajah
Title: Chief Executive Officer

                                       7
<PAGE>

                                   APPENDIX A
                                   MILESTONES

      The following three  milestones are critical to this Agreement and must be
accomplished in accordance  with the time frames set forth in Section  5(c)(iii)
of the Agreement:

      (a)  Completion  of the  Company's  acquisition  of  certain  intellectual
property assets pursuant to: (i) that certain Purchase Agreement,  dated June 7,
2005, between the Company,  RGB Channel SRL, Massimo Ballerini,  B Tech Ltd. and
Emanuele Boni;  and (ii) that certain  Purchase  Agreement,  dated June 7, 2005,
between the Company, B Tech Ltd., Massimo Ballerini and Emanuele Boni;

      (b)  Completion of the  Company's  acquisition  of all of the  outstanding
capital stock of Vinculum Communications, Inc., a Delaware corporation; and

      (c)  Implementation  of a corporate  governance  program which shall be in
compliance with all applicable  requirements  of the Securities  Exchange Act of
1934,  as  amended  (the  "Exchange  Act"),  and  all  applicable  rules  of the
Securities  and  Exchange   Commission   promulgated  under  the  Exchange  Act,
including, but not limited to, Rule 13a-15 under the Exchange Act.

                                      A-1

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