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                          LA JOLLA COVE INVESTORS, INC.
                          1795 UNION STREET, 3rd FLOOR
                         SAN FRANCISCO, CALIFORNIA 94123
                            TELEPHONE: (415) 409-8703
                            FACSIMILE: (415) 409-8704
                            E-MAIL: LJCI@PACBELL.NET
LA JOLLA                      www.ljcinvestors.com                SAN FRANCISCO
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                                 June ___, 2003

Mr. _______________
Odyssey Pictures Corporation
16910 Dallas Parkway, Suite 104
Dallas, TX 75248

              Re: Registration Statement Legal and Accounting Fees

Dear ____________:

This letter will set forth our agreement for the payment of the  attorneys'  and
accounting fees necessary for the filing of a registration  statement by Odyssey
Pictures  Corporation  ("Odyssey") to cover,  among other things,  the shares of
Odyssey common stock necessary for the 8% Convertible Debenture and the warrants
issued to La Jolla Cove Investors, Inc. ("LJCI").

Under the Securities Purchase Agreement,  LJCI is to advance $150,000 to Odyssey
upon closing.  It is agreed that LJCI will retain $50,000 of the initial advance
for the payment of legal and accounting fees for the filing of the  Registration
Statement for the Conversion Shares and the Warrant Shares.  The $50,000 will be
paid to the attorneys and accountants once the  Registration  Statement has been
declared effective.

Odyssey  agrees that it is  responsible  for the payment of legal and accounting
fees, if any, over and above the $50,000 covered herein.

If this  letter  correctly  reflects  our  agreement  regarding  the  payment of
Odyssey's  attorneys' and accounting  fees for the preparation and filing of the
Registration Statement, please acknowledge your agreement by signing below.

Sincerely,

Travis W. Huff
Portfolio Manager

Odyssey Pictures Corporation

By: __________________________

Title: ________________________<PAGE>

                            PUT AND CALL AGREEMENT

         This Put and Call  Agreement (the  "Agreement"),  dated as of June ___,
2003,  is entered  into by and between  John Foster  ("Foster"),  Kjell  Larsson
("Larsson")  Krystol Cameron  ("Cameron") and Frank G. Saran ("Saran"),  jointly
and  severally,  and La Jolla  Cove  Investors,  Inc. a  California  corporation
("LJCI"), with reference to the following:

         WHEREAS,   concurrently  herewith,  LJCI  is  purchasing  from  Odyssey
Pictures  Corporation  (the  "Company")  an  8%  Convertible  Debenture  in  the
principal amount of $150,000 (the  "Debenture"),  which Debenture is convertible
into stock of the Company (the "Stock"); and

         WHEREAS,  Foster,  Larsson,  Cameron  and  Saran  desire  to  have  the
opportunity  to purchase the Stock that LJCI obtains  through  conversion of the
Debenture  at an agreed  upon  future  price,  and LJCI,  in return  desires the
opportunity to resell the Stock at an agreed upon future price. Accordingly, the
parties hereto desire to provide for certain put and call provisions relating to
the Stock.

         NOW, THEREFORE,  in consideration of the mutual promises and convenants
contained  herein,  and in consideration  of LJCI purchasing the Debenture,  the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereto
hereby agree as follows:

         1. PUT RIGHT.  During the period and from time to time between  January
___,  2004 and April ___,  2004 (the "Put  Period"),  and at  anytime  after the
Company  has   defaulted   under  the  Debenture  and  the  Debenture  has  been
accelerated,  LJCI  shall  have  the  right  to sell in its  sole  and  absolute
discretion, and Foster, Larsson, Cameron and Saran, jointly and severally, shall
thereafter  have the  obligation  to  purchase,  all or a  portion  of the Stock
obtained  through  conversion  of up to  $150,000  of the  Debenture  for a cash
purchase price of 187.5% of the  Conversion  Price (as defined in the Debenture)
per share paid by LJCI. To the extent that LJCI has converted the Debenture,  it
shall have the right to  substitute  shares  obtained  through  exercise  of the
Warrant dated June ___, 2003 issued by the Company to LJCI. The election of LJCI
to sell the Stock  shall be  pursuant  to  written  notice to  Foster,  Larsson,
Cameron and Saran, which notice shall be sent at least three business days prior
to the effective  date of the transfer and shall specify the number of shares of
Stock which LJCI elects to sell hereunder at such time. On the effective date of
the  transfer,  Foster,  Larsson,  Cameron  and Saran  shall pay to LJCI (or its
designee),  the purchase price therefor in good funds, and within three business
days  thereafter  LJCI  shall  deliver  to Foster,  Larsson,  Cameron  and Saran
certificates  evidencing  the shares of Stock elected to be sold together with a
stock power. Any transfer  hereunder shall be without warranty or representation
except as to good title. The obligations of Foster,  Larsson,  Cameron and Saran
hereunder shall not be subject to any defense, setoff, recoupment, impairment or
termination for any reason including,  without limitation,  whether the Stock is
publicly  traded,  whether the Stock is  restricted,  whether the Stock has been
issued by the Company,  whether any bankruptcy  proceedings have been instituted
by or against the Company or any order has been entered  adjudging the Company a
bankrupt or insolvent,  or whether the Company or its transfer agent consents to
or authorizes  the transfer.  The  obligations of Foster,  Larsson,  Cameron and

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Saran  pursuant to this Section shall be joint and several and the allocation of
the  shares  of Stock  being  purchased  shall be as  determined  among  Foster,
Larsson, Cameron and Saran.

         2. CALL RIGHT. During the period and from time to time between the date
hereof and January ___, 2004 (the "Call Period"),  Foster, Larsson,  Cameron and
Saran, jointly and severally,  shall have the option to purchase, and LJCI shall
thereafter  have the  obligation to sell, all or a portion of the Stock obtained
through  conversion of up to $150,000 of the Debenture for a cash purchase price
of 200% of the Conversion  Price (as defined in the Debenture) per share paid by
LJCI. The election of Foster,  Larsson,  Cameron and Saran to purchase the Stock
shall be pursuant to written notice to LJCI, which notice shall be sent at least
three  business  days  prior to the  effective  date of the  transfer  and shall
specify the number of shares of Stock which Foster,  Larsson,  Cameron and Saran
elect to purchase hereunder at such time. On the effective date of the transfer,
Foster,  Larsson,  Cameron  and Saran  shall pay to LJCI (or its  designee)  the
purchase price therefor in good funds, and within three business days thereafter
LJCI shall deliver to Foster, Larsson, Cameron and Saran certificates evidencing
the shares of Stock elected to be sold together with a stock power. Any transfer
hereunder shall be without warranty or  representation  except as to good title.
The exercise of LJCI's Put and/or the  conversion  of the  Debenture by LJCI, in
whole or in part,  shall  cancel a  corresponding  amount  of  Foster,  Larsson,
Cameron and Saran's Call.

         3.  ADJUSTMENT  TO  SHARES.  The  number  of  shares  and the per share
purchase   price   shall  be   appropriately   adjusted   in  the  case  of  any
reclassification  or  change  of  outstanding  securities,  the  subdivision  or
combination  of the Stock,  the payment of a dividend  with respect to the Stock
payable in shares or a distribution  of shares with respect to the Stock. If the
Company  at any time while the Put and Call  remain  outstanding  and  unexpired
shall  subdivide or combine its shares,  the per share  purchase  price shall be
proportionately  decreased in the case of a subdivision or increased in the case
of a  combination.  Upon each  adjustment in the per share purchase  price,  the
number of shares shall be adjusted,  to the nearest whole share,  to the product
obtained by multiplying the number of shares  purchasable  immediately  prior to
such  adjustment by a fraction (a) the numerator of which shall be the per share
purchase price prior to the adjustment and (b) the denominator of which shall be
the per share purchase price immediately thereafter.

         4. INTEREST.  At such time that money is due to any party,  and if such
amount is not paid within five (5) business days,  then that amount shall accrue
interest at the rate of nine percent (9%) per year.

         5. GOVERNING  LAW. This  Agreement  shall in all respects be construed,
interpreted  and  enforced in  accordance  with and  governed by the laws of the
State of California, United States of America.

         6.  CONSENT TO  JURISDICTION.  Foster,  Larsson,  Cameron and Saran (i)
hereby  irrevocably  submit to the  jurisdiction  of the United States  District
Court  sitting  in the  District  of San  Diego  and the  courts of the State of
California  located in San Diego county for the purposes of any suit,  action or
proceeding  arising  out of or relating to this  Agreement  or the  transactions
contemplated  hereunder  and (ii) hereby  waive,  and agree not to assert in any

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such suit, action or proceeding,  any claim that they are not personally subject
to the  jurisdiction  of such  court,  that the suit,  action or  proceeding  is
brought  in an  inconvenient  forum or that the  venue of the  suit,  action  or
proceeding is improper.  Foster,  Larsson,  Cameron and Saran consent to process
being served in any such suit, action or proceeding by mailing a copy thereof to
such party at the address in effect for notices to it under this  Agreement  and
agree that such service shall constitute good and sufficient  service of process
and notice  thereof.  Nothing in this section shall affect or limit any right to
serve process in any other manner permitted by law.

         7.  ATTORNEYS'  FEES.  In the event of any  legal  action  between  the
parties  with  respect to this  Agreement  or the  subject  matter  hereof,  the
prevailing  party  shall be entitled to recover  reasonable  attorneys'  fees in
addition to court costs and litigation  expenses  incurred in said legal action,
regardless of whether such legal action is prosecuted to judgment.

         8.  NOTICES.  Any  notice,  demand or other  communication  required or
permitted  under this  Agreement  shall be deemed  given and  delivered  when in
writing and (a)  personally  served upon the receiving  party,  or (b) 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 such notice is to be  received),  or (c) upon the
third (3rd)  calendar  day after  mailing to the  receiving  party by either (i)
United States  registered or certified mail,  postage prepaid,  or (ii) FedEx or
other comparable  overnight  delivery  service,  delivery  charges prepaid,  and
addressed as follows:

To Foster:                          John Foster
                                    16910 Dallas Parkway, Suite #104
                                    Dallas, TX 75248
                                    Facsimile:       972-818-7829

To Larsson:                         Kjell Larsson
                                    1 Hargrove Grade, Suite 1C
                                    Palm Coast, FL 32137
                                    Facsimile:

To Cameron:                         Krystol Cameron
                                    133 South Terrace Ave.
                                    Mount Vernon, NY 10550
                                    Facsimile:

To Saran:                           Frank G. Saran
                                    2301 Basil Dr.
                                    Arlington, TX 76006
                                    Facsimile:

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To LJCI:                            La Jolla Cove Investors, Inc.
                                    7817 Herschel Avenue, Suite 200
                                    La Jolla, CA  92037
                                    Facsimile:       858-551-0987

         9.  SEVERABILITY.  In the event that any  provision  of this  Agreement
becomes or is  declared  by a court of  competent  jurisdiction  to be  illegal,
unenforceable  or invalid,  then this Agreement shall continue in full force and
effect without said  provision.  If this  Agreement  continues in full force and
effect as provided above, the parties shall replace the invalid provision with a
valid provision  which  corresponds as far as possible to the spirit and purpose
of the invalid provision.

         10.  COUNTERPARTS.  This  Agreement  may be  executed  in any number of
counterparts,  each of which may be  executed  by less  than all of the  parties
hereto,  each of  which  shall  be  enforceable  against  the  parties  actually
executing such  counterparts,  and all of which  together  shall  constitute one
document. Facsimile execution shall be deemed originals.

         11. ENTIRE  AGREEMENT.  This Agreement  constitute the entire agreement
between the parties with respect to the subject matter hereof, and supersede all
prior oral or written  agreements,  representations  or  warranties  between the
parties other than those set forth herein or herein provided for.

         12.  SUCCESSORS AND ASSIGNS.  The provisions  hereof shall inure to the
benefit of, and be binding upon, the permitted  successors  and assigns,  heirs,
executors, and administrators of the parties hereto.

         13. AMENDMENT AND WAIVER. No modification or waiver of any provision of
this  Agreement  shall be binding upon the party against whom it is sought to be
enforced,  unless  specifically  set forth in  writing  signed by an  authorized
representative  of that  party.  A waiver  by any  party of any of the  terms or
conditions  of this  Agreement  in any  one  instance  shall  not be  deemed  or
construed to be a waiver of such terms or conditions  for the future,  or of any
subsequent  breach  thereof.  The  failure  by any  party  hereto at any time to
enforce  any of the  provisions  of this  Agreement,  or to  require at any time
performance of any of the provisions hereof,  shall in no way to be construed to
be a  waiver  of such  provisions  or to  affect  either  the  validity  of this
Agreement  or the  right  of any  party to  thereafter  enforce  each and  every
provision of this Agreement.

         14. STATUS OF SHARES.  Foster,  Larsson,  Cameron and Saran acknowledge
that the Stock being purchased by LJCI constitutes restricted securities and the
resale thereof by Foster, Larsson,  Cameron and Saran may be limited and subject
to applicable  securities laws. In the event that Foster,  Larsson,  Cameron and
Saran acquire the Stock pursuant to the exercise of the Put Right or Call Right,
they shall  acquire  the Stock for  investment  purposes  and not with a view to
distribution.

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         IN WITNESS WHEREOF, LJCI, Foster, Larsson,  Cameron and Saran have duly
executed this Agreement as of the date first above written.

                                           La Jolla Cove Investors, Inc.
---------------------------------
John Foster
                                           By:
                                             ---------------------------------
---------------------------------
Kjell Larsson                              Title:
                                                 ------------------------------

----------------------------------
Krystol Cameron

-----------------------------------
Frank G. Saran

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