Document:

<PAGE>

                                                                EXHIBIT - 10.7.2

                                  MOSSIMO, INC.

             SECOND AMENDMENT TO OFFICE LEASE DATED JANUARY 1, 2004

         THIS SECOND AMENDMENT TO LEASE (this "AMENDMENT") is entered into
between CF SANTA MONICA OFFICE II, L.P., a Delaware limited partnership
("LANDLORD"), and MOSSIMO, INC., a Delaware corporation ("TENANT"), with
reference to the following:

         A. Lexington-Broadway Place, L.L.C. (predecessor-in-interest to
Landlord) and Tenant entered into that certain Lease dated June 29, 2000 and
that certain First Amendment to Office Lease dated as of June 26, 2002 (as
amended, the "LEASE") currently covering approximately 5,994 rentable square
feet consisting of 2016 Broadway Boulevard and 2018 Broadway Boulevard (the
"CURRENT PREMISES") of Broadway Place, Santa Monica, California (the "PROJECT").

         B. Tenant desires, inter alia, to expand the Premises to include 2032A
Broadway Boulevard, and to extend the Lease Term.

         C. Landlord and Tenant now desire to further amend the Lease as set
forth below. Unless otherwise expressly provided in this Amendment, capitalized
terms used in this Amendment shall have the same meanings as in the Lease.

         FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of
which are acknowledged, the parties agree as follows:

1. FIRST EXTENSION PERIOD. Although the Lease Term (until this Amendment)
expires on July 31, 2005, the parties have agreed that, as part of the business
terms of the transaction memorialized in this Amendment, the current Lease Term
(i.e., as to the Current Premises) will expire on March 31, 2004. Thereafter,
Lease Term as to the entire Premises (i.e., the Current Premises and the Second
Expansion Space, as defined below) is extended for a period of four (4) years
(the "FIRST EXTENSION PERIOD") commencing on April 1, 2004 and expiring on March
31, 2008.

2. SECOND EXPANSION SPACE. Landlord leases to Tenant and Tenant leases from
Landlord 2032A Broadway Boulevard, consisting of approximately 3,406 additional
rentable square feet (the "SECOND EXPANSION SPACE") in the Project as shown on
the attached EXHIBIT A, which is incorporated into this Amendment for all
purposes. The outline of the Premises attached to the Lease as EXHIBIT A-X is
deleted and replaced with EXHIBIT A attached to this Amendment, and the term
"PREMISES" as used in the Lease means and includes approximately 9,400 rentable
square feet, being the sum of the rentable square footage of the Current
Premises (5,994 rentable square feet) and the Second Expansion Space. The lease
of the Second Expansion Space is subject to all of the terms and conditions of
the Lease currently in effect, except as modified in this Amendment. Landlord
shall tender the Second Expansion Space to Tenant on April 1, 2004, at which
time Tenant's obligation to pay Rent pursuant to the Lease (as amended) for the
Second Expansion Space shall commence. Possession of space to commence on Jan.
5, 04.

3. MINIMUM RENT. Commencing on April 1, 2004 and continuing through the First
Extension Period, Tenant shall, at the time and place and in the manner provided
in the Lease, pay to Landlord as Minimum Rent for the entire Premises the
amounts set forth in the following rent schedule, plus any applicable tax
thereon:

                                                    MINIMUM
                                                    -------
             PERIOD                                   RENT          RATE
             ------                                   ----          ----
             April 1, 2004 thru March 31, 2005     $24,910.00       $2.65
             April 1, 2005 thru March 31, 2006     $25,662.00       $2.73
             April 1, 2006 thru March 31, 2007     $26,414.00       $2.81
             April 1, 2007 thru March 31, 2008     $27,166.00       $2.89
             April 1, 2008 thee July 31, 2009      $28,012.00       $2.98

4. ADDITIONAL RENT. Commencing on April 1, 2004, Tenant's Share of Direct
Expenses payable in accordance with Section 4 of the Lease shall increase to
12.47% to take the Second Expansion Space into consideration.

5. CONDITION OF PREMISES.

                                       -1-
<PAGE>

         (a) Tenant accepts the Current Premises and the Second Expansion Space
in their "as-is" condition "with all faults" without any agreements,
representations, undertakings or obligations on the part of Landlord to perform
any alterations, repairs or improvements.

         (b) Tenant shall, at Tenant's expense, cause to be constructed and
installed in the Second Expansion Space in a good and workmanlike manner and in
strict compliance with applicable laws, codes, regulations and ordinances the
permanent leasehold improvements desired by Tenant and approved by Landlord (the
"IMPROVEMENTS"). Tenant acknowledges that Landlord is not an architect or
engineer. Accordingly, Landlord's approval of the proposed Improvements is not a
representation by Landlord that the Improvements will comply with applicable
laws, codes, regulations and ordinances or be free from errors, omissions, or
defects, and Landlord will have no liability therefor, it being expressly
understood and agreed by Tenant that such matters are Tenant's responsibility.

         (c) Landlord shall reimburse Tenant for costs and expenses of the
Improvements up to a maximum of $150,000.00 (the "IMPROVEMENT ALLOWANCE") upon
delivery by Tenant to Landlord of (i) Tenant's written request for the
Improvement Allowance made no earlier than April 1, 2004 nor later than June 30,
2004, and (ii) evidence satisfactory to Landlord, which evidence must include
(but is not limited to) original invoices marked "paid" by the issuer and final
lien releases from all contractors, subcontractors and materials suppliers
involved in the Improvements, that Tenant paid no less than $150,000.00 for the
Improvements. In the event Tenant fails to comply with the immediately preceding
sentence, Tenant shall, for itself and its successors and assigns, forfeit and
renounce any right to the Improvement Allowance, and Landlord shall have no
further obligation to provide the Improvement Allowance to Tenant. If Tenant
does so comply, Landlord shall reimburse Tenant as set forth above within thirty
(30) days following Landlord's receipt of the items enumerated in (i) and (ii).

         (d) LIABILITIES ARISING FROM CONSTRUCTION; INDEMNITY. LANDLORD SHALL
NOT BE LIABLE IN ANY WAY FOR ANY INJURY, LOSS OR DAMAGE WHICH MAY OCCUR TO ANY
OF TENANT'S INSTALLATIONS DURING CONSTRUCTION OF THE IMPROVEMENTS, THE SAME
BEING SOLELY AT TENANT'S RISK, EVEN IF CAUSED BY THE SOLE OR CONCURRENT
NEGLIGENCE OF LANDLORD. TENANT HEREBY INDEMNIFIES AND FOREVER HOLDS HARMLESS
LANDLORD AND LANDLORD'S PROPERTY MANAGER FOR THE PROJECT, TOGETHER WITH THEIR
RESPECTIVE OFFICERS, SHAREHOLDERS, SUCCESSORS AND ASSIGNS, AGAINST ANY AND ALL
CLAIMS, DAMAGES, LOSSES, INJURIES, PENALTIES, COSTS, EXPENSES (INCLUDING
ATTORNEYS' FEES AND EXPERT AND CONSULTING FEES), DEMANDS, LITIGATION, SETTLEMENT
PAYMENTS, CAUSES OF ACTION OR JUDGMENTS, LOSSES, LIABILITIES, AND EXPENSES
ARISING OUT OF THE PERFORMANCE OF ANY WORK BY TENANT'S CONTRACTORS AND TENANT'S
SUBCONTRACTORS, EVEN IF CAUSED BY THE CONCURRENT NEGLIGENCE, BUT NOT THE GROSS
NEGLIGENCE OR RECKLESSNESS, OF LANDLORD. While in or upon the Premises and the
Project for the purposes of performing the Improvements, Tenant and Tenant's
contractors and subcontractors shall comply with all terms and provisions of the
Lease and Landlord's Rules and Regulations, which shall govern the relationship
of the parties.

         (e) Landlord and Tenant each agrees that this PARAGRAPH 5 constitutes
the entire agreement of the parties regarding the Improvements and the
Improvement Allowance, and that there were no verbal representations, warranties
or understandings pertaining to the Improvements, the Improvement Allowance, or
this Amendment. TENANT FURTHER ACKNOWLEDGES AND AGREES THAT LANDLORD DOES HEREBY
DISCLAIM ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED
TO THOSE OF FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE LEASED
PREMISES AND/OR THE IMPROVEMENTS LOCATED OR TO BE CONSTRUCTED THEREIN.

6. ADA COMPLIANCE.

         (a) Please be advised that an owner or lessee of real property may be
subject to the Americans With Disabilities Act (the "ADA"), a Federal law
codified at 42 USC Section 12101 et seq. Among other requirements of the ADA
that could apply to the Premises, Title III of the ADA requires lessors and
lessees of "public accommodations" to remove barriers to access by disabled
persons and provide auxiliary aids and services for hearing, vision or speech
impaired persons by January 26, 1992. The regulations under Title III of the ADA
are codified at 28 CFR Part 36. Lessor is not and shall not be responsible for
determining whether Lessee is a public accommodation under ADA or whether any
construction documents or plans prepared by or for Lessee comply with ADA
requirements, including submission of such documents or plans for review by
appropriate state agencies. Such determinations, if desired by Lessee, shall be
the sole responsibility of Lessee.

                                       -2-
<PAGE>

         (b) Tenant shall, at its expense, be responsible for ADA compliance in
the Premises, including restrooms within space now or hereafter leased or
occupied in its entirety by Tenant, its affiliates or Transferees, as well as
any modifications to the Premises or the Project required by the ADA by reason
of Tenant's lease of the Premises, or the use or occupancy of the Premises by
Tenant and/or its Transferees and their respective employees, agents,
contractors, invitees, licensees, successors and assigns.

7. PARKING. Commencing on January 5, 2004, the provisions of the Lease
pertaining to parking no longer apply. However, commencing on April 1, 2004,
Landlord shall provide parking permits in connection with the Premises on the
following terms and conditions:

         (a) Within thirty (30) days following April 1, 2004, Tenant may elect
to take, by giving Landlord written notice within such thirty (30) day period,
and Landlord shall then provide, up to eighteen (18) reserved and/or
tandem/reserved parking spaces in the Project at the monthly rate(s) applicable
from time to time for monthly parking as set by Landlord and/or its licensee,
plus any applicable taxes thereon. Monthly parking fees shall be payable one
month in advance prior to the first day of each calendar month. As of the
Effective Date (as defined below), the monthly parking rate per reserved and/or
tandem/reserved parking space is $0.00, subject to change upon five (5) days'
prior written notice to Tenant. Tenant's failure to elect to take any parking
spaces within the time allotted and as otherwise required by the immediately
preceding sentence shall be deemed Tenant's election to take no parking spaces.

         (b) Tenant's right to use any parking spaces duly and timely taken by
Tenant in accordance with PARAGRAPH 7(a) ("TENANT'S PARKING SPACES") shall be
contingent on Tenant's compliance with all applicable rules, regulations (as may
be modified by Landlord from time to time), applicable laws, and this PARAGRAPH
7, and shall continue unless and until a material default of the Lease by
Tenant. If Tenant commits, permits or allows any of the prohibited activities
described in the Lease or the rules then in effect, then Landlord shall have the
right, without notice, in addition to such other rights and remedies that it may
have, to remove or tow away the vehicle involved and charge the cost to Tenant,
which cost shall be immediately payable upon demand by Landlord. Tenant's
repeated noncompliance shall empower landlord to discontinue Tenant's access to
one or more of Tenant's Parking Spaces, and Tenant shall thereafter be excused
for paying from such parking space(s).

         (c) Tenant may permanently return all or any of Tenant's Parking Spaces
by giving Landlord thirty (30) days' written notice of the effective date of the
return. Upon such effective date, Landlord's obligation to provide, and Tenant's
obligation to pay for, such returned parking spaces shall terminate. Prior to
such effective date, Tenant shall return any key-card, sticker, or other
identification or entrance enabling device provided by Landlord. Landlord shall
have no obligation to provide Tenant, and Tenant shall have no right to, any
parking spaces that are returned or that Tenant does not timely elect to take.

         (d) Landlord shall provide Tenant's Parking Spaces, which shall allow
"in-and-out" privileges to the designated parking facilities area or areas using
parking access cards or permits, as applicable. No deductions from the monthly
charge shall be made for days on which the parking facilities are not used by
Tenant. Landlord shall have the continuing right to change the designation of
such parking facilities or areas. Tenant, its employees, contractors and
invitees, shall at all times comply with the applicable parking rules issued
from time to time. Neither Tenant nor its employees shall use any parking spaces
designated for visitors or other occupants of the Project. Tenant shall, within
fifteen (15) days of Landlord's written request, furnish Landlord a complete
list of license plate numbers for all vehicles to be parked in the Project by an
employee, licensee, invitee or contractor of Tenant. If there is a change in
employees, Tenant shall provide Landlord with the revised information within
five (5) days. Tenant's sole remedy for any period during which Tenant's use of
any of Tenant's Parking Spaces is precluded for any reason shall be abatement of
parking charges for such precluded spaces. Landlord shall not be obligated to
control any unauthorized parking in any of Tenant's Parking Spaces. Landlord
shall not be liable for any damage of any nature whatsoever to, or any theft of,
vehicles, or contents therein, or injury (fatal or non-fatal) to persons, in or
about such parking garage, INCLUDING, WITHOUT LIMITATION, THAT CAUSED BY
LANDLORD'S SOLE OR CONCURRENT NEGLIGENCE, BUT NOT TO THE EXTENT CAUSED BY
LANDLORD'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

         (e) Notwithstanding anything to the contrary contained in this
PARAGRAPH 7, upon thirty (30) days' prior written notice from Tenant and subject
to availability, Landlord shall provide Tenant, and Tenant shall have the right
to take, any parking permits that Tenant did not take in accordance with
Paragraph 7(a) or that Tenant previously returned pursuant to Paragraph 7(e),

                                       -3-
<PAGE>

subject to the limitation that the total number of Tenant's Parking Spaces,
including the parking permits Tenant desires to take pursuant to this PARAGRAPH
7(e), does not exceed eighteen (18).

8. JANITORIAL SERVICES. Tenant acknowledges and agrees that Landlord does not
provide janitorial services to the Premises. Tenant shall contract for
janitorial services necessary to comply with the requirements of the Lease with
a reputable third party provider ("TENANT'S PROVIDER") for Tenant's own account,
subject to Landlord's approval of Tenant's Provider, which approval shall not be
unreasonably withheld, conditioned or delayed. Tenant shall not permit entry to
the Project to a third party provider unless and until Tenant has received
Landlord's consent in accordance with the immediately preceding sentence, and
shall require Tenant's Provider (once so approved) to comply with the Rules and
Regulations, applicable laws, codes and ordinances, and Landlord's reasonable
policies and practices for the Project.

9. PERMITTED USE. The Permitted Use of the Premises is production and design
studios. Tenant acknowledges that the Permitted Use must comply with Part
9.04.08.35 of the Code of Ordinances of Santa Monica, CA as it may be amended or
modified or renumbered. Tenant hereby, represents and warrants that it has read
and understands Part 9.04.08.35 of the Code of Ordinances and Covenants that
Tenant will at all times during the Lease Term (as it may be hereafter modified,
extended or renewed) comply with it.

10. ASSIGNMENT AND SUBLETTING. ARTICLE 14 of the Lease is amended as follows:

         (a) The second sentence of SECTION 14.3 is modified to read as follows:

                  "TRANSFER PREMIUM" shall mean fifty percent (50%) of all rent,
                  additional rent or other consideration payable by such
                  Transferee in excess of the Rent (as defined in Section 4.1)
                  payable by Tenant under this Lease on a per rentable square
                  foot basis (after deducting therefrom reasonable leasing
                  commissions, marketing expenses and legal fees, and reasonable
                  costs of tenant improvements paid to unaffiliated third
                  parties in connection with the Transfer, with proof of same
                  provided to Landlord).

         (b) A new SECTION 14.7 is added as follows:

         14.7 TENANT AFFILIATE. Notwithstanding the provisions of SECTIONS 14.1
and 14.6, Tenant may sublet a portion of the Premises without Landlord's consent
to any corporation which controls, is controlled by or is under common control
with Tenant (any such corporation, a "TENANT AFFILIATE") provided that before
such sublease shall be effective, a fully executed counterpart of such sublease
shall be delivered to Landlord prior to the commencement of the term of such
Transfer. Any such sublease shall not, in any way, affect or limit the liability
of Tenant under the terms of the Lease even if after such subletting the terms
of this Lease are materially changed or altered.

         11. CONSENT. This Amendment is subject to, and conditioned upon, any
required consent or approval being unconditionally granted by Landlord's
mortgagee(s). If any such consent shall be denied, or granted subject to an
unacceptable condition, this Amendment shall be null and void and the Lease
shall remain unchanged and in full force and effect.

         12. BROKER. Tenant represents and warrants that it has not been
represented by any broker or agent in connection with the execution of this
Amendment other than Lee & Associates - Los Angeles West, Inc., which is acting
as agent for both Landlord and Tenant. Tenant shall indemnify and hold harmless
Landlord and its designated property management, construction and marketing
firms, and their respective partners, members, affiliates and subsidiaries, and
all of their respective officers, directors, shareholders, employees, servants,
partners, members, representatives, insurers and agents from and against all
claims (including costs of defense and investigation) of any other broker or
agent or similar party claiming by, through or under Tenant in connection with
this Amendment.

         13. TIME OF THE ESSENCE. Time is of the essence with respect to
Tenant's execution and delivery to Landlord of this Amendment. If Tenant fails
to execute and deliver a signed copy of this Amendment to Landlord by 5:00 p.m.
(in the city in which the Premises is located) on January 1, 2004, this
Amendment shall be deemed null and void and shall have no force or effect,
unless otherwise agreed in writing by Landlord. Landlord's acceptance, execution
and return of this Amendment shall constitute Landlord's agreement to waive
Tenant's failure to meet such deadline.

                                       -4-
<PAGE>

         14. MISCELLANEOUS. This Amendment shall become effective only upon full
execution and delivery of this Amendment by Landlord and Tenant. This Amendment
contains the parties' entire agreement regarding the subject matter covered by
this Amendment, and supersedes all prior correspondence, negotiations, and
agreements, if any, whether oral or written, between the parties concerning such
subject matter. There are no contemporaneous oral agreements, and there are no
representations or warranties between the parties not contained in this
Amendment. Except as modified by this Amendment, the terms and provisions of the
Lease shall remain in full force and effect, and the Lease, as modified by this
Amendment, shall be binding upon and shall inure to the benefit of the parties
hereto, their successors and permitted assigns.

              LANDLORD AND TENANT HAVE CAREFULLY READ AND REVIEWED THIS
              AMENDMENT AND EACH TERM AND PROVISION CONTAINED HEREIN AND, BY
              EXECUTION OF THIS AMENDMENT, SHOW THEIR INFORMED AND VOLUNTARY
              CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS
              AMENDMENT IS EXECUTED, THE TERMS OF THIS AMENDMENT AND OF THE
              LEASE (AS MODIFIED BY THIS AMENDMENT) ARE COMMERCIALLY REASONABLE
              AND EFFECTUATE THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH
              RESPECT TO THE PREMISES.

         LANDLORD AND TENANT enter into this Amendment as of JANUARY 1, 2004
(the "EFFECTIVE DATE").

LANDLORD:                      CF SANTA MONICA OFFICE II, L.P., a Delaware
                               limited partnership

                                    By:  CFO SM II, LLC, a Delaware limited
                                         liability company, its General Partner

                                    By:  /s/ Kathleen Damilobick
                                         --------------------------------------
                                         Name:  Kathleen Damilobick
                                                -------------------------------
                                         Title: Vice President
                                                -------------------------------

TENANT:                         MOSSIMO, INC., a Delaware corporation

                                By:   /s/ Edwin Lewis
                                      -----------------------------------------
                                      Name:  Edwin Lewis
                                             ----------------------------------
                                      Title: V-Chair - President
                                             ----------------------------------

1 MONTH SECURITY DEPOSIT

                                       -5-<PAGE>

EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT
                              --------------------

         THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into on December 1,
2003 between NEW CAPITAL IWORKS INC., a Delaware corporation ("Employer"), and
MICHAEL KNOX ("Employee").

                                  R E C I T A L
                                  -------------

         Employer wishes to employ Employee, and Employee agrees to serve, as
Director of Business Development for Employer, subject to the terms and
conditions set forth below.

                                A G R E E M E N T
                                -----------------
         It is agreed as follows:

         1. DUTIES OF EMPLOYEE. Employee shall serve in the capacity as Director
of Business Development. Employee's principal duties and responsibilities shall
consist of the planning and development of the Company's new business line
including but not limited to the supervision of all marketing activities, the
further refinement and development of the business model, establishing new
industry contacts to be used for future operations, and assisting with the
development of additional financing channels. Upon the successful closing of the
next round of financing, Employee shall be promoted to Chief Operating Officer
with the duties and responsibilities assigned to that position to be detailed at
a later date. Employee shall perform such other services and duties as may from
time to time be assigned to Employee by Employer's Chairman and Chief Executive
Officer or Board of Directors provided that such other services and duties are
not inconsistent with any other term of this Agreement. Except during vacation
periods or in accordance with Employer's personnel policies covering Employee
leaves and reasonable periods of illness or other incapacitation, Employee shall
devote his services to Employer's business and interests in a manner consistent
with Employee's title and office and Employer's needs for his services. Employee
shall perform the duties of Employee's office and those assigned to Employee by
the Employer's Chief Executive Officer or Board of Directors with fidelity, to
the best of Employee's ability, and in the best interest of Employer.

         2. COMPENSATION OF EMPLOYEE.

                  2.1 BASE COMPENSATION. During the interim period from the date
of this agreement until the closure of the next round of financing, Employee
shall not be entitled to any cash compensation. Employee's Base Salary ("Base
Salary") shall be reviewed if and at the time this closing occurs, and shall be
set at an appropriate level commensurate with Employee's new duties and
responsibilities at the elevated position of Chief Operating Officer. Base
Salary shall be reviewed at least annually and may be increased at any time and
from time to time as the Compensation Committee of the Board of Directors (the
"Compensation Committee"), in its sole discretion, shall deem appropriate. The
term Base Salary as utilized in this Agreement shall refer to Base Salary as so
increased. Any increase in Base Salary shall not serve to limit or reduce any
other obligation to Employee under this Agreement. Base Salary shall not be
reduced at any time during the Employment Period.

<PAGE>

                  2.2 BONUS COMPENSATION.

                           2.2.1 ANNUAL BONUS. As additional compensation for
Employee's services subsequent to funding, Employee shall be entitled to an
annual cash bonus (the "Annual Bonus"), to be determined by the majority
decision of the disinterested members of Employer's Compensation Committee. The
Compensation Committee shall consider Employee's Annual Bonus within the first
ninety (90) days following Employer's fiscal year end and shall take into
consideration all relevant matters.

                           2.2.2 STOCK COMPENSATION. In addition to his Base
Salary and Annual Bonus, and as consideration for Employee's assistance with the
Company's capital raising endeavors, Employee shall be awarded eleven million
(11,000,000) shares of the Company's common stock upon the successful completion
of the next round of financing. The common shares, as issued pursuant to the
terms of this Agreement, shall be duly authorized, validly issued, fully paid
and nonassessable, and shall be free from any liens, encumbrances or
restrictions, other than any applicable restrictions under federal and state
securities laws.

                           2.2.3 OTHER BONUSES AND INCENTIVES. Furthermore,
Employee shall be eligible to participate in all incentive and bonus plans
available to senior executives of Employer, including all stock option plans
currently in place or any successor thereto, in an amount and on such terms as
shall be determined by the Compensation Committee or as otherwise provided in
the applicable plan. Employee shall also be eligible to participate in all
employee benefit plans, programs, practices or arrangements of Employer in which
other senior executives of Employer are eligible to participate from time to
time, including, without limitation, any qualified or non-qualified pension,
profit sharing and savings plans, any death benefit and disability benefit
plans, and any medical, dental, health and welfare plans on terms and conditions
at least as favorable as provided to other senior executives of Employer. During
the Employment Period, Employee shall also be entitled to all other fringe
benefits and vacation time available to other senior Executives of Employer.

         3. EXPENSE REIMBURSEMENTS. Employee shall be reimbursed for reasonable
and actual out-of-pocket expenses incurred by Employee in performance of
Employee's duties and responsibilities hereunder in accordance with Employer's
established personnel policy covering Employee expense reimbursements, as such
policy may be amended, revised or otherwise changed from time to time. Employee
shall furnish proper vouchers and expense reports and shall be reimbursed only
for those expenses which shall be reimbursable.

         4. VACATION AND SICK LEAVE. Except as provided in Section 2.2.3 above,
Employee shall be entitled to three (3) weeks vacation per every twelve (12)
month period of employment hereunder. Employee shall also be entitled to leaves
for illness or other incapacitation as is consistent with Employee's title and
Employer's needs for Employee's services, except as otherwise provided for in
Section 5.3.

                                       2

<PAGE>

         5. TERMINATION.

                  5.1 TERMINATION BY EMPLOYER FOR CAUSE. Employer may terminate
this Agreement and Employee's employment hereunder for Cause (as defined herein)
any time effective upon written notice to Employee. As used herein, the term
"Cause" shall mean:

                           5.1.1 Habitual neglect in the performance of
Employee's material duties as set forth in Section 1 which continues uncorrected
for a period of seven (7) days after written notice thereof by Employer to
Employee;

                           5.1.2 Gross negligence involving misfeasance or
nonfeasance by Employee in the performance of Employee's material duties as set
forth in Section 1 which continues uncorrected for a period of seven (7) days
after written notice thereof by Employer to Employee; or

                           5.1.3 Insubordination in the form of the unexcused or
unexcusable failure to carry out the written instructions of the Board of
Directors of Employer which continues uncorrected for a period of five (5) days
after written notice thereof by Employer to Employee. Any claimed
insubordination will be excusable on the basis that the Board of Directors'
instructions propose a violation of law or actions beyond the control of
Employee.

Upon termination for Cause, Employee will as soon as practicable be paid: (a)
Employee's Base Salary at the usual rate through the date of termination
specified in such notice; and (B) any amounts which Employee has earned under
any Employer benefit plan in accordance with the terms of such plan through the
date of termination.

                  5.2 TERMINATION WITHOUT CAUSE. Either Employee or Employer may
terminate this Agreement and Employee's employment without Cause on thirty days'
prior written notice. In the event of termination pursuant to this Section 5.2,
compensation will be paid and benefits will be provided to Employee as follows:

                           5.2.1 If the termination is by Employee without Good
Reason (as defined in Section 5.4 below), Employee will as soon as practicable
be paid: (a) Employee's Base Salary at the usual rate through the date of
termination specified in such notice (but not to exceed thirty days from the
date of such notice); and (B) any amounts which Employee has earned under any
Employer benefit plan in accordance with the terms of such plan through the date
of termination; or

                           5.2.2 If the termination is by Employer, and except
as provided under Section 5.5, Employer will as soon as practicable pay
Employee: (A) a lump sum payment equal to Employee's Base Salary at the usual
rate for the three (3) months following the date of termination; plus the higher
of his Annual Bonus for the last fiscal year or his average bonus for the past
three years; (B) the proportionate amount of any unpaid bonus or incentive
deemed earned for the year in which the termination takes place; (C) a lump sum
payment equal to any retirements benefits lost as a result of not having been
employed for the remaining term of the Agreement; and (D) a reasonable amount of
outplacement assistance (not to exceed fifteen percent of Employee's Base
Salary).

                                       3

<PAGE>

                           5.2.3 Without limiting the generality of the
foregoing, termination on account of Employee's retirement, whether voluntary or
mandatory, and whether normal or early approved, will be considered a
termination by Employee other than for Good Reason.

                  5.3 TERMINATION UPON DEATH OR DISABILITY. This Agreement and
Employee's employment hereunder shall terminate upon Employee's death or
Disability (as defined herein). For this purpose, "Disability" means incapacity,
whether by reason of physical or mental illness or disability, which prevents
Employee from substantially performing Employee's material duties as set forth
in Section 1 for six (6) months, or for shorter periods aggregating six (6)
months in any twelve (12) successive calendar months. Upon termination for
death, and unless Employer shall have in force a disability insurance policy
providing for benefits in an amount at least equal thereto, upon termination for
Disability, Employer shall continue to pay the Employee's Base Salary to the
surviving spouse of Employee (or if there is none to Employee's estate) in the
case of death and to Employee or Employee's court appointed conservator in the
case of Disability for fifteen (15) months thereafter. Termination for death
shall become effective upon the occurrence of such event and termination for
Disability shall become effective upon written notice by Employer to Employee.

                  5.4 TERMINATION FOR GOOD REASON. Employee may terminate this
Agreement and Employee's employment upon thirty days' prior written notice to
Employer for Good Reason, which notice must be given within sixty days of the
occurrence of an event constituting Good Reason or will be deemed waived. For
purposes of this Agreement, "Good Reason" means: (i) a reduction by Employer in
Employee's Base Salary to a rate less than the initial Base Salary rate set
forth in this Agreement; (ii) a change in the eligibility requirements or
performance criteria under any employee benefit plan or incentive compensation
arrangement under which Employee is covered on the effective date of this
Agreement, and which materially adversely affects Employee; (iii) Employer
requiring Employee to be based anywhere other than Employer's headquarters or
the relocation of Employer's headquarters more than fifty (50) miles from its
location on the effective date of this Agreement, except for required travel on
Employer's business to the extent substantially consistent with the business
travel obligations which Employee undertook on behalf of Employer on the
effective date of this Agreement; (iv) the assignment to Employee of any duties
or responsibilities which are materially inconsistent with Employee's status or
position as a member of Employer's employee management group; or (v) Employee's
good faith and reasonable determination, after consultation with
nationally-recognized counsel, that Employee is being unduly pressured or
required by the Board or a senior Executive of Employer to directly or
indirectly engage in criminal activity. In the event of termination for Good
Reason pursuant to this Section 5.4., Employer will pay Employee the amounts and
provide the benefits described under Section 5.2.2.

         6. EMPLOYEE'S REPRESENTATIONS. Employee represents and warrants that
Employee is free to enter into this Agreement and to perform each of the
provisions contained herein. Employee represents and warrants that Employee is
not restricted or prohibited, contractually or otherwise, from entering into and
performing this Agreement, and that Employee's execution and performance of this
Agreement is not a violation or breach of any agreement between Employee and any
other person or entity.

                                       4

<PAGE>

         7. GENERAL PROVISIONS.

                  7.1 SEVERABLE PROVISIONS. The provisions of this Agreement are
severable, and if any one or more provisions may be determined to be judicially
unenforceable, in whole or in part, the remaining provisions shall nevertheless
be binding and enforceable.

                  7.2 ASSIGNMENT. This Agreement shall be binding upon and shall
inure to the benefit of Employer, its successors and assigns and Employer shall
require any successor or assign (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that Employer would be
required to perform if no such succession or assignment had taken place. The
term "Employer" as used herein shall include such successors and assigns. The
term "successors and assigns" as used herein shall mean a corporation or other
entity acquiring all or substantially all the assets and business of Employer
(including this Agreement) whether by operation of law or otherwise. Neither
this Agreement nor any of the rights or obligations of Employee hereunder shall
be assignable except by operation of law or the rules of descent.

                  7.3 ATTORNEYS' FEES. If any legal action arises under this
Agreement or by reason of any asserted breach of it, the prevailing party shall
be entitled to recover all costs and expenses, including reasonable attorneys'
fees, incurred in enforcing or attempting to enforce any of the terms, covenants
or conditions, including costs incurred prior to commencement of legal action,
and all costs and expenses, including reasonable attorneys' fees, incurred in
any appeal from an action brought to enforce any of the terms, covenants or
conditions.

                  7.4 NOTICES. Any notice to be given to Employer under the
terms of this Agreement shall be addressed to Employer at the address of
Employer's principal place of business, and any notice to be given to Employee
shall be addressed to Employee at his home address last shown on the records of
Employer, or at such other address as either party may hereafter designate in
writing to the other. Any notice required or permitted under this Agreement
shall be in writing and shall be deemed effective: (i) upon receipt in the event
of delivery by hand, including delivery made by private delivery or overnight
mail service where either the recipient or delivery agent executes a written
receipt or confirmation of delivery; or (ii) 72 hours after deposited in the
Swiss mail, postage prepaid.

                  7.5 WAIVER. Either party's failure to enforce any provision or
provisions of this Agreement shall not in any way be construed as a waiver of
any such provision or provisions, or prevent that party thereafter from
enforcing each and every other provision of this Agreement.

                  7.6 ENTIRE AGREEMENT; AMENDMENTS. This Agreement supersedes
any and all other agreements, either oral or in writing, between the parties
hereto with respect to the employment of Employee by Employer and contains all
of the covenants and Agreements between the parties with respect to the
employment of Employee by Employer. Each party to this Agreement acknowledges
that no representations, inducements, promises or agreements, orally or
otherwise, have been made by any party, or anyone acting on behalf of any party,
which are not embodied herein, and that no other agreement, statement or promise
not contained in this Agreement will be effective only if it is in writing
signed by the party to be charged.

                                       5

<PAGE>

                  7.7 TITLES AND HEADINGS. Titles and headings to sections of
this Agreement are for the purpose of reference only and shall in no way limit,
define or otherwise affect the interpretation or construction of such
provisions.

                  7.8 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of California.

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

                            "EMPLOYER"

                            NEW CAPITAL IWORKS, INC.,
                            a Delaware corporation

                            By: /s/ Kevin DeVito
                               -------------------------------------------------
                                       Kevin DeVito,
                                       Chairman and CEO

                            "EMPLOYEE"

                             /s/ Michael Knox
                             ---------------------------------------------------
                                       Michael Knox
                                       Director of Business Development

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]