Document:

27
      February 2007

    

    Waat
      Media Corporation (k/n/a Twistbox Entertainment, Inc.) 

    14242
      Ventura

    Suite
      300

    Sherman
      Oaks

    CA
      91356

    United
      States of America

    

    FAO:
      Justin Richardson 

     

    Dear
      Sirs,

    

    FURTHER
      LETTER
      OF
      AMENDMENT
      OF
      CONTRACT
      BETWEEN
      WAAT
      MEDIA
      CORPORATION
      ("CONTENT PROVIDER") AND VODAFONE UK CONTENT SERVICES LIMITED
      ("VCS")

    

    The
      Content Provider and Vodafone Group Services Limited entered into a Master
      Global Content Reseller
      Agreement dated 17 December 2004 ("Original
      Agreement")and
      a
      content schedule dated
      17
      January 2005 ("Content
      Schedule").To
      implement the Original Agreement and the Content
      Schedule in the UK, VCS signed a Contract Acceptance Notice on 11 April 2005
      (the Original
      Agreement, Content Schedule and Contract Acceptance Notice together the
"Contract").

    

    On
      25
      February 2006 VCS entered into an agreement with the Content Provider which
      provides that
      the
      Content Provider shall supply certain services to VCS ("Linking
      Agreement").The
      provision
      of such services by the Content Provider necessitates certain amendments to
      the
      Contract. Also
      on
      25 February 2006, VCS, Vodafone Group Services and the Content Provider
agreed
      by
      a letter ("the First
      Amendment Letter") to
      make
      amendments to the Contract with effect
      from that date, in respect of the relationship between the Content Provider
      and
      VCS in the UK
      only.
      VCS and the Content Provider have now agreed to amend the Contract in respect
      of
      the UK
      only
      as set out below:

    

    
      	1	
              Notwithstanding
                the date of this Letter, with effect from 1 January 2007, the Content
                Provider
                will pay VCS a minimum revenue guarantee of [INFORMATION OMITTED
                AND FILED
                SEPARATELY WITH THE COMMISSION UNDER RULE 24B-2] per month. Once
                the
                Gross
                Revenue (i.e.,
                the
                aggregate amount derived from both the Original Agreement and the
                Linking Agreement) for a month exceeds [INFORMATION OMITTED AND FILED
                SEPARATELY WITH THE COMMISSION UNDER RULE 24B-2], then the Content
                Provider Revenue shall
                be [INFORMATION OMITTED AND FILED SEPARATELY WITH THE COMMISSION
                UNDER RULE 24B-2] of
                the Gross Revenue in excess of such amount. VCS
                and the Content Provider agree to discuss in good faith, between
                1 April
                and 30 April 2007, whether these commercial
                terms are equitable and to adjust them
                accordingly.

            

    

    

    
      	2	
              In
                return for the payment of the minimum revenue guarantee in 1 above,
                VCS
                will additionally
                make available one dynamic module on the Vodafone Live! homepage
                to the
                Content
                Provider between the hours of 10 p.m. each night and 6 a.m. the following
                day for the
                Content Provider to promote the
                Content.

            

    

     

    
      Vodafone
        UK Content Services Limited

      Vodafone
        Content Services

      Vodafone
        House, The Connection, Newbury, Berkshire RG14 2FN,
        England

      Telephone:
        +44 (0)1635 33251, Facsimile: +44 (0)1635 686734

       

      Registered
        Office: Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England,
        Registered in England No. 4064826

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      
        
          	3	
                  Save
                    as varied by this Letter, the Contract shall continue in full
                    force and
                    effect and in the event
                    of any conflict between its terms and this letter the terms of
                    this letter
                    shall prevail.

                

        

      

    

    

    For
      the
      avoidance of doubt and unless otherwise provided in this Letter, the capitalised
      terms in this
      Letter shall have the same meaning as provided in the Contract.

    

    Please
      confirm your agreement to this Letter by signing and returning the enclosed
      copy. 

     

    Yours
      sincerely

     

     

    /s/
      Al Russell 
      
        

      

    

    Al
      Russell

    Head
      of
      UK Content & Messaging Services 

    E-mail:
      al.russell@vodafone.com

    

    We
      hereby
      agree to the contents of this Letter.

     

    

    
EVP/
    General Counsel
    for
      and
      on behalf of

    Waat
      Media Corporation (k/n/a Twistbox Entertainment, Inc.)

    Dated:
      28
      February 2007

     

    Vodafone
      UK Content Services Limited

    Vodafone
      House, The Connection, Newbury, Berkshire RG14 2FN,
      

    England

    Telephone:
      +44 (0)1635 33251, Facsimile: +44 (0)1635 686181

     

    Registered
      Office: Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England,
      Registered in England No. 4064826

     

    
      *WE
        HAVE REQUESTED CONFIDENTIAL TREATMENT OF CERTAIN PROVISIONS CONTAINED IN
        THIS
        EXHIBIT. THE COPY FILED AS AN EXHIBIT OMITS THE INFORMATION SUBJECT TO THE
        CONFIDENTIALITY REQUEST.*

    

     

    
      
        
        

      

      
        2Content
        Schedule

       

      1.
        This
        Content Schedule incorporates the terms of the Master Global Content Agency
        Agreement (the “Master Agreement”) between Vodafone Group Services Limited
        (“VGSL”), registered in England (registered number 3802001), having its
        registered office at Vodafone House, The Connection, Newbury, Berkshire RG14
        2FN, United Kingdom and the Content Provider (as defined below) dated 17
        December 2004.

       

      2.
        When
        signed by VGSL and the Content Provider this Content Schedule is a standing
        offer by the Content Provider of the applicable Content (as defined below)
        to
        all Vodafone Group Companies on the terms of the Master Agreement and this
        Content Schedule.

       

      3.
        A
        Vodafone Group Company may accept the Standing Offer by completing and signing
        the Contract Acceptance Notice and following the procedure set out in the
        Master
        Agreement.

       

      
        	
                1. Content
                  Provider

              	 	
                Waat
                  Media Corporation; United States of America; Company reg.
                  2512380;

                Address:
                  18226 Ventura Blvd. Suite 102, Tarzana. CA 91356.

              
	 	 	 
	
                2. Content

              	 	
                
                  Content
                    Provider will provide a minimum of two channels which may be included
                    in theVodafone
                    mobile TV offering:

                

              
	 	 	 
	
                 

              	 	
                1.
                  ‘Blue’ (which may have an alternative name in different Territories) -
                  This will take the
                  form of a two hour loop, updated by the Content Provider 5 days
                  per
                  week (Monday-Friday),
                  or a suitable refresh rate which suits both the delivery requirements
                  and commercial customer proposition and is agreed by both
                  parties, with
                  the intent of offering the above refresh rate when commercially
                  and
                  technically viable.
                  The channel shall be presented by a local presenter and/or local
                  graphics
                  will ensure
                  a local feel to the channel, conforming to the highest television
                  editorial and production
                  standards. A language agnostic version may be made available
                  for smaller
                  markets as agreed between the Parties. The channel shall be produced
                  in accordance
                  with broadcast quality production values including “mobile
                  sized” sensual
                  clips, with captivating fillers and entertaining bumpers. The channel
                  shall consist
                  of segmented programming, just like on television networks and
                  will
                  feature quality
                  brands and top tier content.

                 

                2.
                  The Parties also intend to include a ‘Playboy’ channel which will be
                  included in this
                  Content Schedule upon agreement in writing (which shall include
                  agreement
                  by email)
                  by the Parties. The ‘Playboy’ channel shall take the form of a two hour
                  loop, updated
                  by the Content Provider 5 days per week (Monday-Friday), or a
                  suitable refresh
                  rate which suits both the delivery requirements and commercial
                  customer proposition
                  and is agreed by both parties with the intent of offering the above
                  refresh rate
                  when commercially and technically viable. The channel shall be
                  presented
                  by a local
                  presenter and/or local graphics will ensure a local feel to the
                  channel,
                  conforming
                  to the highest television editorial and production standards. A
                  language agnostic
                  version may be made available for smaller markets as agreed between
                  the parties.
                  The channel shall consist of broadcast quality production values
                  including “mobile
                  sized” sensual clips, with captivating fillers and entertaining
                  bumpers.

                 

                Content
                  Provider confirms that it understands the difference between US
                  and
                  local European
                  tastes and will ensure that the Content fully reflects this
                  difference.

                 

                No
                  third party advertising shall be included in the Content unless
                  otherwise
                  specified by
                  VGSL.

              
	 	 	 
	
                3. Content
                  Provider Branding Guidelines

              	 	
                The
                  Content Provider shall brand the Content in accordance with Section
                  2. of
                  this Content
                  Schedule.

              
	 	 	 
	
                4. Marketing
                  Materials

              	 	
                The
                  Content Provider will provide marketing materials as requested
                  by VGSL
                  and/or the
                  Vodafone Group Companies from time to time.

              
	 	 	 
	
                5. Content
                  Provider Revenue

              	 	
                For
                  ‘Blue’, Content Provider Revenue shall be [INFORMATION OMITTED AND FILED
                  SEPARATELY WITH THE COMMISSION UNDER RULE 24B-2] of Net Revenue,
                  less all
                  the Deductions.
                  It is understood that Deductions (if any) shall be deducted from
                  the Content
                  Provider Revenue actually paid to the Content Provider in accordance
                  with Clause
                  10.2.

                 

                For
                  ‘Playboy’, Content Provider Revenue shall be [INFORMATION OMITTED AND
                  FILED SEPARATELY WITH THE COMMISSION UNDER RULE 24B-2] of Net Revenue,
                  less all the Deductions.
                  It is understood that Deductions (if any) shall be deducted from
                  the Content
                  Provider Revenue actually paid to the Content Provider in accordance
                  with Clause
                  10.2. 

                 

                The
                  Content Provider and VGSL shall seek to agree reasonable commercial
                  models
                  for ‘promotional’ content and bundled content as and when requested by
                  VGSL or a Vodafone
                  Group Company.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 

              	 	
                 

              
	
                6. Content
                  Protection

              	 	
                Clause
                  8.1 to 8.9 of the Master Agreement are not applicable. The Content
                  will be
                  streamed in H.263 or MPEG 4 or otherwise as decided by
                  VGSL.

              
	 	 	 
	
                7. Hosting

              	 	
                Vodafone
                  shall be responsible for hosting the Content initially but the
                  Content
                  Provider agrees that on request by Vodafone, the Content Provider
                  shall be
                  responsible for hosting the Content at no additional cost to
                  Vodafone.

              
	 	 	 
	
                8. Languages

              	 	
                As
                  per section 2 of this Content Schedule, the Content shall be presented
                  by
                  a local presenter and shall be available in a minimum of English,
                  French,
                  German, Italian and Spanish (EFIGS) and any other languages as
                  may be
                  reasonably requested by VGSL from time to time. A language agnostic
                  version of the Content shall be made available to those markets
                  where it
                  is not commercially viable to produce a non-EFIGS
                  language.

              
	 	 	 
	
                9. Territories

              	 	
                ‘Blue’
                  –
                  Worldwide 

                 

                ‘Playboy’
                  –
                  Worldwide excluding UK, Eire, Sweden, Austria, Italy, Australia,
                  New Zealand, Hong Kong, Thailand.

              
	 	 	 
	
                10. Mobile
                  Devices

              	 	
                All
                  mobile devices.

              
	 	 	 
	
                11. Format

              	 	
                The
                  Content Provider shall at its cost ensure that the Content is capable
                  of
                  supporting all Formats, which may be specified, by VGSL or the
                  Vodafone
                  Group Companies
                  (the “Format”) from time to time. The Content Provider shall not change or
                  vary the Format without Vodafone‘s prior written
                  consent.

              
	 	 	 
	
                12. Purchase
                  Options

              	 	
                Not
                  applicable.

              
	 	 	 
	
                13. VGSL
                  Certification

              	 	
                Not
                  applicable

              
	 	 	 
	
                14. Delivery
                  Timetables

              	 	
                As
                  requested by the Vodafone Group Companies. However the Content
                  Provider  should
                  be able to deliver the Content from 1 August 2005, or earlier depending
                  on
                  specific
                  market requirements.

              

      

      

        
          	
                  15. Relevant
                    Contacts

                	 	
                  The
                    Content Provider:

                  Technical
                    –
                    

                	 	
                   

                   

                  Camill
                    Sayadeh

                  Tel:.  
                    +1 818 708 9995

                  Mob:
                    +1 818 723 2488

                  Fax:   
                    +1 818 708 0598

                  camill@waatmedia.com

                
	 	 	 	 	 
	 	 	
                  Commercial
                    –

                	 	
                   

                  Adi
                    McAbian

                  Tel:   
                    +1 818 708 9995

                  Mob:
                    +1 818 644 1300

                  Fax.  
                     +1 818 708 0598

                  adi@waatmedia.com

                
	 	 	 	 	 
	 	 	
                  Financial
                    –

                	 	
                   

                  Lena
                    Barseghian

                  Tel:   
                    +1 818 708 9995

                  Mob:
                    +1 818 652 6497

                  Fax:  
                     +1 818 708 0598

                  lena@waatmedia.com

                
	 	 	 	 	 
	 	 	
                  VGSL:

                  Commercial
                    – Andrew Stalbow 

                   

                   

                	 	
                   

                  Tel:
                    +44 207 212 0591

                  Mob:
                    +44 7717 618 919

                  Fax:
                    +44 207 212 0701

                  E-mail:
                    andrew.stalbow@vodafone.com

                

        

      

       

      
        	
                16. Tax
                  Residence

              	 	
                The
                  same country as the registered address of the Content Provider
                  set out
                  above.

              
	 	 	 
	
                17.
                  Content
                  Provider’s bank account
                  details for electronic transfer
                  payments

                 

              	 	
                Payment
                  by VGSL to the Content Provider shall be made by BACS to the following
                  bank account:

                 

                EAST
                  WEST BANK

                18321
                  Ventura Blvd. Tarzana, CA 91356

                Account
                  Name: The Waat Corporation

              

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
                 

              	 	
                Account
                  Number: 8270-2648

                ABA#
                  322070381

                 

                The
                  currency of this Agreement shall be in Euros. All financial reports,
                  statements, invoices,
                  charges and payments made by one Party to the other shall be in
                  Euros.

              
	 	 	 
	
                18.
                  Special Conditions

              	 	
                1.
                  The Content Provider will comply with all VGSL/Vodafone content
                  standards
                  guidelines and policies as have been worked on in conjunction with
                  the
                  Content Provider and / or have been provided to the Content Provider
                  as
                  may change from time to time. Content Provider agrees that Content
                  provided in accordance with Section 2 of this Content Schedule
                  will vary
                  according to the Content Standard rating in each Territory, and
                  that
                  Content supplied shall always adhere to such rating as-agreed by
                  the
                  Vodafone Group Company locally. Content Provider shall also provide
                  reasonable assistance to help create such standards and guidelines
                  as
                  agreed from time to time.

              
	 	 	 
	
                 

              	 	
                The
                  current Content Standards Classification Matrix and associated
                  Vodafone
                  Group Company ratings dated April 2005 is attached. The Content
                  Provider
                  acknowledges that this will be updated and will change over time,
                  and that
                  the Content Provider is responsible for ensuring it delivers Content
                  in
                  accordance with the rating specified by each Vodafone Group Company
                  as
                  such rating may be amended from time to time.

                 

                Where
                  a Vodafone Group Company has indicated in the Content Standards
                  Classification Matrix that Content with a higher rating than other
                  Content
                  may be provided behind its access controls solution, the Content
                  Provider
                  shall ensure that higher rated Content is only accessible behind
                  the
                  access controls solution.

                 

                2.
                  The Commencement Date for each individual Contract may, at the
                  election of
                  each relevant Vodafone Group Company, be either: (a) the Commencement
                  Date
                  as defined in the Master Agreement; (b) 29 September 2003; or (c)
                  a date
                  In between (a) and (b) specified by each relevant Vodafone Group
                  Company.

                 

                3.
                  Clause 15.2 of the Master Agreement shall not apply to this Content
                  Schedule.

                 

                4.
                  In addition to its obligation in Clause 6.7 of the Master Agreement,
                  Content Provider shall be responsible for obtaining all licences,
                  clearances, permissions, waivers, approvals or consents required
                  in order
                  to enable Vodafone and VGSL to exercise the rights granted to VGSL
                  and
                  Vodafone in the Master Agreement and each relevant Contract including
                  without limitation, obtaining any necessary clearances and consents
                  from,
                  making royalty or other payments to the owners of the applicable
                  Intellectual Property Rights (including payment of any Collecting
                  Society
                  Royalties). In the event that VGSL or Vodafone is required to obtain
                  any
                  clearances and consents or to make royalty or other payments, Content
                  Provider shall
                  reimburse VGSL and Vodafone for any costs incurred in obtaining
                  such
                  clearances
                  and consents and for the amounts of such royalties or other payments.
                  

                 

                5.
                  In the event that the Content contains any Intellectual Property
                  Rights in
                  which the Content Provider has not been able to obtain all licences,
                  clearances, permissions, waivers, approvals or consents referred
                  to in
                  Special Condition 4 above, Content Provider shall notify VGSL and
                  Vodafone
                  and shall give VGSL and Vodafone the option of including alternative
                  content.

              

      

      

      
        	
                Signed
                  on behalf of VGSL:

                 

                 

              	 	 	
                Signed
                  on behalf of Content Provider:

              
	/s/ Graeme
                Ferguson	 	 	/s/ Camill
                Sayadeh 
	
                

                VGSL
                  authorised signatory

                 

                Print
                  name: Graeme Ferguson

                Position:
                  Director of Global Content Development

                Date
                  signed: 13th
                  July 2005

              	 	 	
                
                  

                

                Content
                  Provider authorised signatory

                 

                Print name: Camill Sayadeh 

                Position: COO

                Date
                  signed: July 5th 2005

              
	
              	 	 	 

      

      
        *WE
          HAVE REQUESTED CONFIDENTIAL TREATMENT OF CERTAIN PROVISIONS CONTAINED IN
          THIS
          EXHIBIT. THE COPY FILED AS AN EXHIBIT OMITS THE INFORMATION SUBJECT TO
          THE
          CONFIDENTIALITY REQUEST.*

      

       

      
        
          
          

        

        
          3

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