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                                                                    EXHIBIT 4.19

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
  THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY
 STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR
     HYPOTHECATED UNLESS SUCH SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS IN
         ACCORDANCE WITH SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

AUGUST 14, 2001                                                    WARRANT NO. 1

                                     WARRANT

                           TO PURCHASE COMMON STOCK OF

                                  iEXALT, INC.
                              A NEVADA CORPORATION

         This Warrant certifies that Cresson Productions, Inc. a Nevada
Corporation ("Purchaser"), is entitled to purchase from iExalt, Inc., a
Nevada corporation (the "Company"), the Shares (as defined herein) in the
amounts and at the Exercise Price (as defined herein), all on the terms and
conditions hereinafter provided.

         SECTION 1. CERTAIN DEFINITIONS. As used in this Warrant, unless the
context otherwise requires:

         "AFFILIATE" shall mean: (i) any Person directly or indirectly
controlling, controlled by, or under common control with, another Person;
(ii) any Person owning or controlling ten (10%) percent or more of the
outstanding voting securities of another Person; (iii) any officer, director
or partner of a Person; and (iv) if a Person is an officer, director or
partner, any such company for which such Person acts in such capacity.

         "ARTICLES" shall mean the Certificate of Incorporation of the
Company, as in effect from time to time.

         "COMMON STOCK" shall mean the Company's authorized common stock,
$0.001 par value per share.

         "EXERCISE PRICE" shall mean the exercise price of $0.07 per share of
Common Stock as determined as follows, as adjusted from time to time pursuant
to Section 3 hereof.

         "EXPIRATION DATE" shall mean five (5) years from the date of Closing.

         "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

         "SHARES" shall mean the number of shares of the Company's common stock.

         "WARRANT" shall mean this Warrant and all additional or new warrants
issued upon division or combination of, or in substitution for, this Warrant.
All such additional or new warrants shall at all times be identical as to
terms and conditions and date, except as to the number of shares of Common
Stock for which they may be exercised.

         "WARRANT STOCK" shall mean the shares of Common Stock purchasable by
the holder of this Warrant upon the exercise of such Warrant.

         "WARRANTHOLDER" shall mean Purchaser, as the initial holder of this
Warrant, and its nominees, successors or assigns, including any subsequent
holder of this Warrant to whom it has been legally transferred.

         SECTION 2. AMOUNT OF SHARES AND EXERCISE OF WARRANT.

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         (a) Upon signing this Warrant Agreement, the Company has issued
separate warrants to Purchaser, entitling Purchaser to purchase 420,000
shares of Company common stock. The warrants issued this date to Purchaser
are each fully vested and earned.

         (a.1) At any time after the date hereof through and including the
Expiration Date, Purchaser may at any time and from time to time exercise
this Warrant, in whole or in part.

         (b) Warrantholder may exercise this Warrant by means of delivering
to the Company at its principal office: (i) a written notice of exercise,
including the number of Shares of Warrant Stock to be delivered pursuant to
such exercise and identifying whether the exercise is being made by cash
purchase or conversion of shares of common stock; (ii) this Warrant; and
(iii) if applicable, payment equal to the Exercise Price multiplied by the
number of shares exercised. In the event that any exercise shall not be for
all Shares of Warrant Stock purchasable hereunder, the Company shall deliver
to Warrantholder a new Warrant registered in the name of Warrantholder, of
like tenor to this Warrant and for the remaining shares of Warrant Stock
purchasable hereunder, within ten (10) days of any such exercise. The notice
of exercise described in clause (i) shall be in the Subscription Form set out
at the end of this Warrant.

         Warrantholder may elect to pay the Exercise Price to the Company
either:

(1) by cash, certified check or wire transfer: (2) by converting the Warrant
into Common Stock ("Warrant Conversion"); or (3) any combination of the
foregoing. Such election of the form of payment of the Exercise Price shall
be specified in the Subscription Form. If Warrantholder elects to pay the
Exercise Price through Warrant Conversion, the Company shall deliver to
Warrantholder (without payment by Warrantholder of any cash or other
consideration) that number of shares of Common Stock equal to the difference
of: (I) the total number of shares of Common Stock issuable upon exercise of
this Warrant MINUS (II) that number of Shares of Common Stock having an
aggregate "Value" (as defined herein) equal to the aggregate Exercise Price.
For purposes of this Section 2, "Value" per share of Common Stock shall be
the difference, as of the date of exercise, between the Exercise Price and
the Fair Market Value (as determined either by the average closing price of
the Company for the 5 trading days immediately preceding the conversion as
reported in THE WALL STREET JOURNAL (Southwest Edition) or, if the Company is
no longer public (through de-listing, change of control or otherwise), the
Fair Market Value as determined by mutual agreement of the Company and
Purchaser (including appropriate discounts for illiquidity, minority and lack
of marketability), and if such cannot be mutually agreed, then as determined
by an independent appraiser expert in the industry, the cost of which would
be shared equally by the Company and the Warrantholder.

Notwithstanding the foregoing, Purchaser may utilize Warrant Conversion to
pay the Exercise Price only for a maximum of 50% of the total Warrant Stock.
Each transaction involving payment of the Exercise Price can be made at the
discretion of the purchaser up to 100% "cashless" warrant conversion.

         (c) Upon exercise of this Warrant and delivery of the Subscription
Form with proper payment relating thereto, the Company shall cause to be
executed and delivered to Warrantholder as soon as possible, and in no event
later than five business days thereafter, a certificate or certificates
representing the aggregate number of fully-paid and nonassessable shares of
Common Stock issuable upon such exercise.

         (d) The stock certificate or certificates for Warrant Stock to be
delivered in accordance with this Section 2 shall be in such denominations as
may be specified in the Subscription Form, and shall be registered in the
name of Warrantholder or such other name or names as shall be designated in
said Subscription Form. Such certificate or certificates shall be deemed to
have been issued, and Warrantholder or any other person so designated to be
named therein shall be deemed to have become the holder of record of such
shares, including to the extent permitted by law the right to vote such
shares or to consent or to receive notice as stockholders, as of the time
said Subscription Form is delivered to the Company as aforesaid.

         (e) The Company shall pay all expenses payable in connection with
the preparation, issue and delivery of stock certificates under this Section
2; provided, however, that Warrantholder shall pay any transfer taxes
resulting from the exercise of the Warrant and the issuance of Warrant Stock
hereunder.

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         (f) All shares of Warrant Stock issuable upon the exercise of this
Warrant in accordance with the terms hereof shall be validly issued, fully
paid and nonassessable, and free from all liens and other encumbrances
thereon, other than liens or other encumbrances created by Warrantholder.

         (g) In no event shall any fractional share of Common Stock of the
Company be issued upon any exercise of this Warrant. If, upon any exercise of
this Warrant, Warrantholder would, except as provided in this paragraph, be
entitled to receive a fractional share of Common Stock, then the Company
shall deliver in cash to such holder an amount equal to such fractional
interest.

         SECTION 3. ADJUSTMENT OF EXERCISE PRICE AND WARRANT STOCK.

         (a) If, at any time prior to the Expiration Date, the number of
outstanding shares of Common Stock is: (i) increased by a stock dividend
payable in shares of Common Stock or by a subdivision or split-up of shares
of Common Stock; or (ii) decreased by a combination of shares of Common
Stock, then, following the dividend or effective date of such stock dividend,
subdivision, split-up, or combination, the Exercise Price shall be adjusted
to a new amount equal to the product of (I) the Exercise Price in effect on
such record date, and (II) the quotient obtained by dividing (x) the number
of shares of Common Stock outstanding on such record date (without giving
effect to the event referred to in the foregoing clause (i) or (ii)), by (y)
the number of shares of Common Stock which would be outstanding immediately
after the event referred to in the foregoing clause (i) or (ii), if such
event had occurred immediately following such record date.

         (b) If, after the date of Closing, and at any time prior to the
Expiration Date, the Company issues or sells shares of its Common Stock or
any other shares of its Common Stock or any other securities convertible into
or exchangeable for Common Stock ("Convertible Securities"), or in any manner
grants or re-prices any warrants, options or other rights (collectively,
"Options") to purchase shares of Common Stock or Convertible Securities,
after the date hereof, which entitles the subscriber, or the holder of such
Option or Convertible Security, to purchase any shares of Common Stock at
less than the then current Exercise Price (or the Exercise Price as
ultimately determined pursuant to the definition of Exercise Price), then the
Exercise Price in effect immediately prior to such action by the Company
shall be adjusted to equal the price at which any such subscriber or holder
shall be entitled to purchase any such shares of Common Stock.

         (c) In the event that either of the events described in Section 3(a)
or Section 3(b) shall occur prior to the determination of the Exercise Price
(pursuant to the definition of such term), then immediately upon the
occurrence of the event that shall cause the determination of the Exercise
Price pursuant to such definition, such Exercise Price shall immediately be
adjusted in accordance with this Section 3.

         (d) Upon each adjustment of the Exercise Price as provided in
Section 3(a) or Section 3(b), Warrantholder shall thereafter be entitled to
subscribe for and purchase, at the Exercise Price resulting from such
adjustment, the number of shares of Warrant Stock equal to the product of:
(i) the number of shares of Warrant Stock existing prior to such adjustment;
and (ii) the quotient obtained by dividing (I) the Exercise Price existing
prior to such adjustment by (II) the new Exercise Price resulting from such
adjustment.

         (e) If, at any time prior to the Expiration Date, there occurs an
event which would cause the automatic conversion ("Automatic Conversion") of
the Warrant Stock into shares of the Company's common stock ("Common Stock")
in accordance with the Articles, then any Warrant shall thereafter be
exercisable, prior to the Expiration Date, into the number of shares of
Common Stock into which the Warrant Stock would have been convertible
pursuant to the Articles if the Automatic Conversion had not taken place.

         SECTION 4. DIVISION AND COMBINATION. This Warrant may be divided or
combined with other Warrants upon presentation at the office of the Company,
together with a written notice specifying the names and denominations in
which new Warrants are to be issued, signed by Warrantholder or its agent or
attorney. The Company shall pay all expenses in connection with the
preparation, issue and delivery of Warrants under this Section 4, including
any transfer taxes resulting from the division or combination hereunder. The
Company agrees to maintain at its office books for the registration of the
Warrants.

         SECTION 5. RECLASSIFICATION, ETC. In case of any reclassification or
change of the outstanding Common Stock of the Company (other than as a result
of a subdivision, combination or stock dividend), or in case

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of any consolidation of the Company with, or merger of the Company into,
another corporation or other business organization (other than a
consolidation or merger in which the Company is the continuing corporation
and which does not result in any reclassification or change of the
outstanding Common Stock of the Company), at any time prior to the Expiration
Date, then, as a condition of such reclassification, reorganization, change,
consolidation or merger, lawful provision shall be made, and duly executed
documents evidencing the same from the Company or its successor shall be
delivered to Warrantholder, so that Warrantholder shall have the right prior
to the Expiration Date to purchase, at a total price not to exceed that
payable upon the exercise of this Warrant, the kind and amount of shares of
stock and other securities and property receivable upon such
reclassification, reorganization, change, consolidation or merger by a holder
of the number of shares of Common Stock of the Company which might have been
purchased by Warrantholder immediately prior to such reclassification,
reorganization, change, consolidation or merger, and in any such case
appropriate provisions shall be made with respect to the rights and interest
of Warrantholder to the end that the provisions hereof (including provisions
for the adjustment of the Exercise Price and of the number of shares
purchasable upon exercise of this Warrant) shall thereafter be applicable in
relation to any shares of stock and other securities and property thereafter
deliverable upon the exercise of this Warrant.

         SECTION 6. RESERVATION AND AUTHORIZATION OF CAPITAL STOCK. The
Company shall at all times reserve and keep available for issuance such
number of its authorized but unissued shares of Common Stock as will be
sufficient to permit the exercise in full of all outstanding Warrants.

         SECTION 7. STOCK AND WARRANT BOOKS. The Company will not at any
time, except upon dissolution, liquidation or winding up, close its stock
books or Warrant books so as to result in preventing or delaying the exercise
of any Warrant.

         SECTION 8. LIMITATION OF LIABILITY. No provisions hereof, in the
absence of affirmative action by Warrantholder to purchase Warrant Stock
hereunder, shall give rise to any liability of Warrantholder to pay the
Exercise Price or as a stockholder of the Company (whether such liability is
asserted by the Company or creditors of the Company).

         SECTION 9. REGISTRATION RIGHTS. The Warrant Stock issuable upon
exercise of this Warrant is subject to the provisions of a certain
Registration Rights Agreement, dated the same date as this Warrant, by and
among the Company, Purchaser and the other Lenders.

         SECTION 10. TRANSFER. Subject to compliance with the Securities Act
and the applicable rules and regulations promulgated thereunder, this Warrant
and all rights hereunder shall be transferable in whole or in part. Any such
transfer shall be made at the offices of the Company at which this Warrant is
exercisable by Warrantholder or its duly authorized attorney upon surrender
of this Warrant together with an assignment hereof properly endorsed.
Promptly thereafter a new warrant shall be issued and delivered by the
Company, registered in the name of the assignee. Until registration of the
transfer of this Warrant on the books of the Company, the Company may treat
Purchaser as the owner hereof for all purposes.

         SECTION 11. INVESTMENT REPRESENTATIONS; RESTRICTIONS ON TRANSFER OF
WARRANT STOCK. Unless a current registration statement under the Securities
Act shall be in effect with respect to the Warrant Stock to be issued upon
exercise of this Warrant, Warrantholder, by accepting this Warrant, covenants
and agrees that, at the time of exercise hereof, and at the time of any
proposed transfer of Warrant Stock acquired upon exercise hereof,
Warrantholder will deliver to the Company a written statement that the
Warrant Stock acquired by Warrantholder upon exercise hereof is for the
account of Warrantholder (or is being held by Warrantholder as trustee,
investment manager, investment advisor or as any other fiduciary for the
account of the beneficial owner or owners) for investment, and is not being
acquired with a view to, or for sale in connection with, any distribution
thereof (or any portion thereof), and with no present intention (at any such
time), of offering and distributing such Warrant Stock (or any portion
thereof). The Warrant Stock may contain a standard securities law restrictive
legend reasonably required by the Secretary of the Company.

         SECTION 12. LOSS, DESTRUCTION OF WARRANT. Upon receipt of evidence
satisfactory to the Company of the loss, theft, destruction or mutilation of
any Warrant and, in the case of any such loss, theft or destruction, upon
receipt of indemnity and/or security reasonably satisfactory to the Company
or, in the case of any such mutilation,

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upon surrender and cancellation of such Warrant, the Company will make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new
Warrant of identical tenor and representing the right to purchase the same
aggregate number of shares of Common Stock.

         SECTION 13. ACCREDITED INVESTOR. Warrantholder represents that
Warrantholder is an accredited investor in all respects as defined under the
Securities Exchange Act and all other Federal and State Regulations.

         SECTION 14. AMENDMENTS. The terms of this Warrant may be amended,
and the observance of any term herein may be waived, but only with the
written consent of the Company and Warrantholder.

         SECTION 15. NOTICES GENERALLY. Any notice, request, consent, other
communication or delivery pursuant to the provisions hereof shall be in
writing and shall be sent by one of the following means: (i) by registered or
certified first class mail, postage prepaid, return receipt requested; (ii)
by facsimile transmission with confirmation of receipt; (iii) by nationally
recognized courier service guaranteeing overnight delivery; or (iv) by
personal delivery; and shall be properly addressed to Warrantholder at the
last known address or facsimile number appearing on the books of the Company,
or, except as herein otherwise expressly provided, to the Company at its
principal executive office, or such other address or facsimile number as
shall have been furnished to the party giving or making such notice, demand
or delivery.

         SECTION 16. SUCCESSORS AND ASSIGNS. This Warrant shall bind and
inure to the benefit of and be enforceable by the parties hereto and their
respective permitted successors and assigns which shall be limited to
Affiliates of the holder hereof.

         SECTION 17. ARBITRATION. The parties agree that any dispute arising
hereunder will be subject to Christian mediation. The parties will endeavor
to choose a neutral, third-party Christian mediator who does not have a
personal relationship with either, and on whom they can both agree. If the
parties are unable to reach written agreement on a mediator, then each will
choose one neutral Christian mediator from the list of Christian mediators in
any credible Christian mediation organization, and within fifteen (15) days
those chosen individuals will choose a mediator appropriate for this
mediation. If the parties are unable to reach an agreement through mediation,
both agree to submit their dispute to binding arbitration within ninety (90)
days from the selection of the arbitrator. If after thirty (30) days from the
unsuccessful mediation, the parties are unable to reach a written agreement
on an arbitrator, then the process for choosing a mediator outlined
previously in this paragraph will be instituted to aid in the appointment of
an arbitrator. The appointment shall be binding.

         SECTION 18. GOVERNING LAW. IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS WARRANT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS APPLICABLE TO CONTRACTS MADE
AND PERFORMED IN SUCH STATE, EXCEPT WITH RESPECT TO THE VALIDITY OF THIS
WARRANT, THE ISSUANCE OF WARRANT STOCK UPON EXERCISE HEREOF AND THE RIGHTS
AND DUTIES OF THE COMPANY WITH RESPECT TO REGISTRATION OF TRANSFER, WHICH
SHALL BE GOVERNED BY THE GENERAL CORPORATION LAW OF THE STATE OF TEXAS, IN
EACH CASE WITHOUT REFERENCE TO THE CONFLICTS OF LAWS PRINCIPLES OF THE STATE
OF TEXAS. THE PARTIES AGREE THAT ANY DISPUTE ARISING HEREUNDER WILL BE
SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE HARRIS COUNTY DISTRICT COURTS.

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in
its name by a duly authorized officer.

Dated: August 14, 2001

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                                             iEXALT, INC., A NEVADA CORPORATION

                                             By:   /s/ DONALD W. SAPAUGH
                                               -----------------------------
                                                      DONALD W. SAPAUGH, CEO

SUBSCRIPTION FORM

                (to be executed only upon exercise of Warrant)

To:      iExalt, Inc.
         12000 Aerospace Avenue, Suite 375
         Houston, Texas 77034

         [Choose one or both of the paragraphs, as applicable]

      The undersigned, pursuant to the provisions set forth in the attached
Warrant (No. 1), hereby irrevocably elects to purchase _____________ shares
of the Common Stock covered by such Warrant and herewith makes payment of
$__________, representing the full purchase price for such shares at the
price per share provided for in such Warrant.

         The undersigned, pursuant to the provisions set forth in the
attached Warrant (No. 1), hereby irrevocably elects to exercise the right of
conversion represented by the attached Warrant for ____ shares of Common
Stock, and as payment therefor hereby directs iExalt, Inc. to withhold that
number of shares of Common Stock that the undersigned would otherwise be
entitled thereunder.

         Dated: ____________                 Name:______________________________

                                             Signature:_________________________

                                             Address: __________________________

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                                                                   EXHIBIT 10.29

                    EMPLOYMENT AND NON-COMPETITION AGREEMENT

         THIS EMPLOYMENT AND NON-COMPETITION AGREEMENT (the "Agreement") is
entered into this 1st day of January 2001, between iExalt, Inc. a Texas
corporation (the "Company"), and Russell S. Ivy (the "Employee"), and shall
be effective as of the 28th day of February, 2001, or the date approved by
the board of iExalt, whichever occurs first.

                                   WITNESSETH:

         WHEREAS, the Company desires to retain the services of the employee
to assist in the management of the company's operations , and;

         WHEREAS, the Employee desires to assume an employment position as
the Chief Operating Officer, and shall be appointed as an Executive Vice
President, with the Company on the terms and conditions set forth below;

         WHEREAS, the agreements of the Company contained herein are an
important aspect of employment.

         NOW, THEREFORE, in consideration of the premises, mutual covenants
and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:

         1.       DUTIES.

         The Company hereby employs the Employee as the Chief Operating
Officer located in Houston, Texas. The employee is expected to perform his
primary duties in and around Houston, Texas unless otherwise instructed by
the iExalt Board of Directors or CEO. The Employee will use his best efforts
to promote the interests of the Company and to carry out his duties
hereunder. The employee agrees, during the employment period, to devote his
best efforts and skills to the business and interests of the company, and do
his utmost to further enhance and develop the best interests and welfare of
the Company. The Employee will dedicate his full time and attention in the
performance of his duties and responsibilities.

         a.       The Employee acknowledges and agrees that his services under
                  this Agreement necessarily involve his understanding of and
                  access to certain trade secrets and confidential information
                  pertaining to the business of the Company and its affiliates.
                  Accordingly, the Employee agrees that at all time after the
                  date hereof, he will not disclose to any unauthorized third
                  party any of the trade secrets or confidential information
                  pertaining to the business of the company and its affiliates,
                  and will not remove or retain, without the express written
                  consent of the Company, except in the normal conduct of his
                  duties, any figures, letters, papers, documents, instrument,
                  or copies thereof, or any other confidential information of
                  any type or description. The obligations of the Employee under
                  this paragraph shall survive the termination of this
                  Agreement.

         2.       COMPENSATION.

         For and in consideration of the performance of the Employee of the
services, terms, conditions, covenants and promises herein recited, the
Company agrees and promises to pay to the Employee at the times and in the
manner herein stated, the following:

         a.       Salary.  As the compensation for the services to be
performed by the Employee hereunder during the employment period, the
Employee shall receive, as gross salary before any withholding or whatever
sort, the sum of $130,000 per year, payable in the manner in which the
Company's payroll is customarily handled.

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         b.       Cash Bonus.  In addition to salary, Employee may be
entitled to receive an annual cash bonus, which annual cash bonus, if any, up
to a maximum amount equal to 50% of Employee's salary, shall be based upon
the achievement of the performance objectives mutually agreed to, and
specified herein.

         c.       Stock Options.  In addition to the salary and cash bonus,
Employee may be entitled to receive cashless stock options for up to 75,000
shares of common stock, par value $.001, of iExalt, Inc., a Nevada
Corporation, per year during the initial three-year term of this Agreement,
based upon the achievement of the performance objectives agreed to with the
Company.

         d.       Benefits.  In addition to the above, the Company shall
provide the Employee with participation in any present benefits program
available to all employees of the Company, such participation to be on the
same basis as other employees; fifteen (15) paid vacation days annually; and
reimbursement of all reasonable out-of-pocket expenses incurred by the
Employee in the performance of the duties hereunder in accordance with the
policies of the Company.

         e.       Part time employment.  It is understood that the Employee
and the Company desire to begin an initial employment evaluation, and
Employee desires to immediately assist the Company with fund raising, and
operational evaluation responsibilities. It is expected that full time
employment with iExalt shall begin on or about 3/1/01, and as interim
compensation, Employee shall be paid 1,000 shares of restricted stock per
day, not to exceed 500,000 shares, until such time as he is able to fulfill
the full time responsibilities, or until such time as the board has approved
such Employment agreement.

         3.       TERM AND TERMINATION.

         a.       The term of this agreement shall be three (3) years. At any
time the Company may, in its sole discretion, discharge the Employee for
"cause," effective immediately upon providing the Employee with notice of his
dismissal. The only occurrences which shall constitute "cause" within the
meaning of this paragraph shall be the following:

         (i)      the conviction of the Employee of a felony or any crime
                  involving moral turpitude; or
         (ii)     the commission of the Employee of an act of fraud or bad faith
                  upon the Company, or
         (iii)    the willful misappropriation of any funds or property of the
                  Company by the Employee; or
         (iv)     the willful, continued failure by the Employee to perform the
                  duties or obligations under this Agreement; or
         (v)      the breach of any material provisions hereof, which is not
                  promptly cured after the Company notifies the employee of such
                  breach, or the engagement by the Employee, without the prior
                  written approval of the Company, in any activity which would
                  violate the provisions of Paragraph 4 of this Agreement.
         (vi)     failure to meet agreed to performance objectives.

         b.       Employee's employment shall also terminate upon:

         (i)      the death or permanent disability of the Employee; The Company
         has advised the Employee that it currently maintains disability
         insurance for its employees and during the term of this Agreement, the
         Company shall maintain disability insurance covering the Employee on
         terms and conditions no less favorable than the terms and conditions in
         effect at the date of this Agreement.

         (ii)     the voluntary resignation of the Employee.

         c.       The Company may, in its sole discretion, terminate the
Employee without "cause," which term is defined in paragraph 3(a) hereof.

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         d.       If the employment period is terminated pursuant to
paragraph 3(a) or 3(b), then the Company will have no obligation to pay any
amount to the employee other amounts earned or accrued pursuant to the salary
provisions above.

         e.       If this Agreement is terminated pursuant to paragraph 3(c),
then the Company shall pay the Employee all amounts earned or accrued
pursuant to the provisions of paragraphs 2(a) and 2(d) hereof, but which have
not yet been paid as of the date of the termination of the Employee. In
addition, the Company shall until three (3) months following the termination,
pay the amount of salary that would be payable pursuant to paragraph 2(a) if
Employee's employment had not been terminated.

         f.       Unless otherwise terminated, this Agreement shall expire in
three years.

         4.       COVENANTS NOT TO COMPETE.

         a.       In consideration of the Company's agreement to enter into
this Agreement and to provide Employee with access during the course of his
employment to certain confidential information of the Company and its
Affiliates, for the period commencing on the date hereof and expiring on the
first anniversary date of the termination of Employee's employment with the
Company, neither the Employee nor any of his Affiliates (defined below)
shall, directly or indirectly, for himself or on behalf of any other person,
corporation, firm, partnership, association or any other entity (i) engage or
participate in any "Competing Business" anywhere in the United States, (ii)
induce any customers of the Company or its Affiliates to patronize any
Competing Business; (iii) canvass, solicit or accept any Competing Business
from any customer of the Company or its Affiliates unless directed to do so
by the Company; (iv) request or advise any customers of the Company or its
Affiliates to withdraw, curtail or cancel such customer's business with
respect to any Competing Business; (v) disclose to any other person, firm or
corporation engaged in any Competing Business the names or addresses of any
of the customers of the Company or its Affiliates; or (vi) induce or attempt
to influence any employee of the Company or any of its Affiliates to
terminate his/her employment or to hire any such employee, whether or not so
induced or influence.

         5.       MISCELLANEOUS.

         a.       The undersigned parties to this Agreement warrant and
represent that they have the power and authority to enter into this Agreement
in the names, titles and capacities herein stated.

         b.       A waiver by either party of any of the terms and conditions
of this Agreement in any instance shall not be deemed or construed to be a
waiver of such term or condition of for the future, or of any subsequent
breach thereof, or of any other term and condition of this Agreement.

         c.       This Agreement constitutes the entire agreement between the
parties respecting the services of the Employee, and there are no
representations, warranties, agreements or commitments between the parties
hereto with respect to such employment relationship except as set forth
herein. This Agreement may be amended only by an instrument in writing
executed by the undersigned parties.

         d.       Any notice, request, demand or other communication
permitted to be given hereunder shall be in writing to the address set forth
by the signature of the parties below, and shall be deemed to be duly given
when personally delivered to an employment officer of the company or to the
Employee, as the case may be, or when deposited in the United States mails,
by certified or registered mail, return receipt requested, portage prepaid.
Either party may change by notice the address to which notices are to be sent.

         e.       The Agreement shall be construed, interpreted and enforced
in accordance with the laws of the State of Texas, county of Harris.

                                       3
<Page>

         f.       If any provisions of this Agreement shall, for any reason,
be held violative of any applicable law, and so much of said Agreement is
held to be unenforceable, then the invalidity of such specific provision
herein shall not be held to invalidate any other provision herein, such
provision to remain in full force and effect.

         g.       THIS AGREEMENT IS PERSONAL TO THE EMPLOYEE, AND THE
EMPLOYEE MAY NOT ASSIGN, TRANSFER IN ANY WAY OR DELEGATE ANY OF THE RIGHTS OR
OBLIGATIONS HEREUNDER.

         h.       Any dispute arising from this agreement shall be governed
in accordance with the RULES OF PROCEDURE FOR CHRISTIAN CONCILIATION of the
Institute for Christian Conciliation (Peacemaker Ministries) for any and all
disputes concerning or arising from or under this agreement. Both parties
realize that arbitration will be the exclusive remedy for potential disputes
and may not later litigate these or any other related matters in civil court.

         i.       The Company shall, to the maximum extent permitted by law,
indemnify and hold the Employee harmless against, including reasonable
attorney fees, judgments, fines, settlements, and other amounts actually and
reasonably incurred in connection with any proceeding arising by reason of
the Employee's employment by the Company, except fraud, or willful
misconduct. The Company shall advance to the Employee any expense incurred in
defending any such proceeding to the maximum extent permitted by law.
Furthermore, the Company shall maintain adequate D & O coverage, and such
coverage shall be deemed as the primary source of protection for any and all
claims arising from actions of the Employee.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first written above.

IEXALT, INC., the "COMPANY"

By    /s/ Donald Sapaugh
   ---------------------------------
      Donald Sapaugh, Chairman, CEO

RUSSELL S. IVY "Employee"

By   /s/ Russell Ivy
   ---------------------------------
         Individually

                                       4

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