Document:

Exhibit 10.2.3

THIS AGREEMENT dated the 28  day of   March           2006 is made
BETWEEN:-

(1) NARROWSTEP LIMITED (registered number 4412126) whose registered office is at
    60 Parsons Green Lane, London SW6 4HU ("the Employer"); and

(2) IOLO JONES of 103 B South Hill Park, London NW3 2SP, (the "Employee"). IT IS
    AGREED as follows:-

1. DEFINITIONS

1.1.     In this Agreement the following words have the following meanings:-

"Board"                             The Board of Narrowstep Inc or such other
                                    person as the Board may decide from time to
                                    time.

"Business"                          the business of and any other trade or
                                    commercial activity of the Employer and the
                                    other Group Companies with which the
                                    Employee is concerned or involved to any
                                    material extent during his employment or
                                    which the Employer or any Group Company
                                    shall at the Termination Date have
                                    determined to carry on in the immediate or
                                    foreseeable future.

"Confidential Information"          information relating to the Business,
                                    products, affairs and finances of the
                                    Company or of any Group Company or of any of
                                    its or their suppliers; clients or customers
                                    that is now or hereafter confidential to it
                                    or to them or treated by it or them as such
                                    and trade secrets (including, without
                                    limitation, technical data and know-how)
                                    relating to the business of the Company or
                                    of any Group Company or of any of its or
                                    their suppliers, clients or customers.

"Connected Person"                  with reference to any person, any person who
                                    is a connected person within the meaning of
                                    section 839 of the Income and Corporation
                                    Act 1988.

"Customer"                          any person:-
                                    with whom the Employee has dealt in relation
                                    to Restricted Products or Restricted
                                    Services or of whom or he has knowledge

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                                    by virtue of his duties under this Agreement
                                    in the 12 months preceding the Termination
                                    Date; and

                                    b) who shall at the Termination Date be
                                    negotiating with the Employer or Group
                                    Company for the supply of any Restricted
                                    Products or the provision of any Restricted
                                    Services;

                                    c) to whom the Employer or Group Company
                                    shall at any time during the period of 12
                                    months prior to the Termination Date have
                                    supplied any Restricted Products or
                                    Restricted Services.

"Effective Date"                    March 28, 2006

"Employment"                        the employment created as a result of this
                                    agreement.

"Group Company"                     means any subsidiary or holding company of
                                    the Company or any subsidiary of any such
                                    holding company, and "Subsidiary" and
                                    "Holding Company" shall for this purpose
                                    bear the meanings ascribed to those terms
                                    respectively by section 736 of the Companies
                                    Act 1985.

"Intellectual Property Rights"      all inventions, patents, registered designs,
                                    know-how, trade marks and service marks
                                    (whether registered or not), any trade,
                                    brand or business names and any distinctive
                                    sounds used to differentiate the goods and
                                    services of a business, domain names,
                                    utility models, copyright (including all
                                    such rights in computer software,
                                    information, know-how, techniques and
                                    records and any databases), moral rights and
                                    the goodwill attaching to any of them and
                                    applications for any of them and any rights
                                    or forms of protection of a similar nature
                                    and having equivalent or similar effect to
                                    any of them which may subsist anywhere in
                                    the world.

"Intellectual Property Material"    means all information (including, without
                                    limit, all confidential information and
                                    trade secrets), methods, techniques,
                                    inventions, processes, models, data,
                                    reports, drawings, plans, research,
                                    know-how, databases,

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                                    designs, systems, software, creative works,
                                    domain names, email address names, logos,
                                    graphics, concepts and any other material
                                    produced, prepared, created, developed or
                                    discovered by the Employee (either alone or
                                    with others), during the period of his
                                    employment relating to the business of the
                                    Company (either directly or indirectly).

"Material Interest"                 a) the holding of any position as director,
                                    officer, employee, consultant, adviser,
                                    partner, principal or agent;

                                    b) the direct or indirect control or
                                    ownership (whether jointly or alone) of any
                                    shares (or voting rights attached to them)
                                    or debentures (except for the ownership for
                                    investment purposes only of not more than 3%
                                    of the issued ordinary shares of any company
                                    whose shares are listed on any Recognised
                                    Investment Exchange);

                                    c) the direct or indirect provision of
                                    financial assistance.

"Recognised Investment Exchange"    shall have the meaning given by section 207
                                    of the Financial Services Act 1986.

"Restricted Period"                 a period of 12 months commencing on the
                                    Termination Date.

"Restricted Products"               any products of a kind which have been
                                    during the period of 12 months prior to the
                                    Termination Date dealt in, produced,
                                    marketed or sold by the Employer or Group
                                    Company in the ordinary course of business.

"Restricted Services"               any services of a kind which have
                                    been in the period of 12 months prior to the
                                    Termination Date provided by the Employer or
                                    Group Company in the ordinary course of
                                    business.

"SSP"                               statutory sick pay.

"Supplier"                          any person who shall at the Termination Date
                                    be negotiating with the Employer or Group
                                    Company to supply any Restricted Products or
                                    provide any Restricted Services

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                                    or from whom the Employer or Group Company
                                    shall at any time during the period of one
                                    year prior to the Termination Date have
                                    acquired any Restricted Products or any
                                    Restricted Services including any person
                                    with whom the Employer or Group Company
                                    placed any order or entered into any
                                    contract to acquire or receive any goods or
                                    services or was entitled or obliged under
                                    any order to supply the Employer or Group
                                    Company with any goods or services with whom
                                    the Employee had business dealings on behalf
                                    of the Employer or Group Company.

"Termination Date"                  the date on which the Employee's employment
                                    under this Agreement terminates.

1.2.     In this Agreement:-

         1.2.1.   references to clauses are to clauses of this Agreement;

         1.2.2.   references to persons include bodies corporate, unincorporated
                  associations, governments, states, partnerships and trusts (in
                  each case, whether or not having separate legal personality);

         1.2.3.   the headings of clauses are for convenience only and shall not
                  affect the interpretation of this Agreement;

         1.2.4.   any reference to a statutory provision includes a reference to
                  any modification, consolidation or re-enactment of the
                  provision for the time being in force and all subordinate
                  instruments, orders or regulations made under it;

         1.2.5.   the eiusdem generis rule shall not apply so that general words
                  shall not be given a restrictive interpretation by reason of
                  their being preceded or followed by words indicating a
                  particular class of acts, matters or things;

         1.2.6.   "subsidiary" and "holding company" shall have the meanings
                  given to them by sections 736 and 736A of the Companies Act
                  1985;

         1.2.7.   references to a person acting "directly or indirectly" include
                  acting alone or jointly with or by means of any other person;

         1.2.8.   references to any document (including this Agreement) or a
                  provision of such document shall be construed as a reference
                  to that document or provision as from time to time
                  supplemented varied or replaced.

2. EMPLOYMENT

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2.1      The Employer shall employ the Employee as Founder and Chief Strategy
         Officer or in such other position as the Board from time to time may
         direct on the terms and subject to the provisions of this Agreement.

2.2.     The Employee's employment shall (subject to termination as provided
         elsewhere in this Agreement) commence on the Effective Date and shall
         continue thereafter unless and until terminated by either party giving
         to the other not less than 1 years written notice, if received by the
         other party before the first anniversary of the Effective Date, and 6
         month's written notice, if received by the other party after the first
         anniversary of the Effective Date.

2.3.     The date of commencement of the Employee's period of continuous
         employment is 10th May 2002.

3. DUTIES

3.1.     The Employee shall perform all duties attaching to the position of
         Founder and Chief Strategy Officer and shall be responsible to the
         Chairman of Narrowstep Inc from time to time. The principal duties of
         the position are to advise the Company on strategy and provide guidance
         on technical and marketplace issues. The Employee shall perform such
         other duties as may from time to time be assigned to him by or under
         the authority of the Board and shall comply with all reasonable
         directions made by or under the authority of the Board. The Employee
         may be required in pursuance of employment to be engaged not only on
         work on behalf of the Employer but also on work on behalf of any other
         Group Company.

3.2.     During his employment, unless prevented by incapacity or otherwise
         agreed with the Employer, the Employee shall:-

         3.2.1.   use his best efforts to promote the Employer's interests;

         3.2.2.   devote the whole of his time, attention and abilities during
                  normal business hours to the Employer's affairs;

         3.2.3.   faithfully and diligently serve the Employer and the Group and
                  perform his duties under this Agreement;

         3.2.4.   conform to such hours of work as may from time to time
                  reasonably be required of him;

         3.2.5.   in all respects comply with all lawful and reasonable
                  directions made by or under the authority of the Board; and

         3.2.6.   keep the Board or a person duly authorised by the Board
                  promptly and fully informed (in writing if so required) of his
                  conduct of the business or affairs of the Employer or any
                  other Group Company and provide such explanation as the Board
                  or its nominee may require.

3.3.     The Employee shall carry out his duties and exercise his powers jointly
         with any other Employee appointed by the Board from time to time.

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3.4.     The Employee may elect to discharge some or all of his duties from his
         home or another remote location and it shall only be mandatory for him
         to attend the Company's premises when reasonably required to do so by
         the Company.

3.5.     The Employee shall promptly disclose to the Board any interest of his
         own (or of any Connected Person):-

         3.5.1.   in any trade, business or occupation which is in competition
                  with the Employer or any Group Company;

         3.5.2.   in any trade or business carried on by any supplier or
                  customer of the Employer or any Group Company; and

         3.5.3.   in any actual or proposed contract, arrangement or transaction
                  entered into or to be entered into by the Employer or any
                  Group Company.

3.6.     During the period of his employment (including any period of suspension
         and any notice period) the Employee shall not (without the Board's
         prior written consent) hold or provide any Material Interest in or to
         any person which:-

         3.6.1.   directly or indirectly competes with the Business; or

         3.6.2.   impairs or might reasonably be thought by the Employer to
                  impair his ability to act at all times in the best interests
                  of the Employer or any Group Company.

3.7.     The place where the Employee will normally work will be at the
         Employer's address stated above. However, if called upon to do so and
         without any further remuneration the Employee shall perform his duties
         at such other location or locations as the Employer shall reasonably
         require whether on a temporary or permanent basis.

3.8.     Permitted Activities

         Subject to Board approval on each occasion, the Employee is permitted
         to be engaged, concerned or interested in or to hold office in any
         business or undertaking provided that:

         (a) the business or undertaking in question does not compete with the
         business of the Company or any Group Company;

         (b) the Employee's engagement, concern or interest in the businesses or
         undertakings in question does not require him to devote more than two
         days per week of his time, in total, such that he spends a minimum of
         three days per week on his duties for the Company.

         (c) the Employee notifies the Company in writing before or as soon as
         practicable after his engagement, concern or interest arises begins.

         (d) the Employee's salary from time to time is reduced by 20% for each
         day spent on such activities, with each individual engagement, concern
         or interest deemed to be for a minimum of one day.

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4. REMUNERATION

4.1.     The Employee's annual salary shall be (pound)100,000 per annum payable
         monthly in arrears by credit transfer.

4.2.     The Employee's annual salary shall be reviewed on or about 1st March of
         each year to take effect from that time. The first such review shall
         take place in 2007.

4.3.     The Employee's salary shall be deemed to accrue from day to day and
         shall be inclusive of all director's fees (if any) to which the
         Employee may be entitled and all remuneration which may become payable
         to the Employee by or in respect of services rendered by him to any
         Group Company.

4.4.     The Employer reserves the right to deduct from the Employee's salary
         any amount of any statutory benefits receivable by him in the case of
         sickness.

4.5.     The Employee may be paid a bonus from time to time, at the discretion
         of the Board.

5. EXPENSES

5.1.     The Employer (or another Group Company if appropriate) shall reimburse
         the Employee any travelling, hotel, entertainment and other out of
         pocket expenses properly incurred by the Employee in the course of the
         Employment subject to the production by the Employee of relevant
         invoices or other appropriate proof of expenditure.

5.2.     The Employer shall reimburse the Employee for the cost of such
         broadband internet installation and connection at the Employee's home
         as it may deem reasonable and for as long as it deems necessary.

6. HOURS OF WORK

6.1.     The normal business hours of the Employer are 09:00 - 17:30 Monday to
         Friday and shall apply to the Employee provided that the Employee shall
         work such further hours as may be necessary for the proper performance
         of his duties. Should the Employee be required by the Chairman of
         Narrowstep Inc to work at weekends and on statutory holidays then he
         shall be entitled to time off in lieu.

6.2.     The Employee agrees that, notwithstanding the provisions of Regulation
         4 of the Working Time Regulations 1998 relating to maximum weekly
         working time of 48 hours, the limit on maximum working time shall not
         apply to the Employee's employment. The Employee's agreement set out in
         this clause is given for an indefinite period, but shall be terminable
         on the Employee giving three months' prior written notice to the
         Employer.

7. HOLIDAYS

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7.1      The Employer's holiday year runs from 1st January. The Employee shall
         be entitled in each holiday year to 30 days holiday with full salary
         (in addition to statutory holidays) to be taken at times agreed with
         and approved by the President and Chief Executive Officer in advance.

7.2      The Employee's holiday entitlement shall accrue pro rata (to the
         nearest whole day) to the proportion of a holiday year worked. In the
         year in which he joins the Employer the Employee shall be entitled to
         the appropriate pro rata holiday entitlement.

7.3      The Employee shall not be entitled to carry forward unused holiday
         entitlement from one holiday year to the next.

7.4      There will be no payment in lieu of any untaken holiday entitlement
         except in the year of termination of employment when the Employee will
         be entitled to a payment in lieu of accrued holiday pro rata in respect
         of each completed month of service in the holiday year in which the
         Employment terminates (rounded up or down to the nearest whole day). If
         the Employee has at the date of termination of employment taken more
         than holiday entitlement for that holiday year the Employer will be
         entitled to make an appropriate deduction from his final salary
         payment.

8. SICKNESS ABSENCE AND SICK PAY

8.1      If the Employee is prevented by illness, accident or any other
         incapacity from fully carrying out his duties he shall comply with the
         following reporting procedure:-

         8.1.1    he must inform Cliff Webb or Fiona Lemon by telephone on the
                  first morning of his absence indicating, if possible, its
                  likely duration;

         8.1.2    if incapable of fully carrying out his duties for more than
                  two consecutive working days, he must submit a
                  self-certification sickness form or a medical certificate from
                  a qualified and practising medical practitioner to Cliff Webb
                  or Fiona Lemon;

         8.1.3    a medical certificate signed by a qualified and practising
                  medical practitioner must be promptly submitted to Cliff Webb
                  or Fiona Lemon if the Employee is incapable of fully carrying
                  out his duties for more than seven consecutive days;

         8.1.4    thereafter the Employee should promptly submit certificates at
                  weekly intervals covering the whole period of absence.

         8.1.5    the Employer reserves the right to call for medical
                  certificates to cover absences of less than seven days.

8.2      The Employer will continue to pay the Employee's salary during any
         period of sick leave up to a maximum of 90 days in any 12 month perm
         For the excess period of absence over 90 days, SSP will be paid by the
         Employer where appropriate in accordance with the legislation in force
         at the time of absence.

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         Details of the payment of SSP can be obtained from Cliff Webb or Fiona
         Lemon. The Employer may, at its discretion, enhance the payment of sick
         pay.

8.3      Where practicable, the Employee shall use all reasonable efforts to
         recover compensation for loss of earnings and benefits over the perm
         for which any salary has been or will be paid to hint by the Employer
         under this clause and, unless deducted pursuant to one of the above
         provisions, shall account to the Employer for any such compensation
         less any costs and expenses borne by the Employee incurred in
         recovering such compensation (in an amount not exceeding the actual net
         salary paid to him). The Employee shall keep the Employer informed of
         the commencement progress and outcome of any such claim.

9. PENSIONS

The Employer does not hold a current contracting out certificate issued under
the Pension Schemes Act 1993 in respect of the Employment.

10. CONFIDENTIALITY AND COMPANY DOCUMENTS

10.1     The Employee shall keep secret and shall not at any time during the
         Employment or after its termination for whatever reason:-
         10.1.1   use any Confidential Information for his own or another's
                  advantage; or
         10.1.2   disclose any Confidential Information to any person; or
         10.1.3   through any failure to exercise due care and diligence cause
                  or fail to prevent any unauthorised disclosure of any
                  Confidential Information.

10.2     The restriction contained in the above clause shall not apply:-
         10.2.1   to any disclosure or use authorised by the Board in writing or
                  required to be made by law (other than by reason of a
                  contractual obligation) or by the rules of any Recognised
                  Investment Exchange to which the Employer or any Group
                  Company is subject; or

         10.2.2   where the information has become available to the public
                  generally other than through unauthorised disclosure by the
                  Employee or another.

11. POST-TERMINATION RESTRICTIONS

11.1     The Employee shall not without the previous consent in writing of the
         Board (such consent not to be unreasonably withheld) directly or
         indirectly whether on his own account or on behalf of any other
         person:-
         11.1.1 during the Restricted Period:-
                  11.1.1.1 in competition with the Employer or Group Company
                           seek, canvass or solicit in any capacity whatsoever
                           any business, orders or custom for any Restricted
                           Products or Restricted Services from any Customer, or
                  11.1.1.2 induce or seek to induce by any means any Customer to
                           cease dealing with the Employer or Group Company or

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                           any supplier to cease supplying the Employer or Group
                           Company or to restrict or vary the terms upon which
                           any such Customer or supplier deals with the Employer
                           or any Group Company; or

         11.1.2   at any time after the Termination Date:-
                  11.1.2.1 represent himself or permit himself to be held out by
                           any person as being in any way connected with or
                           interested in the Employer or any Group Company.

11.2     The above restrictions shall apply to any action taken by the Employee
         or any interest which he may have (whether as agent, representative,
         principal, employee, partner, secondee or consultant or as a director
         of any company) and/or by any spouse of the Employee and/or by any
         company controlled, or business carried on, by him or any such spouse
         or through the means of any management agreement or technical
         assistance agreement in which the Employee has any interest.

12. PROVISIONS RELATING TO RESTRICTIONS

The Employee acknowledges and agrees that:-
12.1     the Employer and each Group Company possesses a valuable body of
         Confidential Information and he has been given and will be given access
         to such Confidential Information to enable him to carry out his duties
         under this Agreement;

12.2     such duties include, amongst other things, a duty of trust and
         confidence and a duty to act at all times in the best interests of the
         Employer and the Group;

12.3     the Employer requires all of its senior employees to accept
         restrictions which are similar to those set out in this Agreement in
         substitution for those contained in clause 11 of this Agreement for the
         mutual protection of the Business and employees;

12.4     each of the restrictions contained in the preceding clauses constitutes
         an entirely separate and independent restriction on him;

12.5     the duration, extent and application of each of the restrictions are to
         protect the Employer's and the Group Company's trade connections with
         its suppliers and customers and to maintain the services of its key
         employees and are no greater than is necessary for the protection of
         the interests of the Employer and the other Group Companies;

12.6     if any such restriction shall be adjudged to be void as going beyond
         what is reasonable in the circumstances for the protection of the
         interests of the Employer and the other Group Companies but would be
         valid if part of the wording of such restriction was deleted and/or the
         period of such restriction was reduced the said restriction shall apply
         within the jurisdiction of that court with such modifications as may be
         necessary to make it valid and effective;

<PAGE>

12.7     any breach of the undertakings contained in this Agreement could cause
         the Employer and any other Group Company irreparable injury in that
         monetary damages would not be an adequate remedy for any such breach.
         In the event of a breach or threatened breach by the Employee of any
         provision of this Agreement the Employee agrees that the Employer and
         any other Group Company shall be entitled to obtain an injunction
         restraining the Employee from breaching these provisions. Nothing
         contained in this Agreement shall be construed as prohibiting the
         Employer and any other Group Company from pursuing any other remedies
         available to it or them including recovery of monetary damages; and

12.8     the Employee acknowledges that he has an obligation to draw the
         restriction contained in this Agreement to the attention of any third
         party who may at any time either before or after the date of
         termination of the Employee's employment offer employment to the
         Employee.

13. TERMINATION

13.1     The Employee's employment may be terminated by either party giving
         notice to the other in accordance with the notice provisions contained
         in clause 2.2 of this Agreement.

13.2     The Employee's employment under this Agreement shall in any event
         automatically terminate upon the day on which the Employee attains the
         age of 65 years (being the Employer's normal retirement age).

13.3     The Employer may terminate the Employee's employment by written notice
         having immediate effect or on the expiry of such period of written
         notice as the Employer may consider appropriate and without any
         obligation to pay any further sums to the Employee whether by way of
         damages, compensation or otherwise in respect of any notice period (but
         without prejudice to the rights and remedies of the Employer for any
         breach of this Agreement and to the Employee's continuing obligations
         hereunder) if the Employee:-
         13.3.1   commits any act of dishonesty or serious or persistent
                  misconduct;

         13.3.2   becomes bankrupt or has a receiving or administration order
                  made against or makes any formal arrangement or composition
                  with creditors, or

         13.3.3   commits any serious breach of or persistently does not observe
                  any of the provisions of this Agreement or refuses, neglects
                  or fails to carry out his duties to the reasonable
                  satisfaction of the Board or has, in the reasonable opinion of
                  the Board, carried out his duties in a way which amounts to
                  gross negligence; or

         13.3.4   becomes of unsound mind or a patient within the meaning of the
                  Mental Health Act 1983; or

         13.3.5   is convicted of any criminal offence {other than an offence
                  under the Road Traffic Acts for which a custodial sentence,
                  either immediate or

<PAGE>

                  suspended, is not imposed) which prevents him from fulfilling
                  his employment; or

         13.3.6   is guilty of any conduct which in the reasonable opinion of
                  the Board brings him or the Employer or any other Group
                  Company into disrepute; or

         13.3.7   is disqualified from driving or if he ceases to hold a valid
                  United Kingdom or European Union driving licence (unless the
                  Employee is able to make alternative travel arrangements in
                  connection with the discharge of his duties under this
                  Agreement at his own expense to the satisfaction of the
                  Board); or

         13.3.8   fails to perform his duties to standards reasonably required
                  by the Board (including reaching performance requirements set
                  by the Board after receiving a written warning regarding poor
                  performance from the Board).

13.4     The Employee's employment may be terminated at any time without notice
         provided the Employer makes a payment equivalent to the Employee's
         salary for the proper period of notice. If the Employer elects to pay
         the Employee salary in lieu of notice, it may make such payments to the
         Employee on a monthly basis for the duration of his notice period.

13.5     The Employer may require the Employee not to report for work during his
         notice period, but in any such case the Employee's employment shall
         continue upon these terms and conditions until the expiry of the
         notice. The implied duty of fidelity between the Employee and the
         Employer will continue during any period of garden leave.

13.6     Upon the giving of notice of termination for whatever reason by either
         party, the Employee shall:-
         13.6.1   deliver to the Employer (or to its order) all Intellectual
                  Property Material, Confidential Information relating to the
                  Employer (and any Group Company) and all books, documents,
                  disks, software, papers (including copies), materials, credit
                  cards, and other property relating to the business of the
                  Employer (or any other Group Company) which may then be in his
                  possession or under his control;

         13.6.2   upon request immediately resign any position in or office of
                  the Employer or any other Group Company and if he should fail
                  to do so within seven days the Employer is hereby irrevocably
                  authorised to appoint some person as the Employee's attorney
                  in his name and on his behalf to sign any documents or do any
                  thing necessary to or desirable to give effect to this clause;

         13.6.3   not enter onto the premises of the Employer or of any other
                  Group Company;

         13.6.4   upon request transfer to the Employer in accordance with the
                  articles of association any shares held by him in the Company.

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13.7     During any notice period the Employee shall not contact or deal with
         the Employer's or any Group Company's customers, suppliers or
         employees.

13.8     The termination of the Employee's employment and/or this Agreement
         shall not affect such of the provisions of this Agreement as are
         expressed so that they have effect or are to operate after termination.

14. INTELLECTUAL PROPERTY

14.1     All Company Material and all Intellectual Property Rights therein shall
         to the fullest extent permitted by law belong to, vest in and be the
         absolute, sole and unencumbered property of the Company or any Group
         Company.

14.2     The Employee hereby:
         14.2.1   acknowledges for the purposes of Section 39, Patents Act 1977
                  that because of the nature of his duties he has and at all
                  times during his employment will have a special obligation to
                  further the interests of the undertakings of the Company and
                  of any Group Company;

         14.2.2   undertakes to notify and disclose to the Company in writing
                  full details of all Intellectual Property Material forthwith
                  upon the production of the same, and promptly whenever
                  requested by the Company and in any event upon the
                  determination of his employment with the Company deliver up to
                  the Company all correspondence and other documents, physical
                  embodiments, papers and records, and all copies thereof in his
                  possession, custody and power relating to any Intellectual
                  Property Material;

         14.2.3   to the extent that the Employee owns or will own such rights,
                  irrevocably assigns to the fullest extent permitted by law, to
                  the Company or any Group Company including by way of future
                  assignment all Intellectual Property Rights (if any) in, or
                  relating to, all Intellectual Property Material and any and
                  all derivatives thereof;

         14.2.4   to the extent permitted by law, undertakes to hold upon trust
                  for the benefit of the Company or any Group Company any
                  Intellectual Property Material and the Intellectual Property
                  Rights therein to the extent the same may not be and until the
                  same are vested absolutely in the Company or any Group
                  Company;

         14.2.5   unconditionally and irrevocably waives any and all moral
                  rights (as conferred by Chapter IV of Part I of the Copyright
                  Designs and Patents Act 1988) and all rights of a similar or
                  corresponding nature in any jurisdiction in and to any and all
                  Intellectual Property Material, such waivers being made
                  expressly in favour of the Company and shall extend to
                  licensees and successors in title to

<PAGE>

                  the copyright in the relevant work and where such rights
                  cannot be waived the Employee agrees not to assert them;

         14.2.6   acknowledges that, save as provided by law, no further
                  remuneration or compensation other than that provided for
                  therein is or may become due to the Employee in respect of the
                  performance of his obligations under this clause; and

         14.2.7   undertakes at the expense of the Company to execute all such
                  documents, make such applications, give such assistance and do
                  such acts and things as may in the opinion of the Board be
                  necessary or desirable to vest in and register or obtain
                  letters patents in the name of the Company or any Group
                  Company and otherwise to protect and maintain the Intellectual
                  Property Material and the intellectual Property Rights in any
                  and all of the foregoing. The Employee hereby irrevocably
                  appoints the Company as his attorney for this purpose and this
                  obligation shall continue following the termination of the
                  Employee's employment and will be binding on the Employee's
                  assigns, executors, administrators or other legal
                  representatives.

14.3     To the extent that by law any Intellectual Property Material or the
         Intellectual Property Rights therein do not, or are not permitted to,
         vest in or belong to the Company or any Group Company the Employee
         agrees immediately upon the same coming into existence to offer to the
         Company or any Group Company in writing a right of first refusal to
         acquire the same on arm's length terms to be negotiated and agreed
         between the parties in good faith.

15. DISCIPLINARY AND GRIEVANCE PROCEDURES

All disciplinary matters will be dealt with in accordance with the Employer's
Disciplinary and Grievance Procedure. Amendments may be made from time to time
which will be notified to you.

16. COMPANY RULES AND POLICIES

The Employee is required to familiarise himself with all of the Employer's rules
regulations and policies and to comply with all those rules, regulations, policy
statements and quality procedures which apply to him. Failure to do so may, in
appropriate circumstances, lead to disciplinary action.

17. DATA PROTECTION

The Employee consents to the Employer, and its appointed agents where reasonably
necessary, holding and processing, both electronically and manually, the data
that it collects in relation to you and your employment, for the purposes of the
Employer's management and administration of its employees and its business
and/or for compliance with applicable procedures, laws and regulations and to
the storage, transfer and processing by the Employer or its agent of such data.
The records that the Employer holds and processes will include, but is not
limited to, personal details held within the personnel records and information
concerning sickness and absence.

<PAGE>

18. INTERCEPTION OF COMMUNICATIONS

18.1     By signing this Agreement, the Employee acknowledges that access to
         the Employer's computer and telephone systems is provided for business
         purposes.

18.2     In order that the Employer may protect its legitimate business
         interests, the Employee agrees that all his email and telephone
         communications may be monitored and/or recorded by the Employer and
         further agree that any other correspondence addressed to the Employee
         or sent by him, whether by letter or by facsimile, may be opened and/or
         read by the Employer. The Employee also accepts that his use of the
         Internet may be monitored.

19. SUSPENSION

The Employer may suspend the Employee from work with pay.

20. COLLECTIVE AGREEMENTS

There are no collective agreements applicable to the Employee's employment.

21. NOTICES

21.1     Any communications given under this Agreement shall be in writing and
         delivered personally or sent by facsimile transmission or recorded,
         special delivery or first class post (or air mail post if to an address
         outside the United Kingdom) to the address or facsimile number of the
         party who is to receive such communication or to such other address or
         facsimile number in the United Kingdom as may from time to time be
         specified by the relevant party as its address for the purpose of this
         clause. During the Employee's employment (including any notice period
         but excluding any period of suspension) any communications to the
         Employee by the Employer may also be sent by electronic mail.

A communication shall be deemed to have been received:-
         21.1.1   if delivered personally, at the time of delivery; and

         21.1.2   if sent by prepaid recorded, special delivery or first class
                  post, on the second business day after posting.

21.2     A communication received or deemed to be received on a day which is not
         a business day or after 5.00pm on any business day (according to local
         time in the place of receipt) shall be deemed to be received at 9.00am
         on the next business day.

22.      RIGHTS OF THIRD PARTIES

22.1     The Employee and the Employer agree that the obligations and duties to
         the Employer accepted by the Employee under this Agreement shall also
         be owed by him to any Group Company for which he performs services,
         carries out duties or to which he is seconded and that this Agreement
         may be enforced by any Group

<PAGE>

         Company pursuant to section 1 of the Contracts (Rights of Third
         Parties) Act 1999.

22.2     Where a Group Company is entitled to enforce a term of this Agreement,
         the consent of such Group Company is not required for any amendment,
         variation or rescission of any provision of this Agreement.

22.3     Any benefits provided by the Employer to the Employee or his family
         which are not expressly referred to in this Agreement shall be regarded
         as ex gratia benefits provided at the Employer's discretion and shall
         not form part of the Employee's contract of employment.

22.4     Any benefits referred to in this Agreement as being provided to the
         Employee or his family shall be enforceable only by the Employee and by
         no other person.

23. GENERAL

23.1     This Agreement takes effect in substitution for all previous agreements
         or arrangements whether written or oral between the parties all of
         which shall be deemed to have been terminated by mutual agreement as
         from the date of commencement of this Agreement and superseded by the
         terms of this Agreement.

23.2     Any provision of this Agreement which is expressed or intended to have
         effect on, or to continue in force, after termination of the Employee's
         employment or this Agreement shall have such effect or (as the case may
         be) continue in force after such termination.

23.3     The various provisions of this Agreement are severable and if any such
         provision shall, to any extent, be invalid, illegal or unenforceable,
         the validity, legality and enforceability of the remaining provisions
         shall not in any way be affected or impaired thereby and each of the
         provisions of this Agreement shall be valid, legal and enforceable to
         the fullest extent permitted by law.

23.4     The Employee warrants:-
         23.4.1   that in entering into this Agreement he will not thereby
                  breach any other contract of employment or any other Agreement
                  and agrees to indemnify the Employer against all costs, claims
                  or demands suffered by it as a result of any alleged breach of
                  contract by the Employee arising out of the acceptance of such
                  offer by him; and

          23.4.2  he has no outstanding claims of any kind against the Employer
                  or any other Group Company or against its or their assets
                  (otherwise than in respect of remuneration and other benefits
                  to which he is entitled accrued to the date of this
                  Agreement but not yet received).

23.5     No amendment to this Agreement shall be effective unless made in
         writing and signed by or on behalf of the Employer and the Employee.

23.6     The Employer shall be entitled and authorised to set off and/or make
         deductions from the Employee's salary and/or from any other sums due
         to the Employee

<PAGE>

         from the Employer any amount equal to any overpayment of any kind made
         to the Employee and/or any amount equal to any debt or other sum due
         from the Employee to the Employer.

23.7     The information in this Agreement constitutes a written statement of
         the terms of employment of the Employee in accordance with the
         provisions of the Employment Rights Act 1996.

23.8     No waiver by the Employer of any breach by the Employee of the terms of
         this Agreement, other by conduct or otherwise, nor any failure or
         forbearance or delay by the Employer in exercising any of its rights or
         remedies shall be deemed a waiver of any such breach nor shall it
         prevent the Employer from subsequently taking any action or making any
         claim in respect of such breach.

23.9     Any notice to be given by either party to the other may be served by
         sending the same by first class recorded delivery post addressed to the
         other party, in the case of the Employer at its registered office or
         in the case of the Employee last known residential address. Any notice
         so given shall be deemed to have been served at the expiration of 48
         hours from the time of posting.

23.10    This Agreement shall be governed by and construed in accordance with
         the provisions of English law and any disputes or proceedings arising
         from it shall be subject to the exclusive jurisdiction of the English
         Courts.

IN WITNESS whereof this Agreement has been executed by the Employee as a deed on
the date specified above

SIGNED AS A DEED
by Iolo Jones           /s/ Iolo Jones
in the presence of:-

Witness' signature:     /s/ Clifford Webb
Witness' name:          C. Webb
Witness' address:       13 Muirdown Av. London SW6 8JX.

SIGNED AS A DEED
                                                     /s/ Steven A. Crowther
for and on behalf of Narrowstep Limited               Steven A. Crowther
in the presence of:-                                  Senior Vice President and
                                                       Chief Financial Officer

Witness' signature:     /s/ Richard Lepik
Witness' name:          Richard Lepik
Witness' address:       2091 Primrose Lane
                        Martinsville, NJ 08836<PAGE>

                                                                  Exhibit 10.29

THIS AGREEMENT is made effective as of the 03 day of October, 2005

BETWEEN:

(1) NARROWSTEP INC, a Delaware corporation, having an office at 17th Floor 440
9th Avenue, New York, NY 1000 (the "Company");

AND

(2) Carolyn Wall, an individual residing at 38 Westmere Avenue, Rowayton, CT
06853 (the "Employee," and together with the Company, the "Parties").

THE PARTIES AGREE as follows:

1 (A) Definitions

In this Agreement, unless otherwise defined herein or the context otherwise
requires, the following words or expressions have the following meanings:

WORDS AND EXPRESSIONS MEANING:

"Affiliate" means, with respect to any specified Person, any other Person that
directly, or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with such specified Person. As used in
this definition, the term "control"(including the terms "controlled by" and
"under common control with") means, with respect to the relationship between or
among two or more Persons, the possession, directly or indirectly, of the power
to direct or cause the direction of the affairs of management of a Person,
whether through the ownership of voting securities, as trustee or executor, by
contract or otherwise, including, without limitation, the ownership, directly or
indirectly, of securities having the power to elect a majority of the board of
directors or similar body governing the affairs of such Person.

the "Board" means the current or future Board of Directors of the Company.

"Confidential Information" means information relating to the business, products,
affairs and finances of the Company or of any Group Company or of any of its or
their suppliers, clients or customers that is now or hereafter confidential to
it or to them or treated by it or them as such and trade secrets (including,
without limitation, technical data and know-how) relating to the business of the
Company or of any Group Company or of any of its or their suppliers, clients or
customers;

the  "Employment" means the Employee's employment with the Company;

the  "Group"  means the Company and the Group Companies;

"Group Company" means any company that is now or hereafter an Affiliate of the
Company;

 "Person" means any corporation, association, partnership, limited liability
company, organization, business, other entity, individual, government or
political subdivision thereof or governmental agency.

the "Salary" means the salary referred to in clause 6(A).

(B) References to clauses and schedules are, unless otherwise stated, to clauses
of and schedules to this Agreement.

(C) The headings to the clauses are for convenience only and shall not affect
the construction or interpretation of this Agreement.

<PAGE>

2. EMPLOYMENT

                  (A) Commencing on October 03, 2005, the Company employs the
                  Employee and the Employee accepts employment, in the capacity
                  set out in Schedule 1 annexed hereto and made a part hereof
                  and/or in such other capacity as the Company from time to time
                  reasonably directs, upon the terms and subject to the
                  conditions of this Agreement.

3. DURATION OF THE EMPLOYMENT

                  (A) The Employment under this Agreement shall commence on
                  October 03, 2005 and shall continue until terminated pursuant
                  to the terms of this Agreement. During the first 6 months of
                  the Employment, either Party may terminate this Agreement by
                  giving to the other not less than 1 months' advance written
                  notice of termination. Thereafter, either Party may terminate
                  this Agreement by giving the other not less than 3 months'
                  advance written notice of termination.

                  (B) At any time during any period of notice of termination
                  (whether given by the Company or the Employee), the Company
                  shall be under no obligation to assign any duties to the
                  Employee and shall be entitled to exclude her from its
                  premises.

                  (C) The Employee's period of continuous employment with the
                  Company began on 03/10/2005. The Employment is with the
                  Company and is not continuous with any previous employment
                  with any previous employer.

                  (D) The Employee represents and warrants that she is not bound
                  by or subject to any court order, agreement, arrangement or
                  undertaking which in any way restricts or prohibits her from
                  entering into this Agreement or from performing their duties
                  under it.

4. SCOPE OF THE EMPLOYMENT

                  (A) During the Employment the Employee shall:

                           (i) devote the whole of her time, attention and skill
                           to the business and affairs of the Company both
                           during normal business hours and during such
                           additional hours as are necessary for the proper
                           performance of their duties or as the Board may
                           reasonably require from time to time.

                           (ii) faithfully and diligently perform such duties
                           and exercise such powers consistent with their
                           position as may from time to time be assigned to or
                           vested in her by the Board to a standard that is
                           acceptable to the Board;

                           (iii) obey the reasonable and lawful directions of
                           their manager and the Board; and

                           (iv) comply with all the Company's rules,
                           regulations, policies and procedures from time to
                           time in force.

5. PLACE OF WORK

                  (A) The Employee's place of work will initially be at the
                  Narrowstep Offices in New York or at such other location
                  within a reasonable commuting time of their home.

<PAGE>

6. REMUNERATION.

                  (A) For all services rendered by the Employee in any capacity
                  during the Employment, the Company shall pay to the Employee a
                  salary at the rate set out in Schedule 1, which Salary shall
                  be payable, in arrears, in accordance with the Company's
                  normal payroll practices (but in no event less frequently than
                  semi-monthly).

                  (B) Employee acknowledges that all payments to the Employee
                  under this Agreement shall be subject to applicable
                  withholdings and other customary payroll deductions. The
                  Employee also agrees to make any payment to the Company of any
                  legitimate sums owed by her to the Company upon demand by the
                  Company at any time.

7. EXPENSES

                  (A) The Company shall promptly reimburse the Employee in
                  respect of expenses reasonably incurred by her in the proper
                  performance of their duties, subject to their providing such
                  receipts or other appropriate evidence as the Company may
                  require.

8. VACATION

                  (A) The Employee shall be entitled, in addition to all paid
                  Company-observed holidays, to the number of working days paid
                  vacation as set out in Schedule 1 in each vacation year (being
                  the period from January 1 to December 31). The Employee may
                  take their vacation only at such times as are agreed by their
                  manager and shall not be entitled to be absent on vacation for
                  a period exceeding ten working days at any one time.

                  (B) In the respective vacation years in which the Employment
                  commences or terminates, the Employee's entitlement to
                  vacation shall accrue on a pro rata basis for each completed
                  calendar month of service during the relevant year.

                  (C) If, on the termination of the Employment, the Employee has
                  exceeded their accrued vacation entitlement, the value of such
                  excess, calculated by reference to clause 8(B) and the Salary,
                  may be deducted from any sums due to her and if there are no
                  such sums due, the Employee shall repay such excess to the
                  Company on such termination. If the Employee has any unused
                  vacation entitlement, the Company will make a payment to her
                  in lieu of it, calculated as above.

                  (D) Vacation entitlement for one vacation year cannot be taken
                  in subsequent vacation years, unless otherwise agreed by their
                  manager. Failure to take vacation entitlement in the
                  appropriate vacation year will lead to forfeiture of any
                  accrued vacation not taken without any right to payment in
                  lieu of it.

                  (E) The Employee may take unpaid leave at their manager's
                  discretion.

                  (F) The Employee will be entitled to bereavement leave at
                  their managers discretion, which shall not be unreasonably
                  withheld or delayed.

9. SICKNESS BENEFITS

                  (A) Subject to clause 14, the Company shall continue to pay
                  the Employee's Salary for up to a maximum of the number of
                  working days' absence as set out in Schedule 1 on medical
                  grounds in any period of 3 calendar months provided that the
                  Employee shall from time to time if required:

<PAGE>

                           (i) supply the Company with medical certificates
                           covering any period of sickness or incapacity
                           exceeding seven days (including weekends); and

                           (ii) undergo at the Company's expense, by a doctor
                           appointed by the Company, any medical examination.

                  (B) Payment in respect of any other or further period of
                  absence shall be at the Company's discretion.

                  (C) Any payment to the Employee pursuant to clause 9(A) shall
                  be subject to set off by the Company in respect of any
                  disability, workers' compensation or other benefits to which
                  the Employee may be entitled.

                  (D) If the Employee's absence shall be occasioned by the
                  actionable negligence of a third party in respect of which
                  damages are recoverable, then the Employee shall:

                           (i) notify the Company as soon as reasonably
                           practicable of all the relevant circumstances and of
                           any claim compromise, settlement or judgement made or
                           awarded in connection with it;

                           (ii) give to the Company such information concerning
                           the above matters as the Company may reasonably
                           require; and

                           (iii) if the Company so requires, refund to the
                           Company any amount received by her from any such
                           third party provided that the refund shall be no more
                           than the amount which she has recovered in respect of
                           remuneration.

10. PENSION AND DEATH BENEFIT

                  (A) No provision of retirement or death in service benefits
                  will be made by the Company for the Employee.

11. RESTRICTIONS DURING THE EMPLOYMENT

                  (A) During the Employment, the Employee shall not directly or
                  indirectly:

                           (i) be employed, engaged, concerned or interested in
                           any other business or undertaking; or

                           (ii) engage in any activity which the Board
                           reasonably considers may be, or become, harmful to
                           the interests of the Company or of any Group Company
                           or which might reasonably be considered to interfere
                           with the performance of the Employee's duties under
                           this Agreement.

                  (B) The Employee shall comply with every rule of law and every
                  regulation of the Company from time to time in force in
                  relation to dealings in shares or other securities of the
                  Company or any Group Company.

12. CONFIDENTIAL INFORMATION AND COMPANY DOCUMENTS

                  (A) The Employee shall neither during the Employment (except
                  in the proper performance of their duties) nor at any time
                  (without limit) after the termination of the Employment except
                  in compliance with an order of a competent court:

                           (i) divulge or communicate to any Person any
                           Confidential Information;

<PAGE>

                           (ii) use any Confidential Information for their own
                           purposes or for any purposes other than those of the
                           Company or any Group Company; or

                           (iii) through any failure to exercise due care and
                           diligence, permit or cause any unauthorized
                           disclosure of any Confidential Information.

                  These restrictions shall cease to apply to any information
                  which shall become available to the public generally,
                  otherwise than through any breach by the Employee of the
                  provisions of this Agreement or other default of the Employee.

                  (B) The Employee acknowledges that all books, notes,
                  memoranda, records, lists of customers and suppliers and
                  employees and agents, correspondence, documents, computer and
                  other discs and tapes, data listings, codes, designs and
                  drawings and other documents and material whatsoever (whether
                  made or created by the Employee or otherwise) relating to the
                  business of the Company or any Group Company (and any copies
                  of the same):

                           (i) shall be and remain the property of the Company
                           or the relevant Group Company; and

                           (ii) shall be handed over by the Employee to the
                           Company or to the relevant Group Company on demand
                           and in any event on the termination of the Employment
                           and the Employee shall certify that all such property
                           has been handed over on request by the Board and
                           agrees that she will take all reasonable steps to
                           prevent the disclosure of the same.

13. INVENTIONS AND OTHER INTELLECTUAL PROPERTY

                  (A) Employee will disclose promptly and fully to the Company
                  and to no one else: (i) all inventions, ideas, improvements,
                  discoveries, works modifications, processes, software
                  programs, works of authorship, documentation, formulae,
                  techniques, designs, methods, trade secrets, technical
                  specifications and technical data, know-how and show-how,
                  concepts, expressions or other developments whatsoever or any
                  interest therein (whether or not patentable or registrable
                  under copyright, trademark or similar statutes or subject to
                  analogous protection) made, authored, devised, developed,
                  discovered, reduced to practice, conceived or otherwise
                  obtained by Employee ("Inventions"), solely or jointly with
                  others, during the course of the Employment that (a) are
                  related to the business of the Company or any Group Company or
                  any of the products or services being researched, developed,
                  distributed, manufactured or sold by the Company or any Group
                  Company or which may be used in relation therewith or (b)
                  result from tasks assigned to Employee by the Company or any
                  Group Company; (ii) any Invention that is related to the
                  business of the Company or any Group Company and in which
                  Employee had an assignable interest at the time of Employee's
                  first employment by Employer; or (iii) any Invention made
                  using the time, materials or facilities of the Company or any
                  Group Company, even if such Invention does not relate to the
                  business of the Company or any Group Company. The
                  determination as to whether an Invention is related to the
                  business of the Company or any Group Company shall be made
                  solely by an authorized representative of the Company. Any
                  Invention relating to the business of the Company or any Group
                  Company and disclosed to the Company (or which should have
                  been disclosed to the Company) within the 12 month period
                  following the termination of Employee's employment with the
                  Company shall be presumed to fall within the provisions of
                  this clause 13. The "business of the Company or any Group
                  Company" as used in this clause 13 includes the actual
                  business currently conducted by the Company or any Group
                  Company, as well as any business in which the Company or any
                  Group Company proposes to engage at any time during the
                  Employment. Employee agrees that all such Inventions listed
                  above and the benefits thereof are and shall immediately
                  become the sole and absolute property of the Company (or such
                  Group Company as the Company may direct) from conception,

<PAGE>

                  as "works made for hire" (as that term is used under the U.S.
                  Copyright Act of 1976, as amended) or otherwise. Employee
                  shall have no interest in any Inventions. To the extent that
                  title to any Inventions or any materials comprising or
                  including any Invention does not, by operation of law, vest in
                  the Company, Employee hereby irrevocably assigns to the
                  Company all of Employee's right, title and interest,
                  including, without limitation, tangible and intangible rights
                  such as patent rights, trademarks and copyrights, that
                  Employee may have or may acquire in and to all such
                  Inventions, benefits and/or rights resulting therefrom, and
                  agrees promptly to execute any further specific assignments
                  related to such Inventions, benefits and/or rights at the
                  request of the Company. Employee also hereby assigns to the
                  Company, or waives if not assignable, all of Employee's "moral
                  rights" in and to all such Inventions, and agrees promptly to
                  execute any further specific assignments or waivers related to
                  moral rights at the request of the Company.

                  (B) Employee agrees to assist the Company without charge for
                  so long as the Employee is an employee of the Company and for
                  as long thereafter as may reasonably be necessary (but at the
                  Company's expense including reasonable compensation to the
                  Employee if the Employee is no longer an employee of the
                  Company: (1) to apply, obtain, register and renew for, and
                  vest in, the Company's benefit alone (unless the Company
                  otherwise directs), patents, trademarks, copyrights, mask
                  works, and other protection for such Inventions in all
                  countries, and (2) in any controversy or legal proceeding
                  relating to Inventions. In the event that the Company is
                  unable to secure the Employee's signature after reasonable
                  effort in connection with any patent, trademark, copyright,
                  mask work or other similar protection relating to an
                  Invention, the Employee hereby irrevocably designates and
                  appoints the Company and its duly authorized officers and
                  agents as the Employee's agent and attorney-in-fact, to act
                  for and on the Employee's behalf and stead to execute and file
                  any such application and to do all other lawfully permitted
                  acts to further the prosecution and issuance of patents,
                  trademarks, copyrights, mask works or other similar protection
                  thereon with the same legal force and effect. Following
                  termination of their employment by the Company, the rendering
                  of any assistance by the Employee hereunder is subject to the
                  reasonable constraints of the Employee's other
                  responsibilities and commitments, including any requisite
                  approval by Employee's then employer.

14. TERMINATION

                  (A) Notwithstanding any other provisions of this Agreement, in
                  any of the following circumstances the Company may terminate
                  the Employment immediately by serving written notice on the
                  Employee to that effect. In such event the Employee shall not
                  be entitled to any further payment from the Company, except
                  such sums as shall have accrued to the effective date of
                  termination and not been paid. The circumstances are if the
                  Employee:

                           (i) commits a material breach of this Agreement (as
                           hereinafter defined) or commits any gross misconduct
                           or wilful neglect in the discharge of their duties;

                           (ii) repeatedly commits similar material breaches of
                           this Agreement, to those which have previously been
                           cured;

                           (iii) is convicted by a court of competent
                           jurisdiction of any fraud, dishonesty or any conduct
                           tending to bring herself, the Company, or any Group
                           Company into disrepute;

                           (iv) is convicted by a court of competent
                           jurisdiction of any felony or crime involving moral
                           turpitude or is convicted of any other criminal
                           offense (other

<PAGE>

                           than minor traffic offenses) which might reasonably
                           be thought to affect adversely the performance of
                           their duties;

                           (v) resigns as or otherwise ceases to be or becomes
                           prohibited by law from being an employee of the
                           Company, unless such resignation or cessation of
                           employment is either (a) at the Company's request, or
                           (b),as a result of the Company informing the Employee
                           of either their formal demotion or a material
                           reduction in the Employee's scope of responsibility.

                  For the purposes of this Agreement the term `material breach'
                  means Employee's breach of a material obligation of this
                  Agreement; provided, however, to the extent such breach is
                  capable of cure, Employee shall have thirty days (following
                  written notice to Employee of such breach) to cure such
                  breach, with such notice including sufficient detail to enable
                  the Employee to understand the nature of the alleged breach
                  and any specific action the Company requires the Employee to
                  take in order to cure such breach.

                  Any delay by the Company in exercising such right of
                  termination shall not constitute a waiver of it.

                  (B) To the extent permitted by law, if at any time the
                  Employee is unable to perform their duties because of physical
                  or mental disability, accident or otherwise for a period or
                  periods totalling at least 90 working days in any period of 12
                  calendar months, then the Company may terminate the Employment
                  by giving her written notice of termination in accordance with
                  Clause 3(A), provided that if at any time during such notice
                  period the Employee shall provide a medical certificate
                  satisfactory to the Board to the effect that she has recovered
                  their physical and/or mental health to the extent that she can
                  perform their duties to the Company, the Company shall
                  withdraw the notice unless, by that date, a replacement for
                  the Employee has been appointed. Notwithstanding the preceding
                  sentence, upon the Employee's eligibility to participate in a
                  Company-provided long-term disability plan, the requisite
                  notice period referred to above shall be (without any further
                  action by the Parties) decreased to 1 months' advance written
                  notice of termination.

                  (C) If the Company believes that it may be entitled to
                  terminate the Employment pursuant to clause 14(A), it shall be
                  entitled (but without prejudice to its right subsequently to
                  terminate the Employment on the same or any other ground) to
                  suspend the Employee on full pay and other benefits for so
                  long as it may think fit.

                  (D) On the termination of the Employment or upon either the
                  Company or the Employee having served notice of such
                  termination, the Employee shall immediately deliver to the
                  Company all materials, keys, credit cards, vehicles, and other
                  property of or relating to the business of the Company or of
                  any Group Company which may be in their possession or under
                  their power or control.

                  (E) With a view to ensuring that their departure can be
                  arranged with the minimum of inconvenience or disruption to
                  the business of the Group and its relationship with third
                  parties and its other employees, the Employee undertakes not,
                  without the prior approval of the Board as to the timing and
                  manner of any communication about their departure, to inform
                  any of their colleagues about the proposed cessation of their
                  employment hereunder.

                  (F) The Employee acknowledges the right of the Company to
                  monitor and control the performance of its employees and
                  acknowledges the fiduciary obligations attaching to their
                  position.

<PAGE>

15. RESTRICTIVE COVENANTS

                  (A) The Employee will not, without the prior written consent
                  of the Board, for a period of 12 months (less any period
                  during which the Employee has not been provided with work
                  pursuant to clause 3(B)) after the termination of the
                  Employment (for any reason or no reason), whether as principal
                  or agent, and whether alone or jointly with, or as a director,
                  officer, manager, owner, partner, member, shareholder,
                  employee or consultant of any other Person, directly or
                  indirectly:

                           (i) interfere with, tender for, canvass, solicit or
                           endeavor to entice away from the Company or from any
                           Group Company the business of any Person who or which
                           at the date of termination of the Employment or
                           during the period of 12 months prior to that date (or
                           if earlier, prior to the date on which the Employee
                           last carried out duties assigned to her by the
                           Company) was, to their knowledge, a customer, client
                           or agent of or supplier to or who had dealings with
                           the Company or with any Group Company. This
                           restriction will be limited to activities by the
                           Employee which will involve offering or providing
                           products or services similar to those which were
                           provided by the Company or any Group Company during
                           the Employment;

                           (ii) supply any product, carry out or undertake or
                           provide any product or service similar to those with
                           which were provided by the Company or any other Group
                           Company during the period of 12 months prior to the
                           termination of the Employment to or for any Person
                           who or which, at the date of termination of the
                           Employment or during the period of 12 months prior to
                           that date was a customer, client or agent of or
                           supplier to, or otherwise had dealings with, the
                           Company or with any Group Company;

                           (iii) be employed or engaged by, or enter into
                           partnership or similar arrangement with, employ,
                           engage or attempt to employ or engage, or negotiate
                           or arrange the employment or engagement by any other
                           Person, of any Person who or which to their knowledge
                           was, at the date of the termination of the
                           Employment, or within the period of 12 months prior
                           to that date had been, an employee, independent
                           contractor, or agent of the Company or any Group
                           Company; or

                           (iv) solicit, interfere with, tender for or endeavor
                           to entice away from the Company or from any Group
                           Company any contract, project or business, or the
                           renewal of any of them, carried on by the Company or
                           by any Group Company which is currently in progress
                           at the date of the termination of the Employment or
                           which was in the process of negotiation at that date.

                  (B) None of the restrictions contained in clause 15(A) shall
                  prohibit any activities by the Employee which are not in
                  direct competition with any business being carried on by the
                  Company or by any Group Company at the date of the termination
                  of the Employment.

                  (C) At no time after the termination of the Employment shall
                  the Employee directly or indirectly represent herself as being
                  interested in or employed by or in any way connected with the
                  Company or any Group Company, other than as a former employee
                  of the Company.

                  (D) The Employee agrees that, having regard to all the
                  circumstances, the restrictions contained in this clause and
                  clauses 12 and 13 are reasonable and necessary for the
                  protection of the legitimate business interests of the Company
                  and the Group Companies and that they do not restrict her from
                  earning a livelihood during the applicable period of
                  restriction. The Employee further agrees that any breach by
                  the Employee of any provision contained in clauses 12, 13 and
                  15 will result in immediate irreparable injury to the Company
                  and/or a Group Company for which a remedy at law would be
                  inadequate. Accordingly, Employee acknowledges that the
                  Company and/or any Group Company shall be entitled to seek
                  temporary, preliminary

<PAGE>

                  or permanent injunctive or other equitable relief against the
                  Employee (without the necessity of posting a bond or other
                  collateral) in the event of any breach or threatened breach of
                  any provision contained in clauses 12, 13, and 15, in addition
                  to any other remedy that may be available to the Company
                  and/or a Group Company at law or in equity. Employee
                  understands that, without limitation, the provisions of
                  clauses 12, 13, and 15 shall survive the termination of the
                  Employment. The Parties agree that:

                           (i) it is the intention of the Parties that the
                           covenants and restrictions set forth in clauses 12,
                           13, and 15 shall be given the broadest interpretation
                           permitted by law;

                           (ii) each provision set forth in clauses 12, 13, and
                           15 shall be read and construed independently of the
                           other provisions so that if one or more are
                           determined (by a court of competent jurisdiction) to
                           be void, invalid, or unenforceable as an unreasonable
                           restraint of trade or for any other reason the
                           remaining provisions shall not be affected; and

                           (iii) if any one or more provisions set forth in
                           clauses 12, 13, and 15 is determined (by a court of
                           competent jurisdiction) to be unenforceable in any
                           respect, then such provision shall be deemed limited
                           and restricted to the extent that the court shall
                           deem the provision to be enforceable.

16. DISCIPLINARY AND GRIEVANCE PROCEDURES

                  (A) If the Employee wishes to obtain redress of any grievance
                  relating to the Employment or is dissatisfied with any
                  reprimand, suspension or other disciplinary step taken by the
                  Company, she may address this to the Chairman of the Company
                  according to the Company's disciplinary and grievance
                  procedures, if any, in place from time to time.

17. NOTICES

All notices, requests, demands and other communications required or permitted
hereunder shall be given in writing and shall be deemed to have been duly given
(i) on the date delivered if personally delivered, (ii) on the date sent by
telecopier with automatic confirmation by the transmitting machine showing the
proper number of pages were transmitted without error, (iii) upon receipt by the
receiving party of any notice sent by registered or certified mail (first-class
mail, postage pre-paid, return receipt requested) or (iv) on the date targeted
for delivery if delivered by nationally recognized overnight courier or similar
courier service, in each case addressed to the Company or the Employee, as the
case may be, at the respective addresses indicated in the caption of this
Agreement or such other address as either party may in the future specify in
writing to the other.

18. FORMER CONTRACTS OF EMPLOYMENT

This Agreement shall be in substitution for and shall supercede any previous
contracts, whether by way of letters of employment, agreements or arrangements,
whether written, oral or implied, relating to the employment of the Employee
(including, without limitation, all bonus and option arrangements), which shall
be deemed to have been terminated by mutual consent as of the date of this
Agreement and the Employee acknowledges to the Company for itself and on behalf
of each Group Company that she has no outstanding claims of any kind against the
Company or any Group Company in respect of any such contract.

19. CHOICE, OF LAW AND SUBMISSION TO JURISDICTION

                  (A) Any and all actions or controversies arising out of this
                  Agreement or the Employment, including, without limitation,
                  tort claims, shall be construed and enforced

<PAGE>

                  in accordance with the laws of the State of New Jersey,
                  without regard to the choice of law principles thereof.

                  (B) the Parties hereby (a) irrevocably consent and submit to
                  the sole exclusive jurisdiction of the United States District
                  Court for the District of New Jersey or the Superior Courts of
                  New Jersey (and of the appropriate appellate courts
                  therefrom), (b) irrevocably waive, to the fullest extent
                  permitted by law, any objection that any of them may now or
                  hereafter have to the laying of the venue of any such actions
                  or controversies in any such court or that any such any such
                  actions or controversies which is brought in any such court
                  has been brought in an inconvenient forum, and (c) irrevocably
                  waive any right to request a trial by jury in any such actions
                  or controversies and represents that such party has consulted
                  with counsel specifically with respect to this waiver.

20. GENERAL

                  (A) This Agreement constitutes the written statement of the
                  terms of employment of the Employee.

                  (B) This Agreement contains the entire agreement of the
                  Parties with respect to the terms and conditions of the
                  Employment.

                  (C) This Agreement shall inure to the benefit of the Company,
                  the other Group Companies and their respective successors and
                  assigns (including, without limitation, any successor by
                  merger or acquisition or any purchaser of all or substantially
                  all of its assets) and shall continue with full force and
                  effect and shall be binding upon the Company and its
                  successors and assigns. This Agreement shall also inure to the
                  benefit of and be binding upon the Employee and the Employee's
                  heirs, administrators, executors and assigns. The Employee may
                  not assign or delegate their duties under this Agreement,
                  without the prior written consent of the Company.

                  (D) The Employee represents that the Company has previously
                  recommended that the Employee engage counsel to assist her in
                  reviewing this Agreement and all other matters relating to the
                  Employment. The Employee acknowledges that, prior to executing
                  this Agreement, The Employee has been given a reasonable
                  opportunity to review the Agreement and to consult with
                  counsel as to its content and is entering into this Agreement
                  freely and voluntarily. The Company and the Employee shall
                  each bear their own costs and expenses in connection with the
                  negotiation and execution of this Agreement.

                  (E) The respective rights and obligations of the Parties under
                  this Agreement shall survive any termination of this Agreement
                  to the extent necessary to the intended preservation of such
                  rights and obligations.

<PAGE>

         IN WITNESS WHEREOF, the Company and the Employee, intending to be
         legally bound, have executed this Agreement on the day and year first
         above written.

                                                 COMPANY:

                                                 NARROWSTEP INC.

                                                 By: /s/ Steve Crowther
                                                     ---------------------
                                                 Name: Steve Crowther
                                                       -------------------
                                                 Title: Senior Vice President
                                                        and Chief Financial
                                                        Officer
                                                        --------------------

                                                 EMPLOYEE:

                                                 /s/ Carolyn Wall
                                                 ------------------------
                                                 Carolyn Wall

<PAGE>

SCHEDULE1

THE EMPLOYEE:  Carolyn Wall

JOB TITLE: President Narrowstep Inc North America and/or such other position or
capacity as the Company and the Employee shall agree from time to time.

JOB DESCRIPTION
Such duties as are assigned by the Board and her manager from time to time that
are consistent with her position as President North America and/or such other
position or capacity as the Company and the Employee shall agree from time to
time. Current manager is the Chief Executive Officer of the Company, Iolo Jones.

SALARY
Subject to the Employee's continued employment, the Salary will be as follows:
125,000 US Dollars

Subject to the Employee's continued employment, Salary will be reviewed on
annually on January 1, each year. Adjustments to Salary will be dependant on the
Company's profitability, the efficiency of its financial operations, and such
other factors as determined by the Company in its discretion.

BONUS
The final commission structure will be agreed subsequent to signature of this
document and will be an addendum to this document which both parties must sign
by the end of November 2005.

As a condition to the Employee's receipt of any bonus payment, the Employee must
remain employed by the Company on the last day of the applicable quarter.

STOCK OPTIONS
a)       200,000 share options will be granted to you. 100,000 on joining at
         closing price on date of grant, which vest immediately, and 100,000 on
         completion of 3 months from joining, assuming neither party wishes to
         terminate the employment;

b)       100,000 share options will be granted per 1 million US Dollars of
         audited profit from the USA, payable after audit signed off at closing
         price on date of grant. Period December 1, 2005 to February 28, 2007

c)       A new incentive program for the following fiscal year to be agreed.

Except as otherwise provided for in this Agreement, all such stock options will
be subject to the terms and conditions established within the Company's 2004
Stock Plan or any successor stock option plan as may be in place from time to
time ("Stock Plan") and a separate stock option grant agreement that sets forth,
among other things, the exercise price, expiration date, and vesting schedule of
such options.

VACATION ENTITLEMENT
You will be eligible to accrue up to fifteen days' paid vacation per calendar
year, with an additional day per year of service up to a maximum of twenty days
per calendar year.

SICK DAY ENTITLEMENT
You will be entitled to reasonable paid sick leave.

ADDITIONAL BENEFITS
Subject to your continued Employment: None.

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