Document:

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                                                                    EXHIBIT 10.9

                              EMPLOYMENT AGREEMENT

        This EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as
this 2nd day of October 2000, by and between EUPHONIX, INC., a California
corporation (the "Company"), having its principal place of business located at
220 Portage Avenue, Palo Alto, CA 94306, and STEVE VINING ("Vining"), an
individual residing at 17053 Palisades Circle, Pacific Palisades, California
90272.

                              W I T N E S S E T H:

        WHEREAS, the Company is a leading supplier of computer controlled
professional audio production systems (the "Existing Business");

        WHEREAS, the Company desires to expand its Existing Business by
developing a Internet delivery format for music and other content that is
intended to be played in so-called "true CD/DVD-A quality" (the "New Business");

        WHEREAS, the parties acknowledge that Vining has experience in or
related to tile business of tile Company and associated services and that
Vining's abilities and services are unique and essential to the prospects of the
Company; and

        WHEREAS, in light of the foregoing, the Company desires to employ Vining
as its Chief Executive Officer and Vining desires to accept such employment.

        NOW, THEREFORE, in consideration of the mutual covenants and
representations herein contained and the initial benefits derived herefrom, the
parties hereto, intending to be legally bound, covenant and agree as follows:

        1.     Employment of Vining; Duties and Status.

               (a) Position and Reporting. The Company hereby engages Vining as
a full-time executive employee to hold the office of Chief Executive Officer of
the Company for the period (the "Employment Period") specified in Section 3(a),
reporting only to the Company's Board of Directors, and Vining accepts such
employment, oil the terms and conditions set forth in this Agreement,

               (b) Employment. Throughout the Employment Period, Vining shall
perform and discharge well and faithfully the duties which may be assigned to
him from time to time by the Company's Board of Directors, provided such duties
are consistent with the role of a Chief Executive Officer. Vining agrees to
diligently and professionally develop the Company's Existing Business and New
Business (collectively, tile "Company Business"), its processes, systems, and
intellectual property. Vining shall devote a substantial portion of his working
time, attention and energies to the Company Business and shall not during the
Employment Period be engaged (whether or not during normal business hours) in
any other business or professional activity, whether or riot such activity is
pursued for gain, profit or other pecuniary advantage, that substantially
conflicts with, or materially interferes with the performance of his duties
hereunder. Notwithstanding

<PAGE>   2

anything to the contrary, Vining shall be entitled to (i) serve on the board of
directors of no more than 4 corporations provided that such corporations are not
materially engaged in and do not become materially engaged in any material
aspect of the Company Business, (ii) engage in such civic and charitable
activities that do not materially interfere with the performance of his duties
set forth hereunder, (iii) own, operate, and participate in the business and
activities of Norwegian Palms Incorporated ("Nor Palms"), and (iv) accept such
additional office or offices to which he may be appointed by the Company,
provided that the performance of the duties of such office or offices shall
generally be consistent with the scope of the duties provided for in Section
1(a) hereof.

               (c) Proprietary Rights Agreement. Vining agrees to execute the
Employee Proprietary Information and Inventions Agreement (the "Proprietary
Rights Agreement"), attached hereto as Exhibit A, and to comply with the
provisions thereof.

               (d) New Business. The Company agrees to diligently and actively
pursue the. New Business and activities associated therewith, In this regard,
the Company covenants and agrees to use best efforts to obtain capital for use
in the Now Business.

               (e) Key Officers. The parties acknowledge and agree that Vining
shall be the most senior officer and employee within the Company and that all
employees of the Company (including, without limitation, the Company's
President, Chief Operating Officer, Chief Financial Officer, Chief Marketing
Officer, and Chief Technical Officer) shall report to Vining. Vining shall have
the reasonable discretion, which shall be exercised in the Company's best
interest and be subject to the advice and consultation of the Company's Board of
Directors, to hire and terminate such employees.

        2.     Compensation and General Benefits. As compensation for his
services to the Company, Vining shall, during the Employment Period, be
compensated as follows:

               (a) Salary. The Company shall pay to Vining a salary (the
"Salary") in the amount set forth below. The Salary shall be payable in periodic
equal installments not less frequently than semi-monthly, less such sums as may
be required to be deducted or withheld under applicable provisions of federal,
state and local law. At the sole discretion of the Board of Directors, the
Company may pay Vining an annual bonus.

                          (i) For the period October 2, 2000 through October 1,
2001: $175,000; and

                          (ii) For the period October 2, 2001 through October 1,
2002: $200,000,

               (b) Nor Palms. Additionally, the Company agrees to retain Nor
Palms to provided consulting services to the Company, pursuant to the terms and
conditions of that certain Consulting Agreement, of even date herewith, a copy
of which is attached hereto as Exhibit B (the "Consulting Agreement"). As set
forth in the Consulting Agreement, the Company shall pay to Nor Palms an annual
consulting fee (the "Consulting Fee") equal to $75,000 (or pro-rata portion
thereof). The term of the Consulting Agreement shall at all times equal the term
of the Employment Period.

                                      -2-
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               (c) Stock Options. Throughout the Employment Period and to the
extent determined .by the Board of Directors in its discretion to be
commensurate with Vining's level of responsibility within the Company, Vining
shall be entitled to participate in any stock option plan that may be adopted by
the Company in its discretion and in which any of the Company's executive
employees participate; provided, however, the Company agrees to promptly
implement a stock option plan to reward Vining and other key officers of the
Company for achieving annual targets with respect to the Company Business and
with respect to its Common Stock- (as defined below), as such targets are
reasonably adopted by the Board of' Directors from time to time. In addition to
the foregoing, Vining shall be entitled, upon the execution of this Agreement,
to receive options (the "Vining Options") to acquire 1,000,000 shares of the
Company's common stock, par value $0.001 per share (the "Common Stock"). The
Vining Options shall provide for an exercise price per share of Common Stock
equal to the closing price of such Common Stock, as reported on NASDAQ on
September 26, 2003, Subject to applicable law, at Vining's request, (be Company
shall use best efforts to qualify the Vining Options as Incentive Stock Options
under applicable 'sections of the Internal Revenue Code and regulations
promulgated thereunder. The Vining Options shall be issued pursuant to that
certain Stock Option Agreement, substantially in the form attached hereto as
Exhibit C (the "Vining Option Agreement"). As set forth in the Vining Option
Agreement, the Vining Options shall vest and be exercisable into Common Stock,
assuming the Employment Period has not otherwise been earlier terminated, as
follows:

                          (i)   250,000 on January 2, 2001;

                          (ii)  35,714 on the 1st day or each calendar month
during the Employment Period, beginning February 1, 2001; and

                          (iii) 6 on October 1, 2002.

                          (iv)  Notwithstanding the foregoing, if the closing
price of Common Stock, as reported on the NASDAQ (the "Closing Price"), for at
least 15 business days during any 30 business days, equals the price set forth
below, any un-vested Vining Options (in addition to the vesting schedule
otherwise set forth herein) shall vest and be exercisable into Common Stock,
assuming the Employment Period has not otherwise been earlier terminated, as
follows:

                                (1) If the Closing Price is $6.00, the
additional number of Common Stock to vest is 100,000; and

                                (2) If the Closing Price is $8.00, the
additional number of Common Stock to vest is 100,000; and

                                (3) If the Closing Price is $10.00, the
additional number of Common Stock to vest is 100,000.

               (d) Other Benefits. Throughout the Employment Period and to the
extent determined by the Board of Directors in its discretion to be commensurate
with Vining's level of responsibility within the Company, Vining shall be
entitled to participate in such pension, profit sharing, bonus or incentive
compensation, incentive, group and individual disability, group and

                                      -3-
<PAGE>   4

individual life, survivor income, sickness, accident, dental, medical and health
benefits and other plans of the Company or additional benefit programs, which
may be established by the Company for its executives or other employees, as and
to the extent any such benefit programs, plans and arrangements are or may from
time to time be in effect, as determined by the Company in its discretion and
pursuant to the terms hereof and as and to the extent that Vining is eligible to
participate in such plans under the terms or such plans. The Board of Directors
may cause the Company to purchase a life insurance policy (or policies) on the
life of Vining, the death benefit being payable to any beneficiary (or
beneficiaries) as designated by Vining.

               (e) Expenses. The Company shall reimburse Vining from time to
time for all reasonable and customary business expenses incurred by him in the
performance of his duties hereunder, provided that Vining shall submit vouchers
and other supporting data to substantiate the amount of such expenses in
accordance with Company policy from time to time in effect.

               (f) Car Allowance and COBRA. The Company shall pay to Vining a
monthly car allowance in the amount of $1,400.00 per month. Until the later to
occur of tile date that is eight (8) months following the date hereof or the
date in which Vining is entitled to medical, dental, and hospital coverage by
the Company, Company shall pay to Vining the amount of $685.00 each month, which
reflects the COBRA premium otherwise due to maintain such coverage under
Vining's former employment.

               (g) Vacation. Throughout the Employment Period, Vining shall be
entitled to annual vacation, holidays, leave of absence, and leave for illness
or temporary disability in accordance with the policies of the Company in effect
from time to time for its executive officers, but no less than three (3) weeks
of paid vacation and ten (10), holidays each calendar year. Vacation leave and
leave of absence, if taken by Vining, shall be taken at such times as are
reasonably acceptable to the Company; provided, however, the parties acknowledge
and agree that Vining shall be permitted to take ten (10) business days of
vacation during the period of October 2, 2000, and December 31, 2000, on such
days as Vining reasonably determines, Any leave on account of illness or
temporary disability which is short of Total Disability (as defined in Section
3(d)(ii) hereof) shall not constitute a breach by Vining of his agreements
hereunder even though leave on account of a Total Disability may be deemed to
result in a termination of the Employment Period under the applicable provisions
of this Agreement.

        3.     Employment Period.

               (a) Duration. The Employment Period shall commence on the date or
this Agreement and shall continue until the earlier of (i) the close of business
on the day immediately preceding the second (2nd) anniversary of the date, of
this Agreement, or the expiration of any extension of this Agreement as provided
in Section 3(b) hereof, or (ii) termination of this Agreement by the Company for
"cause" (as defined in Section 3(d)(i) hereon, or (iii) termination of this
Agreement by the Company for any reason other than cause, or (iv) Vining's
resignation for "good reason" (as defined in Section 3(d)(iii), or (v) Vining's
resignation without "good reason," or (vi) the death or Total Disability of
Vining.

                                      -4-
<PAGE>   5

               (b) Extension of Employment Period. This Agreement may only be
extended by mutual written agreement of both parties hereto.

               (c) Payments Upon Termination.

                          (i)  WITHOUT CAUSE OR FOR GOOD REASON. Except as
otherwise provided herein, if Vining's employment is terminated by (x) the
Company for any reason other than "cause" (as defined in Section 3(d)(i)
hereof), or (y) by Vining for "good reason" (as defined in Section 3(d)(iii)
hereof), at any time during the Employment Period or any extension therefor, the
Company shall pay to, or provide for, as the case may be, Vining, for the
remainder of the Employment Period, including any extension thereof, in a
lump-sum within ten (10) days of the date of such termination, all of the
following:

                                (1) all compensation, bonus, car allowance,
expense reimbursement, and options described in Section 2 (including, without
limitation, the Consulting Fee payable to Nor Palms) of this Agreement which
Vining and Nor Palms would have been entitled had Vining continued to be
employed by the Company throughout the full Employment Period; and

                                (2) to the extent applicable, the sickness and
health insurance programs to which he would have been entitled under this
Agreement if he had remained in the employ of the Company for such period;

                                (3) provided, however, if such termination
occurs prior to January 2, 2001, the amounts payable pursuant to Section
1(c)(i)(1) and (2), shall be recalculated and paid as if the Employment Period
was otherwise set to expire as of October 1, 2001.

                          (ii)  FOR CAUSE OR DEATH/DISABILITY. If Vining's
employment is terminated (A) by the Company for "cause" or (B) upon the death or
due to the Total Disability (as defined in Section 3(d)(ii) hereof) of Vining,
then the Company shall have no further liability to Vining, except (x) for the
Salary, Consulting Fee, car allowance, and. reimbursement of expenses, which had
accrued through the date of termination, which amounts shall be paid by Company
within ten (10) days of such termination, (y) if Vining's employment with the
Company is terminated due to Vining's death, then, as compensation for Vining's
services, Vining's estate and Nor Palms (as the case may be) shall receive, in
the same amounts and at the same time, the Salary, Consulting Fee, car
allowance, reimbursement of expenses, and options Vining would have received had
he not died, for the six months following the death of Vining, and (z) for such
other benefits as may be required to be provided by the Company under the
provisions of applicable law.

                          (iii) CHANGE IN CONTROL. If Vining's employment with
the Company is terminated by the Company without cause within two (2) years
following of a Change in Control (as defined below) or Vining resigns with good
reason within two (2) years following a Change in Control, then the Company
shall pay to Vining the amounts otherwise payable to Vining by the Company
pursuant to the provisions of Sections 3(c)(i), which amount shall be paid in
its entirety no later than ten (10) days after such employment termination or
resignation.

                                      -5-

<PAGE>   6

                          (iv)  RESIGNATION. If Vining's employment with the
Company is voluntarily terminated by Vining without good reason, Vining shall be
entitled to receive, in a lump-sum within ten (10) days of the date of such
termination, all of the following:

                                (1) all compensation, bonus, car allowance,
expense reimbursement, and options described in Section 2 (including, without
limitation, the Consulting Fee payable to Nor Palms) of this Agreement to which
Vining and Nor Palms would have been entitled had Vining continued to be
employed by the Company throughout the full Employment Period; and

                                (2) to the extent applicable, (the sickness and
health insurance programs to which lie would have been entitled under this
Agreement if he, had remained in the employ of the Company for such period;

                                (3) provided, however, the amounts payable
pursuant to Section 3,(c)(iv)(1) and (2), shall bc recalculated and paid, as if
the Employment Period was otherwise set to expire the earlier or (x) the date
that is three (3) months following such date of voluntary resignation, or (y)
the otherwise then-existing expiration or the Employment Period.

                          (v)   In the event than any payments or provisions
for the payment of salary, benefits, perquisites and rights to Vining described
in this Section 3(c) shall, together with any other payment received by Vining,
be considered to be an "excess parachute payment" under Section 280G(b)(1) of
the Internal Revenue Code of 1986, as amended (the "Code"), this Agreement shall
be construed so that the amount received by Vining that is described as a
"parachute payment" under Section 280G(b)(2) of the Code shall equal the greater
of (i) the amounts otherwise payable under this Agreement (determined, solely
for purposes of comparison to clause (ii), hereof, by netting out any excise tax
that may be due under Section 4999 of the Code) or (ii) the maximum amount (fiat
could be paid to Vining so that no such amount, along with all other "parachute
payments" made to Vining by the Company, will be deemed to constitute an "excess
parachute payment" as defined under Code Section 280G(b)(1).

               (d) Definitions. When used in this Agreement, the words "cause,"
"Total Disability," "good reason," and "Change in Control" shall have the
respective meanings set forth below:

                          (i)   The term "cause" means: (A) Vining's intentional
failure to perform his employment duties hereunder after reasonable notice to
Vining by tile Company's Board of Directors specifying such failure and
providing Vining with a reasonable time (which shall not be less than 30 days)
to cure such failure given (he context of the circumstances, as determined by
the Company's Board of Directors in the exercise of its reasonable discretion;
(B) Vining's conviction, or a plea of nolo contendere, of a felony or any crime
involving moral turpitude that is related to the business or property of the
Company; (C) the commission of an act, or failure to act, in connection with
Vining's duties hereunder, which involves the gross misconduct or gross
negligence, or (D) repeated acts of alcoholism, drug dependency, or habitual
absenteeism, which interferes with the performance of Vining's duties hereunder.

                                      -6-

<PAGE>   7

                          (ii)   To the extent permitted by applicable law, the
term "Total Disability" means total disability as defined in the Company's group
and individual disability plans, if any. If the Company does not have in
existence such plans, then total Disability shall mean:

                                 (1) The inability to perform the duties
required hereunder for a continuous period of six (6) months during the
Employment Period due to "mental incompetence" or "physical disability" as
hereinafter defined. Vining shall be considered to be mentally incompetent
and/or physically disabled: (A) if he is under a legal decree of incompetency
(the date of such decree being deemed the date on which such mental incompetence
occurred for purposes of this Section 3(d)), or (B) because of a "Medical
Determination of Mental and/or Physical Disability." A Medical Determination of
Mental and/or Physical Disability shall mean the written determination by: (x)
the physician regularly attending Vining, and (y) a physician selected by the
Company, that because of a medically determinable mental and/or physical
disability Vining is unable to perform each of the essential functions of
Vining, and such mental and/or physical disability is determined or reasonably
expected to last six (6) months or longer after the date of determination, based
on medically available information. If the two physicians do not agree, they
shall jointly choose a third consulting physician and the written opinion of the
majority of these three (3) physicians shall be conclusive as to such mental
and/or physical disability and shall be binding on the parties. The date of any
written opinion which is conclusive as to the mental and/or physical disability
shall be deemed the date on which such mental and/or physical disability
commenced, for purposes of this Section 3(d), if the written opinion concludes
that Vining is mentally and/or physically disabled. In conjunction with
determining mental and/or physical disability for purposes of this Agreement,
Vining consents to any such examinations which are relevant to a determination
of whether he is mentally and/or physically disabled, and which is required by
any two (2) of the aforesaid physicians, and to furnish such medical information
as may be reasonably requested, and to waive any applicable physician/patient
privilege that may arise because of such examination. All physicians selected
hereunder shall be Board-certified in the specialty most closely related to the
nature of the mental and/or physical disability alleged to exist.

                             (2) For purposes of determining whether Vining is
mentally incompetent or physically disabled for the continuous six (6) month
period specified in this Section 3(d), such disability shall be deemed to
continue from the date of any legal decree of incompetency, or written opinion
which is conclusive as to the mental and/or physical disability, through the
date the legal decree expires or is otherwise revoked or removed, or the date
on, which the mental and/or physical disability has ceased, as the case may be,
as set forth in a written opinion prepared by the physicians described in this
Section 3(d) pursuant to the procedures provided herein.

                         (iii) The term "good reason," and its use within the
context of "resignation for good reason," means any material breach by the
Company of this Agreement, after thirty (30) days written notice and chance to
cure therein, including (without limitation) (1) the failure to make any payment
or the grant of any stock option described herein; (2) any change in Vining's
reporting official or any adverse change in Vining's title, function, duties, or
responsibilities; or (3) any material change in the Company's Business
(including the failure to pursue the New Business).

                          (iv)  The term "Change in Control" shall mean any of
the following:

                                      -7-

<PAGE>   8

                                (1) any "person" (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")), is or becomes the beneficial owner, directly or indirectly, of
securities of the Company representing a majority of the capital stock or the
Company, entitled to vote generally for the election of directors of the
Company; or

                                (2) a change of control of a nature that would
be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A promulgated under the Exchange Act as in effect on the date of
this Agreement; or

                                (3) there shall be consummated: (i) any
consolidation or merger or share exchange of the Company in which the Company is
not the continuing or surviving corporation or pursuant to which shares of the
Company's Common Stock would be converted into cash, securities or other
property, other than a merger of the Company in which the holders of the
Company's Common Stock immediately prior to the merger have the same
proportionate ownership of common stock, of the surviving corporation
immediately after the merger, or (ii) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all, or a
substantial portion, of the assets of the Company; or

                                (4) the stockholders of the Company approve a
plan or proposal for the complete or partial liquidation, dissolution or
divisive reorganization of the Company.

               (e) Disparaging Remarks. Throughout the Employment Period, Vining
covenants to not make any disparaging remarks concerning the Company, its
operations, or its employees, officers or directors to any persons either
publicly or in private whether or not such disparaging, remarks may be found to
adversely affect the Company, its employees, officers, or directors.

               (f) Relocation: Location of Performances.

                          (i)   Vining's services will be performed primarily in
the City of Palo Alto California, and Vining shall not be required to change his
current place of residence (as listed on page 1 of this Agreement) for the
purpose of serving the Company, without his consent. The parties acknowledge,
however, that Vining may be required to travel in connection with the
performance or his duties hereunder. Any violation of this Section 3(f)(i) shall
be deemed a material breach or this Agreement entitling Vining to terminate this
Agreement for good reason.

                          (ii)  If Vining consents to a relocation, the Company
shall pay all the costs and expenses of Vining and his family connected with
such relocation, including reasonable moving and travel expenses and reasonable
temporary dwelling costs (for a period not to exceed 180 days), provided proper
receipts are provided for such expenses and that they in total do not exceed
seventy-five thousand dollars ($75,000.00). Additionally, the Company shall
assist Vining in the sale or his personal residence, including the payment of
all real estate fees, commissions, and state, county, city, or local taxes
incurred upon the sale of real estate.

        4.     Notices. Any notices, requests, demands and other communications
provided for by this Agreement shall be sufficient if (i) it is in writing (ii)
to Vining, is sent by registered or certified

                                      -8-
<PAGE>   9

mail to Vining at the last address he has filed in writing with the Company, and
(iii) to the Company, is sent to the Company's principal place of business and
addressed to the Chairman of the Board of Directors.

        5.     Binding Agreement; Assignment. This Agreement shall be effective
as of the date hereof and shall be binding upon and inure to the benefit of, the
parties and, their respective heirs, successors, assigns, and. personal
representatives, as, the case may be. Vining may not assign any rights or duties
under this Agreement. As used herein, the successors of the Company shall
include, but not be limited to, any successor by way of merger, consolidation,
sale of all or substantially all of the assets, or similar reorganization or
change in control.

        6.     Entire Agreement. This Agreement, the Vining Option Plan, the
Consulting Agreement, and the Proprietary Rights Agreement constitute the entire
understanding of Vining and the Company with respect to the subject matter
hereof and supersede any and all prior understandings written or oral. This
Agreement may not be changed, modified or discharged orally, but only by an
instrument in writing signed by the parties.

        7.     Enforceability. This Agreement has been duly authorized,
executed and delivered and constitutes the valid and binding obligations of the
parties hereto, enforceable in accordance with its terms. The undertakings
herein shall not be construed as any limitation upon the remedies Company might,
in the absence of this Agreement, have at law or in equity for any wrongs of
Vining.

        8.     Choice of Law; Jurisdiction; Venue. This Agreement has been
negotiated and shall be consummated in the State of California and shall be
governed by and construed in accordance with the laws of the State of
California, without regard to its principles of conflicts of law.

        9.     Severability. If any one or more of the terms or provisions or
this Agreement shall for any reason be held to be invalid, illegal or
unenforceable, in whole or in part, or in any respect or in the event that any
one or more of the provisions of this Agreement operated or would prospectively
operate to invalidate this Agreement, then and in either of those events, such
provision or provisions only shall be deemed null and void and shall not affect
any other provision of this Agreement and the remaining provisions of this
Agreement shall remain operative and in full force and effect and shall in no
way be affected, prejudiced or disturbed thereby.

        10.    Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one Agreement. Signatures transmitted by facsimile or
other electronic means shall be deemed an original.

        11.    Amendments and Waivers. This Agreement may, to the maximum
extent permitted by applicable law, be amended by the parties, which amendment
shall be set forth in an instrument executed by all of the parties, Any term,
provision or condition of this Agreement (other than as prohibited by applicable
law) may be waived in writing at any time by the party which is entitled to the
benefits thereof. A waiver by the Company or Vining of a breach or any provision
of this Agreement by the other party shall not operate or be construed as a
waiver of any subsequent breach by the other party.

                                      -9-

<PAGE>   10

        12.    Survival. All obligations of the parties to this Agreement to be
performed hereunder after the date of termination of this Agreement shall
survive on and after such date until fully performed.

                          [Continued on the next page.]

                                      -10-

<PAGE>   11

        IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement on the date first above written.

                                        COMPANY:

                                        EUPHONIX, INC.

                                        By:
                                           ----------------------------------
                                        Name:   Dieter Meier
                                        Title:  Chairman of the Board

                                        VINING:

                                        -------------------------------------
                                        Steve Vining<PAGE>   1
                                                                   EXHIBIT 10.22

================================================================================

                                 EUPHONIX, INC.
                               220 PORTAGE AVENUE
                           PALO ALTO, CALIFORNIA 94306

                         COMMON STOCK PURCHASE AGREEMENT

                                FEBRUARY 18, 2000

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                              PAGE
                                                                              ----
<S>     <C>                                                                   <C>
SECTION 1      AUTHORIZATION AND SALE OF COMMON STOCK........................  1

        1.1    AUTHORIZATION ................................................  1
        1.2    PURCHASE AND SALE OF SHARES...................................  1

SECTION 2      CLOSING DATE; DELIVERY........................................  1

        2.1    CLOSING.......................................................  1
        2.2    DELIVERY......................................................  1

SECTION 3      REPRESENTATIONS AND WARRANTIES OF THE COMPANY.................  1

        3.1    ORGANIZATION AND STANDING.....................................  2
        3.2    CORPORATE POWER...............................................  2
        3.3    CAPITALIZATION................................................  2
        3.4    AUTHORIZATION.................................................  3
        3.5    FINANCIAL STATEMENTS..........................................  3
        3.6    NO MATERIAL ADVERSE CHANGE....................................  3
        3.7    NO UNDISCLOSED LIABILITIES....................................  3
        3.8    TITLE TO ASSETS...............................................  3
        3.9    ACTIONS PENDING...............................................  4
        3.10   COMPLIANCE WITH LAW...........................................  4
        3.11   CERTAIN FEES..................................................  4
        3.12   DISCLOSURE....................................................  4
        3.13   MATERIAL AGREEMENTS...........................................  4
        3.14   EMPLOYEES.....................................................  4
        3.15   INTELLECTUAL PROPERTY, TRADEMARKS, ETC. ......................  4

SECTION 4      REPRESENTATIONS AND WARRANTIES OF THE PURCHASER...............  5

        4.1    EXPERIENCE; SPECULATIVE NATURE OF INVESTMENT..................  5
        4.2    INVESTMENT....................................................  5
        4.3    RULE 144......................................................  5
        4.4    ACCESS TO DATA................................................  5
        4.5    AUTHORIZATION.................................................  6
        4.6    BROKERS OR FINDERS............................................  6
        4.7    TAX LIABILITY.................................................  6
        4.8    RECENT TRANSFERS..............................................  6
</TABLE>

                                      -i-

<PAGE>   3

<TABLE>
<S>     <C>                                                                   <C>
SECTION 5      CONDITIONS TO PURCHASERS' OBLIGATIONS TO CLOSE................  6

        5.1    REPRESENTATIONS AND WARRANTIES CORRECT........................  6
        5.2    COVENANTS.....................................................  6
        5.3    BLUE SKY......................................................  6
        5.4    RIGHTS AGREEMENT..............................................  7
        5.5    COMPLIANCE WITH LAW...........................................  7

SECTION 6      CONDITIONS TO COMPANY'S OBLIGATIONS TO CLOSE..................  7

        6.1    REPRESENTATIONS...............................................  7
        6.2    COVENANTS.....................................................  7
        6.3    BLUE SKY......................................................  7
        6.4    RIGHTS AGREEMENT..............................................  7
        6.5    COMPLIANCE WITH LAW...........................................  7

SECTION 7      MISCELLANEOUS.................................................  7

        7.1    GOVERNING LAW.................................................  7
        7.2    SURVIVAL......................................................  7
        7.3    SUCCESSORS AND ASSIGNS........................................  8
        7.4    ENTIRE AGREEMENT; AMENDMENT...................................  8
        7.5    NOTICES, ETC..................................................  8
        7.6    DELAYS OR OMISSIONS...........................................  8
        7.7    CALIFORNIA CORPORATE SECURITIES LAW...........................  9
        7.8    COUNTERPARTS..................................................  9
        7.9    SEVERABILITY..................................................  9
        7.10   TITLES AND SUBTITLES..........................................  9
        7.11   EXPENSES......................................................  9
        7.12   ATTORNEY'S FEES...............................................  9
</TABLE>

                                      -ii-

<PAGE>   4

EXHIBITS

        A      Schedule of Purchasers
        B      Registration Rights Agreement

                                     -iii-

<PAGE>   5

                                 EUPHONIX, INC.

                         COMMON STOCK PURCHASE AGREEMENT

        THIS COMMON STOCK PURCHASE AGREEMENT (the "Agreement") is made as of
February l8, 2000 by and among Euphonix, Inc. a California corporation (the
"Company"), and Willy Gunther, Rabmatt 33e, CH-6317 Oberwil b.Zug, Switzerland,
an individual (the "Purchaser").

                                    SECTION 1

                     AUTHORIZATION AND SALE OF COMMON STOCK

        1.1 AUTHORIZATION. The Company has authorized the salt of up to a number
of shares of Common Stock of the Company (the "Shares"), which shall have an
aggregate value equal to $300,000, based upon a cash price per share equal to
$1.25 subject to the satisfaction or waiver of the conditions set forth in
Sections 5 and 6 below,

        1.2 PURCHASE AND SALE OF SHARES. Subject to the terms and conditions of
this Agreement, Purchaser agrees to purchase and the Company agrees to sell and
issue to Purchaser 240,000 Shares set forth opposite its name on Exhibit A. The
Company's agreement with Purchaser is a separate agreement, and the sale of the
Shares to Purchaser is a separate sale.

                                    SECTION 2

                             CLOSING DATE; DELIVERY

        2.1 CLOSING. The purchase and sale of the Shares hereunder shall take
place at one closing (" the Closing") on February 18, 2000, (the "Closing
Date"). The Closing shall be held at the offices of the Company, at 9:00 a.m.
local time, on the Closing Date, or at such other time and place upon which the
Company and the Purchaser shall agree.

        2.2 DELIVERY. At the Closing, the Company will deliver to Purchaser a
certificate registered in Purchaser's name representing the number of Shares
that Purchaser is purchasing for payment of the purchase price therefor as set
forth in Section 1.2 above, by check payable to the Company or by wire transfer
per the Company's instructions.

                                    SECTION 3

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

        Except as set forth in writing in the disclosure letter supplied by the
Company to the Purchaser (the "Disclosure Letter") the Company represents and
warrants to the Purchaser as of the date of this Agreement as follows:

<PAGE>   6

        3.1 ORGANIZATION AND STANDING. The Company is a corporation duly
organized and existing under, and by virtue of, the laws of the State of
California and is in good standing under such laws. The Company has requisite
corporate Power and authority to own and operate its properties and assets, and
to carry on its business. The Company is presently qualified to do business as a
foreign corporation in each jurisdiction where the failure to be so qualified
would have a material adverse effect on the Company's business.

        3.2 CORPORATE POWER. The Company has all requisite legal and corporate
power and authority to execute and deliver this Agreement and that certain
Registration Rights Agreement substantially in the form attached hereto as
Exhibit B (the "Rights Agreement"), to sell and issue the Shares hereunder, and
to carry out and perform its obligations under the terms of this Agreement and
the Rights Agreement (together the "Agreements").

        3.3 CAPITALIZATION. The authorized capital stock of the Company and the
shares thereof issued and outstanding as of the date hereof are set forth in the
Disclosure Letter. All of the outstanding shares of the Company's Common Stock
have been duly and validly authorized. Except as set forth in this Agreement and
the Rights Agreement and as set forth in the Company's most recent Form 10-K,
including the accompanying financial statements, or in the Company's most recent
Form 10-Q, filed with the Securities and Exchange Commission (the "Commission")
pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act")
in other public filings made by the Company with the Commission pursuant to the
Exchange Act (collectively, the "Commission Filings"), or the Disclosure Letter,
no shares of Common Stock are entitled to preemptive rights or registration
rights and there are no outstanding options, warrants, scrip, rights to
subscribe to, call or commitments of any character whatsoever relating to, or
securities or rights convertible into, any shares of capital stock of the
Company. Furthermore, except as set forth in this Agreement and the Rights
Agreement and as set forth in the Commission Filings, or the Disclosure Letter,
there are no contracts, commitments, understandings or arrangements by which the
Company is or may become bound to issue additional shares of the capital stock
of the Company or options, securities or rights convertible into shares of
capital stock of the Company. Except for registration rights contained in
agreements entered into by the Company in order to sell restricted securities as
provided in the Commission Filings or the Disclosure Letter, the Company is not
a party to any agreement granting registration rights to any person with respect
to any of its equity or debt securities. The Company is not a party to, and it
has no knowledge of, any agreement restricting the voting or transfer of any
shares of the capital stock of the Company. Except as set forth in the
Commission Filings or in the Disclosure Letter, the offer and sale of all
capital stock, convertible securities, rights, warrants, or options of the
Company issued prior to the Closing complied with all applicable federal and
state securities laws, and no stockholder has a right of rescission or damages
with respect thereto which would have a material adverse effect on the Company's
financial condition or operating results.

        3.4 AUTHORIZATION. All corporate action on the part of the Company and
its directors necessary for the authorization, execution, delivery and
performance of the Agreements by the Company, the authorization, sale, issuance
and delivery of the Shares, and the performance of all of the Company's
obligations under the Agreements has been taken or will be taken prior to the
Closing. The Agreements, when executed and delivered by the Company, shall
constitute valid and

                                      -2-
<PAGE>   7

binding obligations of the Company, enforceable in accordance with their terms,
subject to laws general application relating to bankruptcy, insolvency and the
relief of debtors and rules of law governing specific performance, injunctive
relief or other equitable remedies, except that the indemnification provisions
of Section 1.9 of the Rights Agreement may further be limited by principles of
public policy. The Shares, when issued in compliance with the provisions of this
Agreement, will be validly issued, will be fully paid and nonassessable, and
will be free of any liens or encumbrances, other than any liens or encumbrances
created by the Purchaser; provided, however, that the Shares are subject to
restrictions on transfer under state and/or federal securities laws as set forth
herein and in the Rights Agreement.

        3.5 FINANCIAL STATEMENTS. The financial statements of the Company
included in the Commission Filings comply as to form in all material respects
with applicable accounting requirements and the published rules and regulations
of the Commission or other applicable rules and regulations with respect
thereto. Such financial statements have been prepared in accordance with
generally accepted accounting principles ("GAAP") applied on a consistent basis
during the periods involved (except (i) as may be otherwise indicated in such
financial statement or the notes thereto or (ii) in the case of unaudited
interim statements, to the extent they may not include footnotes or may be
condensed or summary statement), and fairly present in all material respects the
financial position of the Company and its subsidiaries as of the dates thereof
and the results of operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit
adjustments)).

        3.6 NO MATERIAL ADVERSE CHANGE. Since September 30, 1999, the date
through which the most recent quarterly report of the Company on Form 10-Q has
been prepared and filed with the Commission, the Company has not experienced or
suffered any event or condition which has materially affected the business
operations, assets or financial condition of the Company.

        3.7 NO UNDISCLOSED LIABILITIES. Except as disclosed in the Commission
Filings or the Disclosure Letter, the Company has no liabilities, obligations,
claims or losses that would be required to be disclosed on a balance sheet of
the Company (including the notes thereto), other than those incurred in the
ordinary course of the Company's business since September 30, 1999 and which,
individually or in the aggregate, do not or would not have a material adverse
effect on the Company's financial condition or operating results.

        3.8 TITLE TO ASSETS. The Company has good and marketable title to all of
its property and assets, free of any mortgages, pledges, charges, liens,
security interests or other encumbrances, except for those indicated in the
Commission Filings or the Disclosure Letter or such that could not reasonably be
expected to cause a material adverse effect on the Company's financial condition
or operating results.

        3.9 ACTIONS PENDING. There is no action, suit, claim, investigation or
proceeding pending or, to the knowledge of the Company, threatened against the
Company, which questions the validity of this Agreement or the transactions
contemplated hereby or any action taken or to be taken pursuant hereto or
thereto. Except as set forth in the Commission Filings or the Disclosure Letter,
there is no action, suit, claim, investigation or proceeding pending or, to the
knowledge of the Company, threatened, against or involving the Company, any
subsidiary or any of their respective

                                      -3-
<PAGE>   8

properties or assets and which, if adversely determined, is reasonably likely to
result in a material adverse effect on the Company's financial condition or
operating results.

        3.10 COMPLIANCE WITH LAW. To the knowledge of the Company, the business
of the Company has been and is presently being conducted in accordance with all
applicable federal, state and local governmental laws, rules, regulations and
ordinances, except as set forth in the Commission Filings or the Disclosure
Letter, or such that do not cause a material adverse effect. The Company has all
franchises, permits, licenses, consents and other governmental or regulatory
authorizations and approvals necessary for the conduct of its business as now
being conducted by it unless the failure to possess such franchises, permits,
licenses, consents and other governmental or regulatory authorizations and
approvals, individual or in the aggregate, could not reasonably be expected to
have a material adverse effect on the Company's financial condition or operating
results.

        3.11 CERTAIN FEES. No brokers, finders or financial advisory fees or
commissions will be payable by the Company with respect to the transactions
contemplated by this Agreement.

        3.12 DISCLOSURE. To the best of the Company's knowledge, neither this
Agreement nor any other documents furnished to the Purchaser by or on behalf of
the Company in connection with the transactions contemplated by this Agreement
contain any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements made herein or therein, in the
light of the circumstances under which they were made herein or therein, not
misleading.

        3.13 MATERIAL AGREEMENTS. Except as set forth in the Commission Filings
or the Disclosure Letter, the Company is not a party to any written or oral
contract, instrument, agreement, commitment, obligation, plan or arrangement, a
copy of which would be required to be filed with the Commission as an exhibit to
a registration statement or applicable form (collectively, "Material
Agreements") if the Company were registering securities under the Securities Act
of 1933, as amended (the "Securities Act"). The Company has in all material
respects performed all the obligations required to be performed by it under the
foregoing agreements, has received no notice of default and, to the best of the
Company's knowledge, is not in default under any Material Agreement now in
effect, the result of which could reasonably be expected to cause a material
adverse effect on the Company's financial condition or operating results.

        3.14 EMPLOYEES. Except as set forth in the Commission Filings or the
Disclosure Letter or as otherwise disclosed by the Company to the Purchaser, the
Company has no collective bargaining arrangements or agreements covering any of
its employees,

        3.15 INTELLECTUAL PROPERTY, TRADEMARKS, ETC. The Company has the right
to use, free and clear of all liens, charges, claims and restrictions, all
intellectual property, patents, trademarks, service marks, trade names,
copyrights, licenses and rights necessary to the business of the Company, as
presently conducted. To the best of the Company's knowledge, the Company is not
infringing upon or otherwise acting adversely to the right or claimed right of
any other person under or with respect to the foregoing.

                                      -4-
<PAGE>   9

                                    SECTION 4

                 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

        Purchaser hereby represents and warrants to the Company with respect to
the purchase of Shares as follows:

        4.1 EXPERIENCE; SPECULATIVE NATURE OF INVESTMENT. Purchaser (or its
principals or advisors) has substantial experience in evaluating and investing
in private placement transactions of securities in companies similar to the
Company so that it is capable of evaluating the merits and risks of its
investment in the Company and has the capacity to protect its own interests.
Purchaser acknowledges that its investment in the Company is highly speculative
and entails a substantial degree of risk and Purchaser is in a position to lose
the entire amount of such investment.

        4.2 INVESTMENT. Purchaser is acquiring the Shares for investment for its
own account, not as a nominee or agent, and not with the view to, or for resale
in connection with, any distribution thereof. Purchaser understands that the
Shares to be purchased hereby have not been, and will not be, registered under
the Securities Act (except as provided in Section 3 of the Rights Agreement) by
reason of a specific exemption from the registration provisions of the
Securities Act, the availability of which depends upon, among other things, the
bona fide of nature the investment intent and the accuracy of the Purchaser's
representations as expressed herein. Purchaser is an "accredited investor"
within the meaning of Regulation D, Rule 501(a), promulgated by the Securities
and Exchange Commission.

        4.3 RULE 144. Purchaser acknowledges that the Shares must be held
indefinitely unless subsequently registered under the Securities Act or unless
an exemption from such registration is available. Purchaser is aware of the
provisions of Rule 144 promulgated under the Securities Act which permit limited
resale of shares purchased in a private placement subject to the satisfaction of
certain conditions, including, among other things, the existence of a public
market for the shares, the availability of certain current public information
about the Company, the resale occurring not less than one year after a party has
purchased and paid for the security to be sold, the sale being effected through
a "broker's transaction" or in transactions directly with a "market maker" and
the number of shares being sold during any three-month Period not exceeding
specified limitations. Purchaser understands that the certificates evidencing
the Shares will be imprinted with a legend that prohibits the transfer of such
securities unless they are registered or such registration is not required.

        4.4 ACCESS TO DATA. Purchaser has had an opportunity to discuss the
Company's business, management and financial affairs with its management.
Purchaser has also had an opportunity to ask questions of officers of the
Company, which questions were answered to its satisfaction. Purchaser
understands that such discussions, as well as any written information issued by
the Company, were intended to describe certain aspects of the Company's business
and prospects but were not a thorough or exhaustive description.

        4.5 AUTHORIZATION. The Agreements, when executed and delivered by the
Purchasers, will constitute valid and legally binding obligations of Purchaser,
enforceable in accordance with

                                      -5-
<PAGE>   10

their terms, except as the indemnification provisions of Section 1.9 of the
Rights Agreement may be limited by principles of public policy, and subject to
laws of general application relating to bankruptcy, insolvency and the relief of
debtors and rules of law governing specific performance, injunctive relief or
other equitable remedies.

        4.6 BROKERS OR FINDERS. The Purchaser has not engaged any brokers,
finders or agents, and the Company has not, and will not, incur, directly or
indirectly, as a result of any action taken by Purchasers, any liability for
brokerage or finders' fees or agents' commissions or any similar charges in
connection with the Agreements. In the event that the preceding sentence is in
any way inaccurate, Purchaser agrees to indemnify and hold harmless the Company
from any liability for any commission or compensation in the nature of a
finder's fee (and the costs and expenses of defending against such liability)
for which the Company, or any of their officers, directors, employees or
representatives, is responsible.

        4.7 TAX LIABILITY. Purchaser has reviewed with its own tax advisors the
federal, state, local and foreign tax consequences of this investment and the
transactions contemplated by the Agreements. With respect to such matters,
Purchaser relies solely on such advisors and not on any statements or
representations of the Company or any of its agents other than the
representations and warranties set forth herein. Purchaser understands that it
(and not the Company) shall be responsible for its own tax liability that may
arise as a result of this investment or the transactions contemplated by the
Agreements.

        4.8 RECENT TRANSFERS. The Purchaser has not purchased, sold or
transferred any security of the Company within the sixty days immediately
proceeding the date of this Agreement.

                                    SECTION 5

                 CONDITIONS TO PURCHASERS' OBLIGATIONS TO CLOSE

        The Purchaser's obligations to purchase the Shares are, unless waived by
the Purchaser, subject to the fulfillment of the following conditions:

        5.1 REPRESENTATIONS AND WARRANTIES CORRECT. The representations and
warranties made by the Company in Section 3 hereof shall be true and correct in
all material respects as of the Closing Date.

        5.2 COVENANTS. All covenants, agreements and conditions contained in the
Agreements to be performed by the Company on or prior to the Closing shall have
been performed or complied with in all material respects.

        5.3 BLUE SKY. The Company shall have obtained all necessary Blue Sky law
permits and qualifications, or have the availability of exemptions therefrom,
required by any state for the order and sale of the Shares.

                                      -6-
<PAGE>   11

        5.4 RIGHTS AGREEMENT. The Company and the Purchaser shall have executed
and delivered the Rights Agreement.

        5.5 COMPLIANCE WITH LAW. No provision of any applicable law or
regulation and no judgment, injunction, order or decree shall prohibit the sale
and issuance of the Shares and the consummation of the transactions contemplated
hereby.

                                    SECTION 6

                  CONDITIONS TO COMPANY'S OBLIGATIONS TO CLOSE

        The Company's obligation to sell and issue the Shares is, unless waived
by the Company, subject to the fulfillment of the following conditions:

        6.1 REPRESENTATIONS. The representations and warranties made by the
Purchaser in Section 4 hereof shall be true and correct as of the Closing Date.

        6.2 COVENANTS. All covenants, agreements and conditions contained in the
Agreements to be performed by Purchaser on or prior to the Closing Date shall
have been performed or complied with in all material respects.

        6.3 BLUE SKY. The Company shall have obtained all necessary Blue Sky law
permits and qualifications, or have the availability of exemptions therefrom,
required by any state for the offer and sale of the Shares.

        6.4 RIGHTS AGREEMENT. The Company and the Purchaser shall have executed
and delivered the Rights Agreement.

        6.5 COMPLIANCE WITH LAW. No provision of any applicable law or
regulation and no judgment, injunction, order or decree shall prohibit the sale
and issuance of the Shares and the consummation of the transactions contemplated
hereby.

                                    SECTION 7

                                  MISCELLANEOUS

        7.1 GOVERNING LAW. This Agreement shall be governed in all respects by
the internal laws of the State of California, without regard to its choice of
law rules.

        7.2 SURVIVAL. The representations, warranties, covenants and agreements
made herein shall survive any investigation made by the Purchaser and the
closing of the transactions contemplated hereby.

                                      -7-
<PAGE>   12

        7.3 SUCCESSORS AND ASSIGNS. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto;
provided, however, that the rights of the Purchaser to purchase the Shares shall
not be assignable without the prior written consent of the Company.

        7.4 ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other documents
delivered pursuant hereto at the Closing constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and thereof, and no party shall be liable or bound to any other party in
any manner by any warranties, representations or covenants except as
specifically set forth herein or therein. Except as expressly provided herein,
neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the Company and holders
of a majority of the Shares.

        7.5 NOTICES, ETC. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, or otherwise delivered by hand or by messenger,
addressed (a) if to Purchaser, at Purchaser's address, as shown below, or at
such other address as such Purchaser shall have furnished to the Company in
writing, or (b) if to any other holder of any Shares, at such address as such
holder shall have furnished the Company in writing, or, until any such holder so
furnishes an address to the Company, then to and at the address of the last
holder of such Shares who has so furnished an address to the Company, or (c) if
to the Company, one copy should be sent to its address set forth on the cover
page of this Agreement and addressed to the attention of the Chief Executive
Officer, or at such other address as the Company shall have furnished to the
Purchaser.

            Each such notice or other communication shall for all purposes of
this Agreement be treated as effective or having been given when delivered if
delivered personally, or, if sent by mail, at the earlier of its receipt or 72
hours after the same has been deposited in a regularly maintained receptacle for
the deposit of the United Stales mail, addressed and mailed as aforesaid.

        7.6 DELAYS OR OMISSIONS. Except as expressly provided herein, no delay
or omission to exercise any right, power or remedy accruing to any party to this
Agreement upon any breach or default of any other party under this Agreement,
shall impair any such right, power or remedy of such non-defaulting party nor
shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character on the part of any
party of any breach or default under this Agreement, or any waiver on the part
of any party of any provisions or conditions of this agreement, must be in
writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement or by law or otherwise
afforded to any party to this Agreement, shall be cumulative and not
alternative.

        7.7 CALIFORNIA CORPORATE SECURITIES LAW. THE SALE OF THE SECURITIES
WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE
COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH
SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF

                                      -8-
<PAGE>   13

THE CONSIDERATION THEREFORE PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE
SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102, OR
25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS
AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED,
UNLESS THE SALES IS SO EXEMPT.

        7.8 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be enforceable against the parties actually
executing such counterparts, and all of which together shall constitute one
instrument.

        7.9 SEVERABILITY. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect
without said provision; provided that no such severability shall be effective if
it materially changes the economic benefit of this Agreement to any party.

        7.10 TITLES AND SUBTITLES. The titles and subtitles used in this
Agreement are used for convenience only and are not considered in construing or
interpreting this Agreement.

        7.11 EXPENSES. The Company and the Purchaser shall each bear their own
fees, costs and expenses incurred on their behalf with respect to the Agreements
and the transactions contemplated hereby and any amendments or waiver thereto.

        7.12 ATTORNEY'S FEES. In any action brought or maintained by either
party asserting a cause of action arising under or relating in any way to this
Agreement, the prevailing party shall be entitled to recover its reasonable
costs and attorney's fees.

                                      -9-
<PAGE>   14

        The foregoing Agreement is hereby executed as of the date first above
written.

                                    EUPHONIX, INC.
                                    a California corporation

                                    By:
                                       -----------------------------------------
                                         Barry Margerum, Chief Executive Officer

                                    PURCHASER

                                    --------------------------------------------
                                    Willy Gunther, an individual

                   [SIGNATURE PAGE TO 2/00 PURCHASE AGREEMENT]

<PAGE>   15

                                    EXHIBIT A
                                    ---------

                                     SHARES

<TABLE>
<CAPTION>
    INVESTOR                        AMOUNT                        SHARES
    --------                        ------                        ------
<S>                                 <C>                           <C>
Willy Gunther                       $300,000                      240,000
</TABLE>

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