Document:

REGISTRATION RIGHTS AGREEMENT

      This Registration Rights Agreement (this "Agreement") is made and entered
into as of January 27, 2005, by and among Zone4Play, Inc., a Nevada corporation
(the "Company"), and each of the purchasers signatory hereto (each such
purchaser, a "Purchaser" and collectively, the "Purchasers").

      This Agreement is made pursuant to the Securities Purchase Agreement,
dated as of the date hereof, by and among the Company and the Purchasers (the
"Purchase Agreement").

      The Company and the Purchasers intending to be legally bound, hereby agree
as follows:

      1. Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Purchase Agreement shall have the meanings given such
terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the following meanings:

            "Advice" shall have the meaning set forth in Section 6(c).

            "Effectiveness Date" means, with respect to the Registration
      Statements required to be filed hereunder, the earlier of (a) the day one
      hundred twenty (120) calendar days following the date of the Purchase
      Agreement and (b) the Trading Day following the date, on which the Company
      is notified by the Commission that such Registration Statement will not be
      reviewed or is no longer subject to further review and comments; provided,
      however, that if a Holder fails to comply with the provisions of Section
      3(k), then, as to such Holder only, the Effectiveness Date with respect to
      such Holder's Registrable Securities only shall be extended until ninety
      (90) days following the date of receipt by the Company of such required
      information.

            "Effectiveness Period" shall have the meaning set forth in Section
      2(a).

            "Event" shall have the meaning set forth in Section 2(b).

            "Event Date" shall have the meaning set forth in Section 2(b).

            "Filing Date" means, with respect to the Registration Statements
      required to be filed hereunder, the day forty five (45) calendar days
      following the date of the Purchase Agreement.

            "Holder" or "Holders" means the holder or holders, as the case may
      be, from time to time of Registrable Securities.

            "Indemnified Party" shall have the meaning set forth in Section
      5(c).

            "Indemnifying Party" shall have the meaning set forth in Section
      5(c).

            "Losses" shall have the meaning set forth in Section 5(a).

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            "Proceeding" means an action, claim, suit, investigation or
      proceeding (including, without limitation, an investigation or partial
      proceeding, such as a deposition).

            "Prospectus" means the prospectus included in the applicable
      Registration Statement (including, without limitation, a prospectus that
      includes any information previously omitted from a prospectus filed as
      part of an effective registration statement in reliance upon Rule 430A
      promulgated under the Securities Act), as amended or supplemented by any
      prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by such Registration
      Statement, and all other amendments and supplements to such Prospectus,
      including post-effective amendments, and all material incorporated by
      reference or deemed to be incorporated by reference in such Prospectus.

            "Registrable Securities" means all shares of Common Stock issued to
      the Purchasers with respect to the Common Stock purchased pursuant to the
      Purchase Agreement or which may be issuable upon any adjustment pursuant
      to any stock split, dividend or other distribution, recapitalization or
      similar event with respect to the foregoing.

            "Registration Statement" means a registration statement required to
      be filed hereunder, including (in each case) the Prospectus, amendments
      and supplements to such registration statement or Prospectus, including
      pre- and post-effective amendments, all exhibits thereto, and all material
      incorporated by reference or deemed to be incorporated by reference in
      such registration statement.

            "Rule 415" means Rule 415 promulgated by the Commission pursuant to
      the Securities Act, as such Rule may be amended from time to time, or any
      similar rule or regulation hereafter adopted by the Commission having
      substantially the same purpose and effect as such Rule.

            "Rule 424" means Rule 424 promulgated by the Commission pursuant to
      the Securities Act, as such Rule may be amended from time to time, or any
      similar rule or regulation hereafter adopted by the Commission having
      substantially the same purpose and effect as such Rule.

            "Shares" means the shares of Common Stock to be issued pursuant to
      the Purchase Agreement.

      2.    Registration.

            a. On or prior to the applicable Filing Date, the Company shall
      prepare and file with the Commission a Registration Statement covering the
      resale of all of the Registrable Securities not yet registered that are
      held by Holders that have complied with the provisions of Section 3(k)
      prior to such date for an offering to be made on a continuous basis
      pursuant to Rule 415. Such Registration Statement required hereunder shall
      be on Form SB-2 (except if the Company is not then eligible to register
      for resale the Registrable Securities on Form SB-2, in which case such
      Registration Statement shall be on another appropriate form herewith).
      Subject to the terms of this Agreement, the Company shall use its best
      efforts to cause such Registration Statement to be declared effective
      under the Securities Act as promptly as possible after the filing thereof,
      but in any event not later than the applicable Effectiveness Date, and
      shall use its best efforts to keep such Registration Statement
      continuously effective under the Securities Act until the date when all
      Registrable Securities covered by such Registration Statement have been
      sold or may be sold without volume restrictions pursuant to Rule 144(k) as
      determined by the counsel to the Company pursuant to a written opinion
      letter to such effect, addressed and acceptable to the Company's transfer
      agent and the affected Holders, to the extent that a Holder still holds
      Registrable Securities (the "Effectiveness Period"). Each Holder
      acknowledges and agrees that the Company shall be permitted to exclude
      such Holder's Registrable Securities from a Registration Statement if such
      Holder fails to timely comply with the Company's request for information
      pursuant to Section 3(k); provided if such Holder provides such
      information prior to the filing of such Registration Statement the Company
      shall use commercially reasonable efforts to include such Registrable
      Securities on such Registration Statement; provided further that this
      provision does not otherwise waive the Company's obligation to register
      such Registrable Securities pursuant to the terms hereunder upon such
      Holder providing the Company with the required information.

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<PAGE>

            b. If: (i) a Registration Statement is not filed on or prior to the
      applicable Filing Date (For the avoidance of doubt, if the Company files a
      Registration Statement without affording the Holder or Holders referenced
      in such Registration Statement the opportunity to review and comment on
      the same as required by Section 3(a), the Company shall not be deemed to
      have satisfied this clause (i)), or (ii) the Company fails to file with
      the Commission a request for acceleration in accordance with Rule 461
      promulgated under the Securities Act, within no more than five (5) Trading
      Days of the date that the Company is notified (orally or in writing,
      whichever is earlier) by the Commission that a Registration Statement will
      not be "reviewed," or is not subject to further review, or (iii) prior to
      the date when a Registration Statement is first declared effective by the
      Commission, the Company fails to file a pre-effective amendment and
      otherwise respond in writing to comments made by the Commission in respect
      of such Registration Statement within thirty (30) calendar days after the
      receipt of comments by or notice from the Commission that such amendment
      is required in order for such Registration Statement to be declared
      effective, or (iv) a Registration Statement filed or required to be filed
      hereunder is not declared effective by the Commission on or before the
      applicable Effectiveness Date, or (v) after a Registration Statement is
      first declared effective by the Commission, it ceases for any reason to
      remain continuously effective as to all Shares for which it is required to
      be effective, or the Holders are not permitted to utilize a Prospectus
      therein to resell such Shares, for in any such case fifteen (15)
      consecutive Trading Days but no more than an aggregate of twenty-five (25)
      Trading Days during any twelve (12) month period (which need not be
      consecutive Trading Days) provided that any days during which a
      Registration Statement ceases to be effective due to the filing of a
      post-effective amendment thereto by the Company at the request of the
      Holders in order to amend the Plan of Distribution (as provided for in
      Section 2(a)) shall not be counted towards such fifteen (15) or
      twenty-five (25) Trading Day periods provided the Company uses
      commercially reasonable efforts to cause such post-effective amendment to
      be declared effective (any such failure or breach being referred to as an
      "Event," and for purposes of clause (i) or (iv) the date on which
      such Event occurs, or for purposes of clause (ii) the date on which such
      five (5) Trading Day period is exceeded, or for purposes of clause (iii)
      the date which such thirty (30) calendar days is exceeded, or for purposes
      of clause (v) the date on which such fifteen (15) or twenty-five (25)
      Trading Day period, as applicable, is exceeded being referred to as "Event
      Date"), then in addition to any other rights the Holders may have
      hereunder or under applicable law: (x) on each such Event Date
      the Company shall pay to each Holder an amount in cash, as partial
      liquidated damages and not as a penalty, equal to 1.5% of the aggregate
      purchase price paid by such Holder pursuant to the Purchase Agreement for
      any Shares then held by such Holder. If the Company fails to pay any
      liquidated damages pursuant to this Section 2(b) in full within seven (7)
      business days after the date payable, the Company will pay interest
      thereon at a rate of 12% per annum (or such lesser maximum amount that is
      permitted to be paid by applicable law) to the Holder, accruing daily from
      the date such liquidated damages are due until such amounts, plus all such
      interest thereon, are paid in full. The liquidated damages pursuant to the
      terms hereof shall apply on a daily pro-rata basis for any portion of a
      month prior to the cure of an Event. Notwithstanding anything herein to
      the contrary, the Company agrees and acknowledges that any extensions to
      the Filing Date or Effectiveness Date on account of a Holder failing to
      timely comply with Section 3(k) relate solely to that Holder and in no way
      effect the Filing Date and Effectiveness Date under this Agreement as they
      relate to any other Holder.

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      3.    Registration Procedures

            In connection with the Company's registration obligations hereunder,
the Company shall:

            a. Not less than five (5) Trading Days prior to the filing of a
      Registration Statement or any related Prospectus or any amendment or
      supplement thereto, the Company shall, (i) furnish to the Holders owning
      Registrable Securities registered under such Registration Statement copies
      of all such documents proposed to be filed (including documents
      incorporated or deemed incorporated by reference to the extent requested
      by such Person) which documents will be subject to the review of such
      Holders, and (ii) cause its officers and directors, counsel and
      independent certified public accountants to respond to such inquiries as
      shall be necessary, in the reasonable opinion of respective counsel to
      conduct a reasonable investigation within the meaning of the Securities
      Act. The Company shall not file any such Registration Statement or any
      such Prospectus or any amendments or supplements thereto to which the
      Holders of a majority of the Registrable Securities registered thereunder
      shall reasonably object in good faith, provided that the Company is
      notified of such objection in writing no later than five (5) Trading Days
      after such Holders have been so furnished copies of such documents.

            b. (i) Prepare and file with the Commission such amendments,
      including post-effective amendments, to a Registration Statement and a
      Prospectus used in connection therewith as may be necessary to keep such
      Registration Statement continuously effective as to the applicable
      Registrable Securities for the applicable Effectiveness Period and prepare
      and file with the Commission such additional Registration Statements in
      order to register for resale under the Securities Act all of the
      Registrable Securities; (ii) cause the related Prospectus to be amended or
      supplemented by any required Prospectus supplement, and as so supplemented
      or amended to be filed pursuant to Rule 424; (iii) respond as promptly as
      reasonably possible to any comments received from the Commission with
      respect to such Registration Statement or any amendment thereto and, as
      promptly as reasonably possible, upon request, provide the Holders true
      and complete copies of all correspondence from and to the Commission
      relating to such Registration Statement; and (iv) comply in all material
      respects during the applicable Effectiveness Period with the provisions of
      the Securities Act and the Exchange Act with respect to the disposition of
      all Registrable Securities covered by such Registration Statement during
      the applicable period in accordance with the Holders' intended methods of
      disposition set forth in such Registration Statement as so amended or in
      such Prospectus as so supplemented.

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<PAGE>

                  c. Notify the Holders of Registrable Securities to be sold as
            promptly as reasonably possible (i)(A) when a Prospectus or any
            Prospectus supplement or post-effective amendment to a Registration
            Statement is proposed to be filed; (B) when the Commission notifies
            the Company whether there will be a "review" of a Registration
            Statement and whenever the Commission comments in writing on a
            Registration Statement (the Company shall upon request provide true
            and complete copies thereof and all written responses thereto to
            each of the Holders); and (C) with respect to a Registration
            Statement or any post-effective amendment, when the same has become
            effective; (ii) of any request by the Commission or any other
            Federal or state governmental authority during the period of
            effectiveness of a Registration Statement for amendments or
            supplements to such Registration Statement or Prospectus or for
            additional information; (iii) of the issuance by the Commission or
            any other federal or state governmental authority of any stop order
            suspending the effectiveness of a Registration Statement covering
            any or all of such Registrable Securities or the initiation of any
            Proceedings for that purpose; (iv) of the receipt by the Company of
            any notification with respect to the suspension of the qualification
            or exemption from qualification of any of the Registrable Securities
            for sale in any jurisdiction, or the initiation or threatening of
            any Proceeding for such purpose; and (v) of the occurrence of any
            event of which the Company has knowledge as a result of which a
            Prospectus, as then in effect, contains any untrue statement of a
            material fact or omits to state a material fact required to be
            stated therein or necessary to make the statements therein, in light
            of the circumstances under which they were made, not misleading.

                  d. Use commercially reasonable efforts to avoid the issuance
            of, or, if issued, obtain the withdrawal of (i) any order suspending
            the effectiveness of a Registration Statement, or (ii) any
            suspension of the qualification (or exemption from qualification) of
            any of the Registrable Securities for sale in any jurisdiction, as
            promptly as reasonably practicable.

                  e. Furnish to each Holder, without charge, at least one (1)
            conformed copy of each Registration Statement registering
            Registrable Securities held by such Holder and each amendment
            thereto, including financial statements and schedules, all documents
            incorporated or deemed to be incorporated therein by reference to
            the extent requested in writing by such Person, and all exhibits to
            the extent requested by such Person in writing (including those
            previously furnished or incorporated by reference) promptly after
            the filing of such documents with the Commission.

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<PAGE>

                  f. Promptly deliver to each Holder, without charge, as many
            copies of the Prospectus or Prospectuses (including each form of
            prospectus) and each amendment or supplement thereto as such Persons
            may reasonably request in connection with resales by the Holder of
            Registrable Securities. Subject to the terms of this Agreement, the
            Company hereby consents to the use of such Prospectus and each
            amendment or supplement thereto by each of the selling Holders in
            connection with the offering and sale of the Registrable Securities
            covered by such Prospectus and any amendment or supplement thereto,
            except after the giving of any notice pursuant to Section 3(c).

                  g. Prior to any resale of Registrable Securities by a Holder,
            use its commercially reasonable efforts to register or qualify or
            cooperate with the selling Holders in connection with the
            registration or qualification (or exemption from the Registration or
            qualification) of such Registrable Securities for the resale by the
            Holder under the securities or Blue Sky laws of such jurisdictions
            within the United States as any Holder reasonably requests in
            writing, to keep each such registration or qualification (or
            exemption therefrom) effective during the Effectiveness Period and
            to do any and all other acts or things reasonably necessary to
            enable the disposition in such jurisdictions of the Registrable
            Securities covered by the applicable Registration Statement;
            provided, that the Company shall not be required to qualify
            generally to do business in any jurisdiction where it is not then so
            qualified, subject the Company to any material tax in any such
            jurisdiction where it is not then so subject or file a general
            consent to service of process in any such jurisdiction.

                  h. If requested in writing by the Holders, cooperate with the
            Holders to facilitate the timely preparation and delivery of
            certificates representing Registrable Securities to be delivered to
            a transferee pursuant to the applicable Registration Statement,
            which certificates shall be free, to the extent permitted by the
            Purchase Agreement, of all restrictive legends, and to enable such
            Registrable Securities to be in such denominations and registered in
            such names as any such Holders may request.

                  i. Upon the occurrence of any event contemplated by Section
            3(c)(v), as promptly as reasonably possible, prepare a supplement or
            amendment, including a post-effective amendment, to the applicable
            Registration Statement or a supplement to the related Prospectus or
            any document incorporated or deemed to be incorporated therein by
            reference, and file any other required document so that, as
            thereafter delivered, neither such Registration Statement nor the
            Prospectus included therein will contain an untrue statement of a
            material fact or omit to state a material fact required to be stated
            therein or necessary to make the statements therein, in light of the
            circumstances under which they were made, not misleading. If the
            Company notifies the Holders in accordance with clauses (ii) through
            (v) of Section 3(c) above to suspend the use of any Prospectus until
            the requisite changes to such Prospectus have been made, then the
            Holders shall suspend use of such Prospectus. The Company will use
            its commercially reasonable efforts to ensure that the use of a
            Prospectus may be resumed as promptly as is practicable. The Company
            shall be entitled to exercise its right under this Section 3(i) to
            suspend the availability of a Registration Statement and the
            applicable Prospectus, subject to the payment of liquidated damages
            pursuant to Section 2(b), for a period not to exceed sixty (60)
            Trading Days (which need not be consecutive days) in any twelve (12)
            month period.

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                  j. Comply in all material respects with all applicable rules
            and regulations of the Commission.

                  k. The Company may require each Holder, upon three (3) Trading
            Days' notice, to furnish to the Company a certified statement as to,
            among other things, the number of shares of Common Stock
            beneficially owned by such Holder and the person that has voting and
            dispositive control over such Shares.

      4. Registration Expenses. Except as otherwise provided for herein, all
fees and expenses incident to the performance of or compliance with this
Agreement by the Company shall be borne by the Company whether or not any
Registrable Securities are sold pursuant to a Registration Statement. The fees
and expenses referred to in the foregoing sentence shall include, without
limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses (A) with respect to filings required to be made with the
Trading Market on which the Common Stock is then listed for trading, and (B) in
compliance with applicable state securities or Blue Sky laws), (ii) printing
expenses (including, without limitation, expenses of printing certificates for
Registrable Securities and of printing prospectuses if the printing of
prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in a Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) reasonable fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be
responsible for any broker or similar commissions or, except to the extent
provided for in the Transaction Documents, any legal fees or other costs of the
Holders.

      5. Indemnification

            a. Indemnification by the Company. The Company shall,
      notwithstanding any termination of this Agreement, indemnify and hold
      harmless each Holder, the officers, directors, agents and employees of
      each of them, each Person who controls any such Holder (within the meaning
      of Section 15 of the Securities Act or Section 20 of the Exchange Act) and
      the officers, directors, agents and employees of each such controlling
      Person, to the fullest extent permitted by applicable law, from and
      against any and all losses, claims, damages, liabilities, costs
      (including, without limitation, reasonable attorneys' fees and expenses)
      and expenses (collectively, "Losses"), as incurred, arising out of or
      relating to any untrue statement of a material fact contained in a
      Registration Statement (at the time of its effectiveness), any Prospectus
      or any form of prospectus or in any amendment or supplement thereto or in
      any preliminary prospectus (each as of its date), or arising out of or
      relating to any omission of a material fact required to be stated therein
      or necessary to make the statements therein, in light of the circumstances
      under which they were made, not misleading, except to the extent, but only
      to the extent, that (i) such untrue statements or omissions are based
      solely upon information regarding such Holder furnished in writing to the
      Company by or on behalf of such Holder expressly for use therein, or to
      the extent that such information relates to such Holder or such Holder's
      proposed method of distribution of Registrable Securities and was reviewed
      and expressly approved in writing by such Holder expressly for use in such
      Registration Statement, such Prospectus or such form of Prospectus or in
      any amendment or supplement thereto or (ii) in the case of an occurrence
      of an event of the type specified in Section 3(c)(ii)-(v), the use by such
      Holder of an outdated or defective Prospectus after the Company has
      notified such Holder in writing that such Prospectus is outdated or
      defective and prior to the receipt by such Holder of the Advice
      contemplated in Section 6(d).

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            b. Indemnification by Holders. Each Holder shall, severally and not
      jointly, indemnify and hold harmless the Company, its directors, officers,
      agents and employees, each Person who controls the Company (within the
      meaning of Section 15 of the Securities Act and Section 20 of the Exchange
      Act), and the directors, officers, agents or employees of such controlling
      Persons, to the fullest extent permitted by applicable law, from and
      against all Losses, as incurred, within ten (10) Trading Days of written
      notice thereof to the Indemnifying Party, to the extent arising out of or
      based solely upon: (x) such Holder's failure to comply with the prospectus
      delivery requirements of the Securities Act or (y) any untrue statement of
      a material fact contained in a Registration Statement, any Prospectus, or
      any form of prospectus, or in any amendment or supplement thereto or in
      any preliminary prospectus, or arising out of or relating to any omission
      of a material fact required to be stated therein or necessary to make the
      statements therein not misleading (i) to the extent, but only to the
      extent, that such untrue statement or omission is contained in any
      information so furnished in writing by or on behalf of such Holder to the
      Company specifically for inclusion in such Registration Statement or such
      Prospectus or (ii) to the extent that (1) such untrue statements or
      omissions are based solely upon information regarding such Holder
      furnished in writing to the Company by or on behalf of such Holder
      expressly for use therein, or to the extent that such information relates
      to such Holder or such Holder's proposed method of distribution of
      Registrable Securities and was reviewed and expressly approved in writing
      by such Holder expressly for use in such Registration Statement, such
      Prospectus or such form of Prospectus or in any amendment or supplement
      thereto or (2) in the case of an occurrence of an event of the type
      specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated
      or defective Prospectus after the Company has notified such Holder in
      writing that such Prospectus is outdated or defective and prior to the
      receipt by such Holder of the Advice contemplated in Section 6(c).
      Notwithstanding anything to the contrary contained herein or in the
      Purchase Agreement, in no event shall the liability of any selling Holder
      hereunder be greater in amount than the dollar amount of the net proceeds
      received by such Holder upon the sale of the Registrable Securities giving
      rise to such indemnification obligation.

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            c. Conduct of Indemnification Proceedings. If any Proceeding shall
      be brought or asserted against any Person entitled to indemnity hereunder
      (an "Indemnified Party"), such Indemnified Party shall promptly notify the
      Person from whom indemnity is sought (the "Indemnifying Party") in
      writing, and the Indemnifying Party shall have the right to assume the
      defense thereof, including the employment of counsel reasonably
      satisfactory to the Indemnified Party and the payment of all fees and
      expenses incurred in connection with defense thereof; provided, that the
      failure of any Indemnified Party to give such notice shall not relieve the
      Indemnifying Party of its obligations or liabilities pursuant to this
      Agreement, except (and only) to the extent that such failure shall have
      materially prejudiced the Indemnifying Party's ability to defend such
      action.

            An Indemnified Party shall have the right to employ separate counsel
      in any such Proceeding and to participate in the defense thereof, but the
      fees and expenses of such counsel shall be at the expense of such
      Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed
      in writing to pay such fees and expenses; (2) the Indemnifying Party shall
      have failed promptly to assume the defense of such Proceeding and to
      employ counsel reasonably satisfactory to such Indemnified Party in any
      such Proceeding; or (3) the named parties to any such Proceeding
      (including any impleaded parties) include both such Indemnified Party and
      the Indemnifying Party, and such Indemnified Party shall reasonably
      believe that a material conflict of interest is likely to exist if the
      same counsel were to represent such Indemnified Party and the Indemnifying
      Party (in which case, if such Indemnified Party notifies the Indemnifying
      Party in writing that it elects to employ separate counsel at the expense
      of the Indemnifying Party, the Indemnifying Party shall not have the right
      to assume the defense thereof and the reasonable fees and expenses of one
      (1) separate counsel shall be at the expense of the Indemnifying Party).
      The Indemnifying Party shall not be liable for any settlement of any such
      Proceeding affected without its written consent, which consent shall not
      be unreasonably withheld. No Indemnifying Party shall, without the prior
      written consent of the Indemnified Party, effect any settlement of any
      pending Proceeding in respect of which any Indemnified Party is a party,
      unless such settlement includes an unconditional release of such
      Indemnified Party from all liability on claims that are the subject matter
      of such Proceeding.

            d. Contribution. If a claim for indemnification under Section 5(a)
      or 5(b) is unavailable to an Indemnified Party (by reason of public policy
      or otherwise), then each Indemnifying Party, in lieu of indemnifying such
      Indemnified Party, shall contribute to the amount paid or payable by such
      Indemnified Party as a result of such Losses, in such proportion as is
      appropriate to reflect the relative fault of each of the Indemnifying
      Party and the Indemnified Party in connection with the actions, statements
      or omissions that resulted in such Losses as well as any other relevant
      equitable considerations. The relative fault of such Indemnifying Party
      and Indemnified Party shall be determined by reference to, among other
      things, whether any action in question, including any untrue statement of
      a material fact omission of a material fact, has been taken or made by, or
      relates to information supplied by, such Indemnifying Party or Indemnified
      Party, and the parties' relative intent, knowledge, access to information
      and opportunity to correct or prevent such action, statement or omission.
      The amount paid or payable by a party as a result of any Losses shall be
      deemed to include, subject to the limitations set forth in this Agreement,
      any reasonable attorneys' or other reasonable fees or expenses incurred by
      such party in connection with any Proceeding to the extent such party
      would have been indemnified for such fees or expenses if the
      indemnification provided for in this Section was available to such party
      in accordance with its terms.

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            The parties hereto agree that it would not be just and equitable if
      contribution pursuant to this Section 5(d) were determined by pro rata
      allocation or by any other method of allocation that does not take into
      account the equitable considerations referred to in the immediately
      preceding paragraph. Notwithstanding the provisions of this Section 5(d),
      no Holder shall be required to contribute, in the aggregate, any amount in
      excess of the amount by which the proceeds actually received by such
      Holder from the sale of the Registrable Securities which are the subject
      to the Proceeding exceeds the amount of any damages that such Holder has
      otherwise been required to pay by reason of such untrue or alleged untrue
      statement or omission or alleged omission, except in the case of fraud by
      such Holder.

            The indemnity and contribution agreements contained in this Section
      are in addition to any liability that the Indemnifying Parties may have to
      the Indemnified Parties.

      6.    Miscellaneous

            a. Remedies. In the event of a breach by the Company or by a Holder,
      of any of their obligations under this Agreement, each Holder or the
      Company, as the case may be, in addition to being entitled to exercise all
      rights granted by law and under this Agreement, including recovery of
      damages, will be entitled to specific performance of its rights under this
      Agreement. The Company and each Holder agree that monetary damages would
      not provide adequate compensation for any losses incurred by reason of a
      breach by it of any of the provisions of this Agreement and hereby further
      agrees that, in the event of any action for specific performance in
      respect of such breach, it shall waive the defense that a remedy at law
      would be adequate.

            b. Compliance. Each Holder covenants and agrees that it will comply
      with the prospectus delivery requirements of the Securities Act as
      applicable to it in connection with sales of Registrable Securities
      pursuant to a Registration Statement.

            c. Discontinued Disposition. Each Holder agrees by its acquisition
      of such Registrable Securities that, upon receipt of a notice from the
      Company of the occurrence of any event of the kind described in Section
      3(c), such Holder will forthwith discontinue disposition of such
      Registrable Securities under any Registration Statement until such
      Holder's receipt of the copies of the supplemented Prospectus and/or
      amended Registration Statement or until it is advised in writing (the
      "Advice") by the Company that the use of the applicable Prospectus
      may be resumed, and, in either case, has received copies of any additional
      or supplemental filings that are incorporated or deemed to be incorporated
      by reference in such Prospectus or Registration Statement. The Company
      will use its commercially reasonable efforts to ensure that the use of
      such Prospectus may be resumed as promptly as it practicable. The Company
      agrees and acknowledges that any periods during which the Holder is
      required to discontinue the disposition of the Registrable Securities
      hereunder shall be subject to the provisions of Section 2(b).

                                       10
<PAGE>

            d. Piggy-Back Registrations. If at any time during the Effectiveness
      Period there is not an effective Registration Statement covering all of
      the Registrable Securities and the Company shall determine to prepare and
      file with the Commission a registration statement relating to an offering
      for its own account or the account of others under the Securities Act of
      any of its equity securities, other than on Form S-4 or Form S-8 (each as
      promulgated under the Securities Act) or their then equivalents relating
      to equity securities to be issued solely in connection with any
      acquisition of any entity or business or equity securities issuable in
      connection with the stock option or other employee benefit plans, then the
      Company shall send to each Holder a written notice of such determination
      and, if within fifteen (15) days after the date of such notice, any such
      Holder shall so request in writing, the Company shall include in such
      registration statement all or any part of such Registrable Securities such
      Holder requests to be registered, subject to customary underwriter
      cutbacks applicable to all holders of registration rights.

            e. Amendments and Waivers. The provisions of this Agreement,
      including the provisions of this sentence, may not be amended, modified or
      supplemented, and waivers or consents to departures from the provisions
      hereof may not be given, unless the same shall be in writing and signed by
      the Company and each Holder of the then outstanding Registrable
      Securities.

            f. Notices. Any and all notices or other communications or
      deliveries required or permitted to be provided hereunder shall be made in
      accordance with the provisions of the Purchase Agreement.

            g. Successors and Assigns. This Agreement shall inure to the benefit
      of and be binding upon the successors and permitted assigns of each of the
      parties and shall inure to the benefit of each Holder. Each Holder may
      assign their respective rights hereunder in the manner and to the Persons
      as permitted under the Purchase Agreement.

            h. Execution and Counterparts. This Agreement may be executed in any
      number of counterparts, each of which when so executed shall be deemed to
      be an original and, all of which taken together shall constitute one and
      the same Agreement. In the event that any signature is delivered by
      facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile
      signature were the original thereof.

            i. Governing Law. All questions concerning the construction,
      validity, enforcement and interpretation of this Agreement shall be
      determined with the provisions of the Purchase Agreement.

                                       11
<PAGE>

            j. Cumulative Remedies. The remedies provided herein are cumulative
      and not exclusive of any remedies provided by law.

            k. Severability. If any term, provision, covenant or restriction of
      this Agreement is held by a court of competent jurisdiction to be invalid,
      illegal, void or unenforceable, the remainder of the terms, provisions,
      covenants and restrictions set forth herein shall remain in full force and
      effect and shall in no way be affected, impaired or invalidated, and the
      parties hereto shall use their commercially reasonable efforts to find and
      employ an alternative means to achieve the same or substantially the same
      result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of
      the parties that they would have executed the remaining terms, provisions,
      covenants and restrictions without including any of such that may be
      hereafter declared invalid, illegal, void or unenforceable.

            l. Headings. The headings in this Agreement are for convenience of
      reference only and shall not limit or otherwise affect the meaning hereof.

            m. Independent Nature of Purchasers' Obligations and Rights. Except
      as otherwise provided for herein, the obligations of each Holder hereunder
      are several and not joint with the obligations of any other Holder
      hereunder, and no Holder shall be responsible in any way for the
      performance of the obligations of any other Holder hereunder. Nothing
      contained herein or in any other agreement or document delivered at any
      closing, and no action taken by any Holder pursuant hereto or thereto,
      shall be deemed to constitute the Holders as a partnership, an
      association, a joint venture or any other kind of entity, or create a
      presumption that the Holders are in any way acting in concert with respect
      to such obligations or the transactions contemplated by this Agreement.
      Each Holder shall be entitled to protect and enforce its rights, including
      without limitation the rights arising out of this Agreement, and it shall
      not be necessary for any other Holder to be joined as an additional party
      in any proceeding for such purpose.

            n. Notice of Disposition of Registrable Securities. Upon the request
      of the Company, each Holder shall promptly provide the Company written
      notice at such time as it no longer holds, directly or indirectly, any
      Registrable Securities.

            o. Fees and Expenses. Each party shall pay the fees and expenses of
      its advisers, counsel, accountants and other experts, if any, and all
      other expenses incurred by such party incident to the negotiation,
      preparation, execution, delivery and performance of this Agreement, except
      that the Company shall pay up to an aggregate of $2,000 for the fees and
      expenses of TRP incurred in connection with the review of the registration
      statement and information submitted by the Purchasers. In addition, the
      Company shall pay all stamp and other taxes and duties levied in
      connection with the sale of the Shares.

                            *************************

<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                        ZONE4PLAY, INC.

                                        By: /s/ Shimon Citron
                                           -------------------------------------
                                           Name: Shimon Citron
                                           Title: Chief Executive Officer

                       [SIGNATURE PAGE OF HOLDERS FOLLOWS]

                                       12
<PAGE>

                       [PURCHASER'S SIGNATURE PAGE TO RRA]

Name of Investing Entity:  Woodmont Investments Ltd.
                          ------------------------------------------------------
Signature of Authorized Signatory of Investing Entity:  /s/ Jay G. Goldman
                                                       -------------------------
Name of Authorized Signatory:  Jay G. Goldman
                              --------------------------------------------------
Title of Authorized Signatory: Portfolio Manager
                               -------------------------------------------------

                           [SIGNATURE PAGES CONTINUE]

<PAGE>

                       [PURCHASER'S SIGNATURE PAGE TO RRA]

Name of Investing Entity:  Sagiv Shiv
                          ------------------------------------------------------
Signature of Authorized Signatory of Investing Entity:  /s/ Sagiv Shiv
                                                       -------------------------
Name of Authorized Signatory:  Sagiv Shiv
                              --------------------------------------------------
Title of Authorized Signatory: Individual
                               -------------------------------------------------

                           [SIGNATURE PAGES CONTINUE]

<PAGE>

                 [PURCHASER'S SIGNATURE PAGE TO [________] RRA]

Name of Investing Entity:  Sedna Partners LP
                          ------------------------------------------------------
Signature of Authorized Signatory of Investing Entity:  /s/ Reagan Rajaratnam
                                                       -------------------------
Name of Authorized Signatory:  Reagan Rajaratnam
                              --------------------------------------------------
Title of Authorized Signatory: Managing Member
                               -------------------------------------------------

                           [SIGNATURE PAGES CONTINUE]

<PAGE>

                       [PURCHASER'S SIGNATURE PAGE TO RRA]

Name of Investing Entity:  Sedna Partners (QP) LP
                          ------------------------------------------------------
Signature of Authorized Signatory of Investing Entity:  /s/ Reagan Rajaratnam
                                                       -------------------------
Name of Authorized Signatory:  Reagan Rajaratnam
                              --------------------------------------------------
Title of Authorized Signatory: Managing Member
                               -------------------------------------------------

                           [SIGNATURE PAGES CONTINUE]THIS AGREEMENT is made the 24th day of January 2005

BETWEEN:

(1)   The Poker Channel Ltd., a company  incorporated  under the laws of England
      and Wales (registered number  _____________) whose registered office is at
      located at ________________ ("TPC"); and

(2)   ZONE4PLAY  Inc.  a  company  incorporated  under  the laws of the State of
      Delaware,  USA, having its registered offices at 103 Faulk Road Suite 202,
      Wilmington, Delaware ("Zone4Play");

(Each, a "Party" and together, the "Parties").

WHEREAS,  TPC is the  owner  and  operator  of a  television  channel  providing
interactive  games and other content  (including  without  limitation  poker and
gambling programming, teleshopping and content for the interactive games service
known as 'The  Poker  Channel '  (hereinafter:  "TPC")  provided  in the  United
Kingdom,

WHEREAS,  Zone4Play is the owner of all rights,  title,  and interests in and to
one or more client and/or client-server  software  applications  compatible with
mobile  wireless  platforms  , Internet  platforms  and  interactive  digital TV
platforms;

WHEREAS,  Zone4Play  through  third  parties  can  provide  the  service  with a
bookmakers' permit and other services required to provide online and interactive
fixed odds betting opportunities in connection with such interactive games;

WHEREAS,  TPC and its subsidiaries or associates will provide or procure,  inter
alia, a range of infrastructure  and technical  facilities for use in connection
with the provision of broadcast fixed odds games and interactive services;

WHEREAS,  TPC desires to license  Applications from Zone4play on a non-exclusive
basis and  receive an  exclusive  customised  version of the front end [look and
feel]  for  distribution  by  Operator  using  one or more of the  platforms  to
Customers (as herein defined); and

WHEREAS,  Zone4Play  desires to grant such a non exclusive license to TPC and to
design Customization Work for TPC; and

NOW THEREFORE, in consideration of the foregoing premises, and mutual covenants,
promises  and  agreements  herein  contained,  and for other  good and  valuable
consideration,  the receipt and  sufficiency  of which are hereby  acknowledged,
with the intention to be legally bound hereby, the Parties agree as follows:

1.    Definitions.

      In this Agreement:

                                       3
<PAGE>

1.1   "Application" shall mean, subject to Clause 2.1, software applications and
      any related  Intellectual  Property Rights that enable  Customers to play,
      Multiplayer  Poker  and SMS  Fixed  Odds  games  (as  further  defined  in
      Appendixes A and B respectively)  that are owned by Zone4Play or for which
      Zone4Play  otherwise  holds  sufficient  rights to grant the  licenses set
      forth herein

1.1   "Customers"  shall  mean  the  customer  of  TPC  as  further  defined  in
      Appendixes A & B;

1.2   "Effective  Date" shall mean the date on which this Agreement is signed by
      all of the Parties;

1.3   "Intellectual  Property Rights" shall means all patents,  database rights,
      inventions,  rights in designs,  copyright,  trade marks,  service  marks,
      trade names, domain names, and all other intellectual  property rights and
      other rights and forms of protection  of a similar  nature or effect which
      may  subsist,  anywhere  in the world for the full term of such rights and
      any extensions or renewals  thereof  subsisting  prior to, at or after the
      Effective  Date  (whether or not any of these rights are  registered,  and
      including applications and the right to apply for registration of any such
      rights as registered rights, anywhere in the world);

1.4   "Services"  shall mean customer support and Customer  Relation  Management
      ("CRM"),  infrastructure,  provision of a merchant  account and  e-wallet,
      reporting,  design, provision of the games engine and back office services
      to be provided  and/or  procured by Z4P from any third party in connection
      with  the use  which  is made by the  Customers  of the  Applications  and
      further detailed in Appendixes A and B respectively;

1.5   TPC Trademarks"  shall mean any trademarks,  service marks,  design marks,
      symbols,  logos and/or other indicia of source owned or used under license
      by TPC, and all goodwill associated therewith.

1.6   "Operator" shall mean The Poker Channel in the United Kingdom

1.7   "Zone4Play  Trademarks" shall mean any trademarks,  service marks,  design
      marks,  symbols,  logos and/or other indicia of source owned or used under
      license by Zone4Play, and all goodwill associated therewith.

2.    The Parties' Obligations for Providing the Applications.

2.1   Zone4Play   shall  develop  the   Applications   in   accordance   with  a
      specification  and a timetable (the  "Timetable"),  each of which shall be
      agreed in good faith between the Parties. Zone4Play shall provide at least
      one fully functioning broadcast game Application of play for fun games for
      launch on March 7, 2005 and  Application of play for real games for launch
      on April 22nd , 2005.  Zone4Play  shall customize the look and feel of the
      Applications exclusively for TPC using such of the TPC Trademarks and such
      other materials  (together,  the "TPC  Materials") as shall be notified by
      TPC to Zone4Play from time to time (such  customization by Zone4Play being
      referred to in this Agreement as the "Customization Work"). TPC shall have
      a right of  approval  in its sole  discretion  over the final  form of the
      Applications   following   completion  of  the  Customization   Work.  The
      Customization  Work is co-owned by both Parties and neither  Party is able
      to use it without the consent of the other.

                                       2
<PAGE>

2.2   Zone4Play shall use its best endeavors to integrate the  Applications  and
      the  Services  and the  technical  infrastructure  used by the Operator to
      provide  services to their Customers,  all with maximizing  profits out of
      the  engagement  with the  Operator and  Products  provided  either to TPC
      and/or to the Customer.

2.3   Zone4Play shall favorably  consider to offer TPC any new games it plans or
      it completes development.

2.4   Reports and Materials: Zone4Play will provide the reports and materials to
      TPC

2.5   Zone4Play and TPC shall discuss in good faith the frequency and content of
      reports Zone4Play will provide.

2.6   Z4P and TPC shall  jointly own the customer data relating to TPC Customers
      under this Agreement.

2.7   Z4P shall be responsible  for providing the Services and for procuring the
      availability of the necessary testing environment.

2.8   TPC  agrees  to  assess   feasibility   and  economics  of  launching  the
      Multiplayer Poker Application. Z4P will make this Application available to
      TPC throughout the Term of this Agreement and under the same terms of this
      Agreement.  TPC agrees that for the term of this Agreement the Multiplayer
      Poker  Application  provided  by Z4P shall be the sole  Poker  application
      launch on TPC,  further during such term TPC will assess the launch of the
      Application  within 12 months of its Launch.  Notwithstanding to the forth
      said it is  acknowledged  by TPC that for the  assessment of the launch of
      Multiplayer Poker  Application,  Z4P shall not provide TPC with respect to
      such application any Customization Work, the Multiplayer Poker Application
      and its look and feel  customize  version of the front end is solely owned
      by Z4P.

2.9   TPC  undertakes  to launch SMS Fixed Odds and  maintain  such on The Poker
      Channel  for an  average of 3 hours per day over a period of one year from
      Launch.  Thereafter  the Parties  shall  review and discuss in good faith.
      This  undertaking  is fundamental to this agreement and its breach will be
      considered as a material breach of this  Agreement.  TPC will discuss with
      Z4P the proposed  broadcast hours but it will ultimately have the right to
      decide broadcast hours and to change these when required.

2.10  TPC has the right to re-name the games and or the Z4P  broadcast  zone for
      the purpose of  differentiation,  ease of promotion to Customers and clear
      signposting in the schedule.

3.    Grant of License for Distributing Applications.

                                       3
<PAGE>

3.1   Zone4Play  hereby grants to TPC,  during the Term, a nonexclusive  license
      and the right to distribute where applicable.  For the avoidance of doubt,
      TPC shall (pursuant to Clause 11) own all rights in Customisation Work and
      Zone4Play  shall not have or be  entitled  to grant to any third party any
      rights in the Customisation Work (and Zone4Play is shall entitled to grant
      rights to third parties in respect of the Applications as they stood prior
      to the Customisation Work having been carried out).

3.2   TPC hereby grants to Zone4Play, during the Term, a limited, non-exclusive,
      non-transferable  license  to use the TPC  Materials  solely to the extent
      necessary for Zone4Play to perform its  undertakings  under this Agreement
      including the Customisation Work pursuant to Clause 2.1.

4.    Trademark License.

4.1   Zone4Play  grants to TPC,  during  the Term,  a  worldwide,  nonexclusive,
      royalty-free  license to use the Zone4Play  Trademarks in online, print or
      other advertising for the purposes of promoting,  selling,  licensing, and
      distributing the Applications and the Products to Operators and Customers.

4.2   TPC  acknowledges  that  all  right,  title  and  interest  in  and to the
      Zone4Play  Trademarks,  including all goodwill  related  thereto,  are and
      shall remain owned solely and  exclusively by Zone4Play and that all usage
      of the  Zone4Play  Trademarks  by or on behalf  of TPC shall  inure to the
      benefit of Zone4Play.

4.3   TPC  agrees  to  comply  with any and all  usage  guidelines  provided  by
      Zone4Play  to TPC with  respect  to the  Zone4Play  Trademarks,  and shall
      supply,  upon Zone4Play's  written request,  specimens of all advertising,
      marketing  and/or  promotional  materials  in which a Zone4Play  Trademark
      appears to Zone4Play for inspection and approval, which approval shall not
      be unreasonably withheld.

4.4   If Zone4Play has not indicated its approval or rejection of such specimens
      within  three (3)  business  days after  receiving  such  specimens,  such
      specimens  shall be deemed  approved  by  Zone4Play.  Zone4Play  agrees to
      provide TPC a copy of its current trademark usage guidelines promptly upon
      execution of this Agreement.

4.5   Zone4Play  acknowledges  that all right,  title and interest in and to the
      TPC Materials (including without limitation the TPC Trademarks), including
      all  goodwill  related  thereto,  are and shall  remain  owned  solely and
      exclusively  by TPC and that  all  usage  of the TPC  Trademarks  by or on
      behalf of Zone4Play shall inure to the benefit of TPC. Zone4Play agrees to
      comply with any and all usage guidelines provided by TPC to Zone4Play with
      respect  to  its  use of  the  TPC  Trademarks  in  the  provision  of the
      Customisation Work.

5.    Royalty/Revenue-Sharing  Payments.  Revenues arising from the provision of
      the Applications shall be shared in accordance with the terms specified in
      Appendixes A and B respectively.

5.1   Within 30 working days of the end of each month,  Zone4Play shall send TPC
      a report detailing the Net Revenues received from the Applications  during
      the previous  calendar  month,  any relevant third party Revenue  Share(s)
      and, the split  between TPC and Zone4Play of the remaining Net Revenues in
      accordance  with revenue  sharing ratio decided by the Parties and defined
      in Appendixes A and B respectively.

                                       4
<PAGE>

5.2   Zone4Play  shall  deliver TPC's share of the remaining Net Revenues to TPC
      upon receipt of an appropriate invoice within 15 days of its receipt.

6     Promotion, Publicity and Press Releases.

TPC may,  refer,  in TPC's online,  print or other  advertising  and promotional
materials, to the fact that Zone4Play's  applications are accessible through TPC
using  Zone4Play  Trademarks as permitted in Clause 4 above without  disparaging
Zone4Play,  its products,  services,  or  affiliates,  but always subject to any
regulatory restrictions.

No Party shall  publicize  the terms or the  existence of this  Agreement to any
third party  without  prior  written  consent from the other Parties after their
review and  approval of the form and content of any  publicity  release or other
press  announcement.  Zone4Play shall not imply or state to any person or entity
that it is sponsored by, funded by, or in any way associated with TPC other than
as authorized by TPC pursuant to this Agreement.  Similarly, TPC shall not imply
or state to any person or entity that it is sponsored  by,  funded by, or in any
way associated with Zone4Play other than as authorized by Zone4Play  pursuant to
this  Agreement.  This  section  shall not apply to  official  filing of reports
Zone4play is compelled to submit to the regulatory bodies as a public company.

7     Representations and Warranties.

8.1   By Zone4Play.

      Zone4Play hereby  represents,  warrants and  undertakes  to TPC that:  (i)
            Zone4Play  has the power and authority to enter into and perform its
            obligations according to the terms of this Agreement; (ii) Zone4Play
            has no  restrictions  that would  impair its  ability to perform its
            obligations  and grant all rights  contemplated  by this  Agreement;
            (iii)  Zone4Play has not and will not enter into any agreement  that
            is inconsistent  with its obligations  hereunder;  (iv) Zone4Play is
            the owner or has obtained and currently  holds valid and  sufficient
            rights,  including  rights  in  third  party  Intellectual  Property
            Rights, to license the rights granted and/or the services  committed
            to TPC  herein and that to the best of its  knowledge  TPC's use and
            exploitation  (and  any  Customer's  and/or  Operator's  use  and/or
            exploitation)  of the  Applications  in the manner agreed to by this
            Agreement  shall not infringe the  Intellectual  Property  Rights or
            other rights of a third party

8.2   By TPC.

      8.2.1 TPC hereby represents, warrants and undertakes to Zone4Play that it:
            (i) has the  power  and  authority  to enter  into and  perform  its
            obligations  according to the terms of this  Agreement;  (ii) has no
            restrictions   that  would   impair  its   ability  to  perform  its
            obligations  contemplated by this  Agreement;  and (iii) has not and
            will not enter  into any  agreement  that is  inconsistent  with its
            obligations hereunder

                                       5
<PAGE>

8.3   Disclaimer.

      EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT, THE FOREGOING
      WARRANTIES  ARE THE ONLY  WARRANTIES  GIVEN BY EACH  PARTY  AND ALL  OTHER
      WARRANTIES  OR  CONDITIONS,  WHETHER  EXPRESS  OR  IMPLIED  BY  STATUTE OR
      OTHERWISE,  ARE SPECIFICALLY  EXCLUDED BY THE PARTIES,  INCLUDING  WITHOUT
      LIMITATION,  IMPLIED  WARRANTIES  OF  MERCHANTIBILITY  OR  FITNESS  FOR  A
      PARTICULAR PURPOSE.

9.    Confidentiality.

9.1   The  Parties  agree that  during the Term there may be a need to  exchange
      certain  confidential  or  proprietary  information.  In  this  Agreement,
      "Confidential Information" shall be defined as the terms of this Agreement
      and any  confidential,  trade  secret,  or other  proprietary  information
      disclosed  by any Party (the  "Disclosing  Party")  to another  Party (the
      "Receiving  Party") under this Agreement.  Confidential  Information shall
      not  include  information  that  (i) is  public  knowledge  at the time of
      disclosure, (ii) was known by the Receiving Party before disclosure by the
      Disclosing  Party,  or becomes public  knowledge or otherwise known to the
      Receiving  Party  after  such  disclosure,  other  than by  breach  of the
      confidentiality  obligations of this Agreement,  or (iii) is independently
      developed by the Receiving Party by persons without access to Confidential
      Information of the Disclosing Party.

9.2   The  Receiving  Party  shall  during  the Term  and  following  expiry  or
      termination of this Agreement limit disclosure of Confidential Information
      to such of its  employees  and agents who have a strict  need to know such
      information in the performance of the Receiving  Party's duties hereunder,
      and shall not disclose the Confidential Information to any third party.

9.3   The  Receiving  Party  shall  take  appropriate  action,  by  instruction,
      agreement,  or  otherwise,  with  any  persons  permitted  access  to  the
      Disclosing Party's Confidential  Information in accordance with Clause 9.2
      so as to  assure  that  they  will  hold  such  items in  confidence.  All
      Receiving Party personnel who receive or use the Confidential  Information
      of the Disclosing Party shall,  before receipt or use of such information,
      be informed of the Receiving Party's obligations under this Agreement.

9.4   The Receiving Party agrees to return to the Disclosing  Party, upon expiry
      or termination of this  Agreement,  the  Disclosing  Party's  Confidential
      Information and any and all copies and derivatives  thereof, or to certify
      the destruction of same upon the request of the Disclosing Party.

9.5   The Parties agree that any breach of the  confidentiality  obligations  of
      this Clause 9 may result in irreparable  harm to the Disclosing  Party for
      which damages would be an inadequate remedy and, therefore, in addition to
      its rights and remedies  otherwise  available at law, the Disclosing Party
      shall be entitled to seek equitable relief,  including injunction,  in the
      event of such breach.

10.   Term and Termination.

                                       6
<PAGE>

10.1  Term. Unless otherwise terminated in accordance with its terms, the "Term"
      of this Agreement  shall begin on the Launch Date ["Launch Date" means the
      date on which the first  Zone4Play  Product is made available to Customers
      by TPC as per  Appendix  A] and  shall  continue  for a period of Five (5)
      years.  The,  "Initial Term" is of One (1) year during which neither Party
      may terminate the Agreement  unless a Party is in breach of this contract.
      After the Initial  Term,  this  Agreement  shall  automatically  renew for
      successive  periods of one year (each such period being referred to herein
      as a "Renewal  Term") upon  expiration  of the Initial Term and during the
      Renewal Term,  both Parties may terminate this Agreement on written notice
      of at least ninety (90) calendar days.

10.2  Any  Party  (the  "first  party")  shall be  entitled  to  terminate  this
      Agreement  forthwith on written  notice  and/or to require  payment of any
      amounts due under this  Agreement  (without  prejudice to its other rights
      and remedies) in the event that another Party:

     10.2.1 commits  a  material  breach  of the  terms of this  Agreement  and,
            having  received from the first party written  notice of such breach
            stating the  intention to terminate  the  Agreement if not remedied,
            fails to remedy the breach within thirty (30) days; or

     10.2.2 ceases or  threatens to cease to carry on its business or shall have
            a liquidator, receiver or administrative receiver appointed to it or
            over  any  part  of  its  undertaking  or  assets  or  shall  pass a
            resolution  for its winding up (otherwise  than for the purpose of a
            bona fide scheme of solvent amalgamation or reconstruction where the
            resulting  entity  shall assume all of the  liabilities  of it) or a
            court of competent  jurisdiction shall make an administration  order
            or  liquidation  order or  similar  order in  respect  of it (or any
            meeting is convened for the purpose of considering a resolution,  or
            any  application  or petition is  presented or any other step taken,
            for the purpose of making an administration order against it, or for
            the  appointment  of an  administrator  in respect of it),  or shall
            enter into any voluntary arrangement with its creditors, or shall be
            unable to pay its debts  within the  meaning  of Section  123 of the
            Insolvency  Act 1986  (ignoring any  requirement  in that section to
            prove a matter to the satisfaction of the court)

     10.2.3 suffers,  or there occurs in relation to that Party, any event which
            in the reasonable  opinion of the first party is analogous to any of
            the events referred to in clause 10.2.2 in any part of the world.

     10.2.4 Insolvency.  All rights and  licenses  granted  under or pursuant to
            this  Agreement  by  Zone4Play  to TPC are,  and shall  otherwise be
            deemed to be, for  purposes of Section  365(n) of the United  States
            Bankruptcy  Code  (or any  other  section(s)  of the  United  States
            Bankruptcy  Code in effect on the Effective  Date of this  Agreement
            that addresses rights in executory contracts), 11 U.S.C. Section 101
            et seq. (the "Bankruptcy Code"), licenses of rights to "intellectual
            property" as such term is defined  under the  Bankruptcy  Code.  The
            Parties  agree that TPC, as a licensee of such rights and  licenses,
            shall retain and may fully  exercise all of its rights and elections
            under the  Bankruptcy  Code,  and that TPC  shall  have the right to
            retain and  enforce  its rights  under this  Agreement  provided  it
            abides by the terms of this Agreement.

                                       7
<PAGE>

10.3  Rights  and  Duties  upon  Termination.  In the  event  of  expiration  or
      termination  of this  Agreement:  (i) TPC shall  provide  and  transfer to
      Zone4Play  any and all  materials,  files  and  programs  stored  on TPC's
      systems  which belong to  Zone4Play;  (ii) TPC shall  promptly  remove the
      Applications  from their systems and shall not license,  sell or otherwise
      dispose of the  Applications  to any third party after such  expiration or
      termination; and (iii) Zone4Play shall provide and transfer to TPC any and
      all materials,  files and programs  (including  without limitation the TPC
      Materials)  stored on Zone4Play's  systems which belong to TPC,  including
      without limitation the product of the Customisation Work excluded from the
      Application.

11.   Intellectual Property Rights.

      Nothing in this Agreement  grants any Party an ownership or other interest
      in any other Party's  Intellectual  Property  Rights.  In no event are any
      rights,  except the  licenses  expressly  granted  herein,  in any real or
      intellectual  property transferred from one Party to the other pursuant to
      this Agreement.

12.   Relationship of the Parties.

      Each of the Parties shall act as, and shall be, independent contractors in
      all aspects of this Agreement.  No Party will act or have authority to act
      as an agent for any other  Party for any  purpose  whatsoever.  Nothing in
      this  Agreement  will be deemed to constitute  or create a joint  venture,
      partnership,  pooling  arrangement,  or other  formal  business  entity or
      fiduciary relationship between the Parties.

13.   Limitations of Liability.

13.1  Nothing in this  Agreement  shall exclude or limit  liability for death or
      personal  injury  resulting  from  the  negligence  of  any  Party  or its
      servants, agents or employees.

13.2  Subject to Clauses  13.1 and 14.1,  no Party shall be liable in  contract,
      tort (including,  without limitation,  negligence),  pre-contract or other
      representations  (other than fraudulent  misrepresentations)  or otherwise
      arising  out of or in  connection  with this  Agreement  for any  special,
      indirect or consequential losses (including,  without limitation,  loss of
      revenues,  profits,   contracts,   business  or  anticipated  savings  but
      excluding  any loss of  goodwill  or  damage to  reputation)  in any case,
      whether or not such losses were within the contemplation of the Parties at
      the date of this Agreement, suffered or incurred by that Party arising out
      of or  in  connection  with  the  provisions  of  any  matter  under  this
      Agreement.

13.3  Clause 8.3 and each  provision  of this  Clause 13  excluding  or limiting
      liability  shall be construed  separately,  applying and surviving even if
      for any reason one or other of these  provisions is held  inapplicable  or
      unenforceable   in  any   circumstances   and   shall   remain   in  force
      notwithstanding the expiry or termination of this Agreement.

14.   Indemnification.

14.1  Without  prejudice  to Clause 11.1,  Zone4Play  shall  indemnify  and hold
      harmless  TPC,  their  affiliates  and   subsidiaries,   their  respective
      officers,  directors,  employees,  agents, successors and assigns (each an
      "Indemnified  Party")  from and against any  judgments,  losses,  damages,
      liabilities,  costs or expenses (including, but not limited to, reasonable
      attorneys'  fees and  legal  expenses)  arising  from:  (i) any  breach of
      Zone4Play's representations, undertakings and warranties contained in this
      Agreement;  and (ii) any third  party claim or action  brought  against an
      Indemnified   Party   alleging  that  an   Application  or  infringes  the
      Intellectual Property Rights or other rights of a third party.

                                       8
<PAGE>

14.2  TPC (each,  an  "Indemnifying  Party")  shall  indemnify and hold harmless
      Zone4Play its  affiliates,  subsidiaries  and their  respective  officers,
      directors, employees, agents, successors and assigns (each an "Indemnified
      Party")  from and against any  judgments,  losses,  damages,  liabilities,
      costs or expenses  (including,  but not limited to, reasonable  attorneys'
      fees and legal expenses)  arising from any (i) breach of the  Indemnifying
      Party's representations, warranties and undertakings in this Agreement and
      (ii) any third party claim or action brought against an Indemnified  Party
      alleging that an Customization  Work or any portion thereof  infringes the
      Intellectual Property Rights or other rights of a third party.

15.   Dispute Resolution.

15.1  The Parties  will  attempt to settle any claim,  dispute,  controversy  or
      difference  arising out of, or in relation to, or in connection  with this
      Agreement, or for breach thereof,  through consultation and negotiation in
      good faith and spirit of mutual  cooperation.  If those  attempts  fail to
      achieve a  settlement,  then the  dispute  will be  mediated by a mutually
      acceptable  mediator to be chosen by the Parties  within  forty-five  (45)
      calendar days after written notice by any Party  demanding  mediation.  No
      Party may  unreasonably  withhold  consent to the selection of a mediator;
      the costs of mediation  will be shared  equally  between the Parties.  The
      mediation  hearing  shall be conducted  within  thirty (30)  calendar days
      after the selection of the mediator. The Parties may also agree to replace
      mediation with some other form of alternate  dispute  resolution  ("ADR"),
      such as neutral  fact-finding or a mini-trial.  Any mediation or other ADR
      shall be conducted in the English  language.  Any dispute  which cannot be
      resolved between the Parties through negotiation,  mediation or other form
      of ADR within six (6) months of the date of the initial  demand for ADR or
      mediation  by one of the Parties may then be  submitted  to the courts for
      resolution.

15.2  The use of any ADR procedures will not affect  adversely the rights of any
      Party.  Nothing in this Clause 15 will prevent any Party from resorting to
      judicial  proceedings  if  interim  relief  from a court is  necessary  to
      prevent  serious  and  irreparable  injury to that Party or to others.  In
      addition,  nothing in this  Clause 15 shall be  construed  as  applying to
      disputes  regarding the Intellectual  Property Rights or trademarks of any
      Party  (including  but  not  limited  to  Confidential  Information),  the
      enforcement of the Parties'  respective  Intellectual  Property  Rights or
      trademarks,  or the  enforcement  of the Parties'  respective  obligations
      under  this  Agreement  with  respect to the other  Parties'  Intellectual
      Property Rights or trademarks.

16.   No Exclusivity.

      Each Party  shall  carry out its  commitments  under this  Agreement  in a
      manner that  reflects  favourably  upon the good name and  goodwill of the
      other Parties. The Parties agree that the commitments under this Agreement
      are not  exclusive  and that any Party may enter into  similar  agreements
      with third parties, including any Party's competitors.

                                       9
<PAGE>

17.   Entire Agreement and Amendments.

      This  Agreement and its  Appendixes  constitute the complete and exclusive
      agreement  between the Parties with respect to the subject  matter hereof,
      superseding and replacing any and all prior or contemporaneous agreements,
      communications, and understandings,  both written and oral, regarding such
      subject matter. Notwithstanding the foregoing, this Agreement shall not be
      interpreted  to supersede or replace any other written  agreement  between
      the Parties  that does not relate to the  subject  matter  hereof.  In the
      event of a conflict between the Terms and Conditions of this Agreement and
      the terms  and  conditions  of any other  written  Agreement  between  the
      Parties,  the  Parties  agree to  negotiate  in good faith to resolve  the
      conflict.  This Agreement may be amended only by a written document signed
      by authorized representatives of both Parties.

19.   Assignment.

      Without  prejudice to Clause 3, no Party may assign this  Agreement or any
      of its rights or obligations hereunder without the express written consent
      of the other Parties.

20.   Force Majeure.

      No Party shall be held responsible or liable for any losses arising out of
      any delay or failure in  performance  of any part of this Agreement due to
      any cause beyond its reasonable control,  including without limitation any
      act of God, act of governmental authority,  act of the public enemy or due
      to war, riot, flood, civil commotion,  insurrection,  labor difficulty not
      affecting that Party's  employees,  severe or adverse weather  conditions,
      lack or  shortage of  electrical  power or failure of  performance  by any
      third party hosting service or equipment provided or maintained by others,
      including general performance of the Internet itself.

21.   Severability.

      If any one or  more of the  provisions  of  this  Agreement  is held to be
      unenforceable  under applicable law, (a) such  unenforceability  shall not
      affect any other provision of this Agreement;  (b) this Agreement shall be
      construed  as if  said  unenforceable  provision  had not  been  contained
      therein;  and (c) the Parties shall negotiate in good faith to replace the
      unenforceable  provision  by a provision  which has the effect  nearest to
      that of the provision being replaced.

22.   Governing Law.

      The Agreement shall be governed by English law and shall be subject to the
      exclusive jurisdiction of the English courts.

23.   Notices.

      Except as otherwise provided for herein, all notices required or permitted
      to  be  given  hereunder  shall  be  in  writing  (including   telegraphic
      communication)  and shall be sent by registered  airmail  (return  receipt
      requested and postage prepaid), facsimile, overnight or two-day courier or
      delivered-in-person and shall be addressed as follows:

                                       10
<PAGE>

      If to TPC:        The Poker Channel
                        Queens Wharf
                        Queen Caroline Street
                        London W6 9RJ

                        Attn.:  Crispin Nieboer
                        Fax:    0208 7494220

      If to Zone4Play:
                        Zone4Play Inc.
                        103 Faulk Road Suite 202,
                        Wilmington, Delaware
                        Attn:
                        Fax:

      Any Party may change its address by a notice given to the other Parties in
      the manner set forth above.  Mailed  notices sent via airmail and given as
      herein  provided  shall be  considered  to have been given  seven (7) days
      after the mailing  thereof,  telegraphic  or  facsimile  notices  shall be
      considered  to have  been  given on the day  sent,  overnight  or  two-day
      courier sent notices shall be considered to have been given three (3) days
      after sending, and delivered in person notices shall be considered to have
      been given on the day of delivery.

24.   Expenses.

      Each Party shall be  responsible  for all expenses,  including  attorney's
      fees and costs,  incurred  by it in  relation  to the  making,  review and
      negotiation of this Agreement, and to the fulfilment of its obligations as
      set forth in this Agreement.

25.   Construction.

      This Agreement has been negotiated by the Parties and by their  respective
      counsel.  This Agreement will be fairly interpreted in accordance with its
      terms and without any strict  construction  in favour or against any Party
      either as scrivener or otherwise.  Unless a contrary  intention is clearly
      expressed,  any  reference  to a Clause shall be construed to refer to all
      provisions of the referenced  Clause.  In the event that this Agreement is
      translated into any other language,  the English  language  version hereof
      shall govern.

26.   Titles, Headings and Subheadings.

      The titles,  headings and  subheadings  used throughout this Agreement are
      intended solely for convenience of reference and form no part of the Terms
      and Conditions of this Agreement.

                                       11
<PAGE>

27.   Counterparts.

      This Agreement may be executed in two or more counterparts, each of which,
      when  so  executed,  shall  be  deemed  an  original,  but  all  of  which
      counterparts together shall constitute one and the same document.

28.   Authority and Binding Effect.

      By executing this  Agreement,  each Party  represents and warrants that it
      has the full power and authority to enter into this  Agreement,  and that,
      when executed,  this Agreement and its appendixes shall constitute a valid
      and legally  binding  obligation of such Party,  enforceable in accordance
      with its terms for a minimum period of three year as the date hereof;

29.   No Waiver.

      Failure by any Party, in any one or more instances,  to enforce any of its
      rights in  connection  with this  Agreement,  or to insist upon the strict
      performance  of the terms of this  Agreement,  its Appendices or Exhibits,
      shall not be construed as a waiver or a relinquishment  of any such rights
      for future breach or enforcement thereof.

30.   Third Party Rights

      Except insofar as this Agreement expressly provides that a third party may
      in his own right enforce a term of this  Agreement,  a person who is not a
      party to this Agreement has no right under the Contracts  (Rights of Third
      Parties) Act 1999 to rely upon or enforce any term of this  Agreement  but
      this does not affect any right or remedy of a third party which  exists or
      is available apart from that Act. No Party may declare itself a trustee of
      the rights under this Agreement for the benefit of any third party.

IN WITNESS of which this  Agreement  has been  executed  by the Parties or their
duly authorised representatives.

                                       12
<PAGE>

SIGNED by                                    SIGNED by

Shimon Citron........................        Crispin Nieboer....................
 (PRINT NAME)                                CRISPIN NIEBOER
for and on behalf of                         for and on behalf of
ZONE4PLAY (UK) LIMITED                       THE POKER CHANNEL LTD.

/s/ Shimon Citron ...................        /s/ Crispin Nieboer................
Signature                                    Signature

......................................        ...................................
Date                                         Date

                                       13
<PAGE>

                         APPENDIX A - MULTIPLAYER GAMES

The  following  definitions  shall  apply to the  terms of this  Agreement  with
respect to Multiplayer Games provided by Z4P to TPC, when provided.

1.    DEFINITIONS:

"Application"  shall mean  Multiplayer  Poker whereby the sole ownership of such
application and related Intellectual property rights are of Z4P.

"Customer" shall mean user of the Application on the TPC interactive service.

"SPECIFICATION AND A TIMETABLE" shall be agreed by the Parties

2.    ROYALTY/REVENUE-SHARING  PAYMENTS.

Revenues  arising from the provision of the Multiplayer  games Launch under this
agreement by TPC shall be shared in accordance with the following terms:

With respect to the  Application of Multi Player Poker the parties shall equally
share any "NET REVENUES" on a 50/50 basis.

For the purpose of this  Agreement,  "Net Revenue" shall mean, the gross revenue
(collected  via  Premium  Telephony  Calls or any other  method of  payment)  in
respect of any calendar month during the Term, less:

      o     V.A.T.

      o     Sky Commission

      o     Return Path Commission

      o     Telephone operator (BT) charges

      o     Bandwidth costs

Reporting -

Within 30 [that is what you agreed above] working days of the end of each month,
Z4P  shall  send TPC a  report  detailing  the Net  Revenues  received  from the
Multiplayer Poker made available to TPC's Customers during the previous calendar
month.

      3.    HOSTING

      it is understood by the Parties that all Multiplayer  Games made available
      to TPC under this  Appendix  shall be hosted and maintain by Z4P and shall
      at all time remain the sole property of Z4P.

      4.    MISCELLANEOUS -

      The  Parties  have  expressly  agreed  that in the event  that  regulation
      changes in the  territory  are affected in a manner  allowing  Multiplayer
      Poker Game to be played for Real Money within the next three (3) years (by
      the end of 2007),  the Parties shall  immediately  enter into an agreement
      for the deployment of such Multiplayer  Poker  application.  The agreement
      contemplated above shall run for the "Term" of five (5) years.  During the
      "Initial Term" of 12 months  neither party may terminate  this  agreement.
      After the  expiration  of the  Initial  Term each Party may  terminate  by
      serving  written  notice to the other at least  ninety  (90)  prior to the
      termination date.

                                       14
<PAGE>

Any change of the terms of Appendix shall be negotiated in good faith,  mutually
agreed and will have no effect unless both parties agreed to it in writing.

                                       15
<PAGE>

                        APPENDIX B- SMS FIXED ODDS GAMES

The  following  definitions  shall  apply to the  terms of this  Agreement  with
respect to SMS Fixed Odds Games provided by Z4P to TPC.

1.    DEFINITIONS:

"Application" shall mean "SMS Fixed Odds Games" Roulette, Dice, V. Horse Racing,
Hi-Lo,  Keno and any other game agreed by the Parties and provided by Z4P to TPC
where the game  visualization  is  achieved  by video  broadcast  signal and all
interaction is done through  alternative  interactive  methods such as SMS, IVR,
Web or Java technologies.

"Customers"  shall  mean,  subscribers  and/or  other  end-users  of TPC who has
registered to the service through a 3rd party licensed bookmaker.

"specification and a timetable" shall be agreed by the Parties.

2.    ZONE4PLAY DELIVERABLES

It is  agreed  and  understood  by the  Parties  that  as  part  of  Zone4Play's
deliverables  under this  Agreement,  Zone4Play  shall  provide the Service with
additional  features  which shall be provided by a third party or third parties.
These  deliverables  shall  include  Services as  described  in the  definitions
section of this  Agreement  including a valid  Bookmaker's  permit  necessary to
operate the service, full and complete customer support services and an e-wallet
solution including all necessary  components including but limited to a merchant
account.

3.    ROYALTY/REVENUE-SHARING PAYMENTS.

Revenues  arising from the provision of the SMS Fixed Odds Games and the parties
engagement under this Agreement with respect such SMS Fixed Odds Games, shall be
shared in accordance with the following terms:

With respect to the  Application of the SMS Fixed Odds Games,  the parties shall
share any "NET  REVENUES"  whereby Z4P is entitled to 2/3 and TPC is entitled to
1/3. For the purpose of this  platform,  "Net Revenue" shall mean, in respect of
any calendar month during the Term, the gross revenue less:

Taxes
Winnings
Credit card fees
Chargebacks or/and fraudulent activity
Free bets of bonuses
SMS charges

Reporting -

Within 30  working  days of the end of each  month,  Z4P shall send TPC a report
detailing  the Net  Revenues  received  from the all SMS Fixed  Odds  Games made
available to TPC'  Customers  during the previous  calendar  month.  This report
shall also include  third party Revenue  Share(s)  (where  applicable)  and, the
split between TPC and Zone4Play of the remaining Net Revenues.

                                       16
<PAGE>

Miscellaneous -

Any change of the terms of Appendix shall be negotiated in good faith,  mutually
agreed and will have no effect unless both parties agreed to it in writing.

                                       17

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