Document:

NEITHER
      THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
      TO
      SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
      COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE
      SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED
      BY SUCH SECURITIES. 

     

    IRISH
      MAG, INC.

     

    WARRANT
      TO PURCHASE COMMON STOCK

     

    Void
      after February 1, 2012

     

    Warrant
      No.  Original
      Issue Date: February 1, 2007

     

    Irish
      Mag, Inc., a Florida corporation (the “Company”),
      hereby
      certifies that, as partial compensation for ______________services,
      _______________ or its registered assigns (the “Holder”)
      is
      entitled to purchase from the Company up to a total of ____________ shares
      of
      the Common Stock (each such share, a “Warrant
      Share”
      and all
      such shares, the “Warrant
      Shares”),
      any
      time and from time to time from and after the Original Issue Date and through
      and including February 1, 2012 (the “Expiration
      Date”),
      and
      subject to the following terms and conditions:

     

    1.  Definitions.
      As used
      in this Warrant, the following terms shall have the respective definitions
      set
      forth in this Section 1. 

     

    “Affiliate”
      means
      any Person that, directly or indirectly through one or more intermediaries,
      controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 144.

     

    “Business
      Day”
      means
      any day except Saturday, Sunday and any day which is a federal legal holiday
      or
      a day on which banking institutions in the State of New York, the State of
      Florida, or the Guangdong Province of the People’s Republic of China are
      authorized or required by law or other governmental action to
      close.

     

    “Common
      Stock”
      means
      the common stock of the Company, par value $0.01 per share, and any securities
      into which such common stock may hereafter be reclassified or for which it
      may
      be exchanged as a class.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended. 

     

    “Exercise
      Price” means
      $2.28, subject to adjustment in accordance with Section 9.

     

    “Fundamental
      Transaction”
      means
      any of the following: (1) the Company effects any merger or consolidation of
      the
      Company with or into another Person, (2) the Company effects any sale of all
      or
      substantially all of its assets in one or a series of related transactions,
      (3)
      any tender offer or exchange offer (whether by the Company or another Person)
      is
      completed pursuant to which holders of Common Stock are permitted to tender
      or
      exchange their shares for other securities, cash or property, or (4) the Company
      effects any reclassification of the Common Stock or any compulsory share
      exchange pursuant to which the Common Stock is effectively converted into or
      exchanged for other securities, cash or property.

     

    “New
      York Courts”
      means
      the state and federal courts sitting in the City of New York, Borough of
      Manhattan.

     

    “Original
      Issue Date”
      means
      the Original Issue Date first set forth on the first page of this
      Warrant.

     

    “Person”
      means an
      individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

     

    “Rule
      144”
      means
      Rule 144 promulgated by the Securities and Exchange 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 Securities and Exchange Commission
      having substantially the same effect as such Rule.

     

    “Securities
      Act”
      means
      the Securities Act of 1933, as amended.

     

    “Trading
      Day”
      means
      (i) a day on which the Common Stock is traded on a Trading Market (other than
      the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading
      Market (other than the OTC Bulletin Board), a day on which the Common Stock
      is
      traded in the over-the-counter market, as reported by the OTC Bulletin Board,
      or
      (iii) if the Common Stock is not quoted on any Trading Market, a day on which
      the Common Stock is quoted in the over-the-counter market as reported by the
      Pink Sheets LLC (or any similar organization or agency succeeding to its
      functions of reporting prices); provided, that in the event that the Common
      Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then
      Trading Day shall mean a Business Day.

     

    “Trading
      Market”
      means
      whichever of the New York Stock Exchange, the American Stock Exchange, the
      NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market
      or OTC Bulletin Board on which the Common Stock is listed or quoted for trading
      on the date in question.

     

    “Warrant
      Shares” means
      the
      shares of Common Stock issuable upon exercise of this Warrant.

     

    2.  Registration
      of Warrant.
      The
      Company shall register this Warrant upon records to be maintained by the Company
      for that purpose (the “Warrant
      Register”),
      in the
      name of the Holder hereof from time to time. The Company may deem and treat
      the
      registered Holder of this Warrant as the absolute owner hereof for the purpose
      of any exercise hereof or any distribution to the Holder, and for all other
      purposes, absent actual notice to the contrary.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    3.  Registration
      of Transfers.
      The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company at its address
      specified herein. Upon any such registration or transfer, a new Warrant to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      Warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant. 

     

    4.  Exercise
      and Duration of Warrants.
      This
      Warrant shall be exercisable by the registered Holder at any time and from
      time
      to time on or after the Original Issue Date through and including the Expiration
      Date. At 6:30 p.m., New York City time on the Expiration Date, the portion
      of
      this Warrant not exercised prior thereto shall be and become void and of no
      value. The Company may not call or redeem any portion of this Warrant without
      the prior written consent of the affected Holder. 

     

    5.  Delivery
      of Warrant Shares.

     

    (a)  The
      Holder shall not be required to physically surrender this Warrant unless the
      aggregate Warrant Shares represented by this Warrant are being exercised. To
      effect exercises hereunder, the Holder shall duly execute and deliver to the
      Company at its address for notice set forth herein (or such to such other
      address as the Company may designate by notice in writing to the Holder), an
      Exercise Notice in the form of Annex
      A
      hereto,
      along with a Warrant Shares Exercise Log in the form of Annex
      B
      hereto,
      and shall pay the Exercise Price, if applicable, multiplied by the number of
      Warrant Shares that the Holder intends to purchase hereunder. The Company shall
      promptly (but in no event later than three Trading Days after the Date of
      Exercise (as defined herein)) issue and deliver to the Holder, a certificate
      for
      the Warrant Shares issuable upon such exercise. The Company shall, upon request
      of the Holder and subsequent to the date on which a registration statement
      covering the resale of the Warrant Shares has been declared effective by the
      Securities and Exchange Commission, use its reasonable best efforts to deliver
      Warrant Shares hereunder electronically through the Depository Trust Corporation
      or another established clearing corporation performing similar functions, if
      available, provided,
      that,
      the Company may, but will not be required to change its transfer agent if its
      current transfer agent cannot deliver Warrant Shares electronically through
      the
      Depository Trust Corporation. A “Date
      of Exercise”
for
      purposes of this Warrant, means the date on which the Holder shall have
      delivered to the Company: (i) the Exercise Notice (with the Warrant Exercise
      Log
      attached to it), appropriately completed and duly signed and (ii) if such Holder
      is not utilizing the cashless exercise provisions set forth in this Warrant,
      payment of the Exercise Price for the number of Warrant Shares so indicated
      by
      the Holder to be purchased.

     

    (b)  If
      by the
      third Trading Day after a Date of Exercise the Company fails to deliver the
      required number of Warrant Shares in the manner required pursuant to Section
      5(a), then the Holder will have the right to rescind such exercise.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (c)  If
      by the
      third Trading Day after a Date of Exercise the Company fails to deliver the
      required number of Warrant Shares in the manner required pursuant to Section
      5(a), and if after such third Trading Day and prior to the receipt of such
      Warrant Shares, the Holder purchases (in an open market transaction or
      otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
      Holder of the Warrant Shares which the Holder anticipated receiving upon such
      exercise (a “Buy-In”),
      then
      the Company shall (1) pay in cash to the Holder the amount by which (x) the
      Holder's total purchase price (including brokerage commissions, if any) for
      the
      shares of Common Stock so purchased exceeds (y) the amount obtained by
      multiplying (A) the number of Warrant Shares that the Company was required
      to
      deliver to the Holder in connection with the exercise at issue by (B) the
      closing bid price of the Common Stock on the Date of Exercise and (2) at the
      option of the Holder, either reinstate the portion of the Warrant and equivalent
      number of Warrant Shares for which such exercise was not honored or deliver
      to
      the Holder the number of shares of Common Stock that would have been issued
      had
      the Company timely complied with its exercise and delivery obligations
      hereunder. The Holder shall provide the Company written notice indicating the
      amounts payable to the Holder in respect of the Buy-In. 

     

    (d)  The
      Company's obligations to issue and deliver Warrant Shares in accordance with
      the
      terms hereof are absolute and unconditional, irrespective of any action or
      inaction by the Holder to enforce the same, any waiver or consent with respect
      to any provision hereof, the recovery of any judgment against any Person or
      any
      action to enforce the same, or any setoff, counterclaim, recoupment, limitation
      or termination, or any breach or alleged breach by the Holder or any other
      Person of any obligation to the Company or any violation or alleged violation
      of
      law by the Holder or any other Person, and irrespective of any other
      circumstance which might otherwise limit such obligation of the Company to
      the
      Holder in connection with the issuance of Warrant Shares. Nothing herein shall
      limit a Holder's right to pursue any other remedies available to it hereunder,
      at law or in equity including, without limitation, a decree of specific
      performance and/or injunctive relief with respect to the Company's failure
      to
      timely deliver certificates representing Warrant Shares upon exercise of the
      Warrant as required pursuant to the terms hereof.

     

    6.  Charges,
      Taxes and Expenses.
      Issuance and delivery of Warrant Shares upon exercise of this Warrant shall
      be
      made without charge to the Holder for any issue or transfer tax, withholding
      tax, transfer agent fee or other incidental tax or expense in respect of the
      issuance of such certificates, all of which taxes and expenses shall be paid
      by
      the Company; provided, however, that the Company shall not be required to pay
      any tax which may be payable in respect of any transfer involved in the
      registration of any certificates for Warrant Shares or Warrants in a name other
      than that of the Holder. The Holder shall be responsible for all other tax
      liability that may arise as a result of holding or transferring this Warrant
      or
      receiving Warrant Shares upon exercise hereof.

     

    7.  Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity (which shall not
      include a surety bond), if requested. Applicants for a New Warrant under such
      circumstances shall also comply with such other reasonable regulations and
      procedures and pay such other reasonable third-party costs as the Company may
      prescribe. If a New Warrant is requested as a result of a mutilation of this
      Warrant, then the Holder shall deliver such mutilated Warrant to the Company
      as
      a condition precedent to the Company’s obligation to issue the New
      Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    8.  Reservation
      of Warrant Shares.
      The
      Company covenants that during the term that this Warrant is exercisable, the
      Company will at all times reserve and keep available out of the aggregate of
      its
      authorized but unissued and otherwise unreserved Common Stock, solely for the
      purpose of enabling it to issue Warrant Shares upon exercise of this Warrant
      as
      herein provided, the number of Warrant Shares which are then issuable and
      deliverable upon the exercise of this entire Warrant, free from preemptive
      rights or any other contingent purchase rights of Persons other than the Holder
      (taking into account the adjustments and restrictions of Section 9). The Company
      covenants that all Warrant Shares so issuable and deliverable shall, upon
      issuance and the payment of the applicable Exercise Price in accordance with
      the
      terms hereof, be duly and validly authorized, issued and fully paid and
      nonassessable.

     

    9.  Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this
Section
      9.

     

    (a)  Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be multiplied by a fraction
      of
      which the numerator shall be the number of shares of Common Stock outstanding
      immediately before such event and of which the denominator shall be the number
      of shares of Common Stock outstanding immediately after such event. Any
      adjustment made pursuant to clause (i) of this paragraph shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution, and any adjustment pursuant to clause
      (ii) or (iii) of this paragraph shall become effective immediately after the
      effective date of such subdivision or combination.

     

    (b)  Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding there is a Fundamental Transaction,
      then the Holder shall have the right thereafter to receive, upon exercise of
      this Warrant, the same amount and kind of securities, cash or property as it
      would have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the “Alternate
      Consideration”).
      For
      purposes of any such exercise, the determination of the Exercise Price shall
      be
      appropriately adjusted to apply to such Alternate Consideration based on the
      amount of Alternate Consideration issuable in respect of one share of Common
      Stock in such Fundamental Transaction, and the Company shall apportion the
      Exercise Price among the Alternate Consideration in a reasonable manner
      reflecting the relative value of any different components of the Alternate
      Consideration. If holders of Common Stock are given any choice as to the
      securities, cash or property to be received in a Fundamental Transaction, then
      the Holder shall be given the same choice as to the Alternate Consideration
      it
      receives upon any exercise of this Warrant following such Fundamental
      Transaction. At the Holder's option and request, any successor to the Company
      or
      surviving entity in such Fundamental Transaction shall issue to the Holder
      a new
      warrant substantially in the form of this Warrant and consistent with the
      foregoing provisions and evidencing the Holder's right to purchase the Alternate
      Consideration for the aggregate Exercise Price upon exercise thereof. The terms
      of any agreement pursuant to which a Fundamental Transaction is effected shall
      include terms requiring any such successor or surviving entity to comply with
      the provisions of this paragraph (b) and insuring that the Warrant (or any
      such
      replacement security) will be similarly adjusted upon any subsequent transaction
      analogous to a Fundamental Transaction. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (c)  Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to this
      Section 9, the number of Warrant Shares that may be purchased upon exercise
      of
      this Warrant shall be increased or decreased proportionately, so that after
      such
      adjustment the aggregate Exercise Price payable hereunder for the adjusted
      number of Warrant Shares shall be the same as the aggregate Exercise Price
      in
      effect immediately prior to such adjustment.

     

    (d)  Calculations.
      All
      calculations under this Section 9 shall be made to the nearest cent or the
      nearest 1/100th
      of a
      share, as applicable. The number of shares of Common Stock outstanding at any
      given time shall not include shares owned or held by or for the account of
      the
      Company, and the disposition of any such shares shall be considered an issue
      or
      sale of Common Stock.

     

    (e)  Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section 9, the Company at
      its
      expense will promptly compute such adjustment in accordance with the terms
      of
      this Warrant and prepare a certificate setting forth such adjustment, including
      a statement of the adjusted Exercise Price and adjusted number or type of
      Warrant Shares or other securities issuable upon exercise of this Warrant (as
      applicable), describing the transactions giving rise to such adjustments and
      showing in detail the facts upon which such adjustment is based. Upon written
      request, the Company will promptly deliver a copy of each such certificate
      to
      the Holder and to the Company's Transfer Agent.

     

    (f)  Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction or (iii) authorizes the voluntary dissolution, liquidation or
      winding up of the affairs of the Company, then the Company shall deliver to
      the
      Holder a notice describing the material terms and conditions of such transaction
      (but only to the extent such disclosure would not result in the dissemination
      of
      material, non-public information to the Holder) at least 10 calendar days prior
      to the applicable record or effective date on which a Person would need to
      hold
      Common Stock in order to participate in or vote with respect to such
      transaction, and the Company will take all steps reasonably necessary in order
      to insure that the Holder is given the practical opportunity to exercise this
      Warrant prior to such time so as to participate in or vote with respect to
      such
      transaction; provided, however, that the failure to deliver such notice or
      any
      defect therein shall not affect the validity of the corporate action required
      to
      be described in such notice.

     

    10.  Payment
      of Exercise Price.
      The
      Holder may pay the Exercise Price in one of the following manners:

     

    (a)  Cash
      Exercise.
      The
      Holder may deliver immediately available funds; or

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (b)  Cashless
      Exercise.
      The
      Holder may notify the Company in an Exercise Notice of its election to utilize
      cashless exercise, in which event the Company shall issue to the Holder the
      number of Warrant Shares determined as follows:

     

    X
      = Y
      [(A-B)/A]

     

    where:

     

    X
      = the
      number of Warrant Shares to be issued to the Holder.

     

    Y
      = the
      number of Warrant Shares with respect to which this Warrant is being
      exercised.

     

    A
      = the
      average of the closing prices for the five Trading Days immediately prior to
      (but not including) the Date of Exercise.

     

    B
      = the
      Exercise Price.

     

    For
      purposes of Rule 144 promulgated under the Securities Act, it is intended,
      understood and acknowledged that the Warrant Shares issued in a cashless
      exercise transaction shall be deemed to have been acquired by the Holder, and
      the holding period for the Warrant Shares shall be deemed to have commenced,
      on
      the date this Warrant was originally issued.

     

    11.  Limitations
      on Exercise.
      Notwithstanding anything to the contrary contained herein, the number of Warrant
      Shares that may be acquired by the Holder upon any exercise of this Warrant
      (or
      otherwise in respect hereof) shall be limited to the extent necessary to insure
      that, following such exercise (or other issuance), the total number of shares
      of
      Common Stock then beneficially owned by such Holder and its Affiliates and
      any
      other Persons whose beneficial ownership of Common Stock would be aggregated
      with the Holder's for purposes of Section 13(d) of the Exchange Act, does not
      exceed 9.99% of the total number of issued and outstanding shares of Common
      Stock (including for such purpose the shares of Common Stock issuable upon
      such
      exercise). For such purposes, beneficial ownership shall be determined in
      accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder. This provision shall not restrict the number of shares
      of Common Stock which a Holder may receive or beneficially own in order to
      determine the amount of securities or other consideration that such Holder
      may
      receive in the event of a Fundamental Transaction as contemplated in Section
      9
      of this Warrant. This restriction may not be waived. Notwithstanding anything
      to
      the contrary contained in this Warrant, (a) no term of this Section may be
      waived by any party, nor amended such that the threshold percentage of ownership
      would be directly or indirectly increased, (b) this restriction runs with the
      Warrant and may not be modified or waived by any subsequent holder hereof and
      (c) any attempted waiver, modification or amendment of this Section will be
      void ab initio.

     

    12.  No
      Fractional Shares.
      No
      fractional shares of Warrant Shares will be issued in connection with any
      exercise of this Warrant. In lieu of any fractional shares which would,
      otherwise be issuable, the Company shall pay cash equal to the product of such
      fraction multiplied by the closing price of one Warrant Share as reported by
      the
      applicable Trading Market on the date of exercise.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    13.  Notices.
      Any and
      all notices or other communications or deliveries hereunder (including, without
      limitation, any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii)
      the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 6:30 p.m. (New York City time)
      on
      any Trading Day, (iii) the second Trading Day following the date of mailing,
      if
      sent by nationally recognized overnight courier service, or (iv) upon actual
      receipt by the party to whom such notice is required to be given. The addresses
      for such communications shall be: (i) if to the Company, to Unit D, Block 2,
      Tian An Cyber Park, Chengongmiao, Shenzhen, Guangdong, 518040, People’s Republic
      of China, Attn: President, or to facsimile no.: (+86) 755 -834-01681 (or to
      such
      other address as the Company shall indicate in writing in accordance with this
      Section), with a copy to Lou Bevilacqua, Esq., Thelen Reid Brown Raysman &
Steiner, LLP, 701 Eighth Street, N.W., Washington, DC 20001, facsimile no.:
      (202) 654-1804, or (ii) if to the Holder, to the address or facsimile number
      appearing on the Warrant Register or such other address or facsimile number
      as
      the Holder may provide to the Company in accordance with this
      Section.

     

    14.  Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 10 days' notice
      to
      the Holder, the Company may appoint a new warrant agent. Any corporation into
      which the Company or any new warrant agent may be merged or any corporation
      resulting from any consolidation to which the Company or any new warrant agent
      shall be a party or any corporation to which the Company or any new warrant
      agent transfers substantially all of its corporate trust or shareholders
      services business shall be a successor warrant agent under this Warrant without
      any further act. Any such successor warrant agent shall promptly cause notice
      of
      its succession as warrant agent to be mailed (by first class mail, postage
      prepaid) to the Holder at the Holder's last address as shown on the Warrant
      Register.

     

    15.  Miscellaneous.

     

    (a)  This
      Warrant shall be binding on and inure to the benefit of the parties hereto
      and
      their respective successors and assigns. Subject to the preceding sentence,
      nothing in this Warrant shall be construed to give to any Person other than
      the
      Company and the Holder any legal or equitable right, remedy or cause of action
      under this Warrant. This Warrant may be amended only in writing signed by the
      Company and the Holder and their successors and assigns. The foregoing sentence
      shall be subject to the restrictions on waivers and amendments set forth in
      Section 11 of this Warrant.

     

    (b)  All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all legal
      proceedings concerning the interpretations, enforcement and defense of this
      Warrant and the transactions herein contemplated (“Proceedings”)
      (whether brought against a party hereto or its respective Affiliates, employees
      or agents) shall be commenced exclusively in the New York Courts. Each party
      hereto hereby irrevocably submits to the exclusive jurisdiction of the New
      York
      Courts for the adjudication of any dispute hereunder or in connection herewith
      or with any transaction contemplated hereby or discussed herein, and hereby
      irrevocably waives, and agrees not to assert in any Proceeding, any claim that
      it is not personally subject to the jurisdiction of any New York Court, or
      that
      such Proceeding has been commenced in an improper or inconvenient forum. Each
      party hereto hereby irrevocably waives personal service of process and consents
      to process being served in any such Proceeding by mailing a copy thereof via
      registered or certified mail or overnight delivery (with evidence of delivery)
      to such party at the address in effect for notices to it under this Warrant
      and
      agrees that such service shall constitute good and sufficient service of process
      and notice thereof. Nothing contained herein shall be deemed to limit in any
      way
      any right to serve process in any manner permitted by law. Each party hereto
      hereby irrevocably waives, to the fullest extent permitted by applicable law,
      any and all right to trial by jury in any legal proceeding arising out of or
      relating to this Warrant or the transactions contemplated hereby. If either
      party shall commence a Proceeding to enforce any provisions of this Warrant,
      then the prevailing party in such Proceeding shall be reimbursed by the other
      party for its attorney’s fees and other costs and expenses incurred with the
      investigation, preparation and prosecution of such Proceeding.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (c)  The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions hereof.
      

     

    (d)  In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    (e)  Prior
      to
      exercise of this Warrant, the Holder hereof shall not, by reason of being a
      Holder, be entitled to any rights of a stockholder with respect to the Warrant
      Shares.

     

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
      PAGE FOLLOWS]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      its
      authorized officer as of the date first indicated above.

     

    
      	 	 	 
	 	IRISH
              MAG,
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Jiang
              Huai Lin
	 	President
              and
              Chief Executive Officer

    

    
 

     

    [________________]
      Warrant

    (Expiration
      Date - February 1, 2012)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ANNEX
      A

     

    EXERCISE
      NOTICE

    IRISH
      MAG, INC.

    WARRANT
      DATED FEBRUARY 1, 2007

     

    The
      undersigned Holder hereby irrevocably elects to purchase _____________ shares
      of
      Common Stock pursuant to the above referenced Warrant. Capitalized terms used
      herein and not otherwise defined have the respective meanings set forth in
      the
      Warrant.

     

    
      	
              (1)

            	
              The
                undersigned Holder hereby exercises its right to purchase
                _________________ Warrant Shares pursuant to the
                Warrant.

            

    

     

    
      	
              (2)

            	
              The
                Holder intends that payment of the Exercise Price shall be made as
                (check
                one):

            

    

     

    
      	 	____“Cash
              Exercise” under Section 10
	 	 
	 	____“Cashless
              Exercise” under Section 10

    

     

    
      	
              (3)

            	
              If
                the holder has elected a Cash Exercise, the holder shall pay the
                sum of
                $____________ to the Company in accordance with the terms of the
                Warrant.

            

    

     

    
      	
              (4)

            	
              Pursuant
                to this Exercise Notice, the Company shall deliver to the holder
                _______________ Warrant Shares in accordance with the terms of the
                Warrant.

            

    

     

    
      	
              (5)

            	
              By
                its delivery of this Exercise Notice, the undersigned represents
                and
                warrants to the Company that in giving effect to the exercise evidenced
                hereby the Holder will not beneficially own in excess of the number
                of
                shares of Common Stock (determined in accordance with Section 13(d)
                of the
                Securities Exchange Act of 1934) permitted to be owned under Section
                11 of
                this Warrant to which this notice
                relates.

            

    

    

    
      	 	 	 
	 	 	 
	
              Dated:
                _________,
                ____ 

            	 	
              Name
                of Holder:

            
	 	 	 
	 	 	
              (Print)__________________________

            
	 	 	 
	 	 	
              By:____________________________

            
	 	 	
              Name:__________________________

            
	 	 	
              Title:___________________________

            
	 	 	 
	 	 	
              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
      b

     

    Warrant
      Shares Exercise Log

     

    
      	
              Date

            	
              Number
                of Warrant Shares Available to be Exercised

            	
              Number
                of Warrant Shares Exercised

            	
              Number
                of Warrant Shares Remaining to be Exercised

            
	 	 	 	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
      c

     

    IRISH
      MAG, INC.

     

    WARRANT
      DATED february 1, 2007

     

    WARRANT
      NO. [ ]

     

    FORM
      OF
      ASSIGNMENT

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ________________________________ the right represented by the above-captioned
      Warrant to purchase ____________ shares of Common Stock to which such Warrant
      relates and appoints ________________ attorney to transfer said right on the
      books of the Company with full power of substitution in the
      premises.

     

    Dated: _______________,
      ____

     

     

    
      	 	                    
              
	 	(Signature must conform in all respects
              to
              name of holder as specified on the face of the Warrant)
	 	 
	 	 
	 	                                      
              
	 	Address of Transferee
	 	 
	 	 
	 	             
              
	 	                                    
              
	 	 

    

     

    In
      the
      presence of:Unassociated Document

    Exhibit
      10.25

    

    EMPLOYMENT
      AGREEMENT 1.4

    

    THIS
      EMPLOYMENT AGREEMENT (the "Agreement"), dated January __, 2007

    

    By
      and
      Between:

    

    MAGNITUDE
      INFORMATION SYSTEMS, INC., a Delaware corporation (the "Company" or the
      "Employer"),

    

    AND

    

    ___________________________,
      an individual having an address at _____________________________________and
      one of three (3) shareholders of Kiwibox Media, Inc.
      ("Executive")

    

    WHEREAS,
      the Company desires to hire the Executive and employ him in the position
      of Executive Officer; and

    

    WHEREAS,
      Executive has agreed to serve as the Company's Executive Officer ,
      pursuant to the terms and conditions set forth herein.

    

    NOW
      THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and
      the mutual covenants, agreements, representations and warranties contained
      herein,
      and other good and valuable consideration, the receipt and sufficiency
of
      which
      are hereby acknowledged, Executive and the Company hereby agree as follows:

    

    ARTICLE
      1

    

    EMPLOYMENT

    

    1.1
      Employer hereby hires the Executive as the Executive Officer of the Company
      and
      Executive hereby affirms and accepts such positions and employment by Employer
      for the Term (as defined in Article 3 below), upon the terms and conditions
      set
      forth herein.

    

    1.2
      The
      Employer shall utilize its best efforts to cause its Board of Directors to
      appoint one
      of the three Kiwibox Shareholders
      as a
      member of the Employer's Board of Directors throughout the Term.

    

    ARTICLE
      2

    

    DUTIES

    

    During
      the Term, Executive shall serve Employer faithfully, diligently and to the
      best
      of his ability, under the direction and supervision of the Board of Directors
      of
      Employer ("Board of Directors") and shall use his best efforts to promote the
      interests and goodwill of Employer and any affiliates, successors, assigns,
      parent corporations, subsidiaries, and/or future purchasers of Employer.
      Executive shall render such services during the Term at Employer's principal
      place of business or at such other place of business as may be determined by
      the
      Board of Directors, as Employer may from time to time reasonably require of
      him,
      and shall devote all of his business time to the performance thereof. Executive
      shall have those duties and powers as generally pertain to each of the offices
      of which he holds, as the case may be, subject to the control of the Board
      of
      Directors. Employer and Executive also agree that Employer shall utilize its
      best efforts to have its Board of Directors appoint one
      of the three Kiwibox Shareholders
      to be a
      member of the Employer's Board of Directors during the Term.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      3

    

    TERM

    

    The
      term
      of this Agreement (the "Term") shall commence on the date hereof (the "Effective
      Date"), and continue thereafter for a term of two (2) years, as may be extended
      or earlier terminated pursuant to the terms and conditions of this Agreement.
      The Term is renewable upon the agreement of the parties hereto.

    

    ARTICLE
      4

    

    COMPENSATION

    

    4.1
      Salary and Equity Compensation

    

    (a)
      In
      consideration of Executive's services to Employer, Employer shall pay to
      Executive an annual base salary (the "Base Salary") of One Hundred Fifty
      Thousand Dollars ($150,000.00), payable in equal installments at the end of
      each
      regular payroll accounting period as established by Employer, or in such other
      installments upon which the parties hereto shall mutually agree, and in
      accordance with Employer's usual payroll procedures, but no less frequently
      than
      monthly. 

    

    (b)
      In
      addition to the Base Salary, Employer shall pay to Executive an annual bonus,
      based upon the attainment of certain business goals (the “Performance Bonus”),
      equal to (i) $100,000 in the event the Kiwi Business has received no less than
      an average 215,000 Unique Visitors during either the 10th, 11th or 12th month
      of
      the first year of the term or $316,000 in gross revenues within the 12 moth
      period following the Effective Date, or (ii) $50,000 in the event the Kiwi
      Business has received at least an average 175,000 but less than an average
      215,000 Unique Visitors during either the 10th, 11th or 12th month of the first
      year of the term or at least $237,000 in gross revenues but less than $316,000
      within the 12 moth period following the Effective Date, and: (x) $100,000 in
      the
      event the Kiwi Business has received no less than an average 550,000 Unique
      Visitors during either the 22nd, 23rd or 24th month of the second year
      of the term or $1,961,000 in gross revenues within the 12 moth period following
      the first anniversary of the Effective Date, or (ii) $50,000 in the event the
      Kiwi Business has received at least an average 415,000 but less than an average
      550,000 Unique Visitors during either the 22nd, 23rd or 24th month of
      the second year of the term or at least $1,500,000 in gross revenues but
      less than $1,961,000 within the 12 moth period following the first anniversary
      of the Effective Date.

    

    (c)
      In
      addition to the Base Salary and Executive’s right to earn the Performance Bonus,
      Employer shall issue to Executive a Stock Option to purchase 7,500,000 shares
      of
      the Employer's common stock, at an exercise price equal to Employer's common
      stock fair market value as of the date of this
      Agreement (the
      "Stock Option"). The Stock Option shall vest (i.e., become exercisable) in
      three
      installments, as follows: One half of the Stock Options shall vest on the first
      anniversary date of the Effective Date; an additional quarter of the Stock
      Option shall vest on each of the 18th
      month
      and second anniversaries of the Effective Date. Executive must be continuously
      a
      full-time employee of the Company through the time he exercises part or all
      of
      the Stock Option, except, however, in the event this Agreement is terminated
      by
      the Executive for a Good Reason, as defined in Article 10.1 and 10.2 below,
      or
      by the Employer without Cause, as defined in Article 10.3 below, in which cases
      the Stock Option shall immediately and fully vest upon such termination provided
      further that the events surrounding any such termination have not been the
      subject of any claim, proceeding or lawsuit by either the Executive or the
      Company in which further case the Stock Option shall only vest upon final
      adjudication, determining that such termination was a valid termination by
      the
      Executive for Good Reason or by the Employer without Cause pursuant to the
      applicable above referenced articles of this Agreement. The Stock Option shall
      be deemed a non-qualified stock option (i.e., not an ISO). 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    (d
      ) In
      addition to the Base Salary, the Stock Option and the Executive’s right to earn
      the Performance Bonus, Employer shall issue to Executive a second Stock Option
      to purchase 3,000,000 shares of the Employer's common stock, at an exercise
      price equal to the
      “Market Price” of the Company’s publicly traded common shares. “Market Price”
means the average sales price of a Company Common Share for the twenty (20)
      trading days immediately preceding the date of this Agreement as recorded by
      the
      Electronic Bulletin Board, over-the-counter market, and
      which
      shall vest based upon the attainment of certain business goals (the "Performance
      Stock Option"). The Performance Stock Option shall vest (i.e., become
      exercisable) in two installments: 1,500,000 upon the first anniversary of the
      Effective Date, provided that the Kiwi Business has received no less than an
      average 215,000 Unique Visitors during either the 10th, 11th or 12th month
      of
      the first year of the term or $316,000 in gross revenues within the 12 month
      period following the first anniversary of the Effective Date, and; one half
      upon
      the second anniversary date of the Effective Date, provided that the Kiwi
      Business has received at least an average 550,000 Unique Visitors during either
      the 22nd, 23rd or 24th month of the second year of the term or
      $1,961,000 in gross revenues within the 12 month period following the first
      anniversary of the Effective Date. Executive must be continuously a full-time
      employee of the Company through the time he exercises part or all of the
      Performance Stock Option, except, however, in the event this Agreement is
      terminated by the Executive for a Good Reason, as defined in Article 10.1 and
      10.2 below, or by the Employer without Cause, as defined in Article 10.3 below,
      in which cases the Performance Stock Option shall immediately and fully vest
      upon such termination provided further that the events surrounding any such
      termination have not been the subject of any claim, proceeding or lawsuit by
      either the Executive or the Company in which further case the Performance Stock
      Option shall only vest upon final adjudication, determining that such
      termination was a valid termination by the Executive for Good Reason or by
      the
      Employer without Cause pursuant to the applicable above referenced articles
      of
      this Agreement. The Performance Stock Option shall be deemed a non-qualified
      stock option (i.e., not an ISO). A "Unique Visitor" is a person who visits
      a
      Kiwibox website during any month during the term of this Agreement.

    

    (e)
      Executive hereby acknowledges that the Stock Option, the performance Stock
      Option and the shares issuable upon the exercise thereof shall be "restricted
      securities" as such term is defined under Rule 144, unless and until an
      effective registration covering these shares takes place, promulgated under
      the
      Securities Act of 1933, as amended (the "1933 Act"); that the Executive hereby
      represents that he shall accept such compensation and has no present intent
      to
      distribute or transfer such securities; that such securities shall bear the
      appropriate restrictive legend providing that they may not be transferred except
      pursuant to the registration requirements of the 1933 Act or pursuant to
      exemptions therefrom, and; the Executive further acknowledges that he may be
      required to hold such securities for an indeterminable amount of
      time.

    

    Benefits

    

    4.2
      Executive shall be entitled to participate in all medical and other executive
      benefit plans, including four (4) weeks vacation, sick leave, retirement
      accounts and other executive benefits provided by Employer to any of the other
      senior officers of the Employer on terms and conditions no less favorable than
      those offered to such senior officers. Such participation shall be subject
      to
      the terms of the applicable plan documents and Employer's generally applicable
      policies.

    

    4.3
      Expense Reimbursement

    

    Employer
      shall reimburse Executive for reasonable and necessary expenses incurred
      by him on behalf of Employer in the performance of his duties hereunder
during
      the Term, including any and all travel and entertainment expenses related
to
      the
      Employer's business in accordance with Employer's then customary policies,
      provided that such expenses are adequately documented. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      5

    

    OTHER
      EMPLOYMENT

    

    During
      the Term, Executive shall devote all of his business and professional time
      and
      effort, attention, knowledge, and skill to the management, supervision and
      direction of Employer's business and affairs as Executive's highest professional
      priority. Employer shall be entitled to all benefits, profits or other
      remuneration arising from or incidental to all work, services and advice
      performed or provided by Executive. Nothing in this Agreement shall preclude
      Executive from:

    

    (a)
      serving as a director or member of a committee of any organization or
      corporation involving no conflict of interest with the interests of Employer,
      provided that Executive must obtain the prior written approval of the
      independent members of the Board;

    

    (b)
      serving as a consultant in his area of expertise (in areas other than in
      connection with the business of Employer), to government, industrial, and
      academic panels provided that only de minimis time shall be devoted thereto
      and
      Executive must obtain the prior written approval of the independent members
      of
      the Board of Employer and where it does not conflict with the interests of
      Employer, provided that such written consent shall not be unreasonably withheld,
      delayed or conditioned; and 

    

    (c)
      managing his personal investments or engaging in any other non-competing
      business; provided that such activities do not materially interfere with the
      regular performance of his duties and responsibilities under this
      Agreement.

    

    ARTICLE
      6

    

    CONFIDENTIAL
      INFORMATION/INVENTIONS

    

    Confidential
      Information

    

    6.1
      Executive shall not, in any manner, for any reasons, either directly or
      indirectly, divulge or communicate to any person, firm or corporation, any
      confidential information concerning any matters not generally known in the
      website industry (the "Website Industry") or otherwise made public by Employer
      which affects or relates to Employer's business, finances, marketing and/or
      operations, research, development, inventions, products, designs, plans,
      procedures, or other data (collectively, "Confidential Information") except
      in
      the ordinary course of business or as required by applicable law. Without regard
      to whether any item of Confidential Information is deemed or considered
      confidential, material, or important, the parties hereto stipulate that as
      between them, to the extent such item is not generally known in the Website
      Industry, such item is important, material, and confidential and affects the
      successful conduct of Employer's business and goodwill, and that any breach of
      the terms of this Section 6.1 shall be a material and incurable breach of this
      Agreement. Confidential Information shall not include: information in the public
      domain other than because of a breach of this Agreement.

    

    Documents

    

    6.2
      Executive further agrees that all documents and materials furnished to Executive
      by Employer and relating to Employer's business or prospective business are
      and
      shall remain the exclusive property of Employer. Executive shall deliver all
      such documents and materials, and all copies thereof and extracts therefrom,
      to
      Employer upon demand therefor and in any event upon expiration or earlier
      termination of this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Inventions and Intellectual Property

     

    6.3
      All
      ideas, inventions, and other developments or improvements conceived
      or reduced
      to practice by Executive, alone or with others, during the Term of this
      Agreement, whether or not during working hours, that are within the scope of
      the
business
      of Employer or that relate to or result from any of Employer's work or
projects
      or the services provided by Executive to Employer pursuant to this Agreement,
      shall be the exclusive property of Employer. Executive agrees to assist
      Employer, at Employer's expense, to obtain patents and copyrights on any
such
      ideas, inventions, writings, and other developments, and agrees to execute
      all
      documents necessary to obtain such patents and copyrights in the name of
Employer.
      Exhibit
      A attached to and incorporated by reference into this Agreement is a list of
      assets owned by the Kiwibox Shareholders, are not related to the business of
      Kiwicox Media, Inc. and which are not within the scope of this Article
      6.3

    

    Disclosure

    

    6.4
      During the Term, Executive will promptly disclose to the Board of Directors
      full
      information concerning any interest, direct or indirect, of Executive (as owner,
      shareholder, partner, lender or other investor, director, officer, executive,
      consultant or otherwise) or any member of his immediate family in any business
      that is reasonably known to Executive to purchase or otherwise obtain services
      or products from, or to sell or otherwise provide services or products to,
      Employer or any of their suppliers or customers.

    

    ARTICLE
      7

    

    COVENANT
      NOT TO COMPETE

    

    7.1
      No
      Competitive Activities. Except as expressly permitted in Article 5 above,
during
      the Term, Executive shall not engage in any activates that are competitive
      with
      the actual or prospective business of the Company, including without limitation:
      (a) engaging directly or indirectly in any business substantially similar to
      any
      business or activity engaged in (or proposed to be engaged in) by Employer,
      including and not limited to business that relates to the Website Industry;
      (b)
      engaging directly or indirectly in any business or activity competitive with
      any
      business or activity engaged in (or proposed to be engaged in) by Employer;
      (c)
      soliciting or taking away any executive, employee, agent, representative,
      contractor, supplier, vendor, customer, franchisee, lender or investor of
      Employer, or attempting to so solicit or take away; (d) interfering with any
      contractual or other relationship between Employer and any executive, employee,
      agent, representative, contractor, supplier, vendor, customer, franchisee,
      lender or investor; or (e) using, for the benefit of any person or entity other
      than Employer any Confidential Information of Employer. 

    

    7.2
      The
      foregoing covenant prohibiting competitive activities shall survive the
      termination of this Agreement, and shall extend, and shall remain enforceable
      against Executive, for the period of two (2) years following the date this
      Agreement is terminated. In addition, during the two-year period following
      such
      expiration or earlier termination, neither Executive nor Employer shall make
      or
      permit the making of any negative statement of any kind concerning Employer
      or
      their affiliates, or their directors, officers or agents or
      Executive.

    

    ARTICLE
      8

    

    SURVIVAL

    

    Except
      as
      otherwise provided, Executive agrees that the provisions of Articles 6, 7,
      8 and
      9 shall survive expiration or earlier termination of this Agreement for any
      reasons whether voluntary or involuntary, with or without Cause, and shall
      remain in full force and effect thereafter.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      9

    

    INJUNCTIVE
      RELIEF

    

    Executive
      acknowledges and agrees that the covenants and obligations of Executive set
      forth in Articles 6 and 7 with respect to non-competition, non-solicitation,
      confidentiality and Employer's property relate to special, unique and
      extraordinary matters and that a violation of any of the terms of such covenants
      and obligations will cause Employer irreparable injury for which adequate
      remedies are not available at law. Therefore, Executive agrees that if Executive
      breaches this Agreement than Employer shall be entitled to apply for an
      injunction, restraining order or such other equitable relief as a court of
      competent jurisdiction as limited by Section 13.3 may deem necessary or
      appropriate to restrain Executive from committing any violation of the covenants
      and obligations referred to in this Article 9. Executive shall have the right
      to
      appeal from such injunction or order and to seek reconsideration. These
      injunctive remedies are cumulative and in addition to any other rights and
      remedies Employer may have at law or in equity.

    

    ARTICLE
      10

    

    TERMINATION

    

    Termination
      by Executive

    

    10.1
      Executive may terminate this Agreement for Good Reason at any time upon 30
      days'
      written notice to Employer, provided the Good Reason has not been cured
within
      such period of time. In addition, Executive may terminate this agreement
anytime,
      upon providing a 60 days' written notice.

    

    Good
      Reason

    

    10.2
      In
      this Agreement, "Good Reason" means, without Executive's prior written
consent,
      the occurrence of any of the following events, unless Employer shall
have
      fully cured all grounds for such termination within thirty (30) days after
      Executive
      gives notice thereof:

    

    (i)
      any
      reduction in his then-current Salary or benefits, other than in connection
      with a percentage pay cut that is applicable to all senior executives
and
      which
      is the same percentage for all such persons or in connection with a general
      reduction in benefits;

    

    (ii)
      any
      material failure to timely grant, or timely honor, the Stock Option
      set forth in Article 4.1;

    

    (iii)
      failure to pay or provide required expenses;

    

    (iv)
      Any
      diminution in authority or responsibility to a non-executive position;

    

    The
      written notice given for Good Reason by Executive to Employer shall specify
      in reasonable detail the cause for termination, and such termination
      notice shall not be effective until thirty (30) days after Employer's
      receipt of such notice, during which time Employer shall have the
      right
      to respond to Executive's notice and cure the breach or other event
      giving rise to the termination.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Termination
      by Employer

    

    10.3
      Employer may terminate its employment of Executive under this Agreement
with
      or
      without Cause at any time by written notice to Executive. For purposes
of
      this
      Agreement, the term Cause for termination by Employer shall be (a) a
conviction
      of or plea of guilty or nolo contendere by Executive to a felony, or
any
      crime
      involving fraud, securities laws violations, embezzlement or
      moral turpitude;
      (b) the refusal by Executive to perform his material duties and obligations
      hereunder or to follow the proper instructions of the Board of Directors; (c)
      Executive's willful or intentional misconduct in the performance of his duties
      and obligations; (d) conduct that is known or that should have been known by
      Executive to be detrimental to the best interests of the Company, as determined
      by the independent members of the board; (e) if Executive or any member of
      his
      family makes any personal profit arising out of or in connection with a
      transaction to which Employer is a party or with which it is associated without
      making disclosure to and obtaining the prior written consent of the independent
      members of the Board; or (f) the entry by the Securities and Exchange Commission
      or a self-regulatory organization of a consent decree relating to a securities
      law violation by Executive. The written notice given hereunder by Employer
      to
      Executive shall specify that it is without Cause or if it is with Cause shall
      specify in reasonable detail the cause for termination. For purposes of this
      Agreement, "family" shall mean "immediate family" as defined in the rules of
      the
      Securities and Exchange Commission. In the case of a termination for the causes
      described in (a), (d) and (e) above, such termination shall be effective upon
      receipt of the written notice. In the case of the causes described in (b) and
      (c) above, such termination notice shall not be effective until thirty (30)
      days
      after Executive's receipt of such notice, during which time Executive shall
      have
      the right to respond to Employer's notice and cure (if curable) the breach
      or
      other event giving rise to the termination. In the case of termination without
      Cause, such termination notice shall not be effective until thirty (30) days
      after Executive's receipt of such notice. 

    

    Severance

    

    10.4
      Upon
      a termination of this Agreement with Good Reason by Executive or without
      cause by Employer, Employer shall pay to Executive all accrued and unpaid
      compensation and expense reimbursement, as of the date of such termination
      and the "Severance Payment." The Severance Payment shall be payable in
      a lump
      sum, subject to Employer's statutory and customary withholdings. The
Severance
      Payment shall be paid by Employer within thirty (30) business days of
the
      expiration of any applicable cure period. The "Severance Payment" shall equal
      the total amount of the Salary payable to Executive under Section 4.1 of this
      Agreement for a period of one (1) year.

    

    Termination
      Upon Death

    

    10.5
      If
      Executive dies during the Term , this Agreement shall terminate, except that
      Executive's legal representatives shall be entitled to receive any earned but
      unpaid compensation or expense reimbursement due hereunder through the date
      of
      death.

    

    Termination
      Upon Disability

    

    10.6
      If,
      during the Term , Executive suffers and continues to suffer from a "Disability"
      (as defined below), then Employer may terminate this Agreement by delivering
      to
      Executive ten (10) calendar days' prior written notice of termination based
      on
      such Disability, setting forth with specificity the nature of such Disability
      and the determination of Disability by Employer. For purposes hereof,
      "Disability" means "permanent and total disability" as defined in Section
      22(e)(3) of the Internal Revenue Code. Upon any such termination for Disability,
      Executive shall be entitled to receive any earned but unpaid compensation or
      expense reimbursement due hereunder through the date of termination and the
      Severance Payment.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      11

    

    PERSONNEL
      POLICIES, CONDITIONS, AND BENEFITS

    

    Except
      as
      otherwise provided herein, Executive's employment shall be subject to the
      personnel policies and benefit plans which apply generally to Employer's
      Executives as the same may be interpreted, adopted, revised or deleted from
      time
      to time, during the Term of this Agreement, by Employer in its sole discretion.
      During the Term hereof, Executive shall be entitled to vacation during each
      year
      of the Term at the rate of four (4) weeks per year. Within 30 days after the
      end
      of each year of the Term, Employer shall elect to (a) carry over and allow
      Executive the right to use any accrued and unused vacation of Executive, or
      (ii)
      pay Executive for such vacation in a lump sum in accordance with its standard
      payroll practices. Executive shall take such vacation at a time approved in
      advance by the Board of Directors of Employer, which approval will not be
      unreasonably withheld but will take into account the staffing requirements
      of
      Employer and the need for the timely performance of Executive's
      responsibilities.

    

    ARTICLE
      12

    

    BENEFICIARIES
      OF AGREEMENT

    

    This
      Agreement shall inure to the benefit of the parties hereto, their respective
      heirs, successors and permitted assigns. 

    

    ARTICLE
      13

    

    GENERAL
      PROVISIONS

    

    No
      Waiver

    

    13.1
      No
      failure by either party to declare a default based on any breach by the other
      party of any provisions of this Agreement, nor failure of such party to act
      quickly with regard thereto, shall be considered to be a waiver of any such
      breach, or of any future breach.

    

    Modification

    

    13.2
      No
      waiver or modification of this Agreement or of any covenant, condition, or
      limitation herein contained shall be valid unless in writing and duly executed
      by the parties to be charged therewith.

    

    Submission
      to Jurisdiction; Consent to Service of Process.

    

    13.3
      Submission to Jurisdiction; Consent to Service of Process. This Agreement shall
      be governed in all respects, by the laws of the State of New York, including
      validity, interpretation and effect, without regard to principles of conflicts
      of law. The parties hereto irrevocably and unconditionally consent to submit
      to
      the exclusive jurisdiction of the state and federal courts in the State of
      New
      Jersey or in the State of New York for any lawsuits, actions or other
      proceedings arising out of or related to this Agreement and agree not to
      commence any lawsuit, action or other proceeding except in such courts. The
      parties hereto further agree that service of process, summons, notice or
      document by mail to their addresses set forth above shall be effective service
      of process for any lawsuit, action or other proceeding brought against them
      in
      any such court. The parties hereto irrevocably and unconditionally waive any
      objection to the laying of venue of any lawsuit, action or other proceeding
      arising out of or related to this Agreement in such courts, and hereby further
      irrevocably and unconditionally waive and agree not to plead or claim in any
      such court that any such lawsuit, action or proceeding brought in any such
      court
      has been brought in an inconvenient forum.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Entire
      Agreement

    

    13.4
      This
      Agreement embodies the whole agreement between the parties hereto regarding
      the
      subject matter hereof and there are no inducements, promises, terms, conditions,
      or obligations made or entered into by Employer or Executive other than
      contained herein.

    

    Severability

    

    13.5
      In
      the event a court of competent jurisdiction determines that a term or provisions
      contained in this Agreement is overly broad in scope, time geographical location
      or otherwise, the parties hereto authorize such Court to modify and reduce
      any
      such term or provision deemed overly broad in scope, time, geographic location
      or otherwise so that it complies with then applicable law.

    

    Headings

    

    13.6
      The
      headings contained herein are for the convenience of reference and are not
      to be
      used in interpreting this Agreement.

    

    Independent
      Legal Advice

    

    13.7
      Employer and Executive each acknowledge that he or it has obtained legal advice
      concerning this Agreement. 

    

    No
      Assignment

    

    13.8
      No
      party may pledge or encumber its respective interests in this Agreement nor
      assign any of its rights or duties under this Agreement without the prior
      written consent of the other party.

    

    IN
      WITNESS WHEREOF the parties have executed this Agreement as of the day
and
      year
      first above written.

     

    
      	 	 	 
	 	EMPLOYER:
	 	MAGNITUDE INFORMATION SYSTEMS, INC.
              
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Edward
              Marney
	 	Title:   	President
	 	EXECUTIVE:

    

     

    
      	 	 	 
	 	By:  	 
	 	
               

              Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]