Document:

EXHIBIT 10.20

                              EMPLOYMENT AGREEMENT

         This Employment Agreement dated this 1st day of June, 2002 sets forth
the terms and conditions of employment between Ragin' Ribs International, Inc.
(herein referred to as the "Company') and James B. Cheatham (herein referred to
as the "Employee").

         1. Position. The Employee's position is Chairman, Chief Executive
         Officer and President of the Company

         2. Employment; Compensation. The company hereby employs or continues to
         employ employee as an employee, on the terms and conditions set forth
         herein, and Employee accepts such employment. Employee's employment and
         compensation may be terminated by the Company at any time, with or
         without cause. The Board of Directors of the Company or its designee
         hereunder shall determine Employee's salary and compensation for
         services.

         The Employee will receive an annual salary $120,000.00 payable
         consistent with company policy, which currently is in twenty-six equal
         payments. Additionally, the Employee will receive:

             a) Company car with monthly lease payments not to exceed $550.00.
                Company to pay for all costs of car;

             b) The Company will pay all business related expenses. Company will
                provide Employee with a Company credit card;

             c) Employees compensation may be reviewed by the Company at any
                time but no less one per year.

         3. Duties and Responsibilities. Employee shall devote best efforts to
         the duties and responsibilities assigned by the Company, and shall
         abide by this Agreement and the Company's Operations Policies. The
         Employee will receive the title of Chairman, Chief Executive Officer
         and President of the Company and report directly to the Board of
         Directors of the Company.

         4. Confidential Information. Employee shall not disclose to any person
         whatsoever or use any trade secrets or Confidential information of the
         Company. This paragraph shall be effective during the term hereof and
         for one (1) year after termination of employment.

         5. Company Property. Employee shall, upon request of the Company, and
         without request promptly on termination of employment, deliver all
         Company Property in Employee's possession or control to the Company.
         Employee acknowledges and agrees that title to all Company Property is
         vested in the Company.

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         6. Assignability. The services to be performed by Employee pursuant to
         the Agreement are unique and accordingly, Employee shall not have the
         power to assign this Agreement or Employee's performance of Employee's
         duties and obligations pursuant to this Agreement. The Employer has the
         right to assign this agreement.

         7. Choice of Law. This Agreement may be executed in one or more
         counterparts, each of which shall be deemed original, but all of which
         shall together constitute one and the same instrument. The Agreement
         shall be governed by and construed and enforced in accordance with the
         laws of the State of Florida. The parties agree that any disputes
         concerning the interpretation, validity, enforceability, and to
         exercise any remedies from an alleged breach hereof shall be
         adjudicated in the Superior Court for the county where the Seller's
         principal executed office is located at the time of the dispute, or the
         applicable district and division of a federal court having venue for
         disputes in the same county.

         8. Entire Agreement. This Agreement contains the entire understanding
         and agreement between the parties and all promises, representations,
         warranties or inducements made by either party to the other, not
         specifically made in writing or made a part hereof by reference, or
         expressly superseded and should have no force or effect whatsoever.
         This Agreement may not be amended except in writing signed by both
         parties.

         9. Binding Effect. This Agreement shall be governed by the laws of the
         State of Florida and shall be binding upon and inure to the benefit of
         each respective party's heirs, successors, legal representatives,
         executors and assigns.

Signed this 1st day of June, 2002

                                            THE COMPANY

                                            RAGIN' RIBS INTERNATIONAL, INC.

                                            By: /s/ James Cheatham
                                               ---------------------------------
                                                 Member of Board of Directors

                                            THE EMPLOYEE

                                            /s/ James Cheatham
                                            James E. Cheatham

                                  Page 2 of 2EXHIBIT 4.1

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.

                          TNX TELEVISION HOLDINGS, INC.

                                     WARRANT

Warrant No. [  ]                             Original Issue Date: April 28, 2004

      TNX TELEVISION  HOLDINGS,  INC., a Delaware  corporation  (the "COMPANY"),
hereby  certifies that, for value received,  [ ] or its registered  assigns (the
"HOLDER"),  is entitled to purchase from the Company up to a total of [ ] shares
of common stock, par value $0.001 per share (the "COMMON STOCK"), of the Company
(each such share, a "WARRANT SHARE" and all such shares,  the "WARRANT  SHARES")
at an exercise  price equal to $1.75 per share (as adjusted from time to time as
provided in Section 9, the "EXERCISE PRICE"),  at any time and from time to time
from and after the Original Issue Date hereof and through and including  April [
],  2009  (the  "EXPIRATION  DATE"),  and  subject  to the  following  terms and
conditions:

      1.  Definitions.  In  addition  to the  terms  defined  elsewhere  in this
Warrant,  capitalized terms that are not otherwise defined herein shall have the
meanings given to such terms in the Securities Purchase  Agreement,  dated as of
April [ ], 2004,  to which the Company and the original  Holder are parties (the
"PURCHASE AGREEMENT").

      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  record  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.

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      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.

            (a) 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.  Except as specifically  provided in Section
4(b), the Company may not call or redeem any portion of this Warrant without the
prior written consent of the Holder.

            (b) Subject to the  provisions  of this Section 4(b), if at any time
following the one year  anniversary of the Original Issue Date: (i) the VWAP (as
defined  below) of the  Common  Stock for each of 30  consecutive  Trading  Days
following the one year  anniversary  of the Original  Issue Date is greater than
$4.50 (subject to adjustment pursuant to Section 9), (ii) the Warrant Shares are
either  registered for resale  pursuant to an effective  registration  statement
naming  the  Holder  as a selling  stockholder  thereunder  (and the  prospectus
thereunder  is  available  for use by the  Holder as to all  Warrant  Shares) or
freely  transferable  without  volume  restrictions   pursuant  to  Rule  144(k)
promulgated  under the  Securities  Act, as determined by counsel to the Company
pursuant  to a  written  opinion  letter  addressed  and in form  and  substance
reasonably acceptable to the Holder and the transfer agent for the Common Stock,
during the entire 30 Trading  Day period  referenced  in (i) above  through  the
expiration  of the Call Date as set forth in the  Company's  notice  pursuant to
this Section (the "CALL  CONDITION  PERIOD"),  and (iii) the Company  shall have
complied in all material  respects with its  obligations  under this Warrant and
the  Transaction  Documents and the Common Stock shall at all times be listed or
quoted on a Trading  Market,  then,  subject to the conditions set forth in this
Section, the Company may, in its sole discretion,  elect to require the exercise
of all (but not less than all) of the then unexercised  portion of this Warrant,
on the date that is the 30th day after written  notice thereof (a "CALL NOTICE")
is  received by the Holder  (the "CALL  DATE") at the address  last shown on the
records of the  Company for the Holder or given by the Holder to the Company for
the  purpose of notice;  provided,  that the  conditions  to giving  such notice
contained  in (ii) and (iii) of this Section 4(b) must be in effect at all times
during the Call Condition Period or any such Call Notice shall be null and void.
The Company and the Holder agree that, if and to the extent Section 11(a) or (b)
of this  Warrant  would  restrict  the  ability of the Holder to  exercise  this
Warrant  in the  event of a  delivery  of a Call  Notice,  then  notwithstanding
anything to the contrary set forth in the Call Notice,  the Call Notice shall be
deemed  automatically  amended to apply only to such  portion of this Warrant as
may be exercised by the Holder by the Call Date in accordance with such Sections
as are then in effect. The Holder will promptly (and, in any event, prior to the

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Call Date) notify the Company in writing  following  receipt of a Call Notice if
Section  11(a) or (b) would  restrict its  exercise of the  Warrant,  specifying
therein the number of Warrant  Shares so restricted.  The Company  covenants and
agrees that it will honor all Exercise  Notices  tendered through 5:00 p.m. (New
York City time) on the Call Date. "VWAP" means on any particular  Trading Day or
for any particular  period,  the volume weighted average trading price per share
of Common  Stock on such date or for such period as  reported  by the  Bloomberg
L.P., by any successor performing similar functions.

      5. Delivery of Warrant Shares.

            (a) To effect exercises hereunder,  the Holder shall not be required
to  physically  surrender  this  Warrant  unless the  aggregate  Warrant  Shares
represented  by this Warrant is being  exercised.  Upon delivery of the Exercise
Notice (in the form attached  hereto) to the Company (with the attached  Warrant
Shares Exercise Log) at its address for notice set forth herein and upon payment
of the Exercise Price 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, which, unless otherwise required by the Purchase Agreement, shall
be free of restrictive  legends.  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 and the Staff of the Commission does not publicly
state removing the restrictive legend under  circumstances is against the law. A
"DATE OF EXERCISE"  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 at the time

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of the obligation giving rise to such purchase  obligation 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 shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

      6. Charges, Taxes and Expenses.  Issuance and delivery of certificates for
shares of Common  Stock 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 it 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

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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,  (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  (in  any  such  case,  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, either (1) issue to the
Holder a new warrant  substantially  in the form of this Warrant and  consistent

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with the foregoing  provisions and evidencing the Holder's right to purchase the
Alternate  Consideration for the aggregate Exercise Price upon exercise thereof,
or (2)  purchase the Warrant  from the Holder for a purchase  price,  payable in
cash within five Trading Days after such request (or, if later, on the effective
date of the  Fundamental  Transaction),  equal to the Black Scholes value of the
remaining  unexercised portion of this Warrant on the date of such request.  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) Subsequent Equity Sales.

                  (i) If the Company or any  subsidiary  thereof,  as applicable
with respect to Common Stock  Equivalents (as defined below),  at any time while
this Warrant is  outstanding,  shall issue any  securities of the Company or any
Subsidiary which entitle the holder thereof to acquire Common Stock at any time,
including  without  limitation,  any debt,  preferred  stock,  rights,  options,
warrants  or any  other  instrument  that  is at any  time  convertible  into or
exchangeable  for, or otherwise  entitles the holder thereof to receive,  Common
Stock or other  securities  that  entitle  the holder to  receive,  directly  or
indirectly,  Common Stock ("COMMON STOCK  EQUIVALENTS")  entitling any Person to
acquire  shares of Common  Stock,  at a price per share  less than the  Exercise
Price (if the holder of the Common  Stock or Common Stock  Equivalent  so issued
shall at any time,  whether by operation of purchase  price  adjustments,  reset
provisions,  floating conversion,  exercise or exchange prices or otherwise,  or
due to warrants,  options or rights issued in connection with such issuance,  be
entitled  to receive  shares of Common  Stock at a price less than the  Exercise
Price, such issuance shall be deemed to have occurred for less than the Exercise
Price),  then,  the  Exercise  Price  shall be  multiplied  by a  fraction,  the
numerator  of which  shall be the number of shares of Common  Stock  outstanding
immediately  prior to the issuance of such shares of Common Stock or such Common
Stock  Equivalents  plus the number of shares of Common Stock which the offering
price for such shares of Common Stock or Common Stock Equivalents would purchase
at the  Exercise  Price,  and the  denominator  of which shall be the sum of the
number of shares of Common Stock outstanding  immediately prior to such issuance
plus the number of shares of Common Stock so issued or issuable. Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued.
The Company  shall  notify the Holder in writing,  no later than the Trading Day
following the issuance of any Common Stock or Common Stock Equivalent subject to
this section, indicating therein the applicable issuance price, or of applicable
reset  price,  exchange  price,   conversion  price  and  other  pricing  terms.
Notwithstanding the foregoing,  no adjustment will be made under this subsection
as a result of: (i) the issuance of  securities  upon the exercise or conversion
of any Common Stock or Common Stock  Equivalents  issued by the Company prior to
the date hereof (but will apply to any amendments, modifications and reissuances
thereof), (ii) the grant of options,  warrants or other Common Stock Equivalents
under any duly authorized  Company stock option,  restricted stock plan or stock
purchase plan whether now existing or hereafter  approved by the Company and its
stockholders in the future (but not as to any amendments or other  modifications
to the number of Common Stock issuable thereunder,  the terms set forth therein,
or the  exercise  price set  forth  therein,  unless  such  amendments  or other
modifications  are approved by the Company's  stockholders)  and the issuance of

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Common  Stock  in  respect  thereof,  (iii)  securities  granted  or  issued  in
connection  with a  Strategic  Transaction  or as the  purchase  price  for  the
acquisition  of a third  party  company  or all or a portion  of the assets of a
third party company,  or (iv) the issuance of Common Stock in connection  with a
firm  commitment  underwritten  public offering of Common Stock resulting in net
proceeds to the Company of not less than  $15,000,000  (which  shall not include
equity  lines of credit or takedowns  off of shelf  registration  statements  or
similar   transactions).   "STRATEGIC   TRANSACTION"   means  a  transaction  or
relationship  in which  the  Company  issues  shares  of  Common  Stock or other
securities  of  the  Company  to a  Person  which  is,  itself  or  through  its
Subsidiaries,  an operating company in a business  synergistic with the business
of the  Company and in which the  Company  receives  benefits in addition to the
investment of funds, but shall not include a transaction in which the Company is
issuing securities  primarily for the purpose of raising capital or to an entity
whose primary business is investing in securities.

                  (ii) If, at any time while this  Warrant is  outstanding,  the
Company or any Subsidiary  issues Common Stock  Equivalents at a price per share
that floats or resets or otherwise  varies or is subject to adjustment  based on
market  prices of the  Common  Stock (a  "FLOATING  PRICE  SECURITY"),  then for
purposes of applying the preceding  paragraph in connection  with any subsequent
exercise, the Exercise Price will be determined separately on each Exercise Date
and will be deemed to equal the  lowest  price per share at which any  holder of
such Floating  Price  Security is entitled to acquire  shares of Common Stock on
such Exercise Date (regardless of whether any such holder actually  acquires any
shares on such date).

                  (iii) For the purposes of any adjustment of a Conversion Price
pursuant to Section 9(c)(i), the following provisions shall be applicable:

                        (1) In the case of the  issuance  of  Common  Stock  for
cash, the consideration shall be deemed to be the amount of cash paid therefor.

                        (2) In the case of the  issuance  of Common  Stock for a
consideration in whole or in part other than cash, the consideration  other than
cash shall be deemed to be the fair market value  thereof as  determined in good
faith by the Board of Directors.  Notwithstanding the foregoing,  in the event a
Holder  disagrees  with  the  fair  market  value  determined  by the  Board  of
Directors,  the Board of Directors  shall hire a neutral third party  appraiser,
acceptable  to the Holders,  to determine  the fair market value at the Board of
Directors' sole cost and expense.

                        (3) In the case of the  issuance  of options or warrants
to purchase or rights to subscribe for Common  Stock,  securities by their terms
convertible  into or  exchangeable  for Common Stock,  or options or warrants to
purchase or rights to subscribe for such convertible or exchangeable securities,
except for  options or warrants to acquire  securities  set forth in  subsection
(ii) of Section 9(c)(i) and subsection (iii) of Section 9(c)(i):

                              (A) the  aggregate  maximum  number  of  shares of
Common Stock  deliverable  upon exercise of such options or warrants to purchase
or rights to  subscribe  for Common Stock shall be deemed to have been issued at
the time such  options,  warrants or rights were issued and for a  consideration
equal to the  consideration  (determined in the manner provided in subparagraphs
(1) and (2) above),  if any,  received by the Company  upon the issuance of such

                                       7
<PAGE>

options,  warrants or rights plus the minimum  purchase  price  provided in such
options, warrants or rights for the Common Stock covered thereby;

                              (B) the  aggregate  maximum  number  of  shares of
Common  Stock  deliverable  upon  conversion  of  or in  exchange  of  any  such
convertible  or  exchangeable  securities  or upon the  exercise  of  options or
warrants to purchase or rights to subscribe for such convertible or exchangeable
securities and subsequent conversion or exchange thereof shall be deemed to have
been issued at the time such securities, options, warrants or rights were issued
and for a consideration  equal to the consideration  received by the Company for
any such securities and related options,  warrants or rights (excluding any cash
received on account of accrued  interest  or  accumulated  dividends),  plus the
minimum additional consideration, if any, to be received by the Company upon the
conversion  or  exchange  of such  securities  or the  exercise  of any  related
options,  warrants or rights (the consideration in each case to be determined in
the manner provided in subparagraphs (1) and (2) above); and

                              (C) upon the  expiration  of any such  options  or
warrants  or  the   termination  of  any  rights,   convertible   securities  or
exchangeable  securities,  the applicable  Conversion  Price shall  forthwith be
readjusted to such Conversion  Price as would have been in effect at the time of
such expiration or termination had such options,  warrants,  rights, convertible
securities or exchangeable  securities,  to the extent  outstanding  immediately
prior to such expiration or termination, never been issued.

                  (iv) In the case of the issuance of units of  securities,  the
consideration  deemed  to be paid  for  each  share  of  Common  Stock  shall be
determined by  allocating  the price paid for the unit entirely to the lesser of
(i) the Common Stock or convertible securities included in the unit and (ii) any
option,  warrant or other right  exercisable  for Common  Stock  included in the
unit.

            (d) 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.

            (e)  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.

            (f) 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

                                       8
<PAGE>

promptly  deliver  a copy of each  such  certificate  to the  Holder  and to the
Company's Transfer Agent.

            (g)  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, 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 Exercise Date.

                    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.

                                       9
<PAGE>

            (a)  Notwithstanding  anything to the contrary contained herein, the
number of shares of Common  Stock 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 4.999% 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.  By written notice to
the Company,  the Holder may waive the  provisions  of this Section but any such
waiver will not be effective until the 61st day after delivery thereof.

            (b)  Notwithstanding  anything to the contrary contained herein, the
number of shares of Common  Stock 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 9.999% 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.

      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 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

                                       10
<PAGE>

the Company, to TNX Television Holdings,  Inc., Attn: President, or to Facsimile
No.:  (215)  972-8183 (or such other  address as the Company  shall  indicate in
writing in  accordance  with this  Section),  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.

            (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 (except
with  respect to matters  governed by corporate  law in the State of  Delaware),
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 state and  federal  courts
sitting in the City of New York,  Borough of Manhattan  (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

                                       11
<PAGE>

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 by 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]

                                       12
<PAGE>

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

                                     TNX TELEVISION HOLDINGS, INC.

                                     By:
                                        ----------------------------------------
                                     Name:
                                     Title:

                                       13
<PAGE>

                             FORM OF EXERCISE NOTICE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To:  TNX TELEVISION HOLDINGS, INC.

The undersigned is the Holder of Warrant No. _______ (the  "WARRANT")  issued by
TNX  Television   Holdings,   Inc.,  a  Delaware  corporation  (the  "COMPANY").
Capitalized  terms used herein and not  otherwise  defined  have the  respective
meanings set forth in the Warrant.

            (1) The  Warrant is  currently  exercisable  to  purchase a total of
            ______________ Warrant Shares.

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

            (3) 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 (if permitted)

            (4) 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.

            (5)  Pursuant to this  exercise,  the Company  shall  deliver to the
            holder  _______________  Warrant Shares in accordance with the terms
            of the Warrant.

            (6) Following  this  exercise,  the Warrant shall be  exercisable to
            purchase a total of ______________ Warrant Shares.

(For use if at the time of this Notice,  a  registration  statement is effective
and  available  for use by the  undersigned  holder to sell Warrant  Shares) The
undersigned  represents  its  intention  to sell  the  Warrant  Shares  issuable
pursuant to this Exercise Notice pursuant to the prospectus that forms a part of
the Registration Statement, and accordingly requests that such Warrant Shares be
issued free of all legends in accordance with the Purchase Agreement. |_|

                                       14
<PAGE>

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)

                                       15
<PAGE>

                           Warrant Shares Exercise Log

---------- ----------------------------- ------------------- -------------------
Date       Number of Warrant Shares      Number of Warrant   Number of  Warrant
           Available to be Exercised     Shares Exercised    Shares Remaining to
                                                             be Exercised
---------- ----------------------------- ------------------- -------------------

---------- ----------------------------- ------------------- -------------------

                                       16
<PAGE>

                          TNX Television Holdings, Inc.
                       WARRANT ORIGINALLY ISSUED [ ], 2004
                                 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:

--------------------------

                                       17

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