Document:

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                                                                   EXHIBIT 10.1

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is entered into
as of October 25, 1999 (the "Effective Date"), by and between SELECT MEDIA
COMMUNICATIONS, INC., a New York corporation (the "Company"), and MITCH J.
GUTKOWSKI (the "Executive").

         IN CONSIDERATION of the mutual covenants and agreements hereinafter set
forth, the Company and Executive agree as follows:

         1.       Agreement Term.

                  The term of this Agreement shall be the period commencing on
the Effective Date and ending on the fifth anniversary thereof (the "Agreement
Term").

         2.       Employment.

                  a.       Employment by the Company. Executive agrees to be
                           employed by the Company for the Agreement Term upon
                           the terms and subject to the conditions set forth in
                           this Agreement. Throughout the Agreement Term,
                           Executive shall serve as the CEO/Chairman of the
                           Company.

                  b.       Performance of Duties. Throughout this Agreement
                           Term, Executive shall faithfully and diligently
                           perform his duties in conformity with the directions
                           of the Board of Directors of the Company (the
                           "Board"), consistent with his position as the
                           CEO/Chairman of the Company.

                  c.       Place of Performance. During the Agreement Term,
                           Executive shall be based at the Company's executive
                           offices in New York, New York.

         3.       Compensation.

                  a.       Base Salary. The Company agrees to pay to Executive a
                           base salary at the annual rate set forth below, or as
                           otherwise increased from time to time by the Board
                           (the "Base Salary"):

<TABLE>
<CAPTION>
                           YEAR OF AGREEMENT TERM                      BASE SALARY
                           ----------------------                      -----------
<S>                                                                    <C>
                                            1                              $200,000
                                            2                              $300,000
                                            3                              $350,000
                                            4                              $400,000
                                            5                              $500,000
</TABLE>
<PAGE>   2
Base Salary shall be payable in installments consistent with the Company's
payroll practices.

                  b.       Annual Incentive Bonus. No later than the March 15th
                           following the end of each calendar year, the Company
                           shall pay a cash bonus to Executive equal to two
                           percent (2%) of the pre-tax net income for the
                           calendar year of the Company and its consolidated
                           subsidiaries, prior to reduction for such bonus (the
                           "Incentive Bonus"). The Incentive Bonus amount shall
                           be payable for an entire calendar year for each
                           calendar year that ends during the Agreement Term,
                           and for any other bonus period that is less than a
                           full calendar year, the Incentive Bonus shall be
                           determined with respect to the Company's net income
                           amounts for the entire calendar year multiplied by a
                           fraction, the numerator of which is the number of
                           calendar days in such period, and the denominator of
                           which is 365. Incentive Bonuses shall be paid in the
                           form of cash.

                  c.       Common Stock Award; Stock Options

                           i.       In recognition of past services rendered to
                                    the Company by Executive, the Company hereby
                                    grants to Executive (x) 2,000,000 shares
                                    (the "Grant Shares") of common stock of the
                                    Company, par value $.001 per share (the
                                    "Common Stock"), which grant shares shall
                                    vest on the first anniversary of the date
                                    hereof, and (y) options, which shall be
                                    fully vested, to purchase up to 1,500,000
                                    shares of common stock of the Company,
                                    exercisable at $3.50 per share prior to the
                                    fifth anniversary of the Effective Date (the
                                    "Option Shares" and together with the Grant
                                    Shares, the "Shares").

                           ii.      Executive acknowledges and agrees that the
                                    Shares have not been registered under the
                                    Securities Act of 1933, as amended (the
                                    "Act"), and are "restricted securities"
                                    within the meaning of Rule 144 promulgated
                                    under the Act, and will bear the following
                                    legend restricting their transferability:

                                    THE SHARES OF STOCK REPRESENTED BY THIS
                                    CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
                                    THE SECURITIES ACT OF 1933, AS AMENDED, OR
                                    ANY STATE SECURITIES LAWS. THE SHARES MAY
                                    NOT BE OFFERED FOR SALE, SOLD, PLEDGED,
                                    TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL
                                    THE HOLDER HEREOF PROVIDES EVIDENCE
                                    SATISFACTORY TO THE ISSUER (WHICH, IN THE
                                    DISCRETION OF THE ISSUER, MAY INCLUDE AN
                                    OPINION OF COUNSEL, SATISFACTORY TO THE
                                    ISSUER) THAT SUCH OFFER, SALE, PLEDGE,

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                                    TRANSFER OR OTHER DISPOSITION WILL NOT
                                    VIOLATE APPLICABLE FEDERAL OR STATE LAWS.

         iii.     Executive acknowledges that the Shares must be held
                  indefinitely unless subsequently registered under the Act or
                  an exemption from such registration is available. Executive is
                  aware of the provisions of Rule 144 promulgated under the Act,
                  which permit the limited resale of shares subject to the
                  satisfaction of certain conditions, including, among other
                  things, the existence of a public market for the shares, the
                  availability of certain current public information about the
                  Company, the resale occurring not less than one (1) year after
                  a party has received the security to be sold and provided the
                  consideration in exchange therefor, the sale being effected
                  through "broker's transaction" or in transactions directly
                  with a "market maker" (as provided by Rule 144(f)) and the
                  number of shares being sold during any three (3) month period
                  not exceeding specified limitations.

         iv.      Pursuant to this Agreement, Executive has been issued the
                  Grant Shares and options to purchase an additional 1,500,00
                  shares of common stock, for an aggregate of 3,500,000 shares
                  of common stock (collectively, the "Executive Shares").

                  (1)      Protection Against Dilution. If the Company shall at
                           any time during the term of this Agreement: (i)
                           declare or pay to the holders of Common Stock a
                           dividend payable in any kind of shares of stock of
                           the Company; or (ii) change or divide or otherwise
                           reclassify its Common Stock into the same or
                           different number of shares with or without par value,
                           or into shares of any class or classes; or (iii)
                           consolidate or merge with, or transfer all or
                           substantially all of its property to, any other
                           affiliated corporation; or (iv) make any distribution
                           of its assets to holders of its Common Stock as a
                           liquidation or partial liquidation dividend or by way
                           or return of capital, with the result that the number
                           of Executive Shares shall represent less than 15% of
                           the number of fully-diluted shares of Common Stock of
                           the Company, then, Executive shall receive such
                           additional shares of Common Stock, or such
                           reclassified shares of Common Stock of the Company,
                           or such shares or securities or assets of the entity
                           resulting from such consolidation or merger or
                           transfer of such assets of the Company, as are
                           necessary for the number of shares of Common Stock
                           held by Executive to be equal to 15% of the
                           fully-diluted shares of Common Stock of the Company
                           (after giving effect to such issuance).

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                  (2)      If the Board of Directors of the Company shall (i)
                           declare any dividend or other distribution with
                           respect to the Common Stock, other than a cash
                           dividend, (ii) offer to the holders of the shares of
                           Common Stock any additional shares of Common Stock,
                           any securities convertible into or exercisable for
                           shares of Common Stock or any rights to subscribe
                           thereto, or (iii) propose a dissolution, liquidation
                           or winding up of the Company, the Company shall mail
                           notice thereof to Executive not less than fifteen
                           (15) days prior to the record date fixed for
                           determining stockholders entitled to participate in
                           such dividend, distribution, offer or subscription
                           right or to vote on such dissolution, liquidation or
                           winding up.

                  (3)      If at any time or from time to time the Company shall
                           take any action affecting its Common Stock or any
                           other capital stock of the Company, not otherwise
                           described in any of the foregoing subsections of this
                           Section 3(c)(iv), then, if the failure to make any
                           adjustment would, in the reasonable opinion of the
                           members of the Board of Directors of the Company,
                           have a materially adverse effect upon the rights of
                           Executive, the number of shares of Executive Shares,
                           shall be adjusted in such manner and at such time as
                           the members of the Board of Directors of the Company
                           may in good faith determine to be equitable under the
                           circumstances.

                  (4)      Upon any adjustment or modification of the rights of
                           the Executive in accordance with this Section
                           3(c)(iv), the Company shall promptly cause its Chief
                           Financial Officer to provide a notice to the
                           Executive setting forth such adjustment or
                           modification, a brief statement of the facts
                           requiring such adjustment or modification and the
                           manner of computing the same.

         v.       Piggyback Registrations.

                  (1)      Right to Piggyback. Whenever the Company proposes to
                           register any of its securities under the Act and the
                           registration form to be used may be used for the
                           registration of the Shares (a "Piggyback
                           Registration"), the Company shall give prompt written
                           notice to Executive of its intention to effect such a
                           registration and will include in such registration
                           all Shares with respect to which the Company has
                           received a written request by Executive for inclusion

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                           therein within thirty (30) days after the receipt of
                           the Company's notice.

                  (2)      Priority on Primary Registrations. If a Piggyback
                           Registration is an underwritten primary registration
                           on behalf of the Company, and the managing
                           underwriters advise the Company in writing that in
                           their opinion the number of securities requested to
                           be included in such registration exceeds the number
                           which can be sold in such offering without adversely
                           affecting the marketability of the offering, the
                           Company will include in such registration (x) first,
                           the securities the Company proposes to sell, and (y)
                           second, the Shares requested to be included in such
                           registration, pro rata among the Executive and other
                           holders of such registrable securities on the basis
                           of the voting power of shares owned by Executive and
                           each such other holder.

         vi.      Demand Registration. In the event that this Agreement is
                  terminated for any reason prior to the third anniversary of
                  the date hereof, the Company shall, upon the request of
                  Executive, prepare and file within ninety (90) days of
                  Executive's request, a registration statement with the
                  Securities and Exchange Commission covering the Executive
                  Shares, and shall use its best efforts to cause such
                  registration statement to become effective promptly.

4.       Benefits.

         a.       During the Agreement Term, Executive shall be entitled to (1)
                  vacations (taken consecutively or in segments), aggregating
                  four (4) weeks each fiscal year; (2) reasonable sick leave;
                  (3) participate in the Company's medical plan; and (4)
                  participate in any employee benefit plan or fringe benefits
                  program from time to time in effect for the benefit of any
                  employee, executive or officer of the Company.

         b.       It is expressly understood that the Company may in its
                  discretion from time to time modify any bonus, benefit or
                  other employee programs applicable to substantially all
                  employees who benefit from each program, including, without
                  limitation, terms of eligibility, benefit levels and other
                  terms and conditions, and that all such modifications shall be
                  binding on Executive.

         c.       Executive agrees that the Company shall withhold from any and
                  all payments required to be made to Executive pursuant to this
                  Agreement all federal, state, local and/or other taxes which
                  the Company determines are required to be withheld in
                  accordance with applicable statutes and/or regulations from
                  time to

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                  time in effect.

         d.       Automobile Allowance. The Company shall provide Executive with
                  an automobile allowance of $1,600 per month, and the Company
                  shall pay Executive's gasoline, insurance and maintenance
                  expenses for operating one automobile.

         e.       Travel and Entertainment Allowance. The Company shall provide
                  Executive with a travel and entertainment allowance of $2,000
                  per month. Executive shall not be required to account for, or
                  establish the reasonableness of, his travel and entertainment
                  expenses.

5.       Termination of Employment.

         a.       Ability to Terminate. Executive may terminate this Agreement
                  and his employment with the Company prior to the expiration of
                  the Agreement Term. The Company may also terminate this
                  Agreement and Executive's employment with the Company prior to
                  the expiration of the Agreement Term. In the event of a
                  termination of this Agreement by either Executive or the
                  Company, the termination payments provided in this Section 5
                  shall be the only payments that the Company shall be obligated
                  to make on account of or after such termination, except for
                  any benefits provided under any employee benefit plan of the
                  Company.

         b.       Termination for Good Reason or Without Cause. If Executive
                  terminates his employment with the Company for Good Reason, or
                  if the Company terminates Executive's employment with the
                  Company without Cause, Executive shall be entitled to the
                  following within thirty (30) days of such termination (or at
                  such other time provided below):

                  i.       his Base Salary and any earned and unused vacation
                           accrued through the date of such termination; plus

                  ii.      the Incentive Bonus for the calendar year of the
                           termination (which shall be payable no later than the
                           March 15th following the calendar year of the
                           termination) and any other accrued and unpaid
                           Incentive Bonus amounts; plus

                  iii.     any expenses that have not been reimbursed in
                           accordance with the terms of this Agreement; plus

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                  iv.      his annual Base Salary for the period between the
                           date of such termination and the expiration of the
                           Agreement Term;

                  v.       the Incentive Bonus on account of the remaining
                           calendar year(s) within the Agreement Term after the
                           calendar year of the termination (which shall be
                           payable no later than the March 15th following the
                           applicable calendar year.

         c.       Termination For Cause. If the Company terminates Executive's
                  employment for Cause, Executive shall be entitled to the
                  following within thirty (30) days of the date of such
                  termination (or at such other time provided below):

                  i.       his Base Salary and any earned and unused vacation
                           accrued through the date of such termination; plus

                  ii.      the Incentive Bonus for the calendar year of the
                           termination (which shall be payable no later than the
                           March 15th following the calendar year of the
                           termination); plus

                  iii.     any expenses that have not been reimbursed in
                           accordance with the terms of this Agreement; plus

                  iv.      his Base Salary for the period between the date of
                           such termination and either (x) the expiration of the
                           Agreement Term or (y) the second anniversary of the
                           date of such termination, whichever period is
                           shorter; plus

                  v.       the Incentive Bonus on account of either (x) the two
                           calendar years following the calendar year of such
                           termination or (y) the period prior to the expiration
                           of the Agreement Term, whichever period is shorter.

         d.       Disability. If the Company terminates Executive's employment
                  because of Executive's Disability, then the Company shall
                  provide the following to Executive within thirty (30) days of
                  the date of such termination (or at such other time provided
                  below):

                  i.       the Base Salary and any earned and unused vacation
                           accrued through the date of such termination; plus

                  ii.      the Incentive Bonus for the calendar year of the
                           termination (which shall

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                           be payable no later than the March 15th following the
                           calendar year of the termination) and any other
                           accrued and unpaid Incentive Bonus amounts; plus

                  iii.     any expenses that have not been reimbursed in
                           accordance with the terms of this Agreement.

         e.       Death. In the event of the death of Executive during the
                  Agreement Term, the Base Salary to which Executive is entitled
                  hereunder shall continue to be paid through the end of the
                  calendar year in which death occurs to the last beneficiary
                  designated by Executive pursuant to the last beneficiary
                  designated by Executive pursuant to Section 18 hereof, or,
                  failing such designation, to his estate. Upon payment of such
                  salary, the Company shall have no further obligations under
                  this Agreement.

         f.       No Mitigation. In the event of any termination of employment
                  under this Section 5, Executive shall be under no obligation
                  to seek other employment, and there shall be no offset against
                  amounts due to Executive under this Agreement on account of
                  any remuneration attributable to any subsequent employment
                  (including any self-employment) that he may obtain.

         g.       Definitions. For purposes of this Agreement, the following
                  terms shall have the following meaning:

                  i.       "Cause" shall mean (1) the failure of Executive to
                           perform his duties as defined in Section 2 above with
                           the Company or the breach of this Agreement by
                           Executive if the Company gives notice of such cause
                           and it remains uncured for ten (10) days following
                           such notice; (2) any act by Executive of fraud, theft
                           or dishonesty; (3) drug or alcohol abuse or related
                           behavior that impedes Executive's job performance or
                           brings Executive or the Company into disrepute in the
                           community; (4) misappropriation by Executive of funds
                           or any corporate opportunity; (5) a conviction or
                           affirmative finding by an appropriate administrative
                           agency that Executive is guilty of a felony or a
                           misdemeanor involving moral turpitude (or a plea of
                           nolo contendere thereto); (6) acts by Executive
                           attempting to secure or securing any personal profit
                           not fully disclosed to and approved by the Board of
                           the Company in connection with any transaction
                           entered into on behalf of the Company; (7) gross,
                           willful or wanton negligence or misconduct by
                           Executive; or (8) any act or omission that the Board
                           of Directors reasonably believes to be harmful to the
                           Company, or any affiliate thereof.

                  ii.      "Disability" shall mean any physical or mental
                           disability or incapacity

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                           which continues for ninety (90) consecutive days or
                           an aggregate period of more than one hundred eighty
                           (180) days in any twelve (12) month period and which
                           shall render Executive incapable of performing the
                           services required of him by the Company. Disability
                           benefits, if any, due under applicable plans and
                           programs of the Company shall be determined under the
                           provision of such plans and programs.

                  iii.     "Good Reason" shall mean a material breach by the
                           Company of the terms of this Agreement, which breach
                           continues for thirty (30) days after written notice
                           thereof from Executive.

6.       Restrictive Covenant.

         a.       Pursuant to this Agreement, Executive has agreed to become an
                  Executive of the Company and to comply with the non-disclosure
                  provisions of Section 8 hereof. Executive recognizes and
                  acknowledges that he will be given access to certain of the
                  Company's confidential information, and has access to and
                  authority to develop relationships with customers of the
                  Company because of his position and status as an employee of
                  Company, which he would not otherwise attain. In consideration
                  of the foregoing, Executive agrees to comply with the terms of
                  this Section 6.

         b.       The restrains imposed by this Section 6 shall apply during any
                  period that Executive continues to receive payment of Base
                  Salary hereunder, and (i) for a period of one (1) year
                  thereafter (the "Restricted Period"). In the event that any
                  Court having jurisdiction should find that the Restricted
                  period is so long and/or the scope (distance)(as set forth
                  below) is so broad as to constitute an undue hardship on
                  Executive, then, in such event only, the Restricted Period and
                  area limitations shall be valid for the maximum time and area
                  for which they could be legally made and enforced.

         c.       During the Restricted Period, Executive shall not, as an
                  employee (other than of the Company or an affiliate of the
                  Company), the Company, stockholder, officer, director,
                  partner, consultant, advisor, proprietor, lender, provider of
                  capital or other ownership, operational or management
                  capacity, directly or indirectly, through any other person,
                  firm or corporation (i) solicit or hire any person who on the
                  date of Executive's termination is, or within the last three
                  (3) months of Executive's employment by the Company was, an
                  employee of the Company, or otherwise interfere with or
                  disrupt the employment relationship between the Company and
                  any employee, (ii) solicit or do business with (a) the
                  Company's customers with whom the Company did business while
                  Executive was employed under this Agreement or (b) individuals
                  or entities whom Executive met as a result of his position
                  with the Company while Executive was employed under this

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                  Agreement, that results in competition with the Company, or
                  (iii) be associated in any way with any entity doing business
                  in a 100-mile radius of New York City that competes with the
                  Company; provided, however, that the foregoing restrictions
                  shall not apply in any way to Executive's interest in Izzy
                  Entertainment, a company in the business of producing and
                  distributing popular music.

         d.       Executive expressly recognizes and agrees that the restraints
                  imposed by this Section 6 are (i) reasonable as to time,
                  geographic limitation and scope of activity to be restrained;
                  (ii) reasonably necessary to the enjoyment by the Company for
                  the value of its assets and to protect its legitimate
                  interests; and (iii) not oppressive. Executive further
                  expressly recognizes and agrees that the restraints imposed by
                  this Section 6 represent a reasonable and necessary
                  restriction for the protection of the legitimate interests of
                  the Company, that the failure by Executive to observe and
                  comply with the covenants and agreements in this Section 6
                  will cause irreparable harm to the Company, that it is and
                  will continue to be difficult to ascertain the harm and
                  damages to the Company that such a failure by Executive would
                  cause, that the consideration received by Executive for
                  entering into these covenants and agreements is fair, that the
                  covenants and agreements and their enforcement will not
                  deprive Executive of his ability to earn a reasonable living
                  in the Company's industry or otherwise, and that Executive has
                  acquired knowledge and skills in his field that will allow him
                  to obtain employment without violating these covenants and
                  agreements.

7.       Indemnification.

         a.       The Company agrees that if Executive is or becomes a party, or
                  is threatened to be made party, to any threatened, pending or
                  completed action, suit or proceeding, whether civil, criminal,
                  administrative or investigative and wether brought by or in
                  the right of the Company or otherwise ("Proceeding"), by
                  reason of the fact that (whether before or after the Effective
                  Date) he is or was a director, officer or employee of the
                  Company or is or was serving at the request of the Company as
                  a director, officer, member, employee or agent of another
                  corporation, partnership, joint venture, trust or other
                  enterprise, including (without limitation) service with
                  respect to employee benefit plans, whether or not the basis of
                  such Proceeding is Executive's alleged action in an official
                  capacity while serving as a director, officer, member,
                  employee or agent, Executive shall be indemnified and held
                  harmless by the Company to the fullest extent legally
                  permitted or authorized by the Company's certificate or
                  articles of incorporation or by-laws (or other applicable
                  governing documents) or resolutions of the Board (or other
                  applicable governing body) or the stockholders of the Company
                  or, if greater, by the laws of the State of Delaware or any
                  other applicable state or organization or formation, against
                  all cost, expense, liability and loss (including, without
                  limitation,

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                  attorneys' fees, judgments, costs of appeal, fines, excise
                  taxes or penalties and amounts paid or to be paid in
                  settlement) reasonably incurred or suffered by Executive in
                  connection therewith, and such indemnification shall continue
                  as to Executive event if he has ceased to be a director,
                  member, employee or agent of the Company or other entity and
                  shall inure to the benefit of Employee's heirs, executors and
                  administrators. In this Section 7, (i) each reference to "the
                  Company" (other than for the purpose of any notice) shall
                  include, without limitation, all entities that are
                  subsidiaries and affiliates of the Company, and (ii) all
                  obligations of the Company shall be joint and several as to
                  all entities included in such definition of "the Company". The
                  Company shall pay or provide such indemnification to Executive
                  in connection with a Proceeding within sixty (60) days after
                  written request by Executive for that indemnification. During
                  that sixty (60) day period, Executive shall have an
                  opportunity to be heard and to present evidence in connection
                  with the consideration by the Board of Directors, independent
                  legal counsel, or stockholders, as the case may be, of any
                  findings required by applicable law in connection with that
                  indemnification request. The Company shall also advance to
                  Executive all reasonable costs and expenses incurred by him
                  (including, without limitation, all reasonable fees and costs
                  of counsel selected by Executive, and all other indemnifiable
                  liabilities covered by this Section 7(a)) in connection with a
                  Proceeding within thirty (30) days after written request by
                  Executive for such advance. Such request shall include an
                  undertaking by Executive to repay the amount of such advance
                  if it shall ultimately be determined that he is not entitled
                  to be indemnified against such costs and expenses. In the
                  event the Company does not properly indemnify or advance
                  expenses to Executive in accordance with the terms of this
                  Section 7(a)(including, without limitation, the time period
                  set forth above), Executive shall be entitled to bring an
                  action or proceeding against the Company in any state or
                  federal court or before a panel of arbitrators in accordance
                  with Section 20 hereof, to enforce the Company's
                  indemnification or expense-advancement obligations, and (in
                  either case) Executive shall be reimbursed by the Company for
                  the reasonable costs and expenses (including, without
                  limitation, reasonable attorneys fees and costs) of any
                  successful enforcement of the Company's indemnification or
                  expense-advancement obligations.

         b.       Neither the failure of the Company (including, without
                  limitation, its board of directors, independent legal counsel
                  or stockholders) to have made any determination that
                  indemnification of Executive is proper because he has met the
                  applicable standard of conduct, nor a determination by the
                  Company (including, without limitation, its board of
                  directors, independent legal counsel or stockholders) that
                  Executive has not met such applicable standard of conduct,
                  shall create a presumption that Executive has not met the
                  applicable standard of conduct or shall be a defense to any
                  action or proceeding to enforce the Company's indemnification
                  or expense-advancement obligations. The Company

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                  shall have the burden of proof in establishing that Executive
                  has not met the applicable standard of conduct. Where
                  Executive is entitled to indemnification under this Section 7
                  for a portion of the indemnifiable liabilities described in
                  Section 7(a), but not for the total amount of liabilities of
                  that kind, the Company shall nevertheless indemnify Executive
                  for such portion of the indemnifiable liabilities to which
                  Executive is entitled.

         c.       Executive's rights provided in this Section 7 shall not be
                  exclusive of any other rights of indemnification or
                  advancement of expenses (or any similar rights) that Executive
                  may have against the Company or under any liability insurance
                  covering Executive.

         d.       The Company agrees to continue and maintain one or more
                  directors' and officers' liability insurance policies that
                  cover Executive (with reputable and financially sound
                  insurers) at a level that is commercially reasonable (in light
                  of the Company's business and the risks of litigation or
                  claims), and otherwise to the fullest extent the Company
                  provides such coverage for any of its other executive
                  officers.

         e.       Without limiting the generality of Section 7 hereof, the
                  rights of indemnity and advancement of expenses in favor of
                  Executive in this Section 7 shall continue and survive any
                  expiration or termination of this Agreement or Executive's
                  ceasing to be a director, officer, or employee of the Company.

8.       Assignability; Binding Nature.

         This Agreement shall be binding and inure to the benefit of the parties
and their respective successors, heirs (in the case of Executive) and permitted
assigns. No rights or obligations of the Company under this Agreement may be
assigned or transferred by the Company (including, without limitation, by
merger, consolidation, or other operation of law) except that such rights or
obligations may be assigned or transferred pursuant to a merger or consolidation
in which the Company is not the continuing or surviving entity, or the sale or
liquidation of all or substantially all of the assets of the Company,, to one or
more entities that have the financial and other ability to perform the Company's
obligations under this Agreement; provided, however, that the assignee or
transferee is the successor to all or substantially all of the assets of the
Company and such assignee or transferee assumes the liabilities, obligations and
duties of the Company under this Agreement, either contractually or as a matter
of law. No rights or obligations of Executive under this Agreement may be
assigned or transferred by Executive other than his rights to compensation and
benefits, as provided in Section 15 below.

9.       Representations.

         The Company represents and warrants that it is fully authorized and
empowered to enter

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into this Agreement and that the performance of its obligations under this
Agreement will not violate any agreement between it and any other person, firm
or organization. Executive represents that he knows of no agreement between him
and any other person, firm or organization that would be violated by the
performance of his obligations under this Agreement.

10.      Warranty.

         Executive does hereby warrant that he has not taken any action, and
covenants that during the Agreement Term, or the Restricted Period, as
applicable, he shall take no such action, that constitutes or will constitute a
breach of any agreement concerning confidential information and trade secrets,
confidentiality, solicitation or non-competition to which he is bound as a
party.

11.      Entire Agreement.

         This Agreement and the other agreements referenced herein contain the
entire understanding and agreement between the parties concerning the subject
matter hereof and supersede all prior agreements, understandings, discussions,
negotiations and undertakings, whether written or oral, between the parties with
respect thereto. Nothing in this Agreement impairs or otherwise adversely
affects any of Executive's rights to or under any stock option or stock
agreements with the Company (or any of its subsidiaries or affiliates) that are
in effect on or after the Effective Date.

12.      Amendment or Waiver.

         No provision of this Agreement may be amended unless such amendment is
agreed to in writing and signed by Executive and an authorized officer of the
Company (other than Executive). No waiver by either party of any breach by the
other part of any condition or provision contained in this Agreement to be
performed by such other party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time.
Any waiver must be in writing and signed by Executive or an authorized officer
of the Company (other than Executive), as the case may be.

13.      Severability.

         In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, in whole or in part,
the remaining provisions of this Agreement shall be unaffected thereby and shall
remain in full force and effect to the fullest extent permitted by law.

14.      Survivorship.

         The respective rights and obligations of the parties hereunder shall
survive any termination of the Executive's employment or the expiration of the
Agreement Term to the

                                      -13-
<PAGE>   14
extent necessary to the intended preservation of such rights and obligations.

15. Beneficiaries/References.

         Executive shall be entitled, to the extent permitted under any
applicable law, to select and change a beneficiary or beneficiaries to receive
any compensation or benefit payable hereunder following Executive's death or
incompetence by giving the Company written notice thereof. In the event of
Executive's death or a judicial determination of his incompetence, reference in
this Agreement to Executive shall be deemed, where appropriate, to refer to his
beneficiary, estate or other legal representative.

16. Governing Law/Jurisdiction.

         This Agreement shall be governed by and construed and interpreted in
accordance with the laws of New York without reference to principles of conflict
of laws.

17.      Resolution of Disputes.

         a.       Arbitration of Claims. Any disputes arising under or in
                  connection with this Agreement shall be resolved by binding
                  arbitration. Such arbitration shall be conducted on an
                  expedited basis in accordance with the Commercial Arbitration
                  Rules of the American Arbitration Association before a panel
                  of three (3) arbitrators, selected by the American Arbitration
                  Association, sitting in New York, New York. The award of the
                  arbitrators shall be final and nonappealable, and judgment may
                  be entered on the award of the arbitrators in any court having
                  proper jurisdiction. All expenses of such arbitration shall be
                  borne by Company.

         b.       Payment of Legal Fees and Costs. The Company agrees to pay as
                  incurred, to the full extent permitted by law, all legal fees
                  and expenses which Executive may reasonably incur as a result
                  of any contest (regardless of the outcome thereof) by the
                  Company, Executive or others of any action taken pursuant to
                  the terms of this Agreement, or of the validity or
                  enforceability of, or liability under, any provision of this
                  Agreement, or any guarantee of performance thereof (including,
                  without limitation, as a result of any contest by Executive
                  about the amount of payment pursuant to the Agreement), plus
                  in each case interest on any delayed payment at the AFR.

18.      Notices.

         Any notice given to a party shall be in writing and shall be deemed to
have been given when delivered personally or by courier, or upon receipt if sent
by certified or registered mail, postage prepaid, return receipt requested, duly
addressed to the party concerned at the address indicated below or to such
changed address as such party may subsequently given such notice of:

                                      -14-
<PAGE>   15
         If to the Executive:           Select Media Communications, Inc.
                                        666 Third Avenue
                                        New York, NY 10022
                                        Attention: Mitch J. Gutkowski, President

         With a Copy to
         (which shall not               McDermott Will & Emery
         constitute notice):            50 Rockefeller Plaza
                                        New York, NY 10020
                                        Attention: Stephen B. Selbst, Esquire

         If to Company:

19.      Headings.

         The headings of the sections contained in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement.

20.      Counterparts.

         This Agreement may be executed in two or more counterparts.

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

                                      SELECT MEDIA COMMUNICATIONS, INC.

                                      ------------------------------------------
                                      By:
                                      Its:

                                      ------------------------------------------
                                      MITCH J. GUTKOWSKI

                                      -15-<PAGE>   1
                                                                EXHIBIT 10.2
                             STOCK PURCHASE AGREEMENT

         This Agreement is made as of November 18, 1999, by and among Joseph D.
Tarsia, whose address is 117 The Mews, Haddonfield, New Jersey, 08033-1342
("Seller") and Select Media Communications, Inc., a New York corporation, with a
principal place of business of 666 Third Avenue, New York, New York, 10017
("Purchaser").

                                   BACKGROUND

         A. Seller owns twenty (20) shares of the capital stock of Sigma Sound
Services, Inc., a Pennsylvania corporation (the "Company"), which shares
represent one hundred percent (100%) of the outstanding shares of the capital
stock of the Company (the "Stock").

         B. Seller wishes to sell and Purchaser wishes to purchase the Stock on
the terms and conditions set forth herein.

         NOW THEREFORE, in consideration of the premises and the mutual and
several covenants, conditions, representations, warranties and indemnities set
forth herein, intending to be legally bound hereby, the parties hereto agree as
follows:

         1. DEPOSIT TOWARDS PURCHASE PRICE. Purchaser acknowledges and
understands that by entering into this Agreement, Seller has forgone a
profitable opportunity to cause the Company to enter in to an agreement for the
sale of substantially all of the Company's assets. Accordingly, as a covenant
independent of the Closing (as defined below), on the date hereof, Purchaser
shall pay Seller in good funds by wire transfer to an account or accounts
designated by Seller or, in the absence of such designation, by certified or
bank cashier's checks payable to Seller delivered to Seller's address set forth
above, the sum of Four Hundred Thousand Dollars [$400,000] (the "Payment Upon
Execution"). If Purchaser shall not pay when due the Payment Upon Execution,
Seller may terminate this Agreement and either exercise any and all remedies
available to Seller hereunder, at law or in equity or retain as liquidated
damages the Payment Upon Execution. Notwithstanding anything herein to the
contrary, the Payment Upon Execution shall be deemed earned by Seller as of the
date of this Agreement and shall not be refundable to Purchaser under any
circumstances whatsoever.

         2.       SALE AND PURCHASE OF THE STOCK.

                  2.1 TRANSFER AT CLOSING. At the Closing, Seller shall sell,
transfer, assign and convey to Purchaser the Stock. If any Seller should refuse
or fail to deliver the Stock at the Closing, Purchaser shall at its sole
discretion have the option to accept delivery of such shares of the Stock as are
delivered at the Closing (without losing any rights Purchaser may have hereunder
or at law or in equity against Seller for refusing or failing to make such
delivery) or to terminate the transactions contemplated by this Agreement
without any further liability to Purchaser.

                  2.2 PURCHASE PRICE FOR THE STOCK. The purchase price for the
Stock shall be One Million Dollars [$1,000,000] (the "Purchase Price"), of
which: (i) Four Hundred Thousand Dollars ($400,000) shall be paid pursuant to
the terms of Section 1 hereof; (ii) Two Hundred Thousand
<PAGE>   2
Dollars ($200,000) shall be payable in cash at the Closing by wire transfer to
an account or accounts designated by Seller or, in the absence of such
designation, by certified or bank cashier's checks payable to Seller (the "Down
Payment"); and (iii) Four Hundred Thousand Dollars ($400,000) shall be payable
pursuant to the terms of the Note (as defined in Section 2.3 hereof).

                  2.3 NOTE PAYABLE FOR THE STOCK. At the Closing, Purchaser
shall execute and deliver to Seller: (i) a promissory note in the principal sum
of Four Hundred Thousand Dollars ($400,000) in the form attached as Exhibit "A"
hereto (the "Promissory Note"); (ii) an Escrow Agreement for Assignment of Name
in the form attached as Exhibit "B" hereto, together with the Assignment of Name
attached thereto as an exhibit, duly executed by Purchaser and the Company (the
"Escrow Agreement for Assignment of Name"); (iii) a Security Agreement in the
form attached as Exhibit "C" hereto (the "Security Agreement"); and (iv) all
appropriate Forms UCC-1.

         3.       CLOSING; TRANSFER PROCEDURES.

                  3.1 CLOSING. The consummation of the transactions resulting in
the sale and purchase of the Stock ( the "Closing") shall occur on January 18,
2000, commencing at 10:00 A.M. (the "Closing Date"), at the offices of Eizen
Fineburg & McCarthy, LLP, Two Commerce Square, Suite 3410, 2001 Market Street,
Philadelphia, Pennsylvania 19103, or on such other Closing Date or at such other
place agreed to by the parties. Time is of the essence.

                  3.2 MINUTE BOOKS, CORPORATE SEAL AND STOCK RECORDS. At the
Closing, Seller shall deliver or cause the Company to deliver to Purchaser all
minute books, corporate seals, stock certificate books and other stock records
of the Company.

                  3.3 DELIVERY OF THE STOCK. At the Closing, Seller shall
deliver to Purchaser all certificates representing the Stock, duly endorsed in
blank or with appropriate stock powers duly endorsed in blank.

                  3.4 BANK ACCOUNT SIGNATURES. At the Closing, Seller shall
deliver or cause the Company to deliver to Purchaser all necessary documents
required by any banks or other depository institutions for the Company to remove
the authorized signatories and replace them with the Purchaser's designees.

                  3.5 NAME. Effective the Closing, Seller shall be deemed to
have assigned, transferred and conveyed to the Company: (i) all of Seller's
right, title and interest, if any, in and to the name "Sigma Sound," and all
goodwill associated therewith; and (ii) all of Seller's right, title and
interest, if any, in and to the name "Sigma Sound Studios," and all goodwill
associated therewith.

         4. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby represents
and warrants to Purchaser as of the date hereof and at the Closing as follows:

                  4.1 ORGANIZATION AND GOOD STANDING. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the Commonwealth of Pennsylvania.

                                       2
<PAGE>   3
                 4.2 NO SUBSIDIARIES. The Company has no interest in any other
corporation, partnership, joint venture or other legal entity.

                  4.3 CAPITALIZATION. The issued, authorized and outstanding
capital stock of the Company consists of the Stock, of which Seller owns one
hundred percent (100%). Each share of such capital stock issued and outstanding
is validly issued, fully paid and non-assessable. There are no outstanding
options, warrants, puts, calls, contracts, commitments, preemptive rights,
cumulative voting rights, assignments, pledges or demands of any character
relating to any of the capital stock of the Company.

                  4.4 STOCK OWNERSHIP. Seller owns the Stock free and clear of
all liens, encumbrances, pledges, mortgages, security interests, conditional
sales contracts, claims and other charges of every kind ("Liens"). Seller has
the full right to transfer the Stock to Purchaser free and clear of all Liens,
and without violating any agreement or understanding to which the Company or
Seller is a party or by which either of them is bound.

                  4.5 TITLE TO PROPERTIES. The Company owns outright, and has
good and marketable title to, all of its properties, free and clear of all
Liens, except for the lien of current taxes not yet due and payable and
statutory liens incurred in the ordinary course of business which are not
delinquent. The Company's assets include substantially all of the inventory and
equipment listed on Schedule "1" hereto (the "Inventory and Equipment"). The
Company's assets expressly exclude all of the office furniture, furnishings and
memorabilia listed on Schedule "2" hereto (the "Excluded Assets"). Any assets
within the Company's business premises located at 210-212-214 North 12th Street,
Philadelphia, Pennsylvania 19107 and not listed on Schedule "2" shall be deemed
assets of the Company and not Excluded Assets from and after the Closing.

                  4.6 TAX MATTERS. The Company has filed or caused to be filed
all federal, state and local tax returns and reports through the taxable year
ended December 31, 1998, and as of the date hereof, the taxable calendar quarter
ended June 30, 1999, and, as of the Closing, the taxable calendar quarter ended
September 30, 1999, which are due and required to be filed and has paid or
caused to be paid all taxes reported thereby, except taxes or assessments being
contested in good faith and for which adequate reserves have been established.
Since July 1, 1999, the Company has made all required interim payroll tax
payments, including, without limitation, all payroll withholding taxes.

                  4.7 LITIGATION. There is no dispute, claim, action, suit,
proceeding, arbitration or governmental investigation, either administrative or
judicial, pending, or, to the knowledge of Seller, threatened, against or
related to the Company or its properties or business. The Company is not in
default with respect to any order, writ, injunction or decree of any court or
governmental department, commission, board, bureau, agency or instrumentality,
which involves the possibility of any judgment or liability which may result in
any material adverse change in the Company's financial condition, assets,
liabilities, properties or business. Seller has no knowledge of any facts that
would provide a basis for any such claim, action, suit, proceeding,
investigation or default referred to in the first two sentences of this Section
4.7.

                                       3
<PAGE>   4
                  4.8 LIABILITIES. The Company has no liabilities or obligations
accrued, absolute, contingent or otherwise, except for trade accounts payable
consistent with past business practice in the normal and ordinary course of its
business and payroll taxes and unemployment compensation insurance and similar
expenses consistent with past business practice in the normal and ordinary
course of its business. Effective upon the Closing, any loans, accounts or other
sums payable to Seller shall be deemed to have been capital contributions and
treated as such from and after the Closing. The Company is not a party to any
debenture, note, conditional sale, loan or other borrowing agreement, or any
lease required to be capitalized in accordance with generally accepted
accounting principles, any of which involves a total remaining financial
obligation of more than Ten Thousand Dollars ($10,000). No dividends have been
declared that are payable by the Company to Seller.

                  4.9 COMPLIANCE WITH LAWS. The Company has received no notice
of violation of any law, ordinance, rule, regulation or order (including,
without limitation, any environmental, safety, health or price or wage control
law, ordinance, rule, regulation or order), and, to the knowledge of Seller none
are pending or threatened, applicable to its operations, business or properties
as presently constituted.

                  4.10 EMPLOYEE BENEFIT PLANS; EMPLOYEE RELATIONS. The Company
maintains no pension, profit sharing, stock bonus, stock option, deferred
compensation, health, life, accident or disability plans and the Company is not
a party to any employment or severance agreements (including but not limited to,
any "employee benefit plans" within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended and the regulations
promulgated thereunder.

                  4.11 DIRECTORS, OFFICERS AND AUTHORIZED PERSONS. Seller and
Cecelia Tarsia are the Company's directors. No other person is a director of
Company. Seller and Cecelia Tarsia shall be deemed to have resigned as directors
of the Company as of the Closing. Michael Tarsia and Cecelia Tarsia are the only
officers of the Company.

                  4.12 DISCLOSURE. No representation or warranty by Seller in
this Agreement or in any other exhibit, list, certificate or document delivered
pursuant to this Agreement, contains or will contain any material omission or
untrue statement of material fact. Disclosure in any particular Exhibit attached
hereto shall constitute disclosure for all purposes of this Agreement.

         5. REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser hereby
represents and warrants to Seller as of the date hereof and at the Closing, as
follows:

                  5.1 ORGANIZATION AND GOOD STANDING. Purchaser is a corporation
duly organized, validly existing and in good standing under the laws of the
State of New York. Purchaser is qualified to do business and is in good standing
in each jurisdiction in which the nature of its activities or the character of
its property owned, leased or operated by it make such qualification necessary
or appropriate except for those jurisdictions in which the failure to be so
qualified will not have a material adverse effect on Purchaser's business or
financial affairs. Purchaser has full corporate power to own its properties,
assets and business and to carry on its business as now

                                       4
<PAGE>   5
conducted.

                  5.2 AUTHORIZATION OF TRANSACTION "Authorization of
Transaction". Purchaser has the legal capacity, power and authority (including
full corporate power and authority) to execute and deliver this Agreement and
each agreement, document, instrument or certificate executed by it in connection
with this Agreement, including, without limitation, the Promissory Note, the
Escrow Agreement for Assignment of Name, the Security Agreement, the Lease [as
defined below], the Employment Agreement [as defined below], the Consulting
Agreement [as defined below] and the Guaranties [as defined below]
(collectively, the "Transaction Documents") and to perform its obligations
hereunder and thereunder. All corporate and other actions or proceedings to be
taken by or on the part of Purchaser to authorize and permit the execution and
delivery by it of the Transaction Documents to which it is a party, the
instruments required to be executed and delivered by it pursuant thereto, the
performance by Purchaser of its obligations under the Transaction Documents, and
the consummation by it of the transactions contemplated therein, have been duly
and properly taken. The Transaction Documents have been duly executed and
delivered by Purchaser and constitute the legal, valid and binding obligation of
Purchaser enforceable in accordance with their terms and conditions. At the
Closing, Purchaser shall deliver to Seller copies of Purchaser's and the
Company's corporate resolutions authorizing the matters set forth in this
Agreement and the other Transaction Documents. Any individual executing this
Agreement on behalf of Purchaser represents and warrants that he is a duly
authorized officer of Purchaser and authorized to act in the name of Purchaser
to bind Purchaser to this Agreement. If any such individual shall not be so
authorized then such individual shall be personally liable hereunder until
Purchaser ratifies, approves and adopts this Agreement as a binding obligation
of Purchaser, enforceable in accordance with its terms.

         6. CONDUCT PENDING THE CLOSING. Seller hereby covenants and agrees
that, pending the Closing and except as otherwise approved in advance in writing
by the Purchaser:

                  6.1 CONDUCT OF BUSINESS. The Company shall carry on its
business diligently and substantially in the same manner as heretofore and
refrain from any action that would result in the breach of any of the
representations, warranties or covenants of Seller or the Company hereunder. The
Company shall not enter into any contract, commitment or transaction not in the
usual and ordinary course of its business and not consistent with past
practices. The Company will not sell or dispose of any capital asset with an
original cost in excess of Two Hundred and Fifty Dollars ($250). The Company
will not, and will not agree to, create any indebtedness or any other fixed or
contingent liability including, without limitation, liability as a guarantor or
otherwise with respect to the obligations of others, other than that incurred in
the usual and ordinary course of its business consistent with past practices,
and that incurred pursuant to existing contracts. The Company will not: (A)
issue any capital stock other than the Stock or grant any options, warrants or
other rights to purchase or obtain (including upon conversion, exchange or
exercise) any of its capital stock; (B) declare, set aside, or pay any dividend
or make any distribution with respect to its capital stock (including the Stock)
or redeem, purchase, or otherwise acquire any of its capital stock (including
the Stock).

                  6.2 AMENDMENT. The Company will not, and will not agree to,
amend its Articles of Incorporation or Bylaws, nor will there be any change in
its authorized or unissued capital stock.

                                       5
<PAGE>   6
                  6.3 INSURANCE. All insurance maintained by the Company
insuring the Company, its employees, or its business or operations will be
maintained by the Company in all respects.

                  6.4 NO DEFAULT. The Company shall not do any act or omit to do
any act, or permit any act or omission, which will cause a material breach of
any material contract, commitment or obligation to which it is a party or by
which it is bound.

                  6.5 TAX RETURNS. The Company will prepare and file all state,
federal and other tax returns, and amendments thereto required to be filed
between the date of this Agreement and the Closing Date. After the Closing,
Purchaser shall have a reasonable opportunity to review all such returns and
amendments thereto, prior to their being filed.

         7. CONDITIONS PRECEDENT TO PURCHASER'S OBLIGATIONS. All obligations of
Purchaser under this Agreement are subject to the fulfillment, prior to or at
the Closing, of each of the following conditions:

                  7.1 REPRESENTATIONS AND WARRANTIES. Seller's representations
and warranties contained in this Agreement or in any list, certificate or
document delivered pursuant to the provisions hereof shall be true at and as of
the time of Closing.

                  7.2 PERFORMANCE OF AGREEMENTS. Seller shall have performed and
complied with all agreements and conditions required by this Agreement to be
performed or complied with by them prior to or at the Closing.

                 7.3 CLOSING DELIVERIES. Seller shall have delivered the
documents and other items described in Section 3 hereof.

                  7.4 LEASE. Seller and Cecelia Tarsia shall have entered into
the Lease substantially in the form attached as Exhibit "D" hereto (the "Lease")
and the same shall be in full force and effect.

         8. CONDITIONS PRECEDENT TO SELLER'S OBLIGATIONS. All obligations of
Seller under this Agreement are subject to the fulfillment, prior to or at the
Closing, of the following conditions:

                  8.1 REPRESENTATIONS AND WARRANTIES. Purchaser's
representations and warranties contained in this Agreement shall be true at and
as of the time of Closing.

                  8.2 PERFORMANCE OF AGREEMENTS. Purchaser and the Company shall
have performed and complied with all agreements and conditions required by this
Agreement or any of the other Transaction Documents to which it is a party to be
performed or complied with by it prior to or at the Closing. Purchaser and the
Company shall have delivered all agreements, documents, certificates and
instruments required to be delivered by this Agreement or any of the other
Transaction Documents.

                  8.3 PAYMENTS. Purchaser shall have paid to Seller the Payment
Upon Execution,

                                       6
<PAGE>   7
the Down Payment and Seller's Transaction Costs (as defined in Section 9.6
hereof).

                 8.4 PROMISSORY NOTE. Purchaser shall have executed and
delivered to Seller the Promissory Note, Escrow Agreement for Assignment of
Name, Security Agreement and all appropriate Forms UCC-1.

                 8.5 LEASE. The Company shall have entered into the Lease and
the same shall be in full force and effect.

                 8.6 EMPLOYMENT AND CONSULTING AGREEMENTS. The Company shall
have entered into the Employment Agreement substantially in the form attached as
Exhibit "E" hereto (the "Employment Agreement") and the Consulting Agreement
substantially in the form attached as Exhibit "F" hereto (the "Consulting
Agreement"), and each of these two (2) agreements shall be in full force and
effect.

                 8.7 PARENT GUARANTIES. Purchaser shall have entered into the
Purchaser's Security Agreement and each of the Guaranty Agreements substantially
in the form attached as Exhibits "G", "H" and "I" hereto (collectively, the
"Guaranties") and the same shall be in full force and effect.

         9.       REPRESENTATIONS, WARRANTIES AND INDEMNITIES.

                 9.1 SURVIVAL. All representations, warranties and agreements
made by Seller individually and collectively in this Agreement or in any
exhibit, list, certificate or document delivered pursuant hereto shall survive
the Closing for a period of one (1) year, except those made in Section 4.3
(titled "Capitalization"), Section 4.4 (titled "Stock Ownership") and Section
4.6 (titled "Tax Matters"), which shall survive for a period of three (3) years.
All representations, warranties and agreements made by Purchaser in this
Agreement or any other of the Transaction Documents or in any exhibit, list,
certificate or document delivered pursuant hereto or thereto shall survive for a
period of one (1) year following the date on which Purchaser shall have paid in
full the Promissory Note.

                 9.2 INDEMNIFICATION BY SELLER. Seller shall indemnify, defend
and hold harmless Purchaser from and against all claims, demands, liabilities,
damages, losses, costs and expenses, including reasonable attorneys' fees,
caused by or arising out of the breach of any agreement of or any representation
or warranty made by Seller in this Agreement or in any exhibit, list,
certificate or document delivered by them pursuant hereto; provided, however,
that no such claim for indemnification hereunder may be asserted until and only
to the extent that the amount of such claim or the aggregate amount of such
claims exceeds the sum of One Hundred Thousand Dollars ($100,000), this
obligation of Seller to survive the Closing.

                 9.3 INDEMNIFICATION BY PURCHASER. Purchaser shall indemnify,
defend and hold harmless Seller from and against all claims, demands,
liabilities, damages, losses, costs and expenses, including reasonable
attorneys' fees, caused by or arising out of the breach of any agreement of or
any representation or warranty made by Purchaser in this Agreement or any other
of the Transaction Documents to which it is a party including, without
limitation, Section 9.6 hereof, this obligation of

                                       7
<PAGE>   8
Purchaser to survive the Closing.

                  9.4 DEFENSE OF CLAIMS. Promptly after any service of process
by any third person in any litigation in respect of which indemnity may be
sought from the other party pursuant to this Section 9, the party so served
shall notify the indemnifying party of the commencement of such litigation, and
the indemnifying party shall be entitled to assume the defense thereof at its
expense with counsel of its own choosing.

                 9.5 LIMITATION OF LIABILITY. Purchaser acknowledges as of the
date hereof and as of the Closing having had full and fair opportunity to
investigate the business, financial and other affairs of the Company. Purchaser
further acknowledges that except as expressly set forth herein, neither Seller
nor the Company has made any representatives and warranties to Purchaser.

                 9.6 SELLER'S TRANSACTION COSTS. Purchaser shall reimburse
Seller for all of Seller's fees, costs and expenses of this transaction,
including, without limitation Seller's legal and accounting fees, costs and
expenses attributable to this transaction, including the negotiation and
preparation of all of the Transaction Documents for the execution of this
Agreement and the administration of the Closing, this obligation of Purchaser to
survive the Closing (collectively, Seller's Transaction Costs").

         10.      MISCELLANEOUS.

                 10.1 FURTHER ASSURANCES. Seller will, at the request of
Purchaser from time to time, execute and deliver such further documents and
instruments and will take such other action reasonably required to consummate
the transactions contemplated by this Agreement.

                 10.2 NO BROKERS. Each party hereby represents and warrants to
the other that it has not engaged or dealt with any broker or other person who
may be entitled to any brokerage fee or commission in respect of the execution
of this Agreement or the consummation of the transactions contemplated hereby.
Each of the parties hereto shall indemnify and hold the other harmless against
any and all claims, losses, liabilities or expenses which may be asserted
against a party as a result of such other party's dealings, arrangements or
agreements with any such broker or person.

                 10.3 PRESS RELEASES AND PUBLIC ANNOUNCEMENTS. No party shall
issue any press release or make any public announcement relating to the subject
matter of this Agreement prior to the Closing without the prior approval of the
other party.

                 10.4 NO THIRD PARTY BENEFICIARIES. This Agreement shall not
confer any rights or remedies upon any person other than the parties and their
respective successors and permitted assigns.

                 10.5 ENTIRE AGREEMENT. This Agreement (including the documents
referred to herein) constitutes the entire agreement between the parties and
supersedes any prior understandings, agreements, or representations by or
between the parties, written or oral, to the extent they related in any way to
the subject matter hereof.

                                       8
<PAGE>   9
                 10.6 SUCCESSION AND ASSIGNMENT. This Agreement shall be binding
upon and inure to the benefit of the parties named herein and their respective
successors and permitted assigns. No party may assign either this Agreement or
any of its rights, interests, or obligations hereunder without the prior written
approval of the other party.

                 10.7 COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument.

                 10.8 HEADINGS. The section headings contained in this Agreement
are inserted for convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

                 10.9 NOTICES. All notices, requests, demands, claims, and
other communications hereunder will be in writing. Any notice, request, demand,
claim, or other communication hereunder shall be deemed duly given (i) upon
confirmation of facsimile, (ii) one business day following the date sent when
sent by overnight delivery and (iii) three (3) business days following the date
mailed when mailed by registered or certified mail return receipt requested and
postage prepaid at the following address:

         If to Purchaser:

         Select Media Communications, Inc.
         666 Third Avenue
         New York, NY  10017

         With a copy to:

         Astor Weiss Kaplan & Rosenblum, LLP
         The Bellevue, Sixth Floor
         Broad Street at Walnut
         Philadelphia, PA  19102
         Attn:    Christopher P. Flannery, Esquire

         If to Seller and/or Company:

         Joseph D. Tarsia
         117 The Mews
         Haddonfield, NJ  08033-1342

                                       9
<PAGE>   10
         With a Copy to:

         Eizen Fineburg & McCarthy, LLP
         2001 Market Street, Suite 3410
         Philadelphia, PA 19103
         Attention: Gary J. McCarthy, Esquire

Any party may send any notice, request, demand, claim, or other communication
hereunder to the intended recipient at the address set forth above using any
other means (including personal delivery, expedited courier, messenger service,
telecopy, telex, ordinary mail, or electronic mail), but no such notice,
request, demand, claim, or other communication shall be deemed to have been duly
given unless and until it actually is received by the intended recipient. Any
Party may change the address to which notices, requests, demands, claims, and
other communications hereunder are to be delivered by giving the other party
notice in the manner herein set forth.

                  10.10 GOVERNING LAW; ARBITRATION. This Agreement shall be
governed by and construed in accordance with the domestic laws of the
Commonwealth of Pennsylvania without giving effect to any choice or conflict of
law provision or rule (whether of the Commonwealth of Pennsylvania or any other
jurisdiction) that would cause the application of the laws of any jurisdiction
other than the Commonwealth of Pennsylvania. Any and all legal proceeds
concerning the infringement, breach or contemplated breach of this Agreement
shall be filed in the Commonwealth of Pennsylvania, Philadelphia County only,
and the parties hereto consent to such jurisdiction and venue. If a dispute
arises as to interpretation of this Agreement, it shall be decided finally by
three arbitrators in an arbitration proceeding conforming to the Rules of the
American Arbitration Association applicable to commercial arbitration. The
arbitrators shall be appointed as follows: one by Seller, one by Purchaser and
the third by the said two arbitrators, or, if they cannot agree, then the third
arbitrator shall be appointed by the American Arbitration Association. The third
arbitrator shall be chairman of the panel and shall be impartial. The
arbitration shall take place in Philadelphia, Pennsylvania. The decision of a
majority of the Arbitrators shall be conclusively binding upon the parties and
final, and such decision shall be enforceable as a judgment in any court of
competent jurisdiction. Each party shall pay the fees and expenses of the
arbitrator appointed by it, its counsel and its witnesses. The parties shall
share equally the fees and expenses of the impartial arbitrator.

                  10.11 AMENDMENTS AND WAIVERS. No amendment of any provision of
this Agreement shall be valid unless the same shall be in writing and signed by
each of the parties. No waiver by any party of any default, misrepresentation,
or breach of warranty or covenant hereunder, whether intentional or not, shall
be deemed to extend to any prior or subsequent default, misrepresentation, or
breach of warranty or covenant hereunder or affect in any way any rights arising
by virtue of any prior or subsequent such occurrence.

                  10.12 SEVERABILITY. Any term or provision of this Agreement
that is invalid or unenforceable in any situation in any jurisdiction shall not
affect the validity or enforceability of the remaining terms and provisions
hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction.

                                       10
<PAGE>   11
                  10.13 CONSTRUCTION. The parties have participated jointly in
the negotiation and drafting of this Agreement and the other Transaction
Documents. In the event an ambiguity or question of intent or interpretation
arises, the Transaction Documents shall be construed as if drafted jointly by
the parties and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision thereof. Any
reference to any federal, state, local, or foreign statute or law shall be
deemed also to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise. The word "including" shall mean including
without limitation. Nothing in any Schedule hereto shall be deemed adequate to
disclose an exception to a representation or warranty made herein unless it
identifies the exception with particularity and describes the relevant facts in
detail. Without limiting the generality of the foregoing, the mere listing (or
inclusion of a copy) of a document or other item shall not be deemed adequate to
disclose an exception to a representation or warranty made herein (unless the
representation or warranty has to do with the existence of the document or other
item itself). The parties intend that each representation, warranty, and
covenant contained herein shall have independent significance. If any party has
breached any representation, warranty, or covenant contained herein in any
respect, the fact that there exists another representation, warranty, or
covenant relating to the same subject matter (regardless of the relative levels
of specificity) which the party has not breached shall not detract from or
mitigate the fact that the party is in breach of the first representation,
warranty, or covenant. Time is of the essence with respect to any obligation of
Purchaser to pay any sums to Seller under any of the Transaction Documents.

                  10.14 INCORPORATION OF EXHIBITS AND SCHEDULES. The Exhibits
and Schedules identified in this Agreement are incorporated herein by reference
and made a part hereof.

                  10.15 SPECIFIC PERFORMANCE. Each of the parties acknowledges
and agrees that the other party would be damaged irreparably in the event any of
the provisions of this Agreement are not performed in accordance with their
specific terms or otherwise are breached. Accordingly, each of the parties
agrees that the other party shall be entitled to an injunction or injunctions to
prevent breaches of the provisions of this Agreement and to enforce specifically
this Agreement and the terms and provisions hereof in any action instituted in
any court of the United States or any state thereof having jurisdiction over the
parties and the matter in addition to any other remedy to which it may be
entitled, at law or in equity.

                          [SIGNATURES APPEAR NEXT PAGE]

                                       11
<PAGE>   12
         IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement on the day and year first above written.

                                             SELLER:

                                             ---------------------------------
                                             Joseph D. Tarsia

                                             PURCHASER:

ATTEST:                                      Select Media Communications, Inc.,
                                             a New York corporation

BY:                                          BY:
  ------------------------                        -------------------------

NAME:                                        NAME:
  ------------------------                        -------------------------

TITLE:                                       TITLE:
  ------------------------                        -------------------------

                                       12
<PAGE>   13
                            STOCK PURCHASE AGREEMENT
                   DATED NOVEMBER 18, 1999 MADE BY AND BETWEEN
 JOSEPH D. TARSIA AND SELECT MEDIA COMMUNICATIONS, INC., A NEW YORK CORPORATION

           LIST OF EXHIBITS AND SCHEDULES TO STOCK PURCHASE AGREEMENT

<TABLE>
<CAPTION>

<S>                          <C>
Exhibit "A"                  Promissory Note

Exhibit "B"                  Escrow Agreement for Assignment of Name

Exhibit "C"                  Security Agreement

Exhibit "D"                  Lease

Exhibit "E"                  Employment Agreement of  Michael Tarsia

Exhibit "F"                  Consulting Agreement of Joseph D. Tarsia

Exhibit "G"                  Guaranty of Lease

Exhibit "H"                  Guaranty of Michael Tarsia

Exhibit "I"                  Guaranty of Joseph D. Tarsia

Schedule "1"                 Inventory and Equipment

Schedule "2"                 Excluded Assets
</TABLE>

                                       13
<PAGE>   14
                                   EXHIBIT "A"

                                 PROMISSORY NOTE

                                  SEE ATTACHED
<PAGE>   15
                                   EXHIBIT "B"

                              ESCROW AGREEMENT FOR
                               ASSIGNMENT OF NAME

                                  SEE ATTACHED
<PAGE>   16
                                   EXHIBIT "C"

                               SECURITY AGREEMENT

                                  SEE ATTACHED
<PAGE>   17
                                   EXHIBIT "D"

                                      LEASE

                                  SEE ATTACHED
<PAGE>   18
                                   EXHIBIT "E"

                              EMPLOYMENT AGREEMENT
                                OF MICHAEL TARSIA

                                  SEE ATTACHED
<PAGE>   19
                                   EXHIBIT "F"

                              CONSULTING AGREEMENT
                                OF JOSEPH TARSIA

                                  SEE ATTACHED
<PAGE>   20
                                   EXHIBIT "G"

                                GUARANTY OF LEASE

                                  SEE ATTACHED
<PAGE>   21
                                   EXHIBIT "H"

                           GUARANTY OF MICHAEL TARSIA

                                  SEE ATTACHED
<PAGE>   22
                                   EXHIBIT "I"

                          GUARANTY OF JOSEPH D. TARSIA

                                  SEE ATTACHED
<PAGE>   23
                                  SCHEDULE "1"

                             INVENTORY AND EQUIPMENT

                                  SEE ATTACHED
<PAGE>   24
                                   SCHEDULE 2

                                 EXCLUDED ASSETS

                                  SEE ATTACHED

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