Document:

Unassociated Document

     

    
       

      Exhibit
10.1

      

      FORBEARANCE
AGREEMENT

       

      FORBEARANCE
AGREEMENT, dated as of April 3, 2009 (this "Agreement"), by and
among (i) ICO NORTH AMERICA, INC., a Delaware corporation (the "Borrower"), (ii) each
Subsidiary Guarantor party hereto (together with the Borrower, each a "Company" and
collectively, the "Companies"), (iii)
the Lenders party hereto, (iv) Jefferies Finance LLC, as lead arranger, book
manager, documentation agent and syndication agent, (v) Jefferies Finance
LLC, as administrative agent for the Lenders (in such capacity, together with
its successors and assigns in such capacity, the "Administrative Agent") and (vi) The
Bank of New York Mellon (formerly known as The Bank of New York), as collateral
agent for the Lenders (the "Collateral
Agent").

       

      RECITALS

       

      A.  The
Borrower, the Subsidiary Guarantors, the Lenders, the Collateral Agent and the
Administrative Agent, and the other parties hereto are parties to the Amended
and Restated Revolving Credit Agreement, dated as of April 7, 2008 (as amended
or otherwise modified prior to the date hereof, the "Credit Agreement"),
pursuant to which the Lenders extended certain commitments and made certain
loans and other financial accommodations available to the
Borrower.  The obligations of the Borrower under the Credit Agreement
are guaranteed by the Subsidiary Guarantors and are secured by the Pledged
Collateral.

       

      B.  As of the
date hereof, certain material Defaults have occurred and are continuing, which
are listed on Exhibit A hereto, and such Defaults will become Events of Default
on April 7, 2009 (hereinafter referred to collectively as the "Specified Events of
Default").

       

      C.  The
Borrower has requested that the Administrative Agent and the Lenders temporarily
forbear from exercising their rights and remedies as a result of the occurrence
and continuance of the Specified Events of Default under the Credit Agreement.

       

      D.  The
Administrative Agent and the Lenders are willing to grant
such forbearance on a limited basis, subject to the terms and conditions of this
Agreement.

       

      NOW,
THEREFORE, in consideration of the premises and the mutual covenants,
representations, warranties and agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

       

      1.  Definitions.

       

      (a)  Any
capitalized term used herein and not defined shall have the meaning assigned to
it in the Credit Agreement.

       

      (b)  As used
in this Agreement, the following terms shall have the respective meanings
indicated below, such meanings to be applicable equally to both the singular and
plural forms of such terms:

       

      
        
          
          

        

        
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      "Forbearance Effective Date" has
the meaning assigned to it in Section 4.

       

      "Forbearance Period"
means the period commencing on the Forbearance Effective Date and ending on the
Termination Date, unless earlier terminated pursuant to the terms and provisions
of this Agreement.

       

      
        "Paid in Full" means that the
Obligations (other than contingent indemnification obligations for which no
claim has been made or arisen) shall be repaid in full in cash and all
Commitments shall be terminated.

         

        "Secured Creditor Remedies" means any
default-related action by any Agent or any Lender to sell, foreclose,
repossess or liquidate any of the Pledged Collateral.

      

       

      "Termination Date"
means 11:00 a.m. (New York Time) on the Final Maturity Date.

       

      "Termination Event"
means any one or more of the following: (i) any representation or warranty made
or deemed made by or on behalf of any Company or by any officer of the foregoing
under or in connection with this Agreement or under or in connection with any
report, certificate or other document delivered to any Agent or any Lender
pursuant to this Agreement shall have been incorrect in any material respect
when made or deemed made, (ii) any Company shall fail to perform or comply with
any covenant or any agreement or term contained in this Agreement, (iii) any
Default or Event of Default, other than the Specified Events of Default, shall
occur and be continuing under the Credit
Agreement or any of the other Loan Documents, or (iv) any "Event of Default", as
such term is defined in the Convertible Indenture, shall occur and be
continuing.

       

      2.  Acknowledgements of the
Companies.

       

      (a)  The
Borrower and each other Company acknowledge and agree that as of April 2, 2009,
the aggregate principal balance of the Loans on such date (inclusive of
capitalized interest) is $43,722,222.00 (the “Existing
Principal”).  The Borrower and each other Company acknowledge
and agree that as of April 2, 2009, the aggregate amount of accrued and unpaid
and uncapitalized interest of the Loans is $1,396,682.00 (the “Existing Interest”) and the
accrued and unpaid fees payable pursuant to Section 2.05 of the Credit Agreement
is $370,180.00 (the “Existing
Fees”; collectively with the Existing Principal and the Existing
Interest, the “Outstanding
Indebtedness”).  The foregoing amounts do not include other
fees, expenses and other amounts that are chargeable or otherwise reimbursable
under the Credit Agreement and the other Loan Documents.  Neither the
Borrower nor any other Company has any rights of offset,
defense, claim or counterclaim with respect to any of the
Obligations.

       

      (b)  The
Borrower and each other Company acknowledge and agree that the Specified Events
of Default constitute Defaults, and on and after April 7, 2009, will constitute
Events of Default, that have occurred and are continuing as of the date hereof,
are not capable of being cured and are material.  The existence of the
Specified Events of Default (i) relieved the Lenders and the Agents from any
obligation to extend any Loan or provide other financial accommodations under
the Credit Agreement or other Loan Documents and (ii) would, but for the
existence of this Agreement, permit the Lenders and the Agents to, among other
things, (A) accelerate all or any portion of the Obligations and (B) subject to
the terms of the Collateral Trust Agreement, (1) commence any legal or other
action to collect any or all of the Obligations from the Borrower and any other
Company and/or any Pledged Collateral, (2) exercise any Secured Creditor
Remedies, including, without limitation, by foreclosing or otherwise realizing
upon any or all of the Pledged Collateral and/or setting off and applying any
deposits or other amounts or proceeds of Pledged Collateral to the payment of
any or all of the Obligations, and (3) take any other enforcement action or
otherwise exercise any or all rights, remedies, powers and privileges provided
for by any or all of the Credit Agreement, the other Loan Documents, applicable
law and/or equity.

       

      
        
          
          

        

        
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      3.  Limited Forbearance by the
Agents and the Lenders.

       

      (a)  Temporary
Forbearance.  In accordance with the terms and subject to the
conditions of this Agreement and only so long as no Termination Event shall have
occurred and be continuing, the Agents and the Lenders agree to temporarily forbear until the
Termination Date from (i) declaring all of the Obligations to be immediately due
and payable, (ii) foreclosing or
directing the foreclosure upon the Pledged Collateral, and (iii) exercising any
other Secured Creditor Remedies with respect to the Pledged Collateral, in each
case, solely by reason of, or as a result of the occurrence of, the Specified
Events of Default.

       

      (b)  Limited Effect of
Forbearance.  Notwithstanding the foregoing, the Companies and
the Lenders acknowledge and agree that the temporary forbearance granted by the
Agents and the Lenders pursuant to this Agreement shall not constitute, and
shall not be deemed to constitute, a waiver of the Specified Events of Default
or of any other Default or Event of Default under the Loan Documents or a waiver of any of the rights and
remedies provided thereunder, under law, at equity or otherwise (except as otherwise expressly provided in Section
3(a)).

       

      (c)  Termination of
Forbearance.  On and after the Termination Date, or such
earlier date on which a Termination Event occurs
and is continuing, the Agents' and the Lenders' agreement hereunder to
forbear shall terminate automatically without the requirement of any demand,
presentment, protest, notice or further act or action by the Agents or the
Lenders.  Each Company expressly acknowledges and agrees that the
effect of such termination will be to permit the Agents and the Lenders to
demand that the Obligations be Paid in Full and to exercise any and all other
rights and remedies available to them under the Loan Documents and this
Agreement, at law, in equity (including, without limitation, any Secured
Creditor Remedy), or otherwise without any further lapse of time, expiration of
applicable grace periods, or (except as otherwise required under provisions of
applicable law that cannot be waived) requirements of notice to any Company, all
of which are expressly waived by each Company.

       

      (d)  Default Interest.  The
Administrative Agent, the Lenders and the Companies hereby agree that (i)
effective April 7, 2009, the Obligations shall accrue interest at the Default
Rate and (ii) such interest shall be payable in cash upon the earlier of (a) the
occurrence of a Termination Event and (b) the Termination Date.

       

      
        
          
          

        

        
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      4.  Conditions to Effectiveness;
Post-Closing Obligations.

       

      (a)  This
Agreement shall become effective and be deemed effective as of the date when,
and only when, the Administrative Agent shall have received a copy of this
Agreement, duly executed by the Companies, the Administrative Agent and the
Required Lenders (the date of such effectiveness being referred to as the “Forbearance Effective
Date”):

       

      (b)  The
Borrower shall pay to the Administrative Agent within one Business Day of the
Forbearance Effective Date, for the account of or as directed by each Lender on
a pro rata basis, a nonrefundable fee equal to 0.75% of the Existing Principal,
in immediately available funds, in Dollars, which fee shall be earned in full
when paid.

       

      (c)  The
Borrower shall pay the invoiced legal fees and expenses of counsel to the
Required Lenders in respect of the negotiation, preparation, execution and
delivery of this Agreement within three Business Days of the receipt of such
invoice.

       

      (d)  The
Companies shall deliver to the Administrative Agent within three Business Days
of the Forbearance Effective Date:

       

      (i)  a
certificate from the Secretary of the Borrower (A) attesting to the resolutions
of the Borrower's Board of Directors authorizing the execution, delivery and
performance by the Borrower of this Agreement and the other Loan Documents to be
executed and delivered pursuant hereto to which the Borrower is a party, and the
performance of the Credit Agreement, as amended, (B) authorizing specific
officers of the Borrower to execute the same, and (C) attesting to the
incumbency and signatures of such specific officers of the Borrower;
and

       

      (ii)  the
financial statements for the fiscal year ended December 31, 2008 required under
Section 5.01(a) of the Credit Agreement and the related documents required under
Section 5.01(d) of the Credit Agreement, excluding the requirement that the
auditor opinion accompanying such financial statements be delivered without a
going concern qualification.

       

      (e)  The
Companies shall deliver to the Administrative Agent within five Business Days of
the Forbearance Effective Date a counterpart signature page to this Agreement,
duly executed by the Collateral Agent.

       

      Any
breach of the obligations set forth in Section 4(b), 4(c), 4(d) or 4(e) above
shall constitute a Termination Event.

      

      5.  Ratification of Loan
Documents and Pledged Collateral.  Each Company acknowledges
that this Agreement constitutes receipt from the Agents and the Lenders of
proper notice of default, and subject to the terms and conditions of this
Agreement, notice of intent to accelerate and opportunity to cure, and demand
for payment.  Each Company waives to the extent permitted by law (a)
any further notice of default, notice of intent to accelerate, or demand for
payment and (b) any further opportunity to cure the Specified Events of
Default.  Except as modified by this Agreement, each Company
acknowledges, ratifies, reaffirms, and agrees that the Collateral Trust
Agreement and the perfected liens and security interests created thereby in
favor of the Collateral Agent for the benefit of the Lenders and the other
secured parties referred to therein in the Pledged Collateral are, and will
remain, in full force and effect and binding on all of the Companies and are
hereby ratified and confirmed in all respects.  Each Company
acknowledges, ratifies and reaffirms all of the terms and provisions of the Loan
Documents (including, without limitation, the Credit Agreement), except as
modified herein, which are incorporated by reference as of the Forbearance
Effective Date as if set forth herein including, without limitation, all
promises, agreements, warranties, representations, covenants, releases, and
indemnifications contained therein.

       

      
        
          
          

        

        
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      6.  Insolvency Proceedings; FCC
Matters.

       

      (a)  Insolvency Proceedings and
Certain Waivers.  Each Company agrees that if any Insolvency
Proceeding with respect to any Company exists, subject to and in furtherance of
the terms set forth in the Collateral Trust Agreement:

       

      (i)  such
Company shall not directly or indirectly object to, challenge, contest or
otherwise seek to invalidate or reduce (or support directly or indirectly any
other person in any such objection, challenge or contest) (A) the existence,
validity or amount of the obligations or (B) the extent, legality, validity,
perfection, priority or enforceability of any lien, pledge, security interest or
mortgage of the Collateral Agent purportedly securing any of the
Obligations;

       

      (ii)  such
Company shall not seek to subordinate or recharacterize any claim of the
Collateral Agent or any Lender against any other Company; and

       

      (iii)  such Company acknowledges and
agrees that the waivers set forth in this Section constitute material
consideration for the Agents and the Lenders to execute and deliver this
Agreement and that the Agents and the Lenders are specifically relying on the
truth and accuracy of the foregoing.

       

      (b)  FCC
Matters.  For the purposes of exercising any of their Secured
Creditor Remedies at any time that the Forbearance Period shall cease to be in
effect, subject to and in furtherance of the terms set forth in the Collateral
Trust Agreement, the Companies agree with the Agent and the Lenders as
follows:

       

      (i)  The
Agents and the Lenders are empowered to request, and each Company agrees to
authorize, the appointment of a receiver or trustee from any court of competent
jurisdiction.  Such receiver or trustee shall be instructed to seek
from the FCC (and any other Governmental Authority) all requisite consents to
and approvals of any assignment of any FCC License and assets of, or any transfer of
control of over any Person whose stock, partnership interests, other securities
or other Pledged Collateral is subject to the Collateral Trust Agreement to the
extent required for such trustee or receiver to be granted the rights necessary
to accomplish the purpose of seeking a bona fide purchaser to whom such FCC
License ultimately will be assigned or control of such entity ultimately will be
transferred, subject to FCC and any other governmental approvals.

       

      
        
          
          

        

        
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      (ii)  Each
Company agrees, at the joint and several cost and expense of the Companies, to
reasonably cooperate with any such purchaser referred to in clause (i) and with
the Agents and Lenders in the preparation, execution and filing of any
applications and other documents and providing any information that may be
reasonably necessary in obtaining the FCC's consent to the assignment or
transfer to such purchaser of the Pledged Collateral or any portion thereof or
any of any FCC License.

       

      (iii)  To the
fullest extent permitted by applicable law, each Company hereby agrees to
consent to and authorize any such transfer of control or assignment upon the
request of the Agents or Lenders following a Termination Event or other
expiration of the Forbearance Period, without limiting any rights of the Agents
or Lenders under this Agreement or any other Loan Document to authorize the
Agents or Lenders to nominate a trustee or receiver to assume control of the
Pledged Collateral, subject only to any required consents, approvals or orders
of courts of competent jurisdiction, the FCC or other Governmental Authority,
for the purpose of effectuating the transactions contemplated in this Section
6(b) and the other provisions of this Agreement and the other Loan
Documents.  Such trustee or receiver shall have all the rights and
powers as provided to it by law, court order or the Agents or Lenders under this
Agreement and the other Loan Documents.

       

      (iv)  Each
Company shall cooperate fully and use commercially reasonable efforts in
obtaining the consent of the FCC and the approval or consent of each other
Governmental Authority required to effectuate the foregoing.

       

      7.  Representations and
Warranties.  To induce the Agents and the Lenders to enter into
this Agreement, each Company hereby represents and warrants to the Agents and
the Lenders as follows:

       

      (a)  Duly
Organized.  Each Company is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, and
has the full power and authority to execute, deliver and perform this Agreement
and to perform the Credit Agreement, as amended hereby.

       

      (b)  Authority.  The
execution, delivery and performance by such Company of this Agreement, and the
performance by such Company of the Credit Agreement, as amended hereby, and each
other Loan Document (i) have been duly authorized by all requisite action on the
part of such Company, (ii) do not and will not violate any provision of federal,
state, or local law or regulation applicable to such Company, the Organizational
Documents of such Company, or any order, judgment or decree of any court,
Governmental Authority or arbitrator by which such Company or any of its
properties is bound, (iii) do not and will not conflict with, result in a breach
of, or constitute (with due notice or lapse of time or both) a default under
Collateral Trust Agreement or any other contractual obligation of such Company
(including, without limitation, any Material Agreement of such Company) and (iv)
do not and will not require any filing (other than any disclosure filing) or
registration with, consent, or authorization or approval of, or notice to, or
other action with or by, any Governmental Authority or other
Person.

       

      
        
          
          

        

        
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      (c)  Binding
Obligation.  Each of this Agreement and the Credit Agreement,
as amended hereby, constitutes the legal, valid and binding obligation of such
Company, enforceable against such Company in accordance with its terms, except
as enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganization, moratorium, or similar laws relating to or limiting
creditors' rights generally.

       

      (d)  No Other
Defaults.  Except for the Specified Events of Default, no
Default or Event of Default has occurred and is continuing or would result from
this Agreement becoming effective in accordance with its terms.  No
"Event of Default", as such term is defined in the Convertible Indenture, has
occurred and is continuing or would result from this Agreement becoming
effective in accordance with its terms.

       

      (e)  Representations and
Warranties.  All representations and warranties by the
Companies contained in the Credit Agreement and in each other Loan Document and
certificate or other writing delivered to any Agent or Lender pursuant to the
Credit Agreement or this Agreement are true and correct in all material respects
as of the Forbearance Effective Date
hereof, except (i) to the extent made as of
a specific date, in which case each such representation and warranty shall be
true and correct in all material respects as of such date, or (ii) to the extent  that such
representation and warranties relate to the Specified Events of
Default.

       

      8.  Additional
Covenants.  Commencing on the Forbearance Effective Date, and
thereafter, so long as any principal of or interest on any Loan, any fee or any
other Obligation (whether or not due) shall remain unpaid, the Borrower and each
other Company agree as follows:

       

      (a)  The
Companies shall diligently, speedily and expeditiously pursue in good faith and
on a commercially reasonable efforts basis a refinancing or repayment in full in
cash of the Obligations to be consummated on or prior to the last day of the
Forbearance Period (the "Refinancing").  The
Companies shall, and shall direct their advisors to, keep the Agents and the
Lenders apprised of all significant developments with respect to such
process.

       

      (b)  The
Companies shall diligently, speedily and expeditiously pursue in good faith and
on a commercially reasonable efforts basis a restructuring plan for their
business and a plan to repay the Obligations under the Credit Agreement, which
may include, without limitation, an equity investment from an Affiliate or third
party, a refinancing, an orderly divestment of assets, or other measures (the
"Restructuring
Plan").

       

      (c)  The
Companies shall, and shall cause their advisors to, cooperate in good faith with
all advisors retained by the Lenders and the holders of the Convertible Senior
Secured Notes in order to enable such advisors to (i) evaluate the Companies'
financial condition, business, operations and prospects and (ii) to evaluate the
Restructuring Plan.  The Companies shall, and shall direct their
advisors to, keep the Agents and the Lenders apprised of all significant
developments with respect to the Restructuring Plan.

       

      (d)  The
Companies agree that, in accordance with Section 5.01(l) of the Credit
Agreement, promptly from time to time, the Companies shall furnish such other
information concerning the Refinancing or the Restructuring Plan as the
Administrative Agent or any Lender, acting pursuant to such Section 5.01(l), may
reasonably request.

       

      
        
          
          

        

        
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      (e)  Notwithstanding anything to the
contrary contained in Section 2.10 of the Credit Agreement, if any Company,
Holdings or any of their respective Subsidiaries (a “Recipient”) shall be
entitled to receive the Net Cash Proceeds of any of the following transactions,
in each case solely with respect to Auction Rate Securities owned by a
Company:  (i) any ARS Conversion, (ii) any other disposition of
Auction Rate Securities or (iii) any Debt Issuance for which Auction Rate
Securities are pledged as collateral (an “ARS Margin Loan” and together with any
transaction described in subclause (i) or (ii), each an “ARS Transaction” and
collectively the “ARS Transactions”), then the Borrower shall cause 100% of all
such Net Cash Proceeds to be paid by such Recipient directly to the
Administrative Agent, immediately at such time that such Net Cash Proceeds are
received by such Recipient (provided that the Borrower will use commercially
reasonable efforts to cause such Net Cash Proceeds to be paid by the payor
directly to the Administrative Agent), which payment shall be applied as a
prepayments of the Obligations in accordance with Section 2.10(h) and (i) of the
Credit Agreement.  Notwithstanding Section 6.01, 6.02 or 6.06 of the
Credit Agreement, no ARS Transaction shall be entered into by any Company,
Holdings or any of their respective Subsidiaries except where (A) 100% of the
consideration payable to such party (in the case of an ARS Conversion or a
disposition of Auction Rate Securities) or the proceeds to be received by such
party (in the case of an ARS Margin Loan) is payable in cash, (B) such
consideration (in the case of an ARS Conversion or a disposition of Auction Rate
Securities) represents fair value to such party and (C) in the case of an ARS
Margin Loan, such loan is extended on fair terms to such
party.  Without limiting the generality of the preceding subclauses
(B) and (C), none of the Companies, Holdings or any Subsidiary shall enter into
any ARS Transaction unless either (x) the consideration payable to such party
(in the case of an ARS Conversion or a disposition of Auction Rate Securities)
or the proceeds to be received by such party (in the case of an ARS Margin Loan)
is equal to at least 60% of the par value of the applicable Auction Rate
Securities or (y) upon the closing of such ARS Transaction, the Obligations
shall be Paid in Full.  The Required Lenders agree to review and
respond within two Business Days to any request from the Borrower for a waiver
that would permit an ARS Transaction not otherwise permitted under this clause
(e) (it being understood that no waiver shall be effective unless signed in
writing by the Required Lenders).  Subject to the terms set forth in
this clause (e), the Required Lenders hereby consent to the incurrence by the
Borrower of any ARS Margin Loan.

       

      (f)  Notwithstanding anything to the
contrary contained in Section 2.10 of the Credit Agreement, if any Recipient
shall be entitled to receive the Net Cash Proceeds of any Asset Sale (solely
with respect to assets of a Company), Debt Issuance or Equity Issuance in
respect of any equity interest in a Company (or that is otherwise payable to a
Company) and as a result thereof, if such proceeds were received by any Company,
such proceeds would be required to be applied as a prepayment of the Obligations
pursuant to Section 2.10 of the Credit Agreement, then the Borrower shall cause
100% of all such Net Cash Proceeds to be paid directly by such Recipient to the
Administrative Agent, immediately at such time that such Net Cash Proceeds are
received by such Recipient (provided that the Borrower will use commercially
reasonable efforts to cause such Net Cash Proceeds to be paid by the payor
directly to the Administrative Agent), which payment shall be applied as a
prepayments of the Obligations in accordance with Section 2.10(h) and (i) of the
Credit Agreement.

       

      
        
          
          

        

        
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      Any
breach of the obligations set forth in this Section 8 shall constitute a
Termination Event.

       

      

      9.  Remedies Upon Termination or
Expiration of Forbearance Period.  Upon the occurrence of a
Termination Event, the Forbearance Period will terminate without further act or
action by the Agents or the Lenders.  Upon the termination or
expiration of the Forbearance Period, the Agents and the Required Lenders shall
be entitled to (i) demand immediate payment in full in cash of all of the
Obligations (or if the Maturity Date has occurred or any Insolvency Event has
occurred, the Obligations shall automatically become due and payable without any
action of any Agent or Lender) and (ii) subject to the Collateral Trust
Agreement, immediately to exercise any and all rights and remedies available to
them under the Loan Documents and this Agreement, at law, in equity, or
otherwise, in each case without further opportunity to cure, demand,
presentment, notice of dishonor, notice of default, notice of intent to
accelerate, notice of intent to foreclose, notice of protest or other
formalities of any kind, all of which are expressly waived by each Company to
the extent permitted by law.

       

      10.  RELEASE AND COVENANT NOT TO
SUE.  EACH COMPANY (IN ITS OWN RIGHT AND ON BEHALF OF ITS
DIRECTORS, OFFICERS, EMPLOYEES, INDEPENDENT CONTRACTORS, ATTORNEYS AND AGENTS)
(THE "RELEASING
PARTIES") JOINTLY AND SEVERALLY RELEASES, ACQUITS, AND FOREVER DISCHARGES
THE AGENTS AND THE LENDERS AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES,
INDEPENDENT CONTRACTORS, ATTORNEYS AND AGENTS, (COLLECTIVELY, THE "RELEASED PARTIES"),
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE STATE AND FEDERAL LAW, FROM ANY
AND ALL ACTS AND OMISSIONS OF THE RELEASED PARTIES, AND FROM ANY AND ALL CLAIMS,
CAUSES OF ACTION, COUNTERCLAIMS, DEMANDS, CONTROVERSIES, COSTS, DEBTS, SUMS OF
MONEY, ACCOUNTS, RECKONINGS, BONDS, BILLS, DAMAGES, OBLIGATIONS, LIABILITIES,
OBJECTIONS, AND EXECUTIONS OF ANY NATURE, TYPE, OR DESCRIPTION WHICH THE
RELEASING PARTIES HAVE AGAINST THE RELEASED PARTIES ARISING PRIOR TO THE DATE
HEREOF, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, GROSS NEGLIGENCE, USURY,
UNCONSCIONABILITY, DURESS, ECONOMIC DURESS, DEFAMATION, CONTROL, INTERFERENCE
WITH CONTRACTUAL AND BUSINESS RELATIONSHIPS, CONFLICTS OF INTEREST, MISUSE OF
INSIDER INFORMATION, CONCEALMENT, DISCLOSURE, SECRECY, MISUSE OF COLLATERAL,
WRONGFUL RELEASE OF COLLATERAL, FAILURE TO INSPECT, ENVIRONMENTAL DUE DILIGENCE,
NEGLIGENT LOAN PROCESSING AND ADMINISTRATION, WRONGFUL SETOFF, VIOLATIONS OF
STATUTES AND REGULATIONS OF GOVERNMENTAL ENTITIES, INSTRUMENTALITIES AND
AGENCIES (CIVIL),  SECURITIES AND ANTITRUST LAWS VIOLATIONS, TYING
ARRANGEMENTS, BREACH OR ABUSE OF ANY ALLEGED FIDUCIARY DUTY, BREACH OF ANY
ALLEGED SPECIAL RELATIONSHIP, COURSE OF CONDUCT OR DEALING, ALLEGED OBLIGATION
OF FAIR DEALING, ALLEGED OBLIGATION OF GOOD FAITH, AND ALLEGED OBLIGATION OF
GOOD FAITH AND FAIR DEALING,  IN CONNECTION WITH OR RELATED TO THE
LOAN DOCUMENTS AND THE CREDIT AGREEMENT, AT LAW OR IN EQUITY, IN CONTRACT IN
TORT, OR OTHERWISE, KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED (COLLECTIVELY,
THE "RELEASED
CLAIMS"); PROVIDED, HOWEVER, THAT THE RELEASED CLAIMS SHALL NOT INCLUDE
ANY CLAIMS ARISING OUT OF ANY FAILURE BY ANY AGENT OR LENDER TO PERFORM, ON OR
AFTER THE DATE HEREOF, ANY OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR UNDER
ANY OF THE LOAN DOCUMENTS OR THE CREDIT AGREEMENT.  THE RELEASING
PARTIES FURTHER JOINTLY AND SEVERALLY AGREE TO LIMIT ANY DAMAGES THEY MAY SEEK
IN CONNECTION WITH ANY CLAIM OR CAUSE OF ACTION, IF ANY, TO EXCLUDE ALL PUNITIVE
AND EXEMPLARY DAMAGES, DAMAGES ATTRIBUTABLE TO LOST PROFITS OR OPPORTUNITY,
DAMAGES ATTRIBUTABLE TO MENTAL ANGUISH, AND DAMAGES ATTRIBUTABLE TO PAIN AND
SUFFERING, AND THE RELEASING PARTIES DO HEREBY JOINTLY AND SEVERALLY WAIVE AND
RELEASE ALL SUCH DAMAGES WITH RESPECT TO ANY AND ALL CLAIMS OR CAUSES OF ACTION
WHICH MAY ARISE AT ANY TIME AGAINST ANY OF THE RELEASED PARTIES.  THE
RELEASING PARTIES REPRESENT AND WARRANT THAT, TO THEIR KNOWLEDGE, NO FACTS EXIST
WHICH COULD PRESENTLY SUPPORT THE ASSERTION OF ANY OF THE RELEASED CLAIMS
AGAINST THE RELEASED PARTIES.  THE RELEASING PARTIES FURTHER COVENANT
NOT TO SUE THE RELEASED PARTIES ON ACCOUNT OF ANY OF THE RELEASED CLAIMS, AND
EXPRESSLY WAIVE ANY AND ALL DEFENSES THEY MAY HAVE IN CONNECTION WITH THEIR
DEBTS AND OBLIGATIONS UNDER THE LOAN DOCUMENTS AND THE CREDIT AGREEMENT (AS
AMENDED HEREBY).  THIS SECTION 10 IS IN ADDITION TO AND SHALL NOT IN
ANY WAY LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE, OR WAIVER BY THE RELEASING
PARTIES IN FAVOR OF THE RELEASED PARTIES. NOTWITHSTANDING ANY PROVISION OF THE
CREDIT AGREEMENT (AS AMENDED HEREBY) OR ANY OTHER LOAN DOCUMENT, THIS SECTION 10
SHALL REMAIN IN FULL FORCE AND EFFECT AND SHALL SURVIVE THE DELIVERY AND PAYMENT
ON THE OBLIGATIONS, THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      11.  No Obligation of any Agent
or the Lenders.  Each Company acknowledges and understands that
upon the expiration or termination of the Forbearance Period and if the
Specified Events of Default have not been waived by written agreement in
accordance with the Credit Agreement, or if there shall at such time exist a
Default or Event of Default, then the Agents and the Lenders shall have the
right to proceed to exercise any or all available rights and remedies, which may
include foreclosure on the Pledged Collateral and institution of legal
proceedings to the extent set forth herein in the Collateral Trust
Agreement.  The Agents and the Lenders shall have no obligation
whatsoever to extend the maturity of the Obligations, waive any events of
default or defaults, defer any payments, or further forbear from exercising
their rights and remedies.

       

      12.  No Implied
Waivers.  No failure or delay on the part of the Agents or the
Lenders in exercising, and no course of dealing with respect to, any right,
power or privilege under this Agreement, the Credit Agreement or any other Loan
Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege under this Agreement, the Credit
Agreement or any other Loan Document preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  No
action or acquiescence by the Agents or the Lenders, including without
limitation, the making of any loan or the acceptance of any payment under the
Credit Agreement, shall constitute a waiver of, or a consent to, any default,
noncompliance, Default or Event of Default now existing or hereafter arising
under the Credit Agreement or any of the other Loan Documents (including,
without limitation, the Specified Events of Default).

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      13.  INDEMNIFICATION.  IN
ADDITION TO, AND WITHOUT LIMITATION OF, ANY AND ALL INDEMNITIES PROVIDED IN THE
LOAN DOCUMENTS, EACH COMPANY SHALL AND DOES
JOINTLY AND SEVERALLY INDEMNIFY AND HOLD EACH OF THE RELEASED PARTIES HARMLESS
FROM AND AGAINST ANY AND ALL CLAIMS, LIABILITY, LOSSES, DAMAGES, CAUSES OF
ACTION, SUITS, JUDGMENTS, COSTS, AND EXPENSES, INCLUDING, WITHOUT LIMITATION,
REASONABLE ATTORNEYS' FEES, ARISING OUT OF OR FROM OR RELATED TO ANY OF THE
RELEASED CLAIMS, EXCEPT TO THE EXTENT DETERMINED BY A COURT OF COMPETENT
JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE DIRECTLY RESULTED
SOLELY FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH RELEASED
PARTY.  IF ANY ACTION, SUIT, OR PROCEEDING IS BROUGHT AGAINST ANY OF
THE RELEASED PARTIES, EACH COMPANY SHALL, AT LENDERS' REQUEST, JOINTLY AND
SEVERALLY DEFEND THE SAME AT THEIR SOLE COST AND EXPENSE, SUCH COST AND EXPENSE
TO BE A JOINT AND SEVERAL LIABILITY OF THE COMPANIES, BY COUNSEL SELECTED BY THE
LENDERS.  NOTWITHSTANDING ANY PROVISION OF THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT, THIS SECTION 13 SHALL REMAIN IN FULL FORCE AND EFFECT AND SHALL
SURVIVE ANY DELIVERY AND PAYMENT ON THE OBLIGATIONS, THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS.

       

      14.  Review and Construction of
Documents.  Each Company hereby acknowledges, and represents
and warrants to the Agents and the Lenders, that:

       

      (a)  such
Company has had the opportunity to consult with legal counsel of their own
choice and have been afforded an opportunity to review this Agreement with their
legal counsel;

       

      (b)  such
Company has carefully reviewed this Agreement and fully understand all terms and
provisions of this Agreement;

       

      (c)  such
Company has freely, voluntarily, knowingly and intelligently entered into this
Agreement of their own free will and volition; and

       

      (d)  none of
the Agents or the Lenders has a fiduciary relationship with the Borrower or any
Company, and the relationship between the Agents and the Lenders, on the one
hand, and the Companies, on the other hand, is solely that of creditor and
debtor; and

       

      (e)  no joint
venture exists among the Companies, the Agents and the Lenders.

       

      15.  ENTIRE AGREEMENT;
AMENDMENT.  THIS AGREEMENT AND THE LOAN DOCUMENTS AS
INCORPORATED HEREIN EMBODY THE FINAL, ENTIRE AGREEMENT BETWEEN THE PARTIES
HERETO REGARDING THE AGENTS' AND THE LENDERS' FORBEARANCE WITH RESPECT TO THEIR
RIGHTS AND REMEDIES ARISING AS A RESULT OF THE SPECIFIED EVENTS OF DEFAULT AND
SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF
AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES
HERETO.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES
HERETO.  The provisions of this Agreement may be amended or waived
only by an instrument in writing signed by the Companies, the Agents and the
Lenders.  The Loan Documents, as modified by this Agreement, continue
to evidence the agreement of the parties with respect to the subject matter
thereof.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      16.  Miscellaneous.

       

      (a)  Notices.  All
notices, requests, demands and other communications under this Agreement will be
given in accordance with the provisions of the Credit Agreement.

       

      (b)  Successors and
Assigns. This Agreement shall (i) be binding on the Agents, the Lenders,
the Companies and their respective successors and assigns, and (ii) inure to the
benefit of the Agents, the Lenders, the Companies and their respective
successors and assigns, provided that no Company may assign any rights or
obligations under this Agreement without the prior written consent of the Agents
and the Lenders.

       

      (c)  Tolling of Statutes of
Limitation.  The parties hereto agree that all applicable
statutes of limitations with respect to the Loan Documents shall be tolled and
shall not begin to run again until the Termination Date.

       

      (d)  Interpretation.  Wherever
the context hereof will so require, the singular shall include the plural, the
masculine gender shall include the feminine gender and the neuter and vice
versa.  The headings, captions and arrangements used in this Agreement
are for convenience only and shall not affect the interpretation of this
Agreement.

       

      (e)  Severability.  Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provision in any
other jurisdiction.

       

      (f)  Counterparts.  This
Agreement may be executed and delivered in any number of counterparts, and by
different parties hereto on separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which
counterparts taken together shall constitute one and the same instrument;
provided that no party shall be bound by this Agreement until the Companies, the
Agents and the Required Lenders have executed a counterpart
hereof.  Execution of this Agreement via facsimile or electronic mail
shall be effective, and signatures received via facsimile or electronic mail
shall be binding upon the parties hereto and shall be effective as
originals.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      (g)  Further
Assurances.  Each Company agrees to execute, acknowledge,
deliver, file and record such further certificates, instruments and documents,
and to do all other acts and things, as may be reasonably requested by any Agent
or Lender as necessary or advisable to carry out the intents and purposes of
this Agreement.

       

      (h)  Survival of Representations
and Warranties.  All representations and warranties made in
this Agreement or any other Loan Document will survive the execution and
delivery of this Agreement, and no investigation by the Agents or the Lenders or
any closing will affect the representations and warranties or the right of the
Agents or the Lenders to rely upon them.

       

      (i)  Loan
Document.  This Agreement is a Loan Document for all purposes
of the Credit Agreement and the other Loan Documents.

       

      (j)  GOVERNING
LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

       

      (k)  JURY TRIAL
WAIVER.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE ACTIONS OF ANY AGENT OR ANY LENDER IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

       

      (l)  Direction to Collateral
Agent.  Each of the Administrative Agent and the Required
Lenders hereby (i) represents and warrants to the Collateral Agent that (a) the
execution and delivery of this Agreement by the Collateral Agent is authorized
or permitted under the Credit Agreement, the Collateral Trust Agreement and the
other Loan Documents and (b) it is authorized under the Credit Agreement, the
Collateral Trust Agreement and the other Loan Documents to direct the Collateral
Agent to execute and deliver this Agreement, and (ii)  authorizes and
directs the Collateral Agent to execute and deliver this Agreement.

       

      (m)  Concerning the Collateral
Agent. The parties hereto acknowledge and agree that all of the rights,
privileges, protections, immunities and indemnities afforded the Collateral
Agent under the Credit Agreement, the Collateral Trust Agreement and the other
Loan Documents is hereby incorporated herein as if set forth herein in
full.

       

      (n)  Not Responsible for
Recitals.  The recitals contained herein shall be taken as the
statements of the Companies, the Lenders and the Administrative Agent and the
Collateral Agent assumes no responsibility for their correctness.  The
Collateral Agent makes no representations as to the validity or sufficiency of
this Agreement.

       

      [Remainder
of page intentionally left blank.]

       

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered as of the date first written above.

       

      
        

        
          	 
      	
                  BORROWER:

                
	 
      	 
      
	 
      	
                  ICO
      NORTH AMERICA, INC.

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:
      /s/ Michael P. Corkery

                
	 
      	
                  Name:  Michael
      P. Corkery

                
	 
      	
                  Title:    Acting
      Chief Executive Officer, Chief Financial Officer

                
	 
      	 
      
	 
      	
                  SUBSIDIARY
      GUARANTORS:

                
	 
      	 
      
	 
      	
                  ICO SATELLITE MANAGEMENT,
      LLC, as a Subsidiary
      Guarantor

                
	 
      	
                  By:
      ICO North America, Inc., its sole member

                
	 
      	 
      
	 
      	
                  By:
      /s/ Michael P. Corkery

                
	 
      	
                  Name:  Michael
      P. Corkery

                
	 
      	
                  Title:    Acting
      Chief Executive Officer, Chief Financial Officer

                
	 
      	 
      
	 
      	
                  ICO GLOBAL COMMUNICATIONS
      (CANADA) INC., as a
      Subsidiary Guarantor

                
	 
      	
                  By:
      ICO North America, Inc., its parent

                
	 
      	 
      
	 
      	
                  By:
      /s/ Michael P. Corkery

                
	 
      	
                  Name:  Michael
      P. Corkery

                
	 
      	
                  Title:    Acting
      Chief Executive Officer, Chief Financial Officer

                
	 
      	 
      
	 
      	
                  EXECUTED
      AS A DEED FOR AND ON BEHALF OF:

                
	 
      	
                  ICO SATELLITE NORTH AMERICA
      LIMITED, as a
      Subsidiary Guarantor

                
	 
      	
                  By:
      ICO North America, Inc., its parent

                
	 
      	
                  By:
      /s/ Michael P. Corkery

                
	 
      	
                  Name:  Michael
      P. Corkery

                
	 
      	
                  Title:    Acting
      Chief Executive Officer, Chief Financial Officer

                
	 
      	 
      
	 
      	
                  In
      the presence of: /s/ John L. Flynn

                
	 
      	
                  Name
      of Witness: John L. Flynn

                
	 
      	
                  Address
      of Witness: c/o ICO

                
	 
      	
                  11700
      Plaza America Drive, Ste 1010

                
	 
      	
                  Reston,
      VA 20190

                

        

         

        
          
            
            

          

          
            Forbearance

            
              

            

          

          
            
            

          

        

         

        
          	 
      	
                  ICO SATELLITE SERVICES LIMITED,
      as a Subsidiary Guarantor

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:
      /s/ Kelly Meadows

                
	 
      	
                  Name:  Kelly
      Meadows

                
	 
      	
                  Title:    Director

                
	 
      	 
      
	 
      	
                  ICO
      SERVICES LIMITED, as a
      Subsidiary Guarantor

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:
      /s/ Kelly Meadows

                
	 
      	
                  Name:  Kelly
      Meadows

                
	 
      	
                  Title:    Director

                
	 
      	 
      
	 
      	
                  SSG
      UK LIMITED, as a Subsidiary
      Guarantor

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:
      /s/ Kelly Meadows

                
	 
      	
                  Name:  Kelly
      Meadows

                
	 
      	
                  Title:    Director

                

        

         

        
          
            
            

          

          
            Forbearance

            
              

            

          

          
            
            

          

        

         

        
          	 
      	
                  ICO SATELLITE SERVICES
      G.P., as a
      Subsidiary Guarantor

                
	 
      	
                  By:
      ICO Services Limited, a general partner

                
	 
      	 
      
	 
      	
                  By:
      /s/ Kelly Meadows

                
	 
      	
                  Name:  Kelly
      Meadows

                
	 
      	
                  Title:    Director

                
	 
      	 
      
	 
      	
                  NEW ICO SATELLITE SERVICES
      G.P., as a
      Subsidiary Guarantor

                
	 
      	
                  By:
      ICO Satellite Services G.P., a general partner

                
	 
      	
                  By:
      ICO Services Limited, a general partner

                
	 
      	 
      
	 
      	
                  By:
      /s/ Kelly Meadows

                
	 
      	
                  Name:  Kelly
      Meadows

                
	 
      	
                  Title:    Director

                

        

         

        
          
            
            

          

          
            Forbearance

            
              

            

          

          
            
            

          

        

         

        
          	 
      	
                  ADMINISTRATIVE
      AGENT:

                
	 
      	 
      
	 
      	
                  JEFFERIES
      FINANCE LLC, as Administrative Agent

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:
      /s/ E.J. Hess

                
	 
      	
                  Name:  E.J.
      Hess

                
	 
      	
                  Title:    Managing
      Director

                

        

         

        
          
            
            

          

          
            Forbearance

            
              

            

          

          
            
            

          

        

         

        
          	 
      	
                  REQUIRED LENDERS:

                
	 
      	 
      
	 
      	
                  Special
      Situations Investing Group, Inc., as a Lender

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:
      /s/ Robert G. Frahm III

                
	 
      	
                  Name:  Robert
      G. Frahm III

                
	 
      	
                  Title:    Authorized
      Signatory

                

        

         

        
          
            
            

          

          
            Forbearance

            
              

            

          

          
            
            

          

        

         

        
          	 
      	
                  CANPARTNERS INVESTMENTS IV,
      LLC, as a Lender

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:
      /s/ Mitch Julis

                
	 
      	
                  Name:  Mitch
      Julis

                
	 
      	
                  Title:    Authorized
      Signatory

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
A

      

      Specified
Events of Default

      

      The
Defaults, which on and after April 7, 2009, shall be Events of Default,
resulting from (a) the failure of the Companies to deliver as required by
Section 5.01(a) of the Credit Agreement not later than March 31, 2009 the
consolidated financial statements of the Borrower for the fiscal year ended
December 31, 2008 accompanied by an opinion of Deloitte & Touche LLP not
qualified as to scope and not containing any going concern or other
qualification or exemption and (b) the failure of the Companies to deliver as
required by Section 5.01(d) of the Credit Agreement the other items required to
be delivered concurrently with the consolidated financial statements of the
Borrower for the fiscal year ended December 31, 2008.Unassociated Document

    
      EMPLOYMENT
AGREEMENT

      

      THIS EMPLOYMENT AGREEMENT
("Agreement") is entered into to be effective as of the 1st day of March 2009,
by and between Tix Corporation, a Delaware corporation (hereinafter the
"Company"), and Mitch
Francis, an individual (hereinafter "Employee").

       

      WITNESSETH

       

      WHEREAS, the Company desires
to continue the services of Employee, and Employee is willing to continue as an
employee of the Company, on the terms and subject to the conditions hereinafter
set forth.  This Agreement supersedes and replaces all prior
agreements between the Company and Employee regarding the subject matter
hereof.

      

      NOW, THEREFORE, for and in
consideration of the mutual promises herein contained, the parties hereto hereby
agree as follows;

      

      1. Engagement; Nature of
Duties.  The Company hereby engages Employee, for the period
hereinafter set forth, to serve as and hold the offices of Chairman of the
Board, President and Chief Executive Officer, and to perform the duties of such
offices as provided in the Bylaws of the Company and as directed by the Board of
Directors of the Company.  Employee agrees to serve in such capacity
and to do and perform the service, acts, or things necessary to carry out the
duties of such offices, and such other duties, not inconsistent with such
offices and Employee's position as an executive officer of the
Company.  Employee shall report only to the Board of Directors of the
Company from time to time.  It is expressly agreed and acknowledged
that employment in the capacity of the aforementioned offices was a material
inducement to Employee to enter into this Agreement.  The Company
further agrees and acknowledges that election, and being retained in office, as
a director was a material inducement to Employee to enter into this
Agreement.  The Board of Directors agrees to use its best efforts, so
long as this Agreement remains in effect, to cause Employee to be nominated as a
director at any meeting or action of the stockholders of the Company for the
purpose of electing directors, and to use their best efforts to cause Employee
to be elected and retained in office as a director throughout the term of this
Agreement.

      

      2. Term.  The term
of employment pursuant to this Agreement shall be for a period of three (3)
years, commencing on March 1, 2009 (the "Commencement Date"), unless sooner
terminated in accordance with the provisions hereof (the "Term").

      

      3. Performance of
Duties.  Employee shall devote such time and attention to
Employee's duties as may be reasonably necessary to perform and carry out such
duties.  Nothing herein contained shall be deemed to preclude Employee
from performing services to other businesses or entities not affiliated with the
Company or having personal investments and from devoting a reasonable amount of
time to the care and attention thereof, provided that the same shall in no
manner interfere with or derogate from Employee's work for the Company or
conflict with the Company's business.

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      Employee
shall perform his duties hereunder primarily in the Los Angeles, California area
and Las Vegas, Nevada (as needed), and shall not be required to perform such
duties on a regular basis at any other location except for site or location
visits to be conducted by Employee from time to time.  Employee shall
not be required to relocate without his consent.

      

      4.
Compensation.

      

      (a) Base
Salary.  The Company shall pay to Employee a base salary in the
amount of Four Hundred Fifty Thousand Dollars ($450,000) per year (the "Base
Salary"), payable in periodic installments in accordance with the Company's
prevailing policy for compensating personnel, but not less often than semi
monthly.  On each yearly anniversary of the Commencement Date (March
1, 2009), the Base Salary shall be increased by eight percent (8%).

      

      (b) Discretionary Bonus.
Employee shall be eligible to receive an annual bonus during his employment at
the sole discretion of the Company’s Board of Directors (or its Compensation
Committee).  It is expected that in determining whether to grant a
bonus and the amount thereof, if any, the Board will consider the Company’s
results of operations and Employee’s contribution thereto which may be based on
performance criteria established from time to time by the Board.

      

      (c) Restricted
Shares.  The Company hereby grants to Employee options under
the Tix Corporation Employee Incentive Stock Option Plan (the “Options”) to
purchase an aggregate of 150,000 shares of the Company’s Common Stock at an
exercise price at the closing price on the date the Tix Corporation board of
directors approves the terms of this Agreement.  The options shall
vest one-third on each anniversary date of this Agreement.  The first
Tranche shall vest on the first anniversary of the Commitment Date; the second
Tranche on the second anniversary; and the third Tranche on the third
anniversary.

      

      5. Expenses Reimbursement;
Automobile.  The services required of Employee by this
Agreement shall include the responsibility and duty of entertaining business
associates and others with whom the Company is, desires to be, or may become
engaged in business or with whom it seeks, now or in the future, to develop or
expand business relationships, or with whom it is otherwise to the benefit of
the Company to establish or maintain communications.  It may also be
necessary for Employee to travel from time to time on behalf of and for the
benefit of the Company, or in furtherance of the Company's
business.  It is the Company's belief that the performance of
Employee's duties in such travel and entertainment activities will produce the
maximum benefits which the Company expects to derive from Employee's
services.  Accordingly, the Company shall pay, or if Employee shall
have paid, shall reimburse to Employee, any and all expenses incurred by him or
for his account in the performance of his duties hereunder, including all
expenses for business, entertainment, promotion and travel by Employee, subject
only to Employee providing appropriate documentation for such
expenses.  It is expressly agreed, in connection therewith, that
Employee shall be provided or reimbursed for reasonable travel and
accommodations, but no first-class air travel will be deemed reasonable, (unless
under special price offering).  The Company shall provide Employee
with an automobile, reasonably commensurate with Employee's office and position,
for use by Employee in performing Employee's duties hereunder and the Company
shall be responsible for all expenses associated with ownership/leasing of such
automobile, including, but not limited to, costs of licensing or registration,
maintenance, taxes and gasoline.  Employee shall maintain such records
with respect to the use of such automobile as the Company may reasonably
request.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      In the
event that Employee shall be deemed to have received income, for state or
federal income tax purposes, by reason of Employee's receipt of or reimbursement
for any of the benefits or expenses set forth in this Section 5, the Company
shall pay or reimburse Employee for all taxes required to be paid by Employee
with respect to such income.

      

      6. Medical and Life Insurance;
Pension Benefits; Tax Preparation.  The Company shall provide
or reimburse Employee and Employee’s spouse for health and long-term care
insurance (premiums up to $25,000 per year), and Employee life insurance
(premiums up to $10,000 per year), and disability insurance (up to $10,000 per
month coverage) (premiums up to $5,000 per year).   Employee
shall also have the right to participate in any and all employee retirement
benefits plan or profit-sharing plan which the Company maintains for its
personnel, and in effect at any time during the period of Employee's employment
hereunder, subject only to any eligibility restrictions of such plans, the plan
documents and generally applicable policies of the Company.  Employee
shall be entitled to reimbursement of up to $4,000 per year for personal tax
consultation and preparation of tax returns and other forms and
filings.

      

      7. Vacation.  During
each year of the Term, Employee shall be entitled to a vacation of four (4)
weeks, without deduction of salary.  Such vacation shall be taken at
such time or times during the applicable year as may be mutually determined by
Employee and the Company.  Any additional vacation period shall be
determined by the Company consistent with the general customs and practices of
the Company applicable to its personnel.

      

      8.
Termination.  This Agreement may be terminated by the Company
for cause.  As used herein, "cause" shall mean:

      

      (a) the commission by Employee
of any act of embezzlement, fraud, larceny or theft on or from the Company or an
affiliate of the Company;

      

      (b) the commission by Employee
of, or indictment of Employee for a felony;

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      (c) failure to perform, or
materially poor performance of, Employee’s duties and responsibilities assigned
or delegated under this Agreement, or any material misconduct or violation of
the Company’s policies, in either case, which continues for a period of thirty
(30) days after written notice given to Employee; or

      

      (d) a material breach by
Employee of any of the covenants, terms or provisions of this Agreement or any
agreement between the Company and Employee regarding confidentiality,
non-competition or assignment of inventions.

      

      In
addition, this Agreement shall automatically be terminated upon Employee's death
or permanent disability.  As used herein, "permanent disability" shall
mean Employee's complete inability to perform Employee's duties hereunder, as
determined by Employer's physician, which inability continues for more than
one-hundred eighty (180) consecutive days.

      

      In the
event that this Agreement is terminated by the Company for any reason other than
for cause or for death or permanent disability as defined above, or pursuant to
a Change in Control discussed below, the Company expressly agrees and
acknowledges that Employee shall be entitled to receive the base salary, bonuses
and benefits described in Sections 4 and 5 of this Agreement for the remainder
of the Term and shall have no duty or obligation to accept other employment, or
otherwise mitigate Employee's damages resulting from such
termination.  The Company further agrees and acknowledges that, in the
event Employee does obtain other employment following the Company's termination
of this Agreement other than for cause, the Company shall not be entitled to any
set off or reduction in the amounts payable to Employee hereunder as a result of
any compensation paid to Employee with respect to such new
employment.

      

      9.
Change in Control

      

      (a) Termination following a Change in
Control.  If a Change in Control of the Company shall have
occurred, Employee shall be entitled to Termination Benefits (as defined in
Section 9(c)) upon the subsequent termination of Employee’s employment during
the term of this Agreement, unless such termination is pursuant to Section 8,
above, or upon termination by Employee for Good Reason, as defined in Section
9(d).

      

      (b) What Constitutes a “Change in
Control”.  A “Change in Control of the Company” shall be deemed
to have occurred upon the occurrence of any one or more of the following
events:

      

      (i) any “person” (as such term is used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), other than Employee or a trustee or other fiduciary
holding securities under an employee benefit plan of the Company; hereafter
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 20% or
more of the combined voting power of the Company’s then outstanding
securities;

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      

      (ii) during any period (other than any
period prior to the execution of this Agreement), individuals who at the
beginning of such period constitute the Board and any new directors (other than
directors designated by a person who has entered into an agreement with the
Company to effect a transaction described in clauses (i) or (iii) of this
Section 9(b)) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the beginning of the
period or whose election or nomination for election was previously so approved,
cease for any reason to constitute a majority thereof; or

      

      (iii) the stockholders of the Company
approve a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting securities
of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity) at least 80% of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, or the stockholders of the Company approve a plan
of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s
assets.

      

      (c) Termination
Benefits.  As used in this Agreement, the term “Termination
Benefits” means the payment provision of all of the following:

      

      (i) Employee’s salary through
Employee’s date of termination at the rate in effect at that time, plus all
other amounts, including bonuses, to which Employee is entitled under this
Agreement and any compensation plan of the Company, at the time such payments
are due but in any event no later than the 30th day after Employee’s date of
termination;

      

      (ii) a lump sum Severance Payment (in
an amount determined pursuant to Section 9(c)(vi) below) which amount shall be
paid to Employee not later than the 30th day after Employee’s date of
termination;

      

      (iii) the Company also shall pay to
Employee all legal fees and expenses incurred by Employee as a result of such
termination (including all such fees and expenses, if any, incurred in
contesting or disputing any such termination or in seeking to obtain or enforce
any right or benefit provided by this Agreement or in connection with any tax
audit or proceeding to the extent attributable to the application of Section
280G(b) of the Code, to any payment or benefit provided hereunder), within five
days after Employee’s request for payment accompanied with such evidence of fees
and expenses incurred as the Company reasonably may require;

      

      (iv) the Company shall continue to
provide Employee for a period of eighteen (18) months after Employee’s date of
termination with benefits substantially similar to those enjoyed by Employee
under any of the Company’s life, medical, health, accident, or disability plans
in which Employee were participating at the time the Change in Control of the
Company occurred; and

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      

      (v) any and all options to purchase
securities of the Company held by Employee on Employee’s date of termination
(whether or not otherwise fully vested and immediately exercisable by Employee)
shall be fully vested and immediately exercisable by Employee for a period of
one (1) year following Employee’s date of termination.

      

      (vi) The term “Severance Payment” means
an amount equal to five (5) times the current annual base salary actually paid
to Employee by the Company before the time of the Change in Control of the
Company.

      

      (vii) Employee shall not be required to
mitigate the amount of any payment provided for in this Section 9 by seeking
other employment or otherwise, nor shall the amount of any payment or benefit
provided for in this Section 9 be reduced by any compensation earned by Employee
as the result of the employment by another employer, by retirement benefits, by
offset against any amount claimed to be owned by Employee to the Company or
otherwise.

      

      (viii) In addition to all other amounts
payable to Employee under this Section, Employee shall be entitled to receive
all benefits payable to Employee under the Company’s profit sharing plan and any
other plan or agreement relating to retirement benefits.

      

      (ix) If a Change in Control of the
Company shall have occurred during the original or extended term of this
Agreement, this section shall continue in effect for a period of 24 months
beyond the month in which such change in Control of the Company
occurred.

       

      (d) Termination by Employee for Good
Reason.  The term “Good Reason” means the occurrence, without
Employee’s express written consent, after a Change in Control of the Company of
any of the following circumstances:

       

      (i) the
assignment to Employee of any duties inconsistent with Employee’s status as a
senior executive officer or key employee of the Company or a substantial adverse
alteration in the nature or status of Employee’s responsibilities from those in
effect immediately prior to the Change in Control of the Company;

       

      (ii) a
reduction by the Company in Employee’s annual salary as in effect on the date
thereof or as the same may be increased from time to time except for
across-the-board salary reductions similarly affecting all senior executives of
the Company and all senior executives of any person in control of the
Company;

       

      (iii) the
relocation of the Company’s principal executive offices to a location more than
fifty miles from the location of such offices immediately prior to the Change in
Control of the Company or the Company’s requiring Employee to be based anywhere
other than the Company’s principal executive substantially consistent with
Employee’s present business travel obligations;

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      (iv) the
failure by the Company, without Employee’s consent, to pay to Employee any
portion of Employee’s current compensation except pursuant to an
across-the-board compensation deferral similarly affecting all senior executives
of the Company and all senior executives of any person in control of the
Company, within seven days of the date such compensation is due;

       

      (v) the
failure by the Company to continue in effect any compensation plan in which
Employee participate immediately prior to the Change in Control of the Company
which is material to Employee’s total compensation , including but not limited
to the Company’s profit sharing plan, or any substitute plans adopted prior to
the Change in Control of the Company, unless an equitable arrangement (embodied
in an ongoing substitute or alternative plan) has been made with respect to such
plan, or failure by the Company to continue Employee’s participation therein (or
in such substitute or alternative plan) on a basis not materially less
favorable, both in terms of the amount of benefits provided and the level of
Employee’s participation relative to other participants, as existed at the time
of the Change in Control of the Company;

       

      (vi) the
failure by the Company to continue to provide Employee with benefits
substantially similar to those enjoyed by Employee under any of the Company’s
pension, life insurance, medical, health, and accident, or disability plans in
which Employee were participating at the time of the Change in Control of the
Company, the taking of  any action by the Company which would directly
or indirectly materially reduce any of such benefits or deprive Employee of any
material fringe benefits enjoyed by Employee at the time of the Change in
Control of the Company, or the failure by the Company to provide Employee with
the number of paid vacation days to which Employee is entitled on the basis of
years of service with the Company in accordance with the Company’s normal
vacation policy in effect at the time of the Change in Control of the Company;
or

       

      (vii) the
failure of the Company to obtain a satisfactory agreement from any successor to
assume and agree to perform this Agreement.

      

      Employee’s continued employment shall
not constitute consent to, or waiver of rights with respect to, any
circumstances constituting Good Reason.

      

      10.
Indemnification.  The Company shall indemnify, defend and hold
Employee harmless from and against any and all claims, demands, suits,
obligations, liabilities, actions, losses, cost, expenses, fines or penalties
which may now or hereafter be pending, threatened or commenced against or
incurred by Employee relating to or in any way resulting from Employee's
performance of his duties hereunder, or any action or failure to act by Employee
in connection with such duties.  Employee's rights under this Section
10 shall be in addition to, and not in lieu of, any and all other rights of
Employee under applicable law or any agreement with the Company regarding
indemnification.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      

      11. Confidential
Information.

      

      (a) As used in this Agreement
"Confidential Information" means any and all information disclosed to Employee
or which Employee gains knowledge of as a consequence or through Employee's
employment by the Company (including information conceived, originated,
discovered or developed by Employee) about the Company's products, processes,
and services, including information relating to research, development,
inventions, manufacture, purchasing, accounting, engineering, marketing,
merchandising, selling trade secrets, or customer lists, which information the
Company maintains as confidential.

      

      (b) Except as required in
Employee's duties to the Company and then only with the Company's prior written
consent, Employee will not, directly or indirectly, use for Employee's own
benefit or the benefit of others, or disseminate, disclose, comment upon or
publish articles concerning, any Confidential Information either during or at
any time after the term of this Agreement without the Company's
consent.

      

      (c) All documents, papers,
notes, notebooks, memoranda, computer files, and other written electronic
records of the Company of any kind in the possession or under the control of
Employee, shall remain in the property of the Company at all
times.  Upon the termination of Employee's employment with the
Company, all documents, papers, notes, notebooks, memoranda, computer files and
other written or electronic records in Employee's possession, whether prepared
by Employee or others will be left with Company.

      

      12.
Successors; Binding Agreement.

       

      (a) The Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place.  Failure of the Company to
obtain such assumption and agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle Employee to
Termination of Benefits from the Company as provided herein, except that, for
purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed Employee’s date of termination.  As
used in this Agreement, “Company” shall mean the Company as hereinbefore defined
and any successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement, by operation of law or otherwise.

       

      (b) This Agreement shall inure
to the benefit of and be enforceable by Employee’s personal or legal
representatives, executors, administrators, successors, heirs, distribute,
devised, and legatees. If Employee should die while any amount would still be
payable to Employee hereunder if Employee had continued to live, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to Employee’s devisee, legatee or other designee or, if
there is no such designee, to Employee’s estate.

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      13. Notices.

      

      Any and all notices which are required
or permitted to be given by any party to any other party hereunder shall be
given in writing, sent by registered or certified mail, electronic
communications (including telegram or facsimile) followed by a confirmation
letter sent by registered or certified mail, postage prepaid, return receipt
requested, or delivered by hand or messenger service with the charges therefore
prepaid, addressed to such party as follows:

      

      

      (a)
Notice to the Employee:

      

      Mitch
Francis

      12001
Ventura Place

      Suite
340

      Studio
City, CA 91604

      Fax (818)
761-1072

      

      (b)
Notice to the Company:

      

      Tix
Corporation

      12001
Ventura Place

      Suite
340

      Studio
City, CA 91604

      Fax (818)
761-1072

      

      Or to
such other address as the parties shall from time to time give notice of in
accordance with this Section.  Notices sent in accordance with this
Section shall be deemed effective on the date of dispatch, and an affidavit of
mailing or dispatch, executed under penalty of perjury, shall be deemed
presumptive evidence of the date of dispatch.

      

      14. Entire agreement and
Modification.  This Agreement, including the exhibits hereto
and the agreements expressly referred to herein, constitutes the entire
understanding between the parties pertaining to the subject matter hereof and
supersedes all prior agreements, understandings, negotiations and discussions,
whether oral or written.  There are no warranties, representations or
other agreements between the parties, in connection with the subject matter
hereof, except as specifically set forth herein.  No supplement,
modification, waiver or termination of this Agreement shall be binding unless
made in writing and executed by the party thereto to be bound.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      

      15. Waivers.  No
term, condition or provision of this Agreement may be waived except by an
express written instrument to such effect signed by the party to whom the
benefit of such term condition or provision runs.  No such waiver of
any term, condition or provision of this Agreement shall be deemed a waiver of
any other term, condition or provision, irrespective of similarity, or shall
constitute a continuing waiver of the same term, condition or provision, unless
otherwise expressly provided.  No failure or delay on the part of any
party in exercising any right, power or privilege under any term, condition or
provision of this agreement shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise of any
other right, power or privilege.

      

      16.
Severability.  In the event any one or more of the terms,
conditions or provisions contained in this Agreement should be found in a final
award or judgment rendered by any court or arbitrator or panel of arbitrators of
competent jurisdiction to be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining terms, conditions and
provisions contained herein shall not in any way be affected or impaired
thereby, and this Agreement shall be interpreted and construed as if such term,
condition or provision, to the extent the same shall have been held invalid,
illegal or unenforceable, had never been contained herein, provided that such
interpretation and construction is consistent with the intent of the parties as
expressed in this Agreement.

      

      17. Headings.  The
headings of the Articles and Sections contained in this Agreement are included
herein for reference purposes only, solely for the convenience of the parties
hereto, and shall not in any way be deemed to affect the meaning, interpretation
or applicability of this Agreement or any term, condition or provision
hereof.

      

      18. Applicable
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of California, without reference to its
choice of law principles, notwithstanding the fact that one or more counterparts
hereof may be executed outside of the State, or one or more of the obligations
of the parties hereunder are to be performed outside of the state.

      

      19. Attorney's
fees.  In the event that any party to this Agreement shall
commence any suit, action, arbitration or other proceeding to interpret this
Agreement, or determine or enforce any right or obligation created hereby,
including but not limited to any action for rescission of this Agreement or for
a determination that this Agreement is void or ineffective ab initio, the
prevailing party in such action shall recover such party's costs and expenses
incurred in connection therewith, including attorney's fees and costs of appeal,
if any.  Any court, arbitrator or panel of arbitrators shall, in
entering any judgment or making any award in any such suit, action, arbitration
or other proceeding, in addition to any and all other relief awarded to such
prevailing party, include in such judgment or award such party's costs and
expenses as provided in this Section 19.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      

      20. Execution and
Counterparts.  This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original, and such counterparts together shall constitute only one
instrument.  Any or all of such counterparts may be executed within or
outside the State of California.  Facsimile signatures shall be have
the same binding effect as an original wet ink signature.

      

      21. Covenant of Further
Assurances.  All parties to this Agreement shall, upon request,
perform any and all acts and execute and deliver any and all certificates,
instruments and other documents that may be necessary or appropriate to carry
out any of the terms, conditions and provisions hereof or to carry out the
intent of this Agreement.

      

      22. Remedies
Cumulative.  Each and all of the several rights and remedies
provided for in this Agreement shall be construed as being cumulative and no one
of them shall be deemed to be exclusive of the others or of any right or remedy
allowed by law or equity, and pursuit of any one remedy, or a waiver of any
other remedy.

      

      23. Binding
Effect.  Subject to the restrictions in Section 25 hereof
respecting assignments, this Agreement shall inure to the benefit of and be
binding upon all of the parties hereto and their respective executors,
administrators, successors and permitted assigns.

      

      24. Compliance with
Laws.  Nothing contained in this Agreement shall be construed
to require the commission of any act contrary to law and whenever there is a
conflict between any term, condition or provision of this Agreement and any
present or future statute, law, ordinance or regulation contrary to which the
parties have no legal right to contract, the latter shall prevail, but in such
event the term, condition or provision of this Agreement affected shall be
curtailed and limited only to the extent necessary to bring it within the
requirement of the law, provided that such construction is consistent with the
intent of the parties as expressed in this Agreement.

      

      25. Gender.  As used
in this Agreement, the masculine, feminine or neuter gender, and the singular or
plural number, shall be deemed to include the others whenever the context so
indicates.

      

      26. No Third Party
Benefit.  Nothing contained in this Agreement shall be deemed
to confer any right or benefit on any person who is not a party to this
Agreement.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      

      27.
Assignment.  Neither party may assign this Agreement, or any
rights hereunder, without the prior express consent of the other
party.

      

      28.
Arbitration.   Any controversy, dispute or claim of
whatever nature arising out of, in connection with or relating to this Agreement
or the interpretation, meaning, performance, breach or enforcement thereof,
including any controversy, dispute or claim based on contract, tort, or statute,
and including without limitation claims relating to the validity of this
Agreement or relating to termination of employment, shall be resolved at the
request of either party to this Agreement, by final and binding arbitration
conducted at a location determined by the arbitrator in Los Angeles, California,
administered by and in accordance with the then existing Rules of Judicate West
Alternative Dispute Resolution, and judgment upon any award rendered by the
arbitrator(s) may be entered by any State or Federal Court having jurisdiction
thereof.  Either party may commence such proceeding by giving notice
to the other party in the manner provided in Section  11 of this
Agreement.  Upon filing a demand for arbitration, all parties to the
Agreement will have the right of discovery to the maximum extent provided by law
for actions tried before a court, and both agree that in the event of an
arbitration, disputes as to discovery shall be determined by the
arbitrator(s).  The arbitrator(s) in any such proceeding shall apply
California substantive law and the California Evidence Code to the
proceeding.  The arbitrator(s) shall have the power to grant all legal
and equitable remedies (provisional and final) and award damages provided by
California law.  The arbitrator(s) shall prepare in writing and
provide to the parties an award including findings of fact and conclusions of
law.  The arbitrator(s) shall not have the power to commit errors of
law or legal reasoning, and the award may be vacated or corrected pursuant to
California Code of Civil Procedure §§1286.2 or 1286.6 for any such
error.  The Company shall pay all fees of the arbitrator, and each
party shall bear its or his expenses, costs and attorney fees relating to the
arbitration and recovery under any order and/or judgment rendered
therein.  In any such proceeding general counsel for the Company may
represent the Company regardless of whether such counsel has rendered advice to
Employee in the past unless prohibited by law or rules of the California State
Bar Association.  The parties hereto hereby submit to the exclusive
jurisdiction of the courts of the State of Calas of the
day and year first above written.ifornia for the purpose of enforcement of this
agreement to arbitrate and any and all awards or orders rendered pursuant
thereto.

      
         

        
          
             

          

          
            12

            
              

            

          

          
             

          

        

        

        IN WITNESS WHEREOF, the
parties have duly executed this Agreement 

      

       

       

      
        	      
                "Company"

                 

                TIX
      CORPORATION

                A
      Delaware Corporation

              
	 	 
	
                By:
      

              	 
	 	
                Norman
      Feirstein, Director and Chairman of the Compensation

                Committee

              
	 	 

      

       

    

    
      	      
              "Employee"

            
	 	 
	
              By:
      

            	 
	 	
              Mitch
      Francis

            
	 	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    COMPENSATION
COMMITTEE APPROVAL

    

    

    The Tix
Corporation Compensation Committee hereby confirms and approves THE EMPLOYMENT AGREEMENT for
Mitch Francis effective
as of March 1, 2009.

     

    
      	 	 	 
	      
              Norman
      Feirstein

            	 	   Date

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