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EXHIBIT 10.7    
    

INVESTOR AGREEMENT BETWEEN GRAYMARK PRODUCTIONS, INC.,

A & A PRODUCTIONS, LLC and FROZEN TELEVISION, INC.  

Agreement
made November 20, 2003, by and between Graymark Productions, Inc. ("Investor"), and A & A Productions, LLC ("A & A") and Frozen Television, Inc. ("Frozen")
(A & A and Frozen are collectively referred to as "Producer") regarding an investment of Two Million Dollars ($2,000,000) in consideration of acquiring the right to share in the equity of the
motion picture (tentatively) entitled "OUT OF THE BLUE" (the "Picture") to be produced by Producer. 

1.    PRODUCTION ARRANGEMENTS:    The Picture shall be based upon that certain
screenplay of the same title heretofore written by Brett Hudson, Burt Kearns and Albert S. Ruddy. Such elements shall not be changed without obtaining Investor's prior written consent to do so (which
consent will not be unreasonably withheld). 

2.    DISTRIBUTION OF THE PICTURE:    Producer shall use its best efforts to cause
the Picture to be exploited in all markets and media, so as to maximize the monetary return to be derived by the Picture. To that end, Producer shall endeavor to arrange for third parties to
distribute and/or exploit the Picture on such commercially reasonable terms as Producer might be able to obtain subject to Investor's rights as defined herein. Further, Producer shall have no
obligation to itself distribute or exploit the Picture if it is unable to arrange for third parties to do so. 

(a)    In
the event that Producer sells all rights to the Picture prior to the Investor advancing at least Fifty Thousand Dollars ($50,000) up to Four Hundred Thousand Dollars ($400,000),
then Investor shall receive the following in lieu of the Premium Recoupment and net profit participation described in Paragraph 3 below: (i) commencing from the first dollar from the
proceeds of any and all rights sales, distribution and/or any and all exploitation of the Picture including without limitation, any and all exploitations of the Ancillary Rights as defined below, in
any, every and all markets and media, whether now known or hereafter discovered throughout the universe, Two Hundred Percent (200%) of the aggregate amount Investor advanced prior to the sale of the
rights in the Picture; (ii) Twenty Five Percent (25%) net profit participation, according to definition of net profits described below. 

3.    RECOUPMENT OF INVESTMENT; PERCENTAGE SHARE OF PROFITS:    In consideration of
Investor making that financial contribution called for in Clause 4, Producer shall pay or cause to be paid to Investor the following: 

(a)    One
Hundred Percent (100%) of all proceeds, commencing from the first dollar, received by Producer from the rights sales, distribution and/or any and all exploitation of the Picture
including, without limitation, any and all exploitation of the "Ancillary Rights," in any, every and all markets and media, whether now known or hereafter discovered throughout the universe; until
such time as Investor has been paid a sum equal to One Hundred Percent (100%) of the equity investment ("Premium Recoupment"), plus interest on the equity investment charged at the rate of Prime plus
Two Percent (2%) per annum from the date Investor contributes such sum in accordance with Clause 4 until Investor is repaid the Premium Recoupment in full. "Ancillary Rights" shall mean any and
all ancillary, incidental or subsidiary rights for the Picture, including without limitation, soundtrack rights, clip rights, video game rights (including, but not limited to, the sole and exclusive
right to create or license the creation of interactive programs based on the Picture, whether in CD-ROM, DVD, set-top or arcade formats), music publishing rights and
merchandising rights (e.g., games, computer, video and other electronic games, toys, comic books, apparel, food, beverages, posters, and other commodities, services or items), commercial
tie-ins, dramatic stage rights, radio rights, books-on-tape, live television rights, music, music publishing, soundtrack rights, photonovel, novelization,
interactive media, multi-media, and theme park (or other "themed" attraction) rights in and to the Picture. 

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(b)    Profit
Participation: Fifty Percent (50%) of all net profits received by Producer from the rights sales, distribution and/or any and all exploitation of the Picture including, without
limitation, any and all exploitation of the "Ancillary Rights," in any, every and all markets and media, whether now known or hereafter discovered throughout the universe, in perpetuity. "Net Profits"
shall be defined as the sum remaining after deduction of third-party distribution fees and expenses; cash deferments (paid out on a pari passu basis) to
cast, equipment suppliers, rights holders or any other approved party. (c) Third Party Profit Participants: Producer shall be free to grant net profit participations to such third parties as it
might elect (but in no case shall grant gross profit participations without Investor's written approval) without first obtaining Investor's consent thereto, provided, however, that no such grant of
participations may in any way adversely affect or reduce Investor's recoupment and profit participation as described in Subclause 3(a) and 3 (b), unless Investor and Producer mutually agree in
writing. 

4.    INVESTOR'S MONETARY CONTRIBUTION:    Investor shall commence
cash-flow of the Picture as described below, but only after each and all of the following enumerated conditions precedent have first occurred: 

(a)    Investor's
approval of the chain of title to Picture and all underlying rights and materials. 

(b)    The
full execution of this Agreement. 

Provided
the conditions precedent have been satisfied, Investor shall cash-flow the Picture according to the following schedule. All deposits shall be made in the production account
established by Producer for purposes of financing the Picture. 

(i)    Fifty
Thousand Dollars ($50,000) upon full execution hereof ("Initial Deposit"). Sums to cover script rights acquisition; partial legal fees; setup of production offices; casting;
location scouting; Producer may not commence expenditure of the Initial Deposit until Investor approves the lead performer for the Picture (and such performer indicates his availability and
willingness to perform the role). 

(ii)    Three
Hundred Fifty Thousand Dollars ($350,000) following execution of a pay-or-play agreement with the mutually approved lead performer and director; funds
to be utilized to fund pre-production; 

(iii)    Five
Hundred Thousand Dollars ($500,000) not later than one (1) week prior to the commencement of principal photography of the Picture. 

(iv)    Three
Hundred Thousand Dollars ($300,000) upon completion of principal photography of the Picture. 

(v)    One
Hundred Fifty Thousand Dollars ($150,000) upon completion of dubbing and scoring of the Picture. 

(vi)    One
Hundred Fifty Thousand Dollars ($150,000) upon completion of the final corrected answer print of the Picture and of all delivery items required by any third party distributor in
order to complete full delivery. 

Investor
agrees that once the mutually approved lead performer and director have been set, Investor shall provide proof of the entire amount of the financing in the form of an irrevocable letter of
credit, wire transfer or deposit of the full sum into a dedicated escrow account for withdrawal in accordance with the cash-flow schedule above. If necessary, Investor shall place the
appropriate funds in escrow, in order to secure the actor and director deals. 

Each
cash-flow payment into the production account shall require the signature of Gray Frederickson or such other designee of Investor if Frederickson is unavailable or incapacitated. 

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5.    BUDGET:    It is intended that the direct cash cost budget of the Picture be
the amount agreed upon in the attached production budget as Schedule "A" ("Production Budget") which in no event shall be greater than Two Million Dollars ($2,000,000) unless the parties mutually
agree, in writing, to increase Production Budget. There will not be any general overhead of the Producer included in the Budget Cost. Investor will recognize the following fees in the Budget Cost:
$15,000 to Gray Frederickson; $15,000 to Brett Hudson; $15,000 to Burt Kearns; $15,000 to Albert S. Ruddy. The production budget including, without limitation, the rights acquisition / script fee
shall be mutually agreed upon by Investor and Producer and attached hereto as Schedule A "Production Budget." 

6.    UNDERAGES/OVERAGES:    If the actual cost of producing the Picture should be
less than the Production Budget, Producer shall first re-pay the full sum of such underages to Investor. However, the first fifty thousand dollars ($50,000) of underages, if any, shall be
paid equally to Producer and Investor. Any monies received by Investor in accordance with this Clause 6 shall reduce, dollar for dollar, that amount of money payable to Investor in accordance
with Subclause 3(a). Producer and Investor shall be liable for all overages exceeding the Budget Cost as set forth in Clause 5, and such overages shall be paid for in the following manner: up
to fifty thousand dollars ($50,000) of overages shall be paid for equally by Producer and Investor; overages greater than fifty thousand dollars ($50,000) shall be paid for by Investor. Investor and
Producer acknowledge that the Budget Cost may be adjusted to include a completion bond at the discretion of Investor. Additionally, Producer shall use best efforts to ensure that the Picture does not
go over budget. Investor shall consult with Producer regarding the completion bond, but the final decision shall be at the sole discretion of the Investor. 

7.    OWNERSHIP/BUSINESS CONTROLS:    The copyright to the Picture and all
underlying rights and materials thereof shall be jointly controlled and owned by Producer and Investor in the following manner: fifty percent (50%) owned by Investor, fifty percent (50%) owned by
Producer. Regarding Picture, Producer shall exercise creative controls, subject to the following conditions and Investor approval rights, not to be unreasonably withheld: 

(i)    Investor's
right to approve any proposed increase in the Production Budget; 

(ii)    Investor's
right to approve any re-allocation of budgetary line items in excess of Five Thousand Dollars ($5,000) compared to the budget in the attached Schedule A
"Production Budget." 

(iii)    Investor's
right to approve all above-the-line agreements. 

(iv)    Investor's
right to approve locations of the production mutually with Producer. 

(v)    Investor's
right to approve Picture run-time subject to (xi) below. 

(vi)    Investor's
right to approve production legal counsel. Robert M. Angel, Esq. is pre-approved by Investor. 

(vii)    Investor's
right to approve production accountant. 

(viii)  Investor's
designee shall be allowed to view "dailies," production notes, script changes, and otherwise review any other aspects of the production in a timely fashion as principal
photography of the Picture progresses. 

(ix)    Investor's
right to approve all distribution agreements. 

(x)    Investor's
right to approve unit production manager. 

(xi)    Investor
pre-approves that the Picture running time shall be between 85 minutes and 100 minutes. 

(xii)    Investor
pre-approves that the Picture shall be rated PG-13 or PG. 

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Investor
approval rights shall be exercised by Gray Frederickson, or such other designee as Investor may, from time to time, designate. 

8.    CREDIT:    Provided Investor is not in material breach hereof, and subject to
third-party distributor approval, Investor shall be accorded a presentation credit as follows: "A Ruddy Morgan Organization/Frozen Films Production in Association with Graymark Productions." The
parties hereto agree on the following additional main title single-card credits: 

(i)    "Produced
by Gray Frederickson" 

(ii)    "Produced
by Albert S. Ruddy and Andre Morgan" 

(iii)    "Produced
by Brett Hudson and Burt Kearns" 

(iv)    "Executive
Producer John Simonelli" 

(iv)    "Written
by Brett Hudson, Burt Kearns and Albert S. Ruddy" 

The
parties agree that these credits may be subject to applicable DGA and/or WGA regulations, if any. Brett Hudson shall have the right to take his name off of the Picture by providing written notice
prior to final picture lock. The parties shall mutually agree to the order of the credits. 

9.    SEQUELS/REMAKES:    In the event Producer elects to produce a motion picture
remake, sequel, prequel or television project based upon the Picture (individually or collectively, "Subsequent Production"), Investor shall have the exclusive right to provide financing for such
Subsequent Product on the same terms and conditions hereof. Investor shall have a period of one hundred and twenty (120) days in which to elect in writing to provide such financing. Following
such period, Producer may seek such financing from third parties, provided that prior to accepting such third party financing, Investor shall have a period of ten (10) days in which to match
the material financial terms of any bona fide written third-party financing offer received by Producer. Nothing herein shall restrict Investor from reaching a co-production finance
arrangement with any such third-party. 

10.    SECURITY INTEREST:    As security for Producer's obligations,
representations, warranties and covenants under this Agreement, Producer hereby grants to Investor a first priority security interest (the "Security Interest") in the Picture. With respect to such
Security Interest, Investor shall have the rights of a Secured Party as set forth in the Uniform Commercial Code of California, and those rights set forth in the Security Agreement. If required by
Investor, Producer agrees to execute UCC-1 financing statements, copyright mortgages, laboratory access letters, other security documentation required by Investor and any such other
documents as Investor may require to perfect, protect or evidence the Security Interest. Producer hereby irrevocably appoints Investor to execute such security documents as Producer's
attorney-in-fact, couple with an interest, in the event that Producer fails to deliver such security documents within thirty (30) days after Investor's request
therefore. 

11.    REPRESENTATIONS AND WARRANTIES:    

(a)    Powers
and Authority: Each party hereby represents and warrants that it is duly incorporated, validly existing and in good standing. It has the corporate power and all necessary
rights and title to enter into and perform this Agreement and the transactions contemplated hereby or referred to herein and has taken all necessary action to authorize the entry into and performance
of this Agreement and such transactions. 

(b)    Legal
Validity: Producer and Investor hereby represent and warrant that this Agreement constitutes a legal, valid and binding obligation of Producer and Investor and is in proper form
for enforcement against it. 

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(c)    Non-conflict
with Laws: Producer and Investor hereby represent and warrant that the entry into and performance of this Agreement and the transactions contemplated hereby
do not and will not conflict with: 

(i)    any
existing law or regulation or any official or judicial order, or 

(ii)    its
articles of incorporation, or 

(iii)    any
agreement or document to which it is a party or which is binding upon it. 

(d)    Claims:
Producer represents and warrants that there are not now and there shall never arise any liens, claims, encumbrances, legal proceedings, restrictions, agreements or
understandings which might conflict or interfere with, limit, derogate from, or be inconsistent with or otherwise affect any of the provisions of this Agreement or any of the representations or
warranties of Producer contained herein, including without limitation, any U.C.C. filings, copyright assignments or other liens, inconsistent herewith or offsets or other costs charged against the
Picture by any distributor(s) pursuant to cross-collateralization agreements or otherwise. Notwithstanding the foregoing, the Producer may grant a lien to the Screen Actors Guild, in connection with
Producer's procurement of professional acting services. 

(e)    Consents:
Producer and Investor hereby represent and warrant that all authorizations, approvals, consents, licenses, exemptions, filings, registrations, notarizations and other
matters, official or otherwise, required by Producer and/or Investor or advisable in connection with the entry into, performance, validity and enforceability of this Agreement and the transactions
contemplated hereby by Producer and/or Investor have been obtained or effected and are in full force and effect (other than the registration of security interests to be created pursuant hereto). 

(f)    Litigation:
Producer and Investor hereby represent and warrant that no litigation, arbitration or administrative proceedings are threatened or, to its knowledge, pending which call
into question the validity or performance of its obligations hereunder. 

(f)    Material
Information: Producer hereby represents and warrants that all information which might be material to a person assuming the obligations and acquiring the rights assumed and
acquired by Investor pursuant to this Agreement has been disclosed in writing to Investor and there are no facts or circumstances which might make such information misleading or inaccurate.
Additionally, Investor hereby represents and warrants that all information which might be material to a person assuming the obligations and acquiring the rights assumed and acquired by Producer
pursuant to this Agreement has been disclosed in writing to Producer and there are no facts or circumstances which might make such information misleading or inaccurate. 

(g)    Survival:
Each parties' warranties and representations are of the essence of this Agreement and shall survive the early termination hereof. None of Producer's warranties and
representations shall in any way be limited by reason of any investigation made by Investor or on behalf of Investor regarding said warranties and representations. 

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12.    INDEMNIFICATION:    Producer and Investor shall, at its own expense,
indemnify, save and hold harmless the other party and its successors, licensees, assigns, agents, representatives and affiliates from and against any and all claims, demands, causes of action,
obligations, liability, loss, damage, cost and expenses (including reasonable outside attorneys' fees), incurred or sustained by reason of or arising out of any breach or alleged breach of any of the
warranties, representations or agreements herein made by the respective party, or from any reliance upon any such warranties, representations or agreements. If any person or entity shall make any
claim or institute any suit or proceeding alleging any facts, which, if true, would constitute a breach by Producer and/or Investor, of any warranty, representation or agreement herein made, Producer
and/or Investor shall give prompt written notice of same to the other party, and the party defending such claim shall undertake at its own cost and expense the defense thereof and shall supply
competent and experienced counsel to defend any such suit or proceeding. Investor may also engage its own counsel in connection with any such suit or proceeding and Producer shall reimburse Investor
for the cost thereof. 

13.    ACCOUNTING AND REPORTS BY PRODUCER:    

(a)    Producer
shall maintain complete books and records with respect to the distribution and exploitation of the Picture. Producer shall render to Investor, on a quarterly basis for the
first two years after initial distribution of the Picture, a written statement of monies due Investor hereunder, if any ("Accounting Statement"), and such Accounting Statement shall be accompanied by
remittance of any amount shown to be due to Investor thereon. Thereafter, Accounting Statements and payments shall be provided annually for as long as the Picture generates revenue. If any error is
made by Producer in any Accounting Statement, it may be corrected by Producer within two years thereafter by making any necessary deductions or additions on subsequent Accounting Statements, or at
Producer's option by the rendering of an Amended Accounting Statement. Each Accounting Statement shall be rendered within sixty (60) days following the end of each accounting period. Any
Accounting Statement rendered by Producer hereunder shall be deemed conclusively true and correct and binding upon Investor, shall constitute an account stated and be incontestable unless Investor
delivers to Producer in writing specific objections, setting forth specific transactions or items objected to and the basis of such objections, within two (2) years from the date such
Accounting Statement was received by Investor. 

(b)    Investor
shall have the right to examine the books and records of Producer (and make copies thereof) to the extent they pertain to the Picture. Such examination shall be made during
reasonable business hours, upon reasonable advance written notice, at the regular place of business of Producer where such books and records are maintained, and shall be conducted on Investor's behalf
and at Investor's expense by Investor's designee. Such examination shall not be made more frequently than semi-annually and no more than once with respect to any accounting period or
Accounting Statement rendered hereunder. With respect to any accounting period for which an Accounting Statement has been rendered by Producer, such examination shall be permitted only for a period of
one (1) year from the date such Accounting Statement was received by Investor. Investor's examination shall be limited to those records relating to the Picture and under no circumstances shall
Investor have the right to examine records relating to Producer's business generally or relating to other motion pictures for purposes of comparison or otherwise. 

14.    FUNDS HELD IN TRUST:    All monies received by Producer which are payable to
Investor in accordance with the provisions of this Agreement shall be held by Producer, in trust, for the sole use and benefit of Investor and shall be immediately deposited upon receipt in a separate
interest-bearing bank account naming Investor as the beneficiary thereof. Producer shall not commingle the monies payable to Investor hereunder with other monies of Producer. 

15.    RELATIONSHIP OF PARTIES:    Investor and Producer each acknowledge that they
are independent contractors and that no partnership, joint venture, agency or employment relationship has or will be created by this Agreement. 

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16.    ADDITIONAL DOCUMENTS:    Each of the parties agrees to execute any additional
documents which may be required or be desirable to fully effectuate the purposes and intent of this Agreement or to carry out the obligations of the parties hereunder, provided that they are not
inconsistent with the provisions of this Agreement. In case either party refuses or fails to so execute or deliver, or cause to be so executed and delivered, any such documents within five
(5) business days of receipt of notice, then, in such event, the refusing party nominates, constitutes and appoints the other party, and the other party shall therefore be deemed to be, the
refusing party's true and lawful attorney-in-fact, to execute and deliver all such documents, in the refusing party's name and on the refusing party's behalf. Such power of
attorney is coupled with an interest and is irrevocable. 

17.    NOTICES:    All notices hereunder shall be in writing and shall be served by
personal delivery to Investor or Producer, as the case may be, [or by facsimile transmission, with a copy sent by U.S. Mail] or by registered or certified mail, return receipt
requested, or by telegram, addressed as follows:    To Investor: 101 N. Robinson, Ste 920, Oklahoma City, OK 73102; with a courtesy copy to: Cohen & Gardner LLP, 329 North Wetherly
Dr., Ste 206, Beverly Hills, CA 90211 Attn: Jonathan Gardner Esq. To Producer: 9300 Wilshire Blvd., Ste. 508, Beverly Hills, CA 90212; with a courtesy copy to 1223 Wilshire Blvd., Ste. 810, Santa
Monica, CA 90403; AND 939 N.Hill Ave., Pasadena, CA 91104 Attn: Robert M. Angel. Any party may change its address at any time by written notice to the other parties. Notices served by mail shall be
deemed to be served three (3) business days next following deposit in the U.S. mails, (in the case of facsimile on the day of transmission). 

18.    ASSIGNMENT:    No party hereto shall have the right to assign all or any part
of its right or obligations hereunder without the prior written consent of the other party, except that nothing contained in this sentence shall prevent any party from assigning its right to receive
monies hereunder provided written notice if delivered to the other party. 

19.    AMENDMENTS:    This Agreement may not be modified except by written agreement
signed by each of the parties hereto. 

20.    NO THIRD PARTY BENEFICIARIES:    This Agreement shall in no event be
construed as a third party beneficiary contract and is not intended for the benefit of any person or company whomsoever except the parties hereto. 

21.    WAIVER:    No waiver by one party of a breach or default by the other party
shall be deemed to be a waiver of any preceding, continuing or succeeding breach of the same or any other provision of this Agreement. 

22.    ENTIRE AGREEMENT:    Each party acknowledges that no representation or
warranty not expressly set forth in this Agreement has been made or relied upon by the other party, it being agreed that this Agreement constitutes the entire Agreement of the parties regarding the
subject matter hereof and supersedes all prior Agreements with respect thereto. 

23.    GOVERNING LAW:    This Agreement has been entered into in the State of
California and shall be construed and enforced under and subject to the laws of said state. 

24.    ARBITRATION:    Should there be any dispute between the parties concerning
the interpretation of this Agreement or concerning an alleged breach of this Agreement, which the parties are unable to resolve after consultation with each other, such dispute shall be decided by
arbitration pursuant to the regulations and procedures of the American Arbitration Association. 

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25.    INSURANCE:    Producer agrees to obtain certificates of insurance, upon
commencement of pre-production, naming Investor as an additional insured have been delivered to Investor, indicating that all insurance normally obtained in connection with the production
of a motion picture photoplay, including, without limitation, general liability and errors and omissions insurance, has been obtained with commercially reasonable liability limits and deductibles, and
that these policies cannot be cancelled or amended without first giving thirty (30) days' prior written notice. 

25.    ATTORNEYS' FEES:    In any action or proceeding between or among the parties
hereto to interpret or enforce any of the provisions hereof, the prevailing party shall, in addition to any other award of damages or other remedy, be entitled to reasonable outside attorneys' fees
and costs. Wherefore, the parties have executed this agreement on the date first above written. 

	AGREED & ACCEPTED:

GRAYMARK PRODUCTIONS INC.	 
	By:	 	    
	 
	Its:	 	    
	 
	A & A PRODUCTIONS, LLC	 
	By:	 	    
	 
	Its:	 	    
	 
	FROZEN TELEVISION, INC.	 
	By:	 	    
	 
	Its:	 	    
	 

Schedule A—Production Budget will be provided upon request. 

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EXHIBIT 10.8    
    

        CONSULTING AGREEMENT  

        This CONSULTING AGREEMENT (this "Agreement") is made and entered into this 19th day of December by and between E. Peter Hoffman, Jr., an individual (the
"Consultant"), and GrayMark Productions, Inc., an Oklahoma corporation (the "Company"). 

WITNESSETH:  

        WHEREAS, The Company is seeking financial advice regarding business and financing activities; and 

        WHEREAS, the Consultant is willing to furnish business related advice and services to the Company on the terms and conditions hereinafter
set forth. 

        THEREFORE, in consideration of the mutual terms and covenants contained in this Agreement, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties agree as follows: 

        1.     Purpose.    The Company hereby engages the Consultant on a non-exclusive
basis for the term specified in this Agreement to provide consulting advice to the Company as a business development consultant relating to financial and similar matters upon the terms and conditions
set forth in this Agreement. 

        2.     Representations of the Consultant and the Company.    The Consultant represents and
warrants to the Company that he is free to enter into this Agreement and the services to be provided pursuant to this Agreement are not in conflict with any other contractual or other obligation to
which the Consultant is bound. The Company acknowledges that the Consultant is in the business development business and may provide financial services and consulting advice (of the type contemplated
by this Agreement) to others and that nothing herein contained shall be construed to limit or restrict the Consultant in providing business development services to others, or rendering such advice to
others. 

        3.     Duties of the Consultant.    During the term of this Agreement, the Consultant will
provide the Company with consulting advice as specified below at the request of the Company, provided that the Consultant shall not be required to undertake duties not reasonably within the scope of
the consulting advisory service in which the Consultant is generally engaged. In performance of these duties, the Consultant shall provide the Company with the benefits of his best judgment and
efforts, and the Consultant cannot and does not guarantee that his efforts will have any impact on the business of the Company or that any subsequent improvement will result from the efforts of the
Consultant. It is understood and acknowledged by the parties that the value of the Consultant's advice is not measurable in any quantitative manner, and that the amount of time spent rendering such
consulting advice shall be determined according to the Consultant's discretion. 

        The
Consultant's duties may include, but will not necessarily be limited to rendering the following services to the Company: 

        a)    Study
and review the business, operations, historical financial performance of the Company (based upon management's forecast of financial performance) so as to enable the
Consultant to provide advice to the Company; 

        b)    Assist
the Company in attempting to formulate the optimum strategy to meet the Company's working capital and capital resources needs during the period of this Agreement; 

        c)     Assist
in the formulation of the terms and structure of any reasonable proposed business combination transaction involving the Company ("Transaction"); 

        d)    Assist
in any presentation to the Board of Directors of the Company as requested, in connection with a proposed Transaction; 

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        e)    Advise
the Company as to the expected reaction of the financial community to any Transaction and assist in determining the optimum means of communicating the pertinent
aspects, such as strategic considerations, benefits to the Company and financial impact, to the financial community; and 

        f)     Assist
the Company in the preparation of press releases and other communications with the investment community. 

        4.     Term.    The term of this Agreement shall be for two (2) years commencing from
the date of this Agreement ("Commencement Date"); provided, however, that this Agreement may be renewed or extended upon such terms and conditions as may be mutually agreed upon by the parties.
Provided, however, this Agreement shall terminate in the event that (i) proceedings have been initiated against the Consultant by a regulatory agency that have resulted in a determination of a
violation of applicable securities laws, and which, in the judgment of counsel to the Company and counsel to the Consultant, requires disclosure in any registration statement or other financing
document in which the Company is then involved or (ii) the Consultant commits acts of willful misconduct in the performance of its duties hereunder, after written notice and an opportunity to
cure. 

        5.     Consulting Fee.    Upon the execution of this Agreement, the Company shall issue to the
Consultant stock options exercisable for the purchase of 100,000 shares of the Company's common stock for $1.25 per share commencing on January 1, 2005 and on or before December 31, 2008
in accordance with the Stock Option Agreement attached to this Agreement as Exhibit A (the "Stock Options"). 

        If
during the period for five (5) years from the date of this Agreement, the Company shall register any of its securities for sale pursuant to a registration statement under the
Securities Act of 1933, as amended (the "1933 Act") (other than registration statements on Form S-8 and Form S-4), or file a Notification on
Form 1-A, or otherwise register securities(collectively the "Registration Documents") under the 1933 Act, the Company shall be required to offer all of the holders of the Stock
Options the opportunity to register the shares of the Company's common stock and, if applicable, other securities purchasable pursuant to exercise of the Stock Options (the "Option Securities")
without cost to the holders of the Stock Options. In connection with these piggyback registration rights, the Company shall give all of the holders of the Stock Options notice by registered mail at
least thirty (30) business days prior to the filing of each such Registration Document or in lieu of such notification include the Option Securities in each such Registration Document. If the
Consultant and/or other holders of the Stock Options notify the Company within twenty (20) days after receipt of any such notice of his, her, its or their desire to include any of the Option
Securities in such proposed Registration Documents, the Company shall afford the Consultant and such holders of the Stock Options the opportunity to have any Option Securities registered under such
Registration Documents. 

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        In
addition, the holders of Stock Options representing more than 50% of the Stock Options at that time outstanding shall have the right, exercisable by written notice to the Company, to
have the Company prepare and file with the U.S. Securities and Exchange Commission (the "Commission"), on two occasions, a registration statement and/or such other documents, including a prospectus,
and/or any other appropriate disclosure document (including a registration statement on Form S-B) as may be reasonably necessary in the opinion of both counsel for the Company and
counsel for the Consultant and other holders of the Stock Options, in order to comply with the provisions of the 1933 Act, so as to permit a public offering and sale of the Option Securities for nine
(9) consecutive months (or such longer period of time as permitted by the 1933 Act) by such holders and any other holders of any of the Stock Options who notify the Company within ten
(10) days after being given notice from the Company of such request ("Demand Registration"). The Company shall be responsible for all costs and expenses in connection with the registration of
the Option Securities. A Demand Registration shall not be counted as a Demand Registration hereunder until such Demand Registration has been declared effective by the SEC and maintained continuously
effective for a period of at least nine months or such shorter period when all Options Securities included therein have been sold in accordance with such Demand Registration, provided that a Demand
Registration shall be counted as Demand Registration hereunder if the Company ceases its efforts in respect of such Demand Registration at the request of the majority holders making the demand for a
reason other than a material and adverse change in the business, assets, prospects or condition (financial or otherwise) of the Company and its subsidiaries taken as a whole. 

        6.     Use of Advice by the Company.    The Company acknowledges that all opinions and advice
(written or oral) given by the Consultant to the Company in connection with the engagement of the Consultant are intended solely for the benefit and use of the Company in considering the transaction
to which the opinions and advice relate, and the Company agrees that no person or entity other than the Company shall be entitled to make use of or rely upon the advice of the Consultant to be given
hereunder, and no such opinion or advice shall be used for any other purpose or reproduced, disseminated, quoted or referred to at any time, in any manner or for any purpose, nor may the Company make
any public references to the Consultant, or use of the Consultant's name in any annual reports or any other reports or releases of the Company without the prior written consent of the Consultant. 

        7.     Company Information.    The Company recognizes and confirms that, in advising the
Company and in fulfilling its engagement under this Agreement, the Consultant will use and rely on data, material and other information furnished to the Consultant by the Company. The Company
acknowledges and agrees that in performing the consulting services under this Agreement, the Consultant may rely upon the data, material and other information supplied by the Company without
independently verifying the accuracy, completeness or veracity of same. In addition, in the performance of the consulting services, the Consultant may look to such others for such factual information,
economic advice and/or research upon which to base Consultant's advice to the Company under this Agreement as the Consultant shall in good faith deem appropriate. The parties further acknowledge that
the Consultant undertakes no responsibility for the accuracy of any statements to be made by Company management contained in press releases or other communications, including, but not limited to,
filings with the Commission and any other securities regulatory organization (governmental or otherwise). 

3

 

        8.     Indemnification.    In the performance of the consulting services, the Consultant shall
be obligated to act only in good faith, and shall not be liable to the Company for errors in judgment not the result of willful misconduct. The Company shall indemnify and hold harmless the Consultant
against any and all liabilities, claims, lawsuits, including any and all awards and/or judgments to which it may become subject under the 1933 Act, the Securities Exchange Act of 1934, as amended (the
"1934 Act") or any other federal or state statute, at common law or otherwise, insofar as said liabilities, claims and lawsuits (including costs, expenses, awards and/or judgments) arise out of, or
are in connection with the services provided by the Consultant or any transactions in connection with this Agreement, except for any liabilities, claims and lawsuits (including awards and/or
judgments), arising out of willful misconduct or willful omissions of the Consultant. In addition, the Company shall also indemnify and hold harmless the Consultant against any and all reasonable
costs and expenses, including reasonable counsel fees, incurred relating to the foregoing. 

        The
Consultant shall give the Company prompt notice of any such liability, claim or lawsuit which the Consultant contends is the subject matter of the Company's indemnification and the
Company thereupon shall be granted the right to take any and all necessary and proper action, at its sole cost and expense, with respect to such liability, claim and lawsuit, including the right to
settle, compromise and dispose of such liability, claim or lawsuit, excepting there from any and all proceedings or hearings before any regulatory bodies and/or authorities. 

        The
Consultant shall indemnify and hold the Company harmless against any and all liabilities, claims and lawsuits, including any and all awards and/or judgments to which it may become
subject under the 1933 Act, the 1934 Act or any other federal or state statute, at common law or otherwise, insofar as said liabilities, claims and lawsuits (including costs, expenses, awards and/or
judgments) arise out of, or are based upon willful misconduct or willful omissions of the Consultant. In addition, the Consultant shall also indemnify and hold the Company harmless against any and all
reasonable costs and expenses, including reasonable counsel fees, incurred relating to the foregoing. 

        The
Company shall give the Consultant prompt notice of any such liability, claim or lawsuit which the Company contends is the subject matter of the Consultant's indemnification and the
Consultant thereupon shall be granted the right to take any and all necessary and proper action, at its sole cost and expense, with respect to such liability, claim and lawsuit, including the right to
settle, compromise or dispose of such liability, claim or lawsuit, excepting there from any and all proceedings or hearings before any regulatory bodies and/or authorities. 

        9.     The Consultant as an Independent Contractor.    The Consultant shall perform its
services hereunder as an independent contractor and not as an employee of the Company or an affiliate thereof. It is expressly understood and agreed to by the parties hereto that the Consultant shall
have no authority to act for, represent or bind the Company or any affiliate thereof in any manner, except as may be agreed to expressly by the Company in writing from time to time. 

        10.   Miscellaneous.

        (a)   This
Agreement and the exhibits attached hereto between the Company and the Consultant constitutes the entire agreement and understanding of the parties hereto, and
supersedes any and all previous agreements and understandings, whether oral or written, between the parties with respect to the matters set forth herein. 

4

 

        (b)   Any
notice or communication permitted or required hereunder shall be in writing and shall be deemed sufficiently given if hand-delivered or sent postage
prepaid by certified or registered mail, return receipt requested, to the respective parties as set forth below, or to such other address as either party may notify the other in writing: 

	 
	 	 

	If to the Company:	 	Gray Frederickson, CEO

GrayMark Productions, Inc.

101 North Robinson, Suite 920

Oklahoma City, Oklahoma 73102
	
If to the Consultant:	
 	

E. Peter Hoffman, Jr.

6301 North Western Avenue, Suite 260

Oklahoma City, Oklahoma 73118

        (c)   This
Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors, legal representatives and assigns. 

        (d)   This
Agreement may be executed in any number of counterparts, each of which together shall constitute one and the same original document. 

        (e)   No
provision of this Agreement may be amended, modified or waived, except in writing signed by all of the parties hereto. 

        (f)    This
Agreement shall be construed in accordance with and governed by the laws of the State of Oklahoma, without giving effect to conflict of law principles. The parties
hereby agree that any dispute which may arise between them arising out of or in connection with this Agreement shall be adjudicated before a court located in Oklahoma City, Oklahoma County, Oklahoma,
and they hereby submit to the exclusive jurisdiction of the courts of the State of Oklahoma located in Oklahoma County, Oklahoma and of the federal courts in the Western District of Oklahoma with
respect to any action or legal proceeding commenced by any party, and irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding brought in
such a court or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Agreement, and consent to the service of process in any such action or legal proceeding
by means of registered or certified mail, return receipt requested, in care of the address set forth in sub-paragraph (b) above. 

        (g)   This
Agreement has been duly authorized, executed and delivered by and on behalf of the Company and the Consultant. 

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

	

"Company"	
 	

GrayMark Productions, Inc.
	

 	
 	

By:	

/s/ GRAY FREDERICKSON
 Gray Frederickson, CEO
	

"Consultant"	
 	

 	

 
	

E. PETER HOFFMAN, JR.
 E. Peter Hoffman, Jr.	
 	

 	

 

5

  

 
 

EXHIBIT A    
    

STOCK OPTION AGREEMENT  

        This STOCK OPTION AGREEMENT is made and entered into this 19th day of December, 2003, by and between E. Peter Hoffman, Jr. ("Optionee") and GRAYMARK
PRODUCTIONS, INC., and Oklahoma corporation (the "Company") and certifies that, for value received, Optionee is entitled to purchase, subject to the provisions of this Stock Option Agreement
(this "Option Agreement"), from GRAYMARK PRODUCTIONS, INC., an Oklahoma corporation (the "Company"), up to ONE HUNDRED THOUSAND (100,000) shares of Common Stock, $.0001 par value, of the
Company (the "Stock") at an exercise price of ONE and 25/100 DOLLARS ($1.25) per share (the "Exercise Price"), for an aggregate exercise price of ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS
($125,000)(the "Aggregate Exercise Price"). With the exception of any adjustments pursuant to Section 4 of this Option Agreement, the Stock issuable upon exercise of this Option shall be in all
respects identical to the Common Stock issued and outstanding of the Company as of the date hereof. The shares of Stock or other securities deliverable upon such exercise, as adjusted from time to
time, are hereinafter sometimes referred to as the "Option Securities." The purchase rights set forth in this Option Agreement (the "Option Rights") may be exercised by the Optionee at any time in
whole or in part. Unless the context otherwise requires, the term "Option Agreement" or "Option Agreements" as used herein includes this Option Agreement and any other Option Agreement or Option
Agreements that may be issued pursuant to the provisions of this Option Agreement, whether upon partial exercise, divisions, combinations, exchange or otherwise. 

        SECTION
1.    Exercise of Option.    Subject to the provisions hereof, the Option Rights may be exercised in whole or
in part at any time or from time to time during the period commencing on January 1, 2005 (the "Commencement Date") and ending 5:00 P.M., Central Standard Time, on December 31,
2008 (the "Expiration Date"). Upon such exercise, the Company shall issue to the Optionee one or more certificates for the Option Securities, as appropriate. If the Option Rights are exercised in part
only, the Company shall, promptly after presentation of this Option Agreement upon such exercise, execute and deliver a new Option Agreement evidencing the rights of Optionee to purchase the balance
of the Option Securities purchasable under this Option Agreement upon the same terms and conditions as set forth in this Option Agreement. Subject to any payment obligations under Section 8,
the Optionee may effect a cash exercise of all or any portion of the Option Rights by surrender of this Option Agreement, together with the duly executed Purchase Form annexed to this Option
Agreement, to the Company at its principal offices at any time prior to the Expiration Date, accompanied by payment in cash or by certified or official bank check payable to the order of the Company
in the amount equal to Exercise Price multiplied by the number of Option Securities specified in the Purchase Form. 

        SECTION
2.    Reservation of Shares.    The Company shall at all times on and after the date of this Option Agreement
and until expiration of the Option Rights reserve for issuance and delivery upon exercise of the Option Rights the number of Option Securities as shall be required for issuance and delivery upon
exercise of the Option Rights. 

A-1

 

        SECTION
3.    Non-Transferability of this Option.    Except as otherwise herein provided, this Option
shall not be transferable other than to Optionee's Family Members (as defined below), or otherwise than by will or the laws of descent and distribution. More particularly (but without limiting the
generality of the foregoing), this Option may not be assigned, transferred (except as provided above), pledged or hypothecated in any way, shall not be assignable by operation of law and shall not be
subject to execution, attachment, or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this Option contrary to the provisions hereof shall be null and
void and without effect. For purposes hereunder, the term Family Members shall include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, sone-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, any person sharing the Optionee's household (other than a tenant or employee), a trust in which these persons have more than
50% of the beneficial interest, a foundation in which these persons (or the Optionee) control the management assets, and any other entity in which these persons (or the Optionee) own more than 50% of
the voting interests. 

        SECTION
4.    Adjustment in the Number, Kind and Price of Option Securities.    The number and kind of Option
Securities purchasable upon exercise of this Option shall be subject to adjustment from time to time upon the occurrence, after the date hereof, of the following events: 

        4.1   In
the event the Company shall (i) pay a dividend in, or make a distribution of, shares of Stock or of capital stock convertible into Stock on its outstanding
Stock, (ii) subdivide its outstanding shares of Stock into a greater number of such shares, or (iii) combine its outstanding shares of Stock into a smaller number of such shares, the
total number of shares of Stock purchasable upon the exercise of this Option immediately prior thereto shall be adjusted so that the Optionee shall be entitled to receive at the same Aggregate
Exercise Price the number of shares of Stock and the number of shares of capital stock convertible into Stock which such Optionee would have owned or have been entitled to receive immediately
following the happening of such event. Any adjustment made pursuant to this Subsection shall, in the case of a stock dividend or distribution or a stock issuance, become effective as of the record
date therefor and, in the case of a subdivision or combination, be made as of the effective date thereof. 

        4.2   In
the event of any adjustment of the total number of shares of Stock purchasable upon the exercise of this Option pursuant to Subsection 4.1, the Aggregate Exercise
Price shall remain unchanged, but the number of shares of capital stock or Option Securities obtainable on exercise of this Option, and the per share exercise price shall be adjusted as provided in
Subsection 4.1. 

        4.3   In
the event of a capital reorganization or a reclassification of the Stock (except as provided in Subsection 4.1 or Subsection 4.4), the Optionee, upon exercise
thereof, shall be entitled to receive, in lieu of the Stock to which he would have become entitled upon exercise immediately prior to such reorganization or reclassification, the shares (of any class
or classes) or other Option Securities or property of the Company (or cash) that the Optionee would have been entitled to receive at the same Aggregate Exercise Price upon such reorganization or
reclassification if this Option had been exercised immediately prior thereto; and in any such case, appropriate provision shall be made for the application of this Section 4 with respect to the
rights and interests thereafter of the Optionee (including, but not limited to, the allocation of the Aggregate Exercise Price between or among the Option Securities), to the end that this
Section 4 (including the adjustments of the number of shares of Stock or other Option Securities purchasable) shall thereafter be reflected, as nearly as reasonably practicable, in all
subsequent exercises of this Option for any shares or other Option Securities or other property (or cash) thereafter deliverable upon the exercise of this Option. 

A-2

 

        4.4   In
case of any consolidation of the Company with, or merger of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger
which does not result in any reclassification or change of the outstanding Stock), or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or
substantially as an entirety, the corporation formed by such consolidation or merger or the corporation which shall have acquired such assets, as the case may be, shall execute and deliver to the
Optionee a supplement to this Option or a new option providing that the Optionee shall have the right thereafter (until the Expiration Date) to receive, upon exercise of this Option or any new option,
at the same Aggregate Exercise Price, solely the kind and amount of shares of Option Securities and property (or cash) receivable upon such consolidation, merger, sale or transfer by the Optionee for
the number and kind of Option Securities for which this Option might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental option or new option shall
provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section. The above provision of this Subsection 4.4 shall similarly apply to
successive consolidations, mergers, sales or transfers. 

        4.5   Whenever
the Option Securities purchasable upon exercise of this Option are modified as provided in Subsection 4.1 or 4.4 (provided that any such modifications shall not
change or extend the expiration date of this Option), the Company will promptly deliver to the Optionee a certificate signed by the Chairman of the Board, Chief Executive Officer or the President, or
a Vice President of the Company and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the Company setting forth the number and kind of Option Securities
purchasable and the other property (including cash) receivable by the Optionee upon exercise of this Option or any supplemental or new option. Such certificate will state that such adjustments in the
kind of purchasable Option Securities and other property (including cash) receivable by the Optionee upon exercise of this Option conform to the requirements of this Section 4, and setting
forth a brief statement of the facts accounting for such adjustments. In the event, the Optionee does not agree with such determination of the Board of Directors of the Company as set forth in the
certificate, the Company shall retain a firm of independent public accountants acceptable to the Optionee to make any computation required under this Section 4, and a certificate signed by such
firm shall be conclusive evidence of the correctness of any computation made under this Section 4. 

        SECTION
5.    Service Requirement.    Omitted. 

A-3

 

        SECTION
6.    Notice of Certain Corporation Action.    In case the Company after the date hereof shall propose to
effect any consolidation or merger to which the Company is a party and for which approval of any shareholders of the Company is required, or any sale, transfer or other disposition of its property and
assets substantially as an entirety, or the liquidation, voluntary or involuntary dissolution or winding-up of the Company, then, in each such case, the Company shall mail (by first-class,
postage prepaid mail) to the Optionee notice of such proposed action, which notice shall specify the date on which such reclassification, reorganization, consolidation, merger, sale, transfer, other
disposition, liquidation, voluntary or involuntary dissolution or winding-up shall take place or commence, as the case may be, and which shall also specify any record date for
determination of holders of the capital stock of the Company entitled to vote thereon or participate therein and shall set forth such facts with respect thereto as shall be reasonably necessary to
indicate any adjustments in the number or kind of Option Securities purchasable upon exercise of this Option which will be required as a result of such action, and the Optionee may thereafter exercise
this Option. Such notice shall be filed and mailed in the case of any action covered by this Section 6, at least 20 days prior to the earlier of (i) the date on which such
reclassification, reorganization, consolidation, merger, sale, transfer, other disposition, liquidation, voluntary or involuntary dissolution or winding-up is expected to become effective,
(ii) the date on which it is expected that holders of shares of the capital stock of record on such date shall be entitled to exchange their shares for securities or other property deliverable
upon such reclassification, reorganization, consolidation, merger, sale, transfer, other disposition, liquidation, voluntary or involuntary dissolution or winding-up, or (iii) the
record date for determination of holders of the capital stock of the Company entitled to vote on such action or participate in such action. Failure of the Optionee to exercise this Option in whole or
in part prior to any corporate action as described in this Section 6 shall not affect or alter the rights of the Optionee as set forth in this Option. 

        SECTION
7.    Restricted Securities.    This Option Agreement an all of the Option Securities acquired pursuant to the
Option Rights are being or will be acquired by the Optionee for his own investment purpose and not with a view to, or for resale in connection with, any distribution of the Option Securities or with
any intention of further distribution. The Optionee understands that the Option Securities have not been registered under the Securities Act of 1933 (the "Act") or the securities laws of any state
(collectively called the "Securities Laws") and will be issued in reliance upon certain exemptions from the registration requirements of such Securities Laws for non-public offerings. The
Optionee hereby acknowledges that the Option Securities are "Restricted Securities" as defined under the Act and Rule 144 promulgated thereunder and may not be transferred, and that the Company
will not be required to approve any such transfer, unless and until the Company shall have been informed of the proposed transfer and i) the Optionee has obtained an opinion of counsel, in form
and content satisfactory to the Company and its counsel, that no violation of the Act or any other applicable law will be involved in such transfer, and or other such documentation in connection
therewith as counsel for the Company may require as a condition precedent in order to make a determination that the transfer will involve no such violation; or ii) the transfer shall be
governed by the provisions of Rule 144, Rule 701 or any other rule promulgated under the Act, in a manner satisfactory to the Company's counsel. The Optionee agrees that the Company is
under no obligation to register the Option Securities on behalf of the Optionee or to assist him in complying with any exemption from their registration, except as otherwise provided in the Consulting
Agreement to which this Option Agreement is attached as Exhibit A. The Optionee agrees that the following legend may be placed on any certificates delivered to him representing the Option
Securities in order to give notice of the transfer restrictions set forth in this Option Agreement and that the Company may instruct its transfer agent not to transfer any of the Option Securities
until it has received written approval from the Company. 

A-4

 

"THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED FOR SALE, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION UNDER THE ACT TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY. THE SALE, IF ANY, OF THESE SHARES
SHALL BE GOVERNED BY THE PROVISIONS OF RULE 144 OR ANY OTHER APPLICABLE RULE PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED." 

        SECTION
8.    Tax Withholdings.    The Optionee hereby acknowledges that Optionee is an independent contractor and not
an employee of the Company. Optionee hereby agrees to be fully and solely responsible for payment of any and all taxes and the withholding thereof upon receipt of this Options Agreement and exercise
of the Option Rights pursuant to this Option Agreement. In the event the Company shall be determined to be liable for any taxes or the withholding thereof as a result of Optionee's receipt of this
Option Agreement or exercise of the Option Rights pursuant to this Option Agreement, Optionee hereby agrees to make a cash payment to the Company from which the Company shall satisfy and pay the
required federal, state and local income tax withholding incurred by the Optionee in connection with the receipt of this Option Agreement or exercise of the Option Rights. 

        SECTION
9.    Governing Law.    This Option shall be construed in accordance with the laws of the State of Oklahoma
applicable to contracts executed and to be performed wholly within such state. 

        SECTION
10.    Notice.    Notices and other communications to be given to Optionee shall be delivered by hand or by
first-class mail, postage prepaid, to 

E.
Peter Hoffman, Jr.

6301 North Western Avenue, Suite 260

Oklahoma City, Oklahoma 73118 

(until
another address is filed in writing by the Optionee with the Company). Notices or other communications to the Company shall be deemed to have been sufficiently given if delivered by hand or by
first-class mail, postage prepaid to the Company at 

GrayMark
Productions, Inc.

101 North Robinson, Suite 920

Oklahoma City, Oklahoma 73102 

or
such other address as the Company shall have designated by written notice to Optionee as herein provided. Notice by mail shall be deemed given when deposited in the United States mail, postage
prepaid, as herein provided. 

        SECTION
11.    Successors.    All the covenants and provisions of this Option by or for the benefit of the Company
shall bind and inure to the benefit of its successors and assigns hereunder, and all covenants and provisions of this Option by or for the benefit of the Optionee shall bind and inure to the benefit
of the Optionee. 

        SECTION
12.    Termination.    This Option Agreement shall terminate as of the close of business on the Expiration
Date, or such earlier date upon which this Option shall have been exercised in full. 

        SECTION
13.    Benefits of this Option Agreement.    Nothing in this Option shall be construed to give to any person
or corporation other than the Company, and its respective successors and assigns hereunder and the Optionee any legal or equitable right, remedy or claim under this Option, but this Option shall be
for the sole and exclusive benefit of the Company and its respective successors and assigns hereunder and the Optionee. 

A-5

 

        IN
WITNESS WHEREOF, Company has executed this Stock Option on the date first above writtern. 

	

"Company"	
 	

GRAYMARK PRODUCTIONS, INC.
	

 	
 	

By:	

/s/ GRAY FREDERICKSON
 Gray Frederickson, Chief Executive Officer
	

"Optionee"	
 	

 	

 
	

/s/ E. PETERSON HOFFMAN, JR.
 E. Peter Hoffman, Jr.	
 	

 	

 

PURCHASE FORM (CASH EXERCISE)

(TO BE EXECUTED BY THE OPTIONEE IF EXERCISED IN WHOLE OR IN PART)  

To:
GRAYMARK PRODUCTIONS, INC., INC. 

	The undersigned	    
 Please insert name of Optionee

hereby irrevocably elects, pursuant to Section 1 of the Option, to exercise the right of purchase represented by the Stock Option (the "Option") to which this Purchase
Form is attached, for, and to purchase thereunder,                         
(            ) shares of Common Stock provided for therein and
tenders payment herewith to the order of GRAYMARK PRODUCTIONS, INC., INC. in the amount of $                  . The undersigned requests that
certificates for such shares of Common Stock be
issued as follows: 

	Name:	 
	 	

	Address:	 
	 	

	Deliver to:	 
	 	

	Address:	 
	 	

and if said number of shares of Common Stock shall not be all the shares of Common Stock purchasable thereunder, that a new Stock Option for the balance remaining of shares of
Common Stock purchasable under the Option be registered in the name of, and delivered to the undersigned at the address stated below: Name: Address: Deliver to: Address: 

	

Dated:	

 	

 	

 	
 	

Signature
	 	
	,	
	 	 
	

 	

 	

 	

 	
 	

	 	 	 	 	 	(Signature must conform in all respects to the name of Optionee as specified on the face of the Stock Option in every particular, without alteration, enlargement or any change whatever.)

A-6

QuickLinks

EXHIBIT 10.8

EXHIBIT A

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