Document:

Exhibit 10.3

                        AMENDMENT AND EXCHANGE AGREEMENT

      AMENDMENT AND EXCHANGE AGREEMENT (the "Agreement"), dated as of December
21, 2004, by and among SpatiaLight, Inc., a New York corporation, with
headquarters located at Five Hamilton Landing, Suite 100, Novato, CA 94949 (the
"Company"), and the parties signatory hereto (each, individually, an "Investor"
and collectively, the "Investors").

      WHEREAS:

      A. The Company and the Investors are parties to that certain Securities
Purchase Agreement, dated as of November 30, 2004 (the "Securities Purchase
Agreement"), pursuant to which, among other things, the Investors purchased from
the Company (i) Senior Secured Convertible Notes (the "Existing Initial Notes"),
which are convertible into shares of the Company's common stock, par value $0.01
per share (the "Common Stock") (the Existing Initial Notes as converted, the
"Existing Initial Conversion Shares"), in accordance with the terms thereof, and
(ii) additional investment rights (the "Existing Additional Investment Rights")
to acquire additional Senior Secured Convertible Notes (the "Existing Additional
Notes" and together with the Existing Initial Notes, the "Existing Notes", and
such Existing Additional Notes as converted, the "Existing Additional Conversion
Shares" and together with the Existing Initial Conversion Shares, the "Existing
Conversion Shares".

      B. Contemporaneously with the execution and delivery of the Securities
Purchase Agreement, the Company and the Investors entered into a Registration
Rights Agreement, dated as of November 30, 2004 (the "Registration Rights
Agreement"), pursuant to which the Company agreed to provide certain
registration rights with respect to the Registrable Securities (as defined in
the Registration Rights Agreement) under the Securities Act of 1933, as amended
(the "1933 Act"), and the rules and regulations promulgated thereunder, and
applicable state securities laws.

      C. The Company and the Investors desire to enter into this Agreement,
pursuant to which, among other things, (i) each Investor shall exchange all of
such Investor's Existing Initial Notes for Senior Secured Convertible Notes in
the form attached hereto as Exhibit A (the "Replacement Initial Notes"), which
shall be convertible into Common Stock (as converted, the "Replacement Initial
Conversion Shares"), in accordance with the terms thereof, and (ii) each
Investor shall exchange all of such Investor's Existing Additional Investment
Rights for Additional Investment Rights in the form attached hereto as Exhibit B
(the "Replacement Additional Investment Rights") which shall be convertible into
additional Senior Secured Convertible Notes (the "Replacement Additional Notes",
and together with the Replacement Initial Notes, the "Replacement Notes", and as
converted, the "Replacement Additional Conversion Shares", and together with the
Replacement Initial Conversion Shares, the "Replacement Conversion Shares"), in
accordance with the terms thereof in the form attached hereto as Exhibit C.

      D. The parties hereto desire that the Replacement Conversion Shares be
covered by the terms set forth in the Registration Rights Agreement.
<PAGE>

      E. The exchange of the Existing Initial Notes and the Existing Additional
Investment Rights for the Replacement Initial Notes and Replacement Additional
Investment Rights is being made in reliance upon the exemption from registration
provided by Section 3(a)(9) of the 1933 Act.

      F. Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings ascribed to them in the Securities Purchase
Agreement.

      NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises hereinafter set forth, the Company and the Investors hereby agree as
follows:

            1. EXCHANGE OF NOTES AND Additional Investment Rights.

            (a) Exchange. Subject to satisfaction (or waiver) of the conditions
set forth in Sections 5 and 6 below, (i) the Investors shall surrender to the
Company at the closing contemplated by this Agreement (the "Closing") the
Existing Initial Notes and the Company shall issue and deliver to the Investors
the Replacement Initial Notes in a principal amount equal to that of the
Existing Initial Notes being so exchanged, and (ii) the Investors shall
surrender to the Company at the Closing the Existing Additional Investment
Rights and the Company shall issue and deliver to the Investors the Investors'
Replacement Additional Investment Right, exercisable for the same principal
amount of Replacement Additional Notes as the Existing Additional Notes issuable
upon the exercise of the Existing Additional Investment Rights being so
exchanged.

            (b) Closing Date. The date and time of the Closing (the "Closing
Date") shall be 10:00 a.m., New York Time, on December 21, 2004, subject to
notification of satisfaction (or waiver) of the conditions to the Closing set
forth in Sections 5 and 6 below (or such later date as is mutually agreed to by
the Company and the Investors). The Closing shall occur on the Closing Date at
the offices of Schulte Roth & Zabel LLP, 919 Third Avenue, New York, New York
10022.

      2. AmendMENTS TO TRANSACTION DOCUMENTS.

            (a) Securities Purchase Agreement and Registration Rights Agreement.
The Securities Purchase Agreement and the Registration Rights Agreement are
hereby amended as follows:

                  (i) All references to "Notes" shall mean, and are hereby
replaced with, the "Replacement Notes";

                  (ii) All references to "Initial Notes" shall mean, and are
hereby replaced with, the "Replacement Initial Notes";

                  (iii) All references to "Additional Notes" shall mean, and are
hereby replaced with, the "Replacement Additional Notes";

                                       2
<PAGE>

                  (iv) All references to "Conversion Shares" shall mean, and are
hereby replaced with, the "Replacement Conversion Shares";

                  (v) All references to "Initial Conversion Shares" shall mean,
and are hereby replaced with, the "Replacement Initial Conversion Shares";

                  (vi) All references to "Additional Conversion Shares" shall
mean, and are hereby replaced with, the "Replacement Additional Conversion
Shares";

                  (vii) All references to "Additional Investment Rights" shall
mean, and are hereby replaced by "Replacement Additional Investment Rights"; and

                  (viii) The defined term "Transaction Documents" is hereby
amended to include this Agreement, the Replacement Initial Notes, the
Replacement Additional Notes and the Replacement Additional Investment Rights.

            (b) Registration Rights Agreement. The Registration Rights Agreement
is hereby amended as follows:

                  (i) The term "Effectiveness Deadline" is hereby amended and
restated as follows: "Effectiveness Deadline" means the date which is 120 days
after the Closing Date plus the number of days that effectiveness of the
Registration Statement is delayed by the SEC arising out of or resulting from
comments or administrative actions by the SEC with respect to the transactions
contemplated by the Amendment and Exchange Agreement, dated as of December 21,
2004, by and among the Company and the Investors and any and all documents
executed in connection therewith.

      3. REPRESENTATIONS AND WARRANTIES

            (a) Investor Bring Down. Each Investor hereby represents and
warrants to the Company with respect to only itself as set forth in Sections
2(a)-(g) and Sections 2(h) and 2(k) as to this Agreement as if such
representations and warranties were made as of the date hereof and set forth in
their entirety in this Agreement.

            (b) Company Bring Down. The Company represents and warrants to the
each Investor with respect to itself only as set forth in Section 3(a) and 3(b)
of the Securities Purchase Agreement as if such representations and warranties
were made as of the date hereof and set forth in their entirety in this
Agreement.

      4. CONDITIONS TO ComPANY'S OBLIGATIONs hereunder.

            The obligations of the Company to each Investor hereunder are
subject to the satisfaction of each of the following conditions, provided that
these conditions are for the Company's sole benefit and may be waived by the
Company at any time in its sole discretion by providing each Investor with prior
written notice thereof:

            (a) Such Investor shall have executed this Agreement and delivered
the same to the Company.

                                       3
<PAGE>

            (b) Such Investor shall have delivered to the Company the Investor's
Existing Initial Notes and Existing Additional Investment Rights for
cancellation.

            (c) The representations and warranties of such Investor shall be
true and correct as of the date when made and as of the Closing Date as though
made at that time (except for representations and warranties that speak as of a
specific date).

      5. CONDITIONS TO INVESTORS' OBLIGATIONs hereunder.

            The obligations of each Investor hereunder are subject to the
satisfaction of each of the following conditions, provided that these conditions
are for such Investor's sole benefit and may be waived by such Investor at any
time in its sole discretion by providing the Company with prior written notice
thereof:

            (a) The Company shall have executed this Agreement and delivered the
same to such Investor.

            (b) The Company shall have executed and delivered to such Investor
the Replacement Initial Notes and the Replacement Additional Investment Rights
being issued to such Investor at the Closing.

            (c) The Board of Directors of the Company shall have adopted
resolutions consistent with the transactions contemplated hereby.

            (d) Within ten Trading Days after the Closing Date, the Company
shall have delivered to the Company's transfer agent a letter stating that the
Irrevocable Transfer Agent Instructions dated November 30, 2004 shall also apply
to the Replacement Conversion Shares.

            (e) The representations and warranties of the Company in Section
3(b) hereof shall be true and correct as of the date when made and as of the
Closing Date as though made at that time (except for representations and
warranties that speak as of a specific date).

      6. MISCELLANEOUS.

            (a) Expenses. Notwithstanding any provision to the contrary in any
of the Transaction Documents, each party hereto shall bear their respective
costs, fees and expenses in connection with the execution of this Agreement and
any and all documents executed in connection therewith.

            (b) Counterparts. This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided that a facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not
a facsimile signature.

                                       4
<PAGE>

            (c) Headings. The headings of this Agreement are for convenience of
reference and shall not form part of, or affect the interpretation of, this
Agreement.

            (d) Severability. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.

            (e) No Third Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person.

            (f) Further Assurances. Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

            (g) No Strict Construction. The language used in this Agreement will
be deemed to be the language chosen by the parties to express their mutual
intent, and no rules of strict construction will be applied against any party.

                            [Signature Page Follows]

                                       5
<PAGE>

                  IN WITNESS WHEREOF, each Investor and the Company have caused
their respective signature page to this Agreement to be duly executed as of the
date first written above.

                                            COMPANY:

                                            SPATIALIGHT, INC.

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

              [Signature Page to Amendment and Exchange Agreement]
<PAGE>

            IN WITNESS WHEREOF, each Investor and the Company have caused their
respective signature page to this Agreement to be duly executed as of the date
first written above.

                                            INVESTORS:

                                            PORTSIDE GROWTH & OPPORTUNITY FUND

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:
<PAGE>

            IN WITNESS WHEREOF, each Investor and the Company have caused their
respective signature page to this Agreement to be duly executed as of the date
first written above.

                                            INVESTORS:

                                            SMITHFIELD FIDUCIARY LLC

                                            By:
                                               ---------------------------------
                                               Name: Adam J. Chill
                                               Title:   Authorized Signatory
<PAGE>

            IN WITNESS WHEREOF, each Investor and the Company have caused their
respective signature page to this Agreement to be duly executed as of the date
first written above.

                                                    INVESTORS:

                                                    BLUEGRASS GROWTH FUND, LP

                                            By: BLUEGRASS GROWTH FUND PARTNERS
                                                LLC, its general partner

                                            By:
                                               ---------------------------------
                                               Name:  Brian Shatz
                                               Title:   Managing Member
<PAGE>

            IN WITNESS WHEREOF, each Investor and the Company have caused their
respective signature page to this Agreement to be duly executed as of the date
first written above.

                                            INVESTORS:

                                            BLUEGRASS GROWTH FUND, LTD

                                            By:
                                               ---------------------------------
                                               Name:  Brian Shatz
                                               Title:   DirectorEXHIBIT 10.35

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
                     ---------------------------------------

     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), effective as of
December 17, 2004, to the employment agreement, dated as of February 17, 2002
(the "Agreement"), between REVLON CONSUMER PRODUCTS CORPORATION ("RCPC" and
together with its parent Revlon, Inc. and its subsidiaries, the "Company") and
Jack L. Stahl (the "Executive").

     WHEREAS, pursuant to the Executive's existing employment agreement with
RCPC, the Executive and RCPC established an initial employment term of three
years, subject to automatic renewals;

     WHEREAS, the Executive and RCPC wish to affirm their commitment to one
another, and to establish a new employment term commencing as of the effective
date of this Amendment and expiring on February 16, 2008, subject to automatic
renewals; and

     WHEREAS, in recognition of the Company and the Executive's belief in the
long-term equity value of the Company and their mutual desire to further align
his interests with those of the Company's shareholders, the parties hereto wish
to amend the Executive's existing stock option and restricted share awards to
provide that if the Executive's employment is terminated by the Company without
"Cause" (as defined in the Agreement) or by him for "Good Reason" (as defined in
the Agreement), such awards shall continue to vest in accordance with their
terms as if his employment had not been terminated and he had remained employed
by the Company.

     NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the parties hereto agree as follows:

     1. Defined Terms. Unless otherwise defined herein, capitalized terms used
herein which are defined in the Agreement are used as therein defined.

     2. The Term. Section 2.2(i) of the Agreement is hereby amended to read as
follows:

     "The Term shall initially be scheduled to end on February 16, 2008. At any
     time on or after February 17, 2005, RCPC shall have the right to give
     written notice of non-renewal of the Term. In the event RCPC gives such
     notice of non-renewal, the Term automatically shall be extended so that it
     ends 36 months after the last day of the month in which RCPC gives such
     notice. If RCPC shall not theretofore have given such notice, from and
     after February 17, 2005 unless and until RCPC gives written notice of
     non-renewal as provided in this Section 2.2, the Term automatically shall
     be extended day-by-day so that the Term is never less than 36 months; upon
     the giving of any such notice by RCPC, the Term automatically shall be
     extended so that it ends 36 months after the last day of the month in which
     RCPC gives such notice. Non-extension of the Term shall not be deemed to be
     a breach of this Agreement by RCPC for purposes of Section 4.4."

                                       6
<PAGE>

     3. Equity. Two additional sentences are hereby added to the end of Section
3.3 of the Agreement as follows:

     "During the Term, the Executive shall be considered for recommendation to
the Compensation Committee or other committee of the Board (the "Compensation
Committee") administering the Amended and Restated Revlon, Inc. Stock Plan (or
any plan that may replace it) and/or any other long-term incentive compensation
plan of the Company as from time to time in effect, for awards of stock options,
restricted shares or other awards, at levels and on terms consistent with the
Company's long-term incentive compensation programs and policies as in effect
from time to time commensurate with his position as President and CEO of the
Company. If the Company shall terminate the Executive's employment without Cause
pursuant to Section 4.4 or if the Executive shall terminate his employment for
Good Reason pursuant to Section 4.4, each option award and each restricted share
award held by the Executive as of the effective date of the First Amendment to
this Agreement, specifically the option awards granted on (a) February 17, 2002
(the "2002 Existing Option Award"), (b) May 19, 2003 (the "2003 Existing Option
Award"), and (c) April 14, 2004 (the "2004 Existing Option Award")
(collectively, the "Existing Option Awards") and the restricted share awards
granted on February 17, 2002 and April 14, 2004 (collectively, the "Existing
Restricted Share Awards" and, together with the Existing Option Awards, the
"Existing Equity Awards"), shall (x) in the case of each of the Existing Option
Awards, (A) continue to vest in accordance with its terms as if the Executive's
employment had not been terminated and he had remained employed with the Company
and (B) as to all stock options granted under Existing Option Awards, remain
exercisable until the later of (i) one year after such Existing Option Award
becomes 100% fully vested and exercisable or (ii) 18 months following the
Executive's termination of employment with the Company, but in no event beyond
the original option term of each such award (for the avoidance of doubt, the
2002 Existing Option Award expires on February 17, 2012, the 2003 Existing
Option Award expires on May 19, 2013 and the 2004 Existing Option Award expires
on April 14, 2011) and (y) in the case of each of the Existing Restricted Share
Awards, continue to vest as if the Executive's employment had not been
terminated and he had remained employed with the Company; provided, however,
that in the event of any continued vesting of the Existing Option Awards and the
Existing Restricted Share Awards as described in this sentence, for purposes of
and notwithstanding anything else in the Employee Agreement as to
Confidentiality and Non-Competition referred to in the Revlon Executive
Severance Policy (the "Non-Competition Agreement"), the Executive agrees that
(i) the non-solicitation covenants in Sections 7(b) and 7(c) of the
Non-Competition Agreement shall remain in effect until the later of (a) the date
that is 12 months following the termination of the Executive's employment with
the Company and (b) the date that all Existing Equity Awards are fully vested,
and (ii) the non-competition covenant in Section 9 of the Non-Competition
Agreement shall remain in effect until the later of (a) the end of any period
specified in Section 9 of the Non-Competition Agreement and (b) the date that
all Existing Equity Awards are fully vested."

                                       7
<PAGE>

     4. Effectiveness. Except as expressly modified by this Amendment, all
provisions of the Agreement shall continue in full force and effect. This
Amendment shall be effective as of the date first set forth above.

     5. Conflicts. In the event of any conflict between the terms of this
Amendment and the provisions of the Agreement or any other plan, program,
policy, contract, arrangement or agreement between the Executive and the
Company, the terms of this Amendment shall be controlling.

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

                           REVLON CONSUMER PRODUCTS CORPORATION

                           By: /s/ Robert K. Kretzman
                                   ---------------------------------------------
                                   Robert K. Kretzman
                                   Executive Vice President, General Counsel and
                                   Chief Legal Officer

                               /s/ Jack L. Stahl
                                   ---------------------------------------------
                                   Jack L. Stahl, the Executive

                                       8

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