Document:

EXHIBIT 10.21

                              CONSULTING AGREEMENT

      Consulting Agreement (the "Agreement") made as of June 30, 2005, by and
between CompuPrint, Inc., a North Carolina corporation, and Stuart Sundlun
(the "Consultant").

      Whereas, the business of CompuPrint, Inc., through its operating
subsidiaries and affiliates (the "Company"), is to provide integrated mapping
and analysis of satellite and geological data to assess the location and nature
of natural resources, and to engage in the exploitation of natural resources;

      Whereas, the Company desires to retain the services of Consultant for the
purpose of providing to the Company business and financial consulting services
in furtherance of the Company's business, and Consultant agrees to be retained
to provide such services, pursuant to the terms and conditions set forth herein;

      Now, therefore, in consideration of the mutual covenants and promises
contained herein, the receipt and sufficiency of which is hereby acknowledged
and intending to be legally bound the parties agree as follows:

      1. Services. The Company hereby retains the Consultant, on a non-exclusive
basis, to perform, and Consultant agrees to render to the Company at the request
of the Company such consulting and advisory services from time to time
reasonably requested by the Company.

      2. Term. The term of this Agreement shall be for one year from the date of
this Agreement.

      3. Compensation. The Company shall issue to the Consultant stock options
to purchase 500,000 shares of the Company's common stock, exercisable for a term
of five years at $0.80 per share. The terms of the stock options shall be
substantially in the form annexed hereto as Exhibit A.

      4. Independent Contractor. The relationship of the Consultant and the
Company is that of an independent contractor and neither this Agreement not the
services to be rendered hereunder shall for any purpose create any
employer-employee relationship nor entitle the Consultant to receive any benefit
from the Company except as expressly provided herein. The Consultant shall not
hold itself out as, nor shall it take any action from which others might infer
that it is an agent of the Company. In addition, the Consultant shall take no
action, which binds, or purports to bind, the Company.

      5. Confidentiality; Noncircumvention. During the term of this Agreement,
Consultant may receive information from the Company and/or its affiliates
concerning, among other things, its proprietary technology, including, but not
limited, certain technology, survey, mapping products, locating of natural
resources, and other products, processes, technologies, software and hardware,
strategic business or development plans, financial information, budgets,
projections, business plans, business records, or customers of the Company and
its affiliates (the "Confidential Information"). The Consultant shall not at any
time disclose to others, or use for any purpose, other than carrying out the
services hereunder, any information provided to the Consultant. The Consultant
further agrees to take all necessary precautions to maintain the confidentiality
of Confidential Information with the highest degree of care, and not to use any
Confidential Information to unfairly compete with, or obtain unfair advantage
of, the Company in any commercial activity. The Consultant acknowledges that the
business of the Company is highly competitive, and that the Company's employees
and agents employees have special skills and knowledge of and access to
Confidential Information, and the loss of the services of any such person would
place the Company at a competitive disadvantage and would do damage, monetary or
otherwise, to the Company's business. The Consultant agrees that it shall not,
directly or indirectly, for its benefit or for the benefit of any other person,
firm or entity, solicit the employment or services of any employee of the
Company;

      6. Survival of Provisions. Notwithstanding anything to the contrary
herein, the representations, warranties, acknowledgements and agreements of the
Consultant and the Company shall survive the expiration and/or termination of
this Agreement.

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      7. Non-assignable. This Agreement is a personal service contract. This
Agreement is not assignable by the Consultant.

      8. No Other Claims. The Company and its affiliates are under no obligation
under this Agreement to utilize the Consultant's services, and the Consultant
acknowledges that the 500,000 options provided for herein constitutes the entire
amount of compensation for any and all services rendered or to be rendered. The
Consultant also acknowledges that the Consultant is not entitled to
reimbursement for any expenses, or any other payment from the Company or its
affiliates. The Consultant forever releases, discharges, acquits and forgives
the Company, and its heirs, beneficiaries, representatives and assigns, from any
and all claims, actions, suits, demands, agreements, liabilities, judgments, and
proceedings both at law and in equity, whether known or unknown, arising from
the beginning of time to the date of the Agreement, including, but not limited,
to claims relating in any way to any services rendered related to the subject
matter hereof or otherwise.

      9. Indemnification. The parties each agree to indemnify and hold harmless
the other, and their respective directors, officers, shareholders, agents and
employees (collectively the "Indemnified Persons"), from and against any and all
claims, actions, suits, proceedings, damages, liabilities and expenses as
incurred by any of them (including the fees and expenses of counsel) which are
related to or arise out of (i) any actions taken or omitted to be taken
(including any untrue statements made or any statements omitted to be made) by
the other, or (ii) any actions taken or omitted to be taken by any Indemnified
Person in connection with this Agreement, and the other party shall reimburse
any Indemnified Person for all expenses as incurred by such Indemnified Person
in connection with investigating, preparing or defending any such claim, action,
suit or proceeding (collectively a "Claim"), whether or not in connection with
pending or threatened litigation in which any Indemnified Person is a party. No
party will be responsible for any Claim that is finally judicially determined to
have resulted exclusively from the gross negligence or willful misconduct of any
person seeking indemnification hereunder. No Indemnified Person shall have any
liability to a party hereto for or in connection with this Agreement except for
any Claim incurred solely as a direct result of any Indemnified Person's gross
negligence or willful misconduct.

      10. Governing Law. This Agreement shall be construed according to the laws
of the State of New York without application of the principles of conflicts of
laws. Any action or proceedings in connection herewith shall be had in a court
located in the County of New York in the State of New York. This Agreement shall
be deemed as having been drafted by both of the parties, and constitutes the
entire agreement between the parties. The parties are entitled to seek any and
all legal remedies, including injunctive relief, if breach or circumvention of
this Agreement, actual or threatened, occurs, and, including, but not limited
to, any and all court or arbitration costs, reasonable attorneys' fees and any
other costs or charges reasonably necessary to resolve the controversy. This
Agreement shall be governed by the laws of the State of New York, and, the
parties expressly agree to jurisdiction of the courts in New York County. The
parties are entitled to enforce the specific performance of this Agreement for
breach or threatened breach of this Agreement, including injunctive relief
without proving actual damage.

      11. Entire Agreement. This Agreement contains the entire agreement between
the parties. It may not be changed except by agreement in writing signed by the
party against whom enforcement of any waiver, change, discharge, or modification
is sought. Waiver of or failure to exercise any rights provided by this
Agreement in any respect shall not be deemed a waiver of any further or future
rights.

                           [signature page follows]

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      IN WITNESS WHEREOF, the parties hereto have executed or caused these
presents to be executed as of the day and year first above written.

                                    COMPUPRINT, INC.

                                    By:   /s/ Roman Rozenberg
                                          --------------------------------
                                          Roman Rozenberg
                                          Chief Executive Officer

                                    /s/ Stuart Sundlun
                                    ---------------------------------------
                                    Stuart Sundlun ("Consultant")

                                       3
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                                    EXHIBIT A

                             STOCK OPTION AGREEMENT

      THIS STOCK OPTION AGREEMENT (the "Option Agreement") is entered into as of
June 30, 2005, by and between CompuPrint, Inc., a North Carolina corporation
(the "Company"), and Stuart Sundlun (the "Optionee").

                                 R E C I T A L S

      Whereas, Optionee is a valuable consultant of the Company, and the Company
considers it desirable and in its best interest that the Consultant receive
certaion options and wishes to state the terms of options to purchase shares of
the Company's common stock (the "Common Stock") being granted to Optionee
hereby;

                                A G R E E M E N T

      It is hereby agreed as follows:

      1. GRANT OF OPTION. Optionee has been granted the right, privilege, and
option to purchase up to 500,000 shares of Common Stock at the exercise price of
$0.80 per share (the "Options"), in the manner and subject to the conditions
hereinafter provided. The time the Options shall be deemed granted, sometimes
referred to herein as the "date of grant," shall be June 30, 2005.

      2. SERVICES TO THE COMPANY. The exercisability of the Options is subject
to Optionee entering into a Consulting Agreement with the Company, dated as of
June 30, 2005. Nothing contained in this Option Agreement shall obligate the
Company to employ or have another relationship with the Optionee.

      3. OPTION PERIOD. The Options shall be exercisable at any time during the
period commencing with the date of this Option Agreement and expiring on the
date five (5) years from the date of this Option Agreement, or if said day is a
day on which banking institutions are authorized by law to close, then on the
next succeeding day which shall not be such a day, by presentation and surrender
hereof to the Company or at the office of its stock transfer agent, if any,
together with all federal and state taxes applicable upon such exercise, if any.

      4. EXERCISE PRICE. The exercise price shall be $0.80 per share for each
share of Common Stock which the Optionee is entitled to purchase under the
Options.

      5. METHOD OF EXERCISE. The Options shall be exercisable by the Optionee by
giving written notice to the Company of the election to purchase and of the
number of shares of Common Stock the Optionee elects to purchase, such notice to
be accompanied by such other executed instruments or documents as may be
required by the Board of Directors pursuant to this Option Agreement, and unless
otherwise directed by the Board of Directors, the Optionee shall at the time of
such exercise tender the purchase price of the shares of Common Stock the
Optionee has elected to purchase. The Optionee may purchase less than the total
number of shares for which the Options is exercisable, provided that a partial
exercise of the Options may not be for less than One Hundred (100) Shares. If
the Optionee shall not purchase all of the shares of Common Stock which the
Optionee is entitled to purchase under the Options, the Optionee's right to
purchase the remaining unpurchased shares of Common Stock shall continue until
expiration of the Options. The Options shall be exercisable with respect of
whole shares only, and fractional share interests shall be disregarded.

      6. PAYMENT OF EXERCISE PRICE. At the time of the Optionee's notice of
exercise of the Options, the Optionee shall tender in cash or by certified or
bank cashier's check payable to the Company, the purchase price for all shares
of Common Stock then being purchased.

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      7. ISSUANCE OF STOCK CERTIFICATES. Upon receipt of the materials delivered
by the Optionee indicating exercise of the Options, the Company shall, as
promptly as practicable and using its best efforts, execute and deliver, or
cause to be executed and delivered, to the Optionee a certificate or
certificates representing the aggregate number of shares specified in such
notice or form together with cash in lieu of any fractional share as hereinafter
provided. The certificate or certificates so delivered shall be in such
denomination or denominations as may be specified in such notice or form and
shall be registered in the name of the Optionee or such other name as shall be
designated (together with an address) in such notice or form. Such
certificate(s) shall be deemed to have been issued and the Optionee or any other
person so designated to be named therein shall be deemed to have become a holder
of record of such shares as of the exercise date. The Company shall pay all
expenses and other charges payable in connection with the preparation, issuance
and delivery of share certificates under this Section except that, in the case
such share certificates shall be registered in a name or names other than the
name of the Optionee, funds sufficient to pay all share transfer taxes which
shall be payable upon issuance of such share certificate or certificates shall
be paid by the Optionee at the time the notice of exercise hereinabove is
delivered to the Company.

      8. SHARES FULLY PAID. Upon exercise of the Options, all shares of Common
Stock shall be, when issued, duly authorized, validly issued and non-assessable.

      9. NO IMPAIRMENT. The Company will not, by amendment of its charter or
though reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of the Options, but will
at all times in good faith assist in the carrying out of all such terms and in
the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Optionee of the Options against impairment.

      10. RESERVATION OF SHARES. The Company hereby agrees that, during the time
period the Options are exercisable, there shall be reserved for issuance and/or
delivery upon exercise of the Options such number of shares of its Common Stock
as shall be required for issuance or delivery upon exercise of the Options.

      11. FRACTIONAL SHARES. With respect to any fraction of a share called for
upon any exercise hereof, the Optionee agrees to waive the Optionee's right to
such fractional shares. As such, no fractional shares or scrip representing
fractional shares shall be issued upon the exercise of the Options.

      12. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. As used herein, the term
"Adjustment Event" means an event pursuant to which the outstanding shares of
Common Stock of the Company are increased, decreased or changed into, or
exchanged for a different number or kind of shares or securities, without
receipt of consideration by the Company, through reorganization, merger,
recapitalization, reclassification, stock split, reverse stock split, stock
dividend, stock consolidation or otherwise. The term "Adjustment Event" shall
also mean to include: (i) any issuance by the Company of the Company's Common
Stock (excluding securities issued to the Company's employees, directors,
consultants and others similarly situtated) below fair market value for such
securities as determined at the time of issuance; and (ii) any issuance of the
Company's Common Stock (excluding securities issued to the Company's employees,
directors, consultants and others similarly situtated) at a price below the
purchase price per share for the Common Stock underlying the Options, as
adjusted. Upon the occurrence of an Adjustment Event, (i) appropriate and
proportionate adjustments shall be made to the number and kind and exercise
price for the shares subject to the Options, and (ii) appropriate amendments to
this Option Agreement shall be executed by the Company and the Optionee if the
Board of Directors in good faith determines that such an amendment is necessary
or desirable to reflect such adjustments. If determined by the Board of
Directors to be appropriate, in the event of an Adjustment Event which involves
the substitution of securities of a corporation other than the Company, the
Board of Directors shall make arrangements for the assumptions by such other
corporation of the Options. Notwithstanding the foregoing, any such adjustment
to the Options shall be made without change in the total exercise price
applicable to the unexercised portion of the Options, but with an appropriate
adjustment to the number of shares, kind of shares and exercise price for each
share subject to the Options. The good faith determination by the Board of
Directors as to what adjustments, amendments or arrangements shall be made
pursuant to this Section, and the extent thereof, shall be final and conclusive,
provided that the Options herein are adjusted in a manner that is no less
favorable than the manner of adjustment used as to any other similar options
issued by the Company to its employees, directors, consultants or in any similar
transaction. No fractional shares shall be issued on account of any such
adjustment or arrangement.

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<PAGE>

      13. RIGHTS OF THE OPTIONEE. The Optionee shall not be entitled to the
privileges of stock ownership as to any shares not actually issued and delivered
to the Optionee. No shares shall be purchased upon the exercise of any Options
unless and until, in the opinion of the Company's counsel, any then applicable
requirements of any laws, or governmental or regulatory agencies having
jurisdiction, and of any exchanges upon which the stock of the Company may be
listed shall have been fully complied with.

      14. TRANSFERABILITY OF OPTIONS. Subject to applicable securities laws, the
Options shall be transferable, either voluntarily or by operation of law.

      15. SECURITIES LAWS COMPLIANCE. The Company will diligently endeavor to
comply with all applicable securities laws before any stock is issued pursuant
to the Options. Without limiting the generality of the foregoing, the Company
may require from the Optionee such investment representation or such agreement,
if any, as counsel for the Company may consider necessary in order to comply
with the Securities Act of 1933 as then in effect, and may require that the
Optionee agree that any sale of the Shares will be made only in such manner as
is permitted by the Board of Directors. The Optionee shall take any action
reasonably requested by the Company in connection with registration or
qualification of the Shares under federal or state securities laws.

      16. SECURITIES SUBJECT TO LEGEND. If deemed necessary by the Company's
counsel, all certificates issued to represent the Options and/or the shares
purchased upon exercise of the Options shall bear such appropriate legend
conditions as counsel for the Company shall require in substantially the
following form:

      "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY BE
      TRANSFERRED ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
      THE ACT, OR (B) IN ACCORDANCE WITH THE ACT AND SUBJECT TO RECEIPT OF AN
      OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE ISSUER THAT THE PROPOSED
      TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE ACT."

      17. REPRESENTATIONS OF OPTIONEE.

            (a) SOPHISTICATION OF OPTIONEE. The Optionee acquired the Options
for investment and not with a view to the sale or distribution thereof, and the
Optionee has no commitment or present intention to liquidate the Company or to
sell or otherwise dispose of the Options or the underlying Shares. The Optionee
represents and warrants that, by reason of financial, tax and business
sophistication, income, net assets, education, background and business acumen,
the Optionee has the experience and knowledge in business and financial matters
to evaluate the risks and merits attendant to an investment decision in the
Company, either singly or through the aid and assistance of a competent
professional, and is fully capable of bearing the economic risk of loss of the
total investment pursuant to this Option Agreement. The Optionee represents and
warrants to the Company that the Optionee has been an employee of the Company
and is fully familiar with its business and oeprations and has been provided
with, and has had access to, all material information about the Company.

            (b) LOCK-UP RESTRICTIONS. The Optionee hereby agrees to any lockup
of the Shares which the Board of Directors of the Company requests when
requested by an investment banker or underwriter providing financing to the
Company.

      18. MISCELLANEOUS.

            (a) Binding Effect. This Option Agreement shall bind and inure to
the benefit of the successors, assigns, transferees, agents, personal
representatives, heirs and legatees of the respective parties.

            (b) Further Acts. Each party agrees to perform any further acts and
execute and deliver any documents which may be necessary to carry out the
provisions of this Option Agreement.

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<PAGE>

            (c) Amendment. This Option Agreement may be amended at any time by
the written agreement of the Company and the Optionee.

            (d) Syntax. Throughout this Option Agreement, whenever the context
so requires, the singular shall include the plural, and the masculine gender
shall include the feminine and neuter genders. The headings and captions of the
various Sections hereof are for convenience only and they shall not limit,
expand or otherwise affect the construction or interpretation of this Option
Agreement.

            (e) Choice of Law. The parties hereby agree that this Option
Agreement has been executed and delivered in the State of New York and shall be
construed, enforced and governed by the laws thereof. This Option Agreement is
in all respects intended by each party hereto to be deemed and construed to have
been jointly prepared by the parties and the parties hereby expressly agree that
any uncertainty or ambiguity existing herein shall not be interpreted against
either of them.

            (f) Severability. In the event that any provision of this Option
Agreement shall be held invalid or unenforceable, such provision shall be
severable from, and such invalidity or unenforceability shall not be construed
to have any effect on, the remaining provisions of this Option Agreement.

            (g) Notices. All notices and demands between the parties hereto
shall be in writing and shall be served either by registered or certified mail,
and such notices or demands shall be deemed given and made forty-eight (48)
hours after the deposit thereof in the United States mail, postage prepaid,
addressed to the party to whom such notice or demand is to be given or made, and
the issuance of the registered receipt therefor. If served by telegraph, such
notice or demand shall be deemed given and made at the time the telegraph agency
shall confirm to the sender, delivery thereof to the addressee. All notices and
demands to the Optionee or the Company may be given to them at the following
addresses:

If to the Optionee:        Stuart Sundlun

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

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

If to Corporation:         CompuPrint, Inc.
                           99 Park Avenue, 16th Floor
                           New York, NY 10016
                           Fax:  (212) 808-4155

                  Such parties may designate in writing from time to time such
other place or places that such notices and demands may be given.

            (h) Entire Agreement. This Option Agreement constitutes the entire
agreement between the parties hereto pertaining to the subject matter hereof,
this Option Agreement supersedes all prior and contemporaneous agreements and
understandings of the parties, and there are no warranties, representations or
other agreements between the parties in connection with the subject matter
hereof except as set forth or referred to herein. No supplement, modification or
waiver or termination of this Option Agreement shall be binding unless executed
in writing by the party to be bound thereby. No waiver of any of the provisions
of this Option Agreement shall constitute a waiver of any other provision hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

                           [signature page follows]

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<PAGE>

      IN WITNESS WHEREOF, the parties have entered into this Option Agreement as
of the date first set forth above.

                              /s/ Stuart Sundlun
                              -------------------------------------------
                              Stuart Sundlun (the "Optionee")

                                COMPUPRINT, INC.

                              By:   /s/ Roman Rozenberg
                                 ---------------------------------------
                                    Roman Rozenberg, Chief Executive Officer

                                       8Exhibit 10.1

                              EMPLOYMENT AGREEMENT

THIS  EMPLOYMENT  AGREEMENT  (the  "Agreement")  is made and entered  into as of
August 16, 2005 (the "Effective  Date") by and between  GlobalNet  Corporation a
Nevada  corporation,  with an office located at 2616 South Loop West, Suite 660,
Houston, TX 77054 (the "Company") and Thomas Dunn, an individual with an address
2616 South Loop West, Suite 660, Houston, TX 77054 ("Dunn").

WHEREAS,  the  Company  provides  enhanced   telecommunication   services  using
voice-over-internet technology; and

WHEREAS, Dunn has had financial and accounting experience in various industries,
including telecommunications; and

WHEREAS, the Company desires to retain the services of Dunn; and

WHEREAS, Dunn is willing to be employed by the Company.

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

1.  Employment.  Dunn is hereby employed and engaged to serve the Company as the
Chief Financial Officer of the Company, or such additional titles as the Company
shall specify from time to time,  and Dunn does hereby  accept,  and Dunn hereby
agrees to such engagement and employment.

2. Duties.  Dunn shall be responsible for the overall  corporate  finance of the
Company,   including   compliance   with   accurate  and  timely  SEC  reporting
requirements.   In   addition,   Dunn's   duties   shall  be  such   duties  and
responsibilities  as the  Company  shall  specify  from time to time,  and shall
entail those duties  customarily  performed by the Chief Financial  Officer of a
company with a sales volume and number of employees  commensurate  with those of
the   Company.   Dunn  shall  have  such   authority,   discretion,   power  and
responsibility,   and  shall  be  entitled  to  office,  secretarial  and  other
facilities and conditions of employment,  as are customary or appropriate to his
position.  Dunn shall diligently and faithfully  execute and perform such duties
and  responsibilities,  subject to the  general  supervision  and control of the
Company's Chief Executive Officer.  Dunn shall be responsible and report only to
the  Company's  Chief  Executive  Officer.   Dunn  shall  devote  his  full-time
attention,  energy,  and skill during normal  business hours to the business and
affairs of the Company.

Nothing in this Agreement shall preclude Dunn from devoting  reasonable  periods
required for:

      (a)   serving  as a  director,  officer  or member of a  committee  of any
            organization  or corporation  involving no conflict of interest with
            the interests of the Company;

      (b)   serving as a  consultant  in his area of  expertise  (in areas other
            than in connection with the business of the Company), to government,
            industrial,  and academic panels where it does not conflict with the
            interests of the Company; and

      (c)   managing  his  personal   investments   or  engaging  in  any  other
            non-competing  business;   provided  that  such  activities  do  not
            materially  interfere with the regular performance of his duties and
            responsibilities under this Agreement as determined by the Company.

3. Best Efforts of Dunn. During his employment hereunder, Dunn shall, subject to
the direction and supervision of the Company's Chief Executive  Officer,  devote
his full business time, best efforts, business judgment, skill, and knowledge to
the  advancement  of the Company's  interests and to the discharge of his duties
and responsibilities  hereunder.  Notwithstanding the foregoing,  nothing herein
shall be construed as preventing Dunn from investing his assets in any business.

                                       1
<PAGE>

4. Employment Term. Unless terminated  pursuant to Section 12 of this Agreement,
the term of this  Agreement  shall  commence  as of the  Effective  Date of this
Agreement  and shall  continue  for a term of Twelve (12)  months (the  "Initial
Term"),  and shall be  automatically  renewed for  successive one (1) year terms
(the "Renewal  Term") unless a party hereto  delivers to the other party written
notice of such party's intention not to renew at least thirty (30) days prior to
the end of the Initial Term or the applicable  Renewal Term, as the case may be.
(the terms "Initial Term" and "Renewal  Term" will  collectively  hereinafter be
referred to as the "Employment Term").

5. Compensation of Dunn.

(a)   Base Compensation. As compensation for the services provided by Dunn under
      this Agreement, the Company shall pay Dunn an annual salary of One-Hundred
      Thirty Two Thousand  Dollars  ($132,000)  during the Employment Term. Upon
      each  subsequent  one (1) year renewal of Dunn's  employment in accordance
      with Section 4, the Company  shall  increase  Dunn's  annual salary by ten
      percent (10%).  The  compensation of Dunn under this Section shall be paid
      in accordance with the Company's usual payroll procedures.

(b)   Bonus. In addition to the above base compensation,  Dunn shall be eligible
      to receive an annual bonus determined by the Chief Executive Officer based
      on the performance of the Company.

(c)   Stock and Stock Options.  Dunn shall also be eligible to receive shares of
      the  Company's  authorized  stock and  options to  purchase  shares of the
      Company's authorized stock from time to time as determined by the Board of
      Directors.  It is  anticipated  that the  Company  will  develop an equity
      incentive for Dunn,  commensurate with the office held, within ninety (90)
      days of the Effective Date.

(d)   SEC Filing Bonus. If the Company's SEC reporting  requirements  are deemed
      to be current by December 31, 2005,  Dunn shall receive an additional  one
      -time  bonus of  $45,000.  The  Company  also  agrees to enter  into a new
      contractual  arrangement  that will  supercede and replace this  Agreement
      upon approval of Dunn and the Company. The Company and Dunn recognize that
      certain  events,  outside of either's  control,  may delay  filing  beyond
      December  31,  2005.  In such event,  the Company  agrees in good faith to
      evaluate the appropriate bonus earned by Dunn, giving due consideration to
      all  events,  circumstances  and  efforts.  The  Company  agrees  that all
      necessary and reasonable resources shall be provided to Dunn to accomplish
      the filing objectives.

6.  Benefits.  Dunn shall also be entitled to participate in any and all Company
benefit plans,  from time to time, in effect for employees of the Company.  Such
participation shall be subject to the terms of the applicable plan documents and
generally applicable Company policies.

7. Vacation,  Sick Leave and Holidays. Dunn shall be entitled to three (3) weeks
of paid  vacation,  with such  vacation to be scheduled  and taken in accordance
with the  Company's  standard  vacation  policies.  In  addition,  Dunn shall be
entitled  to such sick leave and  holidays  at full pay in  accordance  with the
Company's policies established and in effect from time to time.

8.  Business  Expenses.  The  Company  shall  promptly  reimburse  Dunn  for all
reasonable  out-of-pocket business expenses incurred in performing Dunn's duties
and  responsibilities  hereunder  in  accordance  with the  Company's  policies,
provided Dunn promptly  furnishes to the Company  adequate  records of each such
business expense.

9.  Location of Dunn's  Activities.  Dunn's  principal  place of business in the
performance of his duties and  obligations  under this  Agreement  shall be at a
place to be  determined  by the Chief  Executive  Officer.  Notwithstanding  the
preceding sentence, Dunn will engage in such travel and spend such time in other
places  as may  be  necessary  or  appropriate  in  furtherance  of  his  duties
hereunder.

10. Confidentiality. Dunn recognizes that the Company has and will have business
affairs,  products, future plans, trade secrets, customer lists, and other vital
information (collectively  "Confidential  Information") that are valuable assets
of the  Company.  Dunn  agrees  that he shall not at any time or in any  manner,
either directly or indirectly,  divulge,  disclose, or communicate in any manner
any  Confidential  Information  to any third  party  without  the prior  written
consent of the Company's board of directors.  Dunn will protect the Confidential
Information and treat it as strictly confidential.

                                       2
<PAGE>

11.  Non-Competition.  Dunn  acknowledges  that he has  gained,  and  will  gain
extensive  knowledge in the  business  conducted by the Company and has had, and
will have, extensive contacts with customers of the Company.  Accordingly,  Dunn
agrees that he shall not compete directly or indirectly with the Company, either
during the Employment Term or during a three month period  immediately after the
termination  of Dunn's  employment  under Section 12 and shall not,  during such
period, make public statements in derogation of the Company. For the purposes of
this Section 11,  competing  directly or indirectly  with the Company shall mean
engaging,   directly  or  indirectly,  as  principal  owner,  officer,  partner,
consultant,  advisor, or otherwise,  either alone or in association with others,
in the  operation  of any entity  engaged  in a business  similar to that of the
Company's.

12.  Termination.  Notwithstanding  any other provisions hereof to the contrary,
Dunn's employment hereunder shall terminate under the following circumstances:

      (a)   Voluntary  Termination  by  Dunn.  Dunn  shall  have  the  right  to
            voluntarily terminate this Agreement and his employment hereunder at
            any time during the  Employment  Term with a thirty (30) day written
            notice to the Company.

      (b)   Voluntary  Termination  by the Company.  The Company  shall have the
            right to voluntarily  terminate this Agreement and Dunn's employment
            with a  thirty  (30)  day  written  notice.  Termination  of  Dunn's
            employment  pursuant to this  Section  12(b) shall not be  effective
            unless the  Company  shall have  first  given Dunn a written  notice
            thereof at least thirty (30) days.  In the event of: (1) a Change of
            Control of the Company, defined as a change in either voting control
            of the Company's  common stock,  or a change of more than 50% of the
            Company's  Board of Directors,  or (2) the  replacement of the Chief
            Executive Officer  (collectively,  the "Special Events"),  then, the
            required written notice shall increase to ninety (90) days.

      (c) Termination  for Cause.  The Company shall have the right to terminate
      this Agreement and Dunn's  employment  hereunder at any time for cause. As
      used in this Agreement, "cause" shall mean refusal by Dunn to implement or
      adhere  to  lawful  policies  or  directives  of the  Company's  board  of
      directors,  breach of this Agreement, Dunn's conviction of a felony, other
      conduct of a criminal  nature that may have a material  adverse  impact on
      the  Company's  reputation,  breach  of  fiduciary  duty  or the  criminal
      misappropriation by Dunn of funds from or resources of the Company.  Cause
      shall not be deemed to exist  unless the  Company  shall have first  given
      Dunn a written  notice thereof  specifying in reasonable  detail the facts
      and circumstances alleged to constitute "cause" and thirty (30) days after
      such notice such conduct has, or such circumstances  have, as the case may
      be, not entirely ceased and not been entirely remedied.

      (d) Termination  Upon Death or for  Disability.  This Agreement and Dunn's
      employment hereunder,  shall automatically  terminate upon Dunn's death or
      upon written notice to Dunn and  certification  of Dunn's  disability by a
      qualified  physician  or a panel of qualified  physicians  if Dunn becomes
      disabled  beyond a period of twelve  (12)  months and is unable to perform
      the duties contained in this Agreement.

(e)  Effect  of  Termination.  In the  event  that  this  Agreement  and  Dunn's
employment is voluntarily  terminated by Dunn pursuant to Section  12(a),  or in
the event the Company voluntarily  terminates this Agreement pursuant to Section
12(b) or for cause pursuant to Section 12(c), all obligations of the Company and
all duties,  responsibilities and obligations of Dunn under this Agreement shall
cease.  Upon such  termination,  the Company  shall (i) pay Dunn a cash lump sum
equal to (x) all accrued base salary  through the date of  termination  plus all
accrued vacation pay and bonuses, if any, plus (y) as severance compensation, an
amount  equal to one (1) month of Dunn's  base  salary (at the  highest  rate in
effect during the Employment Term of this Agreement), or three (3) months should
the Special Events occur during the Employment Term of this Agreement;  and (ii)
provide, at the Company's expense, coverage to Dunn under the life, accident and
disability  insurance policies available to the senior management  executives of
the Company and to Dunn and his dependents  under the health,  dental and vision
insurance  plans  available to the Company's  senior  management  executives and
their  dependents  or,  in the  event any of such  life,  accident,  disability,
health, dental or vision insurance are not continued or Dunn is not eligible for
coverage thereunder due to his termination of employment,  the Company shall pay
for the premiums for equivalent coverage,  in any event, for a period of two (2)
months (three months, should the Special Events occur during the Employment Term
of this Agreement) after the date of termination. In the event this Agreement is
terminated upon the death or disability of Dunn pursuant to Section 12(d),  Dunn
shall be  entitled  to all  compensation  pursuant  to  Section 5 for the period
between  the  effective  termination  date  to the  end of the  Employment  Term
pursuant to Section 4. Payment will be made to Dunn or Dunn's appointed trustee.

13. Resignation as Officer. In the event that Dunn's employment with the Company
is terminated for any reason whatsoever, Dunn agrees to immediately resign as an
Officer  and/or  Director  of the  Company  and any  related  entities.  For the
purposes of this Section 13, the term the  "Company"  shall be deemed to include
subsidiaries, parents, and affiliates of the Company.

                                       3
<PAGE>

14. Governing Law,  Jurisdiction and Venue.  This Agreement shall be governed by
and construed in accordance  with the laws of the State of Texas without  giving
effect to any applicable conflicts of law provisions.

15. Business  Opportunities.  During the Employment Term Dunn agrees to bring to
the attention of the Company's board of directors all written business proposals
that come to Dunn's  attention and all business or investment  opportunities  of
whatever  nature that are created or devised by Dunn and that relate to areas in
which the Company  conducts  business and might  reasonably be expected to be of
interest to the Company or any of its subsidiaries.

16.  Employee's  Representations  and  Warranties.  Dunn hereby  represents  and
warrants that he is not under any  contractual  obligation to any other company,
entity or  individual  that would  prohibit or impede Dunn from  performing  his
duties and  responsibilities  under this  Agreement and that he is free to enter
into and perform  the duties and  responsibilities  required by this  Agreement.
Dunn  hereby  agrees  to  indemnify  and  hold  the  Company  and its  officers,
directors,  employees,  shareholders  and agents harmless in connection with the
representations and warranties made by Dunn in this Section 16.

17. Indemnification.

      (a)   The Company agrees that if Dunn is made a party, or is threatened to
            be made a party, to any action,  suit or proceeding,  whether civil,
            criminal,  administrative  or  investigative  (a  "Proceeding"),  by
            reason of the fact that he is or was a director, officer or employee
            of the Company or is or was serving at the request of the Company as
            a  director,   officer,   member,   employee  or  agent  of  another
            corporation,  partnership, joint venture, trust or other enterprise,
            including service with respect to employee benefit plans, whether or
            not the  basis of such  Proceeding  is Dunn's  alleged  action in an
            official  capacity  while  serving as a director,  officer,  member,
            employee or agent,  Dunn shall be  indemnified  and held harmless by
            the Company to the fullest  extent  permitted or  authorized  by the
            Company's  certificate of incorporation or bylaws or, if greater, by
            the laws of the State of Texas, against all cost, expense, liability
            and loss (including, without limitation, attorney's fees, judgments,
            fines,  ERISA excise  taxes or  penalties  and amounts paid or to be
            paid in  settlement)  reasonably  incurred  or  suffered  by Dunn in
            connection therewith,  and such indemnification shall continue as to
            Dunn even if he has ceased to be a  director,  member,  employee  or
            agent of the Company or other  entity and shall inure to the benefit
            of Dunn's  heirs,  executors and  administrators.  The Company shall
            advance to Dunn to the extent  permitted by law all reasonable costs
            and expenses  incurred by him in connection with a Proceeding within
            20 days after  receipt by the  Company  of a written  request,  with
            appropriate  documentation,  for such  advance.  Such request  shall
            include an  undertaking  by Dunn to repay the amount of such advance
            if it shall  ultimately be determined  that he is not entitled to be
            indemnified against such costs and expenses.

      (b)   Neither  the  failure  of  the  Company   (including  its  board  of
            directors, independent legal counsel or stockholders) to have made a
            determination prior to the commencement of any proceeding concerning
            payment of amounts claimed by Dunn that  indemnification  of Dunn is
            proper because he has met the applicable standard of conduct,  nor a
            determination  by the  Company  (including  its board of  directors,
            independent  legal  counsel or  stockholders)  that Dunn has not met
            such applicable standard of conduct, shall create a presumption that
            Dunn has not met the applicable standard of conduct.

                                       4
<PAGE>

      (c)   The  Company  agrees to  continue  and  maintain  a  directors'  and
            officers' liability insurance policy covering Dunn to the extent the
            Company provides such coverage for its other executive officers.

      (d)   Promptly  after  receipt  by  Dunn of  notice  of any  claim  or the
            commencement  of any action or proceeding with respect to which Dunn
            is entitled to indemnity hereunder, Dunn shall notify the Company in
            writing  of  such  claim  or the  commencement  of  such  action  or
            proceeding,  and the  Company  shall (i) assume the  defense of such
            action or proceeding, (ii) employ counsel reasonably satisfactory to
            Dunn,  and  (iii)  pay the  reasonable  fees  and  expenses  of such
            counsel.  Notwithstanding  the  preceding  sentence,  Dunn  shall be
            entitled to employ counsel separate from counsel for the Company and
            from any other  party in such action if Dunn  reasonably  determines
            that a conflict of interest  exists  which makes  representation  by
            counsel  chosen by the Company  not  advisable.  In such event,  the
            reasonable fees and  disbursements of such separate counsel for Dunn
            shall be paid by the Company to the extent permitted by law.

      (e)   After the  termination  of this  Agreement  and upon the  request of
            Dunn,  the  Company  agrees  to  reimburse  Dunn for all  reasonable
            travel, legal and other out-of-pocket  expenses related to assisting
            the  Company to prepare  for or defend  against  any  action,  suit,
            proceeding or claim brought or threatened to be brought  against the
            Company or to prepare for or institute any action, suit,  proceeding
            or claim to be brought or threatened  to be brought  against a third
            party  arising  out of or based upon the  transactions  contemplated
            herein and in providing  evidence,  producing documents or otherwise
            participating in any such action, suit,  proceeding or claim. In the
            event Dunn is required to appear after termination of this Agreement
            at a judicial  or  regulatory  hearing  in  connection  with  Dunn's
            employment hereunder,  or Dunn's role in connection  therewith,  the
            Company agrees to pay Dunn a sum, to be mutually agreed upon by Dunn
            and the Company,  per diem for each day of his  appearance  and each
            day of preparation therefor.

18.  Notices.  All  demands,  notices,  and  other  communications  to be  given
hereunder,  if any, shall be in writing and shall be sufficient for all purposes
if personally delivered,  sent by facsimile or sent by United States mail to the
address  below or such other  address or addresses  as such party may  hereafter
designate in writing to the other party as herein provided.

Company:                                       Dunn:
GlobalNet Corporation                          c/o GlobalNet Corporation
2616 South Loop West, Suite 660                2616 South  Loop West,  Suite 660
Houston, TX 77054                              Houston, TX 77054

19.  Entire  Agreement.  This  Agreement  contains  the entire  agreement of the
parties and there are no other  promises or conditions  in any other  agreement,
whether oral or written.  This  Agreement  supersedes  any prior written or oral
agreements  between the parties.  This Agreement may be modified or amended,  if
the amendment is made in writing and is signed by both parties.  This  Agreement
is for the unique personal  services of Dunn and is not assignable or delegable,
in whole or in part, by Dunn.  This  Agreement may be assigned or delegated,  in
whole or in part,  by the  Company  and,  in such case,  shall be assumed by and
become  binding  upon  the  person,  firm,  company,   corporation  or  business
organization  or  entity to which  this  Agreement  is  assigned.  The  headings
contained  in this  Agreement  are for  reference  only and shall not in any way
affect the meaning or interpretation of this Agreement. If any provision of this
Agreement  shall be held to be  invalid or  unenforceable  for any  reason,  the
remaining provisions shall continue to be valid and enforceable.  The failure of
either party to enforce any provision of this  Agreement  shall not be construed
as a waiver or  limitation  of that party's  right to  subsequently  enforce and
compel strict compliance with every provision of this Agreement.  This Agreement
may be  executed in two or more  counterparts,  each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument
and, in pleading or proving any  provision  of this  Agreement,  it shall not be
necessary to produce more than one of such counterparts.

                  [Remainder of page intentionally left blank.]

                                        5
<PAGE>

IN WITNESS  WHEREOF,  the parties have executed this Agreement as of the day and
year first above written.

GlobalNet Corporation                           Thomas Dunn:

By:
   -------------------------                    ----------------------------

Name:                                           Thomas Dunn

Title:

                                        6

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