Document:

Gilder Enterprises, Inc. - Exhibit 10.2

  

  

  
    MANAGEMENT
      SERVICES AGREEMENT 

  

  

  

THIS AGREEMENT made as of the 1st day of July 2002. 

BETWEEN: 

GILDER ENTERPRISES INC., a company 

incorporated under the laws of the 

State of Nevada 

(Herein referred to as “Gilder”or the “Company”) 

AND: 

ANGUS CONSULTING INC., of 

3639 Garibaldi Drive 

North Vancouver, British Columbia, Canada 

(Herein referred to as “Angus Management”) 

WHEREAS: 

A.  Angus Management, a company incorporated under the laws of the Province of British Columbia, maintains an office with administration services, including telephone, fax and computer services; 

B.        Joseph Bowes, an employee of Angus Management, has business and management expertise relevant to Gilder’s business; 

C.       Gilder requires management and administrative services, project management services and office administration services including, telephone, fax and

           computer services, all as related to the Company’s mineral exploration activities, and wishes to retain Angus Management to provide same. 

NOW THEREFORE THIS AGREEMENT WITNESSES that the parties agree as follows: 

1.    SERVICES AND SCOPE OF WORK 

Angus Management will: 

(a)    Provide the services of Joseph Bowes as President of Gilder to carry out the management and direction of the business of the Company, including retaining appropriate geological consultants, and managing, supervising and coordinating

 

 

 

 

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            the mineral exploration activities carried out by Gilder (the “Management Services”); and 

(b)    Provide office administration services including telephone, fax and computer services related to the Management Services (the “Administrative Services”). 

2.    TERM 

The Term of this Agreement shall be for a period of two years commencing July 1, 2002 and ending June 30, 2004. 

3.    COMPENSATION 

In consideration of Angus Management providing the above Management Services and Administrative Services, Gilder agrees to pay to Angus Management a consulting fee in the amount of US $900.00 per month payable on the 1 st day of each month. It is understood that the Management Services to be provided by Bowes on behalf of Angus Management to Gilder will account for approximately 15% of Bowes's business time. It is further agreed that, in the event that Bowes is required to spend more than 15% of his business time in providing the Management Services, the consulting fee above will be increased to an am!
 ount equal to the fair market value of Bowes's services. 

4.    EXPENSES 

It is understood and agreed that Angus Management will incur out-of-pocket expenses in connection with rendering the services provided for under this Agreement, including expenses related to travel. Apart from incidental parking, photocopying and long distance telephone charges related directly to the services provided, any travel and other expenses shall be as agreed with Gilder in advance. To the extent that convenient arrangements cannot be made to have such expenses paid directly by the Company, they will be invoiced by Angus Management to Gilder at cost. 

5.    CONFIDENTIAL INFORMATION 

Angus Management covenants and agrees that it shall not disclose to anyone any confidential information with respect to the business or affairs of Gilder, except as may be necessary and in the best interests of Gilder or as required by a court or legal tribunal of competent jurisdiction. This obligation shall survive the expiry of this Agreement. 

6.    TERMINATION OF SERVICES 

The parties agree that Angus Management’s services under this Agreement may be terminated as follows: (a) by Gilder upon giving 30 days written notice of termination to Angus Management, or (b) with the mutual written consent of both Gilder and Angus Management. 

 

 

 

 

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7.    SEVERABILITY 

In the event that any provision or part of this Agreement shall be deemed to be null and void by a Court of competent jurisdiction, the remaining provisions or parts shall remain in full force and effect. 

8.    ENTIRE AGREEMENT 

This Agreement constitutes the entire Agreement between the parties with respect to the retaining by Gilder of Angus Management, and any and all previous agreements, written or oral, express or implied, between the parties relating to the retaining of Angus Management by Gilder, are terminated. 

9.    MODIFICATION OF AGREEMENT 

Any modification to this Agreement must be agreed in writing and signed by the parties or it shall have no effect and shall be void. 

10.    HEADINGS 

The headings used in this Agreement are for convenience only and are not to be construed in any way as additions or limitations of the covenants and agreements contained in it. 

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written. 

GILDER ENTERPRISES INC.            

Per:         /s/ Joseph Bowes        

Joseph Bowes, President 

Authorized Signatory            

ANGUS CONSULTING INC. 

Per:     /s/ Joseph Bowes        

Joseph Bowes, President 

Authorized SignatoryFiled by Automated Filing Services Inc. (604) 609-0244 - Gilder Enterprises, Inc. - Exhibit 10.3

JOINT VENTURE AGREEMENT 

THIS AGREEMENT dated for reference the 25th day of May, 2003.

BETWEEN:

  
     GILDER ENTERPRISES, INC., a Nevada corporation,
      having its registered offices at 2300 West Sahara Avenue, Suite 500, Las
      Vegas, Nevada, USA 89102 

  

 (hereinafter called “Gilder”) 

  
     5G WIRELESS COMMUNICATIONS PTE LTD., a Singapore
      corporation, having its registered offices at Penthouse Level, Suntec Tower
      3, 8 Temasek Boulevard, Singapore 038988. 

  

 (hereinafter called “5G”) 

AND:

  
     MICHAEL PEH HIN TAN, a Singapore national (Singapore
      passport number 1686630Z), resident at #4, Kengchin Road, Singapore, 258707.
    

  

 (hereinafter called “Tan”) 

WHEREAS:

	A.	Gilder, 5G and Tan, who is the principal
        shareholder of 5G, have together agreed to establish a joint venture to
        pursue Internet access business opportunities in North America (the “JV”)
        and which will initially target hotel property Internet access opportunities
        in Vancouver, BC.

	 	 
	B.	Gilder, 5G and Tan desire to enter into
        this Agreement in order to record their respective rights and obligations.

 NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
  of the premises and of the mutua1 covenants and agreements hereinafter set forth,
  the parties hereto agree each with the other as follows: 

 PART 1 – INTERPRETATION 

 1.01           This
  Agreement shall in all respects be governed by and be construed in accordance
  with the laws of the State of Nevada. 

 Page 1 of 10 

 1.02           If
  any provision of this Agreement is or becomes illegal, invalid or unenforceable
  in whole or in part, in any respect in any jurisdiction, the validity, legality
  and enforceability of such provision or provisions shall not in any way be affected
  or impaired thereby in any other jurisdiction and the validity, legality and
  enforceability of the remaining provisions contained herein shall not in any
  way be affected or impaired thereby. 

 1.03           Wherever
  the singular or the masculine is used herein the same shal1 be deemed to include
  the plura1 or the feminine or the body politic or corporate where the context
  or the parties so require. 

 1.04           The
  headings of the Parts of this Agreement are inserted for convenience only and
  shall not affect the construction hereof. 

 1.05           Unless
  otherwise stated a reference herein to a numbered or lettered paragraph refers
  to the paragraph of each Part bearing the number or letter in this Agreement.

 1.06           All
  accounting terms not defined in this Agreement shall have those meanings generally
  ascribed to them in accordance with Canadian generally accepted accounting principles,
  applied consistently. 

 1.07           The
  following schedules annexed hereto are incorporated into this Agreement by reference
  and deemed to be part hereof: 

                 Schedule
  A           Shareholders Agreement

 PART 2 - CONDUCT OF THE AFFAIRS OF THE JOINT VENTURE, NON-COMPETITION,
  NON-DISCLOSURE 

 2.01           JV
  operations will be undertaken through incorporated joint venture entities owned
  by Gilder and 5G. The incorporated joint venture entities established will be
  as determined by Gilder, 5G and Tan in consultation with tax, legal and other
  advisors. For each joint venture entity established, the parties hereto agree
  to forthwith execute a shareholders agreement in the form attached in Schedule
  A. 

 2.02           The
  authorized capital of each incorporated joint venture entity will consist of
  100 fully paid and non-assessable common shares (the “Shares”), which
  will be issued to Gilder and 5G (or their wholly-owned affiliates) (“the
  Shareholders”) as follows: 

	   	Shareholder	Common Shares	 
	 	 	 	 
	 	Gilder or its wholly-owned Affiliate	51	 
	 	 	 	 
	 	5G or its wholly-owned Affiliate	49	 

Page 2 of 10

 2.03           
  The Shareholders shall vote their Shares so that the board of directors of each
  joint venture entity shall be comprised of two (2) directors and so that one
  nominee of each of the Shareholders is a director of the joint venture entity.
  In the event that a position on the joint venture entities’ board of directors
  shall be open for any reason whatsoever, the Shareholder whose nominee shall
  have formerly occupied such position shall be entitled to nominate a new director
  to fill such vacancy. 

 2.04           The
  Gilder nominee shall chair the Board of Directors and shall have a deciding
  vote in the instance where the Board is deadlocked in any vote required on a
  matter before it. 

 2.05           
  In respect of each joint venture entity established, Gilder and 5G hereby agree
  to execute the Shareholders Agreement detailed in Schedule A. 

 2.06           Each
  of Gilder, 5G and Tan, for the life of this Joint Venture Agreement, shall devote
  such of their time and energies to the business and affairs of the joint venture,
  and shall cause their respective representatives (meaning an individual that
  is designated as such by any of Gilder, 5G or Tan, individually the “Representative”
  and collectively the “Representatives”) to similarly devote such of
  their time and energies, as are appropriate to the immediate demands of the
  responsibilities which they have accepted, given a normal and reasonable time
  allowance for persona1 business. At all times, said Gilder, 5G or Tan (or their
  Representatives) shall use their best efforts, skill and abilities to promote
  the interests of the Company. 

 2.07           Except
  with the unanimous consent in writing of the others, each of Gilder, 5G and
  Tan agree that, while they are a party to this Joint Venture Agreement and for
  a period of three (3) years thereafter: 

	(a)	Directly or indirectly, whether as principal,
        agent, emp1oyee or director of a company or otherwise, or by means of
        corporate or other device, solicit or aid in the solicitation of any business
        similar to the business being carried on by the JV from any customer or
        customers of the JV’s incorporated joint venture entities or, in
        the event of having ceased to be a party to this Joint Venture Agreement,
        any customer or prospective customers of the JV with whom they had business
        dealings on behalf of the JV at any time before ceasing to be a party
        to this Joint Venture Agreement; or,

	 	 
	(b)	Directly or indirectly, whether as principal,
        agent, emp1oyee or director of a company or otherwise, or by means of
        corporate or other device, aid or otherwise act for any business in North
        America similar to the business being carried on by the JV; or,

	 	 
	(c)	Directly or indirectly, use or disclose
        to any person, except to duly authorized officers and employees of the
        JV and its incorporated joint venture entities entitled thereto, any trade
        secret, business data, or other information acquired by them by reason
        of their involvement and association with the JV.

 2.08           
  The non-competition and non-disclosure provisions in 2.07 apply to each of Gilder,
  5G and Tan and include all of their employees, directors, consultants and any
  other individuals that they may make aware of or otherwise involve in the business
  of the JV. 

Page 3 of 10

 2.09           Each
  of Gilder, 5G and Tan acknowledge that, by reason of their unique knowledge
  of the business of the Company, the scope of the covenants in paragraph 2.07
  and 2.08 are reasonable and commensurate with the protection of the legitimate
  interests of the Company. It is further understood and agreed that these covenants
  shall subsist even if the rest of this Agreement shall be terminated for any
  reason whatsoever and are severable for such purpose. 

 PART 3 – CONTRIBUTIONS, FINANCING, DISTRIBUTION OF
  NET PROFIT 

 3.01           The
  financial contributions of the Gilder and 5G to the joint venture shall be kept
  at as low a level as possible. Subscribed capital in the joint venture entities
  shall be at nominal values and, initial non-interest bearing loans, to be applied
  to the Canadian joint venture entity, shall be: 

	 	Gilder 	Up to US $40,000 in respect of cash to be provided
        as the Canadian joint venture entity shall formally request from time
        to time, by providing a minimum of seven (7) days prior written notice
        to Gilder. All monies so advanced are to be secured by Demand Promissory
        Notes supported by Guarantee and Security Agreements to be provided by
        5G and Tan. 

	 	 	 
	 	5G	US $10,000 in respect of the deemed value, which
        will be no less than the fair market value, of certain equipment and software
        necessary to establish the operations of the Canadian joint venture entity,
        which are to be provided in Vancouver on a fully tax paid basis on or
        before June 15, 2003. 

3.02           
  Funds required from time to time by the JV will be obtained, firstly and to
  the greatest extent possible, by the joint venture entities borrowing from a
  chartered bank or other institutional lender, and secondly from Gilder and 5G
  based upon specific formal written requests submitted by the joint venture entities.

 3.03           For
  the first 24 months from the effective date a joint venture entity commences
  operations, it is agreed that they will retain and reinvest in their business
  all net profits earned. 

 3.04           The
  parties hereto agree to jointly fund the future growth of the JV business based
  upon its performance in the first 12 months of operations, on a pro rata basis
  in relation to their respective ownership interests. The levels of such future
  funding sought will be as determined by the individual joint venture entities
  taking into consideration available market opportunities, related competitive
  issues and the ability of each joint venture entity to self-finance future growth.

 3.05           
  In respect of the proprietary software to be provided by 5G to the JV, upon
  execution of this Agreement, 5G herewith grants to the JV the exclusive North
  American license rights to use same for the term of the JV on a fully paid basis
  as part of its contribution to the JV. 

 Page 4 of 10 

 3.06           Apart
  from the financial contributions noted in 3.01, and without intending to limit
  the actual contributions to be made in future, in general the JV will be relying
  upon the parties hereto as follows: 

	 	 	5G and Tan	 	 	Gilder
	 	 	 	 	 	 
	•	Technical and operations expertise	•	Management expertise
	 	–	Design, installation, commissioning	 	–	Administration, budgets, accounting,
	 	 	and operations	 	 	operational and financial planning
	•	Sales expertise	•	Sales expertise
	•	All rights in prior contract negotiations	•	Financial expertise

 3.07           In
  respect of ongoing technical and operations expertise, 5G and Tan herewith commit
  to provide same through the services of Dennis Tan as Chief Technology Officer
  and Hsien Wong as User Support Manager, both of whom will be employed directly
  by the JV entities under employment contracts. Initially, it is expected that
  said employment will be on a permanent part-time basis. 

 3.08           For
  the immediate future after establishing the initial JV entity, the joint venture
  partners will contribute equally to the staffing of the JV’s corporate
  and administrative and marketing and sales functions. Over the next six months,
  and subject to the JV suitably advancing its business plan and completing satisfactory
  personnel searches, it is planned that the JV entities will hire employees to
  directly staff these functions. 

 3.09           Upon
  execution of this Agreement, 5G and Tan agree to deliver forthwith their Guarantee
  and General Security Agreements in the manner contemplated by the Shareholders
  Agreement. 

 PART 4 – SHAREHOLDERS AGREEMENT 

 4.01           For
  each joint venture entity established, the parties hereto agree to forthwith
  execute a shareholders agreement in the form attached in Schedule A. 

 PART 5 – (intentionally blank) 

 PART 6 – REPRESENTATIONS, WARRANTIES AND COVENANTS
  OF GILDER 

 6.01           Gilder
  represents and warrants to and covenants with 5G and Tan that: 

 (a)             It
  has been duly incorporated and validly exists as a corporation in good standing
  under the laws of its jurisdiction of incorporation; 

 Page 5 of 10 

(b)             It
  is lawfully authorized to undertake the joint venture business contemplated
  herein;

 (c)             It
  has duly obtained all corporate authorizations for the execution of this Joint
  Venture Agreement and the consummation of the transactions herein contemplated
  will not conflict with or result in any breach of any covenants or agreements
  contained in, or constitute a default under, or result in the creation of any
  encumbrance under the provisions of the Articles or other constating documents
  of Gilder or with any shareholders' or directors' resolution, indenture, agreement
  or other instrument whatsoever to which Gilder is a party or by which it is
  bound or to which it may be subject;

 (d)             No
  proceedings are pending for, and Gilder is unaware of any basis for the institution
  of any proceedings which could lead to the dissolution or winding up of Gilder,
  or placing it in bankruptcy, or making it subject to any other laws governing
  the affairs of insolvent corporations;

 (e)             The
  representations and warranties contained in this Part are provided for the exclusive
  benefit of the 5G and Tan and a breach of any one or more thereof may be waived
  by the them in whole or in part at any time without prejudice to their rights
  in respect of any other breach of the same or of any other representation or
  warranty, and the representations and warranties contained in this Part shall
  survive the execution hereof.

 PART 7 – REPRESENTATIONS, WARRANTIES AND COVENANTS
  OF 5G AND TAN

 7.01           5G
  represents and warrants to and covenants with Gilder and Tan that:

 (a)             It
  has been duly incorporated and validly exists as a corporation in good standing
  under the laws of its jurisdiction of incorporation;

 (b)             It
  is lawfully authorized to undertake the joint venture business contemplated
  herein, and to provide to the JV the equipment and software and the exclusive
  North American software license contributions contemplated herein;

 (c)             It
  has duly obtained all corporate authorizations for the execution of this Joint
  Venture Agreement and the consummation of the transactions herein contemplated
  will not conflict with or result in any breach of any covenants or agreements
  contained in, or constitute a default under, or result in the creation of any
  encumbrance under the provisions of the Articles or other constating documents
  of 5G or with any shareholders' or directors' resolution, indenture, agreement
  or other instrument whatsoever to which 5G is a party or by which it is bound
  or to which it may be subject;

 (d)             The
  original and subsequent agreements and all other undertakings that 5G had with
  or related to their prior dealings with Tesmark, Inc, its successor corporations
  and any affiliates thereof are properly and completely terminated, and further,
  that 5G has no contractural agreements or other undertakings related thereto
  preventing it from consummating the

 Page 6 of 10

transactions contemplated herein.

 (e)             No
  proceedings are pending for, and 5G is unaware of any basis for the institution
  of any proceedings which could lead to the dissolution or winding up of 5G,
  or placing it in bankruptcy, or making it subject to any other laws governing
  the affairs of insolvent corporations;

 (f)             The
  representations and warranties contained in this Part are provided for the exclusive
  benefit of the Gilder and Tan and a breach of any one or more thereof may be
  waived by the them in whole or in part at any time without prejudice to their
  rights in respect of any other breach of the same or of any other representation
  or warranty, and the representations and warranties contained in this Part shall
  survive the execution hereof.

 7.02           Tan
  represents and warrants to and covenants with Gilder and 5G that:

 (a)             Tan
  can lawfully undertake the joint venture business contemplated herein;

 (b)             The
  consummation of the transactions herein contemplated will not conflict with
  or result in any breach of any covenants or agreements with any other parties,
  or any other instrument whatsoever to which Tan is a party or by which Tan is
  bound or to which Tan may be subject;

(c)             The
  original and subsequent agreements and all other undertakings that Tan had with
  or related to his prior dealings with Tesmark, Inc, its successor corporations
  and any affiliates thereof are properly and completely terminated, and further,
  that Tan has no contractural agreements or other undertakings related thereto
  preventing him from consummating the transactions contemplated herein.

 (d)             No
  proceedings are pending, and Tan is unaware of any basis for the institution
  of any proceedings, which could lead to placing Tan into bankruptcy, or making
  Tan subject to any other laws governing insolvency;

 (e)             The
  representations and warranties contained in this Part are provided for the exclusive
  benefit of the Gilder and 5G and a breach of any one or more thereof may be
  waived by the them in whole or in part at any time without prejudice to their
  rights in respect of any other breach of the same or of any other representation
  or warranty, and the representations and warranties contained in this Part shall
  survive the execution hereof.

 PART 8 – (intentionally blank)

 PART 9 – (intentionally blank)

 PART 10 - GENERAL PROVISIONS

 10.01           This
  Agreement shall terminate:

 Page 7 of 10 

(a)             When
  either Gilder or 5G cease to be a Shareholder;

 (b)              If
  all the JV’s joint venture entities have receiving orders made against
  them, go into bankruptcy either voluntarily or involuntarily, or make proposals
  to their creditors; or

 (c)             If
  the parties hereto consent in writing to the termination hereof.

 10.02           
  If Gilder or 5G shall have disposed of all of their Investments in joint venture
  entities in compliance with the provisions in the relevant Shareholders Agreement
  and hence terminate this Joint Venture Agreement, Gilder, 5G and Tan shall be
  entitled to the benefit of and be bound by only the rights and obligations which
  arose pursuant to this Joint Venture Agreement prior to such disposition.

 10.03           The
  Shareholders shall execute such further assurances and other documents and instruments
  and do such further and other things as may be necessary to implement and carry
  out the intent of this Joint Venture Agreement.

 10.04           The
  provisions herein constitute the entire agreement between the parties and supersedes
  all previous expectations, understandings, communications, representation and
  agreements whether verbal or written between them with respect to the subject
  matter hereof.

 10.05           Unless
  otherwise specified herein, any notice required to be given hereunder by any
  party shall be deemed to have been well and sufficiently given if mailed by
  prepaid registered mail, telexed or telegraphed to, or delivered at the address
  of the other party hereinafter set forth:

                      If
  to Gilder Enterprises, Inc.: at its registered offices located at 2300 West
  Sahara Avenue, Suite 500, Las Vegas, Nevada, USA 89102, Attention: President;

                      If
  to 5G Wireless Communications Pte Ltd.: at its registered offices located at
  Penthouse Level, Suntec Tower 3, 8 Temasek Boulevard, Singapore 038988, Attention:
  President;

                      If
  to Michael Peh Hin Tan: at his residence located at #4, Kengchin Road, Singapore,
  258707 with a copy to 1344 Whitby Road, West Vancouver, BC, Canada V7S 2N5,
  Attention: Mr. Dennis Tan;

 or at such other address as the parties may from time to time
  direct in writing, and any such notice shall be deemed to have been received,
  if mailed, telefaxed or telegraphed, 72 hours after the time of mailing, faxing
  or telegraphing, and if delivered, upon the date of delivery. If normal mail
  service, telex service or telegraph service is interrupted by strike, slowdown,
  force majeure or other cause, a notice sent by the impaired means of communication
  will not be deemed to be received until actually received and the Party sending
  the notice shall utilize any other such services which have not been interrupted
  or shall deliver such notice in order to ensure prompt receipt thereof.

 10.06           Time
  shall be of the essence hereof.

 Page 8 of 10

 10.07           All
  disputes between the parties arising under this Agreement, which the parties
  are unable to resolve between themselves within 30 days, will be resolved by
  arbitration under the rules of the British Columbia International Commercial
  Arbitration Centre ("BCICAC") by a sole arbitrator subject to the following:

 (a)             Any
  party may refer any dispute to arbitration by notice to the other and, within
  30 days after receipt of such notice, the parties will endeavour to agree on
  the appointment of a sole arbitrator, who will be capable of commencing the
  arbitration within 21 days of his appointment. In the event that the Parties
  are unable to agree on an arbitrator, the parties agree to be bound by the rules
  of the BCICAC providing for the appointment of a sole arbitrator. The arbitrator
  will be an individual who by a combination of education and experience is competent
  to adjudicate the matter in dispute and who has indicated his willingness and
  ability to act as arbitrator 

 (b)             The
  decision of the arbitrator will be final and binding upon each of the parties
  and will not be subject to appeal or judicial review. 

 10.08          This
  Agreement shall enure to the benefit of and be binding upon the parties thereto
  and their respective personal representatives, successors and permitted assigns.

Page 9 of 10

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first written above.

	GILDER ENTERPRISES, INC.	 
	 	 	 
	Per:	/s/ Joseph Bowes	 
	 	Authorized Signatory	 
	 	 	 
	Name:	Joseph Bowes	 
	 	 	 
	Title:	President	 
	 	 	 
	 	 	 
	5G WIRELESS COMMUNICATIONS PTE LTD.	 
	 	 	 
	Per:	/s/ Michael Tan	 
	 	Authorized Signatory	 
	 	 	 
	Name:	Michael Tan	 
	 	 	 
	Title:	Director	 
	 	 	 
	 	 	 
	Signed, sealed and delivered by:	 
	 	 	 
	MICHAEL PEH HIN TAN	 
	 	 	(seal)
	 	/s/ Michael Tan	 
	 	Signature	 
	 	 	 
	 	In the presence of:	 
	 	 	 
	WITNESS:	 
	 	 /s/
      Hsien Loong Wong	 
	 	Signature	 
	 	 	 
	Name:	Hsien Loong Wong	 
	 	 	 
	Occupation: 	Manager	 
	 	 	 
	Address: 	1807-3970 Corrigan Court,
      Burnaby	 
	 	 	 

Page 10 of 10

 SHAREHOLDERS AGREEMENT  

 THIS AGREEMENT dated for reference the 25th day of May, 2003. 

 BETWEEN: 

  
     GILDER ENTERPRISES, INC., a Nevada corporation,
      having its registered offices at 2300 West Sahara Avenue, Suite 500, Las
      Vegas, Nevada, USA 89102 

  

 (hereinafter called “Gilder”) 

  
     5G WIRELESS COMMUNICATIONS PTE LTD., a Singapore
      corporation, having its registered offices at Penthouse Level, Suntec Tower
      3, 8 Temasek Boulevard, Singapore 038988. 

  

 (hereinafter called “5G”) 

  
     MICHAEL PEH HIN TAN, a Singapore national (Singapore
      passport number 1686630Z), resident at #4, Kengchin Road, Singapore, 258707.
    

  

 (hereinafter called “Tan”) 

 AND: 

  
     NEX CONNECTIVITY SOLUTIONS INC., a Canadian corporation,
      having its registered offices at 3639 Garibaldi Drive, North Vancouver,
      British Columbia, Canada V7H 2W2. 

  

 (hereinafter called the “Company”) 

 WHEREAS: 

	A.	Gilder, 5G and Michael Peh Hin Tan,
        a Singapore national who is the principal shareholder of 5G (“Tan”),
        have together agreed to establish a joint venture to pursue Internet access
        business opportunities in North America (the “JV”), which will
        initially target hotel property Internet access opportunities in Vancouver,
        BC.

	 	 
	B.	The JV will be pursued through incorporated
        joint venture entities owned by Gilder and 5G.

	 	 
	C.	The Company has been incorporated to
        undertake the Canadian operations of the JV.

	 	 
	D.	The authorized capital of the Company
        consists of 100 Shares of which the following are issued and outstanding
        as fully paid and non-assessable:

	Shareholder	Common Shares
	 	 
	Gilder or its wholly-owned Affiliate	51
	 	 
	5G or its wholly-owned Affiliate	49

 Page 1 of 16 

 

	E.	Gilder, 5G, Tan and the Company desire to enter into
        this Agreement in order to record their respective rights and obligations
        in respect of the incorporated Canadian joint venture entity.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
  of the premises and of the mutua1 covenants and agreements hereinafter set forth,
  the parties hereto agree each with the other as follows: 

 PART 1 – INTERPRETATION 

 1.01          Where
  used in this Agreement each of the words and phrases set out in Schedule “A”
  hereto shall have the meanings therein set forth. 

 1.02          This
  Agreement shall in all respects be governed by and be construed in accordance
  with the laws of the Province of British Co1umbia. 

 1.03          If
  any provision of this Agreement is or becomes illegal, invalid or unenforceable
  in whole or in part, in any respect in any jurisdiction, the validity, legality
  and enforceability of such provision or provisions shall not in any way be affected
  or impaired thereby in any other jurisdiction and the validity, legality and
  enforceability of the remaining provisions contained herein shall not in any
  way be affected or impaired thereby. 

 1.04          Wherever
  the singular or the masculine is used herein the same shal1 be deemed to include
  the plura1 or the feminine or the body politic or corporate where the context
  or the parties so require. 

 1.05          The
  headings of the Parts of this Agreement are inserted for convenience only and
  shall not affect the construction hereof. 

 1.06          Unless
  otherwise stated a reference herein to a numbered or lettered paragraph refers
  to the paragraph of each Part bearing the number or letter in this Agreement.

 1.07          All
  accounting terms not defined in this Agreement shall have those meanings generally
  ascribed to them in accordance with Canadian generally accepted accounting principles,
  applied consistently. 

 1.08          The
  following schedules annexed hereto are incorporated into this Agreement by reference
  and deemed to be part hereof: 

	 	Schedule A	Definitions
	 	Schedule B	Escrow Agreement
	 	Schedule C	Equipment and Software to be Provided by 5G
	 	Schedule D	Guarantee Agreement
	 	Schedule E	Security Agreement

 PART 2 - CONDUCT OF THE AFFAIRS OF THE COMPANY 

 2.01          Subject
  to paragraph 2.02 the Shareholders shall vote their Shares so that the Board
  shall be comprised of two (2) directors and so that one nominee of each of the
  Shareholders is a director of the 

Page 2 of 16 

 Company. In the event that a position on the Board shall be
  open for any reason whatsoever, the Shareholder whose nominee shall have formerly
  occupied such position shall be entitled to nominate a new director to fill
  such vacancy. 

 2.02          In
  the event that a nominee to the Board of one of the Shareholders shall fail
  to act and vote as a director to carry out the provisions of this Agreement,
  then the Shareholders agree to exercise their right as shareholders of the Company
  and in accordance with the Articles of the Company to remove such nominee from
  the Board and to elect in the place or stead thereof such individual who will
  use their best efforts to carry out the provisions of this Agreement. 

 2.03          Un1ess
  otherwise provided herein the conduct of the business of the Company shall be
  governed in accordance with its Articles. 

 2.04          A
  quorum required for the transaction of business at a meeting of the Board shall
  be two (2) directors or their alternates. 

 2.05          The
  Gilder nominee shall chair the Board of Directors and shall have a deciding
  vote in the instance where the Board is deadlocked in any vote required on a
  matter before it. 

 2.06          The
  following matters shall only be undertaken with the consent in writing of the
  directors of the Company able to vote at any meeting of the Board: 

	(a)	The sa1e, lease, transfer, mortgage,
        pledge or other disposition of the undertaking of the Company or any of
        its subsidiaries;

	 	 
	(b)	Any increase or reduction in the capital
        of the Company;

	 	 
	(c)	The consolidation, merger or amalgamation
        of the Company with any other company, association, partnership or legal
        entity;

	 	 
	(d)	Any single capital expenditure of the
        Company in excess of $5,000, or any lease by the Company of property having
        a fair market value in excess of $5,000;

	 	 
	(e)	Any borrowing by the Company or any
        of its subsidiaries which would result in the aggregate indebtedness of
        the Company (other than amounts due to Shareholders) being in excess of
        $5,000 at any one time;

	 	 
	(f)	Any loans by the Company or any of its
        subsidiaries to any Shareho1ders, or to an Affiliate;

	 	 
	(g)	Any transaction out of the ordinary
        course of the business of the Company;

	 	 
	(h)	Any contract between the Company and
        any Shareholders or an Affiliate;

	 	 
	(i)	Any change in the authorized signing
        officers in respect of legal documents or any bank or other financial
        institution;

 Page 3 of 16 

 

	(j)	Any agreement by the Company, which
        restricts or purports to restrict or which permits any other party to
        accelerate or demand the payment of any indebtedness of the Company upon
        the sale, transfer or other disposition by a Shareholder of his Shares
        and/or Loan;

	 	 
	(k)	All employment contracts made by the
        Company;

 Provided that nothing in this paragraph 2.06 shall be construed
  so as to fetter the discretion of the directors of the Company to require such
  directors to act in a particular way with respect to any of the foregoing matters.

 2.07          Each
  Shareholder shall, for so long as they are the owners of shares of the Company,
  devote such of their corporate time and energies to the business and affairs
  of the Company, and shall cause their respective Representatives to similarly
  devote such of their time and energies, as are appropriate to the immediate
  demands of the responsibilities for which they are responsible, given a normal
  and reasonable time allowance for persona1 business. At all times, said Shareholders
  shall use their best efforts, skill and abilities to promote the interests of
  the Company, 

 2.08          Except
  with the unanimous consent in writing of the other Shareholder, no Shareholder
  shall, while they are a shareholder in the Company, or within a period of three
  (3) years next after they shall have ceased to be a Shareholder: 

	(a)	Directly or indirectly, whether as principal,
        agent, emp1oyee or director of a company or otherwise, or by means of
        corporate or other device, solicit or aid in the solicitation of any business
        similar to the business being carried on by the Company from any customer
        or customers of the Company or, in the event of having ceased to be a
        Shareholder, any customer or prospective customers of the Company with
        whom they had business dealings on behalf of the Company at any time before
        ceasing to be a Shareholder in the Company; or,

	 	 
	(b)	Directly or indirectly, whether as principal,
        agent, emp1oyee or director of a company, or otherwise or by means of
        corporate or other device, aid or otherwise act for any business in Canada
        similar to the business being carried on by the Company; or,

	 	 
	(c)	Directly or indirectly, use or disclose
        to any person, except to duly authorized officers and employees of the
        Company entitled thereto, any trade secret, business data, or other information
        acquired by them by reason of their involvement and association with the
        Company.

 2.09          The
  non-competition provisions in 2.08 apply to each Shareholder and all of their
  employees, directors, consultants and any other individuals that they may make
  aware of or otherwise involve in the business of the Company. 

 2.10          Each
  of the Shareholders acknowledge that, by reason of their unique knowledge of
  the business of the Company, the scope of the covenants in paragraph 2.08 are
  reasonable and commensurate with the protection of the legitimate interests
  of the Company. It is further understood and agreed that the covenants contained
  in paragraph 2.08 shall subsist even if the rest of this Agreement shall be
  terminated for any reason whatsoever and is severable for such purpose. 

 Page 4 of 16 

 PART 3 – SHAREHOLDERS' CONTRIBUTIONS, FINANCING, DISTRIBUTION
  OF NET PROFIT 

 3.01          The
  financial contribution of the Shareholders to the Company shall be kept at as
  low a level as possible. 

 Initially the subscribed capital shall be: 

	 	 	Common	Purchase	 
	 	Name	Shares	Price	 
	 	 	 	 	 
	 	Gilder	51	Cdn$51.00	 
	 	 	 	 	 
	 	5G	49	Cdn$49.00	 

 and, initial non-interest bearing loans shall be: 

	 	Gilder 	Up to US $40,000 in respect of cash to be provided
        to the Company as it shall formally request from time to time, by providing
        a minimum of seven (7) days prior written notice to Gilder. All monies
        so advanced are to be secured by Demand Promissory Notes supported by
        Guarantee and Security Agreements to be provided by 5G and Tan (in the
        forms specified in Schedules D and E). 

	 	 	 
	 	5G  	US $10,000 in respect of the deemed value, which
        will be no less than the fair market value, of certain equipment and software
        necessary to establish the operations of the Company, which are to be
        provided to the Company on a fully tax paid basis in Vancouver on or before
        June 15, 2003, as detailed in Schedule C. 

3.02          Funds
  required from time to time by the Company will be obtained, to the greatest
  extent possible, by borrowing from a chartered bank or other institutional lender.

 3.03          Except
  with the unanimous agreement of the Shareholders no Shareholder shall be obliged
  to enter into any agreement of guarantee with respect to the indebtedness of
  the Company or to pledge his credit on behalf of the Company, and the sole financial
  obligation of a Shareholder shall be as set forth in paragraphs 3.0l and 3.04
  hereof. Any such guarantees shall be borne by the Shareholder pro rata in proportion
  to the shareholdings of common shares in the Company (at the time of demand
  for payment by such bank or institution) and if any of the Shareholders discharges
  any liabilities of the Company either direct1y or pursuant to such guarantee
  given hereunder, then the Shareholder discharging the liabilities shall have
  the right to be reimbursed by the party not so contributing so that in the end
  result, each of the Shareholders shall have contributed in proportion as aforesaid.

 3.04          In
  the event that the Company is unable to obtain funds as provided in paragraph
  3.02 hereof and approved by a majority of the Board, the Company may make a
  written request to all Shareholders for a loan. The Company's request for a
  loan shall be made to each Shareholder pro rata in proportion to his shareho1dings
  of common shares in the Company. A Shareholder shall advance the money required
  from him within 30 days of receipt of the written request for the loan. Unless
  specified in the Company's 

Page 5 of 16 

 request the Loans shall not bear interest. No Shareholder
  shall, so long as he remains a Shareholder, demand repayment of his Loan. If
  the Company repays the Loans, in whole or in part, it shall do so pro rata in
  proportion to each Shareholder's contribution by way of Loan. 

 3.05          The
  Shareho1ders shall postpone and subordinate all Loans to the permanent financing
  or other borrowing of the Company to the extent required by the Board. 

 3.06          Subject
  to 3.07 and except when precluded or otherwise prohibited by the terms of debt
  financing and to the extent permitted by law, the net profit of the Company
  avai1able for distribution, after making such provisions and transfers to reserves
  as shall be required in the opinion (expressed by resolution) of the Board to
  meet expenses or anticipated expenses, shall be distributed annually (unless
  otherwise unanimously agreed by the Shareholders), firstly by way of repayment
  of Loans on a pro rata basis, and secondly by way of dividend. 

 3.07          
  For the first 24 months from the effective date of this Agreement, it is agreed
  that the Company will retain and reinvest in its business all net profits earned.

 3.08          In
  respect of the proprietary software to be provided by 5G to the JV and its grant
  of the exclusive North American license rights for the use of same, upon execution
  of this Agreement 5G herewith agrees to the use of same by the Company on a
  fully paid basis as part of its contribution. 

 PART 4 - RESTRICTIONS ON TRANSFER, RIGHT OF FIRST REFUSAL 

 4.01          Except
  as otherwise expressly permitted in this Agreement: 

	(a)	No Shareholder shall sell,
        transfer or otherwise dispose of or offer to sell, transfer or dispose
        of any of their Investment, unless that Shareholder (the "Offeror”)
        first offers the Company and the other Shareholder by notice in writing
        (the “Offer”) de1ivered to the Secretary the prior right to
        purchase, receive or otherwise acquire the same;

	 	 
	(b)	The Offer shall set forth:

	 	 	 
	 	(i)
	The Investment or part thereof
        offered for sale, which must:

	 	 	 
	 	(A)
	Be in a block so that for every common
        share offered for sale there must also be offered for sale the proportionate
        ratio as near as circumstances permit of the Offeror's Loan then outstanding;
        and

	 	 	 
	 	(B)
	Represent a minimum of 50% of the investment
        then held by the Offeror;

	 	 	 
	 	(ii)
	The consideration therefor,
        expressed in lawful money of Canada;

	 	 	 
	 	(iii)
	The terms and conditions
        of the sale:

	 	 	 
	 	(A)
	When and how said consideration is to
        be paid;

	 	 	 
	 	(B)
	If there is an unpaid balance of the
        said consideration upon closing, the payment

 Page 6 of 16 

 

	 	 	 	terms and the interest rate payable upon said unpaid balance;
	 	 	 
	 	(C)
	The security, if any, for the unpaid
        balance of the said consideration;

	 	 	 
	 	(iv)
	That the Offer shall either
        be accepted in its entirety or not at all, and that it is open for acceptance
        by the Company and the other Shareholder for a period of 60 days after
        receipt of such Offer by the Secretary;

	 	 
	(c)
	Upon receipt of the Offer,
        the Secretary shall forthwith:

	 	 	 
	 	(i)
	Transmit the Offer to each
        director of the Board;

	 	 	 
	 	(ii)
	Transmit the Offer to the
        other Shareholder; and

	 	 	 
	 	(iii)
	Call a meeting of the Board
        to consider the Offer;

	 	 
	(d)
	The Company shall have the
        first right to accept the Offer and to the extent that it is accepted
        the other Shareholder agrees to refuse any pro rata offer by the Company
        to purchase shares which may be required to be made by the Company under
        the Act or its Articles;

	 	 
	(e)
	If the Offer is not wholly
        accepted by the Company within 30 days after receipt thereof by the Secretary:

	 	 	 
	 	(i)
	The Secretary shall advise
        the other Shareholder of the extent to which the Offer is still open forthwith
        upon the expiration of the aforesaid 30 day period;

	 	 	 
	 	(ii)
	That portion of the Offer
        not accepted by the Company shall be open for acceptance within the next
        14 days by the other Shareholder;

	 	 	 
	 	(iii)
	Acceptance by the other
        Shareholder shall be by written notice to the Secretary;

	 	 	 
	 	(iv)
	The Secretary shall advise
        the Company of the extent to which the Offer is still open forthwith upon
        the expiration of the aforesaid 14 day period;

	 	 
	(f)
	If, and to the extent the
        Offer is not accepted by the other Shareholder within the 14 days that
        it is open to them, the Company shall be entitled prior to the expiration
        of the Offer to accept the Offer with respect to that portion of the Investment
        as shall then be availab1e, in which event the other Shareholder agrees
        to refuse any pro rata offer by the Company to purchase shares which is
        required to be made by the Company under the Act or its Articles;

	 	 
	(g)
	Prior to the expiration
        of the 60 day period, the Secretary sha11 advise the Offeror whether the
        Offer has been accepted in its entirety and by whom;

	 	 
	(h)
	If the Offer is not wholly
        accepted within the 60 days that it is open, the Offeror may, within 120
        days after the expiry of the 60 day period for acceptance, se11, transfer
        or otherwise dispose of that portion of their Investment comprising the
        remainder of the Offer as shall then be available for offer under this
        Part for sale to any other person, firm or corporation (a “Third
        Party”) for not less than the consideration and on no better terms
        and conditions than as set out in the Offer.

 Page 7 of 16 

 

	 	Upon the expiry of the said 120 day
        period without completion of a sale to a Third Party, the provisions of
        this paragraph 4.01 will again become applicable to the sale, transfer
        or other disposition of the Offeror's Investment or any part thereof and
        so on from time to time;

	 	 
	(i)	No disposition of any Investment permitted
        by this paragraph 4.01 shall be made unless the Third Party shall have
        entered into an agreement with the other Shareholder and the Company by
        which the Third Party shall be bound by and entitled to the benefit of
        the provisions of this Agreement and the other Shareholder and the Company
        shall enter into such an agreement;

	 	 
	(j)	Upon the acceptance of the Offer, the
        Company, the other Shareholder and the Third Party, as the case may be
        shall purchase, at the purchase price determined as aforesaid, the Investment
        (or that part thereof) of the Offeror being sold and the closing of the
        purchase thereof shall occur on the 30th day following the date of the
        last acceptance in respect to the Offer or, if that day is a non-judicial
        day; then on the next ensuing judicial day (or such other date as parties
        thereto may agree), at which time the appropriate parties shall execute
        and deliver such certified cheques, promissory notes, share certificates,
        instruments; conveyances, assignments, escrow agreements and releases
        as may be reasonably required to effect and complete the sale; and

	 	 
	(k)	The other Shareholder and the Company
        covenant and agree, in respect to any Shareholder who shall have disposed
        of all their Investment in compliance with the provisions of this Agreement,
        to use their best efforts to cause to be discharged or cancelled any guarantee
        or pledge issued or granted by such Shareholder in respect of the Company.

 4.02          Notwithstanding
  paragraph 4.0l(a), any Shareholder may sell, transfer or otherwise dispose of
  the whole or any of their Investment to any of their Affiliates provided that
  the Shareholder and the Affi1iate enter into an agreement with the other Shareholder
  that: 

	(a)	The Affiliate will remain such so long
        as the Affiliate holds the Investment or any part thereof;

	 	 
	(b)	Prior to the Affiliate ceasing to be
        such the Affi1iate will transfer its Investment back to the Shareholder
        or to another Affiliate of the Shareholder provided that such other Affi1iate
        enters into an agreement similar to this Agreement with the other Shareholder
        and the Company; and

	 	 
	(c)	The Affiliate will otherwise be bound
        by and have the benefit of the provisions of this Agreement.

 4.03          Except
  as specifically provided herein, no Shareholder shall mortgage, pledge, charge,
  hypothecate or otherwise encumber their Investment or any part thereof without
  the prior written consent thereto of the other Shareholder, which consent may
  be arbitrarily withhe1d without giving any reason therefore, 

 4.04          Notwithstanding
  any other provision of this Agreement, no Shareholder shall be entitled to sell,
  transfer or otherwise dispose of any of their Investment in accordance with
  paragraphs 4.0l or 4.02 if they are at such time a Defaulting Shareholder as
  defined in Part 8, unless prior to or concurrently with such sale, transfer
  or other disposition they cease to be a Defaulting Shareholder. 

 4.05          Notwithstanding
  any other provision of this Agreement, no Shareholder shall be entitled to sell
  transfer or otherwise dispose of any of their Investment or any part thereof
  without first obtaining: 

Page 8 of 16 

 

	(a)	The prior written consent of the other
        Shareholders, if such action would permit any other party to accelerate
        or demand the payment of any indebtedness of the Company; or

	 	 
	(b)	The consent of any other party, if such
        consent is required by agreement of the Company with that party.

 4.06          Upon
  execution of this Agreement, the Shareholders shall surrender to the Company
  and there shall be legibly stamped or endorsed upon each certificate representing
  the Shares a statement as follows: 

   "The shares represented by this certificate are transferab1e
    only in compliance with and pursuant to the terms of an agreement between
    Glider, 5G, Tan and the Company dated for reference the 25th day of May, 2003.”
  

 PART 5 - COMPULSORY BUY-OUT 

 5.01          An
  Instigator desiring to offer all, but not less than all, of their Investment
  to the other Shareholder (the "Recipient") pursuant to this Part 5, shall deliver
  a notice in writing (the "Compulsory Offer") to the Secretary and the Recipient
  containing offers on the part of the Instigator:

(a)          To
  sell to the Recipient their Investment stipulating the number and class of shares
  they own and the price per share of the proposed transfer, the product of which,
  together with the amount due the Instigator by way of Loan, will be the price
  of their Investment and stipulating the terms and conditions of sale; or 

(b)          To
  buy from the Recipient the Recipients’ Investment at the price per share
  set by the Instigator pursuant to subparagraph (a), together with the amount
  due the Recipient by way of Loan, and stipulating that the sale of the Recipient’s
  Investment is to be made on the same terms and conditions as set forth in subparagraph
  (a). 

 5.02          The
  Recipient shall be entitled at their option within 60 days from the date of
  the receipt of the Compulsory Offer, by notice in writing to the Secretary and
  the Instigator, to either:

(a)          Buy
  the Instigator’s Investment, at the price and upon the terms and conditions
  of purchase and sale contained in the Compulsory Offer; or 

(b)          Sell
  to the Instigator the Recipient’s Investment at the price and upon the
  terms and conditions of purchase and sale contained in the Compulsory offer.

 PART 6 – (intentionally blank) 

 PART 7 – (intentionally blank) 

 PART 8 – DEFAULT 

 Page 9 of 16 

 8.01          
  It is an event of default (a “Default”) if a Shareholder (the "Defaulting
  Shareholder"): 

 (a)          Fails
  to observe, perform or carry out any of their obligations hereunder and such
  failure continues for 30 days after the Shareholder not in default (the "Non-Defaulting
  Shareholder") has in writing demanded that such failure be cured; 

 (b)          Fails
  to take reasonable actions to prevent or defend assiduously any action or proceeding
  in relation to any of their Investment for seizure, execution or attachment
  or which claims: 

	 	(i)	Possession;

	 	 	 
	 	(ii)	Sale;

	 	 	 
	 	(iii)	Foreclosure;

	 	 	 
	 	(iv)	The appointment of a receiver or receiver-manager
        of his assets; or

	 	 	 
	 	(v)	Forfeiture or termination;

 of or against, any of the Investment of the Defaulting Shareholder,
  and such failure continues for 30 days after a Non-Defaulting Shareholder has
  in writing demanded that such reasonable actions be taken or the Defaulting
  Shareholder fails to defend successfully any such action or proceeding; 

 (c)          Becomes
  a bankrupt or commits an act of bankruptcy or if a receiver or receiver-manager
  of its assets is appointed or makes an assignment for the benefit of creditors
  or otherwise 

 8.02          It
  is also a Default and such Shareholder will be the Defaulting Shareholder and
  the other Shareholder the Non-Defaulting Shareholder if: 

	(a)	Such Shareholder for any
        reason ceases to either:

	 	 	 
	 	(i)
	Be a Director of the Company; or

	 	 	 
	 	(ii)
	Have a Representative who is a Director
        of the Company; or

 (b)          With
  respect to a Shareholder that is a corporation, the Control of such corporate
  Shareholder is changed. 

 8.03          In
  the event of a Default under paragraph 8.0l, the Non-Defaulting Shareholder(s)
  may do any one or more of the following: 

 (a)          Pursue
  any remedy available to them in law or equity, it being acknowledged by each
  of the Shareholders that specific performance, injunctive relief (mandatory
  or otherwise) or other equitable relief may be the only adequate remedy for
  a Default; 

 (b)          Take
  all actions in their own names or in the name of the Defaulting Shareholder,
  the Shareholders or the Company, that may reasonably be required to cure the
  Default, in which event all 

Page 10 of 16 

payments, costs and expenses incurred therefor shall be payable
  by the Defaulting Shareholder to the Non-Defaulting Shareholder on demand with
  interest as provided in paragraph 4.01;

 (c)        Implement the
  buy-sell procedure as set out in paragraph 8.05 by notifying the Secretary of
  the Default and the name of the Defaulting Shareholder;

 (d)        If applicable,
  implement the Default Loan procedure as set out in paragraph 8.06 hereof; or

 (e)        Waive the Default
  provided, however, that any waiver of a particular Default shall not operate
  as a waiver of any subsequent or continuing Default.

 8.04          
  In the event of a Default under paragraph 8.02, the Non-Defaulting Shareholder
  shall implement the buy-sell procedure as set out in paragraph 8.05 by notifying
  the Secretary of the Default and the name of the Defaulting Shareholder.

 8.05          In
  the event the buy-sell procedure herein is implemented, the Defaulting Shareholder
  is deemed to offer to sell to the Company and the Non-Defaulting Shareholder
  all but not less than all of their Investment on the following terms and conditions:

 (a)        The price payable
  (the “Defaulting Investment Purchase Price”) for the Investment of
  the Defaulting Shareholder shall be the Investment Purchase Price; 

(b)        The terms and
  conditions of the sale shall be that: 

	 	(A)	At closing, 25% of the said consideration
        is to be paid by certified cheque to the Offeror;

	 	 	 
	 	(B)	At closing, there shall be delivered
        3 promissory notes in favour of the Offeror each for 25% of the said consideration
        with the first dated 6 months after the closing date and the others 12
        and 18 months thereafter respectively;

	 	 	 
	 	(C)	The unpaid balance of the said consideration
        shall bear interest before and after the maturity of the promissory notes
        at the Prime Rate, such interest to be calculated and payable semi-annually
        in arrears;

	 	 	 
	 	(D)	As security for the unpaid balance of
        the said consideration, the purchaser will, on the closing, execute and
        deliver an escrow agreement in the form of agreement annexed hereto as
        Schedule “B” (the Escrow Agreement); and

	 	 	 
	 	(E)	At any time, and from time to time,
        the unpaid balance of the said consideration or any part thereof may be
        prepaid without notice, bonus or penalty in the reverse order of its maturity;

 (c)          The
  Investment shall be sold in accordance with the procedure specified in paragraphs
  4.0l(c), (d) and (e) (as if the Defaulting Shareholder was the "Offeror and
  the Non-Defaulting Shareholder was the “Other”); 

 (d)          After
  compliance with paragraph (c) hereof to the extent the Offer has not been accepted,
  the Company shall purchase such portion of the Interest as shall be available;
  and 

Page 11 of 16 

(e)        The provisions of paragraphs
  4.01(j) and (k) shall apply as may be applicable.

	8.06          In
        addition to the rights of the Non-Defaulting Shareholder provided for
        in paragraphs 8.03 and 8.04 hereof, if the Defaulting Shareholder defaults
        by refusing or failing to make a contribution or payment as provided in
        paragraph 3.04 hereof, then:

	 
	(a)        The
        Non-Defaulting Shareholder may elect not to make their respective concomitant
        contribution or payment as provided in this paragraph in which case:

	 	 	 
	 	 	(i)       The
        Non-Defaulting Shareholder shall not be considered to have committed an
        act of Default; and

	 	 	 
	 	 	(ii)     The
        Defaulting Shareholder shall be considered to remain in Default notwithstanding
        the refusal of the Non-Defaulting Shareholder to make a contribution or
        payment;

	 
	(b)        In
        the event the Non-Defaulting Shareholder has made their respective concomitant
        contribution or payment, they may elect to have the Company return such
        contribution or payment to them in which case:

	 	 	 
	 	 	(i)        The
        shareholders shall cause the Company to forthwith pay to the Non-Defaulting
        Shareholder the amount of such contribution or payments; and

	 	 	 
	 	 	(ii)      The
        Defaulting Shareholder shall be considered to remain in default;

      

	 
	(c)        If
        the Non-Defaulting shareholder does not elect as provided in paragraphs
        (a) and (b), the Non-Defaulting Shareholder may elect to make, and are
        hereby authorized by the Defaulting Shareholder to make, such contribution
        or payment (the “Default Loan”) on behalf of and for the account
        of the Defaulting Shareholder in which event the Defaulting Shareholder
        shall pay, or cause to be paid, to the Non-Defaulting Shareholder:

	 	 	 
	 	(i)      The
        amount of the Default Loan;

	 	 	 
	 	(ii)     The
        reasonable costs (exclusive of interest provided for in subparagraph (iii))
        of the Non-Defaulting Shareholder relating to obtaining monies to make
        the Default Loan; and

	 	 	 
	 	(iii)     Interest
        calculated and payable on the first business day of each and every month
        on the amount of the Default Loan outstanding from time to time equal
        to:

	 	 
	 	(A)     The
        Prime Rate at the time the Default Loan is made plus 4% per annum, if
        any such monies are not borrowed by the Non-Defaulting Shareholder; or

	 	 
	 	(B)     The
        rate of interest payable by the Non-Defaulting Shareholder to any arms-length
        third party on any monies borrowed by them to make the Default Loan plus
        4% per annum.

8.07          
  If, and so long as a Shareholder is a Defaulting Shareholder, as a result of
  a default under paragraph 3.04, all monies payab1e to that Defaulting Shareholder
  by the Company by way of dividends, 

Page 12 of 16

repayment of loans or other distribution shall be paid to the
  Non-Defaulting Shareholder until they have received:

 (a)         The
  amount set out in paragraph 8.06(c); or

 (b)        If the Non-Defaulting
  Shareholder elected pursuant to paragraph 8.06(b), an amount equal to the concomitant
  contribution or payment already made by the Non-Defaulting Shareholder in the
  circumstances set out in paragraph 8.06(b); at which time the Defaulting Shareholder
  is no longer a Defaulting Shareholder; but in no event shall the Defaulting
  Shareholder be entitled to any amount of, or credit for, the amount not paid
  to it as aforesaid or any interest thereon.

 8.08          
  Upon the request of the Non-Defaulting Shareholder, from time to time, the Defaulting
  Shareholder and the director of the Company nominated by them shall vote to
  ensure that any monies of the Company available for payment of dividends or
  repayment of loans will be paid by the Company in accordance with paragraph
  8.07.

 PART 9 - INTEREST

 9.01          
  If a Shareholder is required by this Agreement to pay monies to the other Shareholder,
  other than Default Loans in which event Part 8 shall apply, such monies shall
  bear interest at the Prime Rate at the time the monies became payable plus 4%
  per annum calculated and paid monthly until repayment.

 PART 10 - GENERAL PROVISIONS

 10.01          
  This Agreement shall terminate:

 (a)        If the Company
  has a receiving order made against it, goes into bankruptcy either voluntarily
  or involuntarily, or makes a proposal to its creditors; or

 (b)        If the parties
  hereto consent in writing to the termination hereof.

 10.02          
  Any Shareholder who shall have disposed of all of his Interest in compliance
  with the provisions of this Agreement shall he entitled to the benefit of and
  be bound by only the rights and obligations which arose pursuant to this Agreement
  prior to such disposition.

 10.03          
  The Shareholders shall execute such further assurances and other documents and
  instruments and do such further and other things as may be necessary to implement
  and carry out the intent of this Agreement.

 10.04          
  The provisions herein constitute the entire agreement between the Shareholders
  and supersedes all previous expectations, understandings, communications, representation
  and agreements whether verbal or written between the Shareholders with respect
  to the subject matter hereof.

 10.05          
  Unless otherwise specified herein, any notice required to be given hereunder
  by any party shall be deemed to have been well and sufficiently given if mailed
  by prepaid registered mail, telexed or telegraphed to, or delivered at the address
  of the other party hereinafter set forth: 

Page 13 of 16

          If to
  Gilder Enterprises, Inc.: at its registered offices located at 2300 West Sahara
  Avenue, Suite 500, Las Vegas, Nevada, USA 89102, Attention: President; 

          If to
  5G Wireless Communications Pte Ltd.: at its registered offices located at Penthouse
  Level, Suntec Tower 3, 8 Temasek Boulevard, Singapore 038988, Attention: President;

          If to
  Michael Peh Hin Tan: at his residence located at #4, Kengchin Road, Singapore,
  258707 with a copy to 1344 Whitby Road, West Vancouver, BC, Canada V7S 2N5,
  Attention: Mr. Dennis Tan 

          If to
  the Company: at its registered offices located at 3639 Garibaldi Drive, North
  Vancouver, BC, Canada, V7H 2W2, Attention: President; 

 or at such other address as the parties may from time to time
  direct in writing, and any such notice shall be deemed to have been received,
  if mailed, telefaxed or telegraphed, 72 hours after the time of mailing, faxing
  or telegraphing, and if delivered, upon the date of delivery. If normal mail
  service, telex service or telegraph service is interrupted by strike, slowdown,
  force majeure or other cause, a notice sent by the impaired means of communication
  will not be deemed to be received until actually received and the Party sending
  the notice shall utilize any other such services which have not been interrupted
  or shall deliver such notice in order to ensure prompt receipt thereof. 

 10.06          Time
  shall be of the essence hereof. 

 10.07          All
  disputes between the parties arising under this Agreement, which the parties
  are unable to resolve between themselves within 30 days, will be resolved by
  arbitration under the rules of the British Columbia International Commercial
  Arbitration Centre ("BCICAC") by a sole arbitrator subject to the following:

 (a)          Any
  party may refer any dispute to arbitration by notice to the other and, within
  30 days after receipt of such notice, the parties will endeavour to agree on
  the appointment of a sole arbitrator, who will be capable of commencing the
  arbitration within 21 days of his appointment. In the event that the parties
  are unable to agree on an arbitrator, the parties agree to be bound by the rules
  of the BCICAC providing for the appointment of a sole arbitrator. The arbitrator
  will be an individual who by a combination of education and experience is competent
  to adjudicate the matter in dispute and who has indicated his willingness and
  ability to act as arbitrator 

 (b)          The
  decision of the arbitrator will be final and binding upon each of the parties
  and will not be subject to appeal or judicial review. 

 10.08          This
  Agreement shall enure to the benefit of and be binding upon the parties and
  their respective personal representatives, successors and permitted assigns.

 Page 14 of 16 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the
  date first written above. 

 GILDER ENTERPRISES, INC.  

	Per:	/s/
      Joseph Bowes	 
	 	Authorized Signatory	 
	 	 	 
	Name:	Joseph
      Bowes	 
	 	 	 
	Title:	President	 
	 	 
	5G WIRELESS COMMUNICATIONS PTE LTD.	 
	 	 	 
	Per:	/s/
      Michael Tan	 
	 	Authorized Signatory	 
	 	 	 
	Name:	Michael
      Tan	 
	 	 	 
	Title:	Director	 
	 	 
	Signed, sealed and delivered by:	 
	 	 	 
	MICHAEL PEH HIN TAN	(seal)
	 	 	 
	 	/s/
      Michael Tan	 
	 	Signature	 
	 	 	 
	In the presence of:	 
	 	 	 
	WITNESS:	/s/
      Hsien Loong Wong	 
	   	Signature	 
	 	 	 
	Name:	Hsien
      Loong Wong	 
	 	 	 
	Occupation:	
      Manager	 
	 	 	 
	Address: 	1807-3970
      Corrigan Court,	 
	 	 	 
	 	Burnaby	 

 Page 15 of 16 

SCHEDULE A

 TO THAT SHAREHOLDERS AGREEMENT BETWEEN Gilder Enterprises,
  Inc., 5G Wireless Communications Pte Ltd., Tan and Nex Connectivity Solutions
  Inc. (the “Company”) dated for reference the 25th day of May, 2003.

 DEFINITIONS

 In this Agreement, the following words and phrases, unless there is something
  in the context inconsistent therewith, will have the following meanings:

1.        “Act” means the Canada
  Business Corporations Act, R.S., 1985, c. C-44, such as it may be amended from
  time to time.

 2.         “Affiliate” means,
  with respect to any Shareholder, any corporation which is directly or indirectly
  controlled by such Shareholder, and if any Shareholder shall be a corporation
  means, in addition to the foregoing, any corporation which Controls such corporate
  Shareholder.

 3.         “Articles” means
  the articles of the Company filed at the offices of the Corporations Directorate
  under the provisions of the Canada Business Corporations Act such as they may
  be amended from time to time.

 4.         “Auditors” means
  the auditors of the Company from time to time or, where the Company does not
  have auditors, its independent accountant.

 5.         “Bank” means
  the banker of the Company from time to time.

 6.        “Board” means the board
  of directors of the Company.

 7.        “Common
  Share Purchase Price” means from time to time in relation to a Shareholder
  and in relation to the Company, that amount which is the product of the number
  of common shares of the Company registered in the name of such Shareholder and
  the value per common share of the Company which is issued and outstanding to
  any Shareholder as of the Valuation Date, based on the latest financial statements
  of the Company and determined by the Auditors as follows:

 (a)        Subject to the
  following subparagraphs of this definition, the determination of the value per
  common share shall be determined by the Company’s Auditors in accordance
  with generally accepted accounting principles, consistently applied;

 (b)        Value attributed
  to goodwill shall be nil;

 (c)        No reduction
  or premium shall be included as a result of a minority or majority position;

 (d)        Upon the death
  of a Shareholder (or a Shareholder’s Representative), life insurance proceeds
  (if any) received by the Company shall not be taken into account in the valuation
  of that Shareholder's Common Share Purchase Price;

 (e)        The determination
  of the Auditors shall be final and conclusive; and

 Page 1 of 3

 

	(f)	The value per common share
        of the Company is the greater of:

	 	 	 
	 	(I)
	Operating Value Per Share computed as
        follows:

	 	 	 	 
	 	 	1.
	Compute an annualized net
        income after tax amount by multiplying by four (4) the Company’s
        net income after tax for the most recent preceding quarter of operations;

	 	 	 	 
	 	 	2.
	Normalize the said annualized
        net income amount in item 1. above for:

	 	 	 	 	 
	 	 	 	(i)
	Annual expenses not properly reflected
        in the quarterly results;

	 	 	 	 	 
	 	 	 	(ii)
	Any non-recurring expenses included
        in the above computation, and;

	 	 	 	 	 
	 	 	 	(iii)
	Any expenses not be reflected in the
        Company’s financial statements by warrant of the fact that they relate
        to goods or services provided to the Company by a Shareholder for consideration
        other than fair market value;

	 	 	 	 
	 	 	3.
	Add to the normalized annualized
        net income after tax, the amount of any interest charges (after tax) on
        capital asset borrowings;

	 	 	 	 
	 	 	4.
	Multiply the resulting amount
        in item 3. by an arbitrary price earnings multiple of ten (10).

	 	 	 	 
	 	 	5.
	Deduct from the resulting
        amount in item 4. all Company borrowings, including amounts due to Shareholders;

	 	 	 	 
	 	 	6.
	Divide the resulting amount
        in item 5. by the number of common shares issued.

	 	 	 	 
	 	(II)	Break-up Value Per Share
        computed as follows:

	 	 	 	 
	 	 	1.
	Compute the fair market
        value of the assets, including contract rights, owned by the Company,
        including any contract rights for the provision of Internet access services,
        as represented by the supportable cash value consideration that each individual
        asset would command, either individually or collectively, in a sale to
        an independent third party;

	 	 	 	 
	 	 	2.
	Deduct from the resulting
        amount in item 1. all Company indebtedness and borrowings, including amounts
        due to Shareholders;

	 	 	 	 
	 	 	3.
	Divide the resulting amount
        in item 2. by the number of common shares issued.

8.        “Control”
  or “Controls” means:

(a)        The right to
  exercise a majority of the votes which may be put at a general meeting of the
  company; and

 (b)        The right to
  elect or appoint directly or indirectly a majority; of the directors of the
  company or other persons who have the right to manage or supervise the management
  of the affairs and business of the company.

 Page 2 of 3

9.        “Instigator”
  means any Shareholder (or Shareholders) who elects to give the Compulsory Offer
  provided in Part 5.

 10.       “Investment”
  means all the right, title and interest of a Shareholder in and to any of the
  Shares, any Loan and accrued interest thereon (if any), and any other right
  or claim the Shareholder may have against the Company as a Shareholder, as well
  as that Shareholder’s interest in and to this Agreement.

 11.        “Investment
  Purchase Price” means, at the Valuation Date in relation to a Shareholder,
  the sum of his Loan and accrued interest thereon (if any) and the Common Share
  Purchase Price, less the amount of any advances or loans made by the Company
  to such Shareholder plus accrued interest thereon (if any).

 12.       “Loan” means
  at the relevant time, and in relation to a specific shareholder any amounts
  advanced by a Shareholder to the Company that are then outstanding.

 13.        “Prime
  Rate” means the rate of interest from time to time charged by the Bank
  in accordance with prevailing market conditions on short term loans made to
  and accepted by its large commercial customers with the highest credit rating.

 14.       “Representative”
  means an individual that is designated as such by a corporate Shareholder or
  some other person who is firstly approved in writing by the other Shareholders.

 15.       “Secretary”
  means at the relevant time the secretary of the Company.

 16.       “Shareholders”
  means Gilder or 5G or their respective successors or permitted assigns and “Shareholder”
  means any one of them.

 17.       “Shares”
  means at the relevant time the common shares in the capital of the Company issued
  and then outstanding.

 18.       “Valuation Date”
  means with respect to the determination of a Shareholder's Common Share Purchase
  Price and Loan the last day of the month immediately preceding: 

	 	(a)	The date of receipt by the Secretary of the Offer under Section
      4; or
	 	 	 
	 	(b)	The date of a Default under Section 8;

 as the case may be. 

 Page 3 of 3 

 SCHEDULE B 

 TO THAT SHAREHOLDERS AGREEMENT BETWEEN Gilder Enterprises,
  Inc., 5G Wireless Communications Pte Ltd., Tan and Nex Connectivity Solutions
  Inc. (the “Company”) dated for reference the 25th day of May,
  2003. 

 ESCROW AGREEMENT 

THIS AGREEMENT made the ______ day of ______ , __________ . 

BETWEEN: 

  
     GILDER ENTERPRISES, INC., a Nevada corporation,
      having its registered offices at 2300 West Sahara Avenue, Suite 500, Las
      Vegas, Nevada, USA 89102 

  

 (hereinafter called “Gilder”) 

  
     5G WIRELESS COMMUNICATIONS PTE LTD., a Singapore
      corporation, having its registered offices at Penthouse Level, Suntec Tower
      3, 8 Temasek Boulevard, Singapore 038988. 

  

 (hereinafter called “5G”) 

 AND: 

  
     NEX CONNECTIVITY SOLUTIONS INC., a Canadian corporation,
      having its registered offices at 3639 Garibaldi Drive, North Vancouver,
      British Columbia, Canada, V7H 2W2. 

  

 (hereinafter called the “Escrowholder”) 

 WHEREAS: 

 A. By an agreement dated for reference the 25th day of May,
  2003 (hereinafter called the "Shareholders Agreement”) between, inter alia,
  the Vendor and the Purchaser, it was agreed that, in certain circumstances,
  in the event of a sale and purchase of shares in the capital of Nex Connectivity
  Solutions Inc. (hereinafter called the “Company”) that any unpaid
  portion of the purchase price would be secured by the execution and delivery
  of an escrow agreement; 

 B. The Vendor is selling and the Purchaser is buying shares
  in the Company (hereinafter called the "Vendor’s Shares”); 

 NOW THEREFORE THIS AGREEMENT WITNESSES THAT for and in consideration
  of the premises and the covenants and agreements herein contained, the parties
  declare and agree as follows: 

 Page 1 of 5 

1.        The Purchaser
  has delivered to the Escrowholder a sealed envelope (and the Escrowholder acknowledges
  receipt thereof) containing the following documents, which shall be held by
  the Escrowholder in escrow subject to the terms and conditions of this Agreement:

 (a)        Share Certificate(s)
  Numbered _______ in the name of the Purchaser representing ________ common shares
  in the capital of the Company duly endorsed in blank for transfer;

 (b)        A certified
  copy of a resolution of the directors of the Company consenting to the transfer
  of the shares represented by the said share certificate to the Vendor;

 (c)         A copy
  of the Shareholders’ Agreement;

 (d)        An executed
  copy of the agreement of purchase and sale (hereinafter called the "Share Purchase
  Agreement”) of the Vendor’s Shares, if any;

 which documents, together with any other documents from time
  to time delivered to the Escrowholder by the Purchaser pursuant to this Agreement
  are hereinafter called the "Escrow Documents".

 2.        The Escrowholder
  shall hold the Escrow Documents in escrow and undelivered; and,

(a)        Shall
  deliver the Escrow Documents to the Purchaser thirty (30) days after receipt
  by the Escrowholder of a statutory declaration sworn by the Purchaser (or an
  authorized signatory of the Purchaser, if applicable) stating that all of the
  obligations of the Purchaser pursuant to this Agreement, the Shareholders Agreement
  and the Share Purchase Agreement (hereinafter collectively called the “Agreements”),
  have been performed and completed in full, (together with a certificate of incumbency
  of the authorized signatory of the Purchaser executed under seal by the secretary
  of the Purchaser, if applicable) unless then prohibited by an Order of a Court
  of competent jurisdiction; or,

(b)        Shall
  deliver the Escrow Documents to the Vendor thirty (30) days after the receipt
  by the Escrowholder of a statutory declaration sworn by the Vendor (or an authorized
  signatory of the Vendor, if applicable) stating that the Purchaser is in default
  of the terms of this Agreement, or the Shareholders’ Agreement or the Share
  Purchase Agreement, the specifics of such default, and that such default has
  continued for 14 days after written notice thereof has been given to the Purchaser
  by the Vendor, unless then prohibited by an order of a Court of competent jurisdiction
  or unless the Purchaser shall before then have delivered to the Escrowholder
  a certified cheque payable to the Vendor in an amount sufficient to satisfy
  the unpaid portion of the purchase price (the acknowledgment of the Vendor in
  writing being sufficient authority as to the sufficiency of the said cheque)
  and the Escrowholder shall forthwith upon receipt of any such cheque deliver
  it to the Vendor;

 whichever shall first occur provided that in the event that
  a Statutory Declaration is received by the Escrowholder pursuant to subparagraph
  (a) of this part then, until a determination has been made pursuant thereto,
  the provisions of subparagraph (b) of this part shall be inoperative and in
  the event that a Statutory Declaration is received the Escrowholder pursuant
  to subparagraph (b) of this part then, until a final determination has been
  made pursuant thereto, the provisions of subparagraph (a) of this part shall
  be inoperative. In the event that the Purchaser should make an application to
  a Court as is contemplated pursuant to paragraph 2 hereof and such Court should
  find as a fact that there has been a default under the 

Page 2 of 5 

 terms of this Agreement, or the Shareholders’ Agreement,
  or the Share Purchase Agreement, then regardless of the final decision of such
  Court, the Vendor shall be entitled to recover from the Purchaser, all of its
  respective costs incurred in defending or responding to such a Court application
  on a solicitor and his own client basis. 

 3.        Upon receipt
  of the statutory declaration referred to in subparagraph 2(a) of this Agreement
  the Escrowholder shall forthwith give notice in writing to the Vendor of such
  receipt and shall send with such notice a copy of the statutory declaration.
  Upon receipt of the statutory declaration referred to in subparagraph 2(b) of
  this Agreement the Escrowholder shall forthwith give notice in writing to the
  Purchasers of such receipt and shall send such notice a copy of the statutory
  declaration. 

 4.        In the event
  the Vendor may require it, the Vendor may appoint a substitute escrowholder
  provided that such escrowholder is licensed to carry on a trust or banking business
  in Canada or that the Purchaser and the Vendor otherwise jointly agree on the
  substitute escrowholder appointed. 

 5.        Until and unless
  the Escrowholder receives a statutory declaration from the Vendor as is contemplated
  in subparagraph 2(b) hereof and pursuant to which it delivers the Ecrow Documents
  to the Vendor, the Purchaser shall be entitled: 

 (a)       Subject to the
  provisions of the relevant company act, to exercise all voting rights with respect
  to the Vendor’s Shares for all purposes not inconsistent with the terms
  of the Agreements; 

 (b)       Subject to the
  provisions of the relevant company act, to receive all dividends and other distributions
  in respect of the Vendor’s Shares made in compliance with the provisions
  of the Agreements provided, however, that:

(i)        Any
  share representing stock dividends or distributions in respect of the Vendor’s
  Shares or resulting from a split, revision or reclassification of the Vendor’s
  Shares, or received in exchange for the Vendor’s Shares as a result of
  an amalgamation or merger, shall be pledged and deposited with the Escrowholder
  hereunder; and 

(ii)      1/2
  of any cash dividends paid to the Purchasers in respect of the Vendor’s
  Shares shall forthwith be paid by the Purchasers to the Vendor to reduce the
  amounts of the unpaid balance of the purchase price for the Vendor’s Shares;

 (c)       Subject to the
  other provisions of the Agreements and all other agreements made pursuant thereto,
  to conduct the operations of the Company in such manner as it may consider in
  the best interests of the Company. 

 6.        In the event
  that the Vendor gives the Escrowholder notice as is provided in subparagraph
  2(b), all dividends shall be paid to the Escrowholder and held by it and if
  the Escrow Documents are delivered to the Vendor as is contemplated hereunder,
  any dividends paid from the time of the notice until delivery of the Escrow
  Documents shall be remitted by the Escrowholder to the Vendor. 

 7.        The remedies
  of the Vendor hereunder are in addition to and shall be concurrent with and
  without prejudice to and not in substitution for any rights or remedies at law
  or in equity which the Vendor may have to enforce its under the Share Purchase
  Agreement, the Shareholders’ Agreement or any agreements made pursuant
  thereto. 

 Page 3 of 5 

 8.        Any notice required
  to be given hereunder by any party shall be deemed to have been well and sufficiently
  given if mailed by prepaid registered mail, telexed or telegraphed to, or delivered
  at, the address of the other party hereinafter set forth: 

             If
  to Gilder Enterprises, Inc.: at its registered offices located at 2300 West
  Sahara Avenue, Suite 500, Las Vegas, Nevada, USA 89102, Attention: President;

             If
  to 5G Wireless Communications Pte Ltd.: at its registered offices located at
  Penthouse Level, Suntec Tower 3, 8 Temasek Boulevard, Singapore 038988, Attention:
  President; 

             If
  to the Escrowholder: at its registered offices located at 3639 Garibaldi Drive,
  North Vancouver, BC, Canada, V7H 2W2, Attention: President; 

 or at such other address as the parties may from time to time
  direct in writing, and any such notice shall be deemed to have been received,
  if mailed, telefaxed or telegraphed, 72 hours after the time of mailing, faxing
  or telegraphing, and if delivered, upon the date of delivery. If normal mail
  service, telex service or telegraph service is interrupted by strike, slowdown,
  force majeure or other cause, a notice sent by the impaired means of communication
  will not be deemed to be received until actually received and the Party sending
  the notice shall utilize any other such services which have not been interrupted
  or shall deliver such notice in order to ensure prompt receipt thereof. 

 9.        The Purchaser
  shall pay from time to time the reasonable fees and expenses of the Escrowholder
  in connection with the performance of its duties hereunder and the Vendor guarantees
  payment thereof. The Purchaser and the Vendor shall indemnify and save harmless
  the Escrowholder of and from all other claims, demands, damage, loss and expense
  arising out of its performance of its duties hereunder. 

 10.       The Escrowholder shall
  be deemed to have no notice or knowledge of the contents of the sealed envelope
  delivered hereunder and shall have no responsibility in respect of loss of the
  Escrow Documents except the duty to exercise reasonable care in the safekeeping
  thereof. The Escrowholder may act herein on the advice of Counsel but shall
  not be responsible for acting or failing to act on the advice of Counsel. 

 11.       This Agreement shall
  enure to the benefit of and be binding upon the Vendor, the Purchasers and the
  Escrowholder and their respective personal representatives successors and assigns.

 Page 4 of 5 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the
  date first written above. 

 GILDER ENTERPRISES, INC.  

	Per:	 	 
	 	Authorized Signatory	 
	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	5G WIRELESS COMMUNICATIONS PTE. LTD.	 
	 	 	 
	Per:	 	 
	 	Authorized Signatory	 
	 	 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	NEX CONNECTIVITY SOLUTIONS INC.	 
	 	 	 
	Per:	 	 
	 	Authorized Signatory	 
	 	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 Page 5 of 5 

 SCHEDULE C  

 TO THAT SHAREHOLDERS AGREEMENT BETWEEN Gilder Enterprises,
  Inc., 5G Wireless Communications Pte Ltd., Tan and Nex Connectivity Solutions
  Inc. (the “Company”) dated for reference the 25th day of May,
  2003. 

 EQUIPMENT AND SOFTWARE TO BE PROVIDED BY 5G 

	
      Item 	Fair
      Market Value

      as at May 31, 2003
	Equipment 	 
	1.     Lucent Remote Outdoor Router                                    S/N
      00UT38261186	US$800
	2.     Lucent Access Point                                                       S/N
      00UT46251749	$500
	3.     Lucent Access Point                                                      S/N
      00UT43251420	$500
	4.     Lucent Access Point                                                      S/N
      00UT40260357	$500
	5.     Lucent Access Point                                                      S/N
      00UT43260198	$500
	6.     Lucent Access Point                                                      S/N
      00UT45272142	$500
	 7.     12 wireless cards and peripheral antenna connectors
      for items 1. to 6. 	US$1,200
	 	 
	Equipment subtotal
	US$4,500
	Software 	 
	 8.     Proprietary Radius Authentication Software
      + Random Password/UserID Input (Prepaid Cards) 	US$7,500
	  	 
	             –
      This software authenticates a qualified user, tracks 	 
	             his
      usage to prevent multiple simultaneous access, and 	 
	            locks
      out unpaid users. 	 
	

      Total Equipment and Software 	

      US$12,000

 Page 1 of 1 

 SCHEDULE D 

 TO THAT SHAREHOLDERS AGREEMENT BETWEEN Gilder Enterprises,
  Inc., 5G Wireless Communications Pte Ltd., Tan and Nex Connectivity Solutions
  Inc. (the “Company”) dated for reference the 25th day of May,
  2003. 

 GUARANTEE AGREEMENT  

 THIS AGREEMENT made the 25th day of May, 2003, 

 BETWEEN: 

  
    
       GILDER ENTERPRISES, INC., a Nevada corporation,
        having its registered offices at 2300 West Sahara Avenue, Suite 500, Las
        Vegas, Nevada, USA 89102 

      
        
          
            
              
                
                   Hereinafter called the "Lender",

                    OF THE FIRST PART, 

                   - and - 

                

              

            

          

        

         [insert name of Guarantor], a [insert
          jurisdiction of incorporation / nationality] [corporation],
          [resident / having its registered offices] at . [insert
          address] . 

        
          
            
              
                
                   Hereinafter called the "Guarantor", 

                    OF THE SECOND PART. 

                

              

            

          

        

      

    

  

                    WHEREAS
  [insert name of JV entity debtor] (the "Debtor") was established
  in order to pursue the [insert jurisdiction] operations of a North American
  joint venture (“JV”) between the Lender, 5G Wireless Communications
  Pte Ltd, and Michael Peh Hin Tan, with the purpose of building a specialized
  Internet access networks business in Canada; 

                    AND
  WHEREAS 5G Wireless Communications Pte Ltd. is a Singapore company controlled
  by the Tan; 

                    AND
  WHEREAS pursuant to a Shareholder Agreement dated the 25th day of May, 2003
  (the “Agreement”) between the Lender, 5G Wireless Communications Pte
  Ltd. and Tan, the Debtor will be indebted to the Lender for funds to be advanced
  from time to time under the Agreement; 

                    AND
  WHEREAS, pursuant to the Agreement to which the Guarantor is a party, the indebtedness
  of the Debtor to the Lender will be evidenced by Demand Promissory Notes issued
  from time to time and on such terms as are provided for in the Agreement; 

                    AND
  WHEREAS the Lender has: 

 Page 1 of 5 

 

	1.	Committed substantial working
        capital and significant management resources to the start-up and ongoing
        operations of the planned JV business, whose ultimate success will depend
        completely upon the continuing good faith performance and ongoing best
        efforts of the Guarantor to succeed;

	 	 	 
	2.	Provided funding for substantially
        all of the initial cash requirements of the Debtor;

	 	 	 
	3.	Contributed a significantly
        larger shareholder loan than 5G based upon the respective ownership interests
        in the Debtor, from which contribution 5G stands to benefit;

	 	 	 
	4.	Undertaken to apply its
        best efforts to secure future funding for the JV, which will require the
        Lender to:

	 	 	 
	 	 a) 	expend significant ongoing corporate resources and management
      time in pursuing a US public market listing for its shares;
	 	 b)	base its regulatory filings in this regard substantively
      on its interest in the JV business; and
	 	 c) 	while there can be no assurance that the Lender will be successful
      in attaining a public listing, all costs incurred by the Lender in this
      regard would be directly attributable to the present commitments of the
      Guarantor.

                    NOW
  THIS AGREEMENT WITNESSETH that, in consideration of the premises, the Guarantor
  covenants and agrees with the Lender as follows: 

 SECTION I 

GUARANTEE 

	1.1 	The Guarantor unconditionally guarantees and covenants
        with the Lender that the Debtor will duly and punctually pay to the Lender
        the principal of, interest on and all other moneys owing under the Demand
        Promissory Notes as and when the same become due and payable according
        to the terms of the Demand Promissory Notes. 

	 	 
	1.2 	The Guarantor hereby acknowledges communication of
        the terms of the Demand Promissory Notes, as provided for in the Agreement,
        and consents to and approves of the same. The Guarantee herein contained
        shall take effect and be binding upon the Guarantor notwithstanding any
        defect in or omission from the Demand Promissory Notes or any non-registration
        or non-filing or defective registration or filing or by reason of any
        failure of the security intended to be created by the Demand Promissory
        Notes. 

	 	 
	1.3 	The liability of the Guarantor under Section 1.1
        hereof shall be joint and several with that of the Debtor and shall be
        absolute and unconditional. The Guarantor shall for all purposes of the
        guarantee be regarded as in the same position as a principal debtor, and
        hereby expressly waives judgment, demand, presentment, protest and notice
        thereof and of default. The obligation of the Guarantor hereunder shall
        be deemed to arise in respect of each default. 

 Page 2 of 5 

 SECTION II  

DEFAULT AND ENFORCEMENT 

	2.1 	If the Debtor shall default in making payment of
        the principal of, interest on or any other moneys owing under the Demand
        Promissory Notes as and when the same become due and payable, then the
        Guarantor shall forthwith on demand by the Lender pay to the Lender the
        principal, interest and other moneys in default. 

	 	 
	2.2	If the Guarantor shall fail forthwith on demand to
        make good any such default, the Lender may in its discretion proceed with
        the enforcement of its rights hereunder and may proceed to enforce such
        rights or from time to time thereof prior to, contemporaneously with or
        after any action taken under the Demand Promissory Notes. 

	 	 
	2.3 	All sums paid to or recovered by the Lender pursuant
        to the provisions hereof shall be applied by it in payment of the principal,
        interest and other moneys owing on the Demand Promissory Notes in such
        order as the Lender in its sole discretion may determine. 

	 	 
	2.4 	The Lender may waive any default of the Guarantor
        hereunder upon such terms and conditions as it may determine provided
        that no such waiver shall extend to or be taken in any manner whatsoever
        to affect any subsequent default or the rights resulting therefrom. 

	 	 
	2.5 	Any moneys paid by or recovered from the Guarantor
        hereunder shall be held to have been paid pro tanto in discharge
        of the liability of the Guarantor hereunder, but not in discharge of the
        liability of the Debtor, and in the event of any such payment by or recovery
        from the Guarantor, the Guarantor hereby assigns any rights with respect
        to or arising from such payment or recovery (including without limitation
        any right of subrogation) to the Lender unless or until the Lender has
        received in the aggregate payment in full of all moneys owing on the Demand
        Promissory Notes. 

 SECTION III 

RELEASE AND DISCHARGE 

	3.1 	The liability of the Guarantor hereunder shall not
        be limited, released, discharged or in any way affected by any release,
        loss or alteration in or dealing with the security under the Demand Promissory
        Notes, or by time being given to the Debtor or to any person whomsoever
        by the Lender; or by any amendment of the Demand Promissory Notes; or
        by any compromise, arrangement, composition or plan of reorganization
        affecting the Debtor or the security under the Demand Promissory Notes;
        or by release of any person liable directly or as surety or otherwise;
        or by waiver of any default under the Demand Promissory Notes, or by any
        dealings whatsoever between the Lender and the Debtor or any other person
        or person whomsoever, or by any other act, omission or proceedings in
        relation to the Demand Promissory Notes or this Agreement whereby the
        Guarantor might otherwise be released or exonerated or the liabilities
        and obligations of the Guarantor hereunder affected. 

 Page 3 of 5 

 

	3.2 	After all moneys payable by the Debtor under the
        Demand Promissory Notes have been paid in full, this Guarantee will cease
        and become null and void and the Lender shall, at the request of and at
        the expense of the Guarantor execute and deliver a Release to the Guarantor.
      

 SECTION IV 

MISCELLANEOUS 

	4.1 	This Agreement shall be
        governed by or construed exclusively in accordance with the laws of the
        province of British Columbia, Canada. 

	 	 	 
	4.2 	In this Agreement, the singular
        includes the plural and gender refers to all genders. 

	 	 	 
	4.3 	This Agreement contains
        the entire agreement between the parties with respect to the subject matter
        hereof and supersedes all prior agreements, negotiations, representations
        and proposals written or oral, relating to its subject matter. 

	 	 	 
	4.4 	Any notice to be given hereunder
        shall be valid and effective if such notice is sent by first class mail,
        postage prepaid, addressed to or personally delivered: 

       to the Lender at: 

	 	 	 
	 	 	2300 West Sahara Avenue, Suite 500

        Las Vegas, Nevada 

        USA 89102 

	 	 	 
	 	and to the Guarantor at:
      

	 	 	 
	 	 	[insert Guarantor’s notice address] 

	 	 	 
	 	with a copy to 

	 	 	 
	 	 	[insert alternate Guarantor’s notice address,
        as appropriate] 

	 	 	 
	 	Any notice so given by mail
        shall be deemed to have been given on the third business day following
        the date of mailing and any notice so given by being personally delivered
        shall be deemed to have been given when so delivered. 

	 	 
	4.5 	Any term or provision of
        this Agreement can be modified only with the written consent of both parties.
        The failure of either party to exercise any right or to insist on strict
        compliance with the provisions hereof shall not constitute a waiver of
        the provisions of this Agreement with respect to any other or subsequent
        breach hereof nor a waiver of its right to require strict compliance with
        the provisions of this Agreement. 

Page 4 of 5 

 SECTION V 

LIMITATION OF LIABILITY 

	5.1	Notwithstanding anything
        herein contained, it is agreed by and between the Lender and the Guarantor
        that the liability of the Guarantor hereunder shall be limited to the
        sum of US $75,000 and interest thereon at the rate of Bank Prime (as determined
        from time to time by the Debtor’s bank) plus 4% from the date of
        demand by the Lender on the Guarantor hereunder until payment in full
        by the Guarantor of all moneys owing hereunder.

	 	 	 
	 	IN WITNESS WHEREOF the Guarantor has executed these
      presents.
	 	 	 
	 	[If individual sign as:]	 
	 	Signed, sealed and delivered by:	 
	 	 	 
	 	[insert Guarantor name]	(seal)
	 	 	 
	 	Signature	 
	 	 	 
	 	In the presence of:	 
	 	 	 
	 	WITNESS:	 
	 	 	 
	 	Signature	 
	 	 	 
	 	Name: _________________________________________	 
	 	Occupation:   ____________________________________	 
	 	Address: _______________________________________	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	[If corporation sign as:]	 
	 	 	 
	 	[insert Guarantor name]	 
	 	 	 
	 	Per: __________________________________	 
	 	                        Authorized
      Signatory	 
	 	 	 
	 	Name: _________________________________________	 
	 	Title: __________________________________________	 

 Page 5 of 5 

 SCHEDULE E  

 TO THAT SHAREHOLDERS AGREEMENT BETWEEN Gilder Enterprises,
  Inc., 5G Wireless Communications Pte Ltd., Tan and Nex Connectivity Solutions
  Inc. (the “Company”) dated for reference the 25th day of May,
  2003. 

 SECURITY AGREEMENT  

  
    
       THIS AGREEMENT made this 25th day of May, 2003 

    

  

 BETWEEN: 

  
    
       GILDER ENTERPRISES, INC., a Nevada corporation, having its registered
        offices at 2300 West Sahara Avenue, Suite 500, Las Vegas, Nevada, USA
        89102 

      
        
          
            
              
                
                   Hereinafter called the "Lender", 

                    OF THE FIRST PART, 

                

              

            

          

        

      

    

  

 - and - 

  
    
       [insert name of Guarantor], a [insert jurisdiction
        of incorporation / nationality] [corporation], [resident
        / having its registered offices] at [insert address] 
        . 

      
        
          
            
              
                
                   Hereinafter called the "Guarantor",

                    OF THE SECOND PART. 

                

              

            

          

        

      

    

  

                    WHEREAS
  [insert name of JV entity debtor] (the "Debtor") was established
  in order to pursue the [insert jurisdiction] operations of a North American
  joint venture (“JV”) between the Lender, 5G Wireless Communications
  Pte Ltd, and Michael Peh Hin Tan, with the purpose of building a specialized
  Internet access networks business in Canada; 

                    AND
  WHEREAS 5G Wireless Communications Pte Ltd. is a Singapore company controlled
  by the Tan; 

                    AND
  WHEREAS pursuant to a Shareholder Agreement dated the25th day of May, 2003 (the
  “Agreement”) between the Lender, 5G Wireless Communications Pte Ltd.
  and Tan, the Debtor will be indebted to the Lender for funds to be advanced
  from time to time under the Agreement; 

                    AND
  WHEREAS, pursuant to the Agreement to which the Guarantor is a party, the indebtedness
  of the Debtor to the Lender will be evidenced by Demand Promissory Notes issued
  from time to time and on such terms as are provided for in the Agreement; 

                    AND
  WHEREAS pursuant the Agreement, the Guarantor has provided to the Lender its
  Guarantee of the indebtedness of the Debtor; 

Page 1 of 8 

 

	1.
	Grant of Security Interest

       As a general and continuing security for the payment
        of all obligations, indebtedness and liabilities of the Debtor or the
        Guarantor to the Lender whether incurred prior to, at the time of, or
        subsequent to the execution hereof, including extensions or renewals,
        and all other liabilities of the Debtor or the Guarantor to the Lender
        direct or indirect, wheresoever and howsoever incurred and any ultimate
        unpaid balance thereof, including, without restricting the generality
        of the foregoing, advances to the Debtor under fixed or revolving credits
        established from time to time, letters of credit whether or not drawn
        upon, issued by the Lender with respect to the Debtor, and the obligation
        and liability of the Guarantor under any contract of guarantee now or
        hereafter in existence whereby the Guarantor guarantees payment of the
        debts, liabilities and obligations of a third party to the Lender, (all
        of the foregoing being herein called, and included in, the "Obligations"),
        the Guarantor hereby grants to the Lender a continuing security interest
        in all of the undertakings of the Guarantor and in all Goods, Chattel
        Paper, Documents of Title, Instruments, Intangibles, Securities and any
        other personal property or rights now or hereafter owned or acquired by
        the Guarantor (all of the foregoing being herein called, and included
        in, the "Collateral").

	 	 	 
	2.
	 Representations and Warranties
        of Guarantor

       The Guarantor hereby warrants and agrees with the Lender
        as follows:

	 	 	 
	 	 	(a)             The
        Guarantor will not, during the currency of this Agreement, give any further
        or other security agreement covering the Collateral to any party other
        than the Lender and no financing statement (other than any which may be
        filed on behalf of the Lender) covering any of the Collateral is now or
        will be on file in any public office while this Security Agreement remains
        outstanding, save that the Guarantor may create a purchase money security
        interest in collateral hereafter acquired but only if such interest is
        perfected and notification thereof given to the Lender pursuant to the
        provisions of the governing statutes in that behalf.

	 	 	 
	 	 	(b)             That
        except for the security interest granted hereby, the Guarantor is, or,
        as to Collateral acquired after the date hereof (save a purchase money
        security interest as above described) will be the owner of the Collateral,
        free from any adverse lien, security interest or encumbrance, and agrees
        that it will defend the Collateral against all claims and demands of all
        persons at any time claiming the same or any interest therein.

	 	 	 
	 	 	(c)             The
        Guarantor's principal place of [residence/business] where it keeps
        its records respecting the Collateral, is that given at the beginning
        of this Agreement and all other places assets of the Guarantor may be
        located are listed on Schedule "A" hereto. If the Guarantor changes its
        principal place of [residence/business], or the locations where
        it keeps its assets respecting the Collateral, or acquires other assets,
        or establishes other places of [occasional residence/business],
        it will promptly notify the Lender.

	 	 	 
	 	 	(d)             The
        Guarantor shall from time to time forthwith on request furnish to the
        Lender in writing all information requested relating to the Collateral
        and the Lender shall be entitled from time to time to inspect the aforesaid
        Collateral and to take temporary

 Page 2 of 8 

 

	 	 	custody of and make copies of all documents
        relating to the Collateral and for such purposes the Lender shall have
        access to all premises occupied by the Guarantor or where the Collateral
        or any of it may be found.

	 	 	 
	 	 	 (e)             The
        Guarantor shall from time to time forthwith on the Lender's request do,
        make and execute all such financing statements, further assignments, documents,
        acts, matters and things as may be required by the Lender of or with respect
        to the Collateral or any part thereof or as may be required to give effect
        to these presents, and the Guarantor hereby constitutes and appoints the
        Manager or acting Manager for the time being of the above-mentioned office
        of the Lender, or any receiver appointed by the Court or Lender as hereafter
        set out, the true and lawful attorney of the Guarantor irrevocably with
        full power of substitution to do, make and execute all such assignments,
        documents, acts, matters or things with the right to use the name of the
        Guarantor whenever and wherever it may be deemed necessary or expedient.

	 	 	 
	 	 	(f)             The
        Guarantor shall keep the inventory and equipment insured against loss
        by fire and such other risks as the Lender may reasonably require for
        their full insurable value and will pay all premiums in connection with
        such insurance. All policies of insurance and the proceeds thereof will
        be held in trust by the Guarantor for the benefit of the Lender under
        the provisions of this Agreement. If the Guarantor neglects to provide
        such insurance, the Lender may obtain the same and charge the premiums
        therefor to the Guarantor, together with interest at the rate currently
        charged to the Guarantor under its obligations to the Lender at the date
        of payment of the premium by the Lender.

	 	 
	2. 	Default

       At the option of the Lender, the security hereby granted
        shall become enforceable upon the happening of any of the following events:

	 	 
	 	(a)
	If the Debtor or the Guarantor fail to pay or perform when
      due any of the Obligations;
	 	 
	 	(b)
	If the Debtor or the Guarantor fail to perform any provisions
      of this Agreement or of any other agreement to which the Debtor or the Guarantor
      and the Lender are parties;
	 	 
	 	(c)
	If any of the representations and warranties in this Agreement
      was incorrect when made or deemed to have been made;
	 	 
	 	(d)
	If the Debtor or the Guarantor ceases or threatens to cease
      to carry on its business, commits an act of bankruptcy, becomes insolvent,
      makes an assignment or bulk sale of its assets, or proposes a compromise
      or arrangement to its creditors;
	 	 
	 	(e)
	If any proceeding is taken with respect to a compromise or
      arrangement, or to have the Debtor or the Guarantor declared bankrupt or
      wound up, or to have a receiver appointed of any part of the Collateral
      or if any encumbrancer takes possession of any part thereof;
	 	 
	 	(f)
	If any execution, sequestration or other process of any court
      becomes enforceable against the Debtor or the Guarantor or if any distress
      or analogous process is levied upon the Collateral or any part thereof;

 Page 3 of 8 

 

	 	(g)
	If the Lender in good faith believes
        that the prospect of payment or performance of any of the Obligations
        is impaired;

	 	 	 
	and in such event:

	 	 	 
	 	(a)
	The Lender may, in addition to any other
        rights, appoint by instrument in writing a receiver of all or any part
        of the collateral and remove or replace such receiver from time to time
        or may institute proceedings in any Court of competent jurisdiction for
        the appointment of such a receiver. Where the Lender is hereafter in this
        paragraph referred to the terms shall, where the context permits, include
        any Receiver so appointed and the officers, employees, servants or agents
        of such Receiver.

	 	 	 
	 	(b)
	The Guarantor will forthwith upon demand
        assemble and deliver to the Lender possession of all the Collateral at
        such place as may be specified by the Lender. In any event, at its option
        the Lender may take such steps as it considers necessary or desirable
        to obtain possession of all or any part of the Collateral, and to that
        end the Guarantor agrees that the Lender may by its servants, agents or
        Receiver at any time during the day or night, enter upon lands and premises,
        and if necessary break into houses, buildings and enclosures, wheresoever
        and whatsoever where the Collateral may be found for the purpose of taking
        possession of and removing the Collateral or any part thereof.

	 	 	 
	 	(c)
	The Lender may seize, collect, realize,
        borrow money on the security of, release to third parties or otherwise
        deal with the Collateral or any part thereof in such manner, upon such
        terms and conditions and at such time or times as may seem to it advisable
        and without notice to the Guarantor (except as otherwise required by any
        applicable law), and may charge on its own behalf and pay to others reasonable
        sums for expenses incurred and for services rendered (expressly including
        legal advices and services, and receivers and accounting fees) in or in
        connection with seizing, collecting, realizing borrowing on the security
        of, selling or obtaining payment of the Collateral and may add the amount
        of such sums to the indebtedness of the Debtor.

	 	 	 
	 	(d)
	At its option, to be notified to the
        Guarantor in the manner provided by the governing statute, the Lender
        may elect to retain all or any part of the Collateral in satisfaction
        of the obligations to it of the Debtor or the Guarantor.

	 	 	 
	 	(e)
	The Lender shall not be liable or accountable
        for any failure to seize, collect, realize, sell or obtain payment of
        the Collateral or any part thereof and shall not be bound to institute
        proceedings for the purpose of seizing, collecting, realizing or obtaining
        possession or payment of the same or for the purpose of preserving any
        rights of the Lender, the Debtor or the Guarantor or any other person,
        firm or corporation in respect of same.

	 	 	 
	 	(f)
	The Lender may grant extensions of time
        and other indulgences, take and give up securities, accept compositions,
        grant releases and discharges, release any part of the Collateral to third
        parties and otherwise deal with the Debtor, the Guarantor, debtors of
        the Debtor or the Guarantor, sureties and others and with the Collateral
        and other securities as the Lender may see fit without prejudice to the
        liability of the Debtor or the Guarantor or the Lender's right to hold
        and realize the Collateral.

 Page 4 of 8 

 

	 	(g)	All monies collected or received by
        the Lender in respect of the Collateral may be applied on account of such
        parts of the indebtedness and liability of the Debtor or the Guarantor
        as to the Lender seems best or may be held unappropriated in a collateral
        account or in the discretion of the Lender may be released to the Debtor
        or the Guarantor, all without prejudice to the Lender's claims upon the
        Debtor or the Guarantor.

	 	 	 
	 	(h)	In the event of the Lender taking possession
        of the said Collateral, or any part thereof in accordance with the provisions
        of this Agreement, the Lender shall have the right to maintain the same
        upon the premises on which the Collateral may then be situate, and for
        the purpose of such maintaining shall be entitled to the free use and
        enjoyment of all necessary buildings, premises, housing, shelter and accommodation
        for the proper maintaining, housing and protection of the said Collateral,
        and for its servant or servants, assistant or assistants, and the Guarantor
        covenants and agrees to provide the same without cost or expense to the
        Lender until such time as the Lender shall determine in its discretion
        to remove, sell or otherwise dispose of the said Collateral so taken possession
        of by it as aforesaid.

	 	 	 
	 	(i)	To facilitate the realization of the
        Collateral the Lender may carry on or concur in the carrying on of all
        or any part of the business of the Debtor or the Guarantor and may to
        the exclusion of all others, including the Debtor or the Guarantor, enter
        upon, occupy and use all or any of the premises, buildings, plant and
        undertaking of or occupied or used by the Debtor or the Guarantor and
        use all or any of the tools, machinery and equipment of the Debtor or
        the Guarantor for such time as the Lender sees fit, free of charge, to
        manufacture or complete the manufacture of any inventory and to pack and
        ship the finished product, and the Lender shall not be liable to the Debtor
        or the Guarantor for any neglect in so doing or in respect of any rent,
        charges, depreciation or damages in connection with such actions.

	 	 	 
	 	(j)	The Lender may, if it deems it necessary
        for the proper realization of all or any part of the Collateral, pay any
        encumbrance, lien, claim or charge that may exist or be threatened against
        the same and in every such case the amounts so paid together with costs,
        charges and expenses incurred in connection therewith shall be added to
        the obligations of the Debtor to the Lender as hereby secured, and shall
        bear interest at the rate currently charged to the Debtor under its obligations
        to the Lender at the date of payment thereof by the Lender.

	 	 	 
	 	(k)	If after all the expenses of the Lender
        in connection with the preservation and realization of the Collateral
        as above described shall have been satisfied and all obligations, including
        contingent obligations, of the Debtor to the Lender shall have been satisfied
        and paid in full together with interest, any balance of monies in the
        hands of the Lender arising out of the realization of the Collateral,
        shall be paid to any person other than the Debtor or the Guarantor whom
        the Lender knows to be the owner of the Collateral, and in the absence
        of such knowledge, such balance shall be paid to the Debtor.

	 	 	 
	3.	Dealing with Collateral by the Guarantor:
	 	 	 
	 	 	(a)             The
        Guarantor in the ordinary course of its business may lease or sell items
        of inventory, so that the purchaser thereof takes title clear of the security
        interest hereby

 Page 5 of 8 

 

	 	 	created, but if such sale or lease results
        in an account receivable, such account receivable is subject to the security
        interest hereby created.

	 	 	 
	 	 	(b)             In
        the event that the Guarantor shall collect or receive any of the accounts
        receivable or shall dispose of and be paid for any of the other Collateral
        covered by this Agreement, all non-cash proceeds of such disposition shall
        be subject to the security interest hereby created and all monies so collected
        or received by the Guarantor shall be received as Trustee for the Lender
        and shall be held separate and apart from other monies of the Guarantor,
        and shall forthwith be paid over to the Lender.

	 	 	 
	4.	This Agreement is in addition
        to and not in substitution for any other agreement between the parties
        creating a security interest in all or part of the Collateral, and whether
        heretofore or hereafter made, and the terms of such other agreement or
        agreements shall be deemed to be continued unless expressly provided to
        the contrary in writing and signed by the parties.

	 	 	 
	5.	Any notice required to be
        given to the Guarantor or the Lender may be sent by prepaid registered
        mail addressed to the appropriate party at the address above shown, or
        such further or other address as such party may notify to the other in
        writing from time to time, and if so sent, the notice shall be deemed
        to have been given on the fifth day following the day when it is deposited
        in the post office.

	 	 	 
	6.	Any failure of the Lender
        to exercise any right set out in this Agreement in any particular instance
        shall not constitute a waiver thereof in any other instance.

	 	 	 
	7.	All rights of the Lender
        hereunder shall be assignable and in any action brought by an assignee
        to enforce such rights, the Guarantor shall not assert against the assignee
        any claim or defence which the Guarantor now has or may hereafter have
        against the Lender.

	 	 	 
	8.	This Agreement shall be
        interpreted in accordance with the laws of the Province of British Columbia.
        Reference to the governing statute shall be to the Personal Property Security
        Act of British Columbia as amended from time to time.

	 	 	 
	9.	This Agreement and everything
        herein contained shall extend to and bind and may be taken advantage of
        by the respective heirs, executors, administrators, successors and assigns,
        as the case may be, of each and every of the parties hereto, and where
        there is more than one Guarantor or there is a female party or a corporation,
        the provisions hereof shall be read with all grammatical changes thereby
        rendered necessary and where there is more than one Guarantor all covenants
        shall be deemed to be joint and several.

 Page 6 of 8 

 

	IN WITNESS WHEREOF THE GUARANTOR has executed these presents.
	 	 
	[If individual sign as:]	 
	Signed, sealed and delivered by:	 
	 	 
	[insert Guarantor name]	(seal)
	 	 
	Signature	 
	 	 
	In the presence of:	 
	 	 
	WITNESS:	 
	 	 
	Signature	 
	 	 
	Name:__________________________________________	 
	Occupation: _____________________________________	 
	Address: _______________________________________	 
	 	 
	 	 
	 	 
	 	 
	[If corporation sign as:]	 
	 	 
	[insert Guarantor name]	 
	 	 
	Per: ___________________________________________	 
	                         Authorized
      Signatory	 
	 	 
	Name:__________________________________________	 
	Title: __________________________________________	 

 Page 7 of 8 

 Schedule "A"  

      ADDRESSES OF THE GUARANTOR
  WHERE 

  ALL OR PART OF THE COLLATERAL MAY BE FOUND  

 1.

 2. 

3. 

 Page 8 of 8 

 

	    	DATED: May 25, 2003
	 	 
	 	 
	 	BETWEEN:
	 	 
	 	 
	 	 
	 	[insert name of Guarantor]
	 	 
	 	 - and -
	 	 
	 	GILDER ENTERPRISES, INC.
	 	 
	 	 
	 	 
	 	 
	 	 
	 	SECURITY AGREEMENT

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