Document:

SECOND
      AMENDMENT TO EMPLOYMENT AGREEMENT

     

    This
      second amendment (“Second Amendment”) is effective as of February 12, 2008
      (“Amendment Date”) by and between Twistbox Entertainment, Inc. (as
      successor-in-interest to The WAAT Corporation) (“Twistbox”) and Adi McAbian
      (“Employee”), and amends that certain Letter Agreement dated May 16, 2006 by and
      between Twistbox and Employee, as amended as of December 31, 2007 (collectively,
      the “Agreement”). Unless otherwise defined herein, defined terms shall have
      their meanings as set forth in the Agreement.

     

    RECITALS

     

    WHEREAS,
      Twistbox
      and Mandalay Media, Inc. (“Mandalay”) have entered into that certain Agreement
      and Plan of Merger dated December 31, 2007, as amended (‘Plan of Merger”),
      pursuant to which Employee has agreed to sell, assign, transfer and convey
      his
      shares of capital stock in Twistbox in exchange for shares of capital stock
      of
      Mandalay (the “Merger”);

     

    WHEREAS,
      the
      parties believe it is in the best interest of Twistbox and Employee to mutually
      agree to certain modifications to the Agreement; and

    

    WHEREAS,
      the
      parties hereto desire to memorialize their mutual understandings as contained
      herein.

    

    AMENDMENT

    

    NOW
      THEREFORE,
      in
      consideration of the foregoing, Twistbox and Employee desire to amend and/or
      modify the Agreement and enter into this Amendment on the terms and conditions
      provided below:

     

    Subject
      to and expressly conditioned upon the close of the Plan of Merger, Employee’s
      Agreement shall be modified as follows:

     

    
      	1.  	
              Paragraph
                3 shall be deleted in its entirety and replaced with the
                following:

            

    

    

    “In
      consideration of your full time employment during the Employment Term, the
      Company will pay you a base salary at the rate of $200,000 on an annualized
      basis, in accordance with the usual payroll practices of the Company.”

    

    
      	2.  	
              Sub-section
                (a) of paragraph 9 shall be deleted in its entirety and replaced
                with the
                following:

            

    

    

    “Non-Competition.
      During
      the Employment Term and for the twelve month
      period following expiration or termination of your employment (the “Restricted
      Period”),
      you
      will not, directly or indirectly, enter into Competition
      with the Company or any of its affiliates (the “Employer”).
      “Competition”
      means
      participating, directly or indirectly, as an individual proprietor,
      partner, stockholder, officer, employee, director, joint venturer, investor,
      lender or in any capacity whatsoever in any
      activities or businesses
      related to the provisioning of any of the following products and/or
      services in connection with Mobile Adult WAP, Adult MobileTV, Adult
      Off-Deck Services, Mobile AVS Systems and Mobile Adult Advertising
      Services.”

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	3.  	
              All
                terms and conditions of the Agreement not specifically and expressly
                modified or amended herein are hereby ratified and confirmed in all
                respects and shall remain in full force and
                effect.

            

    

    

    
      	4.  	
              Each
                person who executes this Second Amendment represents and warrants
                to the
                other party hereto that they have the authority to do so and to bind
                such
                party as contemplated hereby, and agrees to hold harmless the other
                party
                from any claim that such authority did not exist. This Second Amendment
                will inure to the benefit of and be binding upon the parties and
                their
                respective shareholders, successors and permitted
                assigns.

            

    

    

    
      	5.  	
              Employee
                acknowledges and agrees that this Second Amendment and the agreement
                by
                Employee in Section 2 above is also given in consideration of Employee’s
                sale, transfer and conveyance of his shares of capital stock in Twistbox
                and his receipt of consideration in exchange
                thereof.

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Second Amendment as of the Amendment Date
      set
      forth above.

     

    
      	
              TWISTBOX
                ENTERTAINMENT, INC.  

              (AS
                SUCCESSOR-IN-INTEREST TO 

              THE
                WAAT CORPORATION) 

            	EMPLOYEE
	 	 
	By: David
              Mandell	By: /s/ Adi
              McAbian
	Name: David Mandell	Name: Adi McAbian
	
              Title:
                EVP/General
                Counsel

            	Title: Managing Director
              
	 	 

    

     

    
      
        
        

      

      
        3THE
      WAAT CORP.

     

    May
      16,
      2006

    

    Mr.
      Ian
      Aaron

    c/o
      The
      WAAT Corp.

    14242
      Ventura Blvd, 3rd Floor 

    Sherman
      Oaks, California 91423

    

    Dear
      Ian:

    

    The
      purpose of this letter (the “Letter Agreement”) is to
      acknowledge and set forth the terms and conditions of your employment with
      The
      WAAT Corp., a California corporation (the
“Company”).

    

    1.
      Duties
      and Responsibilities. During
      the Employment Term, you will serve as
      the
      Chief Executive Officer of the Company and will report to the Board of Directors
      of
      the
      Company (the “Board”).You
      will
      have such duties and responsibilities that are commensurate with your position
      and such other duties and responsibilities as are from time
      to
      time assigned to you by the Board (or a committee thereof). During the
Employment
      Term, you will devote your full business time, energy and skill to the
performance
      of your duties and responsibilities hereunder, provided the foregoing shall
      not
      prevent you from (i) serving on the board of directors of non-profit
      organizations and, with the prior written approval of the Board, other
      companies, (ii) participating in charitable,
      civic, educational, professional, community or industry affairs and (iii)
      managing your and your family's passive personal investments; provided such
      activities in the aggregate do not interfere or conflict with your duties
      hereunder or create a potential business conflict. The Company hereby
      acknowledges that you are entitled to continue
      serving as a member of the board of directors of MEVEE and Platco and you are
      entitled
      to retain any compensation received on account of such services.

    

    2.
      Employment
      Term. The
      term
      of your employment under this Letter Agreement
      (the “Employment Term”)
      will
      be
      for a term commencing on the date first written
      above (the “Effective Date”) and, unless terminated earlier as
      provided in paragraph
      6 hereof or extended by mutual consent of you and the Company on terms at least
      as favorable as those in the final year of the Employment Term, ending on the
      third anniversary
      of the Effective Date.

    

    3.
      Base
      Salary. During
      the Employment Term, the Company will pay you a base salary at the annual rate
      of $500,000 for the period commencing on the Effective Date
      and
      ending on the first anniversary of the Effective Date, $525,000 for the period
      commencing
      on the first anniversary of the Effective Date and ending on the second
anniversary
      of the Effective Date and $551,250 for the period commencing on the second
      anniversary
      of the Effective Date and ending on the third anniversary of the Effective
      Date,
      in accordance with the usual payroll practices of the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      2

     

    4.
      Annual
      Bonus. You
      will
      be eligible to receive an annual target cash bonus of up to 50% of Base Salary,
      if earned, determined by the Board (the “Bonus”).
      Such
      bonus will
      be
      based upon the achievement of performance goals set by the Board (or a
committee
      thereof) after good faith consultation with you, including, without limitation,
      the operating results of the Company and your individual performance, as
      determined by the
      Board
      in its sole discretion.

     

    5.
      Benefits
      and Fringes.

     

    (a) General. During
      the Employment Term, you will be entitled to such benefits and fringes, if
      any,
      as are generally provided from time to time by the
      Company to its senior executives at a level commensurate with your position,
      subject
      to the satisfaction of any eligibility requirements.

     

    (b) Vacation. You
      will
      also be entitled to annual paid vacation in accordance
      with the Company's vacation policies in effect from time to time, but
in
      no
      event less than four weeks per calendar year (as prorated for partial years),
      which
      vacation may be taken at such times as you elect with due regard to the
needs
      of
      the Company.

    

    (c) Reimbursement
      of Business and Entertainment Expenses; Travel.
      Upon
      presentation of appropriate documentation, you will be reimbursed in
      accordance with the Company's expense reimbursement policy for all reasonable
      and necessary business and entertainment expenses incurred in connection with
      the performance of your duties and responsibilities hereunder. If
      you
      travel on business of the Company, you will be reimbursed for the cost of
airfare
      (business class airfare on all flights scheduled to have a flight time of three
      or more hours or, if sufficient business class service is not available for
      such
flight,
      first class airfare) and the reasonable cost of business class lodging
accommodations,
      as well as for your reasonable and necessary out-of-pocket expenses
      incurred in connection therewith, in accordance with the Company's policies.

     

    (d) Automobile
      Allowance. During
      the Employment Term, you will receive
      an automobile allowance in the amount of $1,000 per month covering all
expenses
      of maintaining and operating an automobile (including, without limitation,
      cost, repairs, maintenance, insurance and parking), provided that all
such
      expenses are accounted for in accordance with the policies and procedures
established
      by the Company. Alternatively, the Company may elect to provide you
      with
      a Company-owned or leased automobile at an expense of not more than $1,000
      per
      month (including expenses).

     

    (e) Life
      Insurance. Notwithstanding
      the foregoing, during the Employment
      Term, the Company will provide, subject to your insurability at standard
      rates and your full cooperation in obtaining such coverage (including, without
      limitation, taking any required physical examinations), life insurance on
your
      life
      equal to two times your annual base salary.

     

    
      
        
        

      

      
        2

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      3

    6.
      Termination
      of Employment. Your
      employment and the Employment Term will
      terminate on the first of the following to occur:

    

    (a) Disability. Upon
      written notice by the Company to you of termination
      due to Disability, while you remain Disabled. For
      purposes
      of this Letter
      Agreement, “Disability”
      will
      be
      defined as your inability to perform your material
      duties hereunder due to a physical or mental injury, infirmity or incapacity
      for a continuous period of not less than 90 days (including weekends
and
      holidays) or for 180 days (including weekends and holidays) in any 365-day
      period.

     

    (b) Death. Automatically
      on the date of your death.

     

    (c)
      Cause. Immediately
      upon written notice by the Company to you of
      a
      termination for Cause. For purposes of this Letter Agreement, “Cause”
      will
      mean:

     

    (1) your
      willful misconduct which, in the good faith judgment of
      the
      Board, has a material negative impact on
      the
      Company (either economically
      or on its reputation);

    

    (2)
      your
      indictment for, conviction of, or pleading of guilty or nolo
      contendere to,
      a
      felony (or equivalent outside of the United States) or any
      crime
      involving fraud, dishonesty or moral turpitude;

     

    (3) your
      failure to attempt in good faith to perform your duties, which
      failure is not remedied within 20 days of written notice from the Board
      specifying the details thereof;

     

    (4) your
      failure to attempt in good faith to follow the legal direction
      of the Board after written notice from the Board specifying the details
      thereof; and

     

    (5) any
      other
      material breach of this Letter Agreement by you that
      is
      not remedied within 20 days of written notice from the Board specifying
      the details thereof.

    

    Notwithstanding
      the foregoing, you will not be deemed to have been terminated for Cause without
      (i) advance written notice provided to you setting forth the Company's intention
      to consider terminating you; (ii) an opportunity for you to be heard before
      the
Board;
      and (iii) a duly adopted resolution of the Board, after such opportunity,
      stating that
      your
      actions constituted Cause. Cause will cease to exist for an event on the 90th
      day
      following its occurrence, unless the Company has given you written notice
      thereof prior to such date.

     

    
      
        
        

      

      
        3

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      4

     

    (d) Without
      Cause. Upon
      30
      days' prior written notice by the Company
      to you of an involuntary termination without Cause, other than for death
      or
      Disability;

     

    (e) Good
      Reason. Upon
      written notice by you to the Company of a termination
      for Good Reason, unless such events are corrected in all material respects
      by the Company within 20 days following your written notification to the
Company
      for one of the reasons set forth below. “Good
      Reason” will
      mean, without
      your express written consent, the occurrence of any of the following
events:

     

    (1) material
      diminutions in title, position, authority, duties or reporting
      requirements, except temporarily while you are incapacitated;

     

    (2) your
      being required to relocate to a principal place of employment
      more than 15 miles from your current location in Sherman Oaks,
      California;

     

    (3) any
      other
      material breach of this Letter Agreement, including, but not limited to, any
      reduction of, or failure to pay, your Base Salary or any failure to timely
      pay
      or provide the benefits contemplated herein.

    

    Good
      Reason will cease to exist for an event on the 90th day following its
      occurrence, unless
      you have given the Company written notice thereof prior to such
      date.

    

    (f) Expiration
      of Employment Term. Upon
      the
      end of the Employment
      Term.

     

    7.
      Compensation
      Upon Termination.

     

    (a) Disability;
      Death; Cause. If
      your
      employment terminates on account
      of your Disability or your death or if the Company terminates you for
Cause,
      the Company will pay or provide to you (i) any unpaid Base Salary through the
      date of termination; (ii) other than if the Company terminates your employment
      for Cause, any Bonus earned but unpaid with respect to the fiscal year ending
      on
      or preceding the date of termination; (iii) reimbursement for any unreimbursed
      expenses incurred through the date of termination; (iv) any accrued but unused
      vacation time in accordance with Company policy; and (v) all other payments,
      benefits or fringe benefits to which you may be entitled under the terms of
      any
      applicable compensation arrangement or benefit, equity or fringe benefit
plan
      or
      program or grant or this Letter Agreement (collectively items (i) through
(v)
      shall
      be hereafter referred to as “Accrued
      Benefits”)

     

    
      
        
        

      

      
        4

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      5

     

    (b) Termination
      Without Cause or For Good Reason. If
      your
employment
      by the Company is terminated by the Company without Cause or by you
      for
      Good Reason, the Company will pay or provide you with (x) any Accrued Benefits;
      and (y) subject to your compliance with the obligations in paragraphs 8 and
      9
      hereof: (1) continued payment of your base salary (but not as an employee)
      in
      accordance with the usual payroll practices of the Company for the greater
      of
      (A) a period equal to the period between the date of termination and the end
      of
      the Employment Term or (B) a period equal to six months following such
      termination (the
      “Severance
      Period”); (2)
      at
      the time bonuses are typically paid to employees,
      a pro-rata portion of the Bonus for the fiscal year in which your termination
      occurs based on actual results for the plan year (determined by multiplying
      the amount of the Bonus which would be due for the full fiscal year by
      a
      fraction, the numerator of which is the number of days during the fiscal year
      of
      termination that you are employed by the Company and the denominator of which
      is
      365); (3) subject to (A) your timely election of continuation coverage
under
      the
      Consolidated Budget Omnibus Reconciliation Act of 1985, as amended (“COBRA”)
      and (B) your continued copayment of premiums at the same level and
      cost
      to you as if you were an employee of the Company (excluding, for purposes of
      calculating cost, an employee's ability to pay premiums with pre-tax
dollars),
      to the extent permitted under applicable law and the terms of such plan,
continued
      participation during the Severance Period in the Company's group health plan
      which covers you as of the date of termination at the Company's expense
      (other than the aforementioned premiums), provided that you are eligible
and
      remain eligible for COBRA coverage; provided, however, that in the event that
      you obtain other employment that offers substantially similar or improved
group
      health benefits, such continuation of coverage by the Company under this
      sub-paragraph shall immediately cease; and (4) immediate vesting and
      exercisability of all outstanding stock options to purchase shares of the
Company's
      common stock. Payments or benefits provided in this paragraph 7(b) shall
      be
      in lieu of any termination or severance payments or benefits for which
you
      may
      be eligible under any of the plans, policies or programs of the
      Company.

     

    (c) Expiration
      of Employment Term. If
      the
      Employment Term ends at
      the
      third anniversary of the Effective Date and you do not continue as an
employee
      beyond such time, the Company will pay or provide you with (x) any Accrued
      Benefits; and (y) subject to your compliance with the obligations in paragraphs
      8 and 9 hereof: (1) continued payment of your base salary (but not as
an
      employee) in accordance with the usual payroll practices of the Company for
      a
period
      equal to six months following such termination; and (2) the benefits
provided
      in paragraph 7(b)(3)
      for
      a
      period of six months.

     

    
      
        
        

      

      
        5

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      6

     

    8.
      Release;
      No Set-Off; No Mitigation.

     

    (a) Any
      and
      all amounts payable and benefits or additional rights provided
      pursuant to this Letter Agreement beyond Accrued Benefits shall only
be
      payable if you deliver to the Company and do not revoke a general release of
      all
      claims related to the Company, its affiliates, and their respective past,
      present and future employees, officers, trustees, agents and representatives
      occurring up to
      the
      release date in such form and substance as mutually agreed upon by you and
      the
      Company (such form shall also include a reciprocal general release by the
Company
      and related parties of all claims against you and your related parties (other
      than claims involving or arising from your criminal activity)), provided that
      such release will not include a waiver of (a) your rights of indemnification
      and
directors
      and officers liability insurance coverage to which you were entitled
immediately
      prior to the termination of your employment under the Company's By-laws, the
      Company's Certificate of Incorporation, this Letter Agreement or otherwise,
      (b) your rights under any tax-qualified pension plan maintained by the
Company
      or claims for accrued, vested benefits under any other employee benefit
plan
      or
      under COBRA, (c) your rights as a stockholder of the Company and (d)
your
      rights under this Letter Agreement. Any such release shall not have any
forfeiture
      provision, claw back, penalty, restriction or limitation (a “Restrictive
Provision”)
      that is based on criteria that is any more limiting than the provisions
contained
      in this Letter Agreement and the Company shall not require you to agree to
      any
      such Restrictive Provision as a condition of receiving any payment, benefit
      or grant. Any such Restrictive Provision violating the foregoing shall be
null
      and
      void.

     

    (b) The
      Company's obligation to make any payment provided for in this
      Letter Agreement shall not be subject set-off, counterclaim or recoupment of
      amounts
      owed by you to the Company or its affiliates.

     

    (c) In
      no
      event shall you be obliged to seek other employment or take any
      other
      action by way of mitigation of the amounts payable to you under any of the
      provisions of this Letter Agreement, nor shall the amount of any payment
hereunder
      be reduced by any compensation earned by you as a result of employment
      by another employer (other than as provided in paragraph 7(b)(y)(3)).

     

    9.
      Restrictive
      Covenants.

     

    (a) Non-Competition. During
      the Employment Term, you will not, directly or indirectly, without the prior
      written consent of the Company, enter into Competition
      with the Company or any of its affiliates (the “Employer”).
“Competition”
      means
      participating, directly or indirectly, as an individual proprietor,
      partner, stockholder, officer, employee, director, joint venturer, investor,
      lender, consultant or in any capacity whatsoever in a business in the field
      of
      business that the Employer is engaged in as of the date of your termination
      of
employment
      with the Company or is actively planning to engage in as of the date
of
      your
      termination of employment with the Company.

     

    
      
        
        

      

      
        6

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      7

     

    (b) Confidentiality. During
      the Employment Term and thereafter, you
      will
      hold in a fiduciary capacity for the benefit of the Employer all secret or
      confidential
      information, knowledge or data relating to the Employer, and their respective
      businesses, which will have been obtained by you during your employment
      by the Company and which will not be or become public knowledge (other
      than by acts by you or your representatives in violation of this Letter
Agreement).
      You will not, except as may be required to perform your duties hereunder
      or as may otherwise be required by law or legal process, without limitation
      in
      time or until such information will have become public or known in the
      Employer's industry (other than by acts by you or your representatives in
      violation of this Letter Agreement), communicate or divulge to others or use,
      whether
      directly or indirectly, any such information, knowledge or data regarding the
      Employer, and their respective businesses.

     

    (c) Non-Solicitation
      of Customers. During
      the Employment Term and for the twelve-month period following your termination
      of employment for any
      reason (the “Restricted Period”), you will not, directly or
      indirectly, influence
      or attempt to influence customers or suppliers of the Employer to divert
their
      business to any competitor of the Employer.

    

    (d) Non-Solicitation
      of Employees. You
      recognize that you possess and
      will
      possess confidential information about other employees of the Employer relating
      to their education, experience, skills, abilities, compensation and benefits,
      and
      inter-personal relationships with customers of the Employer. You
      recognize that
      the
      information you possess and will possess about these other employees is not
      generally known, is of substantial value to the Employer in developing its
      business and in securing and retaining customers, and has been and will be
      acquired by you because of your business position with the Employer.
You
      agree
that,
      during the Restricted Period, you will not, directly or indirectly, solicit
      or
recruit
      any employee of the Employer for the purpose of being employed by you
or
      by any
      competitor of the Employer on whose behalf you are acting as an agent,
      representative or employee and that you will not convey any such confidential
      information
      or trade secrets about other employees of the Employer to any other person.

     

    
      
        
        

      

      
        7

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      8

     

    (e) Non-Disparagement. You
      shall
      not, or induce others to, Disparage
      the Employer or any of their past and present officers, directors, employees
      or products. “Disparage”
      shall
      mean making comments or statements to
      the
      press, the Employer's employees or any individual or entity with whom the
Employer
      has a business relationship which would adversely affect in any manner: (i)
      the
      conduct of the business of the Employer (including, without limitation, any
      products or business plans or prospects); or (ii) the business reputation of
      the
      Employer, or any of their products, or their past or present officers,
      directors or employees.

     

    (f) Cooperation. Upon
      the
      receipt of notice from the Company (including outside counsel), you agree that
      during the Employment Term and thereafter, you will respond and provide
      information with regard to matters in which you have knowledge as a result
      of
      your employment with the Company, and will provide reasonable assistance to
      the
      Employer and its representatives in defense
      of any claims that may be made against the Employer, and will assist the
      Employer in the prosecution of any claims that may be made by the Employer,
      to
      the extent that such claims may relate to the period of your employment with
      the
Company
      (or any predecessor). You agree to promptly inform the Company if you
      become aware of any lawsuits involving such claims that may be filed or
threatened
      against the Employer. You also agree to promptly inform the Company
      (to the extent you are legally permitted to do so) if you are asked to assist
      in
      any investigation of the Employer (or their actions), regardless of whether
      a
      lawsuit or other proceeding has then been filed against the Employer with
      respect to such investigation, and will not do so unless legally
      required.

     

    (g) Injunctive
      Relief. It
      is
      further expressly agreed that the Employer will or would suffer irreparable
      injury if you were to violate the provisions of this paragraph 9 and that the
      Employer would by reason of such violation be entitled to
      injunctive relief in a court of appropriate jurisdiction and you further consent
      and
      stipulate to the entry of such injunctive relief in such court prohibiting
      you
from
      violating the provisions of this paragraph 9.

    

    (h) Survival
      of Provisions. The
      obligations contained in this paragraph
      9 will survive the termination of your employment with the Company and
      will
      be fully enforceable thereafter. If it is determined by a court of competent
      jurisdiction in any state that any restriction in this paragraph 9 is
excessive
      in duration or scope or extends for too long a period of time or over too
great
      a
      range of activities or in too broad a geographic area or is unreasonable or
      unenforceable
      under the laws of that state, it is the intention of the parties that
such
      restriction may be modified or amended by the court to render it enforceable
      to
      the maximum extent permitted by the law of that state or
      jurisdiction.

     

    
      
        
        

      

      
        8

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      9

     

    10.
      Representations. You
      represent and warrant that your execution and delivery of
      this
      Letter Agreement and your performing the contemplated services does not and
      will
      not
      conflict with or result in any breach or default under any agreement, contract
      or arrangement
      which you are a party to or violate any other legal restriction. You
      further represent
      and warrant that you have been advised by the Company to consult independent
      legal counsel of your choice before signing this Letter Agreement.

    

    11.
      Assignment. Notwithstanding
      anything else herein, this Letter Agreement is personal
      to you and neither the Letter Agreement nor any rights hereunder may be
assigned
      by you. The Company may assign the Letter Agreement to an affiliate or to any
      acquiror
      of all or substantially all of the assets of the Company. This
      Letter Agreement will inure to the benefit of and be binding upon the personal
      or legal representatives, executors, administrators, successors, heirs,
      distributees, devisees, legatees and permitted assignees
      of the parties.

     

    12.
      Arbitration. You
      agree
      that all disputes and controversies arising under or in connection
      with this Letter Agreement, other than seeking injunctive or other equitable
      relief
      under paragraph 9(g),
      will
      be
      settled by arbitration conducted before one (1) arbitrator
      mutually agreed to by the Company and you, sitting in Los Angeles, California
      or
      such
      other location agreed to by you and the Company, in accordance with the
National
      Rules for the Resolution of Employment Disputes of the American Arbitration
      Association then in effect; provided, however, that if the Company and you
      are
      unable to agree
      on
      a single arbitrator within 30 days of the demand by another party for
      arbitration, an
      arbitrator will be designated by the Los Angeles Office of the American
      Arbitration Association. The determination of the arbitrator will be final
      and
      binding on you and the Employer.
      Judgment may be entered on the award of the arbitrator in any court having
      proper jurisdiction. Each party will bear their own expenses of such
      arbitration.

     

    13.
      Indemnification. The
      Company hereby agrees to indemnify you and hold you
      harmless to the extent provided under the by-laws of the Company against and
      in
respect
      to any and all actions, suits, proceedings, claims, demands, judgments, costs,
      expenses
      (including reasonable attorney's fees), losses, and damages resulting from
      the
your
      good
      faith performance of his duties and obligations with the Company. This
      obligation
      shall survive the termination of your employment with the Company.

     

    14.
      Liability
      Insurance. The
      Company shall cover you under directors and officers liability insurance both
      during and, while potential liability exists, after the Employment
      Term in the same amount and to the same extent as the Company covers its
other
      officers and directors.

     

    15.
      Withholding
      Taxes. The
      Company may withhold from any and all amounts payable
      to you such federal, state and local taxes as may be required to be withheld
      pursuant to any applicable laws or regulations.

     

    
      
        
        

      

      
        9

        
          

        

      

       

    

    Mr.
      Ian
      Aaron 

    Page
      10

     

    16.
      Governing
      Law. This
      Letter Agreement will be governed by, and construed under
      and
      in accordance with, the internal laws of the State of California, without
      reference to rules relating to conflicts of laws.

     

    17.
      Entire
      Agreement; Amendments. This
      Letter Agreement and the agreements referenced herein contain the entire
      agreement of the parties relating to the subject matter hereof, and supercede
      in
      their entirety any and all prior agreements, understandings
      or representations relating to the subject matter hereof. No amendments,
alterations
      or modifications of this Letter Agreement will be valid unless made in writing
      and
      signed by the parties hereto.

     

    18.
      Notice. Any notice or other
      communication required or permitted to be given under this Agreement (a
“Notice”) shall be in writing and delivered in person, by
      facsimile transmission (with a Notice contemporaneously given by another method
      specified in this paragraph 18), by overnight courier service or by postage
      prepaid mail with a return receipt requested, at the following locations (or
      to
      such other address as either party may have furnished to the other in writing
      by
      like Notice. All such Notices shall only be duly given and effective upon
      receipt (or refusal of receipt).

     

    If
      to
      you:

    

    At
      the
      address (or to the facsimile number) shown 

    on
      the
      records of the Company

    

    If
      to the
      Company:

    

    The
      WAAT
      Corp.

    14242
      Ventura Blvd, 3rd Floor 

    Sherman
      Oaks, California 91423 

    Attention:
      General Counsel

    

    We
      hope
      that you find the foregoing terms and conditions acceptable. You may
indicate
      your agreement with the terms and conditions set forth in this Letter Agreement
      by signing the enclosed duplicate original of this Letter Agreement and
      returning it to me.

     

    
      
        
        

      

      
        10

        
          

        

      

       

    

    
      Mr.
        Ian
        Aaron 

      Page
        11

    

     

    
      We
        look
        forward to your continued employment with the Company.

       

      
        	 	 	 
	 	
                Very
                  truly yours,

              
	 	 
	 	THE
                WAAT
                CORP.
	 
 	 
 	 
 
	
              	By:  	/s/
                Tal
                Dean McAbian
	 	
                

                Name:
                  Tal Dean McAbian

              
	 	
                Title:
                  Director of Content/Partner

              

      

       

      
        	
                Accepted and
                  Agreed:

              	 	 	 
	 	 	 	 
	/s/
                Ian Aaron	 	 	
              
	
                

              	 	 	
              

      

       

       

      
        
          
          

        

        
          11

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