Document:

NEITHER
THIS SECURITY NOR ANY SECURITIES WHICH MAY BE ISSUED UPON EXERCISE OF THIS
SECURITY HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY U.S. STATE OR OTHER JURISDICTION
OR ANY EXCHANGE OR SELF-REGULATORY ORGANIZATION, IN RELIANCE UPON EXEMPTIONS
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED,
AND SUCH OTHER LAWS AND REQUIREMENTS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR LISTING OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
SUCH REGISTRATION AND/OR LISTING REQUIREMENTS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH WILL BE
REASONABLY ACCEPTABLE TO THE COMPANY.

    .

    LIONS
GATE LIGHTING CORP.

    

    FORM
OF COMMON STOCK WARRANT

    

    No_________

    

    _______________,
2010

     

    Lions
Gate Lighting Corp., a Nevada corporation (the “Company”), hereby certifies
that ______________________________, its permissible transferees, designees,
successors and assigns (collectively, the “Holder”), for value received,
is entitled to purchase from the Company at any time and from time to time
commencing on the date first appearing above (the “Issuance Date”), up to and
through 12:01a.m. (EST) on the date five (5) years from the Issuance Date (the
“Termination Date”) up
to _______ shares (each, a “Share” and collectively the
“Shares”) of the
Company’s common stock, at an exercise price per Share equal to $2.00 (the
“Exercise
Price”).  The number of Shares purchasable hereunder and the
Exercise Price are subject to adjustment as provided in Section 4
hereof.

    

    This
Warrant is being issued as part of units (the “Units”) issued by the Company
in a private placement pursuant to the Company’s Confidential Private Placement
Memorandum dated December 24, 2009, as amended and/or supplemented (the “PPM”) and accompanying
Subscription Agreement (the “Agreement”).

    
      
         

      

      
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              1.

            	
              Method of Exercise;
      Payment.

            

    

    

    (a)          Exercise.  The
purchase rights represented by this Warrant may be exercised, for cash only, by
the Holder, in whole or in part, at any time, or from time to time, by the
surrender of this Warrant (with the notice of exercise form (the "Notice of Exercise") attached
hereto as Exhibit A duly executed) at the principal office of the Company,
and by payment to the Company of an amount equal to the Exercise Price
multiplied by the number of the Shares being purchased, which amount may be
paid, at the election of the Holder, by wire transfer or certified check payable
to the order of the Company. The person or persons in whose name(s) any
certificate(s) representing Shares shall be issuable upon exercise of this
Warrant shall be deemed to have become the holder(s) of record of, and shall be
treated for all purposes as the record holder(s) of, the Shares represented
thereby (and such Shares shall be deemed to have been issued) immediately prior
to the close of business on the date or dates upon which this Warrant is
exercised.

     

    (b)           Stock
Certificates.  In the event of any exercise of the rights
represented by this Warrant, as promptly as practicable after this Warrant is
surrendered and delivered to the Company along with all other appropriate
documentation on or after the date of exercise and in any event within ten (10)
days thereafter, the Company at its expense shall issue and deliver to the
person or persons entitled to receive the same a certificate or certificates for
the number of Shares issuable upon such exercise.  In the event this
Warrant is exercised in part, the Company at its expense will execute and
deliver a new Warrant of like tenor exercisable for the number of Shares for
which this Warrant may then be exercised.

    

    (c)           Taxes.  The
issuance of the Shares upon the exercise of this Warrant, and the delivery of
certificates or other instruments representing such Shares, shall be made
without charge to the Holder for any tax or other charge in respect of such
issuance.

    

    2.           Warrant.

    

    (a)         Transfer and
Replacement.  At any time prior to the exercise hereof, this
Warrant may be exchanged upon presentation and surrender to the Company, alone
or with other warrants of like tenor of different denominations registered in
the name of the same Holder, for another warrant or warrants of like tenor in
the name of such Holder exercisable for the aggregate number of Shares as the
warrant or warrants surrendered.

    

    (b)         Replacement of
Warrant.  Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction, or mutilation of this Warrant and,
in the case of any such loss, theft, or destruction, upon delivery of an
indemnity agreement reasonably satisfactory in form and amount to the Company,
or, in the case of any such mutilation, upon surrender and cancellation of this
Warrant, the Company, at its expense, will execute and deliver in lieu thereof,
a new Warrant of like tenor.

    

    (c)         Cancellation. Payment of
Expenses.  Upon the surrender of this Warrant in connection with any
transfer, exchange or replacement as provided in this Section 2, this Warrant
shall be promptly canceled by the Company.  The Holder shall pay all
taxes and all other expenses (including legal expenses, if any, incurred by the
Holder or transferees) and charges payable in connection with the preparation,
execution and delivery of Warrants pursuant to this Section 2.

    

    
      
         

      

      
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    (d)         Warrant
Register.  The Company shall maintain, at its principal
executive offices (or at the offices of the transfer agent for the Warrant or
such other office or agency of the Company as it may designate by notice to the
holder hereof), a register for this Warrant (the “Warrant Register”), in which
the Company shall record the name and address of the person in whose name this
Warrant has been issued, as well as the name and address of each transferee and
each prior owner of this Warrant.

    

    
      	
               
      

            	
              3.

            	
              Rights and Obligations
      of Holders of this
Warrant.  

            

    

    

    The
Holder of this Warrant shall not, by virtue hereof, be entitled to any rights of
a shareholder in the Company, either at law or in
equity;  provided,  however, that in the event any
certificate representing shares of Common Stock or other securities is issued to
the holder hereof upon exercise of this Warrant, such holder shall, for all
purposes, be deemed to have become the holder of record of such Common Stock on
the date on which this Warrant, together with a duly executed Notice of
Exercise, was surrendered and payment of the aggregate Exercise Price was made,
irrespective of the date of delivery of such Common Stock
certificate.

     

    4.           Adjustments.

     

    (a)           Stock Dividends, Reclassifications,
Recapitalizations, Etc.  While this Warrant is outstanding, in
the event the Company:  (i) pays a dividend in Common Stock or
makes a distribution in Common Stock, (ii) subdivides its outstanding
Common Stock into a greater number of shares, (iii) combines its
outstanding Common Stock into a smaller number of shares or (iv) increases
or decreases the number of shares of Common Stock outstanding by
reclassification of its Common Stock (including a recapitalization in connection
with a consolidation or merger in which the Company is the continuing
corporation), then (1) the Exercise Price on the record date of such
division or distribution or the effective date of such action shall be adjusted
by multiplying such Exercise Price by a fraction, the numerator of which is the
number of shares of Common Stock outstanding immediately before such event and
the denominator of which is the number of shares of Common Stock outstanding
immediately after such event, and (2) the number of shares of Common Stock
for which this Warrant may be exercised immediately before such event shall be
adjusted by multiplying such number by a fraction, the numerator of which is the
Exercise Price immediately before such event and the denominator of which is the
Exercise Price immediately after such event.

    

    
      
         

      

      
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    (b)           Combination:
Liquidation.  While this Warrant is outstanding, (i) In
the event of a Combination (as defined below), each Holder shall have the right
to receive upon exercise of the Warrant the kind and amount of shares of capital
stock or other securities or property which such Holder would have been entitled
to receive upon or as a result of such Combination had such Warrant been
exercised immediately prior to such event (subject to further adjustment in
accordance with the terms hereof).  Unless paragraph (ii) is
applicable to a Combination, the Company shall provide that the surviving or
acquiring Person (as defined below) (the “Successor Company”) in such
Combination will assume by written instrument the obligations under this
Section 4 and the obligations to deliver to the Holder such shares of
stock, securities or assets as, in accordance with the foregoing provisions, the
Holder may be entitled to acquire. “Combination” means an event in
which the Company consolidates with, mergers with or into, or sells all or
substantially all of its assets to another Person, where “Person” means any individual,
corporation, partnership, joint venture, limited liability company, association,
joint-stock company, trust, unincorporated organization, government or any
agency or political subdivision thereof or any other entity; (ii) In the event
of (x) a Combination where consideration to the holders of Common Stock in
exchange for their shares is payable solely in cash or (y) the dissolution,
liquidation or winding-up of the Company, the Holders shall be entitled to
receive, upon surrender of their Warrant, distributions on an equal basis with
the holders of Common Stock or other securities issuable upon exercise of the
Warrant, as if the Warrant had been exercised immediately prior to such event,
less the Exercise Price.  In case of any Combination described in this
Section 4, the surviving or acquiring Person and, in the event of any
dissolution, liquidation or winding-up of the Company, the Company, shall
deposit promptly with an agent or trustee for the benefit of the Holders of the
funds, if any, necessary to pay to the Holders the amounts to which they are
entitled as described above.  After such funds and the surrendered
Warrant are received, the Company is required to deliver a check in such amount
as is appropriate (or, in the case or consideration other than cash, such other
consideration as is appropriate) to such Person or Persons as it may be directed
in writing by the Holders surrendering such Warrant.

     

    (c)         Notice of
Adjustment.  Whenever the Exercise Price or the number of
shares of Common Stock and other property, if any, issuable upon exercise of the
Warrant is adjusted, as provided in this Section 4, the Company shall deliver to
the holders of the Warrant in accordance with Section 10 a certificate of
the Company’s Chief Financial Officer setting forth, in reasonable detail, the
event requiring the adjustment and the method by which such adjustment was
calculated (including a description of the basis on which (i) the Board of
Directors determined the fair value of any evidences of indebtedness, other
securities or property or warrants, options or other subscription or purchase
rights and (ii) the Current Market Value (as defined below) of the Common Stock
was determined, if either of such determinations were required), and specifying
the Exercise Price and number of shares of Common Stock issuable upon exercise
of the Warrant after giving effect to such adjustment.

    

    (d)         Notice of Certain
Transactions.  While this Warrant is outstanding, in the event
that the Company shall propose (a) to pay any dividend payable in
securities of any class to the holders of its Common Stock or to make any other
non-cash dividend or distribution to the holders of its Common Stock,
(b) to offer the holders of its Common Stock rights to subscribe for or to
purchase any securities convertible into shares of Common Stock or shares of
stock of any class or any other securities, rights or options, (c) to
effect any capital reorganization, reclassification, consolidation or merger
affecting the class of Common Stock, as a whole, or (d) to effect the
voluntary or involuntary dissolution, liquidation or winding-up of the Company,
the Company shall, within the time limits specified below, send to each Holder a
notice of such proposed action or offer.  Such notice shall be mailed
to the Holders at their addresses as they appear in the Warrant Register, which
shall specify the record date for the purposes of such dividend, distribution or
rights, or the date such issuance or event is to take place and the date of
participation therein by the holders of Common Stock, if any such date is to be
fixed, and shall briefly indicate the effect of such action on the Common Stock
and on the number and kind of any other shares of stock and on other property,
if any, and the number of shares of Common Stock and other property, if any,
issuable upon exercise of each Warrant and the Exercise Price after giving
effect to any adjustment pursuant to  Section 4  which
will be required as a result of such action.  Such notice shall be
given as promptly as possible and (x) in the case of any action covered by
clause (a) or (b) above, at least ten (10) days prior to the record date for
determining holders of the Common Stock for purposes of such action or (y) in
the case of any other such action, at least twenty (20) days prior to the date
of the taking of such proposed action or the date of participation therein by
the holders of Common Stock, whichever shall be the earlier.

    

    
      
         

      

      
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    (e)         Current Market
Value.  The “Current Market Value” per
share of Common Stock or any other security at any date means (i) if the
security is not registered under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)
and/or traded on a national securities exchange, quotation system or bulletin
board, (a) the value of the security, determined in good faith by the Board of
Directors of the Company and certified in a board resolution, based on the most
recently completed arm’s-length transaction between the Company and a Person
other than an affiliate of the Company or between any two such Persons and the
closing of which occurs on such date or shall have occurred within the six-month
period preceding such date, or (b) if no such transaction shall have occurred
within the six-month period, the value of the security as determined by an
independent financial expert or an agreed upon financial valuation model or (ii)
if the security is registered under the Exchange Act and/or traded on a national
securities exchange, quotation system or bulletin board, the average of the
daily closing bid prices (or  the equivalent in an over-the-counter
market) for each day on which the Common Stock is traded for any period on the
principal securities exchange or other securities market on which the common
Stock is being traded (each, a “Trading Day”) during the
period commencing thirty (30) days before such date and ending on the date one
(1) day prior to such date.

     

    5.           Fractional
Shares.  

    

    In lieu
of issuance of a fractional share upon any exercise hereunder, the Company will
issue an additional whole share in lieu of that fractional share, calculated on
the basis of the Exercise Price.

     

    6.           Legends.  

    

    Prior to
issuance of the shares of Common Stock underlying this Warrant, all such
certificates representing such shares shall bear a restrictive legend to the
effect that the Shares represented by such certificate have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and that the
Shares may not be sold or transferred in the absence of such registration or an
exemption therefrom, such legend to be substantially in the form of the
bold-face language appearing at the top of Page 1 of this
Warrant.  The Holder confirms on the date of exercise of this Warrant
the representations and warranties in Section 1.3 of the Agreement.

     

    
      
         

      

      
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    7.           Disposition of Warrants or
Shares.  

    

    The
Holder of this Warrant, each transferee hereof and any holder and transferee of
any Shares, by his or its acceptance thereof, agrees that no public distribution
of Warrants or Shares will be made in violation of the provisions of the
Securities Act.  Furthermore, it shall be a condition to the transfer
of this Warrant that any transferee thereof deliver to the Company his or its
written agreement to accept and be bound by all of the terms and conditions
contained in this Warrant.

     

    8.           Merger or
Consolidation.  

    

    The
Company will not merge or consolidate with or into any other corporation, or
sell or otherwise transfer its property, assets and business substantially as an
entirety to another corporation, unless the corporation resulting from such
merger or consolidation (if not the Company), or such transferee corporation, as
the case may be, shall expressly assume, by supplemental agreement reasonably
satisfactory in form and substance to the Holder, the due and punctual
performance and observance of each and every covenant and condition of this
Warrant to be performed and observed by the Company.

    

    9.           Notices.  

    

    Except as
otherwise specified herein to the contrary, all notices, requests, demands and
other communications required or desired to be given hereunder shall only be
effective if given in writing by certified or registered U.S. mail with return
receipt requested and postage prepaid; by private overnight delivery service
(e.g. Federal Express); by facsimile transmission (if no original documents or
instruments must accompany the notice); or by personal delivery.  Any
such notice shall be deemed to have been given (a) on the business day
immediately following the mailing thereof, if mailed by certified or registered
U.S. mail as specified above; (b) on the business day immediately following
deposit with a private overnight delivery service if sent by said service; (c)
upon receipt of confirmation of transmission if sent by facsimile transmission;
or (d) upon personal delivery of the notice.  All such notices shall
be sent to the following addresses (or to such other address or addresses as a
party may have advised the other in the manner provided in this
Section 9):

     

    
      	
              If to the Company:   

            	  	
              405 Lexington Avenue

            
	  	  	
              26th Floor, Suite 2640

            
	  	  	
              New York, NY 10174

            
	  	  	
              Attn: Óli Valur Steindórsson

            
	  	  	
              Fax: 917-368-8005

            
	  	  	  
	
              with a copy to:    

            	  	
              Louis A. Brilleman, Esq.

            
	  	  	
              110 Wall Street, 11th Floor

            
	  	  	
              New York, NY 10005

            
	  	  	
              Facsimile: (212) 943-2300

            

    
 

    
      
          

      

      
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    Notwithstanding
the time of effectiveness of notices set forth in this Section 10, a Notice of
Exercise shall not be deemed effectively given until it has been duly completed
and submitted to the Company together with this original Warrant and payment of
the Exercise Price in a manner set forth in this Section 10. 

    

    
      11.                    Limitation on
Exercise.

    

    

    Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock
that may be acquired by the Holder upon any exercise of this Warrant  (or otherwise in respect hereof) shall be limited to the
extent necessary to insure that, following such exercise (or other issuance),
the total number of shares of Common Stock then beneficially owned by such
Holder and its affiliates and any other persons whose beneficial ownership of
Common Stock would be aggregated with the Holder’s for purposes of
Section 13(d) of the Exchange Act, does not exceed 4.99%
of the total number of issued and outstanding shares of Common Stock (including
for such purpose the shares of Common Stock issuable upon such exercise). For
such purposes, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. The holder may waive the restriction in whole or in part
upon and effective after 61 days prior written notice to the Company. This
provision shall not restrict the number of shares of Common Stock which a Holder
may receive or beneficially own in order to determine the amount of
securities or other consideration that such Holder may receive in the event
of a merger or other business combination or reclassification involving the
Company.

    

    12.                    Governing
Law.  

    

    This
Agreement shall be governed by and construed solely and exclusively in
accordance with and pursuant to the internal laws of the State of New York
without regard to the conflicts of laws principles thereof. The parties hereto
hereby expressly and irrevocably agree that any suit or proceeding arising
directly and/or indirectly pursuant to or under this Agreement shall be brought
solely in a federal or state court located in the City, County and State of New
York. By its execution hereof, the parties hereby covenant and irrevocably
submit to the  in   personam  jurisdiction of the
federal and state courts located in the City, County and State of New York and
agree that any process in any such action may be served upon any of them
personally, or by certified mail or registered mail upon them or their agent,
return receipt requested, with the same full force and effect as if personally
served upon them in New York City. The parties hereto expressly and irrevocably
waive any claim that any such jurisdiction is not a convenient forum for any
such suit or proceeding and any defense or lack of  in
personam  jurisdiction with respect thereto. In the event of any such
action or proceeding, the party prevailing therein shall be entitled to payment
from the other party hereto of all of its reasonable counsel fees and
disbursements.

     

    13.                    Successors and
Assigns.  

    

    This
Warrant shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

    
      
         

      

      
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    14.              Headings.  

    

    The
headings of various sections of this Warrant have been inserted for reference
only and shall not affect the meaning or construction of any of the provisions
hereof.

     

    15.              Severability.

    

    If any
provision of this Warrant is held to be unenforceable under applicable law, such
provision shall be excluded from this Warrant, and the balance hereof shall be
interpreted as if such provision were so excluded.

     

    16.              Modification and
Waiver.  

    

    This
Warrant and any provision hereof may be amended, waived, discharged or
terminated only by an instrument in writing signed by the Company and the
Holder.

     

    17.              Specific
Enforcement.  

    

    The
Company and the Holder acknowledge and agree that irreparable damage would occur
in the event that any of the provisions of this Warrant were not performed in
accordance with their specific terms or were otherwise breached.  It
is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent or cure breaches of the provisions of this Warrant and to
enforce specifically the terms and provisions hereof, this being in addition to
any other remedy to which either of them may be entitled by law or
equity.

     

    18.              Assignment.  

    

    This
Warrant may be transferred or assigned, in whole or in part, at any time and
from time to time by the then Holder by submitting this Warrant to the Company
together with a duly executed Assignment in substantially the form and substance
of the Form of Assignment which accompanies this Warrant
as  Exhibit B  hereto, and, upon the Company’s receipt
thereof, and in any event, within five (5) business days thereafter, the Company
shall issue a Warrant to the Holder to evidence that portion of this Warrant, if
any as shall not have been so transferred or assigned.

    

    (Signature
Page Immediately Follows)

    
      
         

      

      
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    IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed, manually or by facsimile,
by one of its officers thereunto duly authorized.

    

    Date:
__________________, 2010

    

    
      
        
          	 
      	
                  LIONS
      GATE LIGHTING CORP.

                
	 
      	 
      
	 
      	
                  By:

                	 
      

        

      

    

    
      
         

      

      
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    EXHIBIT A 

     

    NOTICE OF
EXERCISE

     

    To Be
Executed by the Holder

     

    in Order
to Exercise the Warrant

     

    The
undersigned Holder hereby elects to purchase _______ Shares pursuant to the
attached Warrant, and requests that certificates for securities be issued in the
name of:

     

    __________________________________________________________

     

    (Please
type or print name and address) 

    __________________________________________________________

     

    __________________________________________________________

     

    __________________________________________________________

     

    (Social
Security or Tax Identification Number)

     

    and delivered to:_________________________________________________________________________________________________________________________

     

    ________.

     

    (Please
type or print name and address if different from above)

     

    If such
number of Shares being purchased hereby shall not be all the Shares that may be
purchased pursuant to the attached Warrant, a new Warrant for the balance of
such Shares shall be registered in the name of, and delivered to, the Holder at
the address set forth below.

     

    In full
payment of the purchase price with respect to the Shares purchased and transfer
taxes, if any, the undersigned hereby tenders payment of $__________ by check,
money order or wire transfer payable in United States currency to the order of
[________________].

    

    The
Holder hereby confirms as of the date hereof the representations and warranties
in Section 1.3 of the Agreement.

     

    HOLDER:

     

    
      
        
          	
                  By:

                	 
      
	
                  Name:

                	 
      
	
                  Title:

                	 
      
	
                  Address:
      

                	 
      
	
                  Dated:
      

                	 
      

        

      

    

    
      
         

      

      
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    EXHIBIT
B

     

    FORM OF
ASSIGNMENT

     

    (To be
signed only on transfer of Warrant)

     

    For value
received, the undersigned hereby sells, assigns, and transfers unto
_____________ the right represented by the within Warrant to purchase ______
shares of Common Stock of Lions Gate Lighting Corp., a Nevada corporation, to
which the within Warrant relates, and appoints ____________________ Attorney to
transfer such right on the books of Lions Gate Lighting Corp., a Nevada
corporation, with full power of substitution of premises.

    

    
      
        	
                Dated:

              	
                By:

              	  
      
	 
      	
                Name:

              
	 
      	
                 Title:

              
	 
      	
                (signature
      must conform to name

              
	 
      	
                of
      holder as specified on the fact of the Warrant)

              
	 
      	 
      
	 
      	
                Address:

              

      

    

    

    Signed in
the presence of:

    

    Dated:

    
      
         

      

      
        11EMPLOYMENT
AGREEMENT

     

    EMPLOYMENT
AGREEMENT (this “Agreement”), effective as of July 1, 2010 (“Effective Date”),
between Lions Gate Lighting Corp., a Nevada corporation (the “Company”), and Oli
Valur Steindorsson (the “Employee”).

     

    WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that it is in
the best interests of the Company and its shareholders to employ the Employee in
the position set forth below, and the Employee desires to serve in that
capacity.

     

    NOW,
THEREFORE, in consideration of the foregoing premises, the Company and Employee
hereby agree as follows:

     

    1.     Employment Period. The Company
shall employ the Employee, and the Employee shall serve the Company, on the
terms and conditions set forth in this Agreement, for the period commencing on
the date of the Shell Merger and ending three years after such date (the
“Initial Term” and, together with any subsequent term of Employment, the
“Employment Period”). The term of employment hereunder will automatically be
renewed for successive one-year terms (each such term a “Renewal Term”) unless
either party shall, at least 90 days before the last day of the Employment
Period, provide written notice to the other party that the Employment Period
will not be extended.

     

    2.     Position,
Duties and Location.

     

    (a)  The
Employee shall serve as President and Chief Executive Officer of the Company,
reporting to the Board, with such duties and responsibilities as are customarily
assigned to such position and such other duties and responsibilities not
inconsistent therewith as may be assigned to him from time to time by the
Board.

     

    (b)  During
the Employment Period, and excluding any periods of vacation and sick leave to
which the Employee is entitled, the Employee shall devote no less than 80% of
his time to the business and affairs of the Company and use his best efforts to
carry out such responsibilities faithfully and efficiently. It shall not be
considered a violation of the foregoing for the Employee to (i) serve on
corporate, civic or charitable boards or committees, (ii) deliver lectures or
fulfill speaking engagements, (iii) manage personal investments, or (iv) engage
in other business activities, so long as such activities do not materially
interfere with the performance of his responsibilities as an employee of
the Company in accordance with this Agreement.

    

    (c)  Employee
will initially be based at the Company’s U.S. headquarters in or around New
York, New York (the “Initial Headquarters”); provided that the Company
anticipates that its headquarters may be relocated to San Diego, California at
which time Employee will be expected to move to that location.

     

    3.    
Compensation.

     

    (a)  Base Salary. During the first
contract year of the Initial Term, the Employee shall receive an annual base
salary (the “Annual Base Salary”) of US$250,000.  Employee will
receive an annual salary review by the Board, or an authorized committee
thereof, on or before each anniversary of the Effective Date.  The
Annual Base Salary shall be payable in accordance with the Company’s payroll
practices as in effect from time to time. As part of the referenced annual
salary review, the Board or an authorized committee thereof may increase the
Annual Base Salary above the foregoing amounts at its discretion.  On
the date hereof, the Employee will be granted five-year options to purchase
800,000 shares of common stock of the Company at $1.00 per share.  Of
these, options to purchase 133,333 shares will vest
immediately.  Options to purchase an additional 133,333 shares
will vest on the first anniversary of the Effective Date.  The balance
will vest in two equal installments on the second and third anniversary of the
Effective Date.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    (b)  Bonus and Other Compensation.
In addition to the Annual Base Salary, the Board (or its designated compensation
committee) may award Employee an annual bonus at its
discretion.  Employee will also be eligible to participate in the
Company’s equity compensation plan, if and when adopted.  Awards
thereunder will be made to Employee from time to time at the discretion of the
Board (or relevant committee thereof).

     

    (c)  Benefits. During the
Employment Period, the Employee and the Employee’s direct family shall be
entitled to participate in all benefit programs of the Company (if and when
available), including, but not limited to, health insurance coverage, as well as
all welfare benefit plans, practices, policies and programs provided by the
Company, including, but not limited to any comprehensive dental plan, retirement
plans and profit sharing programs the Company may provide to other
employees from time to time.

     

    (d)  Expenses. During the
Employment Period, the Employee shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by the Employee in carrying
out the Employee’s duties under this Agreement, provided that the Employee
complies with the policies, practices and procedures of the Company for
submission of expense reports, receipts and similar documentation of such
expenses.

    

    (e) Housing and Relocation Expenses.  The Company will
reimburse Employee for reasonable rent paid for suitable accommodations during
Employee’s work at the Initial Headquarters for a period of up to twelve (12)
months.  The Company will also reimburse Employee for reasonable
expenses incurred in relocating to the Initial Headquarters and any subsequent
relocations at the request of the Company.  All reimbursable expenses
set forth in this paragraph will be subject to the Company’s prior
approval.

     

    (f) Vacation. During the
Employment Period, the Employee shall be entitled to a paid annual vacation of
four weeks and other fringe benefits on such terms and conditions as may be
determined by the Board or authorized committee thereof from time to
time.

     

    4.     Termination
of Employment.

     

    (a)         Death or Disability. The
Employee’s employment shall terminate automatically upon the Employee’s death
during the Employment Period. The Company shall be entitled to terminate the
Employee’s employment because of the Employee’s Disability during the Employment
Period. “Disability” means that (i) the Employee has been unable, for a period
of two (2) consecutive months in any given twelve (12) month period, to perform
the Employee’s duties under this Agreement, as a result of physical or mental
illness or injury, and (ii) a physician selected by the Company or its insurers,
and acceptable to the Employee or the Employee’s guardian or legal
representative, has determined that the Employee’s incapacity is total and
permanent. A termination of the Employee’s employment by the Company for
Disability shall be communicated to the Employee by written notice, and shall be
effective on the 60th day after receipt of such notice by the Employee (the
“Disability Effective Date”), unless the Employee is able to, and does,
return to full-time performance of the Employee’s duties before the Disability
Effective Date.

     

    (b)         By
the Company.

     

    (A)            The
Company may terminate the Employee’s employment during the Employment Period for
Cause or without Cause. “Cause” means:

     

    (i)  Employee
having, in the reasonable judgment of the Company, committed an act which if
prosecuted and resulting in a conviction would constitute a fraud, embezzlement,
or any felonious offense (specifically excepting simple misdemeanors not
involving acts of dishonesty and all traffic violations);

     

    (ii)   
 the Employee’s theft, embezzlement, misappropriation of or intentional and
malicious infliction of damage to the Company’s property or business
opportunity;

     

    (iii)    the
Employee’s repeated abuse of alcohol, drugs or other substances as determined by
an independent medical physician; or

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (iv)  
 the Employee’s engagement in dereliction of duties, refusal to perform
assigned duties consistent with his position, his knowing and willful breach of
any material provision of this Agreement continuing after written notice from
the Company or repeated violation of the Company’s written policies after
written notice.

     

    (B)     A
termination of the Employee’s employment by the Company for Cause shall be
effectuated by giving the Employee written notice (“Notice of Termination for
Cause”) of the termination, setting forth the conduct of the Employee that
constitutes Cause. Termination of employment by the Company for Cause shall be
effective on the date when the Notice of Termination for Cause is given, unless
the notice sets forth a later date (which date shall in no event be later than
60 days after the notice is given). Employee will be immediately advised of any
allegations of conduct covered by clause (A) above and will be provided a period
of fifteen (15) days from the date of the written notice to defend himself
against such allegations and to take any appropriate remedial action. If
Employee shows that the allegations are untrue or takes appropriate remedial
action to address the allegations, the Company will not terminate the Employee’s
employment for Cause.

     

    (C)     A
termination of the Employee’s employment by the Company without Cause shall be
effected by giving the Employee written notice of the termination at least 3
months (90 days) prior to the termination date.

     

    (c)       By
the Employee.

     

    (A)            The
Employee may terminate employment with or without Good Reason. “Good Reason”
means:

     

    (i)  the
assignment to the Employee of any duties inconsistent in any respect with
paragraph (a) of Section 2 of this Agreement, other than actions that are not
taken in bad faith and are remedied by the Company within thirty (30) days after
receipt of notice thereof from the Employee;

     

    (ii)  any
failure by the Company to comply with any provision of Section 3 of this
Agreement, other than failures that are not taken in bad faith and are remedied
by the Company within thirty (30) days after receipt of notice thereof from the
Employee;

    

    (iii)  the
occurrence of a Non-Negotiated Change in Control of the Company (as defined
below); or

    

    (iii)   the
Company’s material breach of this Agreement.

     

    For
purposes of this Agreement, “Non-Negotiated Change in Control” means any one or
more of the following occurrences:

     

    (x)  Any
individual, corporation (other than the Company, any trustees or other
beneficiary holding securities under any employee benefit plan of the Company,
or any company owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of stock of the
Company), partnership, trust, association, pool, syndicate, or any other entity
or any group of persons acting in concert becomes the beneficial owner (within
the meaning of Rule 1 3d-3 under the Securities Exchange Act of 1934) of
securities of the Company possessing more than fifty percent (50%) of the voting
power for the election of directors of the Company;

     

    (y)  There
shall be consummated any consolidation, merger, or other business combination
involving the Company or the securities of the Company in which holders of
voting securities of the Company immediately prior to such consummation own, as
a group, immediately after such consummation, voting securities of the
Company (or, if the Company does not survive such transaction, voting
securities of the entity surviving such transaction) having less than fifty
percent (50%) of the total voting power in an election of directors of the
Company (or such other surviving corporation); or 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (z) There
shall be consummated any sale, lease, exchange, or other transfer (in one
transaction or a series of related transactions) of all, or substantially all,
of the assets of the Company (on a consolidated basis) to a party which is not
controlled by or under common control with the Company.

    

    (d)         A
termination of employment by the Employee for Good Reason shall be effectuated
by giving the Company written notice (“Notice of Termination for Good Reason”)
of the termination, setting forth the event that constitutes Good Reason. A
termination of employment by the Employee for Good Reason shall be effective on
the fifth business day following the date when the Notice of Termination for
Good Reason is given, unless the notice sets forth a later date (which date
shall in no event be later than 30 days after the notice is given).

     

    (e)         A
termination of the Employee’s employment by the Employee without Good Reason
shall be effected by giving the Company written notice of the termination at
least thirty (30) days prior to the termination date.

     

    (f)         Notwithstanding
anything in this Agreement to the contrary, in no event will any amount which
otherwise would be payable under or pursuant to this Agreement be payable to
Employee to the extent such amount, together with all other amounts payable and
benefits provided to Employee under or pursuant to this Agreement and/or under
any other plan(s), agreements and/or arrangement(s) arising out of Employee’s
employment relationship with Company and/or any direct or indirect
subsidiary of Company (including without limitation any such amounts payable by
any affiliate of Company or any acquirer of any of the stock or assets of
Company or any affiliate of such acquirer), if paid to Employee, would result in
Employee receiving an “excess parachute payment” for purposes of Section 280G of
the Internal Revenue Code of 1986, as amended. The determination of whether a
payment under or pursuant to this Agreement would result in Employee receiving
an excess parachute payment (but for the provisions of this Section 4) shall be
made by counsel for the Company.

     

    (g)         No Waiver. The failure to set
forth any fact or circumstance in a Notice of Termination for Cause or a Notice
of Termination for Good Reason shall not constitute a waiver of the right to
assert, and shall not preclude the party giving notice from asserting, such fact
or circumstance in an attempt to enforce any right under or provision of this
Agreement.

     

    (h)         Date of Termination. The “Date
of Termination” means the date of the Employee’s death, the Disability Effective
Date, the date on which the termination of the Employee’s employment by the
Company for Cause or by the Employee for Good Reason is effective, or the date
described in Section 4(b)(C) above in the event the Company gives the Employee
notice of a termination of employment without Cause or the date described in
Section 4(e) above in the event the Employee gives the Company notice of a
termination of employment without Good Reason, as the case may be.

     

    5.     Obligations
of the Company upon Termination.

     

    (a)         Termination for Reasons Other Than
for Cause, Death or Disability, or Good Reason. If, during the Employment
Period, the Company terminates the Employee’s employment, for any reason other
than for Cause, Death or Disability, or the Employee terminates his employment
for Good Reason, the Company shall (i) pay Employee’s accrued but unpaid portion
of the Annual Base Salary (the “Accrued Obligations”) to the Employee in a lump
sum in cash within twenty (20) days after the Date of Termination, (ii)
continue to pay (in periodic intervals consistent with Company’s regular payroll
practices) pay the Annual Base Salary for the remainder of the Employment
Period, and (iii) if the termination takes place for Good Reason as a result of
a Non-Negotiated Change in Control, the Company will pay the Employee two (2)
times the Annual Base Salary in a lump sum in cash within thirty (30) days after
the Date of Termination and permit all unvested options granted hereunder to be
vested immediately.

    

    (b)         Termination as a Result of
Employee’s Death or Disability. If the
Employee’s employment is terminated by reason of the Employee’s death or
Disability during the Employment Period, (i) the Company shall pay the Accrued
Obligations to the Employee or the Employee’s estate or legal representative, as
applicable, in a lump sum in cash within thirty (30) days after the Date of
Termination, and (ii) the Company shall pay when originally due any Bonus due to
the Employee, pro rated for the period until the Date of Termination, to
the Employee or the Employee’s estate or legal representative.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (c)         Termination for Cause or Other than
for Good Reason. If the Employee’s employment is terminated by the
Company for Cause during the Employment Period, or if the Employee terminates
his employment during the Employment Period other than for Good Reason, the
Company shall pay Employee the Accrued Obligations.

     

    6.     Non-exclusivity
of Rights. Nothing in this Agreement shall prevent or limit the
Employee’s continuing or future participation in any plan, program, policy or
practice provided by the Company or any of its affiliated companies for which
the Employee may qualify, nor, subject to paragraph (f) of Section 4, shall
anything in this Agreement limit or otherwise affect such rights as the Employee
may have under any contract or agreement with the Company or any of its
affiliated companies. Vested benefits and other amounts that the Employee is
otherwise entitled to receive under any plan, policy, practice or program of, or
any contract or agreement with, the Company or any of its affiliated companies
on or after the Date of Termination shall be payable in accordance with such
plan, policy, practice, program, contract or agreement, as the case may be,
except as explicitly modified by Section 4(f) of this Agreement, if
applicable.

     

    7.    
Covenant of Employee.

     

    (a)    
 Employee recognizes that the services to be performed by him pursuant to
this Agreement are special, unique and extraordinary. The parties confirm that
it is reasonably necessary for the protection of the Company’s goodwill that
Employee agree, and accordingly, Employee does hereby agree and covenant (the
“Covenant Not to Compete”), that Employee will not, directly or
indirectly, except for the benefit of the Company:

     

    (i)     
become an officer, director, more than 5% stockholder, partner, employee,
proprietor, creditor or co-venturer of any corporation, firm or business engaged
in the Territory (as hereinafter defined) in the same business as that of the
Company (including the Company’s present and future subsidiaries and affiliates)
as such business shall exist on the day hereof and during the Employment Period;
or

     

    (ii)    
solicit, or cause or authorize, directly or indirectly, to be solicited
for employment for or on behalf of himself or third parties, any persons who
were at any time during the Employment Period hereunder, employees of the
Company (including the Company’s present and future subsidiaries and affiliates)
(except for general solicitations made to the public at large); or

     

    (iii)   employ or
cause or authorize, directly or indirectly, to be employed for or on behalf of
himself or third parties, any such employees of the Company (including the
Company’s present and future subsidiaries and affiliates); or

     

    (iv)    use the
tradenames, trademarks, or trade dress of any of the products of the Company
(including the Company’s present and future subsidiaries and affiliates); or any
substantially similar tradename, trademark or trade dress likely to cause, or
having the effect of causing, confusion in the minds of manufacturers,
customers, suppliers and retail outlets and the public generally.

     

    The
solicitation or acceptance of orders outside the Territory for shipment to, or
delivery in, any of part of the Territory shall constitute doing business in the
Territory in violation of this Covenant.

     

    Employee
acknowledges his intention that the Company shall have the broadest possible
protection of the value of the business in the Territory consistent with public
policy, and it will not violate the intent of the parties if any court should
determine that, consistent with established precedent of the forum state, the
public policy of such state requires a more limited restriction in geographical
area or duration of the aforesaid covenant not to compete, contained in an
appropriate decree.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (b)  The term of
Employee’s Covenant Not to Compete with the Company as set forth in this Section
7, shall commence on the date of Employee’s last day of employment with the
Company, pursuant to this Agreement or otherwise, regardless of the reason for
the termination of such employment, and shall terminate two years thereafter.
The term of this Covenant Not to Compete as it relates to Employee under this
Section is referred to hereinafter as “Employee’s Term.”

     

    (c)  The territory
of this Agreement shall consist of all geographic locations where the Company
directly or indirectly holds ownership interests in fish farming operations as
well as within 50 miles of any such location.

    

    (d)  Notwithstanding
anything herein to the contrary, the Company acknowledges that the Employee is
currently affiliated with Atlantis Group hf, an Icelandic entity
(“Atlantic”).  The Company will permit the Employee to continue to
perform his duties as an officer of Atlantis as such duties exist on the date
hereof; provided that such duties do not interfere with the performance of his
duties hereunder.

     

    8.    
Confidentiality; Return of Property

     

    (a)      
The Employee acknowledges that during the Employment Period he will receive
confidential information from the Company and affiliates of the Company (each a
“Relevant Entity”). Accordingly, the Employee agrees that during the Employment
Period and thereafter, the Employee and his affiliates shall not, except in the
performance of his obligations to the Company hereunder or as may otherwise be
approved in advance by the Company, directly or indirectly, disclose or use
(except for the direct benefit of the Company) any confidential information that
he may learn or has learned by reason of his association with any Relevant
Entity. Upon termination of this Agreement, the Employee shall promptly return
to the Company any and all properties, records or papers of any Relevant Entity
that may have been in his possession at the time of termination, whether
prepared by the Employee or others, including, but not limited to, confidential
information and keys.  For purposes of this Agreement, “confidential
information” includes all data, analyses, reports, interpretations, forecasts,
documents and information concerning a Relevant Entity and its affairs,
including, without limitation with respect to clients, products, policies,
procedures, methodologies, trade secrets and other intellectual property,
systems, personnel, confidential reports, technical information, financial
information, business transactions, business plans, prospects or opportunities,
(i) that the Company reasonably believes are confidential or (ii) the
disclosure of which could be injurious to a Relevant Entity or beneficial
to competitors of a Relevant Entity, but shall exclude any information that (x)
the Employee is required to disclose under any applicable laws, regulations or
directives of any government agency, tribunal or authority having jurisdiction
in the matter or under subpoena or other process of law, (y) is or becomes
publicly available prior to the Employee’s disclosure or use of the information
in a manner violative of the second sentence of this Section 7(a), or (z) is
rightfully received by Employee without restriction or disclosure from a third
party legally entitled to possess and to disclose such information without
restriction (other than information that he may learn or has learned by reason
of his association with any Relevant Entity). For purposes of this Agreement,
“affiliate” means any person or entity that, directly or indirectly, is
controlled by, or under common control with another person.  For
purposes of this definition, the terms “controlled” and “under common control
with” means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of such person, whether through the
ownership of voting stock, by contract or otherwise.

     

    (b)
      Injunction. Notwithstanding
any other provisions of this Agreement, Employee acknowledges and agrees that in
the event of a violation or threatened violation of any of the provisions of
this Section 7, Employer shall have no adequate remedy at law and shall
therefore be entitled to enforce each such provision by temporary or permanent
injunctive or mandatory relief obtained in any court of competent jurisdiction
without the necessity of proving damage or posting any bond or other security,
and without prejudice to any other remedies that may be available at law or
in equity.

     

    9.     Successors.

     

    (a)  This Agreement
is personal to the Employee and, without the prior written consent of the
Company, shall not be assignable by the Employee otherwise than by will or the
laws of descent and distribution. This Agreement shall inure to the benefit of
and be enforceable by the Employee’s legal representatives.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    (b)  This Agreement
shall inure to the benefit of and be binding upon the Company and its successors
and assigns.

     

       10.     Miscellaneous.

     

    (a)      
This Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York, without reference to principles of conflict of laws.
The captions of this Agreement are not part of the provisions hereof and shall
have no force or effect. This Agreement may not be amended or modified except by
a written agreement executed by the parties hereto or their respective
successors and legal representatives.

     

    (b)  All notices and
other communications under this Agreement shall be in writing and shall be given
by hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

     

    If to the
Employee:

     

    ________________

    

    ________________

     

    If to the
Company:

     

    Lions
Gate Lighting Corp.

    405
Lexington Avenue

    26th Floor,
Suite 2640

    New York,
NY 10174

    Fax: 917-368-8005

    

    or to
such other address as either party furnishes to the other in writing in
accordance with this paragraph (b) of Section 9. Notices and communications
shall be effective when actually received by the addressee.

     

    (c)  The invalidity
or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement. If any
provision of this Agreement shall be held invalid or unenforceable in part, the
remaining portion of such provision, together with all other provisions of this
Agreement, shall remain valid and enforceable and continue in full force and
effect to the fullest extent consistent with law.

     

    (d)  Notwithstanding
any other provision of this Agreement, the Company may withhold from amounts
payable under this Agreement all federal, state, local and foreign taxes that
are required to be withheld by applicable laws or regulations.

     

    (e)  The failure of
the Employee or the Company to insist upon strict compliance with any provision
of, or to assert any right under, this Agreement shall not be deemed to be a
waiver of such provision or right or of any other provision of or right under
this Agreement.

     

    (f)       The
Employee and the Company acknowledge that this Agreement supersedes any other
agreement between them concerning the subject matter hereof.

     

    (g)  This Agreement
may be executed in one or more counterparts, each of which shall be deemed an
original, and which together shall constitute one instrument.

    

    [signature
page follows]

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the Employee has hereunto set the Employee's hand and, pursuant
to the authorization of its Board, the Company has caused this Agreement to be
executed in its name on its behalf, all as of the day and year first above
written.

    

    
      
        
          
            
              	 
      	 
      	
                      LIONS
      GATE LIGHTING CORP.

                    
	 
      	 
      	 
      
	 
      	
                      By: 

                    	
                      /s/

                    
	 
      	 
      	
                      Name:

                    
	 
      	 
      	
                      Title:

                    
	 
      	 
      	 
      
	 
      	 
      	
                      EMPLOYEE:

                    
	 
      	 
      	 
      
	 
      	 
      	
                      /s/

                    

            

          

        

      

    

     

    
      
         

      

      
        8

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