Document:

Prepared and filed by St Ives Financial

Exhibit 10.1

NEITHER
    THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
    HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
    COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
    THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
    AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE SOLD, TRANSFERRED OR ASSIGNED
    EXCEPT (I) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
    ACT, OR (II) PURSUANT TO AN AVAILABLE EXEMPTION
    FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
    THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS
    AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
    THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. OR
    (III) PURSUANT TO RULE 144 UNDER THE SECURITIES ACT. NOTWITHSTANDING THE
    FOREGOING, THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
    SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
    OTHER LOAN SECURED BY SUCH SECURITIES.

COMMON STOCK PURCHASE WARRANT

To Purchase 3,000,000 Shares of Common Stock of

Neutron Enterprises, Inc.

     THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Creata Promotions (USA), Inc. (the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after August 1, 2005 (the “Initial Exercise Date”) and on or prior to the close of business on December [_31_____], 2008 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Neutron Enterprises, Inc., a corporation incorporated in the State of Nevada (the “Company”), up to 3,000,000 shares (the “Warrant Shares”) of Common Stock, par value $0.001 per share, of
the Company (the “Common Stock”).  The purchase price of one share of Common Stock of the Company (the “Exercise Price”) under this Warrant shall be $1.00, subject to adjustment hereunder.  All references to dollars and “$” refer to the lawful currency of the United States.  

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          This Warrant may be exercised subject to the following vesting terms:

	 250,000 
	 Upon payment of 50% of the purchase price under the purchase order of even date herewith;

	250,000 
	Upon
    aggregate payments of $1 million from clients referred to the Company;

	500,000
	Upon
    aggregate payments of $6 million from clients referred to the Company;

	500,000
	Upon
    aggregate payments of $16 million from clients referred to the Company;

	500,000
	Upon
    aggregate payments of $26 million from clients referred to the Company;

	500,000
	Upon
    aggregate payments of $38.5 million from clients referred to the Company;

	500,000
	Upon
    aggregate payments of $50.1 million from clients referred to the Company.

     For purposes of this Warrant (i) “clients referred to the Company” shall mean McDonald’s Corporation, Kellogg Company, Nestlé S.A., including their respective subsidiaries and affiliates, and any other companies the Holder and the Company mutually agree in writing upon, (ii) “payments” from clients referred to the Company shall mean the total amount of all payments (other than in respect of shipping, handling and taxes) received by the Company from any client identified as a “client referred to the Company”, regardless of the services rendered by the Company for such payment, and (iii) for purposes of determining the number of Warrant Shares that may be purchased by
Holder, the aggregate total amount of payments from clients referred to the Company shall continue to be computed through and until June 30, 2008.

          The Exercise Price and the number of Warrant Shares for which the Warrant is exercisable shall be subject to adjustment as provided herein.

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     1.     Title to Warrant.  Prior to the Termination Date and subject to compliance with applicable laws and Section 7 of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed.  The transferee shall sign an investment letter in form and substance reasonably satisfactory to the Company.

		 
		
     2.     Authorization of Shares.  The Company covenants that all Warrant Shares that may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

		 
		
     3.     Exercise of Warrant.  

		 	 
		 	
          (a)     Subject to the provisions hereof, the Holder may exercise this Warrant in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by the surrender of this Warrant and the Notice of Exercise Form annexed hereto duly executed, at the office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the Company) and upon payment of the Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank or by means of a cashless exercise
pursuant to Section 3(c), the Holder shall be entitled to receive a certificate for the number of Warrant Shares so purchased.  Certificates for shares purchased hereunder shall be delivered to the Holder within three (3) business days after the date on which this Warrant shall have been exercised as aforesaid.  This Warrant shall be deemed to have been exercised for that number of Warrant Shares then being purchased on the date the Exercise Price is received by the Company.  The Warrant Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares being purchased for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price
and all taxes required to be paid by the Holder, if any, pursuant to Section 5 prior to the issuance of such shares, have been paid.   As used herein, “business day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

		 	 
		 	
          (b)     If this Warrant shall have been exercised only in part, the Company shall, at the time of delivery of the certificate or certificates representing the number of Warrant Shares then being purchased, deliver to Holder a new Warrant representing the number of shares with respect to which this Warrant shall not then have been exercised, which new Warrant shall in all other respects be identical with this Warrant. 

		 	 
		 	
          (c)     If at any time after one year from the date of issuance of this Warrant there is no effective registration statement registering the resale of the Warrant Shares by the Holder, this Warrant may also be exercised at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B)(X)] by (A), where:

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			 	(A)
	 = the closing price on the trading day immediately
    preceding the date of such election;
			 	
	 
			 	(B)
	 = the Exercise Price of this Warrant, as adjusted;
    and 
			 	
	 
			
 	
  (X)
	
=  the number of Warrant Shares issuable upon exercise
of this Warrant in accordance with the terms of this Warrant by means of a cash
exercise rather than a cashless exercise.
	 	 	 	
	 

		
     4.     No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price.

		 
		
     5.     Charges, Taxes and Expenses.  Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company
may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

		 
		
     6.     Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

		 
		
     7.     Transfer, Division and Combination.  

		 	 
		 	
          (a)     Subject to compliance with any applicable securities laws and the conditions set forth in Sections 1 and 7(e) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.  

		 	 
		 	
          (b)     This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 7(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.

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          (c)     The Company shall prepare, issue and deliver at its own expense (other than transfer taxes) the new Warrant or Warrants under this Section 7.

		 	 
		 	
          (d)     The Company agrees to maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants.

		 	 
		 	
          (e)     If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), and under applicable state securities or blue sky laws, the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be
made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company and (iii) that the transferee be an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act or a “qualified institutional buyer” as defined in Rule 144A under the Securities Act.

		 
		
     8.     No Rights as Shareholder until Exercise.  This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof.  Upon the surrender of this Warrant and the payment of the aggregate Exercise Price (or by means of a cashless exercise), the Warrant Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment.
		 
		     Notwithstanding
      anything herein to the contrary, the Holder shall have the right to examine
      the Company’s books of accounts and records related to the payments
      received, or to be received, by the Company from clients referred to the
      Company and to discuss the Company’s affairs and accounts with its
    officers at such reasonable times as may be requested by the Holder.

		 
		
     9.     Loss, Theft, Destruction or Mutilation of Warrant.  The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

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     10.     Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday.

		 
		
     11.     Adjustments of Exercise Price and Number of Warrant Shares.
		 
		     The number and
      kind of securities purchasable upon the exercise of this Warrant and the
      Exercise Price shall be subject to adjustment from time to time upon the
      happening of any of the following. In case the Company shall (i) pay a
      dividend in shares of Common Stock or make a distribution in shares of
      Common Stock to holders of its outstanding Common Stock, (ii) subdivide
      its outstanding shares of Common Stock into a greater number of shares,
      (iii) combine its outstanding shares of Common Stock into a smaller number
      of shares of Common Stock, or (iv) issue any shares of its capital stock
      in a reclassification of the Common Stock, then the number of Warrant Shares
      purchasable upon exercise of this Warrant immediately prior thereto shall
      be adjusted so that the Holder shall be entitled to receive the kind and
      number of Warrant Shares or other securities of the Company which it would
      have owned or have been entitled to receive had such Warrant been exercised
      in advance thereof. Upon each such adjustment of the kind and number of
      Warrant Shares or other securities of the Company which are purchasable
      hereunder, the Holder shall thereafter be entitled to purchase the number
      of Warrant Shares or other securities resulting from such adjustment at
      an Exercise Price per Warrant Share or other security obtained by multiplying
      the Exercise Price in effect immediately prior to such adjustment by the
      number of Warrant Shares purchasable pursuant hereto immediately prior
      to such adjustment and dividing by the number of Warrant Shares or other
      securities of the Company resulting from such adjustment. An adjustment
      made pursuant to this paragraph shall become effective immediately after
      the effective date of such event retroactive to the record date, if any,
    for such event.
		 

		
     12.     Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets.  In case the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a change in or distribution with respect to the Common Stock of the Company), or sell, transfer or otherwise dispose of all or substantially all its property, assets or business to another corporation and, pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation, or any cash, shares of stock or
other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”), are to be received by or distributed to the holders of Common Stock of the Company, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of the consummation of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event.  In case of any such reorganization, reclassification, merger, consolidation or disposition of assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith by resolution of the Board of Directors of the Company) in order to provide for adjustments of Warrant Shares for which this Warrant is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in this Section 12.  For purposes of this Section 12,
“common stock of the successor or acquiring corporation” shall include stock of such corporation of any class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock.  The foregoing provisions of this Section 12 shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets. 

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     13.     Voluntary Adjustment by the Company.  The Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

		 
		
     14.     Notice of Adjustment.  Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice shall state the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was made.

		 
		
     15.     Notice of Corporate Action.  If at any time:

		 	 
		 	
          (a)     the
Company shall take a record of the holders of its Common Stock for the purpose
of entitling them to receive a dividend or other distribution, or any right to
subscribe for or purchase any evidences of its indebtedness, any shares of stock
of any class or any other securities or property, or to receive any other right; or

		 	 
		 	
          (b)     there
shall be any capital reorganization of the Company, any reclassification or recapitalization
of the capital stock of the Company or any consolidation or merger of the Company
with, or any sale, transfer or other disposition of all or substantially all
the property, assets or business of the Company to, another corporation; or

		 	 
		 	
          (c)     there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;
		 	 
		then, in any one or more of such cases, the
      Company shall give to Holder (i) at least 30 days’ prior written
      notice of the date on which a record date shall be selected for such dividend,
      distribution or right or for determining rights to vote in respect of any
      such reorganization, reclassification, merger, consolidation, sale, transfer,
      disposition, liquidation or winding up, and (ii) in the case of any such
      reorganization, reclassification, merger, consolidation, sale, transfer,
      disposition, dissolution, liquidation or winding up, at least 30 days’ prior
      written notice of the date when the same shall take place. Such notice
      in accordance with the foregoing clause also shall specify (i) the date
      on which any such record is to be taken for the purpose of such dividend,
      distribution or right, the date on which the holders of Common Stock shall
      be entitled to any such dividend, distribution or right, and the amount
      and character thereof, and (ii) the date on which any such reorganization,
      reclassification, merger, consolidation, sale, transfer, disposition, dissolution,
      liquidation or winding up is to take place and the time, if any such time
      is to be fixed, as of which the holders of Common Stock shall be entitled
      to exchange their Common Stock for securities or other property deliverable
      upon such disposition, dissolution, liquidation or winding up. Each such
      written notice shall be sufficiently given if addressed to Holder at the
      last address of Holder appearing on the books of the Company and delivered
      in
accordance with Section 17(d).

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     16.     Authorized Shares.  The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements ofany national securities exchange or automated quotation system upon which the Common Stock may be listed or quoted. 
		 
		          Except
      and to the extent as waived or consented to by the Holder, the Company
      shall not by any action, including, without limitation, amending its certificate
      of incorporation or through any reorganization, transfer of assets, consolidation,
      merger, dissolution, issue or sale of securities or any other voluntary
      action, avoid or seek to avoid the observance or performance of any of
      the terms of this Warrant, but will at all times in good faith assist in
      the carrying out of all such terms and in the taking of all such actions
      as may be necessary or appropriate to protect the rights of Holder as set
      forth in this Warrant against impairment. Without limiting the generality
      of the foregoing, the Company will (a) not increase the par value of any
      Warrant Shares above the amount payable therefor upon such exercise immediately
      prior to such increase in par value, (b) take all such action as may be
      necessary or appropriate in order that the Company may validly and legally
      issue fully paid and nonassessable Warrant Shares upon the exercise of
      this Warrant, and (c) use commercially reasonable efforts to obtain all
      such authorizations, exemptions or consents from any public regulatory
      body having jurisdiction thereof as may be necessary to enable the Company
    to perform its obligations under this Warrant.
		 
		          Before
      taking any action that would result in an adjustment in the number of Warrant
      Shares for which this Warrant is exercisable or in the Exercise Price,
      the Company shall obtain all such authorizations or exemptions thereof,
      or consents thereto, as may be necessary from any public regulatory body
    or bodies having jurisdiction thereof.

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     17.     Limitations on Resale.  The Holder of this Warrant, and their assignees (collectively, the “Sellers”) shall limit their resales of Common Stock issued upon exercise of this Warrant such that, in the aggregate, shall not exceed, in any calendar month, more than 20% of the reported trading volume in the Company’s Common Stock on the principal trading market for the preceding calendar month.  The Company shall be authorized to take such action as is required to implement this provision, including, without limitation, providing appropriate “stop transfer” instructions to its transfer agent and implementing restrictive legends on the certificates representing such
shares calling attention to the restrictions in this agreement.

		 
		
     18.     Compliance with the Securities Laws. Such Holderagrees to comply with the requirements of Regulation M, if applicable, with respect to the sale of the Warrant Shares by the Holder. Such Holder hereby confirms its understanding that it may not cover short sales with Warrant Shares to be issued hereunder. The Holder acknowledges that it does not intend to cover short positions made by it with Warrant Shares 

		 
		
     19.     Miscellaneous.

		 	 
		 	
          (a)     Jurisdiction.  This Warrant shall constitute a contract under the laws of Nevada, without regard to its conflict of law, principles or rules.

		 	 
		 	
          (b)     Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

		 	 
		 	
          (c)     Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding all rights hereunder terminate on the Termination Date.  If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Holder
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

		 	 
		 	
          (d)     Notices.  Unless otherwise provided, any notice required or permitted under this Warrant shall be given in writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) if given by facsimile, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized overnight air
courier, then such notice shall be deemed given one business day after delivery to such courier.  All notices shall be addressed as follows or at such other address as the Holder or the Company may designate by ten days’ advance written notice to the other:  

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	 	 	If to the Holder:
	 	 	 	 
	 	 	 	Creata Promotions (USA), Inc.

	 	 	 	Suite 2000, One Tower Lane

	 	 	 	Oakbrook Terrace, IL, 60181

	 	 	 	USA]

	 	 	 	+ 1 630 861 2100

	 	 	 	ATTENTION MICHAEL LILLIOJA

	 	 	 
	 	 	If to the Company:
	 	 	 	 
	 	 	 	Neutron Enterprises, Inc.

	 	 	 	1 Westmount Square, Suite 1660

	 	 	 	Westmount, Quebec H3Z 2P9, Canada

	 	 	 	Fax: (514) 935-9746

			 
			
          (e)     Limitation of Liability.  No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant or purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

			 
			
          (f)     Remedies.  Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

			 
			
          (g)     Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares.

			 
			
          (h)     Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

			 
			
          (i)     Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

			 
			
          (j)     Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

********************

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     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized.

Dated:  August [______], 2005

	 	 NEUTRON ENTERPRISES, INC.
	 	 	 
	 	By: 	________________________________
	 	 	 Name:
	 	 	Title:
	 	 	 

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NOTICE OF EXERCISE

To:      Neutron Enterprises, Inc.

			
          (1)     The undersigned hereby elects to purchase ________ Warrant Shares of Neutron Enterprises, Inc. pursuant to the terms of the attached Warrant and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

			 
			
          (2)     Payment shall take the form of (check applicable box):

	 	 	 
	 	 	 in
    lawful money of the United States; or

	 	 	 
	 	 	         _____      the
      cancellation of such number of Warrant Shares as is necessary, in accordance
      with the formula set forth in Section 3(c), to exercise this Warrant with
      respect to the maximum number of Warrant Shares purchasable pursuant to
    the cashless exercise procedure set forth in Section 3(c).
	 	 	 
	 	 	          (3)     Please
      issue a certificate or certificates representing said Warrant Shares in
    the name of the undersigned or in such other name as is specified below:
	 	 	 
	 	 	

    ______________________________
    
	 	 	 
	and, if the number of Warrant Shares
      shall not be all the Warrant Shares purchasable upon exercise of the Warrant,
      that a new Warrant for the balance of the Warrant Shares purchasable upon
      exercise of this Warrant be registered in the name of, and delivered to,
    Holder.
	 	 	 
	The Warrant Shares shall be delivered
    to the following:
	 	 	 
	 	 	______________________________
	 	 	 
	 	 	______________________________
	 	 	 
	 	 	______________________________
	 	 	 

     (4)      Accredited Investor.  The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

		[PURCHASER]
			 
		By:	 
			___________________________________________
    
			 Name:
			Title:
			 
			 
		Dated:	 
			___________________________________________
    

 

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ASSIGNMENT FORM

(To assign the foregoing Warrant, execute
this form and supply required information. 
Do not use this form to exercise the warrant.)

          FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

_______________________________________________ whose address is

_______________________________________________________________.

_______________________________________________________________

Social Security or Taxpayer Identification Number: ______________________.

Dated:  ______________, _______

Holder's Signature: _____________________________

Holder's Address: ______________________________

______________________________

Signature Guaranteed:  ___________________________________________

NOTE:  The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company.  Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.Prepared and filed by St Ives Financial

EMPLOYMENT AGREEMENT

  EMPLOYMENT AGREEMENT dated as of
      November 15, 2005, by and between Feldman Mall Properties, Inc., with its
      principal place of business at 3225 North Central Avenue, Suite 1205, Phoenix,
      Arizona 85012 (the “Company”) and Wayne Snyder, residing at
      the address set forth on the signature page hereof (the “Executive”).

  WHEREAS, the Company wishes to
      employ the Executive, and the Executive wishes to accept such offer, on
      the terms set forth below:

  Accordingly, the parties hereto
      agree as follows:

  1.       Employment.
      The Company hereby employs the Executive, and the Executive hereby accepts
      such employment. Such employment shall continue until such time as either
      party notifies the other party of termination not less than thirty (30)
      days in advance of the effective date of termination (the period during
      which the Executive is employed hereunder being hereinafter referred to
      as the “Term”).

  2.       Duties.
      During the Term, the Executive shall be employed by the Company as an Executive
      Vice President of the Company in charge of development, and, as such, the
      Executive shall faithfully perform for the Company the duties of said office
      and shall perform such other duties of an executive, managerial or administrative
      nature as shall be specified and designated from time to time by the Chief
      Executive Officer (“CEO”) of the Company. The Executive shall
      report to the CEO and to the Board of Directors (“Board”).
      The Executive shall devote substantially all of his business time and effort
      to the performance of his duties hereunder; provided that in no event shall
      this sentence prohibit the Executive from performing personal and charitable
      activities, and other business interests that do not conflict with any
      business activities of the Company.

  3.       Compensation.

  3.1     Salary.
      The Company shall pay the Executive during the Term a salary at a minimum
      rate of $225,000 per annum (the “Annual Salary”), in accordance
      with the customary payroll practices of the Company applicable to senior
      executives. At least annually, the Board shall review the Executive’s
      Annual Salary and may provide for such increases therein as it may in its
      discretion deem appropriate. (Any such increased salary shall constitute
      the “Annual Salary” as of the time of the increase.)

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  3.2     Bonus.
      During the Term, in addition to the Annual Salary, on May 1, 2006, January
      1, 2007, and every six months thereafter during the Term, the Executive
      shall have the opportunity to receive a bonus; the bonus on May 1, 2006
      would be up to $87,500, the bonus on January 1, 2007 would be up to $108,333,
      and each six-month bonus thereafter (i.e. every January 1 and July 1) would
      be up to $62,500. The amount of the Executive’s bonus under the preceding
      sentence shall be determined by the Company considering only the Executive’s
      performance, including the accuracy of construction scheduling and budgets,
      and without regard to the Company’s overall economic performance.
      The foregoing bonuses will be paid to the Executive within ten (10) days
      following the bonus date specified above. The forgoing shall not limit
      the Executive’s eligibility to receive any other bonus under any other
      bonus plan, stock option or equity–based plan, or other policy or
      program of the Company, but Executive acknowledges that the Company will
      consider the bonus provided to Executive under the first sentence of this
      Section 3.2 in determining the presence or amount of Executive’s participation
      in any other bonus plan.

   3.3     Benefits – In
        General. The Executive shall be permitted during the Term to participate
        in any group life, hospitalization or disability insurance plans, health
        programs, retirement plans, fringe benefit programs and other benefits
        that may be available to other senior executives of the Company generally,
        on the same terms as such other executives, in each case to the extent
        that the Executive is eligible under the terms of such plans or programs,
        and coverage under the Company’s health insurance and hospitalization
        plans shall include, and the Company shall pay the premiums applicable
        to such coverage for, the Executive, the Executive’s spouse, minor
        children and adult children under age 25 who are full time undergraduate
        or graduate students, to the extent elected by the Executive. 

   3.4     Vacation.
      The Executive shall be entitled to vacation of no less than twenty (20)
      business days per year, to be taken by the Executive on such days as may
      be approved by the CEO of the Company. The Executive shall have the right
      to carry over unused vacation days, but any such carry over of vacation
      days shall not exceed twenty (20) business days at any time.

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  3.5     Expenses – In
        General. The Company shall pay or reimburse the Executive for all
        ordinary and reasonable out-of-pocket expenses actually incurred (and,
        in the case of reimbursement, paid) by the Executive during the Term
        in the performance of the Executive’s services under this Agreement
        in accordance with the Company’s policies regarding such reimbursements,
        but in no event later than thirty (30) days following request for reimbursement
        accompanied by copies of bills). The Company shall provide the Executive
        with (a) an office in the Philadelphia at such time as the Executive
        determines that he no longer wishes to operate from his home, (b) secretarial
        support and (c) to the extent determined necessary by the Company, other
        reasonable support services.

   3.6     Automobile.
      During the Term, the Company shall provide the Executive with an automobile
      allowance of $500 per month, payable pro-rata with each bi-weekly paycheck.

   3.7     Cellular
        Telephone. During the Term, the Company shall provide the Executive
        with the use of a cellular telephone, or, so long as such will not increase
        the Company’s expense, reimburse Executive (within thirty (30) days
        following monthly invoice) for a cellular phone and phone plan obtained
        by the Executive.

   3.8     Stock Grant.
      Concurrently with execution of this Agreement, Executive and Company shall
      execute a Restricted Stock Award Agreement granting Executive certain rights
      in 38,168 shares of stock in the Company. The Restricted Stock Award Agreement
      shall govern the terms of such stock grant except where this Agreement
      expressly governs; in the event of any conflict between this Agreement
      and the Restricted Stock Award Agreement, this Agreement shall control.

   4.       Certain
        Terminations of Employment; Certain Benefits.

   4.1     Termination
        by the Company for Cause; Termination by the Executive without Good Reason.

		 	
(a)     For purposes of this Agreement, “Cause” shall mean the Executive’s:

		 	 	 	 
		
 	
 	
(i)	
conviction of (or pleading nolo contendere to) a felony (but in no event including a traffic or similar violation); 

		 	 	 	 
		
 	
 	
(ii)	
engagement in the performance of his duties hereunder, in willful misconduct, willful or gross neglect, fraud, misappropriation or embezzlement;

3

				
(iii)	
repeated substantial failure to materially adhere to the reasonable directions of the CEO, and failure of the Executive to cure such failure within a reasonable period of time following written notice; or

				 	 
				
(iv)	
material breach of any of the provisions of Section 5, and failure of the Execute to cure such breach within a reasonable period of time following written notice.

  (b)     The
      Company may terminate this Agreement and the Executive’s employment
      hereunder with or without Cause, and the Executive may terminate his employment
      on at least 30 days’ written notice given to the Company. If the Company
      terminates the Executive for Cause, or the Executive terminates his employment
      and the termination by the Executive is not for Good Reason (as hereinafter
      defined), (i) the Executive shall receive Annual Salary and other benefits
      (including any bonus for a bonus period (as described in Section 3.2) completed
      before termination and awarded but not yet paid) earned and accrued under
      this Agreement prior to the termination of employment (and reimbursement
      under this Agreement for expenses incurred prior to the termination of
      employment); and (ii) the Executive shall have no further rights to any
      other compensation or benefits under this Agreement on or after the termination
      of employment, but the Executive shall retain any shares of stock in the
      Company that have previously vested.

   4.2     Good Reason
        for Executive Termination. For purposes of this Agreement, “Good
        Reason” shall mean, unless otherwise consented to by the Executive,

		
 	
(i)	
the material reduction of the Executive’s authority, duties and responsibilities or the assignment to the Executive of duties materially inconsistent with the Executive’s position with the Company;
		 	 	 
		
 	
(ii)	
a reduction in Annual Salary of the Executive;
		 	 	 
		
 	
(iii)	
the relocation of the Executive’s office to more than 25 miles from the Executive’s home address shown at the end of this Agreement, or the Executive not being provided with an office, office equipment and access to secretarial assistance reasonably comparable to that provided to other similarly situated officers of the Company;
		 	 	 
		
 	
(iv)	
the Company’s failure to pay the Executive any amounts otherwise due hereunder or under any plan, policy, program, agreement, arrangement or other commitment of the Company; or
		 	 	 
		
 	
(v)	
the Company’s material and willful breach of this Agreement.

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  Notwithstanding the foregoing,
      (i) Good Reason shall not be deemed to exist unless notice of termination
      on account thereof, specifying a termination date no later than thirty
      (30) days from the date of such notice and describing the event or condition
      purportedly giving rise to the termination for Good Reason, is given by
      the Executive to the CEO and the General Counsel of the Company within
      thirty (30) days after such event is alleged to have occurred; (ii) if
      there exists (without regard to this clause (ii)) an event or condition
      that constitutes Good Reason, the Company shall have twenty (20) days from
      the date notice of such a termination is given to cure such event or condition
      and, if the Company does so, such event or condition shall not constitute
      Good Reason hereunder; and (iii) Good Reason shall not be deemed to exist
      at any time at which there exists an event or condition which could serve
      as the basis of a termination for Cause.

  4.3     Termination
        Due to Death or Disability, Termination by Company Without Cause, or
        Termination by Executive For Good Reason. If the Executive dies during
        the Term, the Term shall terminate as of the date of death, and the obligations
        of the Company to or with respect to the Executive shall terminate in
        their entirety upon such date except as otherwise provided under this
        Section 4. If the Executive by virtue of ill health or other disability
        is unable to perform substantially and continuously the duties assigned
        to him for more than 180 consecutive or non-consecutive days out of any
        consecutive 12-month period, the Company shall have the right, to the
        extent permitted by law, to terminate the employment of the Executive
        upon notice in writing to the Executive. Upon termination of employment
        due to death or disability, upon termination of employment by the Company
        without Cause or upon termination of employment by the Executive for
        Good Reason, (i) the Executive (or the Executive’s estate or beneficiaries
        in the case of the death of the Executive) shall be entitled to receive
        any Annual Salary and other benefits earned and accrued under this Agreement
        prior to the date of termination (and reimbursement under this Agreement
        for expenses incurred prior to the date of termination); (ii) for a period
        of two years after termination of employment, the Executive (if applicable),
        and in the event of his death, his spouse and his dependents, shall receive
        such continuing coverage under the group health plans they would have
        received under this Agreement (but at such costs no higher than as in
        effect immediately preceding such termination) as would have applied
        in the absence of such termination, provided that, the Company shall
        in no event be required to provide any benefits otherwise required by
        this clause (ii) after such time as the Executive becomes entitled to
        receive benefits of the same type from another employer or recipient
        of the Executive’s services; (iii) without duplication of any amounts
        due under clause (i), the Executive shall receive an amount equal to
        the bonus that, in the absence of such termination, would have been payable
        for the bonus period (as described in Section 3.2) in which termination
        occurs, payable at such time as would have applied in the absence of
        such termination, with such amount to be multiplied by a fraction (x)
        the numerator of which is the number of days in such period preceding
        the termination and (y) the denominator of which is the number of days
        in such period; (iv) all outstanding unvested equity-based awards (including,
        without limitation, stock options and restricted stock) held by the Executive
        shall fully vest and become immediately exercisable, as applicable, and
        subject to the terms of such awards; and (v) except as specified in the
        following sentence, the Executive (or the Executive’s estate or
        beneficiaries in the case of the death of the Executive) shall have no
        further rights to any other compensation or benefits hereunder, or any
        other rights hereunder (but, for the avoidance of doubt, shall receive
        such disability and death benefits as may be provided under the Company’s
        plans and arrangements in accordance with their terms). In addition,
        upon termination of employment by the Company without Cause or by the
        Executive for Good Reason occurring prior to the expiration of two (2)
        years from the commencement of Executive’s employment, Executive
        shall be entitled to receive a lump sum payment of salary that Executive
        would have been entitled to receive if Executive had remained employed
        for the balance of such two (2) year period. 

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  4.4     Change
        of Control. Without duplication of the foregoing, upon a “Change
        of Control” (as defined below) while the Executive is employed,
        all outstanding unvested equity-based awards (including stock options
        and restricted stock) shall fully vest and shall become immediately exercisable,
        as applicable. In addition, if, after a Change of Control, the Executive
        terminates his employment with the Company at any time on or prior to
        the three-month anniversary of the Change of Control, such termination
        shall be deemed a termination by the Executive for Good Reason. For purposes
        of this Agreement, “Change in Control” shall mean the happening
        of any of the following:

		
 	
(i)	
any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but excluding the Company, any entity controlling, controlled by or under common control with the Company, any employee benefit plan of the Company or any such entity, and Executive and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Executive is a member) is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of either (A) the combined voting power of the Company’s then outstanding
securities or (B) the then outstanding common stock of the Company (in either such case other than as a result of an acquisition of securities directly from the Company); provided, however, that, in no event shall a Change in Control be deemed to have occurred upon an initial public offering or a subsequent public offering of the common stock under the Securities Act of 1933, as amended; or
		 	 	 
		
 	
(ii)	
any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or
		 	 	 
		
 	
(iii)	
there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or
		 	 	 
		
 	
(iv)	
the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death or disability to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Director.

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  5.       Covenants
        of the Executive. 

   5.1     Covenant
        Against Competition; Other Covenants. The Executive acknowledges
        that (i) the principal business of the Company (which expressly
        includes for purposes of this Section 5 (and any related enforcement
        provisions hereof), its successors and assigns) is the acquiring, owning
        and redeveloping of enclosed shopping malls (such business herein being
        referred to as the “Business”); (ii) the Company is one
        of the limited number of persons who have developed such a business;
        (iii) the Company’s Business is, in part, national in scope;
        (iv) the Executive’s work for the Company has given and will
        continue to give him access to the confidential affairs and proprietary
        information of the Company; (v) the covenants and agreements of
        the Executive contained in this Section 5 are essential to the business
        and goodwill of the Company; and (vi) the Company would not have entered
        into this Agreement but for the covenants and agreements set forth in
        this Section 5. Accordingly, the Executive covenants and agrees that:

  (a)     By
      and in consideration of the salary and benefits to be provided by the Company
      hereunder, and subject to Executive receiving all monies due to him under
      the severance arrangements set forth herein, and further in consideration
      of the Executive’s exposure to the proprietary information of the
      Company, the Executive covenants and agrees that, during the period commencing
      on the date hereof and ending one year following the date upon which the
      Executive shall cease to be an employee of the Company and its affiliates,
      he shall not in the United States, directly or indirectly, except with
      the prior approval of the Board, (i) engage in the Business (other
      than for the Company or its affiliates), or (ii) render any services
      to any person, corporation, partnership or other entity (other than the
      Company or its affiliates) whose principal business is to engage in the
      Business, or (iii) become interested in any person, corporation, partnership
      or other entity (other than the Company or its affiliates) principally
      engaged in the Business, as a partner, shareholder, principal, agent, employee,
      consultant or in any other relationship or capacity; provided, however,
      that, notwithstanding the foregoing, the Executive may invest in securities
      of any entity, solely for investment purposes and without participating
      in the business thereof, if (A) such securities are traded on any
      national securities exchange or the National Association of Securities
      Dealers, Inc. Automated Quotation System, and (B) the Executive is
      not a controlling person of, or a member of a group which controls, such
      entity. Notwithstanding the foregoing, the restrictions in this Section
      5(a) shall not apply upon and after (i) a termination covered by Section
      4.3 or (ii) a termination by the Executive after a Change in Control.
      In addition, the restrictions of this Section 5.1(a) shall not apply to
      any existing investments or other activities of the Executive which have
      been disclosed in writing to the Board prior to the date hereof.

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  (b)     During
      and for a one (1) year period after the period of the Executive’s
      employment with the Company and its affiliates, the Executive shall keep
      secret and retain in strictest confidence, except in connection with the
      business and affairs of the Company and its affiliates, all confidential
      matters relating to the Company’s Business and the business of any
      of its affiliates and to the Company and any of its affiliates, learned
      by the Executive heretofore or hereafter directly or indirectly from the
      Company or any of its affiliates (the “Confidential Company Information”);
      and shall not disclose such Confidential Company Information to anyone
      outside of the Company except with the Company’s express written consent
      and except for Confidential Company Information which is at the time of
      receipt or thereafter becomes publicly known through no wrongful act of
      the Executive or is received from a third party not under an obligation
      to keep such information confidential and without breach of this Agreement.

   (c)     During the
      period commencing on the date hereof and ending one year following the
      date upon which the Executive shall cease to be an employee of the Company
      and its affiliates, (i) the Executive shall not, without the Company’s
      prior written consent, directly or indirectly, knowingly (i) solicit
      or encourage to leave the employment or other service of the Company, or
      any of its affiliates, any employee thereof or (ii) hire (on behalf
      of the Executive or any other person or entity) any employee who has left
      the employment of the Company or any of its affiliates within the one-year
      period which follows the termination of such employee’s employment
      with the Company and its affiliates, and (ii) the Executive will not,
      whether for his own account or for the account of any other person, firm,
      corporation or other business organization, intentionally interfere with
      the Company’s or any of its affiliates’ relationship with, or
      endeavor to entice away from the Company or any of its affiliates, any
      person who during the Term is or was a customer or client of the Company
      or any of its affiliates. Notwithstanding the foregoing, the restrictions
      in this Section 5.1(c) shall not apply upon and after (i) a termination
      covered by Section 4.3 or (ii) a termination by the Executive after
      a Change in Control.

8

  5.2     Rights
        and Remedies upon Breach. The Executive acknowledges and agrees that
        any breach by him of any of the provisions of Section 5.1 (the “Restrictive
        Covenants”) would result in irreparable injury and damage for which
        money damages would not provide an adequate remedy. Therefore, if the
        Executive breaches, or threatens to commit a breach of, any of the provisions
        of Section 5.1, the Company and its affiliates, in addition to, and not
        in lieu of, any other rights and remedies available to the Company and
        its affiliates under law or in equity (including, without limitation,
        the recovery of damages), shall have the right and remedy to have the
        Restrictive Covenants specifically enforced by any court having equity
        jurisdiction, including, without limitation, the right to an entry against
        the Executive of restraining orders and injunctions (preliminary, mandatory,
        temporary and permanent) against violations, threatened or actual, and
        whether or not then continuing, of such covenants.

  6.       Other Provisions.

   6.1     Severability.
      The Executive acknowledges and agrees that he has had an opportunity to
      seek advice of counsel in connection with this Agreement. If it is determined
      that any of the provisions of this Agreement or any part thereof is invalid
      or unenforceable, the remainder of the provisions of this Agreement shall
      not thereby be affected and shall be given full effect, without regard
      to the invalid portions. 

   6.2     Duration
        and Scope of Covenants. If any court or other decision-maker of competent
        jurisdiction determines that any of the Executive’s covenants contained
        in this Agreement, or any part thereof, is unenforceable because of the
        duration or geographical scope of such provision, then, after such determination
        has become final and unappealable, the duration or scope of such provision,
        as the case may be, shall be reduced so that such provision becomes enforceable
        and, in its reduced form, such provision shall then be enforceable and
        shall be enforced.

9

  6.3     Enforceability;
        Jurisdiction; Arbitration. Any controversy or claim arising out of
        or relating to this Agreement or the breach of this Agreement that is
        not resolved by the Executive and the Company (or its affiliates, where
        applicable) shall be submitted to arbitration in New York, New York in
        accordance with New York law and the procedures of the American Arbitration
        Association. The determination of the arbitrator(s) shall be conclusive
        and binding on the Company (or its affiliates, where applicable) and
        the Executive and judgment may be entered on the arbitrator(s)’ award
        in any court having jurisdiction. 

   6.4     Indemnification
        and Insurance. The Company agrees to indemnify (in addition to any
        other indemnification provided to the Executive under any separate agreement
        or the by-laws of the Company) the Executive to the fullest extent permitted
        by applicable law, as the same exists and may hereafter be amended, from
        and against any and all losses, damages, claims, liabilities and expenses
        asserted against, or incurred or suffered by, the Executive (including
        the costs and expenses of legal counsel retained by the Company (or if
        separate counsel is reasonably required by Executive, the reasonable
        costs and expenses of legal counsel retained by the Executive) to defend
        the Executive and judgments, fines and amounts paid in settlement actually
        and reasonably incurred by or imposed on such indemnified party) with
        respect to any action, suit or proceeding, whether civil, criminal, administrative
        or investigative in which the Executive is made a party or threatened
        to be made a party, either with regard to his entering into this Agreement
        or in his capacity as an officer or director, or former officer or director,
        of the Company or any affiliate thereof for which he may serve in such
        capacity. Such indemnification shall continue after the Executive is
        no longer employed by the Company and shall inure to the benefit of his
        heirs, executors, and administrators. The Company also agrees to secure
        and maintain a minimum of $10,000,000 of officers and directors liability
        insurance and a minimum of $10,000,000 of an errors and omissions policy
        providing coverage for the Executive, which coverage shall continue after
        termination of employment for a reasonable time (but in no event for
        a shorter time than is applicable to any other senior executive of the
        Company). The foregoing provisions are in addition to any indemnification
        obligations of the Company under any other document or agreement, including
        without limitation the articles of incorporation or bylaws of the Company.

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  6.5     Legal
        Fees. The prevailing party in any litigation, arbitration or other
        proceeding involving this Agreement shall be entitled to recover its
        costs, reasonable attorneys fees and other reasonable expenses.

  6.6     Notices.
      Any notice or other communication required or permitted hereunder shall
      be in writing and shall be delivered personally, telegraphed, telexed,
      sent by facsimile transmission or sent by certified, registered or express
      mail, postage prepaid. Any such notice shall be deemed given when so delivered
      personally, telegraphed, telexed or sent by facsimile transmission or,
      if mailed, five days after the date of deposit in the United States mails
      as follows:

			(i)	If
    to the Company, to:
				 
				Feldman Mall Properties, Inc.

1010
Northern Boulevard, Suite 314

Great
Neck, New York 11021

Attention: Chief Executive Officer
				 
				with a copy to:
				 
				Feldman Mall Properties, Inc.

3225
North Central Avenue, Suite 1205

Phoenix, Arizona 85012

Attention: General
Counsel 
				 
			(ii)	If to the Executive, to the address set forth
    on the signature page hereof.

Any such person may by notice given in accordance with this Section 6.6 to the other parties hereto designate another address or person for receipt by such person of notices hereunder.

  6.7     Entire
        Agreement. This Agreement contains the entire agreement between the
        parties with respect to the subject matter hereof and supersedes all
        prior agreements, written or oral, with respect thereto.

  6.8     Waivers
        and Amendments. This Agreement may be amended, superseded, canceled,
        renewed or extended, and the terms hereof may be waived, only by a written
        instrument signed by the parties or, in the case of a waiver, by the
        party waiving compliance. No delay on the part of any party in exercising
        any right, power or privilege hereunder shall operate as a waiver thereof,
        nor shall any waiver on the part of any party of any such right, power
        or privilege nor any single or partial exercise of any such right, power
        or privilege, preclude any other or further exercise thereof or the exercise
        of any other such right, power or privilege.

11

  6.9     GOVERNING
        LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
        WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF
        CONFLICTS OF LAW.

   6.10   Assignment.      This
      Agreement shall be binding upon and inure to the benefit of the parties
      and their respective successors, heirs and assigns. No rights or obligations
      of the Company under this Agreement may be assigned or transferred by the
      Company except that such rights or obligations may be assigned or transferred,
      subject to Section 5.3, pursuant to a merger or consolidation in which
      the Company is not the continuing entity, or the sale or liquidation of
      all or substantially all of the assets of the Company; provided, however,
      that the assignee or transferee is the successor to all or substantially
      all of the assets of the Company and such assignee or transferee assumes
      the liabilities, obligations and duties of the Company, as contained in
      this Agreement, either contractually or as a matter of law. 

   6.11   Withholding.
      The Company shall be entitled to withhold from any payments or deemed payments
      any amount of tax withholding it determines to be required by law.

   6.12   Binding
        Effect. This Agreement shall be binding upon and inure to the benefit
        of the parties and their respective successors, permitted assigns, heirs,
        executors and legal representatives.

   6.13   Counterparts.
      This Agreement may be executed by the parties hereto in separate counterparts,
      each of which when so executed and delivered shall be an original but all
      such counterparts together shall constitute one and the same instrument.
      Each counterpart may consist of two copies hereof each signed by one of
      the parties hereto.

   6.14   Survival.
      Anything contained in this Agreement to the contrary notwithstanding, any
      provisions of this Agreement expressly imposing obligations that survive
      termination of Executive’s employment hereunder, and the other provisions
      of this Section 6 to the extent necessary to effectuate the survival of
      such provisions, shall survive termination of this Agreement and any termination
      of the Executive’s employment hereunder. Without limitation of the
      foregoing, the Company’s obligations under Section 6.4 shall survive
      termination of this Agreement.

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  6.15   Existing
        Agreements. The Executive represents to the Company that he is not
        subject or a party to any employment or consulting agreement, non-competition
        covenant or other agreement, covenant or understanding which might prohibit
        him from executing this Agreement or limit his ability to fulfill his
        responsibilities hereunder, except that, as previously disclosed to the
        Board, the Executive may have certain non-solicitation and non-interference
        obligations to a former employer.

  6.16   Headings.
      The headings in this Agreement are for reference only and shall not affect
      the interpretation of this Agreement.

THE BALANCE OF THIS PAGE IS INTENTIONALLY BLANK.

13

IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.
  	 	 FELDMAN MALL PROPERTIES INC.
	 	 	 
	 	By: 	/s/ Larry Feldman
	 	 	

    
	 	Name: 	Larry Feldman
	 	 	

    
	 	Title: 	Chairman and Chief Executive Officer
	 	 	

  
	 	 
	 	/s/ Wayne Snyder
	 	

	 	Wayne Snyder

	 	 
	 	 
	[to be deleted from all public filings:] 	 
	 	 
	Executive’s Address:

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