Statement of Terms & Conditions of Employment

Between:

Macrospace Ltd. (“the Company”), a subsidiary of Sorrent, Inc;

and

Kristian Segerstrale, 46 Park Mansions, South Lambeth Rd., London SW8 1TW (“the Employee”).

•

providing the Company with any documents it requires to establish your right to work lawfully in the UK.

•

disclosure of any criminal convictions which are not spent.

authorised to enter into lease agreements, loans or other forms of borrowing on behalf of the Company or any other Group Company.

3.4

As a term of your employment you are required to comply with any export regulations that apply to the Company or any Group company.

4.

Hours of Work

4.1

Your normal hours of work are 40 hours per week, Monday to Friday with a one hour break each day for lunch. You will be required to work outside these hours as may be necessary for the proper performance of your duties. You are not entitled to overtime payment or time off in lieu of hours worked outside your normal hours. Lunch breaks and other breaks provided to you will not constitute working time.

4.2

You agree to work such hours over 48 hours per week as are required to carry out your duties. You therefore give consent to waive your right under the Working Time Regulations 1998 to have your working time limited to an average of 48 hours per week over the reference period as it may be defined from time to time. You further agree that, in the event you wish to withdraw your consent given in this sub clause, you will give to the Company three months written notice of the withdrawal of consent.

5.

Place of work

Your employment will be based at Priory House, 6 Wrights Lane, London W8 6TA, United Kingdom. The Company may reasonably require you to carry out your duties on a temporary or permanent basis from other locations within central London. You may be requested to work outside of the United Kingdom from time to time. You will in good faith discuss and negotiate the terms and conditions of such assignment.

6.

Remuneration

6.1

Your basic salary will be ninety thousand (90,000) Pounds Sterling gross in cash per annum subject to all normal deductions. Your salary will be paid monthly in arrears directly into your bank account.

6.2

You will be eligible for a cash bonus of up to 20% of your annual salary, paid pro-rata on a quarterly basis. Bonus payments will be based on the Company’s performance as well as your individual performance, in accordance with the executive bonus plan approved by Sorrent Inc.’s compensation committee as modified from time to time.

6.3

Without prejudice to any other rights open to the Company, you agree that the Company may deduct from any wages due to you, sums representing the value of any Company property lost by you; the cost of repairing any Company property damaged by you or damaged as a consequence of negligence on your part; the amount of any outstanding loans or advances made to you by the Company; any other sums owing from you to the Company; any overpayment of salary, variable compensation such as bonuses or expenses; or payment made to you by mistake or through misrepresentation; and any other sums authorised to be deducted by Section 13 of the Employment Rights Act 1996.

7.

Benefits

At its discretion and subject to your meeting any conditions of eligibility, the Company will contribute to or provide you with health insurance coverage. Details will be provided to you following commencement of employment.

The Company may in its discretion withdraw or amend any particular plan or scheme which has been introduced or substitute it with such other plans or schemes as it considers fit whether such substitute plans or schemes provide equivalent benefits or not. Your participation in these schemes is a benefit in respect of which you may be liable to pay income tax and you should seek personal tax advice if you are unsure of their impact.

The Company reserves the right to terminate your employment at any time during your absence from work even though your entitlement to benefits under medical insurance policies may not have been exhausted at the time of giving notice or of termination.

8.

Pension

The Company will nominate a Stakeholder Pension Scheme to which you may contribute.

9.

Holiday entitlement

9.1

The Company’s holiday year runs from 1 ^st January to 31 ^st December.

9.2

You are entitled to 20 working days’ holiday per holiday year in addition to 8 public holidays. Holiday pay is based on your current basic rate of salary.

9.3

If you start or leave your employment during a holiday year your holiday entitlement for that holiday year will be prorated and is deemed to accrue at the rate of 1.6666 days holiday per complete calendar month worked.

9.4

Holiday not taken during the holiday year cannot be carried forward to the following holiday year (without prior authorisation) and no payment in lieu of untaken holiday will be made.

9.5

On leaving the Company, you will be entitled to holiday pay in respect of any accrued holiday entitlement which you have not taken except where you have been summarily dismissed or leave without giving due notice to the Company. If at the time of leaving you have taken holiday in excess of your accrued entitlement the Company will deduct from your final salary the excess holiday pay that you have received. The Company reserves the right to require you to take, during your notice period, any holiday entitlement which will have accrued to you by the date of termination of your employment, which you have not yet taken.

9.6

Holidays must be taken at times convenient to the Company and must be approved in advance. In particular, except where otherwise agreed you may not take more than 10 consecutive working days as holiday.

10.

Absence due to sickness or injury

10.1

If you are unable to attend work due to sickness or injury you must notify the Company as early as possible on the first day of absence. You should keep your manager regularly informed of your condition and the likely date of your return to work.

10.2

You will be required to complete a self-certification form on your return to work from any absence of up to 7 days (including non working days). If your absence exceeds 7 consecutive days you must provide the Company with a doctor’s certificate as soon as possible after the seventh day of absence. You must provide further doctor’s certificates to the Company as necessary to cover the full period of your continued absence.

10.3

You may be required to undergo a medical examination by a doctor of the Company’s choice during or after any period of absence from work due to 40 sickness or injury or at any time deemed necessary by the Company during your employment. You also authorise your own doctor to provide the Company’s doctor and/or independent medical practitioner with any relevant extracts from your medical notes. This clause is without prejudice to your statutory rights, (including your rights under the Access to Medical Reports Act 1988).

11.

Sick Pay

You will receive Statutory Sick Pay (SSP) for periods of illness in accordance with statute. The Company reserves the right to terminate your employment in accordance with clause 12.4(g).

12.

Termination of Employment

12.1

You will be entitled to receive 4 week’s notice in writing from the Company of the termination of your employment or the Statutory minimum whichever is greater.

12.2

You will be required to give 4 week’s notice in writing if you wish to terminate your employment.

12.3

Nothing in this clause shall prevent the Company from terminating your employment without notice or salary in lieu of notice in the event of gross misconduct or in other appropriate circumstances.

12.4

Without limiting the provisions of clause 12.3, the Company may, by written notice, terminate your employment immediately :

You will not be entitled to damages or any other remedy from the Company in the event that your employment is terminated in accordance with this clause 12.4 or in accordance with clause 12.3.

12.5

The Company may make a payment in lieu of notice should it so wish. This payment will subject to the usual statutory deductions. Whether a payment in lieu of notice is made or not is at the complete discretion of the Company. The Company is not under an obligation to make a payment in lieu of notice and if it fails to do so (especially in circumstances leading to a summary dismissal), any claim you may have will be subject to your duty to take reasonable steps to mitigate your loss.

12.6

Once notice of termination has been given by either you or the Company, the Compan