EMPLOYMENT AGREEMENT



         AGREEMENT made as of the 22nd day of June, 2005, by and between

Interactive Systems Worldwide Inc., a Delaware corporation (the "Corporation"),

and Bernard Albanese ("Employee").





                              W I T N E S S E T H:





         WHEREAS, the Corporation is in the business of developing, producing,

marketing, licensing and servicing computerized sports wagering and related

software and systems;





         WHEREAS, the Corporation desires to continue to employ Employee as its

President and Employee desires to serve the Corporation in such capacity; and





         WHEREAS, the Corporation desires to provide certain benefits to the

Employee upon termination of this Agreement, as herein provided.





         NOW, THEREFORE, in consideration of the mutual promises herein

contained, the parties hereto agree as follows:



         1. EMPLOYMENT. Subject to the terms and conditions herein contained,

the Corporation hereby employs Employee as its President and Employee hereby

agrees to serve the Corporation in such capacity.



         2. DUTIES.



            2.1. Employee agrees, during the "Term" (as hereinafter defined), to

devote his full business attention and best efforts to the business of the

Corporation and to perform such duties of an executive and administrative nature

as the Chairman of the Board or Board of Directors of the Corporation, acting

reasonably, shall assign or direct (i) consistent with his status and position

as President including, without limitation, such duties as would typically be

performed by persons holding similar positions in other companies, and (ii) such

other duties of a managerial nature relating to operations, finance, personnel

or support.

<PAGE>



            2.2. Employee shall conduct himself at all times in a manner

consistent with his position with the Corporation.



         3. TERM.



            3.1. The term of Employee's employment (the "Term") shall commence

on the date hereof, and shall terminate on June 30, 2006; provided that this

Agreement shall be subject to earlier termination only (i) in the event of

Employee's death; (ii) at the option of the Corporation, in the event of

Employee's "disability" (as hereinafter defined) for 90 consecutive working days

or an aggregate of 120 working days during any consecutive six month period

during the Term; (iii) for cause; or (vi) as provided in Sections 3.3, 5.2 or 7.



            3.2. For the purpose of this Agreement, "disability" shall mean any

injury or any physical or mental condition or illness which shall render

Employee unable to perform his duties in accordance with this Agreement.



            3.3. Notwithstanding anything to the contrary herein provided, the

Employee shall have the right to retire from his employment with the Corporation

after October 31, 2005, by giving the Corporation not less than 60 days prior

written notice which notice may not be given until November 1, 2005. Upon the

effective date of Employee's retirement, Employee shall be entitled to the

benefits referred to in Article 6.



         4. COMPENSATION AND BENEFITS. As compensation for all services to be

rendered by Employee to the Corporation and its subsidiaries in all capacities,

the Corporation shall pay to Employee during the Term, a minimum of the

following, payable in accordance with the standard payroll practice of the

Corporation:

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC