<pre>

EXHIBIT 10.15 - Security Agreement dated April 12, 2001 between the
                Registrant and Laurus Master Fund, Ltd.

SECURITY AGREEMENT


1.      Identification.

This Security Agreement (the "Agreement"), dated for identification purposes
only April 12, 2001, is entered into by and between Conectisys Corp., a
Colorado corporation ("Debtor"), Robert A. Spigno, Lawrence P. Muirhead and
Patricia A. Spigno are referred to herein individually as a "Shareholder" and
collectively "Shareholders") and Laurus Master Fund Ltd. (the "Lender").

2.      Recitals.

2.1     The Lender has made a loan to Debtor (the "Loan").

2.2     The Loan is evidenced by a certain Secured Convertible Note in the
principal amount of $300,000 ("Note") and executed by Debtor as the "Borrower"
thereof, for the benefit of Lender as the "Holder" thereof.

2.3     In order to induce Lender to make the Loan, and as security for
Debtor's performance of its obligations under the Note and as security for the
repayment of the Loan and any and all other sums due from Debtor to Lender
whether arising under the Note issued pursuant to a Subscription Agreement
entered into between Debtor and Lender relating to the Note (the "Subscription
Agreement"), or pursuant to other written instruments and agreements entered
into by the Debtor and Lender, whether before or after the date hereof, and
further specifically including all of the Debtor's obligations arising under
the Note and the Subscription Agreement relating thereto (collectively, the
"Obligations"), Shareholders for good and valuable consideration, receipt of
which is acknowledged, have agreed to grant to the Lender, a security interest
in the Collateral (as such term is hereinafter defined), on the terms and
conditions hereinafter set forth.

      Defined Terms.  The following defined terms which are defined in the
Uniform Commercial Code in effect in the State of New York on the date hereof
are used herein as so defined:  Accounts, Chattel Paper, Documents, Equipment,
General Intangibles, Instruments, Inventory and Proceeds.

      3.      Grant of General Security Interest in Collateral.

      3.1     As security for the Obligations, Shareholders hereby grant the
Lender a security interest in the Collateral.

      3.2     "Collateral" shall mean all of the following property of the
Shareholders:  the common stock of the Debtor as set forth on Schedule A
hereto, together with medallion signature guaranteed stock powers ("Security
Shares").  Such additional Collateral shall include, but not be limited to, all
the Shareholders right, title and interest in and to the Security Shares,
together with the proceeds of any sale, exchange, liquidation or other
disposition, whether voluntary or involuntary, and including but not limited to
any securities, Instruments, and all benefits and entitlements evidenced by or
arising out of the Security Shares and all other securities, Instruments and
other property (whether real or personal, tangible or intangible) issued or
accepted in substitution for, or in addition to, the foregoing, and all
dividends, interest, cash, instruments, distributions, income, securities and
any other property (whether real or personal, tangible or intangible) at any
time received, receivable or otherwise distributed in respect of, or in
exchange for, the foregoing, whether now owned or hereafter acquired, and any
and all improvements, additions, replacements, substitutions and any and all
Proceeds arising out of or derived from the foregoing.


3.3     The Lender is hereby specifically authorized to transfer any Collateral
into the name of the Lender and to take any and all action deemed advisable to
the Lender to remove any transfer restrictions affecting the Collateral.

      4.      Perfection of Security Interest.

      Shareholders shall execute and deliver to the Lender UCC-1 Financing
Statements ("Financing Statements") assigning to the Lender security interests
in Shareholders' right, title and interest in and to the Collateral.  Debtor
and Shareholders hereby authorize the Lender to file such Financing Statements
at the Debtor's expense, in such filing locations as the Lender deems
appropriate.

      5.      Distribution on Liquidation.

      5.1     If any sum is paid as a liquidating distribution on or with
respect to the Collateral, Shareholders shall accept same in trust for the
Lender and shall deliver same to the Lender to be applied to the Obligations
then due, in accordance with the terms of the Note.

      5.2     Prior to any Event of Default (as defined herein), Shareholders
shall be entitled to exercise all voting power pertaining to any of the
Collateral, provided such exercise is not contrary to the interests of the
Lender and does not impair the Collateral.

      6.      Further Action By Debtor; Covenants and Warranties.

      6.1     Lender at all times shall have a perfected security interest in
the Collateral which shall be prior to any other unperfected interest therein.
Subject to the security interest described herein, Shareholders have and will
continue to have full title to the Collateral free from any liens, leases,
encumbrances, judgments or other claims.  Lender's security interest in the
Collateral constitutes and will continue to constitute a first, prior and
indefeasible security interest in favor of Lender.  Shareholders will do all
acts and things, and will execute and file all instruments (including, but not
limited to, security agreements, financing statements, continuation statements,
etc.) reasonably requested by Lender to establish, maintain and continue the
perfected security interest of Lender in the Collateral, and will promptly on
demand, pay all costs and expenses of filing and recording, including the costs
of any searches deemed necessary by Lender from time to time to establish and
determine the validity and the continuing priority of the security interest of
Lender, and also pay all other claims and charges that in the opinion of Lender
might prejudice, imperil or otherwise affect the Collateral or its security
interest therein.

      6.2     Shareholders will not sell, transfer, assign or pledge those
items of Collateral and Debtor and Shareholders will not allow any such items
to be sold, transferred, assigned or pledged, without the prior written consent
of Lender.  Although Proceeds of Collateral are covered by this Security
Agreement, this shall not be construed to mean that Lender consents to any sale
of the Collateral.


6.3     Debtor and Shareholders will, at all reasonable times, allow Lender or
its representatives free and complete access to all of Debtor 's and
Shareholders' records which in any way relate to the Collateral, for such
inspection and examination as Lender deems necessary.

      6.4     Debtor and Shareholders, at their sole cost and expense, will
protect and defend this Security Agreement, all of the rights of Lender
hereunder, and the Collateral against the claims and demands of all other
parties.

      6.5     Debtor and Shareholders will promptly notify Lender of any levy,
distraint or other seizure by legal process or otherwise of any part of the
Collateral, and of any threatened or filed claims or proceedings that might in
any way affect or impair any of the rights of Lender under this Security
Agreement.

      6.6     Shareholders, at their own expense, will obtain and maintain in
force insurance policies covering losses or damage to those items of Collateral
which constitute physical personal property, if any.  The insurance policies to
be obtained by Shareholders shall be in form and amounts reasonably acceptable
to Lender.  Shareholders shall make the Lender a loss payee thereon. Lender is
hereby irrevocably appointed Debtor's and Shareholders' attorney-in-fact to
endorse any check or draft that may be payable to Shareholders, so that Lender
may collect the proceeds payable for any loss under such insurance.  The
proceeds of such insurance, less any costs and expenses incurred or paid by
Lender in the collection thereof, shall be applied either toward the cost of
the repair or replacement of the items damaged or destroyed, or on account of
any sums secured hereby, whether or not then due or payable.

      6.7     Lender may, at its option, and without any obligation to do so,
pay, perform and discharge any and all amounts, costs, expenses and liabilities
herein agreed to be paid or performed by Debtor, and all amounts expended by
Lender in so doing shall become part of the Obligations secured hereby, and
shall be immediately due and payable by Debtor and Shareholders to Lender upon
demand and shall bear interest at 18% per annum from the dates of such
expenditures until paid.

      6.8     Upon the request of Lender, Debtor will furnish within five (5)
days thereafter to Lender, or to any proposed assignee of this Security
Agreement, a written statement in form satisfactory to Lender, duly
acknowledged, certifying the amount of the principal and interest then owing
under the Obligations, whether any claims, offsets or defenses exist against
the Obligations or against this Security Agreement, or any of the terms and
provisions of any other agreement of Debtor securing the Obligations.  In
connection with any assignment by Lender of this Security Agreement,
Shareholders hereby agree to cause the insurance policies required hereby to be
carried by Shareholders, if any, to be endorsed in form satisfactory to Lender
or to such assignee, with loss payable clauses in favor of such assignee, and
to cause such endorsements to be delivered to Lender within ten (10) calendar
days after request therefore by Lender.


6.9     The Debtor and Shareholders will, at Debtor's expense, make, execute,
endorse, acknowledge, file and/or deliver to the Lender from time to time such
vouchers, invoices, schedules, confirmatory assignments, conveyances, financing
statements, transfer endorsements, powers of attorney, certificates, reports
and other assurances or instruments and take further steps relating to the
Collateral and other property or rights covered by the security interest hereby
granted, as the Lender may reasonable require.

      6.10    Shareholders, each as to himself, represents and warrants that he
is the true and lawful exclusive owner of the Collateral, free and clear of any
liens and encumbrances and acquired the Security Shares for purposes of
calculating the holding period for purposes of Rule 144 under the Securities
Act of 1933 ("Rule 144") on the dates set forth on Schedule A.  Shareholders
make the foregoing representation to the Lender and any transfer agent of the
Company's common stock as if originally made to such transfer agent.

      6.11    Shareholders hereby agree not to divest themselves of any right
under the Collateral absent prior written approval of the Lender.

      6.12    Debtor and Shareholders will cooperate and provide such
certificate, resolutions, representations, legal opinions and all other matters
necessary to facilitate a transfer or sale of any part of the Collateral
pursuant to Rule 144.  Debtor and Shareholders are unaware of any impediment to
the resale of the security by the Lender pursuant to Rule 144.  Debtor and
Shareholders will take no action that would impede or limit the Lender's
ability to resell all the Security Shares pursuant to Rule 144.  For so long as
any Security Shares are subject to this Security Agreement, the Shareholders
will not sell any security of the Debtor which sale would be aggregate with
sales by the Lender pursuant to Rule 144.

      7.      Power of Attorney. Shareholders hereby irrevocably constitute and
appoint the Lender as the true and lawful attorney of Debtor and Shareholders,
with full power of substitution, in the place and stead of Debtor and
Shareholders and in the name of Debtor and Shareholders or otherwise, at any
time or times, in the discretion of the Lender, to take any action and to
execute any instrument or document which the Lender may deem necessary or
advisable to accomplish the purposes of this Agreement which Debtor or
Shareholders fail to take or fail to execute within five (5) business days of
the Lender's reasonable request therefor.  This power of attorney is coupled
with an interest, is irrevocable and shall not be affected by any subsequent
disability or incapacity of Debtor or Shareholders.

      8.      Performance By The Lender.

      If Debtor or Shareholders fail to perform any material covenant,
agreement, duty or obligation of Debtor or Shareholders under this Agreement,
the Lender may, at any time or times in its discretion, take action to effect
performance of such obligation.  All reasonable expenses of the Lender incurred
in connection with the foregoing authorization shall be payable by Debtor and
Shareholders as provided in Paragraph 12.1 hereof.  No discretionary right,
remedy or power granted to the Lender under any part of this Agreement shall be
deemed to impose any obligation whatsoever on the Lender with respect thereto,
such rights, remedies and powers being solely for the protection of the Lender.


      9.      Event of Default.

      An event of default ("Event of Default") shall be deemed to have occurred
hereunder upon the occurrence of any event of default as defined in the Note or
Subscription Agreement.  Upon and after any Event of Default, after the
applicable cure period, if any, any or all of the Obligations shall become
immediately due and payable at the option of the Lender, for the benefit of the
Lender, and the Lender may dispose of Collateral as provided below.  A default
by Debtor or Shareholders of any of their obligations pursuant to this
Agreement including but not limited to the obligations set forth in Section 6
of this Agreement, or a misrepresentation by Debtor or Shareholders of a
material fact stated herein, shall be deemed an Event of Default hereunder and
an event of default as defined in the Obligations.

      10.     Disposition of Collateral.

      10.1    Upon and after any Event of Default which is then continuing,

      (a)     The Lender may exercise its rights with respect to each and every
component of  the Collateral, without regard to the existence of any other
security or source of payment for the Obligations or any other component of the
Collateral.  In addition to other rights and remedies provided for herein or
otherwise available to it, the Lender shall have all of the rights and remedies
of a lender on default under the Uniform Commercial Code then in effect in the
State of New York.

      (b)     If any notice to Shareholders of the sale or other disposition of
Collateral is required by then applicable law, five (5) days' prior notice (or,
if longer, the shortest period of time permitted by then applicable law) to
Shareholders of the time and place of any public sale of Collateral or of the
time after which any private sale or any other intended disposition is to be
made, shall constitute reasonable notification.

      (c)     The Lender is authorized, at any such sale, if the Lender deems
it advisable to do so, in order to comply with any applicable securities laws,
to restrict the prospective bidders or purchasers to persons who will represent
and agree, among other things, that they are purchasing the Collateral for
their own account for investment, and not with a view to the distribution or
resale thereof, or otherwise to restrict such sale in such other manner as the
Lender deems advisable to ensure such compliance.  Sales made subject to such
restrictions shall be deemed to have been made in a commercially reasonable
manner.

      (d)     All cash proceeds received by the Lender in respect of any sale,
collection or other enforcement or disposition of Collateral, shall be applied
(after deduction of any amounts payable to the Lender pursuant to Paragraph
12.1 hereof) against the Obligations.   Upon payment in full of all
Obligations, Shareholders shall be entitled to the return of all Collateral,
including cash, which has not been used or applied toward the payment of
Obligations or used or applied to any and all costs or expenses of the Lender
incurred in connection with the liquidation of the Collateral (unless another
person is legally entitled thereto).  Any assignment of Collateral by the
Lender to Shareholders shall be without representation or warranty of any
nature whatsoever and wholly without recourse.  The Lender may purchase the
Collateral and pay for such purchase by offsetting any sums owed to such Lender
by Debtor or Shareholders arising under the Obligations or any other source.


      (e)     No exercise by the Lender of any right hereby given it, no
dealing by the Lender with Debtor, Shareholders or any other person, and no
change, impairment or suspension of any right or remedy of the Lender shall in
any way affect any of the obligations of Debtor or Shareholders hereunder or
any Collateral furnished by Shareholders or give Debtor or Shareholders any
recourse against the Lender.

      10.2    The Security Shares shall be released to the Shareholders upon
the sooner of (i) complete satisfaction of the Obligations, or (ii) the timely
compliance by the Debtor of its registration obligations set forth in Section
10.1(iv) of the Subscription Agreement.  Notwithstanding anything contained in
this Security Agreement, or in the Subscription Agreement to the contrary, the
Security Shares that have not been released pursuant to this Security Agreement
shall be released and returned promptly to the Shareholders upon the
effectiveness of the SB-2 registration statement required to be filed by the
Company pursuant to Section 10.1(iv) of the Subscription Agreement, provided
that no Event of Default has occurred, otherwise the Security Shares shall
remain subject to this Agreement until the complete satisfaction of the
Obligations.

      10.3    The Shareholders collectively may substitute with the Lender
prior to the occurrence of an Event of Default a sum of money equal to the
greater of (i) the Mandatory Payment as defined in Section 9.2 of the
Subscription Agreement, or (ii) all sums due, payable or accruing on the
Obligations through the Maturity Date of the Note as substitute Collateral and
receive the Security Shares in lieu thereof.  Said sum of money will be held as
Collateral pursuant to this Security Agreement, and shall be deposited in an
interest bearing account for the benefit of the Shareholders provided each of
the Shareholders provide to the Lender a taxpayer identification number and
other documents reasonably requested by Lender.

      11.     Waiver of Automatic Stay.  The Debtor and Shareholders
acknowledge and agree that should a proceeding under any bankruptcy or
insolvency law be commenced by or against the Debtor or Shareholders, or if any
of the Collateral (as defined in the Security Agreement) should become the
subject of any bankruptcy or insolvency proceeding, then the Lender should be
entitled to, among other relief to which the Lender may be entitled under the
Note, Security Agreement, Subscription Agreement and any other agreement to
which the Debtor, Shareholders, or Lender are parties, (collectively "Loan
Documents") and/or applicable law, an order from the court granting immediate
relief from the automatic stay pursuant to 11 U.S.C. Section 362 to permit the
Lender to exercise all of its rights and remedies pursuant to the Loan
Documents and/or applicable law.  THE DEBTOR AND SHAREHOLDERS EXPRESSLY WAIVE
THE BENEFIT OF THE AUTOMATIC STAY IMPOSED BY 11 U.S.C. SECTION 362.
FURTHERMORE, THE DEBTOR AND SHAREHOLDERS EXPRESSLY ACKNOWLEDGE AND AGREE THAT
NEITHER 11 U.S.C. SECTION 362 NOR ANY OTHER SECTION OF THE BANKRUPTCY CODE OR
OTHER STATUTE OR RULE (INCLUDING, WITHOUT LIMITATION, 11 U.S.C. SECTION 105)
SHALL STAY, INTERDICT, CONDITION, REDUCE OR INHIBIT IN ANY WAY THE ABILITY OF
THE LENDER TO ENFORCE ANY OF ITS RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS
AND/OR APPLICABLE LAW.  The Debtor and Shareholders hereby consent to any
motion for relief from stay which may be filed by the Lender in any bankruptcy
or insolvency proceeding initiated by or against the Debtor and Shareholders,
and further agree not to file any opposition to any motion for relief from stay
filed by the Lender.  The Debtor and Shareholders represent, acknowledge and
agree that this provision is a specific and material aspect of this Agreement,
and that the Lender would not agree to the terms of this Agreement if this
waiver were not a part of this Agreement.  The Debtor and Shareholders further
represent, acknowledge and agree that this waiver is knowingly, intelligently
and voluntarily made, that neither the Lender nor any person acting on behalf
of the Lender has made any representations to induce this waiver, that the
Debtor and Shareholders have been represented (or has had the opportunity to be
represented) in the signing of this Agreement and in the making of this waiver
by independent legal counsel selected by the Debtor and Shareholders and that
the Debtor and Shareholders have had the opportunity to discuss this waiver
with counsel.  The Debtor and Shareholders further agree that any bankruptcy or
insolvency proceeding initiated by the Debtor or Shareholders will only be
brought in courts within the geographic boundaries of New York State.


12.     Miscellaneous.

      12.1    Expenses.  Debtor and Shareholders shall severally pay to the
Lender, on demand, the amount of any and all reasonable expenses, including,
without limitation, attorneys' fees, legal expenses and brokers' fees, which
the Lender may incur in connection with (a) sale, collection or other
enforcement or disposition of Collateral; (b) exercise or enforcement of any
the rights, remedies or powers of the Lender hereunder or with respect to any
or all of the Obligations; or (c) failure by Debtor or Shareholders to perform
and observe any agreements of Debtor or Shareholders contained herein which are
performed by the Lender.

      12.2    Waivers, Amendment and Remedies.  No course of dealing by the
Lender and no failure by the Lender to exercise, or delay by the Lender in
exercising, any right, remedy or power hereunder shall operate as a waiver
thereof, and no single or partial exercise thereof shall preclude any other or
further exercise thereof or the exercise of any other right, remedy or power of
the Lender.  No amendment, modification or waiver of any provision of this
Agreement and no consent to any departure by Debtor or Shareholders therefrom,
shall, in any event, be effective unless contained in a writing signed by the
Lender, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.  The rights, remedies
and powers of the Lender, not only hereunder, but also under any instruments
and agreements evidencing or securing the Obligations and under applicable law
are cumulative, and may be exercised by the Lender from time to time in such
order as the Lender may elect.

      12.3    Notices.  Any notice or other communications under the provisions
of this Agreement shall be given in writing and delivered to the recipient in
person, by reputable overnight courier or delivery service, by facsimile
machine (receipt conformed) with a copy sent by first class mail on the date of
transmission, or by registered or certified mail, return receipt requested,
directed to its address set forth below (or to any new address of which a party
hereto shall have informed the other by the giving of notice in the manner
provided herein):

      To Debtor:
      Conectisys Corp. 24307 Magic Mountain Parkway,
      Suite 41 Valencia, CA 91355
      (661) 295-5981 (Telecopier)


      To Shareholders:
      To the addresses and telecopier numbers Set forth on Schedule A hereto

      To Lender:
      LAURUS MASTER FUND, LTD.
      A Cayman Island corporation
      C/o Onshore Corporate Services Ltd.
      P.O. Box 1234 G.T. Queensgate  House,
      South Church Street Grand Cayman, Cayman Islands
      Fax: 345-949-9877

      And for Informational Purposes Only, copy to:
      Barbara R. Mittman
      Grushko & Mittman, P.C.
      551 Fifth Avenue, Suite 1601
      New York, New York 10176
      Fax: (212) 697-3575

      Any party may change its address by written notice in accordance with
      this paragraph.

      12.4    Term: Binding Effect.  This Agreement shall (a) remain in full
force and effect until payment and satisfaction in full of all of the
Obligations; (b) be binding upon Debtor and Shareholders, and their successors
and assigns; and (c) inure to the benefit of the Lender, for the benefit of the
Lender and their respective heirs, legal representatives, successors in title
and permitted assigns.

      12.5    Captions.  The captions of Paragraphs, Articles and Sections in
this Agreement have been included for convenience of reference only, and shall
not define or limit the provisions hereof and have no legal or other
significance whatsoever.

      12.6    Governing Law; Venue; Severability.  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 or choice of law, except to the
extent that the perfection of the security interest granted hereby in respect
of any item of Collateral may be governed by the law of another jurisdiction.
Any legal action or proceeding against the Debtor and Shareholders with respect
to this Agreement may be brought in the courts of the State of New York or of
the United States for the Southern District of New York, and, by execution and
delivery of this Agreement, each of the Debtor and Shareholders hereby
irrevocably accepts for itself and in respect of its property, generally and
unconditionally, the jurisdiction of the aforesaid courts.  The Debtor and
Shareholders hereby irrevocably waive any objection which they may now or
hereafter have to the laying of venue of any of the aforesaid actions or
proceedings arising out of or in connection with this Agreement brought in the
aforesaid courts and hereby further irrevocably waives and agrees not to plead
or claim in any such court that any such action or proceeding brought in any
such court has been brought in an inconvenient forum.  If any provision of this
Agreement, or the application thereof to any person or circumstance, is held
invalid, such invalidity shall not affect any other provisions which can be
given effect without the invalid provision or application, and to this end the
provisions hereof shall be severable and the remaining, valid provisions shall
remain of full force and effect.

      12.7    Counterparts/Execution.  This Agreement may be executed in any
number of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute but one and the same instrument.  This
Agreement may be executed by facsimile signature and delivered by facsimile
transmission.


IN WITNESS WHEREOF, the undersigned have executed and delivered this Security
Agreement, as of the date first written above.

      "DEBTOR" CONECTISYS CORP. a Colorado corporation

      By: /s/ Robert A. Spigno
      Robert A. Spigno
      Its: CEO

      "SHAREHOLDERS"



      /s/ Robert A. Spigno
      Robert A. Spigno


      /s/ Lawrence Muirhead
      Lawrence P. Muirhead


      /s/ Patricia A. Spigno
      Patricia A. Spigno


      "THE LENDER"


      /s/ (Unintelligible)
      LAURUS MASTER FUND LTD.




This Security Agreement may be executed by facsimile signature and delivered by
confirmed facsimile transmission.


      SCHEDULE A TO SECURITY AGREEMENT
      <TABLE><font face=courier>
      DEPOSITOR                      DEPOSITED SECURITY SHARES      STOCK CERTIFICATE NUMBERS   ACQUISITION DATE *
      <C>                            <C>                            <C>                         <C>
      Robert A. Spigno                2,630,742 common shares                 6976                  9-30-99
      24307 Magic Mountain Parkway    (no par value per share)                6697                  11-8-99
      Suite 41                            Conectisys Corp.                    6800                  5-25-00
      Valencia, CA 91355of                                                    6812                  7-31-00
      (661) 295-5981 (Telecopier)

      Patricia A. Spigno              1,458,059 common shares                 6824                  9-30-99
      24307 Magic Mountain Parkway    (no par value per share)                6696                  11-8-99
      Suite 41of Conectisys Corp                                              6815                  7-31-00
      Valencia, CA 91355
      (661) 295-5981 (Telecopier)     .

      Lawrence P.  Muirhead            684,407 common shares                  6719                   2-2-00
      24307 Magic Mountain Parkway    (no par value per share)                6747                   3-6-00
      Suite 41of Conectisys Corp                                              6813                  7-31-00
      Valencia, CA 91355                                                      6869                  9-29-00
      (661) 295-5981 (Telecopier)     .
      </font>
      * Each of the deposited Security Shares was initially issued on the Acquisition Date and fully paid for as of the
      Acquisition Date.
      </TABLE>