**EMPLOYMENT      AGREEMENT**

| 1.   | Employment              Period.              The Company shall employ the Executive as its Chief Executive Officer              for              the period beginning on the date on which the Executive becomes legally              qualified to be an employee of the Company under all applicable              immigration and other laws (the “Commencement              Date”),              and ending on the date such employment is terminated pursuant to Section              5              (the “Employment              Period”). |
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| 2.   | Performance              of Duties.              The Executive shall be responsible for formulation and implementation              of              the business plan and day-to-day operation of the Company. The duties              of              the Executive shall include those commonly associated with such position,              together with such other duties consistent therewith and herewith as              may              be assigned to the Executive by the Company’s Board of Directors. The              Executive shall report to the Company’s Board of Directors. The Executive              shall provide services primarily at the Company’s offices located in Fort              Lauderdale, Florida. The Executive shall perform Executive’s duties              faithfully and will devote his entire business time and attention and              his              best efforts to the duties and services of his position. |
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| 3.   | Compensation              and Benefits.              The following shall apply during the Employment              period: |
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|   | 3.1 | *Base                Salary*.                The Executive’s base salary as of the Commencement Date will be $250,000                per year, payable in accordance with the applicable payroll practices                of                the Company. The Company’s Board of Directors shall, from time to time,                review the Executive’s performance and consider increasing the Executive’s                Base Salary. |
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|   | 3.2 | *Sign-on                Bonus*. |
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|   |   | i. | The                Executive will be entitled to receive an equity sign-on bonus on                his first                day of actual employment by the Company on its payroll, consisting                of                immediately vesting, 10 year options to purchase 100,000 shares of                Ener1,                Inc. common stock at an exercise price of $.00 per share. These options                will be issued under the Ener1, Inc. 2002 Employee Stock Participation                Plan, subject to the terms and conditions thereof, with the option                grant                drafted to be consistent with the terms of this Agreement. The Company                represents that the shares underlying the options have been registered                with the United States Securities and Exchange Commission by Ener1,                Inc.                pursuant to a registration statement on Form                S-8. |
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|   |   | ii. | In                addition to the equity sign-on bonus, the Executive shall be paid,                upon                the execution and delivery by the Executive of this Agreement to                the                Company, a cash sign-on bonus of $70,000. |
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|  | 3.3 | *Performance                Bonus*.                The Executive shall have the opportunity to earn an annual bonus                of up to                100% of his annual salary. The bonus will be determined by EnerDel’s Board                of Directors based on the performance of the Executive and of                EnerDel. |
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|   | 3.4 | *Vacation*.                The Executive shall be entitled to three weeks of paid vacation leave                per                year during each of the first three years of the Executive’s employment                with the Company, and 4 weeks of paid vacation for each subsequent                year,                the timing of which shall be approved in accordance with the general                policies and procedures of the Company as amended from time to time                for                executives of the Company and its affiliated entities (“Company                Policies”). |
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|   | 3.5 | *Medical                Insurance*.                The Company shall provide medical insurance coverage to the extent                consistent with that provided to other Executives of the Company                and its                Affiliated Companies, and in accordance with Company                Policies. |
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|   | 3.6 | *Other                Benefits*.                The Executive shall have the right to participate in such pension,                retirement savings, bonus, profit sharing and other employee welfare                and                benefit plans, if any, as are made available generally to employees                of the                Company and its Affiliated Companies, in accordance with Company                Policies. |
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|   | 3.7 | *Withholding.*                There shall be deducted from any payments made hereunder any taxes                or                other amounts required to be withheld by any government entity or                taxing                authority having jurisdiction over the                matter. |
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|   | 3.8 | *Option                Plan*.                The Executive will be entitled to the following equity participations: |
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|   |   | i. | The                Executive shall be granted, pursuant to a separate option plan, effective                on his first day of actual employment with the Company on its payroll                ,                options to purchase 1,000,000 shares of Ener1, Inc. common stock,                vesting                25% on each of the first four anniversaries of the date of this Agreement.                Exercise price for these options will be equal to fair market value                on the                date of the option, and the term of the options shall be ten years.                The                Executive’s right to exercise any of the options shall be subject to the                Company’s reporting revenue equal to $1.5 million for calendar 2005 and                $7.0 million for calendar 2006, as confirmed by review or audit by                its                independent registered auditors. If the Company revenue falls short                of the                target(s) for any of the time frames involved by 20% or more, the                Executive shall not be able to exercise any of the options referred                to in                this provision that have vested unless and until the Company revenue                for                subsequent time frames reaches more than 80% of said target revenue.                The                Company may also consider granting to the Executive options to purchase                the Company’s common stock, on terms to be determined by the Company’s                Board of Directors. Based on the Executive’s performance and the                performance of the Company and Ener1, Inc., the Boards of Directors                of                Ener1, Inc. and the Company may, in their separate and independent                discretion and subject to any applicable corporate and legal requirements                and tax and accounting considerations, in lieu of directly granting                options to purchase the Company’s common stock, instead grant to the                Executive the opportunity to exchange some or all of the Executive’s                Ener1, Inc. stock options for options to purchase the Company’s common                stock, on terms and conditions to be established by the Company and                Ener1,                Inc. at the appropriate time. |
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|  | ii. | In                  the event of Change of Control of the Company, any unvested options                  granted to the Executive shall vest and shall be fully exercisable                  immediately. “Change                  in Control”                  shall be deemed to occur if any Person shall acquire direct or                  indirect                  beneficial ownership (whether as a result of stock ownership, revocable                  or                  irrevocable proxies or otherwise) of securities of the Company,                  pursuant                  to one or more transactions, such that after consummation and as                  a result                  of such transaction, such Person has direct or indirect beneficial                  ownership of 50% or more of the total combined voting power with                  respect                  to the election of directors of the issued and outstanding securities                  of                  the Company. “Person”                  shall mean any person, corporation, partnership, joint venture                  or other                  entity or any group (as such term is defined for purposes of Section                  13(d)                  of the Exchange Act), other than a Parent or Subsidiary, and “beneficial                  ownership” shall be determined in accordance with Rule 13d-3 under                  the Exchange Act. Notwithstanding the foregoing, for purposes of                  this                  Agreement, “Change of Control” shall not include any change of control,                  actual or implicit, resulting from any Person or Persons gaining                  50% or                  more of the combined voting power for the Company (or less than                  50%, even                  though such lesser amount may represent effective voting control)                  through                  an Initial Public Offering by the Company or other financing conducted                  by                  or on behalf of the Company. |
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| 4.   | Expenses. |
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|   | 4.1 | Throughout                the term of this Agreement, the Executive shall be reimbursed in                accordance with Company Policies for reasonable out-of-pocket expenses                incurred by him in the performance of his services hereunder. |
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|   | 4.2 | In                addition, the Company shall reimburse the Executive for up to $10,000                in                personal travel expenses incurred by the Executive during his first                year                of actual employment with the Company. |
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|   | 4.3 | In                addition, the Company will reimburse the Executive for the reasonable,                documented costs of the Executive’s relocation to the Ft. Lauderdale,                Florida area. Such costs shall include the cost of moving his (and                his                family’s) personal property from California and the cost of airfare for                himself and his family from California. |
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|   | 4.4 | In                addition, the Company shall reimburse the Executive for automobile                rental                and hotel expenses incurred by the Executive during his first year                of                actual employment with the Company (or until his relocation to Ft.                Lauderdale, Florida is completed, whichever comes first). |
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|   | 4.5 | The                expenses referenced in subsections 4.1 through 4.4, inclusive, shall                be                (i) reimbursed by the Company to the Executive as and when incurred                by the                Executive, and promptly after receipt by the Company of written                documentation which substantiates each reimbursement request, and                (ii)                grossed-up to offset the income tax liability, if any, which Executive                incurs in connection with the receipt of such reimbursed amounts. |
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| 5.   | Termination.              The Executive and the Company shall have the right to terminate this              Agreement as provided in this Section 5. |
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|   | 5.1 | *Voluntary                Resignation*.                The Executive may terminate his employment hereunder at any time                upon 30                days’ prior written notice. |
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| 5.2   |  *Termination              by the Company without Cause or Termination by the Executive with Good              Reason.*              The Company shall have the right to terminate the Executive’s employment              hereunder without Cause (as Cause is defined below in Section 5.3)              upon 30              days’ written notice to the Executive. The Executive shall have the right              to terminate his employment hereunder with Good Reason as (defined              below)              upon 30 days’ written notice to the Company. “Good Reason” shall mean the              occurrence of any of the following              events: |
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|   |   | i. | (a)                the assignment to the Executive of responsibilities which are, or                to a                position with the Company which is substantially different from,                Executive’s responsibilities or position as set forth in this Agreement                (but not including promotions of the Executive), and which have an                adverse                effect upon the Executive; or (b) the reduction of the Executive’s                authority from that set forth herein or otherwise customary for a                chief                executive officer of a corporation. |
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|  | ii. | a                reduction by the Company in the Executive’s Base Salary; |
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|   |   | iii. | the                Company’s material breach of any provision of this Agreement, *provided*that                if such breach is curable the Executive has given the Company written                notice of such breach, and the Company has failed to cure such breach                within 30 days after such notice;                or |
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|   |   | iv. | the                Company shall fail to maintain directors and officers liability coverage. |
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|   | 5.3 | *Termination                for Cause*.                The company shall have the right to terminate the Executive’s employment                hereunder at any time upon written notice on account of the existence                or                occurrence of one or more of the following events                (“Cause”): |
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| i.   | the              Executive discloses Confidential Information in violation of Section              7 or              engages in competition in violation of Section 8 of this              Agreement; |
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| ii.   | the              Executive materially breaches any other provision of this Agreement,              and              fails to cure such breach within 30 days after written notice thereof              from              the Company; |
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| iii.   | the              Executive is convicted of a felony; or indicted for any crime involving              moral turpitude; |
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| iv.   | the              Executive’s use of narcotics, alcohol or illicit drugs has a detrimental              effect on the performance of his employment responsibilities, as              determined in the reasonable judgment of the Board of Directors; or |
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| v.   | any              failure of the Executive (unless solely and directly caused by, or              materially contributed to by, the wrongful action or any inaction of              the              Company) to maintain his employment eligibility under all applicable              employment laws, including without limitation, the laws pertaining              to              employment of foreign nationals by U.S. companies, or failure of the              Executive qualify under such laws for employment by the Company on              or              before November 15, 2005. |
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|   | 5.4 | *Disability*.                The Company may terminate the Executive’s employment hereunder upon 30                days’ written notice if the employee is unable to perform his duties, in                any material respect, whether by reason of a physical or mental injury,                physical incapacity or disability, physical or mental illness or                otherwise, for a period of more than 180 consecutive days, exclusive                of                vacations, holidays, and leaves of absence approved in writing by                the                Company, and which, in the written opinion of a practicing physician,                resident in Florida of recognized ability and reputation selected                by the                Company, who has examined the Executive after such 180 days, reasonably                determines that the Executive is unable to perform his duties hereunder                as                an Executive of the Company. |
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| 5.5   | *Death*.              The Executive’s employment hereunder automatically shall be terminated by              reason of his death. |
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| 6.   | Rights              and Obligations of the Parties Upon Early Termination.              The Company and the Executive shall have the following rights and              obligations upon early termination of the Executive’s employment hereunder              pursuant to Section 5. Nothing herein shall be construed to be in              derogation of any other benefits provided by the Company pursuant to              Company Policies or by law. |
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| 6.1*  * | *Termination              for Cause*.              The Company shall have no obligation to make payments to the Executive              in              accordance with Section 3 for periods after the date on which the              Executive’s employment with the Company is terminated pursuant to Section              5.1 (Voluntary Resignation), Section 5.3 (Termination for Cause), Section              5.4 (Disability) or Section 5.5 (Death), except for payments due and              owing              as of such date. |
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| 6.2   | *Termination              Without Cause or Termination with Good Reason.*              If              the Company terminates the Executive’s employment hereunder without Cause,              if the Executive terminates the Executive’s employment hereunder with Good              Reason pursuant to Section 5.2, the Company shall pay the Executive              any              compensation and benefits the Company owes to the Executive through              the              effective date of termination and shall continue to make salary payments              only (subject to required withholding and other applicable taxes) to              the              Executive in accordance with his Base Salary, on the Company’s regularly              scheduled payroll dates, for an additional period of six (6) months              following the effective date of              termination. |
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| 7.   | Confidential              Information. |
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| 7.1   | “Confidential              Information”              shall mean all trade secrets and other confidential and proprietary              information of the Company or other entities under common control with,              controlled by or controlling the Company (hereinafter referred to as              an              “Affiliated              Company”              or “Affiliated              Companies”),              including but not limited to: (i) inventions (whether or not patented              or              patentable), writings (whether or not copyrighted or copyrightable),              designs, systems, processes, discoveries, works of authorship,              improvements or ideas relating to any products, software, hardware,              apparatus, processes, or uses thereof produced or being developed by              the              Company (“Company              Products”)              or the technology or know-how of the Company or any Affiliated Company;              (ii) the Company’s or any Affiliated Company’s proprietary software,              consisting of computer programs in source or object code and all related              documentation and modifications thereto and including programs and              documentation and training and service materials, including all upgrades,              improvements and modifications thereto and including programs and              documentation in incomplete states of design or research and development;              (iii) the subject matter of the Company’s or any Affiliated Company’s              patents, design patents, copyrights, trade secrets, trademarks, service              marks, trade names materials, operating instructions and other              confidential industrial property, including matters in the process              of              design or research and development; (iv) the Company’s or any Affiliated              Company’s business operations and practices, including marketing,              research, service and product development plans and strategies which              have              been or are being considered, processes product formulations and designs,              and sales or distribution methods and techniques, other than any of              the              foregoing which are published by the Company or otherwise made available              by the Company to the industry; (v) the Company’s or any Affiliated              Company’s pricing information, pricing methods, bidding practices, pricing              structures, cost analysis reports, overhead reports, profit margins              and              supplier and vendor arrangements; (vi) information of the Company or              any              Affiliated Company relating to persons, firms, partnerships, corporations              or other entities which are or have been customers of the Company or              any              Affiliated Company including identification of or lists of past, existing              or potential customers and their business requirements and the method              services can be individually tailored to the needs of particular customers              together with the programs devised for customers and the materials              embodying them; (vii) account information relating to customers, including              payment history, account balances and receivables; and (viii) financial              information relating to the Company or any Affiliated              Company. |
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| *7.2  * | *Company              Proprietary Rights*.              All Confidential Information created by the Executive (alone or with              others) during the Employment Period, regardless of whether or not              such              information was created during the Company’s customary business hours or              at the Company’s place of business, shall be and remain the sole property              of the Company free and clear of any rights or claims that may be made              by              the Executive or any other entity. The Executive shall not file any              copyright or patent applications covering or claiming any Confidential              Information except with the prior written consent of the Company. Upon              termination of the Executive’s employment, or at any time upon written              request of the Company, the Executive shall deliver to the Company              all              Confidential Information, whether embodied in Written Materials,              substances, models, mechanisms or the like, including but not limited              to,              customer/client lists, documents, research data, reports, plans,              proposals, marketing and sales plans, equipment, software, discs,              illustrations, samples, and manuals or otherwise containing or relating              to              the Confidential Information in his possession or control. “Written              Material” means letters, memoranda, reports, notes, notebooks, books of              account, data, drawings, prints, plans, specifications, formulae, and              all              other documents or writings, and all copies thereof, including those              stored in forms of electronic media. During the Employment Period and              for              a period of one (1) year thereafter, at the request of the Company              and              without expense to the Executive but also without additional              consideration, the Executive shall execute such documents and perform              such              other reasonable acts as the Company deems necessary to vest in the              Company or its designee title to Confidential Information, or to obtain,              with respect to Confidential Information, copyrights and/or patents              in any              jurisdiction or jurisdictions, including, without limitation, any              application for copyrights or patents, any copyrights or patents issued              pursuant thereto, and any assignment of any of the              foregoing. |
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| *7.3  * | *Non-Disclosure*.              The Executive shall, throughout the term of this Agreement and for              a              period of three (3) years thereafter: (i) hold all Confidential              Information in the strict confidence and not disclose any Confidential              Information to any third party except to, or with the prior written              consent of, the person or persons designated from time to time by the              Board of Directors other than the Executive (an “Authorized              Representative of the Company”),              or as required by law or valid order of a court or other governmental              authority; *provided,              however*,              that prior to making any such disclosure other than with the consent              of              the Company the Executive shall first notify the Company of the              Executive’s intention to disclose Confidential Information pursuant to              this exception as promptly as is practical under the circumstances              in              order to enable the Company to seek a protective order or injunction              against the making of such disclosure; (ii) not make any use of any              Confidential Information except such use as is required in the due              performance of the Executive’s duties hereunder; (iii) comply with all              non-disclosure and confidentiality agreements to which the Company              is a              party; and (iv) take all reasonable precautions to assure that the              Confidential Information is properly protected and kept from unauthorized              persons. |
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| *7.4  * | *Exclusions*.              The foregoing shall not apply if (i) the Confidential Information is              known              to the Executive on the date of this Agreement, (ii) the Confidential              Information to be disclosed is or has become public knowledge through              no              fault of the Executive where the disclosing person was not, to the              best of              the Executive’s knowledge, under an obligation not to disclose such              information, (iii) the Confidential Information to be disclosed was              known              to the Executive prior to its disclosure to the Executive; or (iv)              the              Confidential Information is to be disclosed as reasonably required              to              perform the Executive’s duties under this              Agreement. |
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|  | 8. | Non-Competition. |
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| 8.1   | The              Executive agrees that during the Employment Period, and for a period              of              six (6) months following any termination other than a termination by              the              Company without Cause or a termination by the Executive for Good Reason              under Section 5.2, (the “Non-Competition              Period”),              the Executive shall not directly or indirectly, alone or as a partner,              officer, director, employee, consultant, agent, independent contractor,              member, stockholder or other equity owner of any person or entity,              engage              in any business activity which is in competition with the business              of the              Company, including without limitation any business that develops, seeks              to              develop, markets or sells any product that is similar to or competitive              with any product that the Company is, to the best knowledge of the              Executive, seeking to develop, market or sell, or that the Company              is then              engaged in developing, marketing or selling. For purposes hereof, the              “business”              of the Company shall mean the actual business of the Company as of              the              date the Executive leaves the employment of the Company (which, as              of the              date hereof, is the development, marketing and sale of lithium batteries              and their components). Notwithstanding any provision of this subsection              8.1 to the contrary, Executive may, without violating the provisions              of              Section 8 of this Agreement, hold not more than two percent (2%) of              the              issued and outstanding stock of any company which competes with the              Company that is also traded on a public exchange, provided that he              has no              other association with such company. |
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| 8.2   | The              restrictions set forth in Section 8.1 are a material part of the bargain              between the parties. The Executive acknowledges and agrees that the              limitations contained in Section 8.1 with respect to duration and scope              of              activity are reasonable. If, however, the geographic area, duration              or              scope of activity of any restriction contained in Section 8 shall be              held              to be unenforceable, such restriction shall be modified to the extent              necessary to render it legal, valid and enforceable to the fullest              extent              permissible by law. |
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|   | 9. | Non-solicitation                of Consultants and Executives.                During the Employment Period and for a period of six (6) months following                any termination of the Executive hereunder, the Executive shall not,                on                his own behalf or on behalf of any other individual, corporation,                partnership, limited liability company or other entity, employ, solicit                for employment, or otherwise assist in the solicitation for employment,                including any recommendation with respect to employment, of any person                who                is a consultant or employee of the Company at the time of any such                solicitation. |
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|   | 10. | Representations                and Warranties.                The Executive represents and warrants as of the date of this Agreement                and                as of the Commencement Date that (i) the Executive does not own or                have                any interest or right in any inventions or discoveries developed,                made or                conceived prior to the Executive’s employment by the Company and relating                to Company Products or any Confidential Information that has not                been                assigned, sold and granted by the Executive to the Company; (ii)                the                Executive does not have any obligations to prior employers or others                relating to Confidential Information related to the business of the                Company or to any inventions or discoveries; and (iii) the Executive                is                not bound by any restriction, agreement, judgment or other limitation                limiting the Executive’s ability to enter into this Agreement or to                carryout its terms. |
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|   | 11. | Remedies.                If the Executive breaches, or threatens to commit a breach of any                of the                provisions contained in Sections 7, 8, or 9 (the “Restrictive                Covenants”),                the Company shall have the following rights and remedies, each of                which                shall be enforceable, and each of which is in addition to, and not                in lieu                of, any other rights and remedies available to the Company at law                or in                equity: |
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|   | 11.1 | The                Executive shall account for and pay over to the Company all compensation,                profits and other benefits which inure, directly or indirectly, to                the                Executive, any of his affiliates, or any of his family members, or                any                business of which the Executive or any of his relatives, spouse or                other                family members is an employee, director, officer, partner, shareholder                or                other equity owner resulting from any action or transaction constituting                a                breach of any of the Restrictive                Covenants. |
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|   | 11.2 | In                the event of a violation or threatened violation of any of the Restrictive                Covenants, the Company is likely to suffer irreparable harm for which                monetary damages will not be adequate. Having no adequate remedy                at law,                the Company shall therefore be entitled to seek to enforce each such                provision by temporary or permanent injunction without prejudice                to any                other rights and remedies that may be available at law or in equity,                except as may be required by law. In the event that the Company prevails                in any such action, the Executive shall be responsible to the Company                for                any legal fees and costs incurred by the Company to enforce this                or any                other provisions of this Agreement. |
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|   | 11.3 | If                any of the Restrictive Covenants, or any part thereof, are held to                be                invalid or unenforceable, the same shall not affect the remainder                of the                covenant or covenants, which shall be given full effect, without                regard to                the invalid or unenforceable portions. Without limiting the generality                of                the foregoing, if any of the Restrictive Covenants, or any part thereof,                are held to be unenforceable because of the duration of such provision                or                the area covered thereby, the parties hereto agree that the court                making                such determination shall have the power to reduce the duration and/or                area                of such provision and, in its reduced form, such provision shall                then be                enforceable. |
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| 13.   | Notices.              Any notices and other communications hereunder shall be in writing              and              addressed to the parties as follows (with notice deemed given as              indicated): (i) by personal delivery upon signed acknowledgment when              delivered personally; (ii) by certified or registered mail, postage              prepaid, return receipt requested, 5 business days after mailing; (iii)              by              nationally recognized overnight courier service upon confirmation of              receipt or (iv) by telecopy transmission upon electronic or written              confirmation of receipt: |
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|   | 14. | Governing                Law.                This Agreement shall be construed, interpreted, and enforced according                to                the laws of the State of Florida without regard to the principles                of                conflict of laws. |
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|   | 15. | Severability.                If any of the provisions of this Agreement shall be held invalid,                the                remainder of this Agreement shall not be affected thereby, and shall                remain in full force and effect. |
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|   | 16. | Successors                and Assigns.                The Company may assign its rights under this Agreement to any entity                that                assumes the Company’s obligations hereunder in connection with any sale or                transfer of all or a substantial portion of the Company’s assets to such                entity through merger, consolidation, or                otherwise. |
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|   | 17. | Modifications                in Writing; Waiver.                No modification, alteration, or addition to this Agreement shall                be valid                or effective unless in writing signed by the party against whom                enforcement thereof is sought. No waiver of any breach of any of                the terms                and conditions contained in this Agreement shall be construed to                be a                waiver of any succeeding breach of such term or condition, or of                any other                term or condition. |
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|   | 18. | Arbitration.                Any controversy or claim arising out of or relating to this Agreement                or                the breach thereof, or the Executive’s employment or the termination                thereof, shall be settled in the Fort Lauderdale, Florida area, by                arbitration before a sole arbitrator in accordance with the national                Rules                for the Resolution of Employment Disputes of the American Arbitration                Association. The decision of the arbitrator shall be final and binding                on                the parties, and judgment on the award rendered by the arbitrators                shall                be entered in any court having jurisdiction thereof. The arbitrator                shall                be empowered to enter an equitable decree mandating specific enforcement                of the terms of this Agreement. The state and federal courts located                in                the State of Florida shall have personal jurisdiction over the parties                for                any action or proceeding relating to the enforcement of an award                pursuant                to any arbitration in which the parties are                participants. |
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|   | 19. | No                Waiver of Attorney-Client Privilege or Ethical Duty of                Confidentiality.                The Company does not hereby waive the attorney-client privilege with                respect to any information provided to or communication with the                Executive                in any respect. |
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|   | 20. | Amendment.                This Agreement may only be amended or canceled by the mutual, written                agreement of the parties. No person, other than the parties hereto,                shall                have any rights under or interest in this Agreement or the subject                matter                hereof. The parties hereby agree that no oral conversations shall                be                deemed to be a modification of this Agreement and neither party shall                assert the same. |
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|   | 21. | Entire                Agreement.                This Agreement contains the entire understanding of the parties with                respect to the subject matter hereof. This Agreement supersedes any                prior                or contemporaneous agreement between the parties with respect to                the                subject matter thereof. No other agreements, representations or                understandings (whether oral or written and whether express or implied)                which are not expressly set forth in this Agreement have been made                or                entered into by either party with respect to the subject matter                hereof. |
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|   | 22. | Survival.                The rights, benefits, duties and obligations of the parties hereunder,                including, without limitation, the rights, benefits, duties and                obligations contained in Section 7, 8, 9, 11 and 12 herein, and the                representations and warranties made in Section 10 herein, shall survive                the term and/or termination of this                Agreement. |
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|   |   |   | ENERDEL, INC. |
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|   |   | By:    | /s/      |
|        |   | Name:  |               |
|   |   | Title: |          |
|   |   |   |               |
|   |   |   |          |
|   |   |   |          |

|   |   |   |                   |
|--------|--------|--------|----------------------------------|
|   |   | By:    | EXECUTIVE                        |
|   |   |   |                             |
|   |   |   | /s/                         |
|        |   |   | Name:                Ulrik Grape |
|   |   |   |                             |
|   |   |   |                             |

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