SUBSCRIPTION
      AGREEMENT

     

    This
      Subscription Agreement (this “Agreement”)
      is
      made and entered into as of the 25th day of November, 2007 by and between
      Trulite, Inc., a Delaware corporation (“Trulite”)
      and
      Contango Venture Capital Corporation (“CVCC”).

     

    RECITALS

     

    A. CVCC
      has
      lent to Trulite an aggregate of $490,000 pursuant to the terms of the promissory
      notes listed on Exhibit
      A
      attached
      hereto (collectively, the “Notes”);
      and

     

    B. CVCC
      desires to convert the aggregate principal balance of and all accrued but unpaid
      interest on the Notes into shares of Trulite Common Stock, $0.0001 par value
      per
      share (“Common
      Stock”)
      on the
      terms and conditions set forth in this Agreement.

     

    C. Trulite
      desires to issue to CVCC shares of its Common Stock in consideration of the
      cancellation of the aggregate principal balance of and accrued but unpaid
      interest on the Notes on the terms and conditions set forth in this
      Agreement.

     

    NOW,
      THEREFORE, for and consideration of the mutual promises and covenants contained
      herein, the receipt and sufficiency of which is hereby acknowledged, Trulite
      and
      CVCC agree as follows:

     

    1. Trulite
      shall issue to CVCC a number of shares of Common Stock determined by the
      quotient of (x) the aggregate principal balance of and accrued but unpaid
      interest on the Notes as of the close of business on the day immediately
      preceding the Effective Date divided by (y) the agreed price per share of Common
      Stock of $0.67 per share (collectively, the “Shares”).

     

    2. In
      consideration of the receipt of the Shares, on the Effective Date, CVCC shall
      surrender to Trulite the Notes.

     

    3. Trulite
      hereby represents and warrants to CVCC as follows:

     

    (a) Trulite
      has duly authorized the issuance and sale of the Shares in accordance with
      the
      terms of this Agreement.

     

    (b) The
      Shares, when issued and paid for in accordance with this Agreement, will
      represent validly authorized, duly issued and fully paid and non-assessable
      shares of Common Stock.

     

    4. CVCC
      hereby represents, warrants and covenants to Trulite as follows:

     

    (a) CVCC
      is
      purchasing the Shares for CVCC’s own account, and not for the account of any
      other person;

     

    (b) CVCC
      is
      purchasing the Shares for investment only, and is not purchasing the Shares
      with
      a view towards the current or future resale, assignment, fractionalization
      or
      distribution of the Shares;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) CVCC
      understands that (A) the Shares (1) have not been registered under the
      Securities Act of 1933, as amended (the “Act”)
      or any
      other federal or state securities laws, and (2) must be held by CVCC
      indefinitely; and (B) CVCC must therefore bear the economic risk of such
      investment indefinitely; unless a subsequent disposition thereof is registered
      under the Act and applicable state securities laws or is exempt therefrom.
      CVCC
      further understands that such exemptions depend on, among other things, the
      bona
      fide nature of the investment intent of CVCC expressed herein. Pursuant to
      the
      foregoing, CVCC acknowledges that the certificate representing the Shares
      acquired hereunder shall bear a restrictive legend substantially as
      follows:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
      TRANSFER UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AS AMENDED, AND STATE
      SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED,
      PLEDGED OR OTHERWISE DISPOSED OF UNLESS (I) REGISTERED UNDER THE APPLICABLE
      SECURITIES LAWS OR (II) AN OPINION OF COUNSEL, WHICH OPINION AND COUNSEL
      ARE BOTH REASONABLY SATISFACTORY TO TRULITE, HAS BEEN DELIVERED TO TRULITE
      AND
      SUCH OPINION STATES THAT THE SECURITIES MAY BE TRANSFERRED WITHOUT SUCH
      REGISTRATION.”

     

    (d) CVCC
      acknowledges and understands that Trulite has a limited operating
      history;

     

    (e) Trulite
      has made available to CVCC the opportunity to ask questions of and obtain
      additional information from Trulite (or any person acting on its behalf),
      concerning the terms and conditions of this investment, and all such questions
      have been answered to the full satisfaction of CVCC and are sufficient for
      CVCC
      to evaluate the merits and risks of the investment;

     

    (f) CVCC
      represents that it has been called to its attention that its investment in
      Trulite involves a high degree of risk which may result in the loss of the
      total
      amount of its investment;

     

    (g) CVCC
      has
      been furnished by Trulite all information (or provided access to all
      information) regarding the business and financial condition of Trulite, its
      expected plans for future business activities, the attributes of the Shares
      and
      the merits and risks of an investment in the Shares that CVCC has requested
      or
      otherwise needs to evaluate the investment in the Shares.

     

    5. In
      the
      event that within two (2) years of the date of this Agreement, Trulite files
      with the Securities and Exchange Commission a registration statement under
      the
      Act, other than a Registration Statement on Form S-8, a Registration Statement
      on Form S-4 or a similar or successor form, Trulite will use its reasonable
      efforts to cause registration of the resale of 5% of the Shares to be included
      in the first such registration statement filed by Trulite; provided that CVCC
      complies with all reasonable requests made by Trulite related to the inclusion
      of such Shares in such registration statement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    6. This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Texas, notwithstanding principles of conflicts of laws.

     

    7. This
      Agreement constitutes the entire agreement among the parties hereto with respect
      to the subject matter hereof, and may be amended only by a writing executed
      by
      all parties hereto.

     

    Executed
      as of the date first set forth above.

     

    
      	
              TRULITE,
                INC.

            
	 
	
              By:

            	 

	
              Name:

            	 

	
              Title:

            	 

	 	 
	
              CONTANGO
                VENTURE CAPITAL CORPORATION

            
	 
	
              By:

            	 

	
              Name:

            	 

	
              Title:

            	 



    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    
      	
              Date of Note

            	 	
              Payee

            	 	
               Aggregate

              Principal Amount

            
	
              May
                30, 2007

            	
               

            	
              Contango
                Venture Capital Corporation

            	 	$	
              240,000

            
	
              August
                20, 2007

            	 	
              Contango
                Venture Capital Corporation

            	 	$	
              250,000