Document:

EXHIBIT 4.9

                             STOCK PLEDGE AGREEMENT

         This Stock Pledge Agreement (this  "Agreement"),  dated as of September
___, 2005, among Laurus Master Fund, Ltd. (the "Pledgee"), American Technologies
Group,  Inc., a Nevada  corporation  ("ATG"),  Omaha Holdings  Corp., a Delaware
corporation ("Omaha"), and each of the other undersigned parties (other than the
Pledgee)  (ATG,  Omaha and each such other  undersigned  party,  a "Pledgor" and
collectively, the "Pledgors").

                                   BACKGROUND

         The Pledgors and various subsidiaries of the Pledgors have entered into
a  Security  Agreement,  dated  as of the date  hereof  (as  amended,  modified,
restated or supplemented from time to time, the "Security Agreement"),  pursuant
to which the Pledgee provides or will provide certain  financial  accommodations
to the Pledgors and certain subsidiaries of the Pledgors.

         In order to induce the  Pledgee to provide or  continue  to provide the
financial accommodations  described in the Security Agreement,  each Pledgor has
agreed to pledge  and grant a  security  interest  in the  collateral  described
herein to the Pledgee on the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration the receipt of which is hereby acknowledged,  the parties
hereto agree as follows:

         1.  Defined  Terms.  All  capitalized  terms used herein  which are not
defined shall have the meanings given to them in the Security Agreement.

         2.  Pledge  and Grant of  Security  Interest.  To  secure  the full and
punctual  payment  and  performance  of (the  following  clauses  (a)  and  (b),
collectively,  the  "Indebtedness")  (a)  the  obligations  under  the  Security
Agreement and the  Ancillary  Agreements  referred to in the Security  Agreement
(the Security  Agreement and the Ancillary  Agreements,  as each may be amended,
restated,  modified and/or  supplemented  from time to time,  collectively,  the
"Documents") and (b) all other indebtedness, obligations and liabilities of each
Pledgor to the Pledgee  whether now  existing or  hereafter  arising,  direct or
indirect, liquidated or unliquidated, absolute or contingent, due or not due and
whether  under,  pursuant  to  or  evidenced  by a  note,  agreement,  guaranty,
instrument  or  otherwise  (in  each  case,  irrespective  of  the  genuineness,
validity,   regularity  or  enforceability  of  such  Indebtedness,  or  of  any
instrument  evidencing any of the Indebtedness or of any collateral  therefor or
of  the  existence  or  extent  of  such  collateral,  and  irrespective  of the
allowability,  allowance  or  disallowance  of any or all of  such  in any  case
commenced  by or  against  any  Pledgor  under  Title 11,  United  States  Code,
including,  without limitation,  obligations or indebtedness of each Pledgor for
post-petition interest,  fees, costs and charges that would have accrued or been
added to the Indebtedness  but for the commencement of such case),  each Pledgor
hereby pledges, assigns, hypothecates,  transfers and grants a security interest
to Pledgee in all of the following (the "Collateral"):

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                  (a) the shares of stock set forth on Schedule A annexed hereto
and expressly made a part hereof  (together with any additional  shares of stock
or other equity interests  acquired by any Pledgor,  the "Pledged  Stock"),  the
certificates representing the Pledged Stock and all dividends, cash, instruments
and other  property  or  proceeds  from  time to time  received,  receivable  or
otherwise distributed in respect of or in exchange for any or all of the Pledged
Stock;

                  (b) all  additional  shares of stock of any issuer  (each,  an
"Issuer") of the Pledged  Stock from time to time acquired by any Pledgor in any
manner,  including,  without  limitation,  stock  dividends or a distribution in
connection with any increase or reduction of capital, reclassification,  merger,
consolidation,  sale of assets,  combination of shares, stock split, spin-off or
split-off (which shares shall be deemed to be part of the  Collateral),  and the
certificates  representing  such  additional  shares,  and all dividends,  cash,
instruments  and  other  property  or  proceeds  from  time  to  time  received,
receivable or otherwise  distributed in respect of or in exchange for any or all
of such shares; and

                  (c) all  options and  rights,  whether as an  addition  to, in
substitution  of or in  exchange  for any  shares of any  Pledged  Stock and all
dividends,  cash,  instruments  and other property or proceeds from time to time
received,  receivable or otherwise  distributed in respect of or in exchange for
any or all such options and rights.

         3. Delivery of Collateral.  All certificates representing or evidencing
the  Pledged  Stock  shall be  delivered  to and held by or on behalf of Pledgee
pursuant  hereto  and  shall be  accompanied  by duly  executed  instruments  of
transfer or  assignments  in blank,  all in form and substance  satisfactory  to
Pledgee. Each Pledgor hereby authorizes the Issuer upon demand by the Pledgee to
deliver  any  certificates,   instruments  or  other  distributions   issued  in
connection with the Collateral  directly to the Pledgee, in each case to be held
by the Pledgee,  subject to the terms hereof. Upon the occurrence and during the
continuance  of an Event of Default (as defined  below),  the Pledgee shall have
the right, during such time in its discretion and without notice to the Pledgor,
to transfer to or to register in the name of the Pledgee or any of its  nominees
any or all of the Pledged Stock.  In addition,  the Pledgee shall have the right
at such time to exchange certificates or instruments  representing or evidencing
Pledged   Stock  for   certificates   or   instruments   of  smaller  or  larger
denominations.

         4. Representations and Warranties of each Pledgor. Each Pledgor jointly
and severally represents and warrants to the Pledgee (which  representations and
warranties  shall be deemed to continue to be made until all of the Indebtedness
has been  paid in full and each  Document  and  each  agreement  and  instrument
entered into in connection therewith has been irrevocably terminated) that:

                  (a) the execution, delivery and performance by each Pledgor of
this  Agreement and the pledge of the  Collateral  hereunder do not and will not
result  in any  violation  of any  agreement,  indenture,  instrument,  license,
judgment,  decree, order, law, statute,  ordinance or other governmental rule or
regulation applicable to any Pledgor;

                  (b) this Agreement  constitutes the legal,  valid, and binding
obligation of each Pledgor  enforceable  against each Pledgor in accordance with
its terms;

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                  (c) (i) all Pledged  Stock owned by each  Pledgor is set forth
on Schedule A hereto and (ii) each Pledgor is the direct and beneficial owner of
each share of the Pledged Stock;

                  (d) all of the  shares  of the  Pledged  Stock  have been duly
authorized, validly issued and are fully paid and nonassessable;

                  (e)  no  consent  or  approval  of  any  person,  corporation,
governmental body, regulatory authority or other entity, is or will be necessary
for (i) the  execution,  delivery and  performance of this  Agreement,  (ii) the
exercise by the Pledgee of any rights with  respect to the  Collateral  or (iii)
the pledge and  assignment  of,  and the grant of a  security  interest  in, the
Collateral hereunder;

                  (f)  there  are no  pending  or,  to  the  best  of  Pledgor's
knowledge,  threatened actions or proceedings  before any court,  judicial body,
administrative  agency or arbitrator  which may materially  adversely affect the
Collateral;

                  (g) each  Pledgor has the  requisite  power and  authority  to
enter into this Agreement and to pledge and assign the Collateral to the Pledgee
in accordance with the terms of this Agreement;

                  (h) each Pledgor owns each item of the Collateral  and, except
for  the  pledge  and  security  interest  granted  to  Pledgee  hereunder,  the
Collateral  shall be,  immediately  following  the  closing of the  transactions
contemplated  by the Documents,  free and clear of any other security  interest,
pledge, claim, lien, charge,  hypothecation,  assignment,  offset or encumbrance
whatsoever (collectively, "Liens");

                  (i) there are no restrictions on transfer of the Pledged Stock
contained  in  the  certificate  of  incorporation  or  by-laws  (or  equivalent
organizational  documents)  of the Issuer or otherwise  which have not otherwise
been enforceably and legally waived by the necessary parties;

                  (j) none of the Pledged  Stock has been issued or  transferred
in violation of the securities  registration,  securities  disclosure or similar
laws of any jurisdiction to which such issuance or transfer may be subject;

                  (k) the pledge and  assignment of the Collateral and the grant
of a security  interest  under this  Agreement vest in the Pledgee all rights of
each Pledgor in the Collateral as contemplated by this Agreement; and

                  (l) the Pledged Stock  constitutes  one hundred percent (100%)
of the issued and outstanding shares of capital stock of each Issuer.

         5. Covenants.  Each Pledgor jointly and severally covenants that, until
the Indebtedness  shall be indefeasibly  satisfied in full and each Document and
each  agreement  and  instrument   entered  into  in  connection   therewith  is
irrevocably terminated:

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                  (a)  No  Pledgor  will  sell,  assign,  transfer,  convey,  or
otherwise dispose of its rights in or to the Collateral or any interest therein;
nor will any Pledgor  create,  incur or permit to exist any Lien whatsoever with
respect to any of the Collateral or the proceeds thereof other than that created
hereby.

                  (b) Each Pledgor will, at its expense, defend Pledgee's right,
title and security  interest in and to the Collateral  against the claims of any
other party.

                  (c) Each  Pledgor  shall at any  time,  and from time to time,
upon the written request of Pledgee,  execute and deliver such further documents
and do such further acts and things as Pledgee may  reasonably  request in order
to effectuate the purposes of this Agreement including,  but without limitation,
delivering to Pledgee,  upon the occurrence of an Event of Default,  irrevocable
proxies in respect of the  Collateral  in form  satisfactory  to Pledgee.  Until
receipt  thereof,  upon an Event of Default that has occurred and is  continuing
beyond any applicable grace period,  this Agreement shall  constitute  Pledgor's
proxy to Pledgee or its nominee to vote all shares of Collateral then registered
in each Pledgor's name.

                  (d) No Pledgor  will consent to or approve the issuance of (i)
any additional shares of any class of capital stock or other equity interests of
the Issuer; or (ii) any securities  convertible either voluntarily by the holder
thereof or  automatically  upon the occurrence or  nonoccurrence of any event or
condition into, or any securities  exchangeable for, any such shares, unless, in
either case, such shares are pledged as Collateral pursuant to this Agreement.

         6. Voting Rights and Dividends. In addition to the Pledgee's rights and
remedies set forth in Section 8 hereof,  in case an Event of Default  shall have
occurred and be continuing, beyond any applicable cure period, the Pledgee shall
(i) be entitled  to vote the  Collateral,  (ii) be  entitled  to give  consents,
waivers and  ratifications  in respect of the  Collateral  (each Pledgor  hereby
irrevocably  constituting  and  appointing  the  Pledgee,  with  full  power  of
substitution,  the proxy and attorney-in-fact of each Pledgor for such purposes)
and (iii) be entitled to collect and receive for its own use cash dividends paid
on the  Collateral.  No Pledgor  shall be  permitted to exercise or refrain from
exercising any voting rights or other powers if, in the  reasonable  judgment of
the Pledgee,  such action would have a material  adverse  effect on the value of
the Collateral or any part thereof;  and, provided,  further,  that each Pledgor
shall  give at least five (5) days'  written  notice of the manner in which such
Pledgor intends to exercise, or the reasons for refraining from exercising,  any
voting  rights or other  powers  other  than with  respect  to any  election  of
directors  and voting with  respect to any  incidental  matters.  Following  the
occurrence of an Event of Default,  all dividends and all other distributions in
respect of any of the  Collateral,  shall be delivered to the Pledgee to hold as
Collateral and shall,  if received by any Pledgor,  be received in trust for the
benefit of the Pledgee,  be segregated  from the other  property or funds of any
other  Pledgor,  and be forthwith  delivered to the Pledgee as Collateral in the
same form as so received (with any necessary endorsement).

         7.  Event of  Default.  An Event of  Default  shall be  deemed  to have
occurred  and may be declared by the Pledgee  upon the  happening  of any of the
following events:

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                  (a) An "Event of Default"  under any Document or any agreement
or note related to any Document shall have occurred and be continuing beyond any
applicable cure period;

                  (b) Any Pledgor shall default in the performance of any of its
obligations  under any  agreement  between any Pledgor and  Pledgee,  including,
without limitation,  this Agreement,  and such default shall not be cured during
any applicable cure period;

                  (c) Any representation or warranty of any Pledgor made herein,
in any Document or in any agreement,  statement or certificate  given in writing
pursuant hereto or thereto or in connection herewith or therewith shall be false
or misleading in any material respect;

                  (d) Any portion of the  Collateral  is  subjected to a levy of
execution, attachment, distraint or other judicial process or any portion of the
Collateral  is the subject of a claim  (other than by the  Pledgee) of a Lien or
other right or interest in or to the Collateral and such levy or claim shall not
be cured, disputed or stayed within a period of fifteen (15) business days after
the occurrence thereof; or

                  (e) Any Pledgor shall (i) apply for,  consent to, or suffer to
exist the appointment of, or the taking of possession by, a receiver, custodian,
trustee, liquidator or other fiduciary of itself or of all or a substantial part
of its property,  (ii) make a general  assignment  for the benefit of creditors,
(iii) commence a voluntary case under any state or federal  bankruptcy  laws (as
now or hereafter in effect),  (iv) be  adjudicated a bankrupt or insolvent,  (v)
file a petition  seeking to take  advantage of any other law  providing  for the
relief of debtors,  (vi) acquiesce to, or fail to have  dismissed,  within sixty
(60) days,  any petition  filed  against it in any  involuntary  case under such
bankruptcy  laws,  or (vii) take any action for the purpose of effecting  any of
the foregoing.

         8.  Remedies.  In case an Event of Default shall have occurred and been
declared by the Pledgee, the Pledgee may:

                  (a) Transfer any or all of the  Collateral  into its name,  or
into the name of its nominee or nominees;

                  (b)  Exercise  all  corporate   rights  with  respect  to  the
Collateral including,  without limitation,  all rights of conversion,  exchange,
subscription or any other rights, privileges or options pertaining to any shares
of the  Collateral  as if it were the absolute  owner  thereof,  including,  but
without limitation,  the right to exchange, at its discretion, any or all of the
Collateral upon the merger, consolidation,  reorganization,  recapitalization or
other readjustment of the Issuer thereof,  or upon the exercise by the Issuer of
any right,  privilege or option  pertaining  to any of the  Collateral,  and, in
connection therewith,  to deposit and deliver any and all of the Collateral with
any committee,  depository,  transfer agent, registrar or other designated agent
upon such terms and conditions as it may determine, all without liability except
to account for property actually received by it; and

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                  (c) Subject to any requirement of applicable law, sell, assign
and deliver the whole or, from time to time,  any part of the  Collateral at the
time held by the  Pledgee,  at any private  sale or at public  auction,  with or
without  demand,  advertisement  or  notice  of the  time  or  place  of sale or
adjournment  thereof or otherwise (all of which are hereby  waived,  except such
notice as is  required  by  applicable  law and cannot be  waived),  for cash or
credit or for other  property  for  immediate or future  delivery,  and for such
price or prices and on such  terms as the  Pledgee  in its sole  discretion  may
determine, or as may be required by applicable law.

                  Each Pledgor  hereby  waives and releases any and all right or
equity of redemption,  whether before or after sale hereunder. At any such sale,
unless  prohibited by  applicable  law, the Pledgee may bid for and purchase the
whole or any part of the  Collateral  so sold free from any such right or equity
of redemption.  All moneys received by the Pledgee hereunder,  whether upon sale
of the Collateral or any part thereof or otherwise, shall be held by the Pledgee
and applied by it as  provided in Section 10 hereof.  No failure or delay on the
part of the Pledgee in exercising any rights hereunder shall operate as a waiver
of any such  rights nor shall any single or partial  exercise of any such rights
preclude  any other or future  exercise  thereof  or the  exercise  of any other
rights  hereunder.  The  Pledgee  shall  have no duty  as to the  collection  or
protection  of  the  Collateral  or  any  income  thereon  nor  any  duty  as to
preservation  of any  rights  pertaining  thereto,  except to apply the funds in
accordance with the requirements of Section 10 hereof.  The Pledgee may exercise
its rights  with  respect to property  held  hereunder  without  resort to other
security for or sources of reimbursement  for the  Indebtedness.  In addition to
the foregoing,  Pledgee shall have all of the rights, remedies and privileges of
a  secured  party  under the  Uniform  Commercial  Code of New York (the  "UCC")
regardless of the jurisdiction in which enforcement hereof is sought.

         9. Private Sale. Each Pledgor recognizes that the Pledgee may be unable
to effect (or to do so only after delay which would  adversely  affect the value
that might be realized from the  Collateral) a public sale of all or part of the
Collateral by reason of certain  prohibitions  contained in the Securities  Act,
and may be  compelled  to resort to one or more  private  sales to a  restricted
group of purchasers who will be obliged to agree, among other things, to acquire
such Collateral for their own account, for investment and not with a view to the
distribution or resale  thereof.  Each Pledgor agrees that any such private sale
may be at prices  and on terms  less  favorable  to the  seller  than if sold at
public sales and that such private  sales shall be deemed to have been made in a
commercially  reasonable  manner.  Each  Pledgor  agrees that the Pledgee has no
obligation to delay sale of any  Collateral  for the period of time necessary to
permit  the  Issuer  to  register  the  Collateral  for  public  sale  under the
Securities Act.

         10.  Proceeds  of  Sale.  The  proceeds  of any  collection,  recovery,
receipt,  appropriation,  realization or sale of the Collateral shall be applied
by the Pledgee as follows:

                  (a) First,  to the payment of all costs,  reasonable  expenses
and charges of the Pledgee and to the reimbursement of the Pledgee for the prior
payment of such costs,  reasonable  expenses and charges  incurred in connection
with the care and safekeeping of the Collateral (including,  without limitation,
the  reasonable  expenses  of any sale or any  other  disposition  of any of the
Collateral),  attorneys' fees and reasonable  expenses,  court costs,  any other
fees or expenses  incurred or  expenditures  or advances  made by Pledgee in the
protection, enforcement or exercise of its rights, powers or remedies hereunder;

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                  (b) Second, to the payment of the Indebtedness, in whole or in
part, in such order as the Pledgee may elect,  whether or not such  Indebtedness
is then due;

                  (c)  Third,  to such  persons,  firms,  corporations  or other
entities as required by applicable law including,  without  limitation,  Section
9-615(a)(3) of the UCC; and

                  (d) Fourth, to the extent of any surplus to the Pledgors or as
a court of competent jurisdiction may direct.

                  In the event that the  proceeds of any  collection,  recovery,
receipt,  appropriation,  realization  or sale are  insufficient  to satisfy the
Indebtedness,  each  Pledgor  shall be  jointly  and  severally  liable  for the
deficiency  plus the costs and fees of any  attorneys  employed  by  Pledgee  to
collect such deficiency.

         11.  Waiver of  Marshaling.  Each  Pledgor  hereby  waives any right to
compel any marshaling of any of the Collateral.

         12. No Waiver.  Any and all of the Pledgee's rights with respect to the
Liens granted under this Agreement shall continue unimpaired,  and Pledgor shall
be and remain obligated in accordance with the terms hereof, notwithstanding (a)
the bankruptcy,  insolvency or reorganization of any Pledgor, (b) the release or
substitution  of any item of the  Collateral  at any time,  or of any  rights or
interests therein, or (c) any delay,  extension of time, renewal,  compromise or
other indulgence granted by the Pledgee in reference to any of the Indebtedness.
Each Pledgor  hereby  waives all notice of any such delay,  extension,  release,
substitution, renewal, compromise or other indulgence, and hereby consents to be
bound hereby as fully and  effectively  as if such Pledgor had expressly  agreed
thereto in advance.  No delay or extension of time by the Pledgee in  exercising
any power of sale, option or other right or remedy hereunder,  and no failure by
the Pledgee to give notice or make demand, shall constitute a waiver thereof, or
limit,  impair or prejudice the Pledgee's  right to take any action  against any
Pledgor or to  exercise  any other  power of sale,  option or any other right or
remedy.

         13. Expenses.  The Collateral shall secure,  and each Pledgor shall pay
to Pledgee on demand,  from time to time,  all  reasonable  costs and  expenses,
(including but not limited to, reasonable  attorneys' fees and costs, taxes, and
all transfer,  recording,  filing and other  charges) of, or incidental  to, the
custody,  care,  transfer,   administration  of  the  Collateral  or  any  other
collateral,   or  in  any  way  relating  to  the  enforcement,   protection  or
preservation  of the rights or remedies of the Pledgee  under this  Agreement or
with respect to any of the Indebtedness.

         14. The  Pledgee  Appointed  Attorney-In-Fact  and  Performance  by the
Pledgee.  Upon the  occurrence  of an  Event of  Default,  each  Pledgor  hereby
irrevocably  constitutes  and  appoints the Pledgee as such  Pledgor's  true and
lawful   attorney-in-fact,   with  full  power  of  substitution,   to  execute,
acknowledge and deliver any instruments and to do in such Pledgor's name,  place
and stead, all such acts,  things and deeds for and on behalf of and in the name
of such  Pledgor,  which such Pledgor could or might do or which the Pledgee may
deem  necessary,  desirable or  convenient  to  accomplish  the purposes of this
Agreement,  including,  without  limitation,  to  execute  such  instruments  of
assignment or transfer or orders and to register,  convey or otherwise  transfer
title to the Collateral  into the Pledgee's  name.  Each Pledgor hereby ratifies
and confirms all that said  attorney-in-fact  may so do and hereby declares this

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power of attorney to be coupled with an interest and irrevocable. If any Pledgor
fails to perform any agreement herein contained,  the Pledgee may itself perform
or cause performance thereof, and any costs and expenses of the Pledgee incurred
in connection  therewith shall be paid by the Pledgors as provided in Section 10
hereof.

         15. Waivers. THE PARTIES HERETO DESIRES THAT THEIR DISPUTES BE RESOLVED
BY A JUDGE  APPLYING  SUCH  APPLICABLE  LAWS.  THEREFORE,  TO  ACHIEVE  THE BEST
COMBINATION  OF THE  BENEFITS OF THE  JUDICIAL  SYSTEM AND OF  ARBITRATION,  THE
PARTIES  HERETO  WAIVE  ALL  RIGHTS  TO TRIAL BY JURY IN ANY  ACTION,  SUIT,  OR
PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR
OTHERWISE  BETWEEN  PLEDGEE,  AND/OR ANY PLEDGOR ARISING OUT OF, CONNECTED WITH,
RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION
WITH THIS AGREEMENT,  ANY OTHER DOCUMENT OR THE  TRANSACTIONS  RELATED HERETO OR
THERETO.

         16.  Recapture.  Notwithstanding  anything  to  the  contrary  in  this
Agreement,  if the  Pledgee  receives  any payment or payments on account of the
Indebtedness,  which  payment or payments or any part  thereof are  subsequently
invalidated,  declared  to be  fraudulent  or  preferential,  set  aside  and/or
required  to be repaid to a  trustee,  receiver,  or any other  party  under the
United  States  Bankruptcy  Code,  as  amended,  or any other  federal  or state
bankruptcy,  reorganization,   moratorium  or  insolvency  law  relating  to  or
affecting  the  enforcement  of  creditors'  rights  generally,  common  law  or
equitable  doctrine,  then to the extent of any sum not finally  retained by the
Pledgee,  each Pledgor's obligations to the Pledgee shall be reinstated and this
Agreement shall remain in full force and effect (or be reinstated) until payment
shall have been made to Pledgee, which payment shall be due on demand.

         17.  Captions.  All captions in this Agreement are included  herein for
convenience of reference  only and shall not  constitute  part of this Agreement
for any other purpose.

         18. Miscellaneous.

                  (a) This Agreement  constitutes the entire and final agreement
among the  parties  with  respect to the  subject  matter  hereof and may not be
changed, terminated or otherwise varied except by a writing duly executed by the
parties hereto.

                  (b) No  waiver  of any term or  condition  of this  Agreement,
whether by delay,  omission or otherwise,  shall be effective  unless in writing
and signed by the party  sought to be  charged,  and then such  waiver  shall be
effective only in the specific instance and for the purpose for which given.

                  (c) In the event that any  provision of this  Agreement or the
application  thereof to any  Pledgor  or any  circumstance  in any  jurisdiction
governing this Agreement shall, to any extent, be invalid or unenforceable under
any applicable  statute,  regulation,  or rule of law, such  provision  shall be
deemed  inoperative  to the extent that it may conflict  therewith  and shall be
deemed  modified to conform to such statute,  regulation or rule of law, and the
remainder  of  this  Agreement  and  the  application  of any  such  invalid  or

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unenforceable provision to parties,  jurisdictions,  or circumstances other than
to whom or to which it is held  invalid or  unenforceable  shall not be affected
thereby,  nor shall same  affect the  validity  or  enforceability  of any other
provision of this Agreement.

                  (d) This  Agreement  shall be binding upon each  Pledgor,  and
each  Pledgor's  successors  and assigns,  and shall inure to the benefit of the
Pledgee and its successors and assigns.

                  (e) Any notice or other  communication  required or  permitted
pursuant  to this  Agreement  shall  be given in  accordance  with the  Security
Agreement.

                  (f) This Agreement and the other  Documents  shall be governed
by and construed  and enforced in  accordance  with the laws of the State of New
York applicable to contracts made and performed in such State, without regard to
principles of conflicts of law.

                  (g) EACH PLEDGOR HEREBY  CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS  LOCATED IN THE COUNTY OF NEW YORK,  STATE OF NEW YORK SHALL HAVE
EXCLUSIVE  JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY
PLEDGOR, ON THE ONE HAND, AND THE PLEDGEE, ON THE OTHER HAND, PERTAINING TO THIS
AGREEMENT  OR ANY OF THE OTHER  DOCUMENTS  OR TO ANY  MATTER  ARISING  OUT OF OR
RELATED TO THIS  AGREEMENT OR ANY OF THE OTHER  DOCUMENTS,  PROVIDED,  THAT EACH
PLEDGOR  ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY
A COURT  LOCATED  OUTSIDE  OF THE  COUNTY  OF NEW YORK,  STATE OF NEW YORK;  AND
FURTHER  PROVIDED,  THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO
PRECLUDE  THE PLEDGEE  FROM  BRINGING  SUIT OR TAKING  OTHER LEGAL ACTION IN ANY
OTHER JURISDICTION TO COLLECT THE INDEBTEDNESS,  TO REALIZE ON THE COLLATERAL OR
ANY OTHER SECURITY FOR THE INDEBTEDNESS, OR TO ENFORCE A JUDGMENT OR OTHER COURT
ORDER IN FAVOR OF THE PLEDGEE.  EACH PLEDGOR  EXPRESSLY  SUBMITS AND CONSENTS IN
ADVANCE TO SUCH  JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT,
AND EACH PLEDGOR  HEREBY WAIVES ANY OBJECTION  WHICH IT MAY HAVE BASED UPON LACK
OF PERSONAL JURISDICTION,  IMPROPER VENUE OR FORUM NON CONVENIENS.  EACH PLEDGOR
HEREBY  WAIVES  PERSONAL  SERVICE OF THE SUMMONS,  COMPLAINT  AND OTHER  PROCESS
ISSUED IN ANY SUCH  ACTION OR SUIT AND  AGREES  THAT  SERVICE  OF SUCH  SUMMONS,
COMPLAINT  AND  OTHER  PROCESS  MAY BE  MADE BY  REGISTERED  OR  CERTIFIED  MAIL
ADDRESSED TO SUCH PLEDGOR AT THE ADDRESS SET FORTH IN THE SECURITY AGREEMENT AND
THAT  SERVICE SO MADE  SHALL BE DEEMED  COMPLETED  UPON THE  EARLIER OF THE SUCH
PLEDGOR'S  ACTUAL  RECEIPT  THEREOF OR THREE (3) DAYS AFTER  DEPOSIT IN THE U.S.
MAILS, PROPER POSTAGE PREPAID.

                  (h) It is understood and agreed that any person or entity that
desires to become a Pledgor  hereunder,  or is required to execute a counterpart
of this  Agreement  after the date hereof  pursuant to the  requirements  of any
Document,  shall become a Pledgor hereunder by (x) executing a Joinder Agreement

                                       9
<PAGE>

in form and substance satisfactory to the Pledgee, (y) delivering supplements to
such  exhibits  and annexes to such  Documents as the Pledgee  shall  reasonably
request and (z) taking all actions as specified in this  Agreement as would have
been taken by such Pledgor had it been an original party to this  Agreement,  in
each case with all documents  required  above to be delivered to the Pledgee and
with all  documents  and actions  required  above to be taken to the  reasonable
satisfaction of the Pledgee.

                  (i)  This   Agreement   may  be   executed   in  one  or  more
counterparts,  each of which shall be deemed an  original  and all of which when
taken  together  shall  constitute  one and the same  agreement.  Any  signature
delivered  by a party by  facsimile  transmission  shall be deemed  an  original
signature hereto.

                  [Remainder of Page Intentionally Left Blank]

                                       10
<PAGE>

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the day and year first written above.

                                        AMERICAN TECHNOLOGIES GROUP, INC.

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                        OMAHA HOLDINGS CORP.

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                        LAURUS MASTER FUND, LTD.

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                       11
<PAGE>

                                   Schedule A

                                  Pledged Stock

<TABLE>
<CAPTION>
---------------------------- ------------------------ ---------------- ----------------------- --------------- ----------------
                                                                         Stock Certificate                       Number of
          Pledgor                    Issuer           Class of Stock           Number            Par Value         Shares
          -------                    ------           --------------           ------            ---------         ------
---------------------------- ------------------------ ---------------- ----------------------- --------------- ----------------
<S>                           <C>                      <C>               <C>                     <C>              <C>
   American Technologies
        Group, Inc.           Omaha Holdings Corp.      [________]          [_________]           [______]        [_______]
---------------------------- ------------------------ ---------------- ----------------------- --------------- ----------------
                                North Texas Steel
   Omaha Holdings Corp.           Company, Inc.         [________]          [_________]           [______]        [_______]
---------------------------- ------------------------ ---------------- ----------------------- --------------- ----------------
</TABLE>EXHIBIT 4.10

                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

         THIS INTELLECTUAL PROPERTY SECURITY AGREEMENT (the "Agreement"),  dated
as of September ___,  2005, is made by NORTH TEXAS STEEL COMPANY,  INC., a Texas
corporation  ("NTSCO"),  OMAHA HOLDINGS CORP., a Delaware corporation ("Omaha"),
and AMERICAN TECHNOLOGIES GROUP, INC., a Nevada corporation ("ATG" together with
NTSCO and Omaha, each a "Grantor" and collectively, the "Grantors"), in favor of
LAURUS MASTER FUND, LTD. ("Laurus").

         WHEREAS, pursuant to that certain Security and Purchase Agreement dated
as of the date  hereof by and among  Grantors  and  Laurus (as from time to time
amended,   restated,   supplemented   or  otherwise   modified,   the  "Security
Agreement"),  Laurus has agreed to make the Loans for the  benefit of  Grantors;
and

         WHEREAS,  Laurus is  willing to make the Loans as  provided  for in the
Security  Agreement,  but only upon the condition,  among others,  that Grantors
shall have executed and delivered to Laurus this Agreement;

         NOW,  THEREFORE,  in consideration of the premises and mutual covenants
herein contained and for other good and valuable consideration,  the receipt and
sufficiency  of which are hereby  acknowledged,  each Grantor  hereby  agrees as
follows:

         Section 1. DEFINED TERMS. All capitalized  terms used but not otherwise
defined herein have the meanings given to them in the Security Agreement.

         Section  2.  GRANT  OF  SECURITY  INTEREST  IN  INTELLECTUAL   PROPERTY
COLLATERAL.  To secure the complete and timely payment of all the Obligations of
Grantors now or hereafter existing from time to time, each Grantor hereby grants
to Laurus a continuing first priority security interest in all of such Grantor's
right,  title and interest  in, to and under the  following,  whether  presently
existing or hereafter created or acquired (collectively, the "Collateral"):

                           (a) all of its Patents  and Patent  Licenses to which
                  it is a  party  including  those  referred  to on  Schedule  I
                  hereto;

                           (b) all of its Trademarks  and Trademark  Licenses to
                  which it is a party including those referred to on Schedule II
                  hereto;

                           (c) all of its Copyrights  and Copyright  Licenses to
                  which it is a party  including  those  referred to on Schedule
                  III hereto;

                           (d) all reissues,  continuations or extensions of the
                  foregoing;

                           (e) all goodwill of the business  connected  with the
                  use of, and symbolized by, each Patent,  each Patent  License,
                  each  Trademark,  each Trademark  License,  each Copyright and
                  each Copyright License; and

<PAGE>

                           (f)  all  products  and  proceeds  of the  foregoing,
                  including,  without  limitation,  any  claim  by such  Grantor
                  against  third  parties  for  past,   present  or  future  (i)
                  infringement  or  dilution  of any  Patent or Patent  licensed
                  under  any  Patent  License,   (ii)  injury  to  the  goodwill
                  associated  with any Patent or any Patent  licensed  under any
                  Patent  License,   (iii)   infringement  or  dilution  of  any
                  Trademark or Trademark  licensed under any Trademark  License,
                  (iv) injury to the goodwill  associated  with any Trademark or
                  any  Trademark  licensed  under  any  Trademark  License,  (v)
                  infringement   or  dilution  of  any  Copyright  or  Copyright
                  licensed under any Copyright  License,  and (vi) injury to the
                  goodwill  associated  with  any  Copyright  or  any  Copyright
                  licensed under any Copyright License.

         Section 3. REPRESENTATIONS AND WARRANTIES.  Each Grantor represents and
warrants  that such  Grantor  does not have any  interest  in, or title to,  any
Patent,  Trademark or Copyright  except as set forth in Schedule I,  Schedule II
and Schedule III, respectively,  hereto. Each Grantor's Patents,  Trademarks and
Copyrights are valid and enforceable, are solely owned by a Grantor and there is
no claim that the use of any of them  violates  the rights of any third  person.
This  Agreement  is  effective  to  create a valid  and  continuing  Lien on and
perfected  security  interests  in  favor  of  Laurus  in all of each  Grantor's
Patents,  Trademarks and Copyrights  and such perfected  security  interests are
enforceable  as such as against any and all creditors of, and  purchasers  from,
each Grantor.  Upon filing of this Intellectual Property Security Agreement with
the United States Patent and  Trademark  Office and the United States  Copyright
Office and the filing of appropriate financing statements,  all action necessary
or desirable  to protect and perfect  Laurus'  Lien on each  Grantor's  Patents,
Trademarks and Copyrights shall have been duly taken.

         Section 4.  COVENANTS.  Each Grantor  covenants  and agrees with Laurus
that from and after the date of this  Agreement and until the  expiration of the
Term:

                           (a) Such Grantor shall notify Laurus  immediately  if
                  it  knows  or has  reason  to know  that  any  application  or
                  registration  relating to any Patent,  Trademark  or Copyright
                  (now or hereafter existing) may become abandoned or dedicated,
                  or of any adverse determination or development  (including the
                  institution of, or any such  determination  or development in,
                  any  proceeding  in the United  States  Patent  and  Trademark
                  Office,  the  United  States  Copyright  Office or any  court)
                  regarding such Grantor's ownership of any Patent, Trademark or
                  Copyright,  its right to  register  the  same,  or to keep and
                  maintain the same.

                           (b) In no event shall such Grantor,  either  directly
                  or through any agent, employee,  licensee or designee, file an
                  application for the  registration of any Patent,  Trademark or
                  Copyright with the United States Patent and Trademark  Office,
                  the United States  Copyright  Office or any similar  office or
                  agency  without  giving Laurus prior written  notice  thereof,
                  and,  upon request of Laurus,  such Grantor  shall execute and
                  deliver   a   supplement   hereto   (in  form  and   substance
                  satisfactory  to  Laurus)  to  evidence  Laurus'  Lien on such
                  Patent, Trademark or Copyright, and the General Intangibles of
                  such Grantor relating thereto or represented thereby.

                                       2
<PAGE>

                           (c) Such Grantor shall take all actions  necessary or
                  requested by Laurus to maintain  and pursue each  application,
                  to  obtain  the  relevant  registration  and to  maintain  the
                  registration  of each of the  Patents  or  Trademarks  (now or
                  hereafter existing),  including the filing of applications for
                  renewal,  affidavits of use,  affidavits of  noncontestability
                  and opposition and interference and cancellation proceedings.

                           (d) In the  event  that  any  of  the  Collateral  is
                  infringed  upon,  or  misappropriated  or  diluted  by a third
                  party,  such Grantor shall notify Laurus  promptly  after such
                  Grantor learns  thereof.  Such Grantor shall,  unless it shall
                  reasonably  determine  that  such  Collateral  is  in  no  way
                  material  to  the  conduct  of  its  business  or  operations,
                  promptly sue for  infringement,  misappropriation  or dilution
                  and to  recover  any and all  damages  for such  infringement,
                  misappropriation  or  dilution,  and  shall  take  such  other
                  actions   as  Laurus   shall   deem   appropriate   under  the
                  circumstances to protect such Collateral.

         Section 5. SECURITY AGREEMENT.  The security interests granted pursuant
to this Agreement are granted in conjunction with the security interests granted
to Laurus pursuant to the Security  Agreement.  Each Grantor hereby acknowledges
and affirms  that the rights and remedies of Laurus with respect to the security
interest in the  Collateral  made and granted hereby are more fully set forth in
the Security  Agreement,  the terms and provisions of which are  incorporated by
reference herein as if fully set forth herein.

         Section 6. REINSTATEMENT. This Agreement shall remain in full force and
effect and continue to be  effective  should any petition be filed by or against
any  Grantor  for  liquidation  or  reorganization,  should any  Grantor  become
insolvent or make an assignment  for the benefit of any creditor or creditors or
should a receiver or trustee be appointed for all or any significant part of any
Grantor's  assets,  and shall continue to be effective or be reinstated,  as the
case may be, if at any time payment and performance of the  Obligations,  or any
part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or
must  otherwise  be restored  or  returned  by any  obligee of the  Obligations,
whether as a "voidable preference,"  "fraudulent  conveyance," or otherwise, all
as though such payment or  performance  had not been made. In the event that any
payment, or any part thereof, is rescinded,  reduced,  restored or returned, the
Obligations  shall be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.

         Section 7. INDEMNIFICATION. (A) Each Grantor assumes all responsibility
and liability arising from the use of the Patents,  Trademarks and/or Copyrights
and each Grantor hereby  indemnifies  and holds Laurus harmless from and against
any claim, suit, loss, damage or expense (including  reasonable attorneys' fees)
arising out of such  Grantor's  operations  of its business  from the use of the
Patents,  Trademarks and/or  Copyrights.  (B) In any suit,  proceeding or action
brought  by Laurus  under any Patent  License,  Trademark  License or  Copyright
License  for any sum owing  thereunder,  or to enforce  any  provisions  of such
license,  Grantors will indemnify and keep Laurus  harmless from and against all
expense,   loss  or  damage  suffered  by  reason  of  any  defense,   set  off,
counterclaim,  recoupment  or reduction or liability  whatsoever  of the obligee
thereunder,  arising out of a breach of the applicable Grantor of any obligation

                                       3
<PAGE>

thereunder or arising out of any other  agreement,  indebtedness or liability at
any time  owing  to or in favor of such  obligee  or its  successors  from  such
Grantor,  and  all  such  obligations  of  such  Grantor  shall  be  and  remain
enforceable  against and only against such Grantor and shall not be  enforceable
against Laurus.

         Section 8.  NOTICES.  Whenever it is  provided  herein that any notice,
demand, request, consent, approval,  declaration or other communication shall or
may be given to or  served  upon  any of the  parties  by any  other  party,  or
whenever  any of the parties  desires to give and serve upon any other party any
communication with respect to this Agreement, each such notice, demand, request,
consent,  approval,  declaration or other  communication shall be in writing and
shall be given in the  manner,  and  deemed  received,  as  provided  for in the
Security Agreement.

         Section 9. TERMINATION OF THIS AGREEMENT.  Subject to Section 6 hereof,
this Agreement  shall  terminate upon payment in full in cash of all Obligations
and irrevocable termination of the Security Agreement.

                           [Signature Page to Follow]

                                       4
<PAGE>

         IN WITNESS WHEREOF,  each Grantor has caused this Intellectual Property
Security  Agreement to be executed and delivered by its duly authorized  officer
as of the date first set forth above.

                                        NORTH TEXAS STEEL COMPANY, INC.

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                        OMAHA HOLDINGS CORP.

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                        AMERICAN TECHNOLOGIES GROUP, INC.

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

ACCEPTED and ACKNOWLEDGED by:

LAURUS MASTER FUND, LTD.

By:
      ----------------------------------
      Name:
      Title:

                                       5
<PAGE>

                                   SCHEDULE I
                                       TO
                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

I. PATENT REGISTRATIONS

                Patent                     Reg. No.                         Date
                ------                     --------                         ----

II. PATENT APPLICATIONS

                Patent                     Reg. No.                         Date
                ------                     --------                         ----

III. PATENT LICENSES

                Patent                     Reg. No.                         Date
                ------                     --------                         ----

                                       6
<PAGE>

                                   SCHEDULE II
                                       TO
                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

I. TRADEMARK REGISTRATIONS

REG. NO.             MARK                   COUNTRY                 REG. DATE
--------             ----                   -------                 ---------

II. TRADEMARK APPLICATIONS

REG. NO.             MARK                   COUNTRY                 REG. DATE
--------             ----                   -------                 ---------

III. TRADEMARK LICENSES

REG. NO.             MARK                   COUNTRY                 REG. DATE
--------             ----                   -------                 ---------

                                       7
<PAGE>

                                  SCHEDULE III
                                       TO
                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

I. COPYRIGHT REGISTRATIONS

     Copyright                           Reg. No.                         Date
     ---------                           --------                         ----

                                          None

II. COPYRIGHT APPLICATIONS

     Copyright                           Reg. No.                         Date
     ---------                           --------                         ----

                                          None

III. COPYRIGHT LICENSES

     Copyright                           Reg. No.                         Date
     ---------                           --------                         ----

                                          None

                                       8

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