Document:

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                                                                   EXHIBIT 10.3

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement ("AGREEMENT") is entered into as of
March 1, 2004, between Liquidmetal Technologies, Inc., a Delaware corporation
with offices at 25800 Commercentre Dr., Suite 100, Lake Forest, California 92630
(the "COMPANY") and Michigan Venture Capital Co, Ltd., a Korean corporation with
offices at 15th Floor, Star Tower, 737 Yeoksam-dong, Kangnam-ku, Seoul, Korea,
and each of the parties listed under "Purchasers" hereto (collectively and
individually, the "PURCHASER").

                              W I T N E S S E T H:

         WHEREAS, pursuant to that certain Amended and Restated Securities
Purchase Agreement, dated on or about the date hereof, by and between the
Company and the Purchaser (the "PURCHASE AGREEMENT"), the Company has agreed to
sell and issue to the Purchaser, and the Purchaser has agreed to purchase from
the Company, a 6% Senior Convertible Note in the principal amount of up to four
million United States dollars ("Dollars") ($4,000,000) (the "NOTE") and Warrants
(the "WARRANTS") to purchase shares of the Company's Common Stock, par value
$0.001 per share, subject to the terms and conditions set forth therein; and

         WHEREAS, the Purchase Agreement contemplates that the Note will be
convertible and exercisable into shares (the "COMMON SHARES") of the Company's
Common Stock, par value $0.001 per share (the "COMMON STOCK") pursuant to the
terms and conditions set forth in the Note, and the Warrant contemplates that
the Warrant will be exercisable into shares of the Company's Common Stock
pursuant to the terms and conditions set forth in the Warrant (the "WARRANT
SHARES").

         NOW, THEREFORE, in consideration of the mutual promises,
representations, warranties, covenants and conditions set forth in the Purchase
Agreement and this Agreement, the Company and the Purchaser agree as follows:

                  1.       Certain Definitions. Capitalized terms used herein
and not otherwise defined shall have the meaning ascribed thereto in the
Purchase Agreement or the Note. As used in this Agreement, the following terms
shall have the following respective meanings:

         "CLOSING" and "CLOSING DATE" shall have the meanings ascribed to such
terms in the Purchase Agreement.

         "COMMISSION" or "SEC" shall mean the Securities and Exchange Commission
or any other federal agency at the time administering the Securities Act.

         "HOLDER" and "HOLDERS" shall include the Purchaser and any permitted
transferee or transferees of Registrable Securities (as defined below), the Note
and/or Warrant which have not been sold to the public to whom the registration
rights conferred by this Agreement have been transferred in compliance with this
Agreement and the Purchase Agreement; provided that

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neither such person nor any affiliate of such person is registered as a broker
or dealer under Section 15(a) of the Securities Exchange Act of 1934, as
amended, or a member of the National Association of Securities Dealers, Inc.

         The terms "REGISTER," "REGISTERED" and "REGISTRATION" shall refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of the effectiveness of such
registration statement.

         "REGISTRABLE SECURITIES" shall mean: (i) the Common Shares and Warrant
Shares (without regard to any limitations on beneficial ownership contained in
the Note, the Warrant, or the Purchase Agreement) or other securities issued or
issuable to each Holder or its permitted transferee or designee (a) upon
conversion of the Note and exercise of the Warrant=, or (b) upon any
distribution with respect to, any exchange for or any replacement of such Note
or Warrant, (c) upon any conversion, exercise or exchange of any securities
issued in connection with any such distribution, exchange or replacement, or (d)
as payment of principal amount or interest in lieu of cash with respect to the
Note; (ii) securities issued or issuable upon any stock split, stock dividend,
recapitalization or similar event with respect to the foregoing; and (iii) any
other security issued as a dividend or other distribution with respect to, in
exchange for or in replacement of the securities referred to in the preceding
clauses; provided that all such shares shall cease to be Registrable Securities
at such time as they have been sold under a Registration Statement or pursuant
to Rule 144 under the Securities Act or otherwise or at such time as they are
eligible to be sold pursuant to Rule 144(k).

         "REGISTRATION EXPENSES" shall mean all expenses to be incurred by the
Company in connection with each Holder's registration rights under this
Agreement, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel for the Company, blue sky
fees and expenses, and the expense of any special audits incident to or required
by any such registration (but excluding the compensation of regular employees of
the Company, which shall be paid in any event by the Company).

         "REGISTRATION STATEMENT" shall have the meaning set forth in Section
2(a) herein.

         "REGULATION D" shall mean Regulation D as promulgated pursuant to the
Securities Act, and as subsequently amended.

         "SECURITIES ACT" or "ACT" shall mean the Securities Act of 1933, as
amended.

         "SELLING EXPENSES" shall mean all underwriting discounts and selling
commissions applicable to the sale of Registrable Securities and all fees and
disbursements of counsel for Holders not included within "Registration
Expenses".

                  2.       Registration Requirements. The Company shall use its
best efforts to effect the registration of the Registrable Securities
(including, without limitation, the execution of an undertaking to file
post-effective amendments, appropriate qualification under applicable blue sky
or other state securities laws and appropriate compliance with applicable
regulations issued under the Securities Act) as would permit or facilitate the
sale or distribution of all the Registrable Securities in the manner (including
manner of sale) and in all states reasonably

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requested by the Holder. Such best efforts by the Company shall include, without
limitation, the following:

                           (a)      The Company shall, as expeditiously as
possible after the Closing Date:

                                    (i)      But in any event by the later (i)
                  of March 5, 2004, or (ii) twenty-five (25) days after the
                  Closing Date, prepare and file a registration statement with
                  the Commission pursuant to Rule 415 under the Securities Act
                  on Form S-3 under the Securities Act (or in the event that the
                  Company is ineligible to use such form, such other form as the
                  Company is eligible to use under the Securities Act provided
                  that such other form shall be converted into an S-3 as soon as
                  Form S-3 becomes available to the Company) covering resales by
                  the Holders as selling stockholders (not underwriters) of the
                  Registrable Securities ("REGISTRATION STATEMENT"), which
                  Registration Statement, to the extent allowable under the
                  Securities Act and the rules promulgated thereunder (including
                  Rule 416), shall state that such Registration Statement also
                  covers such indeterminate number of additional shares of
                  Common Stock as may become issuable upon conversion of the
                  Note. The number of shares of Common Stock initially included
                  in such Registration Statement shall be no less than the sum
                  of 1.5 times the sum of the number of Common Shares that are
                  issuable upon conversion of the Note as of the date of this
                  Agreement, at the then applicable Conversion Price (as defined
                  in the Note). Thereafter the Company shall use its best
                  efforts to cause such Registration Statement and other filings
                  to be declared effective as soon as possible, and in any event
                  no later than the following date, as appropriate (the
                  "REQUIRED EFFECTIVE DATE"): (A), if the SEC notifies that the
                  Company that the SEC will not review the Registration
                  Statement, the Required Effective Date shall be five (5) days
                  after the SEC provides such notification, or (B) if the SEC
                  notifies the Company that it will review the Registration
                  Statement, then the Required Effective Date shall be sixty
                  (60) days after the Company receives the first written
                  comments on the Registration Statement from the SEC. Without
                  limiting the foregoing, the Company will promptly respond to
                  all SEC comments, inquiries and requests, and shall request
                  acceleration of effectiveness at the earliest possible date.

                                    (ii)     Prepare and file with the SEC such
                  amendments and supplements to such Registration Statement and
                  the prospectus used in connection with such Registration
                  Statement as may be necessary to comply with the provisions of
                  the Act with respect to the disposition of all securities
                  covered by such Registration Statement and notify the Holders
                  of the filing and effectiveness of such Registration Statement
                  and any amendments or supplements.

                                    (iii)    Furnish to each Holder that has
                  Common Shares included in the Registration Statement such
                  numbers of copies of a current prospectus conforming with the
                  requirements of the Act, copies of the Registration Statement,
                  any amendment or supplement thereto and any documents
                  incorporated by reference therein and such other documents as
                  such Holder may

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                  reasonably require in order to facilitate the disposition of
                  Registrable Securities owned by such Holder.

                                    (iv)     Register and qualify the securities
                  covered by such Registration Statement under the securities or
                  "Blue Sky" laws of all domestic jurisdictions; provided that
                  the Company shall not be required in connection therewith or
                  as a condition thereto to qualify to do business or to file a
                  general consent to service of process in any such states or
                  jurisdictions.

                                    (v)      Notify promptly each Holder that
                  has Common Shares included in the Registration Statement of
                  the happening of any event (but not the substance or details
                  of any such event) of which the Company has knowledge as a
                  result of which the prospectus (including any supplements
                  thereto or thereof) included in such Registration Statement,
                  as then in effect, includes an untrue statement of material
                  fact or omits to state a material fact required to be stated
                  therein or necessary to make the statements therein not
                  misleading in light of the circumstances then existing (each
                  an "EVENT"), and use its best efforts to promptly update
                  and/or correct such prospectus. Each Holder will hold in
                  confidence and will not make any disclosure of any such Event
                  and any related information disclosed by the Company.

                                    (vi)     Notify each Holder of the issuance
                  by the Commission or any state securities commission or agency
                  of any stop order suspending the effectiveness of the
                  Registration Statement or the threat or initiation of any
                  proceedings for that purpose. The Company shall use its best
                  efforts to prevent the issuance of any stop order and, if any
                  stop order is issued, to obtain the lifting thereof at the
                  earliest possible time.

                                    (vii)    [Intentionally omitted.]

                                    (viii)   List the Registrable Securities
                  covered by such Registration Statement with all securities
                  exchange(s) and/or markets on which the Common Stock is then
                  listed and prepare and file any required filings with the
                  Nasdaq National Market System or any other exchange or market
                  where the Common Shares are traded.

                                    (ix)     Take all steps reasonably necessary
                  to enable Holders to avail themselves of the prospectus
                  delivery mechanism set forth in Rule 153 (or successor
                  thereto) under the Act.

                           (b)      Notwithstanding the obligations under
Section 2(a)(v) or any provision of this Agreement, if (i) in the good faith
judgment of the Company, following consultation with legal counsel, it would be
detrimental to the Company and its stockholders for resales of Registrable
Securities to be made pursuant to the Registration Statement due to the
existence of a material development or potential material development involving
the Company that the Company would be obligated to disclose in the Registration
Statement, which disclosure would be premature or otherwise inadvisable at such
time or would have a material adverse

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effect upon the Company and its stockholders, or (ii) in the good faith judgment
of the Company, it would adversely affect or require premature disclosure of the
filing of a Company-initiated registration of any class of its equity
securities, then the Company will have the right to suspend the use of the
Registration Statement for a period of not more than 30 consecutive calendar
days, but only if the Company reasonably concludes, after consultation with
outside legal counsel, that the failure to suspend the use of the Registration
Statement as such would create a risk of a material liability or violation under
applicable securities laws or regulations.

                           (c)      Set forth below in this Section 2(c) are (I)
events that may arise that the Purchaser considers will interfere with the full
enjoyment of their rights under this Agreement, the Purchase Agreement, and the
Notes (the "INTERFERING EVENTS"), and (II) certain remedies applicable in each
of these events.

                                    (i)      Payments by the Company. If (i) at
                  any time after effectiveness of the Registration Statement,
                  sales thereunder during the registration period (as described
                  in Section 5) cannot be made for any reason, other than by
                  reason of the operation of Section 2(b), for a period of more
                  than 10 consecutive business days, (ii) at any time after
                  effectiveness of the Registration Statement, sales thereunder
                  during the Registration Period cannot be made for a period of
                  time that exceeds the limitations set forth in Section 2(b),
                  or (iii) at any time after the Registrable Securities are
                  listed in accordance with Section 2(a)(viii), the Common
                  Shares are not listed or included for quotation on the Nasdaq
                  National Market or other exchange or market where shares of
                  the Company's common stock are then traded for more than 10
                  consecutive calendar days, then the Company will thereafter
                  make a payment to each Holder as set forth below. The amount
                  of the payment made to each Holder will be equal to 1% of the
                  purchase price paid for the Notes purchased by the Holder and
                  not previously converted into Common Shares and sold by the
                  Holder for each 30 business days that sales cannot be made
                  under the effective Registration Statement or the Common
                  Shares are not listed or included for quotation on the Nasdaq
                  National Market or other exchange or market where shares of
                  the Company's common stock are then traded (but any day on
                  which both conditions exist shall count as a single day and no
                  day taken into account for purposes of determining whether any
                  payment is due under Section 2 (c)(ii) shall be taken into
                  account for purposes of determining whether any payment is due
                  under this Section 2(c)(i) or the amount of such payment). The
                  number of shares not previously sold as specified in the
                  previous sentence shall be determined as of the end of the
                  respective 30-business day period. In no event shall payment
                  pursuant to this Section exceed 10% in the aggregate of the
                  purchase price paid for the Notes purchased by the Holder
                  (including such Holder's predecessors and successors) for the
                  entire registration period (as described in Section 5). These
                  payments will be prorated on a daily basis during the
                  30-business day period and will be paid to each Holder within
                  ten business days following the end of each 30- business day
                  period as to which payment is due hereunder or, at the
                  Company's option, will be added to the outstanding Principal
                  Amount of the Notes, provided that the respective Holder
                  delivered to the Company at least two business days prior
                  thereto information with respect to the number of Notes and
                  Common

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                  Shares not previously sold by such Holder (together with
                  reasonable supporting documentation). The Holders may make a
                  claim for additional damages as a remedy for the Company's
                  failure to comply with the timelines set forth in this
                  Section, but acknowledgement of such right in this Agreement
                  shall not constitute an admission by the Company that any such
                  damages exist or may exist. Notwithstanding the foregoing, if
                  the Company has used its reasonable best efforts to avoid
                  circumstances as a result of which sales cannot be made under
                  the Registration Statement during the Registration Period or
                  the Common Shares are not listed or included for quotation on
                  the Nasdaq National Market or other exchange or market where
                  the Common Shares are traded, then the damages described above
                  shall be the Holders' sole and exclusive remedy for damages
                  arising out of such circumstances. Nothing contained in the
                  preceding sentence shall be read to limit the ability of the
                  Holders to seek specific performance of this Agreement.

                                    (ii)     Effect of Late Registration. If the
                  Registration Statement has not been declared effective by the
                  Required Effective Date other than by reason of the operation
                  of Section 2(b), then the Company will make a payment to each
                  Holder for such delay (each a "LATE REGISTRATION PAYMENT").
                  Each Late Registration Payment will be equal to 2% of the
                  purchase price paid for the Notes purchased by such Holder and
                  not previously sold (or converted into Common Shares and sold)
                  by such Holder for the first 30 business days after the
                  Required Effective Date, and 1% of such purchase price for
                  each period of 30 business days thereafter (but no day taken
                  into account for purposes of determining whether any payment
                  is due under Section 2(c)(i) shall be taken into account for
                  purposes of determining whether any payment is due under this
                  Section 2(c)(ii) or the amount of such payment). In no event
                  shall payment pursuant to this Section exceed 10% in the
                  aggregate of the purchase price paid for the Notes purchased
                  by the Holder (including such Holder's predecessors and
                  successors) for the entire registration period (as described
                  in Section 5). The Late Registration Payments will be prorated
                  on a daily basis during the 30-business day period and will be
                  paid to the initial Holders or, at the Company's option, will
                  be added to the outstanding Principal Amount of the Notes,
                  within ten business days following the end of each 30-business
                  day period as to which payment is due hereunder, provided that
                  the respective Holder delivered to the Company at least two
                  business days prior thereto information with respect to the
                  number of Notes and Common Shares not previously sold by such
                  Holder (together with reasonable supporting documentation).
                  The Holders may make a claim for additional damages as a
                  remedy for the Company's failure to comply with the timelines
                  set forth in this Section, but acknowledgement of such right
                  in this Agreement shall not constitute an admission by the
                  Company that any such damages exist or may exist.
                  Notwithstanding the foregoing, if the Company has used its
                  reasonable best efforts to avoid circumstances as a result of
                  which the Registration Statement has not been declared
                  effective by the Required Effective Date, then the damages
                  described above shall be the Holders' sole and exclusive
                  remedy for damages arising out of such circumstances. Nothing
                  contained in the preceding sentence shall be read to limit the
                  ability of the Holders to seek specific performance of this

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                  Agreement. Notwithstanding the foregoing, if the Registration
                  Statement has not yet been declared effective and the Holders
                  are no longer entitled to receive Late Registration Payments
                  as a result of the above-described percentage limitation on
                  said payments, then each Holder shall have the right, at any
                  time upon at least thirty (30) days written notice, to sell
                  all (but not less than all) of its Notes to the Company for a
                  cash purchase price equal to the outstanding Principal Amount
                  of the Notes plus any accrued but unpaid interest.

                           (d)      During the registration period, the Company
will make available, upon reasonable advance notice during normal business
hours, for inspection by any Holder whose Registrable Securities are being sold
pursuant to a Registration Statement, all pertinent financial and other records,
pertinent corporate documents and properties of the Company (collectively, the
"RECORDS") as reasonably necessary to enable each such Holder to exercise its
due diligence responsibility in connection with or related to the contemplated
offering. The Company will cause its officers, directors and employees to supply
all information that any Holder may reasonably request for purposes of
performing such due diligence.

                           (e)      Each Holder will hold in confidence, use
only in connection with the contemplated offering and not make any disclosure of
all Records and other information that the Company determines in good faith to
be confidential, and of which determination the Holders are so notified, unless
(i) the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in any Registration Statement, (ii) the release of such
Records is ordered pursuant to a subpoena or other order from a court or
government body of competent jurisdiction, (iii) the information in such Records
has been made generally available to the public other than by disclosure in
violation of this or any other agreement (to the knowledge of the relevant
Holder), (iv) the Records or other information was developed independently by
the Holder without breach of this Agreement, (v) the information was known to
the Holder before receipt of such information from the Company, or (vi) the
information was disclosed to the Holder by a third party not under an obligation
of confidentiality. However, a Holder may make disclosure of such Records and
other information to any attorney, adviser, or other third party retained by it
that needs to know the information as determined in good faith by the Holder
(the "HOLDER REPRESENTATIVE"), if the Holder advises the Holder Representative
of the confidentiality provisions of this Section 2(e), but the Holder will be
liable for any act or omission of any of its Holder Representatives relative to
such information as if the act or omission was that of the Holder. The Company
is not required to disclose any confidential information in the Records to any
Holder unless and until such Holder has entered into a confidentiality agreement
(in form and substance satisfactory to the Company) with the Company with
respect thereto, substantially to the effect of this Section 2(e). Unless
legally prohibited from so doing, each Holder will, upon learning that
disclosure of Records containing confidential information is sought in or by a
court or governmental body of competent jurisdiction or through other means,
give prompt notice to the Company and allow the Company, at the Company's
expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, the Records deemed confidential. Nothing herein will be
deemed to limit the Holder's ability to sell Registrable Securities in a manner
that is otherwise consistent with applicable laws and regulations.

                           (f)      The Company shall file a Registration
Statement with respect to any newly authorized and/or reserved Registrable
Securities consisting of Common Shares

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described in clause (i) of the definition of Registrable Securities within ten
(10) business days of any stockholders' meeting authorizing same and shall use
its best efforts to cause such Registration Statement to become effective within
ninety (90) days of such stockholders' meeting. If the Holders become entitled,
pursuant to an event described in clause (ii) and (iii) of the definition of
Registrable Securities, to receive any securities in respect of Registrable
Securities that were already included in a Registration Statement, subsequent to
the date such Registration Statement is declared effective, and the Company is
unable under the securities laws to add such securities to the then effective
Registration Statement, the Company shall promptly file, in accordance with the
procedures set forth herein, an additional Registration Statement with respect
to such newly Registrable Securities. The Company shall use its best efforts to
(i) cause any such additional Registration Statement, when filed, to become
effective within 30 days of that date that the need to file the Registration
Statement arose. All of the registration rights and remedies under this
Agreement shall apply to the registration of such newly reserved shares and such
new Registrable Securities.(f)

                  3.       Expenses of Registration. All Registration Expenses
in connection with any registration, qualification or compliance with
registration pursuant to this Agreement shall be borne by the Company, and all
Selling Expenses of a Holder shall be borne by such Holder.

                  4.       Registration on Form S-3. The Company shall use its
reasonable best efforts to continue to meet the "registrant eligibility"
requirements for a secondary offering set forth in the general instructions to
Form S-3 or any comparable or successor form or forms, or in the event that the
Company is ineligible to use such form, such form as the Company is eligible to
use under the Securities Act, provided that if such other form is used, the
Company shall convert such other form to a Form S-3 as soon as the Company
becomes so eligible.

                  5.       Registration Period. In the case of the registration
effected by the Company pursuant to this Agreement, the Company shall keep such
registration effective until the later of (a) the date on which all the Holders
have completed the sales or distribution described in the Registration Statement
relating thereto or, if earlier until such Registrable Securities may be sold by
the Holders under Rule 144(k) (provided that the Company's transfer agent has
accepted an instruction from the Company to such effect) or (b) the second (2nd)
anniversary of the Closing Date.

                  6.       Indemnification.

                           (a)      Company Indemnity. The Company will
indemnify each Holder, each of its officers, directors, agents and partners, and
each person controlling each of the foregoing, within the meaning of Section 15
of the Securities Act and the rules and regulations thereunder with respect to
which registration, qualification or compliance has been effected pursuant to
this Agreement, and each underwriter, if any, and each person who controls,
within the meaning of Section 15 of the Securities Act and the rules and
regulations thereunder, any underwriter, against all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any final prospectus (as amended or supplemented if the Company files any
amendment or supplement thereto with the SEC), Registration Statement filed
pursuant to this Agreement or any post-effective amendment thereof or based on
any omission (or alleged

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omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances under which they were made, or any violation by the Company of the
Securities Act or any state securities law or in either case, any rule or
regulation thereunder applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration,
qualification or compliance, and will reimburse each Holder, each of its
officers, directors, agents and partners, and each person controlling each of
the foregoing, for any reasonable legal fees of a single counsel and any other
expenses reasonably incurred in connection with investigating and defending any
such claim, loss, damage, liability or action, provided that the Company will
not be liable in any such case to a Holder to the extent that any such claim,
loss, damage, liability or expense arises out of or is based on (i) any untrue
statement or omission based upon written information furnished to the Company by
such Holder or underwriter (if any) therefor and stated to be specifically for
use therein, (ii) any failure by any Holder to comply with prospectus delivery
requirements or the Securities Act or Exchange Act or any other law or legal
requirement applicable to them or any covenant or agreement contained in the
Purchase Agreement or this Agreement or (iii) an offer of sale of Common Shares
occurring during a period in which sales under the Registration Statement are
suspended as permitted by this Agreement. The indemnity agreement contained in
this Section 6(a) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without
the consent of the Company (which consent will not be unreasonably withheld).

                           (b)      Holder Indemnity. Each Holder will, jointly
and severally, if Registrable Securities held by it are included in the
securities as to which such registration, qualification or compliance is being
effected, indemnify the Company, each of its directors, officers, agents and
partners, and any other stockholder selling securities pursuant to the
Registration Statement and any of its directors, officers, agents, partners, and
any person who controls such stockholder within the meaning of the Securities
Act or Exchange Act and each underwriter, if any, of the Company's securities
covered by such a Registration Statement, each person who controls the Company
or such underwriter within the meaning of Section 15 of the Securities Act and
the rules and regulations thereunder, each other Holder (if any), and each of
their officers, directors and partners, and each person controlling such other
Holder(s) against all claims, losses, damages and liabilities (or actions in
respect thereof) arising out of or based on (i) any untrue statement (or alleged
untrue statement) of a material fact contained in any such final prospectus (as
amended or supplemented if the Company files any amendment or supplement thereto
with the SEC), Registration Statement filed pursuant to this Agreement or any
post-effective amendment thereof or based on any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to
make the statement therein not misleading in light of the circumstances under
which they were made or (ii) failure by any Holder to comply with prospectus
delivery requirements or the Securities Act, Exchange Act or any other law or
legal requirement applicable to them or any covenant or agreement contained in
the Purchase Agreement or this Agreement, and will reimburse the Company and
such other Holder(s) and their directors, officers and partners, underwriters or
control persons for any reasonable legal fees or any other expenses reasonably
incurred in connection with investigating and defending any such claim, loss,
damage, liability or action, in each case to the extent, but only to the extent,
that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such final prospectus (as amended or supplemented if the
Company files any amendment or supplement thereto with the SEC), Registration
Statement filed pursuant

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to this Agreement or any post-effective amendment thereof in reliance upon and
in conformity with written information furnished to the Company by such Holder
and stated to be specifically for use therein, and provided that the maximum
amount for which such Holder shall be liable under this indemnity shall not
exceed the net proceeds received by the Holders from the sale of the Registrable
Securities pursuant to the registration statement in question. The indemnity
agreement contained in this Section 6(b) shall not apply to amounts paid in
settlement of any such claims, losses, damages or liabilities if such settlement
is effected without the consent of such Holder (which consent shall not be
unreasonably withheld).

                           (c)      Procedure. Each party entitled to
indemnification under this Section 6 (the "INDEMNIFIED PARTY") shall give notice
to the party required to provide indemnification (the "INDEMNIFYING PARTY")
promptly after such Indemnified Party has actual knowledge of any claim as to
which indemnity may be sought, and shall permit the Indemnifying Party to assume
the defense of any such claim in any litigation resulting therefrom, provided
that counsel for the Indemnifying Party, who shall conduct the defense of such
claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not be unreasonably withheld), and the
Indemnified Party may participate in such defense at its own expense, and
provided further that the failure of any Indemnified Party to give notice as
provided herein shall not relieve the Indemnifying Party of its obligations
under this Section 6 except to the extent that the Indemnifying Party is
materially and adversely affected by such failure to provide notice. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party
of a release from all liability in respect to such claim or litigation. Each
Indemnified Party shall furnish such non-privileged information regarding itself
or the claim in question as an Indemnifying Party may reasonably request in
writing and as shall be reasonably required in connection with the defense of
such claim and litigation resulting therefrom.

                  7.       Contribution. If the indemnification provided for in
Section 6 herein is unavailable to the Indemnified Parties in respect of any
losses, claims, damages or liabilities referred to herein (other than by reason
of the exceptions provided therein), then each such Indemnifying Party, in lieu
of indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such losses, claims, damages or
liabilities as between the Company on the one hand and any Holder(s) on the
other, in such proportion as is appropriate to reflect the relative fault of the
Company and of such Holder(s) in connection with the statements or omissions
which resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative fault of the Company on
the one hand and of any Holder(s) on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or by such Holder(s).

         In no event shall the obligation of any Indemnifying Party to
contribute under this Section 7 exceed the amount that such Indemnifying Party
would have been obligated to pay by way of indemnification if the
indemnification provided for under Section 6(a) or 6(b) hereof had been
available under the circumstances.

                                       10
<PAGE>

         The Company and the Holders agree that it would not be just and
equitable if contribution pursuant to this Section 7 were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or
by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraphs. The amount
paid or payable by an Indemnified Party as a result of the losses, claims,
damages and liabilities referred to in the immediately preceding paragraphs
shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such Indemnified Party in
connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section, no Holder shall be required to
contribute any amount in excess of the amount by which in the case of any
Holder, the net proceeds received by such Holder from the sale of Registrable
Securities pursuant to the registration statement in question. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

                  8.       Survival. The indemnity and contribution agreements
contained in Sections 6 and 7 shall remain operative and in full force and
effect regardless of (i) any termination of this Agreement or the Purchase
Agreement, and (ii) the consummation of the sale or successive resales of the
Registrable Securities.

                  9.       Information by Holders. As a condition to the
obligations of the Company to complete any registration pursuant to this
Agreement with respect to the Registrable Securities of each Holder, such Holder
will furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended methods of disposition of the Registrable
Securities held by it as is reasonably required by the Company to effect the
registration of the Registrable Securities. At least five business days prior to
the first anticipated filing date of a Registration Statement for any
registration under this Agreement, the Company will notify each Holder of the
information the Company requires from that Holder whether or not such Holder has
elected to have any of its Registrable Securities included in the Registration
Statement. If the Company has not received the requested information from a
Holder by the business day prior to the anticipated filing date, then the
Company may file the Registration Statement without including Registrable
Securities of that Holder.

                  10.      Further Assurances. Each Holder will cooperate with
the Company, as reasonably requested by the Company, in connection with the
preparation and filing of any Registration Statement hereunder, unless such
Holder has notified the Company in writing of such Holder's irrevocable election
to exclude all of such Holder's Registrable Securities from such Registration
Statement.

                  11.      Suspension of Sales. Upon receipt of any notice from
the Company under Section 2(a)(v) or 2(b), each Holder will immediately
discontinue disposition of Registrable Securities pursuant to the Registration
Statement covering such Registrable Securities until (i) it receives copies of a
supplemented or amended prospectus contemplated by Sections 2(a)(v) or (ii) the
Company advises the Holder that a suspension of sales under Section 2(b) has
terminated. If so directed by the Company, each Holder will deliver to the
Company (at the expense of the Company) or destroy all copies in the Holder' s
possession (other than a limited number of file copies) of the prospectus
covering such Registrable Securities that is current at the time of receipt of
such notice.

                                       11
<PAGE>

                  12.      Replacement Certificates. The certificate(s)
representing the Registrable Securities held by the Purchaser (or then Holder)
may be exchanged by the Purchaser (or such Holder) at any time and from time to
time for certificates with different denominations representing an equal
aggregate number of Common Shares, as reasonably requested by such Purchaser (or
such Holder) upon surrendering the same. No service charge will be made for such
registration or transfer or exchange. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
the Note or certificates for the underlying Common Shares of any of the
foregoing, and, in the case of loss, theft or destruction, of indemnity
reasonably satisfactory to it, or upon surrender and cancellation of such
certificate if mutilated, the Company will make and deliver a new Note or
certificate of like tenor and dated as of such cancellation at no charge to the
holder.

                  13.      Transfer or Assignment. Except as otherwise provided
herein, this Agreement shall be binding upon and inure to the benefit of the
parties and their successors and permitted assigns. The rights granted to the
Purchaser by the Company under this Agreement to cause the Company to register
Registrable Securities may be transferred or assigned (in whole or in part) to a
transferee or assignee of the Note or Registrable Securities, and all other
rights granted to the Purchaser by the Company hereunder may be transferred or
assigned to any transferee or assignee of the Note or Registrable Securities;
provided in each case that (i) the Company is given written notice by the
Purchaser at the time of or within a reasonable time after such transfer or
assignment, stating the name and address of said transferee or assignee and
identifying the securities with respect to which such registration rights are
being transferred or assigned; and provided further that the transferee or
assignee of such rights agrees in writing to be bound by the registration
provisions of this Agreement, (ii) such transfer or assignment is not made under
the Registration Statement or Rule 144, (iii) such transfer is made according to
the applicable requirements of the Purchase Agreement, and (iv) the transferee
has provided to the Company an investor questionnaire (or equivalent document)
evidencing that the transferee is a "qualified institutional buyer" or an
"accredited investor" defined in Rule 501(a)(1),(2),(3), or (7) of Regulation D.

                  14.      Miscellaneous.

                           (a)      Remedies. The Company and the Purchaser
acknowledge and agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that the
parties shall be entitled to an injunction or injunctions to prevent or cure
breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof, this being in addition to any other remedy to which
any of them may be entitled by law or equity.

                           (b)      Jurisdiction. Each of the Company and the
Purchaser (i) hereby irrevocably submits to the exclusive jurisdiction of the
United States District Court, the California state courts and other courts of
the United States sitting in Orange County, California for the purposes of any
suit, action or proceeding arising out of or relating to this Agreement and (ii)
hereby waives, and agrees not to assert in any such suit action or proceeding,
any claim that it is not personally subject to the jurisdiction of such court,
that the suit, action or proceeding is brought in an inconvenient forum or that
the venue of the suit, action or proceeding is improper. The Company and the
Purchaser consent to process being served in any such suit, action or

                                       12
<PAGE>

proceeding by mailing a copy thereof to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing in this
paragraph shall affect or limit any right to serve process in any other manner
permitted by law.

                           (c)      Notices. Any notice or other communication
required or permitted to be given hereunder shall be in writing by facsimile,
mail or personal delivery and shall be effective upon actual receipt of such
notice. The addresses for such communications shall be:

          to the Company:

          Liquidmetal Technologies, Inc.
          25800 Commercentre Dr., Suite 100
          Lake Forest, California 92630
          Telephone: (949) 206-8002
          Fax: (949) 206-8008
          Attention: John Kang, President

          with a copy to:

          Foley & Lardner LLP
          100 North Tampa Street, Suite 2700
          Tampa, FL 33602-5804
          Telephone: 813-229-2300
          Facsimile:
          Attention: Curt P. Creely

          If to the Purchasers, to the addresses set forth on Schedule I to the
Purchase Agreement:

          with a copy to:

          Horizon Law Group

          Dabong Tower Bldg., 890-12 Daechi-dong,
          Kangnam-gu, Seoul, Korea
          Telephone: 822-3430-4321
          Facsimile: 822-3430-4200
          Attention: Byoung-Ki Lee, Esq.

Any party hereto may from time to time change its address for notices by giving
at least five days' written notice of such changed address to the other parties
hereto.

                           (d)      Waivers. No waiver by any party of any
default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or
omission of any party to exercise any right hereunder in any manner impair the

                                       13
<PAGE>

exercise of any such right accruing to it thereafter. The representations and
warranties and the agreements and covenants of the Company and each Purchaser
contained herein shall survive the Closing.

                           (e)      Execution in Counterpart. This Agreement may
be executed in two or more counterparts, all of which shall be considered one
and the same agreement, it being understood that all parties need not sign the
same counterpart.

                           (f)      Signatures. Facsimile signatures shall be
valid and binding on each party submitting the same.

                           (g)      Entire Agreement; Amendment. This Agreement,
together with the Purchase Agreement, the Note, the Warrant, and the agreements
and documents contemplated hereby and thereby, contains the entire understanding
and agreement of the parties, and may not be amended, modified or terminated
except by a written agreement signed by the Company plus the Holders of 75% of
the outstanding Principal Amount of the Notes issued under the Purchase
Agreement to that date; provided that for the purposes of this Section 14(g) the
Holders of Registrable Securities still entitled to registration rights under
this Agreement will be deemed to still be Holders of that amount of Notes which
were converted into such number of Registrable Securities issued upon conversion
which are still held by them.

                           (h)      Governing Law. This Agreement and the
validity and performance of the terms hereof shall be governed by and construed
in accordance with the laws of the State of California applicable to contracts
executed and to be performed entirely within such state, except to the extent
that the law of the State of Delaware regulates the Company's issuance of
securities.

                           (i)      Jury Trial. EACH PARTY HERETO WAIVES THE
RIGHT TO A TRIAL BY JURY.

                           (j)      Force Majeure. The Company shall not be
deemed in breach of its commitments under this Agreement and no payments by the
Company as set forth in Section 2 shall be required if the Company is unable to
fulfill it obligations hereunder in a timely fashion if the SEC or the Nasdaq
National Market are closed or operating on a limited basis as a result of the
occurrence of a Force Majeure. As used herein, "FORCE MAJEURE" means war or
armed hostilities or other national or international calamity, or one or more
acts of terrorism, which are having a material adverse effect on the financial
markets in the United States. Furthermore, any payments owed as a result of
Section 2 shall not accrue during any period during which the Company's
performance hereunder has been delayed or the Company's ability to fulfill its
obligations hereunder has been impaired by a Force Majeure.

                           (k)      Titles. The titles used in this Agreement
are used for convenience only and are not to be considered in construing or
interpreting this Agreement.

                           (l)      No Strict Construction. The language used in
this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rule of strict construction will be applied
against any party.

                                       14
<PAGE>

                     *** Signatures on following page(s) ***

                                       15
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                       COMPANY:

                       LIQUIDMETAL TECHNOLOGIES, INC.

                       By: /s/  John Kang
                           ------------------------
                                John Kang, President and Chief Executive Officer

                       PURCHASERS:

                       MICHIGAN VENTURE CAPITAL CO, LTD.

                       By: /s/ Michigan Venture Capital Co., Ltd.

Signature(s) of additional Purchasers set forth on following page(s).

                                       16
<PAGE>

                           COUNTERPART SIGNATURE PAGE
                        TO REGISTRATION RIGHTS AGREEMENT,
                              DATED MARCH 1, 2004,
                      AMONG LIQUIDMETAL TECHNOLOGIES, INC.,
                     MICHIGAN VENTURE CAPITAL CO., LTD., AND
                       THE "PURCHASERS" IDENTIFIED THEREIN

The undersigned hereby executes and delivers the Registration Rights Agreement
to which this Signature Page is attached, which, together with all counterparts
of the Registration Rights Agreement and Signature Pages of the Company and
other "Purchasers" under the Registration Rights Agreement, shall constitute one
and the same document in accordance with the terms of the Registration Rights
Agreement.

eIPO Co., Ltd.
/s/ Yangkwon Moon
Yangkwon Moon
Chief Executive Officer

                                       17
<PAGE>

                           COUNTERPART SIGNATURE PAGE
                        TO REGISTRATION RIGHTS AGREEMENT,
                              DATED MARCH 1, 2004,
                      AMONG LIQUIDMETAL TECHNOLOGIES, INC.,
                     MICHIGAN VENTURE CAPITAL CO., LTD., AND
                       THE "PURCHASERS" IDENTIFIED THEREIN

The undersigned hereby executes and delivers the Registration Rights Agreement
to which this Signature Page is attached, which, together with all counterparts
of the Registration Rights Agreement and Signature Pages of the Company and
other "Purchasers" under the Registration Rights Agreement, shall constitute one
and the same document in accordance with the terms of the Registration Rights
Agreement.

WINVEST VENTURE PARTNERS, INC.
/s/ Chang Ki Cho
Chang Ki Cho
President and CEO

                                       18
<PAGE>

                           COUNTERPART SIGNATURE PAGE
                        TO REGISTRATION RIGHTS AGREEMENT,
                              DATED MARCH 1, 2004,
                      AMONG LIQUIDMETAL TECHNOLOGIES, INC.,
                     MICHIGAN VENTURE CAPITAL CO., LTD., AND
                       THE "PURCHASERS" IDENTIFIED THEREIN

The undersigned hereby executes and delivers the Registration Rights Agreement
to which this Signature Page is attached, which, together with all counterparts
of the Registration Rights Agreement and Signature Pages of the Company and
other "Purchasers" under the Registration Rights Agreement, shall constitute one
and the same document in accordance with the terms of the Registration Rights
Agreement.

DONG WON KIM
/s/ Dong Won Kim

                                       19
<PAGE>

                           COUNTERPART SIGNATURE PAGE
                        TO REGISTRATION RIGHTS AGREEMENT,
                              DATED MARCH 1, 2004,
                      AMONG LIQUIDMETAL TECHNOLOGIES, INC.,
                     MICHIGAN VENTURE CAPITAL CO., LTD., AND
                       THE "PURCHASERS" IDENTIFIED THEREIN

The undersigned hereby executes and delivers the Registration Rights Agreement
to which this Signature Page is attached, which, together with all counterparts
of the Registration Rights Agreement and Signature Pages of the Company and
other "Purchasers" under the Registration Rights Agreement, shall constitute one
and the same document in accordance with the terms of the Registration Rights
Agreement.

SIMON SUK-JUN YOON
/s/ Simon Yoon

                                       20
<PAGE>

                           COUNTERPART SIGNATURE PAGE
                        TO REGISTRATION RIGHTS AGREEMENT,
                              DATED MARCH 1, 2004,
                      AMONG LIQUIDMETAL TECHNOLOGIES, INC.,
                     MICHIGAN VENTURE CAPITAL CO., LTD., AND
                       THE "PURCHASERS" IDENTIFIED THEREIN

The undersigned hereby executes and delivers the Registration Rights Agreement
to which this Signature Page is attached, which, together with all counterparts
of the Registration Rights Agreement and Signature Pages of the Company and
other "Purchasers" under the Registration Rights Agreement, shall constitute one
and the same document in accordance with the terms of the Registration Rights
Agreement.

MOONCHEOL YANG
/s/ Mooncheol Yang

                                       21<PAGE>

                                                                   EXHIBIT 10.4

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"). THIS WARRANT SHALL NOT CONSTITUTE AN OFFER
TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES IN ANY JURISDICTION
IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE SECURITIES ARE
"RESTRICTED" AND MAY NOT BE RESOLD OR TRANSFERRED EXCEPT AS PERMITTED UNDER THE
ACT PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

                          COMMON STOCK PURCHASE WARRANT
                             (KOREA-BASED INVESTORS)

     To Purchase Shares of $0.001 Par Value Common Stock ("Common Stock") of

                         LIQUIDMETAL TECHNOLOGIES, INC.

         THIS CERTIFIES that, for value received, MICHIGAN VENTURE CAPITAL (the
"PURCHASER" or "HOLDER") is entitled, upon the terms and subject to the
conditions hereinafter set forth, at any time on or after the date hereof and on
or prior to 8:00 p.m. New York City Time on the date that is one hundred (100)
calendar days after the Closing Date under the Purchase Agreement (the
"TERMINATION DATE"), but not thereafter, to subscribe for and purchase from
Liquidmetal Technologies, Inc., a Delaware corporation (the "COMPANY"), Five
Hundred Thousand (500,000) shares of Common Stock (the "WARRANT SHARES") at an
Exercise Price equal to $3.00 per share (as adjusted from time to time pursuant
to the terms hereof, the "EXERCISE PRICE"). The Exercise Price and the number of
shares for which the Warrant is exercisable shall be subject to adjustment as
provided herein. This Warrant is being issued in connection with the Amended and
Restated Securities Purchase Agreement dated March 1, 2004 (the "PURCHASE
AGREEMENT"), entered into between the Company and the Purchaser. Capitalized
terms used herein and not otherwise defined shall have the meaning ascribed
thereto in the Purchase Agreement.

1.       Title of Warrant. Prior to the expiration hereof and subject to
         compliance with applicable laws, this Warrant and all rights hereunder
         are transferable, in whole or in part, at the office or agency of the
         Company by the Holder hereof in person or by duly authorized attorney,
         upon surrender of this Warrant together with (a) the Assignment Form
         annexed hereto properly endorsed, and (b) any other documentation
         reasonably necessary to satisfy the Company that such transfer is in
         compliance with all applicable securities laws. The term "HOLDER" shall
         refer to the Purchaser or any subsequent transferee of this Warrant.

2.       Authorization of Shares. The Company covenants that all shares of
         Common Stock which may be issued upon the exercise of rights
         represented by this Warrant will, upon exercise of the rights
         represented by this Warrant and payment of the Exercise Price as set

<PAGE>

                                                                          Page 2

         forth herein will be duly authorized, validly issued, fully paid and
         nonassessable and free from all taxes, liens and charges in respect of
         the issue thereof (other than taxes in respect of any transfer
         occurring contemporaneously with such issue or otherwise specified
         herein).

3.       Exercise of Warrant.

(a)      The Holder may exercise this Warrant, in whole or in part, at any time
         and from time to time, by delivering (which may be by facsimile) to the
         offices of the Company or any transfer agent for the Common Stock this
         Warrant, together with a Notice of Exercise in the form annexed hereto
         specifying the number of Warrant Shares with respect to which this
         Warrant is being exercised, together with payment to the Company of the
         Exercise Price therefor.

         In the event that the Warrant is not exercised in full, the number of
         Warrant Shares shall be reduced by the number of such Warrant Shares
         for which this Warrant is exercised and/or surrendered, and the
         Company, if requested by Holder and at its expense, shall within three
         (3) Trading Days (as defined below) issue and deliver to the Holder a
         new Warrant of like tenor in the name of the Holder or as the Holder
         (upon payment by Holder of any applicable transfer taxes) may request,
         reflecting such adjusted Warrant Shares. Notwithstanding anything to
         the contrary set forth herein, upon exercise of any portion of this
         Warrant in accordance with the terms hereof, the Holder shall not be
         required to physically surrender this Warrant to the Company unless
         such Holder is purchasing the full amount of Warrant Shares represented
         by this Warrant. The Holder and the Company shall maintain records
         showing the number of Warrant Shares so purchased hereunder and the
         dates of such purchases or shall use such other method, reasonably
         satisfactory to the Holder and the Company, so as not to require
         physical surrender of this Warrant upon each such exercise. The Holder
         and any assignee, by acceptance of this Warrant or a new Warrant,
         acknowledge and agree that, by reason of the provisions of this
         Section, following exercise of any portion of this Warrant, the number
         of Warrant Shares which may be purchased upon exercise of this Warrant
         may be less than the number of Warrant Shares set forth on the face
         hereof

         Certificates for shares of Common Stock purchased hereunder shall be
         delivered to the Holder hereof within three (3) Trading Days after the
         date on which this Warrant shall have been exercised as aforesaid. The
         Holder may withdraw its Notice of Exercise at any time if the Company
         fails to timely deliver the relevant certificates to the Holder as
         provided in this Agreement. A Notice of Exercise shall be deemed sent
         on the date of delivery if delivered before 8:00 p.m. New York Time on
         such date, or the day following such date if delivered after 8:00 p.m.
         New York Time; provided that the Company is only obligated to deliver
         Warrant Shares against delivery of the Exercise Price from the holder
         hereof and surrender of this Warrant (or appropriate affidavit and/or
         indemnity in lieu thereof).

         In lieu of delivering physical certificates representing the Warrant
         Shares issuable upon conversion of this Warrant, provided the Company's
         transfer agent is participating in the
<PAGE>

                                                                          Page 3

         Depository Trust Company ("DTC") Fast Automated Securities Transfer
         ("FAST") program, upon request of the Holder, the Company shall use its
         best efforts to cause its transfer agent to electronically transmit the
         Warrant Shares issuable upon exercise to the Holder, by crediting the
         account of the Holder's prime broker with DTC through its Deposit
         Withdrawal Agent Commission ("DWAC") system. The time periods for
         delivery described above shall apply to the electronic transmittals
         through the DWAC system. The Company agrees to coordinate with DTC to
         accomplish this objective.

(b)      The term "TRADING DAY" means (x) if the Common Stock is not listed on
         the New York or American Stock Exchange but sale prices of the Common
         Stock are reported on Nasdaq National Market or another automated
         quotation system, a day on which trading is reported on the principal
         automated quotation system on which sales of the Common Stock are
         reported, (y) if the Common Stock is listed on the New York Stock
         Exchange or the American Stock Exchange, a day on which there is
         trading on such stock exchange, or (z) if the foregoing provisions are
         inapplicable, a day on which quotations are reported by National
         Quotation Bureau Incorporated.

4.       No Fractional Shares or Scrip. No fractional shares or scrip
         representing fractional shares shall be issued upon the exercise of
         this Warrant. In lieu of issuance of a fractional share upon any
         exercise hereunder, the Company will either round up to nearest whole
         number of shares or pay the cash value of that fractional share, which
         cash value shall be calculated on the basis of the average closing
         price of the Common Stock during the five (5) Trading Days immediately
         preceding the date of exercise.

5.       Charges, Taxes and Expenses. Issuance of certificates for shares of
         Common Stock upon the exercise of this Warrant shall be made without
         charge to the Holder hereof for any issue or transfer tax or other
         incidental expense in respect of the issuance of such certificate, all
         of which taxes and expenses shall be paid by the Company, and such
         certificates shall be issued in the name of the Holder of this Warrant
         or in such name or names as may be directed by the Holder of this
         Warrant; provided, however, that in the event certificates for shares
         of Common Stock are to be issued in a name other than the name of the
         Holder of this Warrant, this Warrant when surrendered for exercise
         shall be accompanied by the Assignment Form attached hereto duly
         executed by the Holder hereof; and provided further, that the Company
         shall not be required to pay any tax or taxes which may be payable in
         respect of any transfer involved in the issuance of any Warrant
         certificates or any certificates for the Warrant Shares other than the
         issuance of a Warrant Certificate to the Holder in connection with the
         Holder's surrender of a Warrant Certificate upon the exercise of all or
         less than all of the Warrants evidenced thereby.

6.       Closing of Books. The Company will at no time close its shareholder
         books or records in any manner which interferes with the timely
         exercise of this Warrant.

7.       No Rights as Shareholder until Exercise. Subject to Section 12 of this
         Warrant and the provisions of any other written agreement between the
         Company and the Purchaser, the Purchaser shall not be entitled to vote
         or receive dividends or be deemed the holder of Warrant Shares or any
         other securities of the Company that may at any time be issuable

<PAGE>

                                                                          Page 4

         on the exercise hereof for any purpose, nor shall anything contained
         herein be construed to confer upon the Purchaser, as such, any of the
         rights of a stockholder of the Company or any right to vote for the
         election of directors or upon any matter submitted to stockholders at
         any meeting thereof, or to give or withhold consent to any corporate
         action (whether upon any recapitalization, issuance of stock,
         reclassification of stock, change of par value, or change of stock to
         no par value, consolidation, merger, conveyance or otherwise) or to
         receive notice of meetings, or to receive dividends or subscription
         rights or otherwise until the Warrant shall have been exercised as
         provided herein. However, at the time of the exercise of this Warrant
         pursuant to Section 3 hereof, the Warrant Shares so purchased hereunder
         shall be deemed to be issued to such Holder as the record owner of such
         shares as of the close of business on the date on which this Warrant
         shall have been exercised.

8.       Assignment and Transfer of Warrant. This Warrant may be assigned by the
         surrender of this Warrant and the Assignment Form annexed hereto duly
         executed at the office of the Company (or such other office or agency
         of the Company or its transfer agent as the Company may designate by
         notice in writing to the registered Holder hereof at the address of
         such Holder appearing on the books of the Company); provided, however,
         that this Warrant may not be resold or otherwise transferred except (i)
         in a transaction registered under the Securities Act of 1933, as
         amended (the "ACT"), or (ii) in a transaction pursuant to an exemption,
         if available, from registration under the Act and whereby, if
         reasonably requested by the Company, an opinion of counsel reasonably
         satisfactory to the Company is obtained by the Holder of this Warrant
         to the effect that the transaction is so exempt.

9.       Loss, Theft, Destruction or Mutilation of Warrant; Exchange. The
         Company represents warrants and covenants that (a) upon receipt by the
         Company of evidence and/or indemnity reasonably satisfactory to it of
         the loss, theft, destruction or mutilation of any Warrant or stock
         certificate representing the Warrant Shares, and in case of loss, theft
         or destruction, of indemnity reasonably satisfactory to it, and (b)
         upon surrender and cancellation of such Warrant or stock certificate,
         if mutilated, the Company will make and deliver a new Warrant or stock
         certificate of like tenor and dated as of such cancellation, in lieu of
         this Warrant or stock certificate, without any charge therefor. This
         Warrant is exchangeable at any time for an equal aggregate number of
         Warrants of different denominations, as requested by the holder
         surrendering the same, or in such denominations as may be requested by
         the Holder following determination of the Exercise Price. No service
         charge will be made for such registration or transfer, exchange or
         reissuance.

10.      Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
         taking of any action or the expiration of any right required or granted
         herein shall be a Saturday, Sunday or a legal holiday, then such action
         may be taken or such right may be exercised on the next succeeding day
         not a legal holiday.

11.      Effect of Certain Events. If at any time while this Warrant or any
         portion thereof is outstanding and unexpired there shall be a
         transaction (by merger or otherwise) in which

<PAGE>

                                                                          Page 5

         more than 50% of the voting power of the Company is disposed of
         (collectively, a "SALE OR MERGER TRANSACTION"), the Holder of this
         Warrant shall have the right thereafter to purchase, by exercise of
         this Warrant and payment of the aggregate Exercise Price in effect
         immediately prior to such action, the kind and amount of shares and
         other securities and property which it would have owned or have been
         entitled to receive after the happening of such transaction had this
         Warrant been exercised immediately prior thereto, subject to further
         adjustment as provided in Section 12.

12.      Adjustments of Exercise Price and Number of Warrant Shares.

         The number of and kind of securities purchasable upon exercise of this
         Warrant and the Exercise Price shall be subject to adjustment from time
         to time as set forth in this Section 12.

(a)      Subdivisions, Combinations, Stock Dividends and other Issuances. If the
         Company shall, at any time while this Warrant is outstanding, (A) pay a
         stock dividend or otherwise make a distribution or distributions on any
         equity securities (including instruments or securities convertible into
         or exchangeable for such equity securities) in shares of Common Stock,
         (B) subdivide outstanding shares of Common Stock into a larger number
         of shares, or (C) combine outstanding Common Stock into a smaller
         number of shares, then the Exercise Price shall be multiplied by a
         fraction, the numerator of which shall be the number of shares of
         Common Stock outstanding before such event and the denominator of which
         shall be the number of shares of Common Stock outstanding after such
         event. Any adjustment made pursuant to this Section 12(a) shall become
         effective immediately after the record date for the determination of
         stockholders entitled to receive such dividend or distribution and
         shall become effective immediately after the effective date in the case
         of a subdivision or combination. The number of shares which may be
         purchased hereunder shall be increased proportionately to any reduction
         in Exercise Price pursuant to this paragraph 12(a), so that after such
         adjustments the aggregate Exercise Price payable hereunder for the
         increased number of shares shall be the same as the aggregate Exercise
         Price in effect just prior to such adjustments.

(b)      Other Distributions. If at any time after the date hereof the Company
         distributes to holders of its Common Stock, other than as part of its
         dissolution, liquidation or the winding up of its affairs, any shares
         of its capital stock, any evidence of indebtedness or any of its assets
         (other than Common Stock), then the number of Warrant Shares for which
         this Warrant is exercisable shall be increased to equal: (i) the number
         of Warrant Shares for which this Warrant is exercisable immediately
         prior to such event, (ii) multiplied by a fraction, (A) the numerator
         of which shall be the Fair Market Value (as defined below) per share of
         Common Stock on the record date for the dividend or distribution, and
         (B) the denominator of which shall be the Fair Market Value price per
         share of Common Stock on the record date for the dividend or
         distribution minus the amount allocable to one share of Common Stock of
         the value (as jointly determined in good faith by the Board of
         Directors of the Company and the Holder) of any and all such evidences
         of indebtedness, shares of capital stock, other securities or property,
         so distributed. For purposes of this Warrant, "FAIR MARKET VALUE" shall
         equal the average

<PAGE>

                                                                          Page 6

         closing trading price of the Common Stock on the Principal Market (as
         defined in the Purchase Agreement) for the 5 Trading Days preceding the
         date of determination or, if the Common Stock is not listed or admitted
         to trading on any Principal Market, and the average price cannot be
         determined as contemplated above, the Fair Market Value of the Common
         Stock shall be as reasonably determined in good faith by the Company's
         Board of Directors and the Holder. The Exercise Price shall be reduced
         to equal: (i) the Exercise Price in effect immediately before the
         occurrence of any event (ii) multiplied by a fraction, (A) the
         numerator of which is the number of Warrant Shares for which this
         Warrant is exercisable immediately before the adjustment, and (B) the
         denominator of which is the number of Warrant Shares for which this
         Warrant is exercisable immediately after the adjustment.

(c)      Merger, etc. If at any time after the date hereof there shall be a
         merger or consolidation of the Company with or into or a transfer of
         all or substantially all of the assets of the Company to another
         entity, then the Holder shall be entitled to receive upon or after such
         transfer, merger or consolidation becoming effective, and upon payment
         of the Exercise Price then in effect, the number of shares or other
         securities or property of the Company or of the successor corporation
         resulting from such merger or consolidation, which would have been
         received by the Holder for the shares of stock subject to this Warrant
         had this Warrant been exercised just prior to such transfer, merger or
         consolidation becoming effective or to the applicable record date
         thereof, as the case may be. The Company will not merge or consolidate
         with or into any other corporation, or sell or otherwise transfer its
         property, assets and business substantially as an entirety to another
         corporation, unless the corporation resulting from such merger or
         consolidation (if not the Company), or such transferee corporation, as
         the case may be, shall expressly assume in writing the due and punctual
         performance and observance of each and every covenant and condition of
         this Warrant to be performed and observed by the Company.

(d)      Reclassification, etc. If at any time after the date hereof there shall
         be a reorganization or reclassification of the securities as to which
         purchase rights under this Warrant exist into the same or a different
         number of securities of any other class or classes, then the Holder
         shall thereafter be entitled to receive upon exercise of this Warrant,
         during the period specified herein and upon payment of the Exercise
         Price then in effect, the number of shares or other securities or
         property resulting from such reorganization or reclassification, which
         would have been received by the Holder for the shares of stock subject
         to this Warrant had this Warrant at such time been exercised.

(e)      Exercise Price Adjustment. In the event that on or subsequent to the
         Closing Date, the Company issues or sells any securities which are
         convertible into or exchangeable for its Common Stock or any
         convertible securities, or any warrants or other rights to subscribe
         for or to purchase or any options for the purchase of its Common Stock
         or any such convertible securities (other than (i) shares which are
         issued pursuant to the Note, (ii) shares of Common Stock or options to
         purchase such shares issued to employees, consultants, officers or
         directors in accordance with stock plans approved by the Board of
         Directors, and shares of Common Stock issuable under options or
         warrants that are outstanding as of the date of the Purchase Agreement,
         (iii) shares of Common Stock issued pursuant to a

<PAGE>

                                                                          Page 7

         stock dividend, split or other similar transaction, (iv) shares of
         Common Stock issued to Growell Metal Co., Ltd. pursuant to the
         Settlement Agreement, dated on or about January 10, 2004, between
         Growell Metal Co., Ltd. and the Company's South Korean subsidiary, and
         (v) shares of Common Stock that are issued in lieu of cash in the
         payment of interest under the Middlebury Notes, as defined in the
         Purchase Agreement) at an effective price per share which is less than
         the Exercise Price, then the Exercise Price in effect immediately prior
         to such issue or sale shall be reduced effective concurrently with such
         issue or sale to an amount determined by multiplying the Exercise Price
         then in effect by a fraction, (x) the numerator of which shall be the
         sum of (1) the number of shares of Common Stock outstanding immediately
         prior to such issue or sale, plus (2) the number of shares of Common
         Stock which the aggregate consideration received by the Company for
         such additional shares would purchase at the Exercise Price then in
         effect; and (y) the denominator of which shall be the number of shares
         of Common Stock of the Company outstanding immediately after such issue
         or sale. In the event that the Company issues or sells any Common Stock
         (other than (i) shares issued or which may be issued pursuant to the
         Purchase Agreement or pursuant to Convertible Securities (as defined
         below), (ii) shares of Common Stock or options to purchase such shares
         issued to employees, consultants, officers or directors in accordance
         with stock plans approved by the Board of Directors, and shares of
         Common Stock issuable under options or warrants that are outstanding as
         of the date of the Purchase Agreement, (iii) shares of Common Stock
         issued pursuant to a stock dividend, split or other similar
         transaction, (iv) shares of Common Stock issued to Growell Metal Co.,
         Ltd. pursuant to the Settlement Agreement, dated on or about January
         10, 2004, between Growell Metal Co., Ltd. and the Company's South
         Korean subsidiary, and (v) shares of Common Stock that are issued in
         lieu of cash in the payment of interest under the Middlebury Notes, as
         defined in the Purchase Agreement) at an effective price per share
         which is less than the Exercise Price, then in each such case, the
         Exercise Price in effect immediately prior to such issue or sale shall
         be reduced effective concurrently with such issue or sale to an amount
         determined by multiplying the Exercise Price then in effect by a
         fraction, (x) the numerator of which shall be the sum of (1) the number
         of shares of Common Stock outstanding immediately prior to such issue
         or sale, plus (2) the number of shares of Common Stock which the
         aggregate consideration received by the Company for such additional
         shares would purchase at the Exercise Price then in effect; and (y) the
         denominator of which shall be the number of shares of Common Stock of
         the Company outstanding immediately after such issue or sale.

         For the purposes of the foregoing adjustments, in the case of the
         issuance of any convertible securities, warrants, options or other
         rights to subscribe for or to purchase or exchange for, shares of
         Common Stock ("CONVERTIBLE SECURITIES"), the maximum number of shares
         of Common Stock issuable upon exercise, exchange or conversion of such
         Convertible Securities shall be deemed to be outstanding, provided that
         no further adjustment shall be made upon the actual issuance of Common
         Stock upon exercise, exchange or conversion of such Convertible
         Securities.

<PAGE>

                                                                          Page 8

(f)      In the event of any adjustment in the number of Warrant Shares issuable
         hereunder upon exercise, the Exercise Price shall be inversely
         proportionately increased or decreased as the case may be, such that
         aggregate purchase price for Warrant Shares upon full exercise of this
         Warrant shall remain the same. Similarly, in the event of any
         adjustment in the Exercise Price, the number of Warrant Shares issuable
         hereunder upon exercise shall be inversely proportionately increased or
         decreased as the case may be, such that aggregate purchase price for
         Warrant Shares upon full exercise of this Warrant shall remain the
         same.

13.      Voluntary Adjustment by the Company. The Company may at its option, at
         any time during the term of this Warrant, reduce but not increase the
         then current Exercise Price to any amount and for any period of time
         deemed appropriate by the Board of Directors of the Company.

14.      Notice of Adjustment. Whenever the number of Warrant Shares or number
         or kind of securities or other property purchasable upon the exercise
         of this Warrant or the Exercise Price is adjusted, the Company shall
         promptly mail to the Holder of this Warrant a notice setting forth the
         number of Warrant Shares (and other securities or property) purchasable
         upon the exercise of this Warrant and the Exercise Price of such
         Warrant Shares after such adjustment and setting forth the computation
         of such adjustment and a brief statement of the facts requiring such
         adjustment.

15.      Authorized Shares. The Company covenants that during the period the
         Warrant is outstanding and exercisable, it will reserve from its
         authorized and unissued Common Stock a sufficient number of shares to
         provide for the issuance of the Warrant Shares upon the exercise of any
         and all purchase rights under this Warrant. The Company further
         covenants that its issuance of this Warrant shall constitute full
         authority to its officers who are charged with the duty of executing
         stock certificates to execute and issue the necessary certificates for
         the Warrant Shares upon the exercise of the purchase rights under this
         Warrant. The Company will take all such reasonable action as may be
         necessary to assure that such Warrant Shares may be issued as provided
         herein without violation of any applicable law, regulation, or rule of
         any applicable market or exchange.

16.      19.9% Limitations.

         Notwithstanding anything contained herein to the contrary, the number
         of shares of Common Stock issuable by the Company and acquirable by the
         Holders of Warrants, together with the number of shares issued under
         the Notes, the Middlebury Notes, and the warrants issued in connection
         with the Middlebury Notes, shall not exceed 19.9% of the number of
         shares of Common Stock outstanding on the Closing Date, subject to
         appropriate adjustment for stock splits, stock dividends, or other
         similar recapitalizations affecting the Common Stock (the "MAXIMUM
         COMMON STOCK ISSUANCE"), unless the issuance of shares hereunder in
         excess of the Maximum Common Stock Issuance shall first be approved by
         the Company's shareholders in accordance with applicable law and the
         By-laws and Articles of Incorporation of the Company.

<PAGE>

                                                                          Page 9

17.      Compliance with Securities Laws. (a) The Holder hereof acknowledges
         that the Warrant Shares acquired upon the exercise of this Warrant, if
         not registered (or if no exemption from registration exists), will have
         restrictions upon resale imposed by state and federal securities laws.
         Each certificate representing the Warrant Shares issued to the Holder
         upon exercise (if not registered, for resale or otherwise, or if no
         exemption from registration exists) will bear substantially the
         following legend:

         THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
         COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
         AND, ACCORDINGLY, MAY NOT BE OFFERED, TRANSFERRED, SOLD OR OTHERWISE
         DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
         UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
         IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
         SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

(b)      Without limiting the Purchaser's right to transfer, assign or otherwise
         convey the Warrant or Warrant Shares in compliance with all applicable
         securities laws, the Holder of this Warrant, by acceptance hereof,
         acknowledges that this Warrant and the Warrant Shares to be issued upon
         exercise hereof are being acquired solely for the Purchaser's own
         account and not as a nominee for any other party, and that the
         Purchaser will not offer, sell or otherwise dispose of this Warrant or
         any Warrant Shares to be issued upon exercise hereof except under
         circumstances that will not result in a violation of applicable federal
         and state securities laws.

18.      Miscellaneous.

(a)      Issue Date; Choice of Law; Venue; Jurisdiction. The provisions of this
         Warrant shall be construed and shall be given effect in all respects as
         if it had been issued and delivered by the Company on the date hereof.
         This Warrant shall be binding upon any successors or assigns of the
         Company. This Warrant will be construed and enforced in accordance with
         and governed by the laws of the State of California, except for matters
         arising under the Act, without reference to principles of conflicts of
         law. Each of the parties consents to the exclusive jurisdiction of the
         Federal and State Courts sitting in the County of Orange in the State
         of California in connection with any dispute arising under this Warrant
         and hereby waives, to the maximum extent permitted by law, any
         objection, including any objection based on forum non conveniens or
         venue, to the bringing of any such proceeding in such jurisdiction.
         EACH PARTY HERETO WAIVES THE RIGHT TO A TRIAL BY JURY.

(b)      Modification and Waiver. This Warrant and any provisions hereof may be
         changed, waived, discharged or terminated only by an instrument in
         writing signed by the party against which enforcement of the same is
         sought. Any amendment effected in accordance
<PAGE>

                                                                         Page 10

         with this paragraph shall be binding upon the Purchaser, each future
         holder of this Warrant and the Company. No waivers of, or exceptions
         to, any term, condition or provision of this Warrant, in any one or
         more instances, shall be deemed to be, or construed as, a further or
         continuing waiver of any such term, condition or provision.

(c)      Notices. Any notice or other communication required or permitted to be
         given hereunder shall be in writing by facsimile, mail or personal
         delivery and shall be effective upon actual receipt of such notice. The
         addresses for such communications shall be to the addresses as shown on
         the books of the Company or to the Company at the address set forth in
         the Purchase Agreement. A party may from time to time change the
         address to which notices to it are to be delivered or mailed hereunder
         by notice in accordance with the provisions of this Section 18(c).

(d)      Severability. Whenever possible, each provision of this Warrant shall
         be interpreted in such manner as to be effective and valid under
         applicable law, but if any provision of this Warrant is held to be
         invalid, illegal or unenforceable in any respect under any applicable
         law or rule in any jurisdiction, such invalidity, illegality or
         unenforceability shall not affect the validity, legality or
         enforceability of any other provision of this Warrant in such
         jurisdiction or affect the validity, legality or enforceability of any
         provision in any other jurisdiction, but this Warrant shall be
         reformed, construed and enforced in such jurisdiction as if such
         invalid, illegal or unenforceable provision had never been contained
         herein.

(f)      Specific Enforcement. The Company and the Holder acknowledge and agree
         that irreparable damage would occur in the event that any of the
         provisions of this Warrant were not performed in accordance with their
         specific terms or were otherwise breached. It is accordingly agreed
         that the parties shall be entitled to an injunction or injunctions to
         prevent or cure breaches of the provisions of this Warrant and to
         enforce specifically the terms and provisions hereof, this being in
         addition to any other remedy to which either of them may be entitled by
         law or equity.

                            [Signature Page Follows]

<PAGE>

                                                                         Page 11

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officers thereunto duly authorized.

Dated:  March 1, 2004

                                    LIQUIDMETAL TECHNOLOGIES, Inc.

                                    By: /s/ John Kang
                                        --------------------
                                        John Kang,
                                        President and Chief Executive Officer

ATTEST:

_____________________
Print Name:

<PAGE>

                               NOTICE OF EXERCISE

To:      Liquidmetal Technologies, Inc.

(1)      The undersigned hereby elects to exercise the attached Warrant for and
to purchase thereunder, ______ shares of Common Stock, and herewith makes
payment therefor of $_______, or elects to use the cashless exercise option of
the Warrant in the event Warrant Shares are not registered as required in the
Registration Rights Agreement.

(2)      Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                           _______________________________
                           (Name)

                           _______________________________
                           (Address)

                           _______________________________

(3)      Please issue a new Warrant for the unexercised portion of the attached
Warrant in the name of the undersigned or in such other name as is specified
below:

                                    ________________________________
                                     (Name)

_____________________               ________________________________
(Date)                              (Signature)

                                    ________________________________
                                    (Address)

Dated:

_______________________________
Signature

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

                  FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to

_______________________________________________ whose address is

_______________________________________________________________________

_______________________________________________________________________

                                                Dated:  ______________,

                  Holder's Signature: _____________________________

                  Holder's Address:   _____________________________

                                      _____________________________

Signature Guaranteed:  ___________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

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