Document:

Exhibit
        10.4

      

      NEITHER
        THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
        HAVE 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 APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED
        OR
        SOLD 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. THESE SECURITIES AND THE SECURITIES ISSUABLE
        UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA
        FIDE
        MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

      

      HYDROGEN
        CORPORATION

       

      WARRANT
        

       

      
        	 	 	 
	
                Warrant
                  No. 1 

              	
                  

              	
                Original
                  Issue Date: [    ],
                  2006

              

      

       

      HYDROGEN
        CORPORATION, a Nevada corporation (the “Company”),
        hereby certifies that, for value received, CD Investment Partners, Ltd. or
        its
        permitted registered assigns (the “Holder”),
        is
        entitled to purchase from the Company up to a total of 50,000 shares of common
        stock, $0.001 par value (the “Common
        Stock”),
        of
        the Company (each such share, a “Warrant
        Share”
and
        all
        such shares, the “Warrant
        Shares”)
        at an
        exercise price equal to $6.60 per share (as adjusted from time to time as
        provided herein, the “Exercise
        Price”),
        at
        any time and from time to time from and after the Original Issue Date and
        through and including
        [            ], 2011
        (the “Expiration
        Date”),
        and
        subject to the following terms and conditions: 

      

      This
        Warrant is issued pursuant to that certain Securities Purchase Agreement,
        dated
        May 2, 2006, by and between the Company and CD Investment Partners, Ltd.
        (the
“Purchase
        Agreement”).
        All
        warrants represented by this Warrant are referred to herein, collectively,
        as
        the “Warrants.”

       

      1.
         Definitions.
        In
        addition to the terms defined elsewhere in this Warrant, capitalized terms
        that
        are not otherwise defined herein have the meanings given to such terms in
        the
        Purchase Agreement. 

        

      2.  List
        of Warrant Holders.
        The
        Company shall register this Warrant, upon records to be maintained by the
        Company for that purpose (the “Warrant
        Register”),
        in
        the name of the record Holder (which shall include the initial Holder or,
        as the
        case may be, any registered assignee to which this Warrant is permissibly
        assigned hereunder from time to time). The Company may deem and treat the
        registered Holder of this Warrant as the absolute owner hereof for the purpose
        of any exercise hereof or any distribution to the Holder, and for all other
        purposes, absent actual notice to the contrary. 

      
        
           

        

        
          -1-

          
            

          

        

        
           

        

      

       

      3.
         List
        of Transfers.
        

      

      (a) In
        addition to the restrictions noted in the legend set forth on the first page
        of
        this Warrant, this Warrant and the Warrant Shares are subject to the
        restrictions on transfer set forth in the Purchase Agreement.

      

      (b) The
        Company shall register any such transfer of all or any portion of this Warrant
        in the Warrant Register, upon (i) surrender of this Warrant, with the Form
        of
        Assignment attached hereto duly completed and signed, to the Company at its
        address specified herein and (ii) if the Registration Statement is not
        effective, (x) delivery, at the request of the Company, of an opinion of
        counsel
        reasonably satisfactory to the Company, to the effect that the transfer of
        such
        portion of this Warrant may be made pursuant to an available exemption from
        the
        registration requirements of the Securities Act and all applicable state
        securities or blue sky laws and (y) delivery by the transferee of a written
        statement to the Company certifying that the transferee is an “accredited
        investor” as defined in Rule 501(a) under the Securities Act and making the
        representations and certifications set forth in Section 3.2(b), (c) and (d)
        of
        the Purchase Agreement, to the Company at its address specified in the Purchase
        Agreement. Upon any such registration or transfer, a new Warrant to purchase
        Common Stock, in substantially the form of this Warrant (any such new Warrant,
        a
“New
        Warrant”),
        evidencing the portion of this Warrant so transferred shall be issued to
        the
        transferee and a New Warrant evidencing the remaining portion of this Warrant
        not so transferred, if any, shall be issued to the transferring Holder. The
        acceptance of the New Warrant by the transferee thereof shall be deemed the
        acceptance by such transferee of all of the rights and obligations in respect
        of
        the New Warrant that the Holder has in respect of this Warrant. Notwithstanding
        the foregoing, to the extent a Holder desires to transfer this Warrant to
        a
        non-affiliate after the effectiveness of the Registration Statement and the
        Commission notifies the Company in writing that it is not permitted to use
        a
        prospectus supplement to change the selling stockholder table to reflect
        the new
        transferee, then such transferee shall not be entitled to the registration
        rights associated with the underlying Warrant Shares but shall be entitled
        to
        all other rights as a Holder hereunder, including the right to exercise this
        Warrant on a “cashless” exercise basis pursuant to Section 10(b)
        hereof.

       

      4.
         Exercise
        and Duration of Warrants.
        

       

      (a)
         All
        or
        any part of this Warrant shall be exercisable by the registered Holder at
        any
        time and from time to time on or after the Original Issue Date and through
        and
        including the Expiration Date. Subject to Section 11 hereof, at 5:00 p.m.,
        New
        York City time, on the Expiration Date, the portion of this Warrant not
        exercised prior thereto shall be and become void and of no value and this
        Warrant shall be terminated and no longer outstanding. 

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      (b) The
        Holder may exercise this Warrant by delivering to the Company (i) an exercise
        notice, in the form attached hereto (the “Exercise
        Notice”),
        completed and duly signed, together with the aggregate Exercise Price for
        the
        number of Warrant Shares to be issued pursuant to such exercise, and (ii)
        if
        such Holder is not utilizing the cashless exercise provisions set forth in
        this
        Warrant, payment of the Exercise Price for the number of Warrant Shares as
        to
        which this Warrant is being exercised, and the date such items are delivered
        to
        the Company (as determined in accordance with the notice provisions hereof)
        is
        an “Exercise
        Date.”
The
        delivery by (or on behalf of) the Holder of the Exercise Notice and the
        applicable Exercise Price as provided above shall constitute the Holder’s
        certification to the Company that its representations contained in Section
        3.2(b), (c) and (d) of the Purchase Agreement are true and correct as of
        the
        Exercise Date as if remade in their entirety (or, in the case of any transferee
        Holder that is not a party to the Purchase Agreement, such transferee Holder’s
        certification to the Company that such representations are true and correct
        as
        to such assignee Holder as of the Exercise Date). The Holder shall not be
        required to deliver the original Warrant in order to effect an exercise
        hereunder. Execution and delivery of the Exercise Notice shall have the same
        effect as cancellation of the original Warrant and issuance of a New Warrant
        evidencing the right to purchase the remaining number of Warrant
        Shares.

       

       5.
         Delivery
        of Warrant Shares.
        

       

      (a)
         Upon
        exercise of this Warrant, the Company shall promptly (but in no event later
        than
        three Trading Days after the Exercise Date) issue or cause to be issued and
        cause to be delivered to or upon the written order of the Holder and in such
        name or names as the Holder may designate (provided that, if the Registration
        Statement is not effective and the Holder directs the Company to deliver
        a
        certificate for the Warrant Shares in a name other than that of the Holder
        or an
        Affiliate of the Holder, it shall deliver to the Company on the Exercise
        Date an
        opinion of counsel reasonably satisfactory to the Company to the effect that
        the
        issuance of such Warrant Shares in such other name may be made pursuant to
        an
        available exemption from the registration requirements of the Securities
        Act and
        all applicable state securities or blue sky laws), a certificate for the
        Warrant
        Shares issuable upon such exercise, free of restrictive legends unless a
        registration statement covering the resale of the Warrant Shares and naming
        the
        Holder as a selling stockholder thereunder is not then effective or the Warrant
        Shares are not freely transferable without volume restrictions pursuant to
        Rule
        144(k) under the Securities Act. The Holder, or any Person permissibly so
        designated by the Holder to receive Warrant Shares, shall be deemed to have
        become the holder of record of such Warrant Shares as of the Exercise Date.
        

       

      (b)
         If
        by the
        close of the third Trading Day after delivery of an Exercise Notice, the
        Company
        fails to deliver to the Holder a certificate representing the required number
        of
        Warrant Shares in the manner required pursuant to Section 5(a), and if after
        such third Trading Day and prior to the receipt of such Warrant Shares, the
        Holder purchases (in an open market transaction or otherwise) shares of Common
        Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares
        which the Holder anticipated receiving upon such exercise (a “Buy-In”),
        then
        the Company shall, within three Trading Days after the Holder’s request and in
        the Holder’s sole discretion, either (1) pay in cash to the Holder an amount
        equal to the Holder’s total purchase price (including brokerage commissions, if
        any) for the shares of Common Stock so purchased (the “Buy-In
        Price”),
        at
        which point the Company’s obligation to deliver such certificate (and to issue
        such Warrant Shares) shall terminate or (2) promptly honor its obligation
        to
        deliver to the Holder a certificate or certificates representing such Warrant
        Shares and pay cash to the Holder in an amount equal to the excess (if any)
        of
        the Buy-In Price over the product of (A) such number of Warrant Shares, times
        (B) the closing bid price of a share of Common Stock on the date of the event
        giving rise to the Company’s obligation to deliver such certificate.

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      (c)
         To
        the
        extent permitted by law, the Company’s obligations to issue and deliver Warrant
        Shares in accordance with the terms hereof are absolute and unconditional,
        irrespective of any action or inaction by the Holder to enforce the same,
        any
        waiver or consent with respect to any provision hereof, the recovery of any
        judgment against any Person or any action to enforce the same, or any setoff,
        counterclaim, recoupment, limitation or termination, or any breach or alleged
        breach by the Holder or any other Person of any obligation to the Company
        or any
        violation or alleged violation of law by the Holder or any other Person,
        and
        irrespective of any other circumstance which might otherwise limit such
        obligation of the Company to the Holder in connection with the issuance of
        Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any other
        remedies available to it hereunder, at law or in equity including, without
        limitation, a decree of specific performance and/or injunctive relief with
        respect to the Company’s failure to timely deliver certificates representing
        shares of Common Stock upon exercise of the Warrant as required pursuant
        to the
        terms hereof. 

       

      6.
         Charges,
        Taxes and Expenses.
        Issuance and delivery of certificates for shares of Common Stock upon exercise
        of this Warrant shall be made without charge to the Holder for any issue
        or
        transfer tax, withholding tax, transfer agent fee or other incidental tax
        or
        expense in respect of the issuance of such certificates, all of which taxes
        and
        expenses shall be paid by the Company; provided,
        however,
        that
        the Company shall not be required to pay any tax which may be payable in
        respect
        of any transfer involved in the registration of any certificates for Warrant
        Shares or Warrants in a name other than that of the Holder. The Holder shall
        be
        responsible for all other tax liability that may arise as a result of holding
        or
        transferring this Warrant or receiving Warrant Shares upon exercise hereof.
        

       

      7.
         Replacement
        of Warrant.
        If this
        Warrant is mutilated, lost, stolen or destroyed, the Company shall issue
        or
        cause to be issued in exchange and substitution for and upon cancellation
        hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
        only
        upon receipt of evidence reasonably satisfactory to the Company of such loss,
        theft or destruction and customary and reasonable indemnity (which shall
        not
        include a surety bond), if requested. Applicants for a New Warrant under
        such
        circumstances shall also comply with such other reasonable regulations and
        procedures and pay such other reasonable third-party costs as the Company
        may
        prescribe. If a New Warrant is requested as a result of a mutilation of this
        Warrant, then the Holder shall deliver such mutilated Warrant to the Company
        as
        a condition precedent to the Company’s obligation to issue the New Warrant.

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      8.
         Reservation
        of Warrant Shares.
        The
        Company covenants that it will initially reserve and keep available out of
        the
        aggregate of its authorized but unissued and otherwise unreserved Common
        Stock,
        solely for the purpose of enabling it to issue Warrant Shares upon exercise
        of
        this Warrant as herein provided, one hundred twenty percent (120%) of the
        number
        of Warrant Shares which are initially issuable and deliverable upon the exercise
        of this entire Warrant, free from preemptive rights or any other contingent
        purchase rights of persons other than the Holder. The Company further covenants
        that it will at all times reserve and keep available out of the aggregate
        of its
        authorized but unissued and otherwise unreserved Common Stock, solely for
        the
        purpose of enabling it to issue Warrant Shares upon exercise of this Warrant
        as
        herein provided, the number of Warrant Shares which are then issuable and
        deliverable upon the exercise of this entire Warrant, free from preemptive
        rights or any other contingent purchase rights of persons other than the
        Holder
        (taking into account the adjustments and restrictions of Section
        9).
        The
        Company covenants that all Warrant Shares so issuable and deliverable shall,
        upon issuance and the payment of the applicable Exercise Price in accordance
        with the terms hereof, be duly and validly authorized, issued and fully paid
        and
        nonassessable. 

       

      9.
         Certain
        Adjustments.
        The
        Exercise Price and number of Warrant Shares issuable upon exercise of this
        Warrant are subject to adjustment from time to time as set forth in this
        Section
        9.
        

       

      (a)  Stock
        Dividends and Splits.
        If the
        Company, at any time while this Warrant is outstanding, (i) pays a stock
        dividend on its Common Stock or otherwise makes a distribution on any class
        of
        capital stock that is payable in shares of Common Stock, (ii) subdivides
        its
        outstanding shares of Common Stock into a larger number of shares, or (iii)
        combines its outstanding shares of Common Stock into a smaller number of
        shares,
        then in each such case the Exercise Price shall be multiplied by a fraction
        of
        which the numerator shall be the number of shares of Common Stock outstanding
        immediately before such event and of which the denominator shall be the number
        of shares of Common Stock outstanding immediately after such event. Any
        adjustment made pursuant to clause (i) of this paragraph shall become effective
        immediately after the record date for the determination of stockholders entitled
        to receive such dividend or distribution, and any adjustment pursuant to
        clause
        (ii) or (iii) of this paragraph shall become effective immediately after
        the
        effective date of such subdivision or combination. 

       

      (b)
         Pro
        Rata Distributions.
        If the
        Company, at any time while this Warrant is outstanding, distributes to all
        holders of Common Stock (i) evidences of its indebtedness, (ii) any security
        (other than a distribution of Common Stock covered by the preceding paragraph),
        (iii) rights or warrants to subscribe for or purchase any security, or (iv)
        any
        other asset (in each case, “Distributed
        Property”),
        then,
        upon any exercise of this Warrant that occurs after the record date fixed
        for
        determination of stockholders entitled to receive such distribution, the
        Holder
        shall be entitled to receive, in addition to the Warrant Shares otherwise
        issuable upon such exercise (if applicable), the Distributed Property that
        such
        Holder would have been entitled to receive in respect of such number of Warrant
        Shares had the Holder been the record holder of such Warrant Shares immediately
        prior to such record date.

      

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

      (c) Fundamental
        Transactions.
        If, at
        any time while this Warrant is outstanding (i) the Company effects any merger
        or
        consolidation of the Company with or into another Person, in which the Company
        is not the survivor, (ii) the Company effects any sale of all or substantially
        all of its assets in one or a series of related transactions, (iii) any tender
        offer or exchange offer (whether by the Company or another Person) is completed
        pursuant to which holders of Common Stock are permitted to tender or exchange
        their shares for other securities, cash or property, or (iv) the Company
        effects
        any reclassification of the Common Stock or any compulsory share exchange
        pursuant to which the Common Stock is effectively converted into or exchanged
        for other securities, cash or property (each, a “Fundamental
        Transaction”),
        then
        the Holder shall have the right thereafter to receive, upon exercise of this
        Warrant, the same amount and kind of securities, cash or property as it would
        have been entitled to receive upon the occurrence of such Fundamental
        Transaction if it had been, immediately prior to such Fundamental Transaction,
        the holder of the number of Warrant Shares then issuable upon exercise in
        full
        of this Warrant (the “Alternate
        Consideration”).
        The
        Company shall not effect any such Fundamental Transaction unless prior to
        or
        simultaneously with the consummation thereof, any successor to the Company,
        surviving entity or the corporation purchasing or otherwise acquiring such
        assets or other appropriate corporation or entity shall assume the obligation
        to
        deliver to the Holder, such Alternate Consideration as, in accordance with
        the
        foregoing provisions, the Holder may be entitled to purchase and/or receive
        (as
        the case may be), and the other obligations under this Warrant. The provisions
        of this paragraph (c) shall similarly apply to subsequent transactions analogous
        to a Fundamental Transaction. 

       

      (d)
         Number
        of Warrant Shares.
        Simultaneously with any adjustment to the Exercise Price pursuant to paragraph
        (a) of this Section 9, the number of Warrant Shares that may be purchased
        upon
        exercise of this Warrant shall be increased or decreased proportionately,
        so
        that after such adjustment the aggregate Exercise Price payable hereunder
        for
        the adjusted number of Warrant Shares shall be the same as the aggregate
        Exercise Price in effect immediately prior to such adjustment. 

       

      (e)
         Subsequent
        Equity Sales.

       

          (i) Except
        as
        provided in subsection (e)(iii) hereof, if and whenever the Company shall
        issue
        or sell, or is, in accordance with any of subsections (e)(ii)(l) through
        (e)(ii)(4) hereof, deemed to have issued or sold, any shares of Common Stock
        for
        no consideration or for a consideration per share less than the Exercise
        Price
        in effect immediately prior to the time of such issue or sale, then and in
        each
        such case (a “Trigger
        Issuance”)
        the
        then-existing Exercise Price, shall be reduced, as of the close of business
        on
        the effective date of the Trigger Issuance, to a price determined as
        follows:

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

      

      
        	 	
                Adjusted
                  Exercise Price = (A
                  x B) + D

              
	 	
                A+C                       
                  

              

      

      

      where

      

      “A”
        equals the number of shares of Common Stock outstanding, including Additional
        Shares of Common Stock (as defined below) deemed to be issued hereunder,
        immediately preceding such Trigger Issuance;

      

      “B”
        equals the Exercise Price in effect immediately preceding such Trigger
        Issuance;

      

      “C”
        equals the number of Additional Shares of Common Stock issued or deemed issued
        hereunder as a result of the Trigger Issuance; and

      

      “D”
        equals the aggregate consideration, if any, received or deemed to be received
        by
        the Company upon such Trigger Issuance;

      

      provided,
        however,
        that in
        no event shall the Exercise Price after giving effect to such Trigger Issuance
        be greater than the original Exercise Price.

       

      For
        purposes of this subsection (e), “Additional
        Shares of Common Stock”
shall
        mean all shares of Common Stock issued by the Company or deemed to be issued
        pursuant to this subsection (e), other than Excluded Issuances (as defined
        in
        subsection (e)(iii) hereof).

       

      (ii) 
        For
        purposes of this subsection 9(e), the following subsections (e)(ii)(l) to
        (e)(ii)(4) shall also be applicable:

       

      (1) Issuance
        of Rights or Options.
        In case
        at any time the Company shall in any manner grant (directly and not by
        assumption in a merger or otherwise) any warrants or other rights to subscribe
        for or to purchase, or any options for the purchase of, Common Stock or any
        stock or security convertible into or exchangeable for Common Stock (such
        warrants, rights or options being called “Options”
and
        such convertible or exchangeable stock or securities being called “Convertible
        Securities”)
        whether or not such Options or the right to convert or exchange any such
        Convertible Securities are immediately exercisable, and the price per share
        for
        which Common Stock is issuable upon the exercise of such Options or upon
        the
        conversion or exchange of such Convertible Securities (determined by dividing
        (i) the sum (which sum shall constitute the applicable consideration) of
        (x) the total amount, if any, received or receivable by the Company as
        consideration for the granting of such Options, plus (y) the aggregate
        amount of additional consideration payable to the Company upon the exercise
        of
        all such Options, plus (z), in the case of such Options which relate to
        Convertible Securities, the aggregate amount of additional consideration,
        if
        any, payable upon the issue or sale of such Convertible Securities and upon
        the
        conversion or exchange thereof, by (ii) the total maximum number of shares
        of Common Stock issuable upon the exercise of such Options or upon the
        conversion or exchange of all such Convertible Securities issuable upon the
        exercise of such Options) shall be less than the Exercise Price in effect
        immediately prior to the time of the granting of such Options, then the total
        number of shares of Common Stock issuable upon the exercise of such Options
        or
        upon conversion or exchange of the total amount of such Convertible Securities
        issuable upon the exercise of such Options shall be deemed to have been issued
        for such price per share as of the date of granting of such Options or the
        issuance of such Convertible Securities and thereafter shall be deemed to
        be
        outstanding for purposes of adjusting the Exercise Price. Except as otherwise
        provided in subsection 9(e)(ii)(3), no adjustment of the Exercise Price
        shall be made upon the actual issue of such Common Stock or of such Convertible
        Securities upon exercise of such Options or upon the actual issue of such
        Common
        Stock upon conversion or exchange of such Convertible Securities. 

       

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

       

      (2) Issuance
        of Convertible Securities.
        In case
        the Company shall in any manner issue (directly and not by assumption in
        a
        merger or otherwise) or sell any Convertible Securities, whether or not the
        rights to exchange or convert any such Convertible Securities are immediately
        exercisable, and the price per share for which Common Stock is issuable upon
        such conversion or exchange (determined by dividing (i) the sum (which sum
        shall constitute the applicable consideration) of (x) the total amount
        received or receivable by the Company as consideration for the issue or sale
        of
        such Convertible Securities, plus (y) the aggregate amount of additional
        consideration, if any, payable to the Company upon the conversion or exchange
        thereof, by (ii) the total number of shares of Common Stock issuable upon
        the conversion or exchange of all such Convertible Securities) shall be less
        than the Exercise Price in effect immediately prior to the time of such issue
        or
        sale, then the total maximum number of shares of Common Stock issuable upon
        conversion or exchange of all such Convertible Securities shall be deemed
        to
        have been issued for such price per share as of the date of the issue or
        sale of
        such Convertible Securities and thereafter shall be deemed to be outstanding
        for
        purposes of adjusting the Exercise Price, provided that (a) except as
        otherwise provided in subsection 9(e)(ii)(3), no adjustment of the Exercise
        Price shall be made upon the actual issuance of such Common Stock upon
        conversion or exchange of such Convertible Securities and (b) no further
        adjustment of the Exercise Price shall be made by reason of the issue or
        sale of
        Convertible Securities upon exercise of any Options to purchase any such
        Convertible Securities for which adjustments of the Exercise Price have been
        made pursuant to the other provisions of subsection 9(e).

       

       

      (3) Change
        in Option Price or Conversion Rate.
        Upon
        the happening of any of the following events, namely, if the purchase price
        provided for in any Option referred to in subsection 9(e)(ii)(l) hereof,
        the additional consideration, if any, payable upon the conversion or exchange
        of
        any Convertible Securities referred to in subsections 9(e)(ii)(l) or
        9(e)(ii)(2), or the rate at which Convertible Securities referred to in
        subsections 9(e)(ii)(l) or 9(e)(ii)(2) are convertible into or exchangeable
        for
        Common Stock shall change at any time (including, but not limited to, changes
        under or by reason of provisions designed to protect against dilution), the
        Exercise Price in effect at the time of such event shall forthwith be readjusted
        to the Exercise Price which would have been in effect at such time had such
        Options or Convertible Securities still outstanding provided for such changed
        purchase price, additional consideration or conversion rate, as the case
        may be,
        at the time initially granted, issued or sold. On the termination of any
        Option
        for which any adjustment was made pursuant to this subsection 9(e) or any
        right to convert or exchange Convertible Securities for which any adjustment
        was
        made pursuant to this subsection 9(e) (including without limitation upon
        the redemption or purchase for consideration of such Convertible Securities
        by
        the Company), the Exercise Price then in effect hereunder shall forthwith
        be
        changed to the Exercise Price which would have been in effect at the time
        of
        such termination had such Option or Convertible Securities, to the extent
        outstanding immediately prior to such termination, never been
        issued.

       

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

        (4)
         Stock
        Dividends.
        Subject
        to the provisions of this Section 9(e), in case the Company shall declare
        a
        dividend or make any other distribution upon any stock of the Company (other
        than the Common Stock) payable in Common Stock, Options or Convertible
        Securities, then any Common Stock, Options or Convertible Securities, as
        the
        case may be, issuable in payment of such dividend or distribution shall be
        deemed to have been issued or sold without consideration.

       

      (5) Consideration
        for Stock.
        In case
        any shares of Common Stock, Options or Convertible Securities shall be issued
        or
        sold for cash, the consideration received therefor shall be deemed to be
        the
        gross amount received by the Company therefor. In case any shares of Common
        Stock, Options or Convertible Securities shall be issued or sold for a
        consideration other than cash, the amount of the consideration other than
        cash
        received by the Company shall be deemed to be the fair value of such
        consideration as determined in good faith by the Board of Directors of the
        Company. In case any Options shall be issued in connection with the issue
        and
        sale of other securities of the Company, together comprising one integral
        transaction in which no specific consideration is allocated to such Options
        by
        the parties thereto, such Options shall be deemed to have been issued for
        such
        consideration as determined in good faith by the Board of Directors of the
        Company. If Common Stock, Options or Convertible Securities shall be issued
        or
        sold by the Company and, in connection therewith, other Options or Convertible
        Securities (the “Additional
        Rights”)
        are
        issued, then the consideration received or deemed to be received by the Company
        shall be reduced by the fair market value of the Additional Rights (as
        determined using the Black-Scholes option pricing model or another method
        mutually agreed to by the Company and the Holder). The Board of Directors
        of the
        Company shall respond promptly, in writing, to an inquiry by the Holder as
        to
        the fair market value of the Additional Rights. In the event that the Board
        of
        Directors of the Company and the Holder are unable to agree upon the fair
        market
        value of the Additional Rights, the Company and the Holder shall jointly
        select
        an appraiser, who is experienced in such matters. The decision of such appraiser
        shall be final and conclusive, and the cost of such appraiser shall be borne
        evenly by the Company and the Holder. 

       

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      (6)
         Record
        Date.
        In case
        the Company shall take a record of the holders of its Common Stock for the
        purpose of entitling them (i) to receive a dividend or other distribution
        payable in Common Stock, Options or Convertible Securities or (ii) to subscribe
        for or purchase Common Stock, Options or Convertible Securities, then such
        record date shall be deemed to be the date of the issue or sale of the shares
        of
        Common Stock deemed to have been issued or sold upon the declaration of such
        dividend or the making of such other distribution or the date of the granting
        of
        such right of subscription or purchase, as the case may be.

      

      (7)
         Treasury
        Shares.
        The
        number of shares of Common Stock outstanding at any given time shall not
        include
        shares owned or held by or for the account of the Company or any of its
        wholly-owned subsidiaries, and the disposition of any such shares (other
        than
        the cancellation or retirement thereof) shall be considered an issue or sale
        of
        Common Stock for the purpose of this subsection (e).

       

      (iii)   
        Notwithstanding the foregoing, no adjustment will be made under this
        paragraph (e) in respect of: (i) the issuance of securities upon the
        exercise or conversion of any Common Stock or Common Stock Equivalents issued
        by
        the Company prior to the date hereof, (ii) the grant of options, warrants
        or other Common Stock Equivalents under any duly authorized Company stock
        option, restricted stock plan or stock purchase plan whether now existing
        or
        hereafter approved by the Company and its stockholders in the future stock
        issuable thereunder, the terms set forth therein, or the exercise price set
        forth therein) and the issuance of Common Stock in respect thereof,
        (iii) the issuance of securities in connection with a Strategic
        Transaction, (iv) the issuance of securities to vendors, (v) the
        issuance of securities in a transaction described in Section 9(a) or 9(b),
        or (vi) the issuance of securities in a firm commitment underwritten offering
        at
        a price per share at or above the then current market price per share. For
        purposes of this paragraph, a “Strategic
        Transaction”
means
        a
        transaction or relationship in which (1) the Company issues shares of
        Common Stock to a Person which the Board of Directors of the Company determined
        in good faith is, itself or through its Subsidiaries, an operating company
        in a
        business synergistic with the business of the Company (or a stockholder thereof)
        and (2) the Company expects to receive benefits in addition to the
        investment of funds, but shall not include (x) a transaction in which the
        Company is issuing securities primarily for the purpose of raising capital
        or to
        a Person whose primary business is investing in securities or (y) issuances
        to lenders.

       

      (iv) Upon
        any
        adjustment to the Exercise Price pursuant to Section 9(e)(i) above, the number
        of Warrant Shares purchasable hereunder shall be adjusted by multiplying
        such
        number by a fraction, the numerator of which shall be the Exercise Price
        in
        effect immediately prior to such adjustment and the denominator of which
        shall
        be the Exercise Price in effect immediately thereafter.

      

      (f) Calculations.
        All
        calculations under this Section
        9
        shall be
        made to the nearest cent or the nearest 1/100th
        of a
        share, as applicable. The number of shares of Common Stock outstanding at
        any
        given time shall not include shares owned or held by or for the account of
        the
        Company, and the disposition of any such shares shall be considered an issue
        or
        sale of Common Stock. 

       

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

      (g)
         Notice
        of Adjustments.
        Upon
        the occurrence of each adjustment pursuant to this Section
        9,
        the
        Company at its expense will, at the written request of the Holder, promptly
        compute such adjustment, in good faith, in accordance with the terms of this
        Warrant and prepare a certificate setting forth such adjustment, including
        a
        statement of the adjusted Exercise Price and adjusted number or type of Warrant
        Shares or other securities issuable upon exercise of this Warrant (as
        applicable), describing the transactions giving rise to such adjustments
        and
        showing in detail the facts upon which such adjustment is based. Upon written
        request, the Company will promptly deliver a copy of each such certificate
        to
        the Holder and to the Company’s Transfer Agent. 

       

      (h)
         Notice
        of Corporate Events.
        If,
        while this Warrant is outstanding, the Company (i) declares a dividend or
        any
        other distribution of cash, securities or other property in respect of its
        Common Stock, including without limitation any granting of rights or warrants
        to
        subscribe for or purchase any capital stock of the Company or any Subsidiary,
        (ii) authorizes or approves, enters into any agreement contemplating, or
        solicits stockholder approval for any Fundamental Transaction or (iii)
        authorizes the voluntary dissolution, liquidation or winding up of the affairs
        of the Company, then, except if such notice and the contents thereof shall
        be
        deemed to constitute material non-public information, the Company shall deliver
        to the Holder a notice describing the material terms and conditions of such
        transaction at least ten (10) Trading Days prior to the applicable record
        or
        effective date on which a Person would need to hold Common Stock in order
        to
        participate in or vote with respect to such transaction, and the Company
        will
        take all reasonable steps to give the Holder the practical opportunity to
        exercise this Warrant prior to such time; provided,
        however,
        that
        the failure to deliver such notice or any defect therein shall not affect
        the
        validity of the corporate action required to be described in such notice.
        

       

      10.
         Payment
        of Exercise Price.
        The
        Holder may pay the Exercise Price in one of the following manners: 

       

      (a)
         Cash
        Exercise.
        The
        Holder may deliver immediately available funds; or 

       

      (b)
         Cashless
        Exercise.
        If an
        Exercise Notice is delivered at a time when a registration statement permitting
        the Holder to resell the Warrant Shares is required to be effective and is
        not
        then effective or the prospectus forming a part thereof is not then available
        to
        the Holder for the resale of the Warrant Shares, then the Holder may notify
        the
        Company in an Exercise Notice of its election to utilize cashless exercise,
        in
        which event the Company shall issue to the Holder the number of Warrant Shares
        determined as follows: 

       

      X
        = Y
        [(A-B)/A] 

       

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

      where:
        

       

      X
        = the
        number of Warrant Shares to be issued to the Holder. 

       

      Y
        = the
        number of Warrant Shares with respect to which this Warrant is being exercised.
        

       

      A
        = the
        average of the closing prices of a share of Common Stock for the five Trading
        Days immediately prior to (but not including) the Exercise Date. 

       

      B
        = the
        Exercise Price. 

       

      For
        purposes of Rule 144 promulgated under the Securities Act, it is intended,
        understood and acknowledged that the Warrant Shares issued in a cashless
        exercise transaction shall be deemed to have been acquired by the Holder,
        and
        the holding period for the Warrant Shares shall be deemed to have commenced,
        on
        the date this Warrant was originally issued. 

       

      11.
         Limitations
        on Exercise.
        Notwithstanding anything to the contrary contained herein, this Warrant shall
        not be exercisable by the Holder hereof to the extent (but only to the extent)
        that, if exercisable by the Holder, the Holder, any of its affiliates, or
        any
        other Person (as defined in the Purchase Agreement) which may be deemed to
        be acting as a group in concert with the Holder or any of its affiliates
        for the
        purposes of Section 13(d) of the Securities Exchange Act of 1934, as
        amended (the “Exchange Act”), and the rules and regulations promulgated
        thereunder, would beneficially own in excess of 4.99% (the “Applicable
        Percentage”) of the outstanding shares of common stock of the Company.
        To the extent the above limitation applies, the determination of whether
        this
        Warrant shall be exercisable (vis-a-vis other convertible, exercisable or
        exchangeable securities owned by the Holder) and of which warrants shall
        be
        exercisable (as among all warrants owned by the Holder) shall, subject to
        such
        Applicable Percentage limitation, be determined by the Holder on the basis
        of
        the first submission to the Company for conversion, exercise or exchange
        (as the
        case may be). No prior inability to exercise this Warrant pursuant to this
        paragraph shall have any effect on the applicability of the provisions of
        this
        paragraph with respect to any subsequent determination of exercisability.
        For the purposes of this paragraph, beneficial ownership and all determinations
        and calculations (including, without limitation, with respect to calculations
        of
        percentage ownership) shall be determined by the Holder in accordance with
        Section 13(d) of the Exchange Act and the rules and regulations promulgated
        thereunder. The provisions of this paragraph shall be implemented in a manner
        otherwise than in strict conformity with the terms this paragraph to correct
        this paragraph (or any portion hereof) which may be defective or inconsistent
        with the intended Applicable Percentage beneficial ownership limitation herein
        contained or to make changes or supplements necessary or desirable to properly
        give effect to such Applicable Percentage limitation. The limitations contained
        in this paragraph shall apply to a successor Holder of this Warrant. The
        holders
        of common stock of the Company shall be third party beneficiaries of
        this paragraph and the Company may not waive this paragraph without the consent
        of holders of a majority of its common stock.

       

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

      12.
         No
        Fractional Shares.
        No
        fractional Warrant Shares will be issued in connection with any exercise
        of this
        Warrant. In lieu of any fractional shares which would otherwise be issuable,
        the
        Company shall pay cash equal to the product of such fraction multiplied by
        the
        closing price of one Warrant Share as reported by the applicable Trading
        Market
        on the Exercise Date. 

       

      13.
         Notices.
        Any and
        all notices or other communications or deliveries hereunder (including, without
        limitation, any Exercise Notice) shall be in writing and shall be deemed
        given
        and effective on the earliest of (i) the date of transmission, if such notice
        or
        communication is delivered via facsimile at the facsimile number specified
        in
        this Section prior to 5:00 p.m. (New York City time) on a Trading Day, (ii)
        the
        next Trading Day after the date of transmission, if such notice or communication
        is delivered via facsimile at the facsimile number specified in this Section
        on
        a day that is not a Trading Day or later than 5:00 p.m. (New York City time)
        on
        any Trading Day, (iii) the Trading Day following the date of mailing, if
        sent by
        nationally recognized overnight courier service, or (iv) upon actual receipt
        by
        the party to whom such notice is required to be given. The addresses for
        such
        notices or communications shall be: (i) if to the Company, to HydroGen
        Corporation, 10 East 40th
        Street,
        Room 3405, New York, New York 10016, Attn: Chief Executive Officer or to
        facsimile number (212) 672-0393 (or such other address as the Company shall
        indicate in writing in accordance with this Section) or (ii) if to the Holder,
        to the address or facsimile number appearing on the Warrant Register (or
        such
        other address as the Company shall indicate in writing in accordance with
        this
        Section). 

       

      14.
         Warrant
        Agent.
        The
        Company shall serve as warrant agent under this Warrant. Upon thirty (30)
        days’
notice to the Holder, the Company may appoint a new warrant agent. Any
        corporation into which the Company or any new warrant agent may be merged
        or any
        corporation resulting from any consolidation to which the Company or any
        new
        warrant agent shall be a party or any corporation to which the Company or
        any
        new warrant agent transfers substantially all of its corporate trust or
        shareholders services business shall be a successor warrant agent under this
        Warrant without any further act. Any such successor warrant agent shall promptly
        cause notice of its succession as warrant agent to be mailed (by first class
        mail, postage prepaid) to the Holder at the Holder’s last address as shown on
        the Warrant Register. 

       

      15.
         Miscellaneous.
        

       

      (a)
         This
        Warrant shall be binding on and inure to the benefit of the parties hereto
        and
        their respective successors and assigns. Subject to the preceding sentence,
        nothing in this Warrant shall be construed to give to any Person other than
        the
        Company and the Holder any legal or equitable right, remedy or cause of action
        under this Warrant. This Warrant may be amended only in writing signed by
        the
        Company and the Holder, or their successors and assigns. 

       

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

      (b)
         All
        questions concerning the construction, validity, enforcement and interpretation
        of this Warrant shall be governed by and construed and enforced in accordance
        with the internal laws of the State of New York, without regard to the
        principles of conflicts of law thereof. Each party agrees that all legal
        proceedings concerning the interpretations, enforcement and defense of this
        Warrant and the transactions herein contemplated (“Proceedings”)
        (whether brought against a party hereto or its respective Affiliates, employees
        or agents) shall be commenced exclusively in the New York Courts. Each party
        hereto hereby irrevocably submits to the exclusive jurisdiction of the New
        York
        Courts for the adjudication of any dispute hereunder or in connection herewith
        or with any transaction contemplated hereby or discussed herein, and hereby
        irrevocably waives, and agrees not to assert in any Proceeding, any claim
        that
        it is not personally subject to the jurisdiction of any New York Court, or
        that
        such Proceeding has been commenced in an improper or inconvenient forum.
        Each
        party hereto hereby irrevocably waives personal service of process and consents
        to process being served in any such Proceeding by mailing a copy thereof
        via
        registered or certified mail or overnight delivery (with evidence of delivery)
        to such party at the address in effect for notices to it under this Warrant
        and
        agrees that such service shall constitute good and sufficient service of
        process
        and notice thereof. Nothing contained herein shall be deemed to limit in
        any way
        any right to serve process in any manner permitted by law. Each party hereto
        hereby irrevocably waives, to the fullest extent permitted by applicable
        law,
        any and all right to trial by jury in any legal proceeding arising out of
        or
        relating to this Warrant or the transactions contemplated hereby. If either
        party shall commence a Proceeding to enforce any provisions of this Warrant,
        then the prevailing party in such Proceeding shall be reimbursed by the other
        party for its attorney’s fees and other costs and expenses incurred in
        connection with the investigation, preparation and prosecution of such
        Proceeding.

       

      (c)
         The
        headings herein are for convenience only, do not constitute a part of this
        Warrant and shall not be deemed to limit or affect any of the provisions
        hereof.

       

      (d)
         In
        case
        any one or more of the provisions of this Warrant shall be invalid or
        unenforceable in any respect, the validity and enforceability of the remaining
        terms and provisions of this Warrant shall not in any way be affected or
        impaired thereby and the parties will attempt in good faith to agree upon
        a
        valid and enforceable provision which shall be a commercially reasonable
        substitute therefor, and upon so agreeing, shall incorporate such substitute
        provision in this Warrant. 

       

      (e)
         Other
        than as provided in Section
        9(h)
        or
        otherwise set forth herein, prior to exercise of this Warrant, the Holder
        hereof
        shall not, by reason of by being a Holder, be entitled to any rights of a
        stockholder with respect to the Warrant Shares.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK, 

      SIGNATURE
        PAGE FOLLOWS] 

       

      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
        by its
        authorized officer as of the date first indicated above. 

       

      
        	 	 	 	 
	 	
                HYDROGEN
                  CORPORATION

              
	 	 	 
	 	
                By:

              	
                 

              	
                 

                ___________________________

              
	 	
                Name:

              	
                 

              	
                 

              
	 	
                Title:

              	
                 

              	
                 

              

      

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      EXERCISE
        NOTICE 

      

      HYDROGEN
        CORPORATION

      

      WARRANT
        DATED _________________, 2006

       

      Ladies
        and Gentlemen:

      

      (1) The
        undersigned hereby elects to purchase _________ shares of Common Stock pursuant
        to the above-referenced Warrant. Capitalized terms used herein and not otherwise
        defined herein have the respective meanings set forth in the Warrant.

        

      (2) The
        Holder intends that payment of the Exercise Price shall be made as (check
        one):

      

        Cash
        Exercise under Section 10

      

        Cashless
        Exercise under Section 10

      

      (3) If
        the
        Holder has elected a Cash Exercise, the holder shall pay the sum of $_______
        to
        the Company in accordance with the terms of the Warrant.

      

      (4) Pursuant
        to this Exercise Notice, the Company shall deliver to the Holder _____________
        Warrant Shares in accordance with the terms of the Warrant.

       

      (5) By
        its
        delivery of this Exercise Notice, the undersigned represents and warrants
        to the
        Company that in giving effect to the exercise evidenced hereby the Holder
        will
        not beneficially own in excess of the number of shares of Common Stock (as
        determined in accordance with Section 13(d) of the Securities Exchange Act
        of
        1934) permitted to be owned under Section 11 of this Warrant to which this
        notice relates. 

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      HYDROGEN
        CORPORATION

      WARRANT
        ORIGINALLY ISSUED _____________, 2006

      WARRANT
        NO. _____________

      

      FORM
        OF
        ASSIGNMENT 

       

      [To
        be
        completed and signed only upon transfer of Warrant]

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sells, assigns and transfers unto                             
        the
        right represented by the within Warrant to purchase                 
        shares
        of Common Stock to which the within Warrant relates and appoints                             
        attorney
        to transfer said right on the books of the Company with full power of
        substitution in the premises. 

       

      
        	 	 	 
	
                Dated:                       
                  ,    

              	
                 

              	
                 

                _____________________________

              
	
                 

              	
                 

              	
                (Signature
                  must conform in all respects to name of holder as specified on
                  the face of
                  the Warrant)

              
	
                 

              	
                 

              	
                 

                
                  _____________________________

                

              
	
                 

              	
                 

              	
                Address
                  of Transferee

              
	
                 

              	
                 

              	
                 

                
                  _____________________________

                

              
	
                 

              	
                 

              	
                 

                
                  _____________________________

                

              

      

       

      
        	 	 	 
	
                In
                  the presence of:

              
	
                 

                _____________________________EXECUTION
        COPY

       

    

    EXHIBIT
      10.5

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into as of May 2, 2006, by and among HydroGen Corporation,
      a
      Nevada corporation (the “Company”),
      and
      the investors signatory hereto (each a “Purchaser”
and
      collectively, the “Purchasers”).

     

    This
      Agreement is made pursuant to the Securities Purchase Agreement, dated as of
      the
      date hereof, among the Company and the Purchasers (the “Purchase
      Agreement”).

     

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration the receipt and adequacy of which
      are hereby acknowledged, the Company and the Purchasers agree as follows:

     

    1. Definitions.
      Capitalized terms used and not otherwise defined herein that are defined in
      the
      Purchase Agreement shall have the meanings given such terms in the Purchase
      Agreement. As used in this Agreement, the following terms shall have the
      respective meanings set forth in this Section 1:

     

    “Advice”
shall
      have the meaning set forth in Section 6(d).

     

    “Business
      Day”
means
      a
      day, other than a Saturday or Sunday, on which banks in New York City are open
      for the general transaction of business.

     

    “Commission”
means
      the Securities and Exchange Commission.

     

    “Common
      Stock”
means
      the common stock of the Company, par value $0.001 per share, and any securities
      into which such common stock may hereafter be reclassified. 

     

    “Effective
      Date”
means,
      as to a Registration Statement, the date on which such Registration Statement
      filed pursuant to Section 2(a) is first declared effective by the
      Commission.

     

    “Effectiveness
      Period”
shall
      have the meaning set forth in Section 2(b).

     

    “Event”
shall
      have the meaning set forth in Section 2(c).

     

    “Event
      Date”
shall
      have the meaning set forth in Section 2(c).

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Filing
      Date”
means,
      with respect to the Registration Statement required to be filed to cover the
      resale by the Holders of the Registrable Securities, the 45th
      calendar
      day following the Closing Date.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Holder”
or
      “Holders”
means
      the holder or holders, as the case may be, from time to time of Registrable
      Securities.

     

    “Indemnified
      Party”
shall
      have the meaning set forth in Section 5(c).

     

    “Indemnifying
      Party”
shall
      have the meaning set forth in Section 5(c).

     

    “Losses”
shall
      have the meaning set forth in Section 5(a).

     

    “New
      York Courts”
means
      the state and federal courts sitting in the City of New York, Borough of
      Manhattan.

     

    “Person”
means
      an individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

     

    “Placement
      Agent”
means
      Piper Jaffray & Co. and any permitted assigns.

     

    “Proceeding”
means
      an action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or threatened.

     

    “Prospectus”
means
      the prospectus included in a Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by a Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus.

     

    “Registrable
      Securities”
means:
      (i) the Shares, (ii) 120% of the Warrant Shares (including any shares of Common
      Stock issuable upon exercise of warrants issued to the Placement Agent as
      compensation in connection with the financing that is the subject of the
      Purchase Agreement) and (iii) any securities issued or issuable upon any stock
      split, dividend or other distribution, recapitalization or similar event, or
      any
      exercise price adjustment with respect to any of the securities referenced
      in
      (i) or (ii) above.

     

    “Registration
      Statement”
means
      a
      registration statement which is required to register the resale of the
      Registrable Securities, and including the Prospectus, amendments and supplements
      to such registration statement or Prospectus, including pre- and post-effective
      amendments, all exhibits thereto, and all material incorporated by reference
      or
      deemed to be incorporated by reference therein.

     

    “Required
      Effectiveness Date”
means,
      with respect to the Registration Statement required to be filed to cover the
      resale by the Holders of the Registrable Securities, the earlier of: (i) the
      90th
      day
      following the Closing Date and (ii) the fifth (5th)
      Trading
      Day following the date on which the Company is notified by the Commission that
      the Registration Statement will not be reviewed or is no longer subject to
      further review and comments and the effectiveness of the Registration Statement
      may be accelerated.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Rule
      144”
means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      415”
means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      424”
means
      Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    “Shares”
means
      the shares of Common Stock issued or issuable to the Purchasers pursuant to
      the
      Purchase Agreement.

     

    “Subscription
      Amount”
means
      with respect to each Purchaser, the purchase price indicated below such
      Purchaser’s name on the signature page to the Purchase Agreement

     

    “Warrants”
means
      the Common Stock purchase warrants issued or issuable to the Purchasers pursuant
      to the Purchase Agreement and to the Placement Agent in accordance with the
      terms of the engagement or similar agreements between the Company and the
      Placement Agent.

     

    “Warrant
      Shares”
means
      the shares of Common Stock issued or issuable upon exercise of the
      Warrants.

     

    2. Registration.

     

    (a) On
      or
      prior to the Filing Date, the Company shall prepare and file with the Commission
      a Registration Statement covering the resale of all Registrable Securities
      not
      already covered by an existing and effective Registration Statement for an
      offering to be made on a continuous basis pursuant to Rule 415. The Registration
      Statement shall be on Form SB-2 (unless the Company is then eligible to register
      for resale the Registrable Securities on Form S-3, in which case such
      registration shall be on Form S-3) and shall contain (except if otherwise
      required pursuant to written comments received from the Commission upon a review
      of such Registration Statement) the “Plan of Distribution” attached hereto as
      Annex A. 

     

    (b) The
      Company shall use its commercially reasonable efforts to cause the Registration
      Statement to be declared effective by the Commission as soon as practicable
      and,
      in any event, no later than the Required Effectiveness Date (including filing
      with the Commission a request for acceleration of effectiveness in accordance
      with Rule 461 promulgated under the Securities Act within five (5) Business
      Days
      after the date that the Company is notified (orally or in writing, whichever
      is
      earlier) by the Commission that a Registration Statement will not be “reviewed,”
or not be subject to further review and the effectiveness of the Registration
      Statement may be accelerated) and shall use its reasonable commercial efforts
      to
      keep the Registration Statement continuously effective under the Securities
      Act
      until the earlier of (i) such time as all of the Registrable Securities covered
      by such Registration Statement have been publicly sold by the Holders, or (ii)
      the date that all Registrable Securities covered by the Registration Statement
      may be sold by non-affiliates without volume restrictions pursuant to Rule
      144(k) as determined by counsel to the Company pursuant to a written opinion
      letter to such effect, addressed and acceptable to the Company's transfer agent
      and the affected Holders (the “Effectiveness
      Period”).
      Such
      Registration Statement shall also cover, to the extent allowable under the
      Securities Act and the rules promulgated thereunder (including Rule 416), such
      indeterminate number of additional shares of Common Stock resulting from stock
      splits, stock dividends or similar transactions with respect to the Registrable
      Securities. 

     

    
      
        
        

      

      
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    (c) 
      If: (i)
      the Registration Statement is not filed on or prior to the Filing Date (if
      the
      Company files a Registration Statement without affording the Holders the
      opportunity to review and comment on the same as required by Section 3(a)
      hereof, the Company shall not be deemed to have satisfied this clause (i)),
      (ii)
      a Registration Statement is not declared effective by the Commission on or
      prior
      to its Required Effectiveness Date or if the Business Day immediately following
      the Effective Date the Company shall not have filed a “final” prospectus for the
      Registration Statement with the Commission under Rule 424(b) in accordance
      with
      Section 3(b) herein (whether or not such a prospectus is technically required
      by
      such Rule) or (iii) after its Effective Date, without regard for the reason
      thereunder or efforts therefore, such Registration Statement ceases for any
      reason to be effective and available to the Holders as to all Registrable
      Securities to which it is required to cover at any time prior to the expiration
      of its Effectiveness Period for more than 20 consecutive Trading Days or an
      aggregate of 40 Trading Days (which need not be consecutive), (any such failure
      or breach being referred to as an “Event,”
and
      for purposes of clauses (i) or (ii) the date on which such Event occurs, or
      for
      purposes of clause (iii) the date which such 20 consecutive or 40 Trading Day
      period (as applicable) is exceeded, being referred to as “Event
      Date”),
      then
      in addition to any other rights available to the Holders hereunder or under
      applicable law: (x) on such Event Date the Company shall pay to each Holder
      an
      amount in cash, as partial liquidated damages and not as a penalty, equal to
      1.0% of the aggregate Subscription Amount paid by such Holder for Shares
      pursuant to the Purchase Agreement (which remedy shall not be exclusive of
      any
      other remedies available under this Agreement); and (y) on each monthly
      anniversary of each such Event Date thereof (if the applicable Event shall
      not
      have been cured by such date) until the applicable Event is cured, the Company
      shall pay to each Holder an amount in cash, as partial liquidated damages and
      not as a penalty, equal to 1.0% of the aggregate Subscription Amount paid by
      such Holder for Shares pursuant to the Purchase Agreement. The parties agree
      that the Company will not be liable for liquidated damages under this Section
      2(c) in respect of the Warrants or the Warrant Shares. If the Company fails
      to
      pay any partial liquidated damages pursuant to this Section in full within
      seven
      days after the date payable, the Company will pay interest thereon at a rate
      of
      10% per annum (or such lesser maximum amount that is permitted to be paid by
      applicable law) to the Holder, accruing daily from the date such partial
      liquidated damages are due until such amounts, plus all such interest thereon,
      are paid in full. The partial liquidated damages pursuant to the terms hereof
      shall apply on a daily pro-rata basis for any portion of a month prior to the
      cure of an Event. Notwithstanding the foregoing, the maximum amount of payment
      to a Holder associated with all Events in the aggregate shall equal 10% of
      the
      aggregate Subscription Amount paid by such Holder for Shares pursuant to the
      Purchase Agreement.

     

    
      
        
        

      

      
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    (d) The
      Company shall not, from the date hereof until the 60th
      day
      following the Effective Date of the Registration Statement, prepare and file
      with the Commission a registration statement relating to an offering for its
      own
      account or the account of others under the Securities Act of any of its equity
      securities other than pursuant to those certain Registration Rights Agreements,
      dated on or about July 8, 2005.

    

    (e) Each
      Holder agrees to furnish to the Company a completed Questionnaire in the form
      attached to this Agreement as Annex B (a “Selling
      Holder Questionnaire”).
      The
      Company shall not be required to include the Registrable Securities of a Holder
      in a Registration Statement and shall not be required to pay any liquidated
      or
      other damages under Section 2(c) to any Holder who fails to furnish to the
      Company a fully completed Selling Holder Questionnaire at least two Trading
      Days
      prior to the Filing Date (subject to the requirements set forth in Section
      3(a)).

    

    3. Registration
      Procedures

     

    In
      connection with the Company's registration obligations hereunder, the Company
      shall:

     

    (a) Not
      less
      than five Trading Days prior to the filing of a Registration Statement or any
      related Prospectus or any amendment or supplement thereto, furnish to each
      Holder copies of such Registration Statement, Prospectus or amendment or
      supplement thereto, as proposed to be filed, which documents will be subject
      to
      the review of such Holder (it being acknowledged and agreed that if a Holder
      does not object to or comment on the aforementioned documents within such five
      Trading Day period, then the Holder shall be deemed to have consented to and
      approved the use of such documents). The Company shall not file a Registration
      Statement, any Prospectus or any amendments or supplements thereto in which
      the
“Selling Stockholder” section thereof differs from the disclosure received from
      a Holder in its Selling Holder Questionnaire (as amended or supplemented),
      except as may otherwise be required by applicable securities law or the
      Commission.

     

    (b) (i)
      Prepare and file with the Commission such amendments, including post-effective
      amendments, to each Registration Statement and the Prospectus used in connection
      therewith as may be necessary to keep such Registration Statement continuously
      effective as to the applicable Registrable Securities for its Effectiveness
      Period and prepare and file with the Commission such additional Registration
      Statements in order to register for resale under the Securities Act all of
      the
      Registrable Securities; (ii) cause the related Prospectus to be amended or
      supplemented by any required Prospectus supplement, and as so supplemented
      or
      amended to be filed pursuant to Rule 424; (iii) respond as promptly as
      reasonably practicable to any comments received from the Commission with respect
      to each Registration Statement or any amendment thereto and, as promptly as
      reasonably possible provide the Holders true and complete copies of all
      correspondence from and to the Commission relating to such Registration
      Statement that pertains to the Holders as Selling Stockholders but not any
      comments that would result in the disclosure to the Holders of material and
      non-public information concerning the Company; and (iv) comply in all material
      respects with the provisions of the Securities Act and the Exchange Act with
      respect to the disposition of all Registrable Securities covered by each
      Registration Statement.

     

    
      
        
        

      

      
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    (c) Notify
      the Holders as promptly as reasonably possible (and, in the case of (i)(A)
      below, not less than three Trading Days prior to such filing, in the case of
      (iii) and (iv) below, not more than one Trading Day after such issuance or
      receipt and, in the case of (v) below, not less than three Trading Days prior
      to
      the financial statements in any Registration Statement becoming ineligible
      for
      inclusion therein) and (if requested by any such Person) confirm such notice
      in
      writing no later than one Trading Day following the day (i)(A) when a Prospectus
      or any Prospectus supplement or post-effective amendment to a Registration
      Statement is proposed to be filed; (B) when the Commission notifies the Company
      whether there will be a “review” of such Registration Statement and whenever the
      Commission comments in writing on any Registration Statement (in which case
      the
      Company shall provide true and complete copies thereof and all written responses
      thereto to each of the Holders that pertain to the Holders as a Selling
      Stockholder or to the Plan of Distribution, but not information which the
      Company believes would constitute material and non-public information); and
      (C)
      with respect to each Registration Statement or any post-effective amendment,
      when the same has been declared effective; (ii) of any request by the Commission
      or any other Federal or state governmental authority for amendments or
      supplements to a Registration Statement or Prospectus or for additional
      information that pertains to the Holders as Selling Stockholders or the Plan
      of
      Distribution; (iii) of the issuance by the Commission of any stop order
      suspending the effectiveness of a Registration Statement covering any or all
      of
      the Registrable Securities or the initiation of any Proceedings for that
      purpose; (iv) of the receipt by the Company of any notification with respect
      to
      the suspension of the qualification or exemption from qualification of any
      of
      the Registrable Securities for sale in any jurisdiction, or the initiation
      or
      threatening of any Proceeding for such purpose; and (v) of the occurrence of
      any
      event or passage of time that makes the financial statements included in a
      Registration Statement ineligible for inclusion therein or any statement made
      in
      such Registration Statement or Prospectus or any document incorporated or deemed
      to be incorporated therein by reference untrue in any material respect or that
      requires any revisions to such Registration Statement, Prospectus or other
      documents so that, in the case of such Registration Statement or the Prospectus,
      as the case may be, it will not contain any untrue statement of a material
      fact
      or omit to state any material fact required to be stated therein or necessary
      to
      make the statements therein (in the case of any Prospectus, form of prospectus
      or supplement thereto, in light of the circumstances under which they were
      made), not misleading.

     

    (d) Use
      its
      reasonable commercial efforts to avoid the issuance of, or, if issued, obtain
      the withdrawal of (i) any order suspending the effectiveness of a Registration
      Statement, or (ii) any suspension of the qualification (or exemption from
      qualification) of any of the Registrable Securities for sale in any
      jurisdiction, as soon as practicable.

     

    (e) If
      requested by a Holder, furnish to such Holder, without charge, at least one
      conformed copy of each Registration Statement and each amendment thereto and
      all
      exhibits to the extent requested by such Person (including those previously
      furnished or incorporated by reference) promptly after the filing of such
      documents with the Commission; provided, that the Company shall have no
      obligation to provide any document pursuant to this clause that is available
      on
      the EDGAR system.

     

    
      
        
        

      

      
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    (f) Upon
      notification by the Commission that a Registration Statement will not be
      reviewed or is no longer subject to further review and comments, request
      acceleration of such Registration Statement within five (5) Business Days after
      receipt of such notice such that it becomes effective no later than 4:00 p.m.
      New York City time on the Effective Date and file a prospectus supplement for
      any Registration Statement, whether or not it is required under Rule 424 (or
      otherwise), by 9:00 a.m. New York City time the day after the Effective
      Date.

     

    (g) Prior
      to
      any public offering of Registrable Securities, register or qualify such
      Registrable Securities for offer and sale under the securities or Blue Sky
      laws
      of those jurisdictions within the United States as any Holder requests in
      writing (including, without limitation, New York and Wisconsin, to keep each
      such registration or qualification (or exemption therefrom) effective during
      the
      Effectiveness Period and to do any and all other acts or things necessary or
      advisable to enable the disposition in such jurisdictions of the Registrable
      Securities covered by the Registration Statements; provided,
      that
      the
      Company shall not be required to qualify generally to do business in any
      jurisdiction where it is not then so qualified or to take any action that would
      subject the Company to general service of process in any jurisdiction where
      it
      is not then so subject or subject the Company to any material tax in any such
      jurisdiction where it is not then so subject and provided,
      further,
      that in
      no event shall the Company be required to register or qualify such Registrable
      Securities for offer and sale under the securities or Blue Sky laws of more
      than
      ten (10) jurisdictions.

     

    (h) Cooperate
      with the Holders to facilitate the timely preparation and delivery of
      certificates representing Registrable Securities to be delivered to a transferee
      pursuant to the Registration Statements, which certificates shall be free,
      to
      the extent permitted by the Purchase Agreement and under law, of all restrictive
      legends, and to enable such Registrable Securities to be in such denominations
      and registered in such names as any such Holders may reasonably request. In
      connection therewith, if required by the Company’s transfer agent, the Company
      shall promptly after the effectiveness of the Registration Statement cause
      an
      opinion of counsel as to the effectiveness of the Registration Statement to
      be
      delivered to and maintained with its transfer agent, together with any other
      authorizations, certificates and directions required by the transfer agent,
      which authorize and direct the transfer agent to issue such Registrable
      Securities without legend upon sale by the holder of such shares of Registrable
      Securities under the Registration Statement.

     

    (i) Following
      the occurrence of any event contemplated by Section 3(c)(v), as promptly as
      reasonably possible, prepare a supplement or amendment, including a
      post-effective amendment, to the affected Registration Statements or a
      supplement to the related Prospectus or any document incorporated or deemed
      to
      be incorporated therein by reference, and file any other required document
      so
      that, as thereafter delivered, no Registration Statement nor any Prospectus
      will
      contain an untrue statement of a material fact or omit to state a material
      fact
      required to be stated therein or necessary to make the statements therein (in
      the case of any Prospectus, form of prospectus or supplement thereto, in light
      of the circumstances under which they were made), not misleading.

     

    
      
        
        

      

      
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    (j) (i)
      In
      the time and manner required by each Trading Market, prepare and file with
      such
      Trading Market an additional shares listing application covering all of the
      Registrable Securities, (ii) take all steps necessary to cause such Registrable
      Securities to be approved for listing on each Trading Market as soon as possible
      thereafter, (iii) provide the Holders evidence of such listing, and (iv) during
      the Effectiveness Period, maintain the listing of such Registrable Securities
      on
      each such Trading Market.

     

    (k) As
      long
      as any Holder owns Shares, Warrants or Warrant Shares, the Company covenants
      to
      timely file (or obtain extensions in respect thereof and file within the
      applicable grace period) all reports required to be filed by the Company after
      the date hereof pursuant to Section 13(a) or 15(d) of the Exchange Act. As
      long
      as any Holder owns Shares, Warrants or Warrant Shares, if the Company is not
      required to file reports pursuant to Section 13(a) or 15(d) of the Exchange
      Act,
      it will prepare and furnish to the Holders and make publicly available in
      accordance with Rule 144(c) promulgated under the Securities Act annual and
      quarterly financial statements, together with a discussion and analysis of
      such
      financial statements in form and substance substantially similar to those that
      would otherwise be required to be included in reports required by Section 13(a)
      or 15(d) of the Exchange Act, as well as any other information required thereby,
      in the time period that such filings would have been required to have been
      made
      under the Exchange Act. The Company further covenants that it will take such
      further action as any Holder may reasonably request, all to the extent required
      from time to time to enable such Person to sell Shares and Warrant Shares
      without registration under the Securities Act within the limitation of the
      exemptions provided by Rule 144 promulgated under the Securities Act, including
      compliance with the provisions of the Purchase Agreement relating to the
      transfer of the Shares and Warrant Shares. 

     

    (l) The
      Company may require each selling Holder to furnish to the Company a certified
      statement as to the number of shares of Common Stock beneficially owned by
      such
      Holder and any Affiliate thereof. 

     

    4. Registration
      Expenses.
      All
      fees and expenses incident to the Company’s performance of or compliance with
      its obligations under this Agreement (excluding any underwriting discounts
      and
      selling commissions and all legal fees and expenses of legal counsel for any
      Holder) shall be borne by the Company whether or not any Registrable Securities
      are sold pursuant to a Registration Statement. The fees and expenses referred
      to
      in the foregoing sentence shall include, without limitation, (i) all
      registration and filing fees (including, without limitation, fees and expenses
      (A) with respect to filings required to be made with the Trading Market on
      which
      the Common Stock is then listed for trading, and (B) in compliance with
      applicable state securities or Blue Sky laws), (ii) printing expenses
      (including, without limitation, expenses of printing certificates for
      Registrable Securities and of printing prospectuses if the printing of
      prospectuses is reasonably requested by the holders of a majority of the
      Registrable Securities included in the Registration Statement), (iii) messenger,
      telephone and delivery expenses, (iv) fees and disbursements of counsel for
      the
      Company, (v) Securities Act liability insurance, if the Company so desires
      such
      insurance, and (vi) fees and expenses of all other Persons retained by the
      Company in connection with the consummation of the transactions contemplated
      by
      this Agreement. In addition, the Company shall be responsible for all of its
      internal expenses incurred in connection with the consummation of the
      transactions contemplated by this Agreement (including, without limitation,
      all
      salaries and expenses of its officers and employees performing legal or
      accounting duties), the expense of any annual audit and the fees and expenses
      incurred in connection with the listing of the Registrable Securities on any
      securities exchange as required hereunder. In no event shall the Company be
      responsible for any broker or similar commissions or any legal fees or other
      costs of the Holders.

     

    
      
        
        

      

      
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    5. Indemnification.

     

    (a) Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Holder, the officers, directors, agents, partners, members,
      shareholders and employees of each of them, each Person who controls any such
      Holder (within the meaning of Section 15 of the Securities Act or Section 20
      of
      the Exchange Act) and the officers, directors, agents and employees of each
      such
      controlling Person, to the fullest extent permitted by applicable law, from
      and
      against any and all losses, claims, damages, liabilities, costs (including,
      without limitation, reasonable costs of preparation and reasonable attorneys'
      fees) and expenses (collectively, “Losses”),
      as
      incurred, arising out of or relating to (i) any untrue or alleged untrue
      statement of a material fact contained in any Registration Statement, any
      Prospectus or any form of prospectus or in any amendment or supplement thereto
      (it being understood that the Holder has approved Annex A hereto for this
      purpose) or in any preliminary prospectus, or arising out of or relating to
      any
      omission or alleged omission of a material fact required to be stated therein
      or
      necessary to make the statements therein (in the case of any Prospectus or
      form
      of prospectus or supplement thereto, in light of the circumstances under which
      they were made) not misleading, except to the extent, but only to the extent,
      that (A) such untrue statements, alleged untrue statements, omissions or alleged
      omissions are based solely upon information regarding such Holder furnished
      in
      writing to the Company by such Holder expressly for use therein, or to the
      extent that such information relates to such Holder or such Holder's proposed
      method of distribution of Registrable Securities and was reviewed and expressly
      approved in writing by such Holder expressly for use in the Registration
      Statement, such Prospectus or such form of Prospectus or in any amendment or
      supplement thereto (it being understood that the Holder has approved Annex
      A
      hereto for this purpose) or (B) in the case of an occurrence of an event of
      the
      type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated
      or
      defective Prospectus after the Company has notified such Holder in writing
      that
      the Prospectus is outdated or defective and prior to the receipt by such Holder
      of Advice or an amended or supplemented Prospectus, but only if and to the
      extent that following the receipt of the Advice or the amended or supplemented
      Prospectus the misstatement or omission giving rise to such Loss would have
      been
      corrected; provided,
      however,
      that
      the indemnity agreement contained in this Section 5(a) shall not apply to
      amounts paid in settlement of any Losses if such settlement is effected without
      the prior written consent of the Company, which consent shall not be
      unreasonably withheld. The Company shall notify the Holders promptly of the
      institution, threat or assertion of any Proceeding of which the Company is
      aware
      in connection with the transactions contemplated by this Agreement. Such
      indemnity shall remain in full force and effect regardless of any investigation
      made by or on behalf of an Indemnified Party and shall survive the transfer
      of
      the Registrable Securities by the Holders.

     

    (b) Indemnification
      by Holders.
      Each
      Holder shall, notwithstanding any termination of this Agreement, severally
      and
      not jointly, indemnify and hold harmless the Company, its directors, officers,
      agents and employees, each Person who controls the Company (within the meaning
      of Section 15 of the Securities Act and Section 20 of the Exchange Act), and
      the
      directors, officers, agents or employees of such controlling Persons, to the
      fullest extent permitted by applicable law, from and against all Losses, as
      incurred, arising solely out of or based solely upon any untrue statement of
      a
      material fact contained in any Registration Statement, any Prospectus, or any
      form of prospectus, or in any amendment or supplement thereto, or arising solely
      out of or based solely upon any omission of a material fact required to be
      stated therein or necessary to make the statements therein (in the case of
      any
      Prospectus, or any form of prospectus or supplement thereto, in light of the
      circumstances under which they were made) not misleading to the extent, but
      only
      to the extent that, (A) such untrue statements or omissions are based solely
      upon information regarding such Holder furnished in writing to the Company
      by
      such Holder expressly for use therein, or to the extent that such information
      relates to such Holder or such Holder’s proposed method of distribution of
      Registrable Securities and was reviewed and expressly approved in writing by
      such Holder expressly for use in the Registration Statement (it being understood
      that the Holder has approved Annex A hereto for this purpose), such Prospectus
      or such form of Prospectus or in any amendment or supplement thereto;
provided,
      however,
      that
      the indemnity agreement contained in this Section 5(b) shall not apply to
      amounts paid in settlement of any Losses if such settlement is effected without
      the prior written consent of the Holder, which consent shall not be unreasonably
      withheld. In no event shall the liability of any selling Holder hereunder be
      greater in amount than the dollar amount of the net proceeds received by such
      Holder upon the sale of the Registrable Securities giving rise to such
      indemnification obligation.

     

    
      
        
        

      

      
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    (c) Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an “Indemnified
      Party”),
      such
      Indemnified Party shall promptly notify the Person from whom indemnity is sought
      (the “Indemnifying
      Party”)
      in
      writing, and the Indemnifying Party shall assume the defense thereof, including
      the employment of counsel reasonably satisfactory to the Indemnified Party
      and
      the payment of all reasonable fees and expenses incurred in connection with
      defense thereof; provided,
      that
      the failure of any Indemnified Party to give such notice shall not relieve
      the
      Indemnifying Party of its obligations or liabilities pursuant to this Agreement,
      except (and only) to the extent that it shall be finally determined by a court
      of competent jurisdiction (which determination is not subject to appeal or
      further review) that such failure shall have proximately and materially
      adversely prejudiced the Indemnifying Party.

     

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; (2) the Indemnifying Party shall have failed promptly to assume the
      defense of such Proceeding and to employ counsel reasonably satisfactory to
      such
      Indemnified Party in any such Proceeding; or (3) the named parties to any such
      Proceeding (including any impleaded parties) include both such Indemnified
      Party
      and the Indemnifying Party, and such Indemnified Party shall have been advised
      by counsel that a conflict of interest is likely to exist if the same counsel
      were to represent such Indemnified Party and the Indemnifying Party (in which
      case, if such Indemnified Party notifies the Indemnifying Party in writing
      that
      it elects to employ separate counsel at the expense of the Indemnifying Party,
      the Indemnifying Party shall not have the right to assume the defense thereof
      and such counsel shall be at the expense of the Indemnifying Party), provided,
      that the Indemnifying Party shall not be liable for the fees and expenses of
      more than one separate firm of attorneys at any time for all Indemnified
      Parties. The Indemnifying Party shall not be liable for any settlement of any
      such Proceeding effected without its written consent, which consent shall not
      be
      unreasonably withheld. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, effect any settlement of any pending
      Proceeding in respect of which any Indemnified Party is a party, unless such
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability on claims that are the subject matter of such Proceeding.

     

    
      
        
        

      

      
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    All
      fees
      and expenses of the Indemnified Party (including reasonable fees and expenses
      to
      the extent incurred in connection with investigating or preparing to defend
      such
      Proceeding in a manner not inconsistent with this Section) shall be paid to
      the
      Indemnified Party, as incurred, within twenty Trading Days of written notice
      thereof to the Indemnifying Party (regardless of whether it is ultimately
      determined that an Indemnified Party is not entitled to indemnification
      hereunder; provided,
      that
      the Indemnifying Party may require such Indemnified Party to undertake to
      reimburse all such fees and expenses to the extent it is finally judicially
      determined that such Indemnified Party is not entitled to indemnification
      hereunder).

     

    (d) Contribution.
      If a
      claim for indemnification under Section 5(a) or 5(b) is unavailable to an
      Indemnified Party (by reason of public policy or otherwise), then each
      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, in such proportion as is appropriate to reflect the relative
      fault of the Indemnifying Party and Indemnified Party in connection with the
      actions, statements or omissions that resulted in such Losses as well as any
      other relevant equitable considerations. The relative fault of such Indemnifying
      Party and Indemnified Party shall be determined by reference to, among other
      things, whether any action in question, including any untrue or alleged untrue
      statement of a material fact or omission or alleged omission of a material
      fact,
      has been taken or made by, or relates to information supplied by, such
      Indemnifying Party or Indemnified Party, and the parties' relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      action, statement or omission. The amount paid or payable by a party as a result
      of any Losses shall be deemed to include, subject to the limitations set forth
      in Section 5(c), any reasonable attorneys' or other reasonable fees or expenses
      incurred by such party in connection with any Proceeding to the extent such
      party would have been indemnified for such fees or expenses if the
      indemnification provided for in this Section was available to such party in
      accordance with its terms. 

     

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no Holder shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      net proceeds actually received by such Holder from the sale of the Registrable
      Securities subject to the Proceeding exceeds the amount of any damages that
      such
      Holder has otherwise been required to pay by reason of such untrue or alleged
      untrue statement or omission or alleged omission. 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. 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    The
      indemnity and contribution agreements contained in this Section are in addition
      to any liability that the Indemnifying Parties may have to the Indemnified
      Parties and are not in dimunition or limitation of the indemnification
      provisions under the Purchase Agreement.

     

    6. Miscellaneous

     

    (a) Remedies.
      In the
      event of a breach by the Company or by a Holder of any of their obligations
      under this Agreement, each Holder or the Company, as the case may be, in
      addition to being entitled to exercise all rights granted by law and under
      this
      Agreement, including recovery of damages, will be entitled to specific
      performance of its rights under this Agreement. The Company and each Holder
      agree that monetary damages would not provide adequate compensation for any
      losses incurred by reason of a breach by it of any of the provisions of this
      Agreement and hereby further agrees that, in the event of any action for
      specific performance in respect of such breach, it shall waive the defense
      that
      a remedy at law would be adequate.

     

    (b) No
      Piggyback on Registrations.
      Except
      as contemplated by the Registration Rights Agreement between the Company and
      the
      investors party thereto, dated on or around July 8, 2005, neither the Company
      nor any of its security holders (other than the Holders in such capacity
      pursuant hereto) may include securities of the Company in a Registration
      Statement other than the Registrable Securities, and the Company shall not
      during the Required Effectiveness Period enter into any agreement providing
      any
      such right to any of it security holders.

     

    (c) Compliance.
      Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it unless an exemption
      therefrom is available) in connection with sales of Registrable Securities
      pursuant to the Registration Statement.

     

    (d) Discontinued
      Disposition.
      Each
      Holder further agrees by its acquisition of such Registrable Securities that,
      upon receipt of a notice from the Company of the occurrence of any event of
      the
      kind described in Section 3(c), such Holder will forthwith discontinue
      disposition of such Registrable Securities under the Registration Statement
      until such Holder's receipt of the copies of the supplemented Prospectus and/or
      amended Registration Statement declared effective by the Commission or until
      it
      is advised in writing (the “Advice”)
      by the
      Company that the use of the applicable Prospectus may be resumed, and, in either
      case, has received copies of any additional or supplemental filings that are
      incorporated or deemed to be incorporated by reference in such Prospectus or
      Registration Statement. The Company may provide appropriate stop orders to
      enforce the provisions of this paragraph.

     

    (e) Piggy-Back
      Registrations.
      If at
      any time during the Effectiveness Period there is not an effective Registration
      Statement covering all of the Registrable Securities and the Company shall
      determine to prepare and file with the Commission a registration statement
      relating to an offering for its own account or the account of others under
      the
      Securities Act of any of its equity securities, other than on Form S-4 or Form
      S-8 (each as promulgated under the Securities Act) or their then equivalents
      relating to equity securities to be issued solely in connection with any
      acquisition of any entity or business or equity securities issuable in
      connection with stock option or other employee or director benefit plans, then
      the Company shall send to each Holder written notice of such determination
      and,
      if within fifteen days after receipt of such notice, any such Holder shall
      so
      request in writing, the Company shall include in such registration statement
      all
      or any part of such Registrable Securities such holder requests to be
      registered, subject to customary underwriter cutbacks applicable to all holders
      of registration rights on a pro rata basis; provided
      that if
      at any time after giving written notice of its intention to register any
      securities and prior to the effective date of the registration statement filed
      in connection with such registration, the Company shall determine for any reason
      not to register or to delay registration of such securities, the Company may,
      at
      its election, give written notice of such determination to such Holder and,
      thereupon, (i) in the case of a determination not to register, shall be relieved
      of its obligation to register any Registrable Securities in connection with
      such
      registration (but not from its obligation to pay expenses in accordance with
      Section 4 hereof), and (ii) in the case of a determination to delay registering,
      shall be permitted to delay registering any Registrable Securities being
      registered pursuant to this Section 6(e) for the same period as the delay in
      registering such other securities.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (f) Amendments
      and Waivers.
      This
      Agreement may be amended only by a writing signed by all of the parties hereto.
      The Company may take any action herein prohibited, or omit to perform any act
      herein required to be performed by it, only if the Company shall have obtained
      the written consent to such amendment, action or omission to act, of each
      Purchaser. 

     

    (g) Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (i) the date of transmission, if such notice or communication
      is delivered via facsimile (provided the sender receives a machine-generated
      confirmation of successful transmission) at the facsimile number specified
      in
      this Section prior to 5:00 p.m. (New York City time) on a Trading Day, (ii)
      the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 5:00 p.m. (New York City time)
      on
      any Trading Day, (iii) the Business Day following the date of mailing, if sent
      by nationally recognized overnight courier service, or (iv) upon actual receipt
      by the party to whom such notice is required to be given. 

     

    The
      address for such notices and communications shall be as follows:

    
      	 	 	 
	
              If
                to the Company:

            	
               

            	
              HydroGen
                Corporation

            
	 	 	
              10
                East 40th
                Street, Room 3405

            
	 	 	
              New
                York, New York 10016

            
	 	 	
              Facsimile:
                (212) 672-0393

            
	 	 	
              Attn:
                Chief Executive Officer

            
	 	 	 
	
              With
                a copy to:

            	 	
              Graubard
                Miller

            
	 	 	
              The
                Chrysler Building

            
	 	 	
              405
                Lexington Avenue, 19th
                Floor

            
	 	 	
              New
                York, New York 10174-1901

            
	 	 	
              Facsimile:
                (212) 818-8881

            
	 	 	
              Attn:
                Andrew Hudders, Esq.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
              If
                to a Purchaser:

            	 	
              To
                the address set forth under such Purchaser's name on the signature
                pages
                hereto.

            
	 	 	 
	
              If
                to any other Person who is then the registered Holder:

            	 	
              To
                the address of such Holder as it appears in the stock transfer books
                of
                the Company or such other address as may be designated in writing
                hereafter, in the same manner, by such
                Person.

            

    

     

    (h) Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      each
      Holder. The Company may not assign its rights or obligations hereunder without
      the prior written consent of each Holder. The rights of the Holders hereunder,
      including the right to have the Company register Registrable Securities pursuant
      to this Agreement, may be assigned by each Holder to transferees or assignees
      of
      all or any portion of the Registrable Securities, but only if (i) the Holder
      agrees in writing with the transferee or assignee to assign such rights, and
      a
      copy of such agreement is furnished to the Company within a reasonable time
      after such assignment, (ii) the Company is, within a reasonable time after
      such
      transfer or assignment, furnished with written notice of the name and address
      of
      such transferee or assignee and the securities with respect to which such
      registration rights are being transferred or assigned, (iii) at or before the
      time the Company received the written notice contemplated by clause (ii) of
      this
      sentence, the transferee or assignee agrees in writing with the Company to
      be
      bound by all of the provisions contained herein and (iv) the transferee is
      an
“accredited investor” as that term is defined in Rule 501 of Regulation
      D.

     

    (i) Execution
      and Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

    (j) Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement (whether brought against a party hereto or its
      respective Affiliates, employees or agents) will be commenced in the New York
      Courts. Each party hereto hereby irrevocably submits to the exclusive
      jurisdiction of the New York Courts for the adjudication of any dispute
      hereunder or in connection herewith or with any transaction contemplated hereby
      or discussed herein, and hereby irrevocably waives, and agrees not to assert
      in
      any Proceeding, any claim that it is not personally subject to the jurisdiction
      of any New York Court, or that such Proceeding has been commenced in an improper
      or inconvenient forum. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such Proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery
      (with evidence of delivery) 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 contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by law. Each party hereto hereby irrevocably waives, to the fullest
      extent permitted by applicable law, any and all right to trial by jury in any
      Proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby. If any party shall commence a Proceeding to enforce any
      provisions of this Agreement, then the prevailing party in such Proceeding
      shall
      be reimbursed by the other parties for its attorney’s fees and other costs and
      expenses incurred with the investigation, preparation and prosecution of such
      Proceeding.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (k) Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    (l) Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their reasonable efforts to
      find and employ an alternative means to achieve the same or substantially the
      same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of the
      parties that they would have executed the remaining terms, provisions, covenants
      and restrictions without including any of such that may be hereafter declared
      invalid, illegal, void or unenforceable.

     

    (m) Headings.
      The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    (n) Independent
      Nature of Purchasers' Obligations and Rights.
      The
      obligations of each Purchaser under this Agreement are several and not joint
      with the obligations of any other Purchaser hereunder, and no Purchaser shall
      be
      responsible in any way for the performance of the obligations of any other
      Purchaser hereunder. The decision of each Purchaser to purchase Securities
      pursuant to the Transaction Documents has been made independently of any other
      Purchaser. Nothing contained herein or in any other agreement or document
      delivered at any closing, and no action taken by any Purchaser pursuant hereto
      or thereto, shall be deemed to constitute the Purchasers as a partnership,
      an
      association, a joint venture or any other kind of entity, or create a
      presumption that the Purchasers are in any way acting in concert with respect
      to
      such obligations or the transactions contemplated by this Agreement. Each
      Purchaser acknowledges that no other Purchaser has acted as agent for such
      Purchaser in connection with making its investment hereunder and that no
      Purchaser will be acting as agent of such Purchaser in connection with
      monitoring its investment in the Securities or enforcing its rights under the
      Transaction Documents. Each Purchaser shall be entitled to protect and enforce
      its rights, including without limitation the rights arising out of this
      Agreement, and it shall not be necessary for any other Purchaser to be joined
      as
      an additional party in any Proceeding for such purpose. The Company acknowledges
      that each of the Purchasers has been provided with the same Registration Rights
      Agreement for the purpose of closing a transaction with multiple Purchasers
      and
      not because it was required or requested to do so by any Purchaser.

     

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      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES TO FOLLOW]

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

    
      	 	
              HYDROGEN
                CORPORATION

            
	 	 
	 	 
	 	
              By:_________________________________ 

            
	 	
              Name:

              Title:

            

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE
      PAGES OF INVESTORS TO FOLLOW]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

    
      	 	
              NAME
                OF INVESTING ENTITY

            
	 	 
	 	_____________________________________
	 	 
	 	
              AUTHORIZED
                SIGNATORY

            
	 	 
	 	
              By:      _____________________________________

            
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	
              ADDRESS
                FOR NOTICE

            
	 	 
	 	
              c/o:
                _______________________________________

            
	 	 
	 	
              Street:
                _____________________________________

            
	 	 
	 	
              City/State/Zip:
                _______________________________

            
	 	 
	 	
              Attention:
                __________________________________

            
	 	 
	 	
              Tel:
                _______________________________________

            
	 	 
	 	
              Fax:
                _______________________________________

            
	 	 
	 	
              Email:
                ______________________________________

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Annex
      A

     

    Plan
      of
      Distribution

     

    The
      Selling Stockholders and any of their pledgees, donees, transferees, assignees
      and successors-in-interest may, from time to time, sell any or all of their
      shares of Common Stock on any stock exchange, market or trading facility on
      which the shares are traded or in private transactions. These sales may be
      at
      fixed or negotiated prices. The Selling Stockholders may use any one or more
      of
      the following methods when selling shares:

     

    
      	·	
              ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits purchasers;

            

    

     

    
      	·	
              block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction;

            

    

     

    
      	·	
              purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account;

            

    

     

    
      	·	
              an
                exchange distribution in accordance with the rules of the applicable
                exchange;

            

    

     

    
      	·	
              privately
                negotiated transactions;

            

    

     

    
      	·	
              short
                sales; 

            

    

     

    
      	·	
              broker-dealers
                may agree with the selling stockholders to sell a specified number
                of such
                shares at a stipulated price per
                share;

            

    

     

    
      	·	
              a
                combination of any such methods of sale;
                and

            

    

     

    
      	·	
              any
                other method permitted pursuant to applicable
                law.

            

    

     

    The
      Selling Stockholders may also sell shares under Rule 144 under the Securities
      Act, if available, rather than under this prospectus.

     

    Broker-dealers
      engaged by the Selling Stockholders may arrange for other brokers-dealers to
      participate in sales. Broker-dealers may receive commissions or discounts from
      the Selling Stockholders (or, if any broker-dealer acts as agent for the
      purchaser of shares, from the purchaser) in amounts to be negotiated. The
      Selling Stockholders do not expect these commissions and discounts to exceed
      what is customary in the types of transactions involved.

     

    The
      Selling Stockholders may from time to time pledge or grant a security interest
      in some or all of the Shares owned by them and, if they default in the
      performance of their secured obligations, the pledgees or secured parties may
      offer and sell shares of Common Stock from time to time under this prospectus,
      or under an amendment to this prospectus under Rule 424(b)(3) or other
      applicable provision of the Securities Act of 1933 amending the list of selling
      stockholders to include the pledgee, transferee or other successors in interest
      as selling stockholders under this prospectus.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Upon
      the
      Company being notified in writing by a Selling Stockholder that any material
      agreement has been entered into with a broker-dealer for the sale of Common
      Stock through a block trade, special offering, exchange distribution or
      secondary distribution or a purchase by a broker or dealer, a supplement to
      this
      prospectus will be filed, if required, pursuant to Rule 424(b) under the
      Securities Act, disclosing (i) the name of each such Selling Stockholder and
      of
      the participating broker-dealer(s), (ii) the number of shares involved, (iii)
      the price at which such shares of Common Stock were sold, (iv) the commissions
      paid or discounts or concessions allowed to such broker-dealers, where
      applicable, (v) that such broker-dealer(s) did not conduct any investigation
      to
      verify the information set out or incorporated by reference in this prospectus,
      and (vi) other facts material to the transaction. In addition, upon the Company
      being notified in writing by a Selling Stockholder that a donee or pledgee
      intends to sell more than 500 shares of Common Stock, a supplement to this
      prospectus will be filed if then required in accordance with applicable
      securities law. 

     

    The
      Selling Stockholders also may transfer the shares of Common Stock in other
      circumstances, in which case the transferees, pledgees or other successors
      in
      interest will be the selling beneficial owners for purposes of this
      prospectus.

     

    The
      Selling Stockholders and any broker-dealers or agents that are involved in
      selling the shares may be deemed to be “underwriters” within the meaning of the
      Securities Act in connection with such sales. In such event, any commissions
      received by such broker-dealers or agents and any profit on the resale of the
      shares purchased by them may be deemed to be underwriting commissions or
      discounts under the Securities Act. Discounts, concessions, commissions and
      similar selling expenses, if any, attributable to the sale of shares will be
      borne by the selling stockholder. Each Selling Stockholder has represented
      and
      warranted to the Company that it acquired the securities subject to this
      registration statement in the ordinary course of such Selling Stockholder’s
      business and, at the time of its purchase of such securities such Selling
      Stockholder had no agreements or understandings, directly or indirectly, with
      any person to distribute any such securities. 

     

    The
      Company has advised each Selling Stockholder that it may not use shares
      registered on this Registration Statement to cover short sales of Common Stock
      made prior to the date on which this Registration Statement shall have been
      declared effective by the Commission. If the Selling Stockholders use this
      prospectus for any sale of the Common Stock, they will be subject to the
      prospectus delivery requirements of the Securities Act unless an exemption
      therefrom is available. The Selling Stockholders will be responsible to comply
      with the applicable provisions of the Securities Act and Exchange Act, and
      the
      rules and regulations thereunder promulgated, including, without limitation,
      Regulation M, as applicable to such Selling Stockholders in connection with
      resales of their respective shares under this Registration
      Statement.

     

    The
      Company is required to pay all fees and expenses incident to the registration
      of
      the shares, but we will not receive any proceeds from the sale of the Common
      Stock. The Company has agreed to indemnify the selling stockholders against
      certain losses, claims, damages and liabilities, including liabilities under
      the
      Securities Act. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Annex
      B

    HYDROGEN
      CORPORATION

     

    Selling
      Securityholder Notice and Questionnaire

    

    
      	1.	
              Your
                identity and background as the Beneficial Holder of Common Stock
                and
                Warrants

            

    

     

    (a)     
      Your
      full
      legal name: __________________________

     

    (b)     
      Citizenship:
      ___________________________________________________________

     

    (c)      Social
      Security No. or Taxpayer ID No.:
      ______________________________________

     

    (d)     
      Your
      address, telephone number, facsimile number and email address:

     

    Address:
      ______________________________________________________________

    

    _____________________________________________________________________

    

    Telephone
      No.: _________________________________________________________

    

    Fax
      No.:
      _______________________________________________________________

    

    Email
      Address: __________________________________________________________

    

    Contact
      Person: _________________________________________________________

    

    (e)     
      Full
      legal name of person through which you hold the Common Stock and Warrants only
      if different than as set forth in Item 1(a) above (i.e.
      name of
      your broker or the DTC participant, if applicable, through which your shares
      of
      Common Stock are held):

    

    Name
      of
      broker:
      _____________________________________________________________

    

    DTC
      No.:
      __________________________________________________________________

    

    Contact
      Person:
      _____________________________________________________________

    

    Telephone
      No.: ______________________________________________________________

    

    
      	2.	
              Your
                Relationship with the Company

            

    

     

    
      	
            	(a)	
              Have
                you or any of your affiliates, officers, directors or principal equity
                holders (owners of 5% or more of the equity securities of the undersigned)
                held any position or office or have you had any other material
                relationship with the Company (or its predecessors or affiliates)
                within
                the past three years?

            

    

     

    
      	 	
              o

            	
              Yes

            
	 	
              
                o

              

            	
              No

            

    

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      
        	
              	(b)	
                If
                  your response to Item 2(a) above is yes, please state the nature
                  and
                  duration of your
                  relationship with the
                  Company:

              

      

    

     

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    
      	3.	
              Your
                interest in the Common Stock and
                Warrants

            

    

     

    
      	
            	(a)	
              State
                the total number of shares (identifying separately those number of
                shares
                of Common Stock underlying the Warrants) you expect to purchase in
                connection
                with the proposed sale of Common Stock and Warrants by the Company:

            

    

     

    ________________________________________________________________________

    

    
      	
            	(b)	
              Do
                you beneficially own1 
                any securities of the Company other than the securities
                you will receive in connection with the proposed sale of Common
                Stock
                and Warrants by the Company?

            

    

    
       

      
        	 	
                o

              	
                Yes

              
	 	
                
                  o

                

              	
                No

              

      

    

     

    
      	
            	(c)	
              If
                your answer to Item 3(b) above is yes, state the type, the aggregate
                amount or
                number of shares of such other securities of the Company beneficially
                owned
                by you:

            

    

     

    Type:
      ___________________________________________________________________

    

    Aggregate
      Amount/Number of Shares: __________________________________________

    

    CUSIP
      No(s).:
      _____________________________________________________________

    

    Holder
      of
      record: ___________________________________________________________

    

    Note:
      List separately shares held of record jointly with another person, in a
      fiduciary capacity or in a name other than your own. Attach additional sheets
      and itemize, if necessary.

     

     

     

    
      
        

      

      
        
          	1NOTE:	
                  For
                    purposes of this question, shares are considered “beneficially owned” by a
                    person if the person, directly or indirectly, through any contract,
                    arrangement, understanding, relationship or otherwise, has or
                    shares
                    voting power and/or investment power with respect to such shares.
“Voting
                    power” is the power to vote or direct the voting of the shares, and
                    “investment power” is the power to dispose of (or direct the disposition
                    of) the shares.

                

        

      

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
            	(d)	
              Do
                you have both sole
                voting power and sole
                investment power with respect to all the
                shares to be purchased in the proposed sale of Common Stock and Warrants
                by
                the Company and
                any shares already beneficially owned by
                you?

            

    

     

    
      
        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	(e)	
              If
                your answer to Item 3(d) above is no, provide information in the
                space
                below with
                respect to those persons who have sole voting power and sole investment
                power
                with respect to the shares to be purchased in the proposed sale of
                Common
                Stock
                and Warrants by the Company and
                any shares already beneficially owned by you.

            

    

     

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    ________________________________________________________________________

     

    
      	
            	(f)	
              Do
                you wish to disclaim beneficial ownership of any of the shares of
                Common
                Stock
                and Warrants (either to be purchased in the proposed offering or
                currently
                owned)
                that are described above?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    

     

    
      	
            	(g)	
              If
                your answer to Item 3(f) is yes, provide information in the space
                below
                with respect
                to why you wish to disclaim beneficial ownership, including the number
                of
                shares as to which beneficial ownership is
                disclaimed.

            

    

     

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    
      	
            	(h)	
              Do
                you have the right to acquire beneficial ownership of any shares
                of Common
                Stock
                within 60 days? 

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
            	(i)	
              If
                your answer to Item 3(h) is yes, state the number of shares as to
                which
                you have the
                right to acquire beneficial ownership within 60 days in the space
                provided
                below
                and describe the date and circumstances under which you have any
                such
                right
                of acquisition.

            

    

     

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    
      	
            	(j)	
              At
                the time of your receipt of the Common Stock and Warrants upon the
                completion
                of the proposed sale of Common Stock and Warrants, will you have
                any
                agreements or understandings, directly or indirectly, with any person
                to
                distribute
                the Common Stock and Warrants?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	(k)	
              If
                your response to Item 3(j) above is yes, please describe such agreements
                or understandings:

            

    

     

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    
      	4.	
              Beneficial
                Ownership

            

    

     

    
      	
            	(a)	
              Is
                the beneficial holder of the Common Stock and Warrants (whether now
                held
                or to
                be purchased) an SEC-reporting
                company?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	(b)	
              If
                your answer to Item 4(a) above is no, name the natural person(s)
                who
                exercise voting
                or investment control over the Common Stock and Warrants (whether
                now
                held
                or to be purchased) and give their current titles and describe the
                relationship of
                such individuals to the beneficial owner, including their relationships
                with any intermediate
                entities, naming such entities:

            

    

     

    Name(s)
      of Natural Person(s) and Title(s):
      ________________________________________

    

    ________________________________________________________________________

    

    ________________________________________________________________________

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	5.	
              NASD
                Affiliates and Associates

            

    

     

    
      	
            	(a)	
              Are
                you or is the person with voting and dispositive power of the shares
                to be
                purchased
                by you a member of The National Association of Securities Dealers,
                Inc.
                (“NASD”)
                or a broker-dealer registered pursuant to Section 15 of the Exchange
                Act?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	(b)	
              If
                “yes” to Section 5(a), did you receive your Common Stock and Warrants as
                compensation
                for
                investment banking services to the
                Company?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	Note:	
              If
                “no”, the Commission’s staff has indicated that you should be identified
                as an underwriter
                in the Registration Statement.

            

    

     

    
      	
            	(c)	
              Are
                any of your affiliates or any member of your immediate family2 a
                member of
                the NASD or a broker-dealer registered pursuant to Section 15 of
                the
                Exchange  Act?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	(d)	
              If
                your response to Item 5(a) and 5(c) above is no, are you, any of
                your
                affiliates or
                any member of your immediate family an “affiliate” of a member of the NASD
                or
                a broker-dealer registered pursuant to Section 15 of the Exchange
                Act?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	Note:	
              For
                the purposes of this Item 5(d), an “affiliate” of a registered
                broker-dealer shall  include
                any company that directly, or indirectly through one or more
                intermediaries,  controls,
                is controlled by, or is under common control with, such NASD member
                or
                 broker-dealer,
                but excludes any individuals who are merely employed by such NASD
                 member
                or broker-dealer or its
                affiliates.

            

    

    

    
      
         

         

         

          
            

          

        

      

      
        
          	
                  2

                	
                  Immediate
                    family includes your parents, mother-in-law, father-in-law, spouse,
                    sibling, brother-in-law or sister-in-law, children, son-in-law
                    or
                    daughter-in-law, and any other individual who is supported to
                    a materiel
                    extent by you.

                

        

         

      

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	
            	(e)	
              If
                your response to Item 5(d) above is “yes”, do you certify that you bought
                the Common Stock and Warrants in the ordinary course of business,
                and at
                the time of the purchase of the Common Stock and Warrants to be resold,
                you had no agreements or understandings, directly or indirectly,
                with any
                person to distribute the Common Stock and/or Warrants
                ?

            

    

    
      
         

        
          	 	
                  o

                	
                  Yes

                
	 	
                  
                    o

                  

                	
                  No

                

        

      

    
      	
            	Note:	
              If
                “no”, the Commission’s staff has indicated that you should be identified
                as an underwriter
                in the Registration Statement.

            

    

     

    

    Certain
      legal consequences arise from being named as a selling securityholder in the
      Registration Statement and the related prospectus. Accordingly, beneficial
      owners of Common Stock and Warrants are advised to consult their own securities
      law counsel regarding the consequences of being named or not being named as
      a
      selling securityholder in the Registration Statement and the related
      prospectus.

     

    The
      undersigned acknowledges its obligation to comply with the provisions of the
      Securities Exchange Act of 1934 and the rules thereunder relating to stock
      manipulation, particularly Regulation M thereunder (or any successor rules
      or
      regulations), in connection with any offering of Common Stock pursuant to the
      Registration Statement. The undersigned agrees that neither it nor any person
      acting on its behalf will engage in any transaction in violation of such
      provisions.

     

    The
      undersigned hereby acknowledges and is advised of the following Interpretation
      A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations
      regarding short selling:

     

    “An
      Issuer filed a Form S-3 registration statement for a secondary offering of
      common stock which is not yet effective. One of the selling shareholders wanted
      to do a short sale of common stock “against the box” and cover the short sale
      with registered shares after the effective date. The issuer was advised that
      the
      short sale could not be made before the registration statement become effective,
      because the shares underlying the short sale are deemed to be sold at the time
      such sale is made. There would, therefore, be a violation of Section 5 if the
      shares were effectively sold prior to the effective date.”

     

    By
      returning this Questionnaire, the undersigned will be deemed to be aware of
      the
      foregoing interpretation.

     

    In
      the
      event that the Company is required to file a new or additional registration
      statement to register shares of Common Stock beneficially owned by the
      undersigned, the undersigned hereby agrees to complete and return to the
      Company, upon the request of the Company, a new Questionnaire (in a form
      substantially similar to this Questionnaire).

     

    In
      the
      event that the undersigned transfers all or any portion of the Company’s Common
      Stock or Warrants after the date on which the information in this Questionnaire
      is provided to the Company, the undersigned agrees to notify the transferee(s)
      at the time of transfer of its rights and obligations hereunder.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    By
      signing below, the undersigned consents to the disclosure of the information
      contained in this Questionnaire and the inclusion of such information in the
      Registration Statement, the related prospectus and any state securities or
“Blue
      Sky” applications. The undersigned understands that the information in this
      Questionnaire will be relied upon by the Company in connection with the
      preparation or amendment of the Registration Statement or related
      prospectus.

     

    By
      signing below, the undersigned represents that the information provided herein
      is accurate and complete. The undersigned agrees to promptly notify the Company
      of any material inaccuracies or changes in the information provided herein
      that
      may occur subsequent to the date hereof at any time while the Registration
      Statement remains effective.

     

    Once
      this
      Questionnaire is executed by the undersigned beneficial holder and received
      by
      the Company, the terms of this Questionnaire, and the representations and
      warranties contained herein, shall be binding on, shall inure to the benefit
      of
      and shall be enforceable by the respective successors, heirs, personal
      representatives and assigns of the Company and shall be governed in all respects
      by the internal laws of the State of Delaware.

     

    
      	
              Dated:
                ____________, 2006

            	 
	 	
              _____________________________________

            
	 	
              (Name)
                [Please print or type]

            
	 	 
	 	 
	 	
              By:
                __________________________________

            
	 	
              (Authorized
                Signature)

            
	 	
              Title:
                _________________________________

            

    

    

    
      
        
        

      

      
        11

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