Document:

EXHIBIT 4.1

                   SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

THIS SENIOR SECURED CONVERTIBLE PROMISSORY NOTE HAS AND/OR SHARES ISSUABLE UPON
ITS CONVERSION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY
APPLICABLE STATE SECURITIES LAW AND MAY NOT BE TRANSFERRED UNLESS (I) THERE IS
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH APPLICABLE
STATE SECURITIES LAWS (II) PURSUANT TO RULE 144 OF THE SECURITIES ACT OR (III)
IN THE OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY, REGISTRATION
UNDER THE SECURITIES ACT OR SUCH APPLICABLE STATE SECURITIES LAWS IS NOT
REQUIRED IN CONNECTION WITH SUCH TRANSFER.

                          OVATION PRODUCTS CORPORATION
                   SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

$1,500,000                                                      January 20, 2006

      FOR VALUE RECEIVED, the undersigned, OVATION PRODUCTS CORPORATION, a
Delaware corporation (the "Company"), hereby promises to pay to the order of
Andlinger & Company, Inc., a Delaware corporation (the "Purchaser"), the
principal amount of One Million Five Hundred Thousand Dollars ($1,500,000) plus
any and all accrued and unpaid interest thereon on January 20, 2011 (the
"Maturity Date"), unless all such principal and accrued interest due hereunder
is converted into shares of common stock, par value $0.01 per share, of the
Company (the "Common Stock") as provided for herein.

      This Note is being issued pursuant to the terms of a Senior Secured
Convertible Note Purchase Agreement between the Company and Purchaser dated as
of even date hereof (the "Purchase Agreement") and certain obligations under
this Senior Secured Convertible Promissory Note are secured by a first priority
security interest in all of the assets of the Company pursuant to and to the
extent described in separate Security Agreements by and between the Company and
the Purchaser dated as of the date hereof. All capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Purchase
Agreement.

      1. Payments of Interest and Principal. Subject to the provisions of this
Note, payments of principal plus interest on the unpaid principal balance of
this Note outstanding from time to time, and any applicable additional payments
shall be payable in accordance with the following:

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      (a) Maturity. On the Maturity Date, the Company shall repay the
outstanding principal of this Note, all interest accrued and unpaid on this
Note, all fees and all other obligations due or accrued to the Purchaser
hereunder, if any, unless this Note is earlier repaid or converted in full
pursuant to the terms hereof. If the Maturity Date is a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding
Business Day, provided, however, that interest shall not accrue during such
extension. Contemporaneously with the repayment of this Note, the Purchaser
shall surrender this Note, duly endorsed, at the office of the Company. This
Note shall not be prepaid prior to April 20, 2006, and thereafter, this Note
shall not be prepaid unless (i) simultaneously with any such prepayment, the
Company issues to the Purchaser a 5-year warrant to purchase the number of
shares of the Company's Common Stock which this Note was convertible into
immediately prior to such prepayment with an exercise price equal to the
Conversion Price then in effect immediately prior to such prepayment with such
warrant to be in the form attached hereto as Exhibit A (the "Prepayment
Warrant"), or (ii) the Note is prepaid in accordance with the occurrence of a
Mandatory Prepayment Event described in Section 1(d)(i) below, or (iii) the Note
is prepaid at the election of the Purchaser in accordance with the occurrence of
a Mandatory Prepayment Event described in Section 1(d)(ii), or (iv) the Note is
converted upon the Subsequent Investment in accordance with Section 2(b).

      (b) Interest. Interest shall accrue on the outstanding principal of this
Note during the period commencing on the date hereof and terminating on the
Maturity Date (unless this Note is earlier repaid or converted in full pursuant
to the terms hereof) at an annual interest rate (the "Interest Rate") equal to
10.00% per annum, and the interest accrued thereon will be payable by the
Company to the Purchaser annually on each annual anniversary of the date of this
Note. At the option of the Purchaser, any accrued and unpaid interest hereunder
may be paid in kind through issuance to the Purchaser of shares of the Company's
Common Stock valued at the then current Conversion Price, as may be adjusted
hereunder from time to time. So long as an Event of Default (as defined herein)
has occurred and is continuing, at the election of the Purchaser, interest shall
accrue on the then outstanding principal and accrued and unpaid interest at a
rate equal to 4% per annum above the Interest Rate (the "Default Rate").
Interest at the Default Rate shall accrue from the initial date of such Event of
Default until that Event of Default is cured or waived and shall be payable
within ten (10) Business Days thereafter and, if not paid when due, shall itself
bear interest at the Default Rate. Interest and fees shall be calculated on the
basis of a 360-day year times the actual number of days elapsed. In no event
shall interest payable hereunder (including the Default Rate) exceed the highest
rate permitted by applicable law. To the extent any interest received by
Purchaser (including the Default Rate) exceeds the maximum amount permitted by
law, such payment shall be credited to principal, and any excess remaining after
full payment of principal shall be refunded to the Company.

      (c) Payments. Except as provided in Section 1(b), all payments of
principal, interest, fees and other amounts due hereunder shall be made by the
Company in Dollars by wire transfer or by any other method approved in advance
by the Purchaser to the account of the Purchaser at the address of the Purchaser
set forth in Section 10 of the Purchase Agreement or at such other place
designated by the Purchaser in writing to the Company.

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<PAGE>

      (d) Acceleration of the Maturity Date. Notwithstanding anything to the
contrary contained herein, upon the occurrence of any Mandatory Prepayment
Event, the principal amount of and accrued and unpaid interest on this Note may
be declared by the Purchaser (by giving written notice to the Company) to be
immediately due and payable by the Company or may be paid in full at the
election of the Company. For purposes of the foregoing, "Mandatory Prepayment
Event" shall mean a (i) Sale of the Company or (ii) the consummation by the
Company of any equity financing resulting in net proceeds to the Company of at
least $10,000,000 (including cancellation of the indebtedness represented by
this Note and otherwise). The Company shall give written notice to the Purchaser
of any Mandatory Prepayment Event (to the extent possible) at least twenty (20)
Business Days and not more than sixty (60) Business Days prior to the
consummation of the same. Such notice shall be given in the manner specified in
Section 10 hereof. Nothing contained in this Section 1(d) shall be deemed a
consent by the Purchaser to the consummation of any Mandatory Prepayment Event.
The Purchaser may elect to convert this Note upon or prior to the occurrence of
a Mandatory Prepayment Event in accordance with the applicable provisions of
Section 2 below in which case the Purchaser shall not be entitled to receive the
Prepayment Warrant. All prepayments under this Section 1(d) shall include
payment of accrued and unpaid interest on the principal amount of this Note so
prepaid and shall be applied first to the payment of default interest, if any,
then to payment of accrued and unpaid interest and thereafter to principal.

      2. Conversion.

      (a) For purposes of this Section 2 the following definitions shall apply:

      "Conversion Amount" shall mean the amount of principal and interest then
due under this Note to be converted by the Purchaser into Note Shares.

      "Conversion Price" shall initially be determined as of the earlier to
occur of (i) the date upon which the Purchaser consummates the Subsequent
Investment and (ii) April 20, 2006 and shall initially be determined by dividing
$12 million by the fully diluted number of shares of Common Stock of the Company
outstanding as of immediately prior to the consummation of the Subsequent
Investment in the case of (i) above or as of April 20, 2006 in the case of (ii)
above. For purposes of the foregoing calculation, "fully-diluted number of
shares" shall include all then outstanding shares of Common Stock, all then
outstanding shares of preferred stock convertible into shares of Common Stock on
an as-converted basis, all options granted between the date hereof and April 20,
2006 unless exercised prior to April 20, 2006 (collectively, the "New Options"),
all then outstanding options (excluding any New Options), warrants or other
securities convertible into shares of the Company's Common Stock (excluding the
Note and the Note Shares) which have an exercise price of $1.00 per share or
less (subject to adjustment in the case of any stock split, recapitalization or
the like) on an as-exercised basis, and assuming such shares have not then been
issued and otherwise included in the calculation of fully diluted shares, 45,000
shares of Common Stock issuable by the Company to Peter Coker and Randy Rock and
55,000 shares of Common Stock issuable to WMS Family I, LLC. The Conversion
Price shall be subject to adjustment from time to time in accordance with this
Section 2.

      "Original Issue Date" shall mean the date on which this Note was first
issued by the Company to the Purchaser.

                                       3
<PAGE>

      (b) Conversion of Note. The outstanding principal amount of this Note,
plus all accrued interest thereon shall be converted into a number of fully paid
and nonassessable shares of Common Stock (the "Note Shares") as determined
pursuant to this Section 2 without any further action on the part of the
Purchaser upon the consummation by the Purchaser (or an Affiliate thereof) of an
equity investment in the capital stock of the Company in an amount of at least
$5,000,000 (the "Subsequent Investment"). Additionally, at any time and from
time to time on or after April __, 2006, the Purchaser may elect to convert all
or any part of the outstanding principal amount of this Note, plus all accrued
and unpaid interest thereon into a number of fully paid and nonassessable Note
Shares as determined pursuant to this Section 2, upon surrender of this Note.
The number of shares of Common Stock issuable upon surrender of this Note shall
be determined in accordance with the following formula:

                                Conversion Amount
                                -----------------
                                Conversion Price

      (c) Mechanics of Conversion. In order to effect a voluntary conversion
pursuant to this Section 2, the Purchaser shall: (a) fax (or otherwise deliver)
a copy of a fully executed notice of conversion setting forth the Conversion
Amount of the Note to be converted (the "Notice of Conversion"), to the Company
and (b) surrender or cause to be surrendered this Note, duly endorsed, along
with a copy of the Notice of Conversion as soon as practicable thereafter to the
Company. Upon receipt by the Company of a facsimile copy of a Notice of
Conversion from a Purchaser, the Company shall within two (2) Business Days
send, via facsimile, a confirmation to such Purchaser stating that the Notice of
Conversion has been received, advising the Purchaser of any additional
documentation reasonably required by the transfer agent for the Common Stock to
issue the Conversion Shares in the manner provided in the Notice of Conversion
(the "Additional Documentation") and the name and telephone number of a contact
person at the Company regarding the conversion. The Company shall not be
obligated to issue Conversion Shares upon a conversion unless either this Note
is delivered to the Company as provided above, or the Purchaser notifies the
Company that the Note has been lost, stolen or destroyed and delivers
appropriate documentation evidencing the documentation to the Company required
by Section 7.

      (d) Delivery of Note Shares Upon Conversion. Upon the surrender of this
Note accompanied by a Notice of Conversion and any Additional Documentation, the
Company shall, no later than the fifth Business Day following the date of such
surrender (or, in the case of lost, stolen or destroyed certificates, after
provision of indemnity pursuant to Section 7), issue and deliver to the
Purchaser or its nominee (x) stock certificates representing that number of Note
Shares issuable upon conversion of the portion of this Note being converted and
(y) a new Note in the form hereof representing the balance of the principal
amount hereof not being converted, if any.

      (e) Adjustment to Conversion Price.

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<PAGE>

      (i) Adjustment for Stock Splits and Combinations. If the Company shall at
any time or from time to time after the Original Issue Date effect a subdivision
of the outstanding Common Stock, the Conversion Price in effect immediately
before that subdivision shall be proportionately decreased so that the number of
shares of Common Stock issuable on conversion of the Note shall be increased in
proportion to such increase in the aggregate number of shares of Common Stock
outstanding. If the Company shall at any time or from time to time after the
Original Issue Date combine the outstanding shares of Common Stock, the
Conversion Price in effect immediately before the combination shall be
proportionately increased so that the number of shares of Common Stock issuable
on conversion of the Note shall be decreased in proportion to such decrease in
the aggregate number of shares of Common Stock outstanding. Any adjustment under
this subsection shall become effective at the close of business on the date the
subdivision or combination becomes effective.

      (ii) Adjustment for Certain Dividends and Distributions. In the event the
Company at any time or from time to time after the Original Issue Date shall
make or issue, or fix a record date for the determination of holders of Common
Stock entitled to receive, a dividend or other distribution payable on the
Common Stock in additional shares of Common Stock, then and in each such event
the Conversion Price in effect immediately before such event shall be decreased
as of the time of such issuance or, in the event such a record date shall have
been fixed, as of the close of business on such record date, by multiplying the
Conversion Price then in effect by a fraction: (A) the numerator of which shall
be the total number of shares of Common Stock issued and outstanding immediately
prior to the time of such issuance or the close of business on such record date,
and (B) the denominator of which shall be the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance or
the close of business on such record date plus the number of shares of Common
Stock issuable in payment of such dividend or distribution.

      Notwithstanding the foregoing, if such record date shall have been fixed
and such dividend is not fully paid or if such distribution is not fully made on
the date fixed therefor, the Conversion Price shall be recomputed accordingly as
of the close of business on such record date and thereafter the Conversion Price
shall be adjusted pursuant to this subsection as of the time of actual payment
of such dividends or distributions.

      (iii) Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Conversion Price pursuant to this Section 2,
the Company at its expense shall, as promptly as reasonably practicable but in
any event not later than 10 Business Days thereafter, compute such adjustment or
readjustment in accordance with the terms hereof and furnish to the Purchaser a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based. The Company
shall, as promptly as reasonably practicable after the written request of the
Purchaser at any time (but in any event not later than 10 Business Days
thereafter), furnish or cause to be furnished to such holder a certificate
setting forth (i) the Conversion Price then in effect, and (ii) the number of
shares of Common Stock which then would be received upon the conversion of this
Note.

                                       5
<PAGE>

      (iv) Notice of Record Date. In the event: (A) the Company shall take a
record of the holders of its Common Stock for the purpose of entitling or
enabling them to receive any dividend or other distribution, or to receive any
right to subscribe for or purchase any shares of capital stock of any class or
any other securities, or to receive any other security; or (B) of any capital
reorganization of the Company, any reclassification of the Common Stock of the
Company, or any Sale of the Company; or (C) of the voluntary or involuntary
dissolution, liquidation or winding-up of the Company, then, and in each such
case, the Company will send or cause to be sent to the Purchaser a notice
specifying, as the case may be, (i) the record date for such dividend,
distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up is proposed to take place, and the time, if any is to be fixed, as of
which the holders of record of Common Stock shall be entitled to exchange their
shares of Common Stock (or such other capital stock or securities) for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up, and the amount per share and character of such exchange applicable
to the Common Stock. Such notice shall be sent at least 10 days prior to the
record date or effective date for the event specified in such notice.

      (v) Fractional Shares. Upon a conversion hereunder, the Company shall not
be required to issue stock certificates representing fractions of shares of the
Common Stock, but may if otherwise permitted, make a cash payment in respect of
any final fraction of a share. If the Company elects not, or is unable, to make
such a cash payment, the Purchaser shall be entitled to receive, in lieu of the
final fraction of a share, one whole share of Common Stock.

      (vi) Antidilution Rights. The Company hereby agrees that if, after the
date hereof, it shall issue any securities (other than securities issued to the
Purchaser) which contain anti-dilution or any other provisions which have the
same economic benefit as anti-dilution provisions (each an "Applicable
Subsequent Issuance"), it will notify the Purchaser of such issuance and
thereafter, if the Purchaser shall request, it will take all actions necessary
to amend the terms of this Note in order to apply to the conversion provisions
contained in Section 2 of this Note anti-dilution provisions that provide for an
anti-dilution standard as similar as possible to the one applied to the
Applicable Subsequent Issuance. For example, if the Applicable Subsequent
Issuance provides for a weighted average anti-dilution standard upon the
occurrence of certain circumstances, then this Note will be amended to provide
for a weighted average anti-dilution standard with respect to the Conversion
Price upon the occurrence of similar circumstances. In the event that there are
multiple Applicable Subsequent Issuances or that there are multiple
anti-dilution provisions applicable to a specific Applicable Subsequent
Issuance, the provisions to be included herein shall be the provisions that the
Purchaser determines are most favorable to the Purchaser.

      3. Ranking. This Note shall be senior indebtedness of the Company, ranking
senior in all respects to all other indebtedness and future indebtedness of the
Company (except for Permitted Liens), including in right of payment in full in
cash.

      4. Events of Default. The occurrence of one or more of the following
events (whatever the reason for such event and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body) shall constitute an Event of Default:

      (i) default in the payment of any interest upon the Note as and when the
same shall become due and payable if the default is not cured within five (5)
Business Days after receipt by the Company of notice of such default from the
Purchaser;

                                       6
<PAGE>

      (ii) default in the payment of all or any part of the principal or any
installment of the principal of the Note(s), as and when the same shall become
due and payable if the default is not cured within five (5) Business Days after
receipt by the Company of notice of such default from the Purchaser;

      (iii) an involuntary case or other proceeding shall be commenced against
the Company seeking liquidation, reorganization or other relief with respect to
it or its debts under any applicable bankruptcy, insolvency or other similar
law, now or hereafter in effect, or seeking the appointment of a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of
the Company or for any substantial part of the property of the Company or the
winding up or liquidation of the affairs of the Company, and such case or
proceeding shall remain unstayed and undismissed for a period of forty five (45)
days, or an order for relief shall be entered against the Company under the
federal bankruptcy laws as now of hereafter in effect;

      (iv) the Company shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law, now or hereafter in effect, or
consent to the entry of an order for relief in an involuntary case under any
such law, or consent to the appointment or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of
the Company or for any substantial part of the property of the Company, or the
Company shall make any general assignment for the benefit of creditors, or shall
become insolvent as a result of its failure generally to pay its debts as they
come due, or shall take any corporate action to affirmatively authorize any of
the foregoing (without contingency);

      (v) the Company fails, for ten (10) Business Days after written notice, to
comply with any of the covenants contained in Section 8(a)(ii), (iii), (v),
(vii), (ix), (xvi), (xvii), (xviii), (xix), (xxi), (xxii) or 8(b) in the
Purchase Agreement provided that with respect to the Company's failure to comply
with the covenant set forth in Section 8(b), such non compliance shall only
constitute an Event of Default if such failure to adequately reserve shares of
Common Stock is not corrected within thirty days after the first instance of
such failure;

      (vi) (x) the Company fails to pay any principal of or interest on any
indebtedness having an outstanding principal amount of $50,000 or more
("Material Indebtedness") (including without limitation any such indebtedness
assumed or guaranteed) for a period longer than the grace period, if any,
provided for such payment; or defaults under any instrument or agreement
evidencing, creating, securing or otherwise relating to Material Indebtedness or
other event occurs and continues beyond any applicable grace period, and (y) the
effect of such failure, default or other event is that the holder or holders of
such Material Indebtedness (or their representative) cause such Material
Indebtedness (or the obligations under any such guaranty or assumption
agreement) to become due and payable prior to the stated maturity thereof;

      (vii) WMS Family I, LLC shall give written notice to the Company of its
intention to seek indemnification pursuant to the terms of that certain Restated
License Agreement dated as of June 30, 2004 by and between WMS Family I, LLC and
the Company;

                                       7
<PAGE>

      (viii) any judgment (to the extent not covered by insurance where the
insurer has assumed responsibility in writing for such judgment) is rendered
against the Company which could reasonably be expected to result in a Collateral
Material Adverse Effect;

      (ix) any Lien (other than Permitted Liens) shall exist against any of the
Collateral (as such term is defined in the Security Agreement) which could
reasonably be expected to result in a Collateral Material Adverse Effect;

      (x) any injunction, attachment, garnishment or execution (other than
Permitted Liens) is rendered against the Company which could reasonably be
expected to result in a Collateral Material Adverse Effect; or

      (xi) any failure of the Company in the performance in any material respect
of any of the terms or conditions of, or any breach of any material
representation, covenant or warranty under, or any other material default under
the Security Agreement.

      Notwithstanding the foregoing, the incurrence by the Company of a
Permitted Lien shall not trigger an Event of Default hereunder.

      5. Remedies Upon Default. Upon the occurrence of any Event of Default, the
principal amount of and accrued and unpaid interest on this Note may be declared
by the Purchaser (by giving written notice to the Company) to be immediately due
and payable by the Company. Thereafter, the Purchaser shall be entitled to all
rights and remedies provided by the Security Agreements and applicable law.
Notwithstanding the foregoing, if an Event of Default specified in Section
4(iii) or (iv) occurs with respect to the Company, the principal of, and accrued
interest on, the Note(s) shall become and be immediately due and payable without
any declaration or other act on the part of the Purchaser. The Company shall pay
the costs and expenses of collection, including, without limitation, reasonable
attorneys' fees and disbursements if any action, suit or proceeding is brought
by the holder hereof to collect this Note, unless any such action, suit or
proceeding is brought as a result of a difference of opinions between the
Purchaser and the Company regarding the occurrence of an Event of Default, in
which case the Company shall not be responsible for the payment of any of the
costs and expenses, including, without limitation, reasonable attorneys' fees
and disbursements relating to such action, suit or proceeding if the Company
prevails in a finally adjudicated decision.

      6. Amendments. This Note may be amended by one or more written instruments
signed by the Company and by the Purchaser.

      7. Replacement of Note. Upon the loss, theft, destruction or mutilation of
this Note, and upon the execution and delivery by the Purchaser to the Company
of an affidavit in form and substance reasonably acceptable to the Company
attesting to such loss, theft, destruction or mutilation, as the case may be,
and an agreement, in form and substance reasonably acceptable to the Company
indemnifying and holding the Company harmless from and against any liability or
damages arising therefrom, the Company shall execute and deliver in lieu thereof
a new Note, dated the date of the Note being replaced, in the same principal
amount.

                                       8
<PAGE>

      8. Governing Law. This Note shall, pursuant to Sections 5-1401 and 5-1402
of the General Obligations Law of the State of New York, be construed and
interpreted in accordance with the law of the State of New York.

      9. Jurisdiction. (a) The parties irrevocably submit to the jurisdiction of
the courts of the State of New York and of the United States sitting in the
State of New York in respect of any action or Proceeding relating in any way to
this Note (a "Proceeding"). If any party hereto fails to maintain a duly
appointed agent in New York for the service of process or summons any such
process or summons may be served on it by mailing a copy thereof by registered
mail, or a form of mail substantially equivalent thereto, addressed to the
Company at its address for notices hereunder.

      (b) The parties irrevocably waive, to the fullest extent permitted by
applicable law, any objection that they may now or hereafter have to the laying
of venue of any Proceeding in the Supreme Court of the State of New York, County
of New York, or the United States District Court for the Southern District of
New York and any claim that any Proceeding brought in any such court has been
brought in an inconvenient forum.

      (c) The Company further irrevocably waives, to the fullest extent
permitted by applicable law, any claim that any Proceeding should be dismissed
or stayed by reason, or pending the resolution, of any action or proceeding
commenced by the Company relating in any way to this Note or any other
Transaction Document, whether or not commenced earlier. To the fullest extent
permitted by applicable law, the Company shall take all measures necessary for
the Proceeding to proceed to judgment prior to the entry of judgment in any such
action or proceeding commenced by the Company.

      (d) The parties irrevocably waive any and all right to trial by jury in
any legal proceeding arising out of or relating to this Note or the transactions
contemplated hereby.

      10. Notices. All notices and other communications required or permitted
hereunder must be in writing and, except as otherwise noted herein, must be
addressed as follows:

      (i) if to the Company, to:

          Ovation Products Corporation
          395 East Dunstable Road
          Nashua, New Hampshire 03062
          Attention Robert MacDonald
          Fax:  (603) 891-4957

          with a copy to:
          Morrison & Foerster LLP
          1290 Avenue of the Americas
          New York, NY 10104
          Attention:  Anna T. Pinedo, Esq.
          Fax:  (212) 468-7900

     (ii) if to the Purchaser, to:

                                       9
<PAGE>

          Andlinger & Company, Inc.
          303 South Broadway
          Tarrytown, New York 10591
          Fax:  (914) 332-4977

          with a copy to:
          Brown Rudnick Berlack Israels LLP
          7 Times Square
          New York, NY 10036
          Attention:  Alan Forman
          Fax:  (212) 704-0196

or to such other address as the party to whom notice is to be given may have
furnished to the other in writing in accordance with the provisions of this
Section 10. Any such notice or communication will be deemed to have been
received: (A) in the case of telecopy or personal delivery, on the date of such
delivery; (B) in the case of nationally-recognized overnight courier, on the
next Business Day after such notice is timely delivered to such courier; and (C)
if by registered or certified mail, on the Business Day actually received by the
intended recipient.

      11. Waivers. No failure or delay on the part of the Purchaser in
exercising any right hereunder shall operate as a waiver of, or impair, any such
right. No single or partial exercise of any such right shall preclude any other
or further exercise thereof or the exercise of any other right. No waiver of any
such right or of any obligation of the Company shall be effective unless given
in writing and executed by the Purchaser. No waiver of any such right shall be
deemed a waiver of any other right hereunder. Subject to the provisions of
Section 5 above, the Company hereby waives presentment, demand, notice, protest,
and all other demands and notices in connection with the delivery, acceptance,
performance and enforcement of this Note, and assents to extensions of the time
of payment or forbearance or other indulgence without notice.

      12. Further Assurances. The parties shall do and perform, or cause to be
done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Note and the consummation of the transactions
contemplated hereby.

      13. Successors and Assigns. This Note shall be assignable by Purchaser
without the Company's consent and shall be binding upon and shall inure to the
benefit of the Company and the Purchaser and their respective successors and
assigns; provided, however, that the Purchaser shall not assign or transfer this
Note and/or any rights or obligations hereunder without Company's prior written
consent unless such assignment or transfer is to a transferee which directly or
indirectly controls, is controlled by or is under common control with the
Purchaser.

      14. Headings. The headings of the sections of this Note are inserted for
convenience only and do not constitute a part of this Note.

                                            OVATION PRODUCTS CORPORATION

                                            By: /s/ William E. Lockwood
                                                -----------------------
                                                Name:  William E. Lockwood
                                                Title: President

                                       10
<PAGE>

                                                                       EXHIBIT A

THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE
SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE MORTGAGED, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACT.

No. W-1

                          OVATION PRODUCTS CORPORATION

                      FORM OF COMMON STOCK PURCHASE WARRANT

                       Expiration Date: January ____, 2011

      Ovation Products Corporation, a Delaware corporation (the "Company"),
hereby certifies that, for value received, Andlinger & Company, Inc.orp. or any
transferee or assignee of this Warrant (the "Warrantholder"), is entitled,
subject to the terms set forth below, to purchase from the Company at any time
or from time to time before 5:00 p.m. Eastern time, on the Expiration Date (as
hereinafter defined), that number of fully paid and nonassessable shares of
common stock, $.01 par value per share, of the Company (the "Warrant Shares") as
is equal to the Warrant Number (as hereinafter defined), at a purchase price per
share as shall be equal to the Purchase Price (as hereinafter defined) in effect
at the time of the exercise of this Warrant. The Warrant Number and the Purchase
Price are subject to adjustment as provided in this Warrant.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

         (a) The term "Company" shall include Ovation Products Corporation and
      any corporation that shall succeed to or assume the obligations of Ovation
      Products Corporation hereunder.

         (b) The term "Warrant Shares" includes the Company's common stock, $.01
      par value per share (the "Common Stock"), and any other securities or
      property of the Company or of any other person (corporate or otherwise)
      which the Warrantholder at any time shall be entitled to receive on the
      exercise hereof in lieu of or in addition to such Common Stock, or which
      at any time shall be issuable in exchange for or in replacement of such
      Common Stock.

         (c) The term "Expiration Date" refers to January __, 2011.

<PAGE>

         (d) The term "Purchase Price" shall mean [ ]. [To be inserted upon
      issuance and to be equal to the Conversion Price under the Senior Secured
      Convertible Promissory Note immediately prior to the issuance of this
      Warrant.]

         (e) The term "Warrant Number" shall mean [ ] [To be inserted upon
      issuance and to be equal to the number of shares of the Company's Common
      Stock which the Senior Secured Convertible Promissory Note was convertible
      into immediately prior to the issuance of this Warrant.]

      1. Initial Exercise Date; Expiration. This Warrant may be exercised at any
time or from time to time until 5:00 p.m., Eastern time, on the Expiration Date.

      2. Exercise of Warrant. (a) This Warrant may be exercised in full or in
part by the holder hereof by surrender of this Warrant, with the form of "cash
exercise" subscription attached hereto (the "Exercise Notice") duly executed by
such holder, to the Company at its principal office, accompanied by payment, in
cash or by certified or official bank check payable to the order of the Company,
of the purchase price of the Warrant Shares to be purchased hereunder.

      (b) By submitting to the Company a duly executed "net issuance" notice in
the form attached hereto (the "Net Issue Notice"), the Warrantholder may elect
to exercise this Warrant by surrender of a number Warrant Shares which have a
fair market value ("FMV") equal to the aggregate Purchase Price of the Warrant
Shares being purchased ("Net Issuance") as determined below. Thereupon, the
Company shall issue to the Warrantholder such number of fully paid and
nonassessable Warrant Shares as is computed using the following formula:

                                   X = Y (A-B)
                                       -------
                                          A

where    X =     the number of Warrant Shares to be issued to the Warrantholder
                 pursuant to this Section 2(b).

         Y =     the number of Warrant Shares covered by this Warrant in
                 respect of which the net issue election is made pursuant to
                 this Section 2(b).

         A =     the FMV of one share of Common Stock, as determined below, as
                 at the time the net issue election is made pursuant to this
                 Section 2(b).

         B =     the Purchase Price in effect under this Warrant at the time the
                 net issue election is made pursuant to this Section 2(b).

      For the purposes of this Section 2(b), FMV shall be determined at the time
of exercise and shall mean: (A) if the Common Stock is then publicly traded, the
average closing price in the over-the-counter market as reported by NASDAQ or as
quoted in the NASDAQ National Market System or on any national securities
exchange on which the Common Stock is traded for the thirty (30) prior trading
days, or (B) if the Common

                                      A-2
<PAGE>

Stock is not then publicly traded, the price per share of Common Stock or Common
Stock equivalent paid by investors to purchase the Common Stock or Common Stock
equivalent of the Company (taking into account any consideration paid separately
to acquire any security which is exercisable for or convertible into Common
Stock) in any arm's length equity financing completed within the preceding six
(6) months, or, if no such equity financing has so occurred, a fair value as
determined in good faith by the Board of Directors of the Company (the "Board")
or (C) in the case of a Business Combination, the price per share of Common
Stock paid in the Business Combination or, if such payment is made by property
other than cash, the fair value of such property paid per share of Common Stock
in the Business Combination as determined in good faith by the Board. In the
event the Common Stock is not publicly traded, the Board of Directors of the
Company shall promptly respond in writing to a reasonable inquiry by the holder
hereof as to the fair market value of the Common Stock for purposes of this
Section 2(b).

      (c) For any partial exercise pursuant to Section 2(a) or 2(b) hereof, the
Warrantholder shall designate in the Exercise Notice or Net Issue Notice (as the
case may be) the number of Warrant Shares that it wishes to purchase. On any
such partial exercise, the Company at its expense shall forthwith issue and
deliver to the Warrantholder a new warrant of like tenor, in the name of the
Warrantholder, which shall be exercisable for such number of Warrant Shares
represented by this Warrant which have not been purchased upon such exercise.

      3. Effectiveness of Exercise. The exercise of this Warrant shall be deemed
to have been effected immediately prior to the close of business on the business
day on which this Warrant is surrendered to the Company as provided in Section
2(a) or 2(b) (as the case may be).

      4. Delivery on Exercise. As soon as practicable after the exercise of this
Warrant in full or in part pursuant to Section 2(a) or 2(b), as the case may be,
and in any event within five (5) business days thereafter, the Company at its
expense (including the payment by it of any applicable issue taxes but excluding
the payment of taxes to which the Warrantholder is subject as a result of the
conduct of its business activity) will cause to be issued in the name of and
delivered to the Warrantholder, or as such Warrantholder may direct, a
certificate or certificates for the number of fully paid and nonassessable full
Warrant Shares to which such holder shall be entitled on such exercise, together
with cash, in lieu of any fraction of a share, equal to such fraction of the
then FMV of one full share as determined in accordance with Section 2(b).

      5. Adjustment for Reorganization, Consolidation, Merger, etc.

      (a) General. In case at any time or from time to time, the Company shall
(a) effect a reorganization, (b) consolidate with or merge into any other
person, or (c) transfer all or substantially all of its properties or assets to
any other person under any plan or arrangement contemplating the dissolution of
the Company (each of the foregoing, a "Business Combination"), and such Business
Combination shall be effected in such a way that holders of shares of the
Company's Common Stock (or any shares of stock or other securities at the time
issuable upon exercise of this Warrant ) shall be entitled to receive stock,
securities or assets, with respect to or in exchange for such shares, then, in
each such case, the holder of this Warrant, on the exercise hereof as

                                      A-3
<PAGE>

provided in Section 2 at any time after the consummation of such Business
Combination or the effective date of such dissolution, as the case may be, shall
receive, in lieu of the Warrant Shares issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 6.

      (b) Dissolution. In the event of any dissolution of the Company following
the transfer of all or substantially all of its properties or assets, the
Company, prior to such dissolution, shall at its expense deliver or cause to be
delivered to the Warrantholder the stock and other securities and property
(including cash, where applicable) receivable by the Warrantholder after the
effective date of such dissolution pursuant to this Section 5 provided, however,
that the Warrantholder may request that such securities or property be delivered
to a trustee for the holder or holders of the Warrants and the Company shall
bear reasonable expenses for such delivery.

      (c) Continuation of Terms. Upon any reorganization, consolidation, merger
or transfer (and any dissolution following any transfer) referred to in this
Section 5, this Warrant, to the extent not yet exercised in full, shall continue
in full force and effect and the terms hereof shall be applicable to the shares
of stock and other securities and property receivable on the exercise of this
Warrant after the consummation of such reorganization, consolidation or merger
or the effective date of dissolution following any such transfer, as the case
may be, and shall be binding upon the issuer of any such stock or other
securities, including, in the case of any such transfer, the person acquiring
all or substantially all of the properties or assets of the Company, whether or
not such person shall have expressly assumed the terms of this Warrant.

      6. Adjustment of Purchase Price and Number of Shares. The number of the
Warrant Shares issuable upon exercise of this Warrant (or any shares of stock or
other securities at the time issuable upon exercise of this Warrant) and the
purchase price therefor, are subject to adjustment upon the occurrence of the
following events:

      (a) Adjustment for Stock Splits, Stock Dividends, Recapitalizations, etc.
The exercise price of this Warrant and the number of Shares issuable upon
exercise of this Warrant (or any shares of stock or other securities at the time
issuable upon exercise of this Warrant) shall be appropriately adjusted to
reflect any stock dividend, stock split, combination of shares,
reclassification, recapitalization or other similar event affecting the number
of outstanding shares of Common Stock (or other stock or securities if the
Warrantholder is then entitled to receive such stock or securities upon exercise
of this Warrant). For example, if there should be a 2-for-1 stock split of the
Common Stock, the exercise price would be divided by two and such number of
shares would be doubled.

      (b) Adjustment for Other Dividends and Distributions. In case the Company
shall make or issue, or shall fix a record date for the determination of
eligible holders entitled to receive, a dividend or other distribution after
[INSERT DATE OF ISSUANCE OF WARRANT] with respect to the Warrant Shares (or any
shares of stock or other securities at the time issuable upon exercise of the
Warrant) payable in (i) securities of the Company (other than shares of Stock)
or (ii) assets (excluding cash

                                      A-4
<PAGE>

dividends paid or payable solely out of current or retained earnings), then, in
each case, the holder of this Warrant on exercise hereof at any time after the
consummation or record date of such event (provided the event is later
consummated), shall receive, in addition to the Warrant Shares (or such other
stock or securities) issuable on such exercise prior to such date, the
securities or such other assets of the Company to which such holder would have
been entitled upon such date if such holder had exercised this Warrant
immediately prior thereto (all subject to further adjustment as provided in this
Warrant).

      (c) Anti-Dilution Protection. The Company hereby agrees that if, after the
date hereof, it shall issue any securities (other than securities issued to the
Warrantholder) which contain anti-dilution or any other provisions which have
the same economic benefit as anti-dilution provisions (each an "Applicable
Subsequent Issuance"), it will notify the Warrantholder of such issuance and
thereafter, if the Warrantholder shall request, it will take all actions
necessary to amend the terms of the adjustment of purchase price and number of
shares provisions contained in Section 6 of this Warrant in order to apply an
anti-dilution provisions that provide for an anti-dilution standard as similar
as possible to the one applied to the Applicable Subsequent Issuance. For
example, if the Applicable Subsequent Issuance provides for a weighted average
anti-dilution standard upon the occurrence of certain circumstances, then this
Warrant will be amended to provide for a weighted average anti-dilution standard
upon the occurrence of similar circumstances. In the event that there are
multiple Applicable Subsequent Issuances or that there are multiple
anti-dilution provisions applicable to a specific Applicable Subsequent
Issuance, the provisions to be included herein shall be the provisions that the
Warrantholder determines are most favorable to the Warrantholder.

      (d) Certificate as to Adjustments. In case of any adjustment or
readjustment in the price or kind of securities issuable on the exercise of this
Warrant, the Company will promptly give written notice thereof to the holder of
this Warrant in the form of a certificate, certified and confirmed by the
President of the Company, setting forth such adjustment or readjustment and
showing in reasonable detail the facts upon which such adjustment or
readjustment is based.

      7. No Impairment. The Company will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Warrant against
impairment. Without limiting the generality of the foregoing the Company (a)
will not increase the par value of any shares of stock receivable on the
exercise of this Warrant above the amount payable therefore on such exercise,
(b) will at all times reserve and keep available a number of its authorized
shares of Common Stock, free from all preemptive rights therein, which will be
sufficient to permit the exercise of this Warrant by the Warrantholder, and (c)
shall take all such action as may be necessary or appropriate in order that all
Warrant Shares as may be issued pursuant to the exercise of this Warrant will,
upon issuance in accordance with the terms hereof, be duly and validly issued,
fully paid and nonassessable and free from all liens and charges with respect to
the issue thereof.

                                      A-5
<PAGE>

      8. Notices of Record Date, etc. In the event of

      (a) any taking by the Company of a record of the holders of Common Stock
(or shares of stock or other securities at the time issuable upon exercise of
this Warrant) for the purpose of determining the holders thereof who are
entitled to receive any dividend or other distribution, or any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities or property, or to receive any other right, or

      (b) any Common Stock (or shares of stock or other securities at the time
issuable upon exercise of this Warrant), or any transfer of all or substantially
all the assets of the Company to or consolidation or merger of the Company with
or into any other person, or

      (c) any voluntary or involuntary dissolution, liquidation or winding-up of
the Company,

then and in each such event the Company will mail to the holder hereof a notice
specifying (i) the date on which any such record is to be taken for the purpose
of such dividend, distribution or right, and stating the amount and character of
such dividend, distribution or right, and (ii) the date on which any such
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or any shares of
stock or other securities at the time issuable upon the exercise of this
Warrant) shall be entitled to exchange their shares for securities or other
property deliverable on such reorganization, reclassification, recapitalization,
transfer, consolidation, merger, dissolution, liquidation or winding-up. Such
notice shall be mailed at least 10 days prior to the date therein specified.

      9.  [RESERVERD].

      10. Replacement of Warrant. On receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such loss, theft or
destruction of this Warrant, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of such Warrant, the Company at its
expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

      11. Investment Intent. Unless a current registration statement under the
Securities Act of 1933, as amended, shall be in effect with respect to the
issuance of the securities to be issued upon exercise of this Warrant, the
holder thereof, by accepting this Warrant, covenants and agrees that, at the
time of exercise hereof, and at the time of any proposed transfer of securities
acquired upon exercise hereof, such holder will deliver to the Company a written
statement that the securities acquired by the holder upon exercise hereof are
for the own account of the holder for investment and are not acquire with a view
to, or for sale in connection with, any distribution thereof (or any portion
thereof) and with no present intention (at any such time) of offering and
distributing such securities (or any person thereof).

                                      A-6
<PAGE>

      12. Transfer. Subject to compliance with applicable federal and state
securities laws, this Warrant may be transferred by the Warrantholder with
respect to any or all of the shares purchasable hereunder. Upon surrender of
this Warrant to the Company, together with the assignment hereof properly
endorsed, for transfer of this Warrant as an entirety by the Warrantholder, the
Company shall issue a new warrant of the same denomination to the assignee. Upon
surrender of this Warrant to the Company, together with the assignment hereof
properly endorsed, by the Warrantholder for transfer with respect to a portion
of the shares of Common Stock purchasable hereunder, the Company shall issue a
new warrant to the assignee, in such denomination as shall be requested by the
Warrantholder, and shall issue to such Warrantholder a new warrant covering the
number of shares in respect of which this Warrant shall not have been
transferred.

      13. No Rights or Liability as a Stockholder. This Warrant does not entitle
the Warrantholder to any voting rights or other rights as a stockholder of the
Company. No provisions hereof, in the absence of affirmative action by the
Warrantholder to purchase Warrant Shares, and no enumeration herein of the
rights or privileges of the Warrantholder shall give rise to any liability of
such Warrantholder as a stockholder of the Company.

      14. Damages. The Company recognizes and agrees that the Warrantholder will
not have an adequate remedy if the Company fails to comply with the terms of
this Warrant and that damages will not be readily ascertainable, and the Company
expressly agrees that, in the event of such failure, it shall not oppose an
application by the holder of this Warrant or any other person entitled to the
benefits of this Warrant requiring specific performance of any and all
provisions hereof or enjoining the Company from continuing to commit any such
breach on the terms hereof.

      15. Notices. All notices referred to in this Warrant shall be in writing
and shall be delivered personally or by certified or registered mail, return
receipt requested, postage prepaid and will be deemed to have been given when so
delivered or mailed (i) to the Company, at its principal executive offices and
(ii) to the Warrantholder, at such Warrantholder's address as it appears in the
records of the Company (unless otherwise indicated in accordance with the
provisions of this Section 15 by such holder).

      16. Payment of Taxes. All Warrant Shares issued upon the exercise of this
Warrant in accordance with its terms shall be validly issued, fully paid and
nonassessable, and the Company shall pay taxes and other governmental charges
that may be imposed in respect to the issue or delivery thereof, excluding taxes
to which the Warrantholder and/or any other person receiving the Warrant Shares
is subject as a result of the conduct of its business activity.

      17. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
Warrantholder and the Company. This Warrant shall be governed by and construed
and enforced in accordance with the general corporation law of the State of
Delaware as to matters within the scope thereof, and as to all other matters
shall be governed by, and construed in accordance with, the internal laws of the
State of New York. The headings in this Warrant are for purposes of reference
only, and shall not limit or otherwise affect any of the terms hereof.

                                      A-7

<PAGE>

DATED: [____________]

                                                OVATION PRODUCTS CORPORATION

                                                By: __________________________
                                                Title:

[Corporate Seal]

Attest:

__________________________________________
Secretary

                                      A-8EXHIBIT 10.1

               SENIOR SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT

         THIS SENIOR SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT (this
"Agreement") is entered into as of January 20, 2006 by and between Ovation
Products Corporation, a Delaware corporation (the "Company"), and Andlinger &
Company, Inc., a Delaware corporation (the "Purchaser").

                                   WITNESSETH:

         WHEREAS, the Company desires to sell to the Purchaser, and the
Purchaser, desires to purchase from the Company, a Senior Secured Convertible
Promissory Note of the Company in the principal face amount of $1,500,000 in the
form attached hereto as Exhibit A (the "Note"); and

         WHEREAS, the parties hereto desire to enter into this Agreement for the
purpose of setting forth certain representations, warranties and covenants made
by each to the other as an inducement to the execution and delivery of this
Agreement and the conditions precedent to the consummation of the transactions
set forth in this Agreement.

         NOW, THEREFORE, in consideration of the premises and of the mutual
provisions, agreements and covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         SECTION 1. Definitions. As used in this Agreement, the following
capitalized defined terms shall have the following meanings.

         "Action" has the meaning set forth in Section 5(m).

         "Agreement" has the meaning set forth in the Preamble.

         "Affiliate" of a Person shall mean (i) with respect to a Person, any
member of such Person's family (including any child, step child, parent, step
parent, spouse, sibling, mother in law, father in law, son in law, daughter in
law, brother in law or sister in law); (ii) with respect to an entity, any
officer, director, general partner or any Affiliate of such person; and (iii)
with respect to a Person or entity, any Person or entity which directly or
indirectly controls, is controlled by, or is under common control with such
Person or entity.

         "Business Day" means a day other than a Saturday, Sunday or other day
on which banking institutions in New York, New York or the New York Stock
Exchange are permitted or required by any applicable law to close.

         "Closing" has the meaning set forth in Section 3.

<PAGE>

         "Closing Date" has the meaning set forth in Section 3.

         "Collateral Material Adverse Effect" means a material adverse impact on
the Collateral (as such term is defined in the Security Agreement) or on the
Purchaser's ability to enforce its rights therein.

         "Commission" means the United States Securities and Exchange Commission
or any similar agency then having jurisdiction to enforce the Securities Act.

         "Common Stock" means the common stock, $0.01 par value per share, of
the Company.

         "Company" has the meaning set forth in the Preamble.

         "Company Copyrights" has the meaning set forth in Section 5(j).

         "Company Intellectual Property" has the meaning set forth in
Section 5(j)

         "Company Marks" has the meaning set forth in Section 5(j).

         "Company Patents" has the meaning set forth in Section 5(j).

         "Company's Knowledge" means the actual knowledge of William Zebuhr,
Robert MacDonald, William Lockwood and Fred Becker after reasonable inquiry.

         "Company Subsidiary" means a Subsidiary of the Company.

         "Company Stock Option Plans" means collectively, the Company's 1999
Stock Option Plan and any other future equity incentive plans of the Company
with similar objectives which shall be duly authorized and adopted by the board
of directors and, if required under applicable law, rule or regulation of any
government entity or self regulatory organizations by the shareholders of the
Company.

         "Company Underwriter" has the meaning set forth in Section 8(e).

         "Control" (including the terms "controlled by" and "under common
control with") means the possession, directly or indirectly, or as trustee or
executor, of the power to direct or cause the direction of the management
policies of a Person, whether through the ownership of stock, as trustee or
executor, by contract or credit arrangement or otherwise.

         "Conversion Date" has the meaning set forth in Section 8(a).

         "Copyrights" has the meaning set forth in Section 5(j).

         "Disclosure Documents" has the meaning set forth in Section 5(g).

                                       2
<PAGE>

         "Environmental Laws" has the meaning set forth in Section 5(p).

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission thereunder.

         "Evaluation Date" has the meaning set forth in Section 5(w).

         "GAAP" means U.S. generally accepted accounting principles.

         "Governmental Authority" has the meaning set forth in Section 5(n).

         "Incidental Registration" has the meaning set forth in Section 8(e).

         "Lien" means any interest in an asset or encumbrance thereon of any
kind held by any person other than the owner of the asset, irrespective of
whether (a) such interest is based on the common law, statute, or contract, (b)
such interest is recorded or perfected, and (c) such interest is contingent upon
the occurrence of some future event or events or the existence of some future
circumstance or circumstances.

         "Losses" has the meaning set forth in Section 9(b)(i).

         "Marks" has the meaning set forth in Section 5(j).

         "Maturity Date" has the meaning set forth in Section 8(a).

         "Note Shares" has the meaning set forth in Section 4.

         "Patents" has the meaning set forth in Section 5(j).

         "Permits" has the meaning set forth in Section 5(n).

         "Permitted Liens" means (a) Liens existing on the date hereof, (b)
Liens held by the Purchaser to secure the Obligations (as such term is defined
in the Security Agreement), (c) Liens for unpaid taxes, assessments, or other
governmental charges or levies that are not yet delinquent, (d) judgment Liens
which could not reasonably be expected to result in a Collateral Material
Adverse Effect, (e) the interests of lessors under operating leases, (f)
purchase money Liens and so long as such Lien attaches only to the asset
purchased or acquired and the proceeds thereof, (g) Liens arising by operation
of law in favor of warehousemen, landlords, carriers, mechanics, materialmen,
laborers or suppliers, incurred in the ordinary course of the Company's business
and not in connection with the borrowing of money, and which Liens are for sums
not yet delinquent, (h) Liens on amounts deposited in connection with obtaining
worker's compensation or other unemployment insurance, (i) Liens on amounts
deposited in connection with the making or entering into of bids, tenders, or
leases in the ordinary course of business and not in connection with the
borrowing of money, (j) Liens on amounts deposited as security for surety or
appeal bonds in connection with obtaining such bonds in the ordinary course of
business, and (k) non-exclusive licenses or sublicenses granted to other Persons
for fair market value consideration in the ordinary course of business and not
materially interfering with the conduct of the Company's business.

                                       3
<PAGE>

         "Person" means an individual, corporation, partnership, association,
trust, any unincorporated organization or any other entity.

         "Purchase Price" has the meaning set forth in Section 2.

         "Purchaser" has the meaning set forth in the Preamble.

         "Purchaser Indemnified Parties" has the meaning set forth in Section
9(b)(i).

         "Registrable Securities" means the Note Shares. Notwithstanding the
foregoing, Registrable Securities will cease to be Registrable Securities, when
(i) a Registration Statement covering such Registrable Securities has been
declared effective under the Securities Act by the Commission and such
Registrable Securities have been disposed of pursuant to such effective
Registration Statement, (ii) the entire amount of the Registrable Securities
owned by the Purchaser may be sold in a single sale, in the opinion of counsel
satisfactory to the Company and the Purchaser, each in their reasonable judgment
(it being agreed that Brown Rudnick Berlack Israels LLP shall be satisfactory),
without any limitation as to volume pursuant to Rule 144 (or any successor
provision then in effect) under the Securities Act or (iii) such Registrable
Securities have been sold to the public pursuant to Rule 144 under the
Securities Act.

         "Registration Expenses" means all expenses arising from or incident to
the Company's performance of, or compliance with, Section 8(e) of this
Agreement, including, without limitation, (i) Commission, stock exchange and
National Association of Securities Dealers, Inc. registration and filing fees,
(ii) all fees and expenses incurred in complying with securities or "blue sky"
laws (including reasonable fees, charges and disbursements of counsel to any
underwriter incurred in connection with "blue sky" qualifications of any
Registrable Securities as may be set forth in any underwriting agreement), (iii)
all printing, messenger and delivery expenses, (iv) the fees, charges and
expenses of counsel to the Company and of its independent public accountants and
any other accounting fees, charges and expenses incurred by the Company
(including, without limitation, any expenses arising from any "cold comfort"
letters or any special audits incident to or required by any registration or
qualification), and (v) any liability insurance or other premiums for insurance
obtained by the Company in connection with any Incidental Registration pursuant
to the terms of Section 8(e) of this Agreement (it being agreed that the Company
is under no obligation to purchase such insurance), regardless of whether such
Registration Statement is declared effective.

         "Registration Statement" means a Registration Statement filed pursuant
to the Securities Act.

                                       4
<PAGE>

         "Sale of the Company" shall mean (a) a merger or consolidation in which
(i) the Company is a constituent party, or (ii) a Company Subsidiary is a
constituent party and the Company issues shares of its capital stock pursuant to
such merger or consolidation, except in the case of either clause (i) or (ii)
any such merger or consolidation involving the Company or a Company Subsidiary
in which the shares of capital stock of the Company outstanding immediately
prior to such merger or consolidation continue to represent, or are converted
into or exchanged for shares of capital stock which represent, immediately
following such merger or consolidation, more than 50% by voting power of the
capital stock of (A) the surviving or resulting corporation or (B) if the
surviving or resulting corporation is a wholly owned subsidiary of another
corporation immediately following such merger or consolidation, the parent
corporation of such surviving or resulting corporation; (b) the sale, lease,
transfer, exclusive license or other disposition, in a single transaction or
series of related transactions, by the Company or a Company Subsidiary of all or
substantially all the assets of the Company and the Company Subsidiaries taken
as a whole (except where such sale, lease, transfer, exclusive license or other
disposition is to a wholly owned Company Subsidiary); (c) the exclusive license
(whether in one transaction or a series of related transactions) with a term of
at least five years covering all or substantially all of the Company
Intellectual Property and covering all or substantially all reasonably
foreseeable fields of use of such Company Intellectual Property; or (d) the sale
or transfer, in a single transaction or series of related transactions, by the
stockholders of the Company of more than 50% by voting power of the
then-outstanding capital stock of the Company to any person or entity or group
of affiliated persons or entities.

         "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission thereunder.

         "Security Agreement" has the meaning set forth in Section 5(b).

         "Security Agreements" has the meaning set forth in Section 5(b).

         "Subordination Agreement" has the meaning set forth in Section 5(b).

         "Subsidiary" of a Person means any corporation more than fifty percent
(50%) of whose outstanding voting securities, or any partnership, limited
liability company, joint venture or other entity more than fifty percent (50%)
of whose total equity interest, is directly or indirectly owned by such Person.

         "Third Party Rights" has the meaning set forth in Section 5(j)(iii).

         "Trade Secrets" has the meaning set forth in Section 5(j)(viii).

         "Transaction Documents" has the meaning set forth in Section 5(b).

                                       5
<PAGE>

         "WMS" means WMS Enterprises, Inc., WMS Family I LLC, and any Subsidiary
or Affiliate thereof.

         SECTION 2. Agreement to Purchase and Sell. Subject to the terms and
conditions of this Agreement, the Purchaser agrees to purchase at the Closing
(as such term is defined in Section 3), and the Company agrees to issue and sell
to the Purchaser at the Closing, the Note for the purchase price of $1,500,000
(the "Purchase Price").

         SECTION 3. Closing. The purchase and sale of the Note pursuant to
Section 2 (the "Closing") will take place on the date of this Agreement at the
offices of Brown Rudnick Berlack & Israels LLP, 7 Times Square, New York, NY
10036, or at such other place and time as may be mutually agreed upon by the
Company and the Purchaser (the "Closing Date"). Upon receipt by the Company on
the Closing Date of the Purchase Price by wire transfer of immediately available
funds to an account designated by the Company in writing, the Company shall
issue and deliver to such Purchaser the Note. The date upon which the Closing is
consummated is referred to herein as the "Closing Date".

         SECTION 4. Transfer Taxes. All transfer taxes under applicable law
incurred in connection with the sale and transfer of the Note under this
Agreement or the shares of Common Stock issued upon conversion of the Note in
accordance with the terms thereof (collectively, the "Note Shares") will be
borne and paid by the Company and it shall promptly reimburse the Purchaser for
any such tax which it may be required to pay under applicable law.

         SECTION 5. Representations, Warranties and Covenants of the Company. In
order to induce the Purchaser to enter into this Agreement and consummate the
transactions contemplated hereby, the Company represents and warrants to the
Purchaser as of the Closing Date, except as specifically set forth on the
Company Disclosure Schedule attached hereto or in the text of the Company's
Amendment No. 1 to Form SB-2 filed on December 5, 2005, with the Commission
which for avoidance of doubt shall not include any document attached as an
exhibit thereto, or the contents of any document referenced therein except to
the extent of the contents of any such document which are expressly set forth in
the text (and not in the exhibits) of the Form SB-2 (the "Form SB-2"), as if
such representations and warranties had been made on and as of such date, as
follows:

         (a) Organization; Good Standing; Qualification. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware and has corporate authority to conduct its business as
described in the Form SB-2 and to enter into and perform this Agreement and to
carry out the transactions contemplated under this Agreement. The Company is
duly qualified and in good standing to do business as a foreign corporation in
each jurisdiction in which the failure to so qualify would have a material
adverse effect on its business, result of operations, prospects, properties or
condition (financial or otherwise) ("Material Adverse Effect") and no proceeding
has been instituted in any such jurisdiction, revoking, limiting or curtailing,
or seeking to revoke, limit or curtail, such power and authority or
qualification. The Company has no Subsidiaries.

                                       6
<PAGE>

         (b) Authorization and Noncontravention; Binding Effect. This Agreement,
the Note, the Security Agreement by and between the Company and the Purchaser
dated as of the date hereof (the "Security Agreement") and the related Patent
Security Agreement and Trademark Security Agreement (collectively, with the
Security Agreement, the "Security Agreements") and the Subordination Agreement
by and between the Company, the Purchaser and WMS dated as of the date hereof
(the "Subordination Agreement" and together with this Agreement, the Note and
the Security Agreements, the "Transaction Documents") and all agreements,
documents and instruments executed and delivered by the Company pursuant to the
Transaction Documents have been, or will be on or before the Closing, duly
executed and delivered by the Company, are valid and binding obligations of the
Company. Assuming the due authorization, execution and delivery of the
Transaction Documents by the other parties thereto and, with respect to the
Security Agreements and the Subordination Agreement: (i) assuming the filing of
the required financing statements and agreements with the appropriate
Governmental Authority and (ii) to the extent that the Collateral (as defined in
the Security Agreement) may be perfected by such filings, the Transactions
Documents are enforceable against the Company in accordance with their
respective terms, except as enforcement may be limited by bankruptcy,
insolvency, moratorium or other similar laws relating to creditors' rights
generally, and except that the availability of equitable remedies, including
specific performance, is subject to the discretion of the court before which any
proceeding therefor may be brought. The execution, delivery and performance of
the Transaction Documents, the issuance and delivery of the Note, and, upon
conversion of the Note, the issuance and delivery of the Note Shares, have been
duly authorized by all necessary corporate action of the Company. The Company
has obtained any and all consents or waivers of third parties that are necessary
in connection with the execution, delivery and performance of the Transaction
Documents and the consummation of the transactions contemplated thereby,
including, without limitation, the issuance of the Note and the issuance of the
Note Shares. True and complete copies of each document pursuant to which the
Company is required to obtain a waiver or consent in order to enter into and
perform its obligations under the Transaction Documents has been delivered by
the Company to the Purchaser. The Board of Directors of the Company has
determined, at a duly convened meeting or pursuant to a unanimous written
consent, that the issuance and sale of the Note, and the consummation of the
transactions contemplated by the Transaction Documents (including without
limitation the issuance of the Note Shares), are in the best interests of the
Company.

         (c) Valid Issuance of Note Shares. The Note Shares, when issued
pursuant to the terms thereof, will be duly authorized, validly issued, fully
paid and nonassessable, free and clear of all liens, and the issuance of the
Note and the Note Shares will not be subject to any preemptive or similar rights
that have not been waived. The Company has reserved from its duly authorized
capital stock 2,000,000 shares of Common Stock for issuance upon the conversion
of the Note.

                                       7
<PAGE>

         (d) Capitalization. As of the date of this Agreement, the authorized
and outstanding capitalization of the Company consists of a total of 40,000,000
authorized shares of Common Stock, of which 12,577,018 shares were issued and
outstanding as of the Closing. All of such outstanding shares are validly
issued, fully paid and nonassessable and have been issued in compliance with all
applicable securities laws and none of such outstanding shares was issued in
violation of any preemptive rights or similar rights to subscribe for or
purchase securities. In addition to the foregoing, as of the Closing Date,
warrants to purchase a total of 276,000 shares of Common Stock were outstanding
and 276,000 shares of Common Stock were reserved for issuance, options to
purchase a total of 1,372,716 shares of Common Stock were outstanding and such
shares of Common Stock are reserved for issuance, and the Company is authorized
to grant up to 1,474,284 additional shares of Common Stock pursuant to the
Company Stock Option Plans. Except as set forth on Schedule 5(d) of the
Disclosure Schedule, there are no other outstanding options, warrants or similar
agreements or rights for the purchase from the Company of any shares of its
capital stock or any securities convertible into or ultimately exchangeable or
exercisable for any shares of the Company's capital stock. Without limiting the
foregoing, except as set forth on Schedule 5(d) of the Company Disclosure
Schedule, no preemptive right, co-sale right, right of first refusal,
registration right, or other similar right exists with respect to the Note or
the Note Shares or the issuance and sale thereof. No further approval or
authorization of any stockholder, the Board of Directors of the Company or other
persons is required for the issuance and sale of the Note and when issued upon
conversion of the Note, the Note Shares. Except as set forth on Schedule 5(d) of
the Company Disclosure Schedule, there are no stockholders agreements, voting
agreements or other similar agreements with respect to the Common Stock to which
the Company is a party or, to the Company's Knowledge, between or among any of
the Company's stockholders. Schedule 5(d) contains a list of the names of the
record holders of all of the outstanding capital stock of the Company and
options, warrants or other securities exercisable or convertible into shares of
the Company's capital stock and the number of shares and/or options, warrants or
other securities held by each such holder. Except as set forth on Schedule 5(d),
the Company is not under any contractual obligation to register any of its
presently outstanding securities or any of its securities which may hereafter be
issued.

         (e) Defaults. Neither the issuance and sale of the Note pursuant to the
terms and conditions hereunder nor the execution and delivery of the Transaction
Documents and the performance of the Company's obligations thereunder will (i)
violate or conflict with, result in a breach of or constitute a default (or
constitute an event that, with notice or lapse of time, would constitute a
violation or breach of or a default) under (A) the certificate of incorporation
or bylaws of the Company; (B) any decree, judgment, order or determination of
any court, governmental agency or body, or any arbitrator having jurisdiction
over the Company or any of the Company's assets; (C) any law, rule or regulation
applicable to the Company, the violation of which could reasonably be expected
to result in liability to the Company in an amount in excess of $10,000; or (D)
subject to the execution and delivery of the Subordination Agreement, the terms
of any agreement by which the Company is bound or to which any property of the
Company is subject, the violation or breach of which could reasonably be
expected to result in liability to the Company in an amount in excess of
$10,000; or (ii) except as provided for in the Transaction Documents, result in
the creation or imposition of any lien,

                                       8
<PAGE>

encumbrance, claim, security interest or restriction whatsoever upon any of the
properties or assets of the Company or an acceleration of indebtedness in excess
of $10,000, pursuant to any obligation, agreement or condition contained in any
bond, debenture, note or any other evidence of indebtedness or any indenture,
mortgage, deed of trust or any other agreement or instrument to which the
Company is a party or by which it is bound or to which any of the property or
assets of the Company is subject. Neither the sale of the Note hereunder nor the
performance of the Company's other obligations under this Agreement and the
Transaction Documents will result in the suspension, revocation, impairment,
forfeiture or nonrenewal of any permit, license, authorization, right or
approval applicable to the Company, its businesses or operations or any of its
assets or properties. No consent, approval, authorization or other order of, or,
to the Company's Knowledge, registration, qualification or filing with, any
regulatory body, administrative agency, or other governmental body in the United
States or any other person is required for the execution and delivery of the
Transaction Documents and the valid issuance and sale of the Note hereunder,
other than such as have been made or obtained, and except for any UCC filings,
post-closing securities filings or notifications required to be made under
federal or state securities laws. Based in part on the representations of the
Purchaser set forth in Section 6 below, the offer and sale of the Note to the
Purchaser will be in compliance with all applicable federal and state securities
laws and the Company has made or will make all requisite filings and has taken
or will take all action necessary to comply, with such federal and state
securities laws.

         (f) General Solicitation. Neither the Company nor to the Company's
Knowledge any person acting on behalf of the Company has offered or attempted to
sell the Note by any form of general solicitation or general advertising. The
Company has offered the Note only to the Purchaser.

         (g) SEC Filings. Except as disclosed on Schedule 5(g) of the Company
Disclosure Schedule, the Company's filing on Form 10SB, as amended prior to the
date hereof, the Company's Quarterly Reports on Form 10-QSB for the quarterly
periods ended March 31, June 30 and September 30, 2005, the Company's
Registration Statement on Form SB-2, as amended prior to the date hereof, and
all of the Company's Current Reports on Form 8-K and all other documents, as
amended prior to the date hereof, if any, filed by the Company with the
Commission since January 1, 2005 (collectively, the "Disclosure Documents"), as
of the respective dates thereof, do not contain any untrue statements of
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein in light of the circumstances under
which they were made not misleading. The Disclosure Documents have been prepared
in compliance with the requirements of the Securities Act or the Exchange Act
and the rules thereunder. The Company has timely made all filings required of it
under the Exchange Act since February 1, 2005.

                                       9
<PAGE>

         (h) Financial Statements. The financial statements of the Company
included in each of the Disclosure Documents, including the schedules and notes
thereto, comply in all material respects with the requirements of the Securities
Act or the Exchange Act, as applicable, fairly present, in accordance with GAAP,
the financial condition and results of operations and cash flows of the Company
at the respective dates and for the respective periods indicated, and have been
prepared in accordance with GAAP consistently applied throughout such period.
The Company maintains a standard system of accounting established and
administered in accordance with GAAP and the applicable requirements of the
Exchange Act. The other financial information contained in the Disclosure
Documents has been prepared on a basis consistent with the financial statements
of the Company. Except as set forth in the Disclosure Documents, the Company has
no liabilities, contingent or otherwise, other than liabilities incurred in the
ordinary course of business which, under GAAP, are not required to be reflected
in the financial statements included in the Disclosure Documents.

         (i) No Material Adverse Change. Since September 30, 2005, there has not
been (i) any material adverse change in the properties, business, results of
operations, prospects or condition (financial or otherwise) of the Company, (ii)
any material adverse event affecting the Company, (iii) any obligation or
liability, direct or contingent, except obligations incurred in the ordinary
course of business, (iv) any dividend or distribution of any kind declared, paid
or made on the capital stock of the Company, (v) any loss or damage (whether or
not insured) to the physical property of the Company which has been sustained
which could reasonably be expected to have a Material Adverse Effect, or (vi)
any change in the Company's method of accounting.

         (j) Intellectual Property. Schedule 5(j) of the Company Disclosure
Schedule contains a complete and accurate list of all patents and patent
applications owned by the Company or otherwise used in its business. All of such
patents and patent applications, together with any patent rights, and inventions
and discoveries and invention disclosures (whether or not patented) are
collectively referred to herein as "Patents" and any of the foregoing owned by
the Company or otherwise used in its business are referred to herein as the
"Company Patents". Schedule 5(j) of the Company Disclosure Schedule also
contains a complete and accurate list of all Internet domain names, registered
and unregistered trademarks and service marks and related registrations and
applications for registration owned by the Company or otherwise used in its
business. For purposes of this Section 5(j), (i) all of the patents and patent
applications set forth on Schedule 5(j), together with any patent rights, and
inventions and discoveries and invention disclosures (whether or not patented)
which are used in the Company's business are collectively referred to herein as
"Patents" and any of the foregoing owned by the Company are referred to herein
as the "Company Patents", (ii) all of the Internet domain names, registered and
unregistered trademarks and service marks and related registrations and
applications for registration set forth on Schedule 5(j) together with any trade
names, trade dress, logos, packaging design and slogans used in the Company's
business are collectively referred to herein as the "Marks" and any of the
foregoing owned by the Company are referred to herein as the "Company Marks" and
(iii) all copyrights in both published and unpublished works, including without
limitation all compilations, databases and computer programs, manuals and other
documentation and all copyright registrations and applications, and all
derivatives, translations, adaptations and combinations of the above used in the
Company's business are collectively referred to herein as the "Copyrights" and
any of the foregoing owned by the Company and material to its business are
referred to herein as the "Company Copyrights". Except as set forth on Schedule
5(j):

                                       10
<PAGE>

            (i) the Company exclusively owns or possesses adequate and
            enforceable rights to use, without any payment obligation to a third
            party, all Patents, Marks, Copyrights, trade names, information,
            Trade Secrets (as defined below), proprietary rights and processes
            necessary for the operation of the its business (collectively,
            "Company Intellectual Property"), free and clear of all mortgages,
            pledges, charges, liens, equities, security interests, claims or
            other encumbrances or similar dispositions;

            (ii) all Company Patents, Company Marks and Company Copyrights which
            are issued by or registered with, as applicable, the U.S. Patent and
            Trademark Office, the U.S. Copyright Office or in any similar office
            or agency anywhere in the world are currently in compliance with
            formal legal requirements (including without limitation, as
            applicable, payment of filing, examination and maintenance fees,
            proofs of working or use, timely post-registration filing of
            affidavits of use and incontestability and renewal applications) and
            are valid and to the Company's Knowledge enforceable;

            (iii) there are no pending, or, to the Company's Knowledge,
            threatened claims against the Company or to the Company's Knowledge
            against any of its employees, alleging that any of the Company
            Intellectual Property infringes or conflicts with the rights of
            others ("Third Party Rights");

            (iv) to the Company's Knowledge, no Company Intellectual Property
            infringes or conflicts with any Third Party Right;

            (v) the Company has not received any communications alleging that
            the Company has violated or, by conducting its business in the
            manner currently contemplated, would violate any Third Party Rights
            or that any of the Company Intellectual Property is invalid or
            unenforceable;

            (vi) no current or former employee or consultant of the Company owns
            any rights in or to any of the Company Intellectual Property;

            (vii) the Company is not aware of any violation or infringement by a
            third party of any of the Company Intellectual Property;

            (viii) the Company has taken security measures to protect the
            secrecy, confidentiality and value of all know-how, trade secrets,
            confidential or proprietary information, research in progress,
            algorithms, data, designs, processes, formulae, drawings,
            schematics, blueprints, flow charts, models, strategies, prototypes,
            and techniques (collectively,"Trade Secrets") used in its business,
            including, without limitation, requiring all Company employees and
            consultants and all other persons with access to Trade Secrets of
            the Company to execute a binding confidentiality agreement, copies
            or forms of which have been made available to the Purchaser or its
            counsel and, to the Company's Knowledge, there has not been any
            breach by any party to such confidentiality agreements;

                                       11
<PAGE>

            (ix) the Company (A) has not granted any other person any option,
            license or other right with respect to the Company Intellectual
            Property, which option, license or other right is currently
            outstanding, and (B) is not bound by or a party to any options,
            licenses or agreements of any kind (other than standard end-user
            agreements) with respect to the Patents, Marks, Copyrights, trade
            names, information, Trade Secrets, proprietary rights and processes
            of any other person or entity.

        (k) Contracts. Except as set forth in Schedule 5(k) of the Company
Disclosure Schedule, the Company is not in violation or default (i) of any
provision of its certificate of incorporation or bylaws, as amended, or (ii) of
any instrument, judgment, order, writ, decree or contract or in the performance
of any bond, debenture, note or other evidence of indebtedness to which it is a
party or by which it is bound, nor is the Company, to the Company's Knowledge,
in violation of any provision of any federal or state statute, rule or
regulation or any law, ordinance or order of any court or governmental agency or
authority applicable to the Company which in the case of any of the foregoing
could reasonably be expected to result in liability to the Company in an amount
in excess of $10,000.

         (l) Taxes. The Company has filed all necessary federal, state and
foreign income and franchise tax returns and has paid or accrued all taxes shown
as due thereon, and to the Company's Knowledge there is no tax deficiency which
has been asserted or threatened against the Company.

         (m) Legal Proceedings. Except as disclosed on Schedule 5(m) to the
Company Disclosure Schedule, there is no action, suit, notice of violation,
proceeding, or investigation pending or, to the Company's Knowledge, threatened,
nor to the Company's Knowledge is there any inquiry pending or threatened,
against or affecting the Company or any of its respective properties before or
by any court, arbitrator, governmental or administrative agency or regulatory
authority (federal, state, county, local or foreign) (collectively, an "Action")
which (i) adversely affects or challenges the legality, validity or
enforceability of any of the Transaction Documents or the issuance of the Note
or the Note Shares or (ii) would, if there were an unfavorable decision, have or
could reasonably be expected to result in a Material Adverse Effect. Neither the
Company, nor, to the Company's Knowledge, any current or former director or
officer thereof, is or has been the subject of any Action involving a claim of
violation of or liability under federal or state securities laws or a claim of
breach of fiduciary duty. The Company has not received notice of in the past,
nor to the Company's Knowledge, is there any currently pending or contemplated,
investigation by the Commission involving the Company or any current or former
director or officer of the Company. Except as disclosed on Schedule 5(m) to the
Company Disclosure Schedule, the Commission has not issued any stop order or
other order suspending the effectiveness of any registration statement filed by
the Company under the Exchange Act or the Securities Act.

                                       12
<PAGE>

         (n) Governmental Permits, Etc. The Company has all franchises,
licenses, certificates and other authorizations (collectively, "Permits") from
any federal, state or local government or governmental agency, department, or
body (a "Governmental Authority") that are currently necessary for the operation
of the business of the Company as described in the Form SB-2. The Company has
not received any notice of proceedings relating to the revocation or
modification of any Permit. To the Company's Knowledge, no Permit is subject to
termination as a result of the execution of this Agreement or consummation of
the transactions contemplated hereby. Except as disclosed on Schedule 5(n) to
the Company Disclosure Schedule, and except for such instances of non-compliance
which could not reasonably be expected to result in aggregate liability to the
Company in an amount in excess of $10,000, the Company is now and has heretofore
been in compliance with all applicable statutes, ordinances, orders, rules and
regulations promulgated by any U.S. federal, state, municipal, non-U.S. or other
governmental authority, which apply to the conduct of its business. Since
January 1, 2000, the Company has not entered into or been subject to any
judgment, consent decree, compliance order or administrative order with respect
to any aspect of the business, affairs, properties or assets of the Company or
received any request for information, notice, demand letter, administrative
inquiry or formal or informal complaint or claim from any regulatory agency with
respect to any aspect of the business, affairs, properties or assets of the
Company.

         (o) Disclosure. The representations and warranties made or contained in
the Transaction Documents when taken together and read with the Company
Disclosure Schedule, do not contain any untrue statement of a material fact and
do not omit to state a material fact required to be stated herein or therein or
necessary in order to make such representations, warranties or other material
not misleading in the light of the circumstances in which they were made or
delivered. To the Company's Knowledge, except as set forth in the Company
Disclosure Schedule or in the Disclosure Documents, there is no material fact
directly relating to the assets, liabilities, business, operations, or condition
(financial or other) of the Company that would reasonably be expected to result
in a Material Adverse Effect. Except as disclosed in the Disclosure Documents,
to the Company's Knowledge, no officer or director of the Company has been: (i)
subject to voluntary or involuntary petition under the federal bankruptcy laws
or any state insolvency law or the appointment of a receiver, fiscal agent or
similar officer by a court for his or her business or property or that of any
partnership of which he or she was a general partner or any corporation or
business association of which he or she was an executive officer; or (ii)
convicted in a criminal proceeding or named as a subject of a pending criminal
proceeding (excluding traffic violations and other minor offenses) or been
otherwise convicted of any act of moral turpitude.

                                       13
<PAGE>

         (p) Environmental Matters. The Company is, and since January 1, 2000
has been, in compliance in all material respects with all applicable
environmental, health and safety laws, rules, ordinances, by-laws and
regulations, and with all permits, registrations and approvals required under
such laws, rules, ordinances, by-laws and regulations unless any such
non-compliance could not reasonably be expected to result in liability to the
Company in an amount in excess of $10,000 (collectively, "Environmental Laws").
The Company is not aware of any fact or circumstance which could reasonably be
expected to involve the Company in any litigation, or impose upon the Company
any liability, arising under any Environmental Laws.

         (q) Solvency. Except as disclosed on Schedule 5(q) of the Disclosure
Schedule, the Company has not: (i) made a general assignment for the benefit of
creditors; (ii) filed any voluntary petition in bankruptcy or suffered the
filing of any involuntary petition by its creditors; (iii) suffered the
appointment of a receiver to take possession of all, or substantially all, of
its assets; (iv) suffered the attachment or other judicial seizure of all, or
substantially all, of its assets; (v) admitted in writing its inability to pay
its debts as they come due; or (vi) made an offer of settlement, extension or
composition to its creditors generally.

         (r) Foreign Corrupt Practices. Neither the Company, nor to the
Company's Knowledge, any agent or other person acting on behalf of the Company,
has (i) directly or indirectly, used any corrupt funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to
foreign or domestic political activity, (ii) made any unlawful payment to
foreign or domestic government officials or employees or to any foreign or
domestic political parties or campaigns from corporate funds, (iii) failed to
disclose fully any contribution made by the Company (or made by any person
acting on its behalf of which the Company is aware) which is in violation of
law, or (iv) violated in any material respect any provision of the Foreign
Corrupt Practices Act of 1977, as amended.

         (s) Accountants. To the Company's Knowledge, Wolf & Company, P.C., who
the Company expects will express their opinion with respect to the financial
statements to be included in the Company's Annual Report on Form 10-KSB for the
year ended December 31, 2005, are independent accountants as required by the
Securities Act and the rules and regulations promulgated thereunder.

         (t) Insurance. The Company has in full force and effect each of the
insurance policies set forth on Schedule 5(t) to the Company Disclosure
Schedule. The Company does not have any reason to believe that it will not be
able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to
continue its business without a significant increase in cost, except for such
increases in cost or decreases in coverage as are likely to be experienced by
similarly situated companies.

                                       14
<PAGE>

         (u) Transactions With Affiliates And Employees. Except as set forth in
the Disclosure Documents, none of the officers or directors of the Company and,
to the Company's Knowledge, none of the employees of the Company is presently a
party to any transaction with the Company (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real
or personal property to or from, or otherwise requiring payments to or from any
officer, director or such employee or, to the Company's Knowledge, any entity in
which any officer, director, or any such employee has a substantial interest or
is an officer, director, trustee or partner, other than (i) for payment of
salary or consulting fees for services rendered, (ii) reimbursement for expenses
incurred on behalf of the Company and (iii) for other employee benefits,
including stock option agreements under any of the Company Stock Option Plans.

         (v) Internal Accounting Controls. The Company has established
disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the Company and designed such disclosure controls and procedures to
ensure that material information relating to the Company is made known to the
certifying officers by others within those entities, particularly during the
period in which the Company's Form 10-KSB or 10-QSB, as the case may be, is
being prepared. The Company's certifying officers evaluated the effectiveness of
the Company's controls and procedures as of a date prior to the filing date of
the Form 10-QSB for the quarter ended September 30, 2005 (such date, the
"Evaluation Date"). The Company presented in its Form 10-QSB for the quarter
ended September 30, 2005 the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their
evaluations as of the Evaluation Date. Since the Evaluation Date, there have
been no significant changes in the Company's internal controls or, to the
Company's Knowledge, in other factors that could significantly affect the
Company's internal controls.

         (w) Certain Fees. Except as disclosed in Schedule 5(w) of the Company
Disclosure Schedule, no brokerage or finder's fees or commissions are or will be
payable by the Company to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other Person with respect to the
transactions contemplated by this Agreement. The Purchaser shall have no
obligation with respect to any claims made by or on behalf of other persons for
fees of a type contemplated in this Section 5(w) based on any agreement or
arrangement with the Company that may be due in connection with the transactions
contemplated by this Agreement.

         (x) No Integrated Offering. Neither the Company, nor to the Company's
Knowledge any of its Affiliates or any person acting on its or their behalf has,
directly or indirectly, made any offers or sales of any security or solicited
any offers to buy any security, under circumstances that would cause this
offering of the Note to be integrated with prior offerings by the Company for
purposes of the Securities Act. The Company shall not sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any security (as
defined in Section 2 of the Securities Act) that would be integrated with the
offer or sale of the Note in a manner that would require the registration under
the Securities Act of the sale of the Note to the Purchaser.

         (y) Compliance with Other Instruments. Except as disclosed on Schedule
5(y) of the Company Disclosure Schedule, the Company is in compliance with all
obligations, agreements and conditions contained in any evidence of indebtedness
or any loan agreement of the Company, the lack of compliance with which would
afford to any Person the right to accelerate any indebtedness.

                                       15
<PAGE>

         (z) Employees. All current and former employees of the Company have
executed and delivered non-disclosure and assignment of inventions agreements in
a form provided to the Purchaser and all of such agreements are in full force
and effect. All current and former consultants of the Company that have
performed development work or provided technical services to the Company or have
otherwise had access to confidential or proprietary information of the Company
have executed and delivered non-disclosure and assignment of inventions
agreements and all of such agreements are in full force and effect. The Company
is not aware that any employee of the Company has plans to terminate his or her
employment relationship with the Company. To the Company's Knowledge, the
Company has complied in all material respects with all applicable laws relating
to wages (including, without limitation, laws relating to the payment of
overtime), hours, equal opportunity, collective bargaining, workers'
compensation insurance and the payment of social security and other taxes. The
Company has no liability for unpaid or deferred wages or other compensation due
to any current or former employee, consultant or independent contractor (other
than accrued but unpaid wages which were accrued during the Company's current
pay period and which will be paid in the ordinary course of the Company's
business on the next salary payment date occurring after the execution of this
Agreement, the non-payment of which could not reasonably be expected to result
in any liability to the Company in an amount in excess of $50,000). To the
Company's Knowledge, none of the employees of the Company is represented by any
labor union, and there is no labor strike or other labor trouble pending with
respect to the Company (including, without limitation, any organizational drive)
or, to the Company's Knowledge, threatened. To the Company's Knowledge, no
employee of the Company is obligated under any contract or subject to any
judgment, decree or administrative order that would conflict or interfere with
(i) the performance of the employee's duties as an employee, director or officer
of the Company, or (ii) the Company's business as described in the Form SB-2.

         SECTION 6. Representations and Warranties of the Purchaser. The
Purchaser represents and warrants to the Company, as of the Closing Date, as if
such representations and warranties had been made on and as of such dates, as
follows:

         (a) Authorization. The Purchaser has the full corporate power and
authority to enter into this Agreement and to purchase the Note from the Company
pursuant to the terms and conditions of this Agreement. The Transaction
Documents and all agreements, documents and instruments executed and delivered
by the Purchaser pursuant to the Transaction Documents have been, or will be on
or before the Closing, duly executed and delivered by the Purchaser, are legal,
valid and binding obligations of the Purchaser, and assuming the due
authorization, execution and delivery by the other parties thereto, enforceable
against the Purchaser in accordance with their terms, except as enforcement may
be limited by bankruptcy, insolvency, moratorium or other similar laws relating
to creditors' rights generally and except that the availability of equitable
remedies, including specific performance, is subject to the discretion of the
court before which any proceeding therefor may be brought. The Purchaser has
taken all corporate action required to authorize the execution and delivery of
this Agreement and the other documents comprising the Transaction Documents and
the performance of its obligations hereunder and thereunder.

                                       16
<PAGE>

         (b) Reliance Upon Purchaser's Representations. The Purchaser
understands that the issuance of the Note hereunder has not been registered
under the Securities Act, based on the exemption from registration provided by
Section 4(2) of the Securities Act and Regulation D thereunder, and that the
Company's reliance on such exemption with respect to the issuance of the Note
depends in part on the Purchaser's representations and warranties hereunder.

         (c) Purchase Entirely for Own Account. The Purchaser is acquiring the
Note and will acquire the Note Shares for its own account for investment
purposes and not with a view to the distribution thereof within the meaning of
the Securities Act, except pursuant to sales that are registered under the
Securities Act or are exempt from the registration requirements of the
Securities Act; provided, however, that, in making such representation, the
Purchaser does not agree to hold the Note or the Note Shares for any minimum or
specific term and reserves the right to sell, transfer or otherwise dispose of
the Note and the Note Shares at any time in accordance with and subject to the
provisions of this Agreement and with Federal and state securities laws
applicable to such sale, transfer or disposition. However, the Purchaser can
bear the economic risk of the transaction contemplated hereby and acknowledges
that the Note and Note Shares have not been registered under the Act, that there
is no public market for the securities, and that the Company has no obligation
whatsoever to initiate any registration of such securities under the Act. The
Purchaser has had an opportunity to ask questions and receive answers from the
management of the Company regarding the terms of the Transaction Documents and
the business, affairs, prospects, management, properties, assets, results of
operations and condition (financial and other) of the Company.

         (d) Accredited Investor. The Purchaser is an "accredited investor"
within the meaning of Rule 501(a) under the Securities Act, who by reason of the
Purchaser's business and financial experience has such knowledge and experience
in financial and business matters that the Purchaser is capable of evaluating
the merits and risks of the transactions contemplated hereunder and under the
Note.

         (e) SEC Filings. The Purchaser acknowledges that the Company may be
required to file this Agreement and the other Transaction Documents with the
Commission under the Securities Act and the rules thereunder and/or the Exchange
Act and the rules thereunder, and to describe the transactions contemplated by
this Agreement and the other Transaction Documents in such filing, and
subsequent filings, and the Purchaser hereby consents to such filing; provided,
that the Company shall provide the Purchaser with a reasonable opportunity to
review and comment on any such filing.

                                       17
<PAGE>

         (f) Legends. The Purchaser understands that the Note and any
certificates evidencing the Note Shares will bear substantially the following
legend:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE APPLICABLE SECURITIES LAWS
OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE REQUIREMENTS OF
SUCH ACT AND THE APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION."

Certificates evidencing the Note Shares shall not contain any legend (i)
following any sale of such Note Shares, as applicable, pursuant to Rule 144 or
pursuant to an effective registration statement, as certified by a selling
Purchaser to the Company, (ii) if the Note Shares are eligible for sale under
Rule 144(k), or (iii) if such legend is not required under applicable
requirements of the Securities Act (including judicial interpretations and
pronouncements issued by the staff of the Commission). The Company agrees that
at such time as such legend is no longer required under this Section 6(f), the
Company shall cause its counsel to promptly issue a legal opinion addressed to
the Company's transfer agent if required by the Company's transfer agent to
effect the removal of the legend hereunder as and when the Purchaser so
requests. The Company agrees that at such time as such legend is no longer
required under this Section 6(f), it will, promptly following the delivery by
the Purchaser to the Company or the Company's transfer agent of a certificate
representing Note Shares issued with a restrictive legend, deliver or cause to
be delivered to the Purchaser a certificate representing such Note Shares that
is free from all restrictive and other legends. The Purchaser agrees to provide
any document reasonably required by the Company's counsel in order to make such
determination.

         SECTION 7. Conditions to Closing.

         (a) Conditions to the Obligations of the Company. The obligations
hereunder of the Company to consummate the transactions contemplated by this
Agreement are subject to the fulfillment, prior to or at the Closing, of the
following conditions precedent:

            (i) the accuracy of the representations and warranties of the
            Purchaser hereunder as of the Closing Date, as the case may be, as
            if such representations and warranties had been made on and as of
            the Closing Date;

            (ii) the performance by the Purchaser of its obligations hereunder
            that are required to be performed at or prior to the Closing;

            (iii) the execution and delivery of the Transaction Documents by the
            Purchaser, which Transaction Documents shall, upon execution thereof
            by the Company, be in full force and effect; and the execution and
            delivery by the Purchaser of any other documents or instrument
            reasonably required to be so executed or delivered in order to
            consummate the transactions contemplated hereunder; and

                                       18
<PAGE>

            (iv) no action or proceeding by or before any court, administrative
            body or governmental agency shall have been instituted or threatened
            by a third party which seeks to enjoin, restrain or prohibit, or
            might result in damages in respect of, the Transaction Documents or
            consummation of the transactions contemplated by the Transaction
            Documents.

            (v) the Company has obtained any and all consents or waivers of
            third parties that are necessary in connection with the execution,
            delivery and performance of the Transaction Documents and the
            consummation of the transactions contemplated thereby.

        (b) Conditions to the Obligations of the Purchaser. The obligations
hereunder of the Purchaser to consummate the transactions contemplated by this
Agreement are subject to the fulfillment, prior to or at the Closing, of the
following conditions precedent:

            (i) the accuracy of the representations and warranties of the
            Company hereunder as of the Closing Date, as modified by the Company
            Disclosure Schedule, as if such representations and warranties had
            been made on and as of such dates;

            (ii) the performance by the Company of its obligations hereunder
            that are required to be performed at or prior to the Closing;

            (iii) the Company shall have provided the Purchaser with a payoff
            letter from WMS relating to the outstanding indebtedness of the
            Company owed to WMS along with a full release from WMS to the
            Company covering any claims WMS may have then or may have ever had
            against the Company relating to the indebtedness, all subject to the
            actual payment of any outstanding indebtedness owed to WMS, it being
            understood that the proceeds paid by the Purchaser to the Company
            for the Note shall be used to repay such indebtedness in full;

            (iv) the execution and delivery of the Security Agreements and the
            required UCC financing statements by the Company, which Security
            Agreements shall thereupon be in full force and effect;

            (v) the execution and delivery of the Subordination Agreement and
            the required UCC financing statements by the Company and/or WMS
            which Subordination Agreement shall thereupon be in full force and
            effect;

            (vi) the receipt by the Purchaser of an opinion of counsel to the
            Company dated as of the Closing Date in substantially the form of
            Exhibit A attached hereto;

                                       19
<PAGE>

            (vii) no action or proceeding by or before any court, administrative
            body or governmental agency shall have been instituted or threatened
            by a third party which seeks to enjoin, restrain or prohibit, or
            might result in damages in respect of any Transaction Document or
            consummation of the transactions contemplated by any Transaction
            Document;

            (viii) the Purchaser shall have received a certificate executed by
            an authorized officer of the Company confirming that the conditions
            set forth in Sections 7(b)(i), (ii) and (vii) have been duly
            satisfied.

         SECTION 8. Covenants of the Company. The Company hereby covenants and
agrees with the Purchaser as follows:

         (a) Conduct of the Company. Unless otherwise consented to in writing by
the Purchaser, between the date hereof and the earlier to occur of the (i) the
date upon which the Purchaser consummates an equity investment in the Common
Stock of the Company in an amount of at least $5,000,000 (the "Conversion
Date"), (ii) the date upon which the Company has repaid to the Purchaser the
entire principal amount and all accrued but unpaid interest due under the Note,
and (iii) January 20, 2010 (the earlier to occur of such dates being referred to
herein as the "Maturity Date"), the Company will:

            (i) not issue, deliver, sell or authorize, or propose the issuance,
            delivery, sale or purchase of, any additional shares of capital
            stock, stock equivalents or any other security of the Company, other
            than (i) the issuance of Common Stock pursuant to the exercise of
            any warrants or options outstanding as of the Closing Date and (ii)
            the issuance of options to purchase shares of Common Stock issued
            under the Company Stock Option Plans in an amount not to exceed
            500,000 in the aggregate, provided, however, that notwithstanding
            the foregoing, the restriction set forth in this subsection (i) of
            Section 8(a) shall cease to be of any force or effect if the
            Conversion Date does not occur by April 20, 2006;

            (ii) preserve and maintain in full force and effect its existence
            and good standing under the laws of its then chosen jurisdiction of
            formation or organization;

            (iii) preserve and maintain in full force and effect all material
            rights, privileges, qualifications, applications, licenses and
            franchises necessary in the normal conduct of its business unless
            the failure to do so could not reasonably be expected to result in a
            Collateral Material Adverse Effect;

            (iv) conduct its business in the ordinary course in accordance with
            sound business practices and keep its properties in good working
            order and condition (normal wear and tear excepted);

                                       20
<PAGE>

            (v) take all reasonable actions to protect and maintain all Company
            Intellectual Property necessary or useful in the conduct of the
            Company's business, including, without limitation, prosecuting all
            pending applications for Patents or registration of Trademarks and
            Copyrights and maintaining, to the extent permitted by law, each
            Patent or registration owned by the Company and refrain from
            transferring any ownership or interest in, or material rights
            relating to, any of the Company Intellectual Property by way of any
            license, sale, grant of exclusive distribution rights or otherwise,
            to any Person except in the normal course of the Company' s business
            consistent with past practice;

            (vi) maintain and preserve all of its properties necessary or useful
            in the proper conduct of its business in good repair, working order
            and condition, ordinary wear and tear excepted;

            (vii) comply in all material respects with all applicable laws,
            rules and regulations and with the directions of any Governmental
            Authority having jurisdiction over the Company or its business or
            property unless the failure to so comply could not reasonably be
            expected to result in a Collateral Material Adverse Effect, and
            shall not take any action designed to or that might reasonably be
            expected to cause or result in unlawful manipulation of the price of
            the Common Stock;

            (viii) file or cause to be filed in a timely manner all periodic
            filings with the Commission required to be filed under the Exchange
            Act or the Securities Act, and all other reports, applications,
            estimates and licenses that shall be required by a Governmental
            Authority unless the failure to so file could not reasonably be
            expected to result in a Collateral Material Adverse Effect;

            (ix) pay and discharge all taxes, assessments and governmental
            charges or levies imposed upon it or upon its income, profits or
            business, or upon any properties belonging to it, prior to the date
            on which penalties attach thereto, and all lawful claims which, if
            unpaid, might become a lien or charge upon any properties of the
            Company unless the failure to make any such payment could not
            reasonably be expected to result in a Collateral Material Adverse
            Effect, except any of the foregoing which are being contested in
            good faith and by proper proceedings if the Company shall have set
            aside on its books adequate reserves with respect thereto; and pay
            when due or in conformity with customary trade terms all lease
            obligations, all trade debt and all other indebtedness incident to
            the operations of the Company unless the failure to make any such
            payment could not reasonably be expected to result in a material
            adverse impact on the Company Intellectual Property or on the
            Purchaser's ability to enforce its rights therein; and except such
            as are being contested in good faith and by proper proceedings if
            the Company shall have set aside on its books adequate reserves with
            respect thereto;

                                       21
<PAGE>

            (x) maintain the insurance policies specified in Schedule 5(t) of
            the Company Disclosure Schedule or to otherwise obtain comparable
            insurance policies with responsible and reputable insurance
            companies or associations in such amounts and covering such risks at
            least as great as those covered by the insurance policies set forth
            on Schedule 5(t) of the Company Disclosure Schedule;

            (xi) comply in all material respects with all of the provisions of
            each of the Transaction Documents;

            (xii) unless otherwise publicly available via the EDGAR system of
            the Commission, deliver to the Purchaser, promptly, upon the mailing
            thereof to holders of capital stock, a copy of all financial
            statements, reports or proxy statements so mailed;

            (xiii) unless otherwise publicly available via the EDGAR system of
            the Commission, deliver to the Purchaser, promptly, upon the filing
            thereof, a copy of any filing made by the Company with the
            Commission;

            (xiv) deliver to the Purchaser, within 10 Business Days promptly
            after the Company learns thereof, notice of any Material Adverse
            Effect, and within 10 Business Days after the commencement thereof,
            notice of all actions, suits, proceedings and investigations pending
            or threatened against the Company, or against any officer, director
            or key employee of the Company, before any court or governmental
            department, commission, board, bureau, agency or instrumentality,
            domestic or foreign, adversely affecting the Company or any of its
            assets, rights or agreements which, if decided adversely to the
            Company, could reasonably be expected to have a Material Adverse
            Effect on the conduct of its business, or result in a money judgment
            in excess of one hundred thousand dollars ($100,000);

            (xv) deliver to the Purchaser, with reasonable promptness, such
            other financial or other information and data as the Purchaser may,
            from time to time, reasonably request and as may be provided by the
            Company without the incurrence of any material cost or expense;
            provided, however, that the request for information or material
            which already exists in the Company's records shall always be deemed
            "reasonable" hereunder;

            (xvi) except pursuant to contracts entered into prior to the date of
            this Agreement, enter into any transaction including, without
            limitation, any loans, compensation arrangements or extensions of
            credit or royalty agreements with any Affiliate of the Company,
            except as may be undertaken in the ordinary course of the Company's
            business entered into on an arms' length basis and on commercially
            reasonable terms or approved by members of the Board of Directors of
            the Company who have no direct or indirect material interest in the
            transaction, other than as a stockholder of the Company;

                                       22
<PAGE>

            (xvii) declare or pay any dividends in cash or property (other than
            shares of the Company's capital stock) on any outstanding shares of
            the Company's capital stock now or hereafter outstanding, or set
            apart any sum for any such purpose, or purchase or redeem securities
            of the Company, other than (A) pursuant to the terms of the
            Company's Certificate of Incorporation as in existence as of the
            Closing Date, or (B) repurchases of shares of Common Stock held by
            employees or consultants of the Company upon termination of their
            employment or relationship with the Company pursuant to the terms of
            employment agreements or consulting agreements providing for such
            repurchase at a price equal to the lower of the price paid for such
            shares of Common Stock by the employee or consultant or the fair
            market value of such shares;

            (xviii) enter into or materially modify any debt financing
            obligation of the Company senior to the indebtedness evidenced by
            the Note;

            (xix) make any loans or advances to any Person or guaranty any
            obligations of any Person other than advances of salary and/or
            expense reimbursements in each case made to employees in the
            ordinary course of business in an aggregate amount of not more than
            $50,000 in any fiscal year of the Company;

            (xx) not make any material changes in the nature of its business as
            carried on at the date hereof if any such change could reasonably be
            expected to have a Collateral Material Adverse Effect;

            (xxi) consummate any Sale of the Company unless as part of the
            transaction effecting such Sale of the Company, the entire principal
            amount and all accrued interest due under the Note is repaid to the
            Purchaser at the closing of such transaction; and

            (xxii) not, directly or indirectly, nor will any of its officers,
            directors, agents or representatives, directly or indirectly, from
            the Closing Date until the earlier to occur of the Conversion Date
            and March 31, 2006, offer to sell, merge or otherwise combine or
            encourage, solicit or initiate or participate in any discussions or
            negotiations, or provide any information to any person other than
            Purchaser for the purpose of investigating or consummating a
            Transaction (as defined below), or respond substantively to any
            unsolicited offer or proposal, in connection with any possible
            transaction involving an equity investment, the merger or sale of
            all or any substantial portion of the business, assets or stock of
            the Company (a "Transaction") without the prior written consent of
            the Purchaser. The Company shall immediately notify the Purchaser if
            any such person or entity receives any such offer or indication.

                                       23
<PAGE>

      Notwithstanding the restrictions set forth in this Section 8(a), the
Company may create or suffer to exist Permitted Liens.

         (b) Reservation of Common Stock. The Company shall at all times reserve
and keep available out of its authorized shares of Common Stock, solely for the
purpose of the issuance and delivery of the Note Shares, the maximum number of
shares of Common Stock that may be issuable or deliverable upon conversion of
the Note.

         (c) Maintenance of Books and Records. The Company will keep books of
record and account in which full, true and correct entries are made of all of
its dealings, business and affairs in accordance with generally accepted
accounting principles. The Company will permit the Purchaser and its authorized
representatives to visit and inspect the properties of the Company, to examine
its operating records, books of account and tax returns and to discuss the
Company's business, assets, financial condition, results of operations or
prospects with the officers of the Company, all following reasonable prior
notice of Purchaser, at such reasonable times and as often as may be reasonably
requested by the Purchaser.

         (d) Use of Proceeds. The Company shall use the net proceeds from the
sale of the Note for the repayment of all outstanding indebtedness owed to WMS
as of the Closing Date and for the Company's general working capital purposes
and otherwise not in violation of any of the covenants set forth in this Section
8 or in any of the Transaction Documents.

         (e) Request for Incidental Registration. At any time after the date
hereof that the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering by the Company for its own account or
for the account of any stockholder of the Company other than the Purchaser
(other than registration under the current Registration Statement on Form SB-2
on file with the Commission, a registration relating solely to the sale of
securities to participants in a Company stock plan, a registration relating to a
corporate reorganization or other transaction under Rule 145 of the Act), then
the Company shall give written notice of such proposed filing to the Purchaser
at least twenty (20) days before the anticipated filing date, and such notice
shall describe the proposed registration and distribution and offer the
Purchaser the opportunity to register the number of Registrable Securities as
the Purchaser may request (an "Incidental Registration"). The Company shall use
its reasonable best efforts (within twenty (20) days of the notice by the
Purchaser provided for below in this sentence) to cause the managing underwriter
or underwriters in the case of a proposed underwritten offering (the "Company
Underwriter") to permit the Purchaser to any Registrable Securities then held by
the Purchaser in such offering on the same terms and conditions as the
securities of the Company or the account of such other stockholder, as the case
may be, included therein. In connection with any Incidental Registration under
this

                                       24
<PAGE>

Section 8(e) involving an underwritten offering, the Company shall not be
required to include any Registrable Securities in such underwritten offering
unless the Purchaser agrees to accept the terms of the underwritten offering as
agreed upon between the Company, such other stockholders, if any, and the
Company Underwriter. If the Company Underwriter determines that the registration
of all or part of the Registrable Securities which the Purchaser has requested
to be included would materially adversely affect the success of such offering,
then the Company shall be required to include in such Incidental Registration,
to the extent of the amount that the Company Underwriter believes may be sold
without causing such adverse effect, first, all of the securities to be offered
for the account of the Company, second, the Registrable Securities to be offered
for the account of the Purchaser pursuant to this Section 8(e) and any other
securities of any stockholder of the Company that has registration rights in
existence as of the date hereof, on a pari passu basis, and third, other
securities requested to be included in such offering. The Company shall have the
right to terminate or withdraw any registration initiated by it under this
Section 8(e) prior to the effectiveness of such registration whether or not the
Purchaser has elected to include Registrable Securities in such registration.
The Company shall bear all Registration Expenses in connection with any
Incidental Registration pursuant to this Section 8(e), whether or not such
Incidental Registration becomes effective. The Purchaser shall bear the expense
of any broker's commission or underwriter's discount or commission relating to
registration and sale of the Purchaser's Registrable Securities and shall bear
the fees and expenses of their own counsel.

         SECTION 9. Survival of Representations, Warranties and Covenants;
Indemnification.

         (a) Survival of Representations, Warranties and Covenants. All of the
representations and warranties made herein shall survive the execution and
delivery of this Agreement until the repayment in full of all amounts due and
payable under the Note or the conversion of the Note (the "Maturity Date"),
except for (a) Sections 5(a), 5(b), 5(d), 5(w), 5(x) and 5(z), which
representations and warranties shall survive until the earlier to occur of the
Maturity Date or the third anniversary of the Closing Date, and (b) Section
5(l), which shall survive until the Maturity Date provided that, if the
following shall occur earlier, Section 5(l) shall survive only until the later
to occur of (i) the lapse of the statute of limitations with respect to the
assessment of any tax to which such representation and warranty relates
(including any extensions or waivers thereof) and (ii) sixty (60) days after the
final administrative or judicial determination of the taxes to which such
representation and warranty relates, and no claim with respect to Section 5(l)
may be asserted thereafter with the exception of claims arising out of any fact,
circumstance, action or proceeding to which the party asserting such claim shall
have given notice to the other parties to this Agreement prior to the
termination of such period of reasonable belief that a tax liability will
subsequently arise therefrom. In any event, no representation shall survive the
Maturity Date. Except as otherwise provided in this Agreement, all such
representations, warranties, covenants and agreements shall inure to the benefit
of the parties (subject to Section 9(b) below) and their respective successors
and assigns.

                                       25
<PAGE>

        (b) Indemnification.

            (i) The Company agrees to defend, indemnify and hold harmless the
            Purchaser, its agents, employees, equity holders, officers and
            directors and each person who controls any of them within the
            meaning of Section 15 of the Securities Act or Section 20 of the
            Exchange Act (collectively, the "Purchaser Indemnified Parties" and
            each a "Purchaser Indemnified Party"), harmless from and against any
            and all liabilities, obligations, losses, damages, amounts paid in
            settlement, penalties, actions, judgments, fines, suits, claims,
            costs, attorneys' fees, expenses and disbursements, as the same are
            incurred, of any kind or nature (whether or not arising out of
            third-party claims and including all amounts paid in investigation,
            defense or settlement of the foregoing) ("Losses") which may be
            sustained or suffered by any such Purchaser Indemnified Party in any
            manner based upon, relating to or arising out of (a) any untrue
            representation, misstatement, material omission, breach of warranty
            or failure to perform any covenants or agreement by the Company
            contained herein or in any Transaction Document or (b) any action
            instituted against any Purchaser Indemnified Party by any
            stockholder of the Company who is not an Affiliate of such Purchaser
            Indemnified Party, with respect to any of the transactions
            contemplated by the Transaction Documents (unless such action is
            based upon a breach of such Purchaser Indemnified Party's
            representation, warranties or covenants under the Transaction
            Documents or any agreements or understandings such Purchaser
            Indemnified Party may have with any such stockholder or any conduct
            by such Investor which constitutes fraud, gross negligence, willful
            misconduct or malfeasance). The Company will also advance expenses
            as incurred to the fullest extent permitted under applicable law;
            provided, however, that the Purchaser Indemnified Party provides an
            undertaking to repay such advances to Company if it is ultimately
            determined that such Purchaser Indemnified Party is not entitled to
            indemnification hereunder. The Purchaser Indemnified Party and the
            Company will cooperate in the defense of any such matter.

            (ii) A Purchaser Indemnified Party shall give written notice of a
            claim for indemnification under this Section 9 to the Company
            promptly after receipt of any written claim by any third party and
            in any event not later than twenty (20) Business Days after receipt
            of any such written claim (or not later than ten (10) Business Days
            after the receipt of any such written claim in the event such
            written claim is in the form of a formal complaint filed with a
            court of competent jurisdiction and served on such Purchaser
            Indemnified Party), specifying in reasonable detail the amount,
            nature and source of the claim, and including therewith copies of
            any notices or other documents received from third parties with
            respect to such claim; provided, however, that failure to give such
            notice shall not limit the right of a Purchaser Indemnified Party to
            recover indemnity or reimbursement except to the extent that the
            Company suffers any material prejudice or material harm with respect
            to such claim as a result of such failure. The Purchaser Indemnified
            Party shall also provide the Company with such further information
            concerning any such claims as the Company may reasonably request by
            written notice.

                                       26
<PAGE>

            (iii) Within five (5) Business Days after receiving notice of a
            claim for indemnification or reimbursement, the Company shall, by
            written notice to the Purchaser Indemnified Party, either (A)
            concede or deny liability for the claim in whole or in part, or (B)
            in the case of a claim asserted by a third party, advise that the
            matters set forth in the notice are, or will be, subject to contest
            or legal proceedings not yet finally resolved. If the Company
            concedes liability in whole or in part, it shall, within twenty (20)
            Business Days of such concession, pay the amount of the claim to the
            Purchaser Indemnified Party to the extent of the liability conceded.
            Any such payment shall be made in immediately available funds equal
            to the amount of such claim so payable. If the Company denies
            liability in whole or in part or advises that the matters set forth
            in the notice are, or will be, subject to contest or legal
            proceedings not yet finally resolved, then the Company shall make no
            payment (except for the amount of any conceded liability payable as
            set forth above) until the matter is resolved by a final judgment
            (not subject to any appeal) of a court or other tribunal of
            competent jurisdiction.

            (iv) In the case of any third party claim, if within five (5)
            Business Days after receiving the notice described in the preceding
            Section 9(a), the Company (A) gives written notice to the Purchaser
            Indemnified Party stating that the Company disputes and intends to
            defend against such claim, liability or expense at the Company's own
            cost and expense and (B) provides assurance reasonably acceptable to
            such Purchaser Indemnified Party that such indemnification will be
            paid fully and promptly if required and such Purchaser Indemnified
            Party will not incur cost or expense during the proceeding, then
            counsel for the defense shall be selected by the Company (subject to
            the consent of such Purchaser Indemnified Party which consent shall
            not be unreasonably withheld) and the Company shall not be required
            to make any payment to the Purchaser Indemnified Party with respect
            to such claim, liability or expense as long as the Company is
            conducting a good faith and diligent defense at its own expense;
            provided, however, that the assumption of defense of any such
            matters by the Company shall relate solely to the claim, liability
            or expense that is subject or potentially subject to
            indemnification. If the Company assumes such defense in accordance
            with the preceding sentence, it shall have the right, with the
            consent of such Purchaser Indemnified Party, which consent shall not
            be unreasonably withheld, to settle all indemnifiable matters
            related to claims by third parties which are susceptible to being

                                       27
<PAGE>

            settled provided the Company's obligation to indemnify such
            Purchaser Indemnified Party therefor will be fully satisfied only by
            payment of money by the Company pursuant to a settlement which
            includes a complete release of such Purchaser Indemnified Party. The
            Company shall keep such Purchaser Indemnified Party apprised of the
            status of the claim, liability or expense and any resulting suit,
            proceeding or enforcement action, shall furnish such Purchaser
            Indemnified Party with all documents and information that such
            Purchaser Indemnified Party shall reasonably request and shall
            consult with such Purchaser Indemnified Party prior to acting on
            major matters, including settlement discussions. Notwithstanding
            anything herein stated, such Purchaser Indemnified Party shall at
            all times have the right to fully participate in such defense at its
            own expense directly or through counsel; provided, however, if the
            named parties to the action or proceeding include both the Company
            and one or more Purchaser Indemnified Parties and representation of
            such parties by the same counsel would be inappropriate under
            applicable standards of professional conduct, the reasonable expense
            of separate counsel for all Purchaser Indemnified Parties shall be
            paid by the Company, provided that the Company shall be obligated to
            pay for only one counsel for all Purchaser Indemnified Parties in
            any jurisdiction. If no such notice of intent to dispute and defend
            is given by the Company, or if such diligent good faith defense is
            not being or ceases to be conducted, such Purchaser Indemnified
            Party may undertake the defense of (with counsel selected by such
            Purchaser Indemnified Party), and shall have the right to compromise
            or settle, such claim, liability or expense (exercising reasonable
            business judgment) with the consent of the Company, which consent
            shall not be unreasonably withheld. If such claim, liability or
            expense is one that by its nature cannot be defended solely by the
            Company, then such Purchaser Indemnified Party shall make available
            all information and assistance that the Company may reasonably
            request and shall cooperate with the Company in such defense.

            (v) The Purchaser agrees to defend, indemnify and hold harmless the
            Company, its officers and directors and each person who controls any
            of them within the meaning of Section 15 of the Securities Act or
            Section 20 of the Exchange Act (collectively, the "Company
            Indemnified Parties" and each a "Company Indemnified Party"),
            harmless from and against any and all Losses which may be sustained
            or suffered by any such Company Indemnified Party in any manner
            based upon, relating to or arising out of any untrue representation
            or breach of warranty made in Section 6 hereof. The Purchaser will
            also advance expenses as incurred to the fullest extent permitted
            under applicable law; provided, however, that the Company
            Indemnified Party provides an undertaking to repay such advances to
            the Purchaser if it is ultimately determined that such Company
            Indemnified Party is not entitled to indemnification hereunder. The
            Company Indemnified Parties will cooperate in the defense of any
            such matter.

                                       28
<PAGE>

         SECTION 10. Miscellaneous.

         (a) Entire Agreement; Amendments; Waivers. The terms and conditions of
this Agreement and the other Transaction Documents in effect between the Company
and the Purchaser represent the entire agreement between the parties with
respect to the subject matter hereof and thereof, and supersede any prior
agreements or understandings, whether written or oral, between the parties
respecting such subject matter; except that this Agreement and the other
Transaction Documents do not supersede the provisions of the letter of intent
between the parties hereto, dated as of January __, 2006, which relates to the
contemplated $5,000,000 equity investment of the Purchaser in the Company. No
provision of this Agreement may be waived or amended except in a written
instrument signed, in the case of an amendment, by the Company and the Purchaser
or, in the case of a waiver, by the party against whom enforcement of any such
waiver is sought. No course of dealing between or among any of the parties
hereto and no delay on the part of any party hereto in exercising any rights
hereunder or thereunder shall operate as a waiver of the rights hereof and
thereof. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the
future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of either party
to exercise any right hereunder in any manner impair the exercise of any such
right.

        (b) Successors and Assigns. This Agreement inures to the benefit of and
is binding upon the parties hereto and their respective successors, and no other
person has any right or obligation hereunder. The Purchaser may not assign this
Agreement or any rights or obligations hereunder, other than to an entity which
directly or indirectly controls, is controlled by, or is under common control
with the Purchaser, without the prior written consent of the Company, provided
that any permitted transferee shall agree in writing to be bound by the
provisions hereof that apply to the Purchaser. The Company may not assign this
Agreement or any rights or obligations hereunder without the prior written
consent of the Purchaser, except pursuant to a Sale of the Company pursuant to
which the surviving entity agrees in writing to assume all of the covenants,
liabilities and obligations of the Company hereunder. Any assignment contrary to
the terms hereof is null and void and of no force or effect. Notwithstanding the
foregoing, nothing in this Agreement is intended to give any person not named
herein the benefit of any legal or equitable right, remedy or claim under this
Agreement, except as expressly provided herein.

        (c) Governing Law/Jurisdiction.

            (i) This Agreement shall be construed and interpreted in accordance
            with the law of the State of New York.

            (ii) The parties irrevocably submit to the jurisdiction of the
            courts of the State of New York and of the United States sitting in
            the State of New York in respect of any action or Proceeding
            relating in any way to this Note or any Note (a "Proceeding"). If
            any party hereto fails to maintain a duly appointed agent in New
            York for the service of process or summons any such process or
            summons may be served on it by mailing a copy thereof by registered
            mail, or a form of mail substantially equivalent thereto, addressed
            to such party at its address for notices hereunder.

                                       29
<PAGE>

            (iii) The parties irrevocably waive, to the fullest extent permitted
            by applicable law, any objection that they may now or hereafter have
            to the laying of venue of any Proceeding in the Supreme Court of the
            State of New York, County of New York, or the United States District
            Court for the Southern District of New York and any claim that any
            Proceeding brought in any such court has been brought in an
            inconvenient forum.

            (iv) The Company further irrevocably waives, to the fullest extent
            permitted by applicable law, any claim that any Proceeding should be
            dismissed or stayed by reason, or pending the resolution, of any
            action or proceeding commenced by the Company relating in any way to
            this Agreement, the Note or any other Transaction Document, whether
            or not commenced earlier. To the fullest extent permitted by
            applicable law, the Company shall take all measures necessary for
            the Proceeding to proceed to judgment prior to the entry of judgment
            in any such action or proceeding commenced by the Company.

            (v) The parties irrevocably waive any and all right to trial by jury
            in any legal proceeding arising out of or relating to the Note or
            the transactions contemplated hereby.

        (d) Remedies. It is specifically understood and agreed that any breach
of the provisions of the Transaction Documents by any party hereto will result
in irreparable injury to the other parties hereto, that the remedy at law alone
will be an inadequate remedy for such breach, and that, in addition to any other
remedies which they may have, such other parties may enforce their respective
rights by actions for specific performance (to the extent permitted by law)
without the necessity of showing economic loss or the posting of any bond.

        (e) Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be deemed
prohibited or invalid under such applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, and such
prohibition or invalidity shall not invalidate the remainder of such provision
or the other provisions of this Agreement.

        (f) Counterparts. This Agreement may be executed simultaneously in any
number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute but one
and the same document. This Agreement may be executed and delivered by facsimile
transmission.

        (g) Notices. All notices and other communications required or permitted
hereunder must be in writing and, except as otherwise noted herein, must be
addressed as follows:

                                       30
<PAGE>

              (i) if to the Company, to:

                  Ovation Products Corporation
                  395 East Dunstable Road
                  Nashua, New Hampshire 03062
                  Attention Robert MacDonald
                  Fax:  (603) 891-4957

                  with a copy to:
                  Morrison & Foerster LLP
                  1290 Avenue of the Americas
                  New York, NY 10104
                  Attention:  Anna T. Pinedo, Esq.
                  Fax:  (212) 468-7900

             (ii) if to the Purchaser, to:

                  Andlinger & Company, Inc.
                  303 South Broadway
                  Tarrytown, New York 10591
                  Fax:  (914) 332-4977

                  with a copy to:
                  Brown Rudnick Berlack Israels LLP
                  7 Times Square
                  New York, NY 10036
                  Attention:  Alan Forman
                  Fax:  (212) 704-0196

or to such other address as the party to whom notice is to be given may have
furnished to the other in writing in accordance with the provisions of this
Section 10(g). Any such notice or communication will be deemed to have been
received: (A) in the case of telecopy or personal delivery, on the date of such
delivery; (B) in the case of nationally-recognized overnight courier, on the
next Business Day after such notice is timely delivered to such courier; and (C)
if by registered or certified mail, on the Business Day actually received by the
intended recipient.

         (h) Expenses. Each party will bear its own expenses related to this
Agreement and the transactions contemplated hereby, except that the Company will
reimburse the Purchaser for reasonable legal fees and expenses incurred by them
in connection with the offer and sale of the Note and the negotiation of the
Transaction Documents and any amendment thereof requested by the Company.

                                       31
<PAGE>

         (i) Section Headings. The descriptive headings and subheadings herein
have been inserted for convenience only and are not to be deemed to limit or
otherwise affect the construction of any provisions hereof.

         (j) No Reliance. Each party acknowledges that (i) it has such knowledge
in business and financial matters as to be fully capable of evaluating this
Agreement, the other Transaction Documents, and the transactions contemplated
hereby and thereby, (ii) it is not relying on any advice or representation of
any other party in connection with entering into this Agreement, the other
Transaction Documents, or such transactions (other than the representations made
in this Agreement or the other Transaction Documents), (iii) it has not received
from such party any assurance or guarantee as to the merits (whether legal,
regulatory, tax, financial or otherwise) of entering into this Agreement or the
other Transaction Documents or the performance of its obligations hereunder and
thereunder, and (iv) it has consulted with its own legal, regulatory, tax,
business, investment, financial and accounting advisors to the extent that it
has deemed necessary, and has entered into this Agreement and the other
Transaction Documents based on its own independent judgment and on the advice of
its advisors as it has deemed necessary, and not on any view (whether written or
oral) expressed by such other party.

                            [SIGNATURE PAGES FOLLOW]

                                       32

<PAGE>

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date
first set forth above.

                                               COMPANY:

                                               OVATION PRODUCTS CORPORATION

                                               By: /s/ William E. Lockwood
                                                   -----------------------
                                               Name:   William E. Lockwood
                                               Title:  President

                                               PURCHASER:

                                               ANDLINGER & COMPANY, INC.

                                               By: /s/ Ivar W. Mitchell
                                                   --------------------
                                               Name:   Ivar W. Mitchell
                                               Title:  Vice President

                                       33

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