Document:

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                            Just Ladies Fitness Ltd.

                               Manufacturer/Dealer
                                    Agreement

             POINT OF SALE AND CUSTOMER MANAGEMENT SOFTWARE SERVICES
             -------------------------------------------------------

                                    June 2006

<page>

                         MANUFACTURER / DEALER AGREEMENT

This  Manufacturer / Dealer  Agreement  ("Agreement")  is entered into as of the
29th day of June 2006, ("Effective Date") by and

Between

         Just Ladies Fitness Ltd. (Just Ladies  Fitness),  a British  Columbia
         limited  company,  with a business address at Suite #15-15531 24th
         Avenue, Surrey, British Columbia  V4A 2J4,

And

         Fitness Xpress Software,  Inc., ("Fitness Xpress") a Nevada Corporation
         organized  under the laws of Nevada,  with a business  address at Suite
         #109 - 2755 Maple Street, Vancouver, British Columbia V6J 5K1.

WHEREAS,  Just  Ladies  Fitness is a  manufacturer  developer  of  leading  edge
point-of-sale  and customer  management  software to the North American  fitness
industry. ("JFL Software").

WHEREAS, Fitness Xpress intends to be an industry leader in point-of-sale and
customer management software to the fitness industry.("JFL Software products");
and

NOW THEREFORE,  in consideration of the premises and mutual agreements contained
in this  Agreement  and other good and valuable  consideration,  the receipt and
sufficiency of which Just Ladies Fitness and Fitness Xpress,  (collectively  the
"Parties") acknowledge, the Parties agree as follows:

1.       GENERAL PROVISIONS
         ------------------

1.1.      Both Parties  agree that Just Ladies  Fitness shall provide to Fitness
          Xpress a high  quality  software  product  line as  described  in this
          Agreement.  Fitness Xpress will market this software to North American
          fitness  center  chains.  For  purposes  of this  Agreement,  the term
          "customers" shall include,  but not be limited to resellers and single
          site fitness centers.

1.2.      From  time to time in order to  improve,  modify  or  extend  the Just
          Ladies Fitness  software,  Just Ladies Fitness may make changes to its
          software ("JFL Software Changes"),  but in no event shall such changes
          materially  decrease  the  quality of the JFL  Software  product  line
          provided to Fitness Xpress.

1.3.      The Parties  shall use their best  efforts to  accomplish  the initial
          launch of the Just ladies Fitness  Software  ("Initial  Launch Date").
          One hundred twenty (120) days from signing of this Agreement.

1.4.      Each Party  shall  promptly  notify the other in writing of any event,
          which might result in such  Party's  inability to continue to meet its
          obligations under this Agreement.

<page>

2.       Obligations of the Parties

2.1.     Dealer must be trained on the software and demonstrate competency to
         present the product.

2.2.     Dealer cannot copy or in any way take any of the intellectual property
         of the software

2.3.     Dealer  must  commit  to a  "best  effort"  marketing  plan  including
         attendance at industry specific trade shows, lead generation follow up
         and employment of trained sales professionals.

2.4.     Dealer must have a detailed informational web page devoted to the
         fitness industry and software.

2.5.     Dealer must show an ability to meet agreed to order volumes and sales
         projections.

2.6.     Dealer must be able to provide "Level 1" support.*

2.7.     The manufacturer will ensure the product has been thoroughly beta
         tested and provide and/or act as a reference.

2.8.     The manufacturer will provide an informational web page with up to date
         marketing and product information.

2.9.     The manufacturer will provide "lead generation" when ever possible.

2.10.    The manufacturer will provide product training at their facility.

2.11.    The manufacturer will provide billable training staff.

2.12.    The  manufacturer  reserves  the right to utilize  their own billable
         training staff until the Dealer has completed a pre-determined number
         of systems installs.

2.13.    The manufacturer will provide user and install manuals on CD.

2.14.    The  manufacturer  will provide  within a reasonable time frame on-line
         install procedures and video training.

2.15.    The manufacturer will provide "Level 2" support* to all dealers

2.16.    Product Coordinator: Just Ladies Fitness and Fitness Xpress will each
         -------------------
         designate their own Product Coordinator to coordinate the process
         described below.

2.17.    The Product Advisory Process will include in-person/telephonic/
         electronic communication between representatives, which should be
         ongoing, or occur not less than once a week.

2.18.    Intellectual  Property,  Just Ladies Fitness agrees that Intellectual
         -----------------------
         Property  rights to it's software  created  specifically  for Fitness
         Xpress's Customers remain the property of Just Ladies Fitness.

2.19.    Exclusivity, Just Ladies Fitness agrees that any products created and
         formulated   specifically  for  Fitness  Xpress  will  not  be  sold,
         licensed,   or   copied  to  any  other   company,   individual,   or
         organization, without the express written consent of Fitness Xpress.

2.20.    Products: To be developed over the next 12 months Billing Cycle. To
         ---------
         be discussed.

                                       Page 2

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2.21.    Billings and Collections. Fitness Xpress shall be responsible, at its
         ------------------------
         sole expense,  for all invoicing and collections  with its customers,
         end-users,  agents, subagents or resellers.  Just Ladies Fitness will
         not be  responsible  for  any  collections  or bad  debt  by  Fitness
         Xpress's customers, end-users, agents, subagents or resellers.

3.       MARKETING AND BRANDING.
         -----------------------

3.1.     Use of Trademarks, Service Marks and Trade names. The Parties agree to
         -------------------------------------------------
         display  or use trade  names and  brands  of the other  Party  only in
         connection  with  the  sale,  distribution  or  promotion  of the  JFL
         Software  brand(s)  used by Fitness  Xpress in  conjunction  with this
         Agreement.

3.2.     Upon  termination of this Agreement,  any and all rights or privileges
         of a Party to use the other Party's trade names, service marks, brands
         or trademarks shall expire.  The provisions of this section shall also
         apply to third party branding incidental to this Agreement.

3.3.     Business Conduct.  Neither party shall make any  representation  with
         ----------------
         respect to the other party that is inconsistent with the terms and
         conditions of this Agreement.

3.4.     Fitness  Xpress  Marketing  Expenses.  Fitness Xpress as the Dealer and
         -------------------------------------
         reseller of the  software  developed  by Just Ladies Fitness,  is
         responsible  for all expenses and  obligations  incurred by Fitness
         Xpress as a result of its efforts to attract and solicit customers.

4.       CHARGES AND BILLING STATEMENTS.
         -------------------------------
         (General Terms to be discussed)

4.1.      It is understood that all state, provincial, and federal taxes will be
          advertised and collected on all applicable Products and Services. Just
          Ladies Fitness and Fitness  Xpress both shall be  responsible  for all
          applicable  taxes,  including but not limited to sales or valued-added
          taxes,  utility  or excise  taxes,  fees  and/or  surcharges  that are
          imposed by federal, state, or local governments.

4.2.     Pricing.  Just Ladies  Fitness will provide a published  price list on
         -------
         a regular basis to the Dealer.  The Dealer shall pay to Just Ladies
         Fitness  for the  products  it  purchases  from Just Ladies  Fitness at
         45% discount from Just Ladies Fitness published list prices.

4.3.     Invoices shall come due 30 (thirty) days from the last day of each
         month.

4.4.      Any price changes for the product,  shall be made at the  commencement
          of each Renewal  Term and shall be notified by Just Ladies  Fitness in
          writing not less than thirty (30) days prior to the renewal date.

4.5.     If any order is received earlier  than prices are increased,  the order
          will be  dispatched  at the old  prices,  ie:  price increase will not
          effect outstanding orders

5.       TERM AND TERMINATION.
         ---------------------

5.1.      Terms. Unless otherwise  terminated as provided herein, this Agreement
          -------
          shall be in force for an initial  term of 2 years after the  Effective

                                     Page 3

<page>

          Date (the "Initial  Term).  Absent 90 day written  notice prior to the
          end of the term of intent to discontinue  parties'  relationship  this
          agreement shall continue  automatically  for successive one year terms
          under the same terms and conditions contained herein together with any
          subsequent amendments hereto.

5.2.     Termination. Either Party may terminate this Agreement:(a) if the other
         -----------
          Party  fails to  fulfill any of its  material obligations  under  this
          Agreement;  (b) if the other  Party is in breach of Section 7
          (Confidentiality);  (c) if the other Party becomes insolvent or admits
          in writing its inability to pay debts as they mature.

5.3.      Effect of  Termination.  Upon  termination  of this  Agreement for any
          reason,  each Party shall  remain  liable for those  obligations  that
          accrued prior to the date of such termination; provided, however, that
          nothing  herein shall be construed to obligate Just Ladies  Fitness to
          offer or supply  Products  and  Services to Fitness  Xpress  after the
          termination of this Agreement.

6.       SURVIVAL.  The  following  provisions  shall  survive the expiration or
         --------
         termination,  for any reason,  of this  Agreement: (Subscriber
         Information),  (Charges  and  Billing  Statements);  (Term  and
         Termination); (Confidentiality); (Warranties); (Intellectual Property);
         (Indemnification); (Limitation of Liability);  (General Provisions).

7.       CONFIDENTIALITY.
         ---------------

7.1.      All  information   disclosed  to  the  other  party  shall  be  deemed
          confidential and proprietary  (hereinafter referred to as "Proprietary
          Information"). Such information includes, but is not limited to, trade
          secrets, technical specifications, processes, functional descriptions,
          development plans,  design  information,  customer lists,  pricing and
          financial information..

7.2.      Each party agrees to use the Proprietary Information received from the
          other  party  only  for  the  purposes  of   analyzing   the  business
          arrangement between the parties in accordance with this Agreement.

7.3.      It is agreed that all Proprietary Information shall be retained by the
          receiving party in a secure place with access limited to the receiving
          party's  employees  or agents  who need to know such  information  for
          purposes of this Agreement.

7.4.      All Proprietary  Information,  unless otherwise  specified in writing,
          shall remain the property of the disclosing  party.  Such  information
          shall be used by the receiving party only for the purpose set forth in
          this Agreement.

7.5.     Exceptions to confidentiality:
         ------------------------------

7.5.1.   Published information in the public domain.

8.       WARRANTIES.
         -----------

8.1.      Authorization.  Each Party  represents and warrants to the other Party
          that the execution and delivery of this Agreement and the  performance
          of such  Party's  obligations  under  this  Agreement  have  been duly
          authorized,  and that the Agreement is a valid and binding  agreement,
          enforceable in accordance with its terms.

                                     Page 4

<page>

9.       INTELLECTUAL  PROPERTY.  Nothing in this  Agreement  shall be construed
         ----------------------
         to transfer any right title or interest in Just Ladies Fitness Software
         designs, inventions, copyrights, trade secrets, trade names or other
         intellectual property.

10.      INDEMNIFICATION.
         ---------------

10.1.     Each Party ("Indemnitor") will defend, indemnify and hold harmless the
          other  Party  and  such  Party's  affiliates,   directors,   officers,
          employees,  independent  contractors,  consultants,  shareholders  and
          customers  from and  against  any claim,  loss,  damage,  and  expense
          resulting from acts or omissions  arising out of or in connection with
          this Agreement.

10.2.     Just Ladies Fitness shall  indemnify and hold harmless  Fitness Xpress
          from and against any and all claims, expenses, judgments, liabilities,
          damages  or losses and  expenses,  and shall  defend  all  third-party
          actions and proceedings arising from any use,  infringement or alleged
          infringement  by Just  Ladies  Fitness of any trade  secret,  or other
          intellectual  property  right of any third  party,  to the extent such
          infringement  or alleged  infringement is caused solely by Just Ladies
          Fitness.

11.  LIMITATION  OF  LIABILITY.   Except  for  damages   arising  under  SECTION
     -------------------------
     (CONFIDENTIALITY)  or SECTION  (indemnification),  in no event shall EITHER
     PARTY be liable TO THE OTHER PARTY for any incidental,  indirect,  special,
     punitive,  consequential  or similar damages of any kind including  without
     limitation,  loss of profits, loss oF business or interruption of business,
     whether sUCh liability is predicated on contract,  strict  liability or any
     other theory  WIthout  regard to whether sUCh party has been advised of the
     possibility of sUCh damages.

12.      GENERAL PROVISIONS
         ------------------

12.1.    Monetary Values. All monetary values in the Agreement refer to U.S.
         ---------------  dollars.

12.2.    Assignment. Just Ladies Fitness may not assign its rights or
         ----------  obligations under this Agreement.

12.3.    Governing Law. This Agreement will be interpreted in accordance with
         -------------  the laws of the Province of British Columbia.

12.4.    Notices. All notices or other between Just Ladies Fitness and Fitness
         --------
         Xpress  under  this  Agreement  shall  be in  writing  and  delivered
         personally,  sent by confirmed  facsimile,  by confirmed  e-mail,  by
         certified mail, postage prepaid and return receipt requested.

12.5.    Independent  Corporations.  Both parties are independent corporations
         -------------------------
         acting for their own accounts and neither is  authorized  to bind, or
         attempt  to  bind,  the  other  to any  contract,  general  warranty,
         covenant or  undertaking  of any nature  whatsoever  on behalf of the
         other party unless authorized in writing.

12.6.    Entire  Agreement And  Modifications.  This Agreement together with any
         ------------------------------------
         appendices,  exhibits and attachments  constitute the entire  agreement
         between the Parties with regard to the subject  matte.  This  Agreement
         may only be modified by a written instrument duly executed by each
         party.

                                     Page 5
<page>

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
by their duly authorized representatives as of the date first written above.

Just Ladies Fitness, Ltd.                  Fitness Xpress, Inc.

Signature:/s/ Chuck Lawson                 Signature: /s/ Ron Bell
---------------------------                --------------------------

Printed Name: Chuck Lawson                 Printed Name:Ron Bell
--------------------------                 --------------------------

Title: Pres/CEO                            Title: President
--------------------------                 --------------------------

Date: July 13, 2006                        Date: July 13, 2006
--------------------------                 --------------------------

                                     Page 6Exhibit 4.1

      THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
      WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK
      ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE
      SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
      GREENMAN TECHNOLOGIES, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

                   Right to Purchase up to 3,586,429 Shares of
                   Common Stock of GreenMan Technologies, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. _________________                                 Issue Date: June 30, 2006

      GREENMAN TECHNOLOGIES, INC., a corporation organized under the laws of the
State of Delaware (the "Company"), hereby certifies that, for value received,
LAURUS MASTER FUND, LTD., or assigns (the "Holder"), is entitled, subject to the
terms set forth below, to purchase from the Company (as defined herein) from and
after the Issue Date of this Warrant, up to 3,586,429 fully paid and
nonassessable shares of Common Stock (as hereinafter defined), $0.01 par value
per share, at the applicable Exercise Price per share (as defined below). The
number and character of such shares of Common Stock and the applicable Exercise
Price per share are subject to adjustment as provided herein.

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

            (a) The term "Company" shall include GreenMan Technologies, Inc. and
      any person or entity which shall succeed, or assume the obligations of,
      GreenMan Technologies, Inc. hereunder.

            (b) The term "Common Stock" includes (i) the Company's Common Stock,
      par value $0.01 per share; and (ii) any other securities into which or for
      which any of the securities described in the preceding clause (i) may be
      converted or exchanged pursuant to a plan of recapitalization,
      reorganization, merger, sale of assets or otherwise.

            (c) The term "Other Securities" refers to any stock (other than
      Common Stock) and other securities of the Company or any other person
      (corporate or otherwise) which the holder of the Warrant at any time shall
      be entitled to receive, or shall have received, on the exercise of the
      Warrant, in lieu of or in addition to Common Stock, or which at any time
      shall be issuable or shall have been issued in exchange for or in
      replacement of Common Stock or Other Securities pursuant to Section 4 or
      otherwise.
<PAGE>

            (d) The "Exercise Price" applicable under this Warrant shall be
      $0.01 per share.

      1. Exercise of Warrant.

            1.1 Number of Shares Issuable upon Exercise. (a) From and after the
date hereof, the Holder shall be entitled to receive, upon exercise of this
Warrant in whole or in part, by delivery of an original or fax copy of an
exercise notice in the form attached hereto as Exhibit A (the "Exercise
Notice"), shares of Common Stock of the Company, subject to adjustment pursuant
to Section 4.

            (b) Notwithstanding anything to the contrary contained herein, the
Holder hereby agrees that it shall not, on any trading day, be permitted to sell
any Common Stock acquired upon exercise of this Warrant in excess of ten percent
(10%) of the aggregate number of shares of the Common Stock traded on such
trading day; provided that the limitation set forth in this Section 1.1(b) shall
not apply if an Event of Default (as defined below) has occurred and is
continuing.

            1.2 Fair Market Value. For purposes hereof, the "Fair Market Value"
of a share of Common Stock as of a particular date (the "Determination Date")
shall mean:

            (a) If the Company's Common Stock is traded on the American Stock
      Exchange or another national exchange or is quoted on the National or
      Capital Market of The Nasdaq Stock Market, Inc. ("Nasdaq"), then the
      closing or last sale price, respectively, reported for the last business
      day immediately preceding the Determination Date.

            (b) If the Company's Common Stock is not traded on the American
      Stock Exchange or another national exchange or on the Nasdaq but is traded
      on the NASD Over The Counter Bulletin Board, then the mean of the average
      of the closing bid and asked prices reported for the last business day
      immediately preceding the Determination Date.

            (c) Except as provided in clause (d) below, if the Company's Common
      Stock is not publicly traded, then as the Holder and the Company agree or
      in the absence of agreement by arbitration in accordance with the rules
      then in effect of the American Arbitration Association, before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided.

            (d) If the Determination Date is the date of a liquidation,
      dissolution or winding up, or any event deemed to be a liquidation,
      dissolution or winding up pursuant to the Company's charter, then all
      amounts to be payable per share to holders of the Common Stock pursuant to
      the charter in the event of such liquidation, dissolution or winding up,
      plus all other amounts to be payable per share in respect of the Common
      Stock in liquidation under the charter, assuming for the purposes of this
      clause (d) that all of the shares of Common Stock then issuable upon
      exercise of the Warrant are outstanding at the Determination Date.

                                        2
<PAGE>

            1.3 Company Acknowledgment. The Company will, at the time of the
exercise of this Warrant, upon the request of the holder hereof acknowledge in
writing its continuing obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant. If the holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

            1.4 Trustee for Warrant Holders. In the event that a bank or trust
company shall have been appointed as trustee for the holders of this Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

      2. Procedure for Exercise.

            2.1 Delivery of Stock Certificates, Etc., on Exercise. The Company
agrees that the shares of Common Stock purchased upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares in accordance herewith. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within three (3) business days thereafter, the Company at its expense
(including the payment by it of any applicable issue taxes) will cause to be
issued in the name of and delivered to the Holder, or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may direct in
compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share, together with any other stock or other
securities and property (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

            2.2 Exercise.

            (a) Payment may be made either (i) in cash or by certified or
      official bank check payable to the order of the Company equal to the
      applicable aggregate Exercise Price, (ii) by delivery of this Warrant, or
      shares of Common Stock and/or Common Stock receivable upon exercise of
      this Warrant in accordance with the formula set forth in subsection (b)
      below, or (iii) by a combination of any of the foregoing methods, for the
      number of Common Shares specified in such Exercise Notice (as such
      exercise number shall be adjusted to reflect any adjustment in the total
      number of shares of Common Stock issuable to the Holder per the terms of
      this Warrant) and the Holder shall thereupon be entitled to receive the
      number of duly authorized, validly issued, fully-paid and non-assessable
      shares of Common Stock (or Other Securities) determined as provided
      herein.

                                        3
<PAGE>

            (b) Notwithstanding any provisions herein to the contrary, if the
      Fair Market Value of one share of Common Stock is greater than the
      Exercise Price (at the date of calculation as set forth below), in lieu of
      exercising this Warrant for cash, the Holder may elect to receive shares
      equal to the value (as determined below) of this Warrant (or the portion
      thereof being exercised) by surrender of this Warrant at the principal
      office of the Company together with the properly endorsed Exercise Notice
      in which event the Company shall issue to the Holder a number of shares of
      Common Stock computed using the following formula:

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

      Where X =     the number of shares of Common Stock to be issued to the
                    Holder

      Y =           the number of shares of Common Stock purchasable under
                    this Warrant or, if only a portion of this Warrant is
                    being exercised, the portion of this Warrant being
                    exercised (at the date of such calculation)

      A =           the Fair Market Value of one share of the Company's Common
                    Stock (at the date of such calculation)

      B =           the Exercise Price per share (as adjusted to the date of
                    such calculation)

      3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            3.1 Reorganization, Consolidation, Merger, Etc. 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, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder, on the
exercise hereof as provided in Section 1 at any time after the consummation of
such reorganization, consolidation or merger or the effective date of such
dissolution, as the case may be, shall receive, in lieu of the Common Stock (or
Other Securities) 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 4.

            3.2 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, concurrently with any distributions made to holders of its Common
Stock, shall at its expense deliver or cause to be delivered to the Holder the
stock and other securities and property (including cash, where applicable)
receivable by the Holder pursuant to Section 3.1, or, if the Holder shall so
instruct the Company, to a bank or trust company specified by the Holder and
having its principal office in New York, NY as trustee for the Holder.

                                        4
<PAGE>

            3.3 Continuation of Terms. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant 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 as provided in Section 4. In the
event this Warrant does not continue in full force and effect after the
consummation of the transactions described in this Section 3, then the Company's
securities and property (including cash, where applicable) receivable by the
Holder will be delivered to the Holder or the Trustee as contemplated by Section
3.2.

      4. Extraordinary Events Regarding Common Stock. In the event that the
Company shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock or any preferred stock issued by
the Company, (b) subdivide its outstanding shares of Common Stock, (c) combine
its outstanding shares of the Common Stock into a smaller number of shares of
the Common Stock, then, in each such event, the Exercise Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to such event and the
denominator of which shall be the number of shares of Common Stock outstanding
immediately after such event, and the product so obtained shall thereafter be
the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be
readjusted in the same manner upon the happening of any successive event or
events described herein in this Section 4. The number of shares of Common Stock
that the holder shall thereafter, on the exercise hereof as provided in Section
1, be entitled to receive shall be adjusted to a number determined by
multiplying the number of shares of Common Stock that would otherwise (but for
the provisions of this Section 4) be issuable on such exercise by a fraction of
which (a) the numerator is the Exercise Price that would otherwise (but for the
provisions of this Section 4) be in effect, and (b) the denominator is the
Exercise Price in effect on the date of such exercise (taking into account the
provisions of this Section 4). Notwithstanding the foregoing, in no event shall
the Exercise Price be less than the par value of the Common Stock.

      5. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of this Warrant, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of this Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any

                                        5
<PAGE>

additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith
mail a copy of each such certificate to the holder and any warrant agent of the
Company (appointed pursuant to Section 11 hereof).

      6. Reservation of Stock, Etc., Issuable on Exercise of Warrant. The
Company will at all times reserve and keep available, solely for issuance and
delivery on the exercise of this Warrant, shares of Common Stock (or Other
Securities) from time to time issuable on the exercise of this Warrant.

      7. Assignment; Exchange of Warrant. Subject to compliance with applicable
securities laws, this Warrant, and the rights evidenced hereby, may be
transferred by any registered holder hereof (a "Transferor") in whole or in
part. On the surrender for exchange of this Warrant, with the Transferor's
endorsement in the form of Exhibit B attached hereto (the "Transferor
Endorsement Form") and together with evidence reasonably satisfactory to the
Company demonstrating compliance with applicable securities laws, which shall
include, without limitation, a legal opinion from the Transferor's counsel (at
the Company's expense) that such transfer is exempt from the registration
requirements of applicable securities laws, the Company at its expense (but with
payment by the Transferor of any applicable transfer taxes) will issue and
deliver to or on the order of the Transferor thereof a new Warrant of like
tenor, in the name of the Transferor and/or the transferee(s) specified in such
Transferor Endorsement Form (each a "Transferee"), calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock called for on
the face or faces of the Warrant so surrendered by the Transferor.

      8. Replacement of Warrant. On receipt 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 or security reasonably satisfactory in form
and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Registration Rights. The Holder has been granted certain registration
rights by the Company. These registration rights are set forth in a Registration
Rights Agreement entered into by the Company and Holder dated as of the date
hereof, as the same may be amended, modified and/or supplemented from time to
time.

      10. Maximum Exercise. Notwithstanding anything herein to the contrary, in
no event shall the Holder be entitled to exercise any portion of this Warrant in
excess of that portion of this Warrant upon exercise of which the sum of (1) the
number of shares of Common Stock beneficially owned by the Holder and its
Affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unexercised portion of the Warrant or the
unexercised or unconverted portion of any other security of the Holder subject
to a limitation on conversion analogous to the limitations contained herein) and

                                        6
<PAGE>

(2) the number of shares of Common Stock issuable upon the exercise of the
portion of this Warrant with respect to which the determination of this proviso
is being made, would result in beneficial ownership by the Holder and its
Affiliates of any amount greater than 4.99% of the then outstanding shares of
Common Stock (whether or not, at the time of such exercise, the Holder and its
Affiliates beneficially own more than 4.99% of the then outstanding shares of
Common Stock). As used herein, the term "Affiliate" means any person or entity
that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a person or entity, as such terms
are used in and construed under Rule 144 under the Securities Act. For purposes
of the proviso to the second preceding sentence, beneficial ownership shall be
determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended, and Regulations 13D-G thereunder, except as otherwise provided
in clause (1) of such proviso. The limitations set forth herein (x) may be
waived by the Holder upon provision of no less than sixty-one (61) days prior
notice to the Company and (y) shall automatically become null and void following
notice to the Company upon the occurrence and during the continuance of an Event
of Default (as defined in the Amended and Restated Security and Purchase
Agreement dated as of June 30, 2004 and amended and restated as of the date
hereof among the Holder, the Company and various subsidiaries of the Company (as
amended, modified, restated and/or supplemented from time to time, the "Security
Agreement")).]

      11. Warrant Agent. The Company may, by written notice to the each Holder
of the Warrant, appoint an agent for the purpose of issuing Common Stock (or
Other Securities) on the exercise of this Warrant pursuant to Section 1,
exchanging this Warrant pursuant to Section 7, and replacing this Warrant
pursuant to Section 8, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such agent.

      12. Transfer on the Company's Books. Until this Warrant is transferred on
the books of the Company, the Company may treat the registered holder hereof as
the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

      13. Notices, Etc. All notices and other communications from the Company to
the Holder shall be mailed by first class registered or certified mail, postage
prepaid, at such address as may have been furnished to the Company in writing by
such Holder or, until any such Holder furnishes to the Company an address, then
to, and at the address of, the last Holder who has so furnished an address to
the Company.

      14. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS
WARRANT SHALL BE BROUGHT ONLY IN STATE COURTS OF NEW YORK OR IN THE FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY
CHOOSE TO WAIVE THIS PROVISION AND BRING AN ACTION OUTSIDE THE STATE OF NEW
YORK. The individuals executing this Warrant on behalf of the Company agree to
submit to the jurisdiction of such courts and waive trial by jury. The
prevailing party shall be entitled to recover from the other party its
reasonable attorneys' fees and costs. In the event that any provision of this

                                        7
<PAGE>

Warrant is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may
conflict therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision
of this Warrant. The headings in this Warrant are for purposes of reference
only, and shall not limit or otherwise affect any of the terms hereof. The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision hereof. The Company
acknowledges that legal counsel participated in the preparation of this Warrant
and, therefore, stipulates that the rule of construction that ambiguities are to
be resolved against the drafting party shall not be applied in the
interpretation of this Warrant to favor any party against the other party.

      15. Grant of Irrevocable Proxy.

            For good and valuable consideration, receipt of which is hereby
acknowledged, Laurus Master Fund, Ltd., hereby appoints the Company (the "Proxy
Holder"), with a mailing address at 7 Kimball Lane, Lynnfield, MA 01940, with
full power of substitution, as proxy, to vote all shares of Common Stock of the
Company, now or in the future owned by Laurus Master Fund, Ltd., but solely to
the extent issuable upon exercise of this Warrant (the "Shares").

            This proxy is irrevocable and coupled with an interest. Upon the
sale or other transfer of the Shares, in whole or in part, or the assignment of
this Warrant, this proxy shall automatically terminate (x) with respect to such
sold or transferred Shares at the time of such sale and/or transfer, or (y) with
respect to all Shares in the case of an assignment of this Warrant, at the time
of such assignment, in each case, without any further action required by any
person.

            Laurus Master Fund, Ltd. shall use its best efforts to forward to
Proxy Holder within two (2) business days following Laurus Master Fund, Ltd.'s
receipt thereof, at the address for Proxy Holder set forth above, copies of all
materials received by Laurus Master Fund, Ltd. relating, in each case, to the
solicitation of the vote of shareholders of the Company.

            This proxy shall remain in effect with respect to the Shares of the
Company during the period commencing on the date hereof and continuing until the
payment in full of all obligations and liabilities owing by the Company to
Laurus Master Fund, Ltd. (as the same may be amended, restated, extended or
modified from time to time).

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

                                        8
<PAGE>

      IN WITNESS WHEREOF, the Company has executed this Warrant as of the date
first written above.

                                      GREENMAN TECHNOLOGIES, INC.

WITNESS:

                                      By: __________________________

                                      Name: ________________________

_______________________________       Title: _______________________

                                        9
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO:   Greenman Technologies, Inc.
      ___________________________
      ___________________________

      Attention: Chief Financial Officer

      The undersigned, pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

________       ________ shares of the common stock covered by such warrant; or

________       the maximum number of shares of common stock covered by such
               warrant pursuant to the cashless exercise procedure set forth in
               Section 2.

      The undersigned herewith makes payment of the full Exercise Price for such
shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

________       $__________ in lawful money of the United States; and/or

________       the cancellation of such portion of the attached Warrant as is
               exercisable for a total of _______ shares of Common Stock (using
               a Fair Market Value of $_______ per share for purposes of this
               calculation); and/or

________       the cancellation of such number of shares of Common Stock as is
               necessary, in accordance with the formula set forth in Section
               2.2, to exercise this Warrant with respect to the maximum number
               of shares of Common Stock purchasable pursuant to the cashless
               exercise procedure set forth in Section 2.

      The undersigned requests that the certificates for such shares be issued
in the name of, and delivered to ______________________________________________
whose address is______________________________________________________________.

      The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act") or pursuant to an exemption from
registration under the Securities Act.

Dated: __________________      _________________________________________
                               (Signature must conform to name of holder
                               as specified on the face of the Warrant)
                               Address: ________________________________
                                        ________________________________

                                       10
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

      For value received, the undersigned hereby sells, assigns, and transfers
unto the person(s) named below under the heading "Transferees" the right
represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of Greenman Technologies, Inc. into which the within
Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred," respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of [Newco] with full power of substitution in the premises.

                                               Percentage           Number
Transferees               Address              Transferred        Transferred
-----------               -------              -----------        -----------

Dated: __________________    ___________________________________________
                             (Signature must conform to name of holder
                             as specified on the face of the Warrant)
                             Address: __________________________________
                                      __________________________________

                             SIGNED IN THE PRESENCE OF:

                             ___________________________________________
                                            (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]

_____________________________
          (Name)

                                       11

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